Novonesis' Annual Report 2025

Core Insights - Novonesis achieved strong organic sales growth of 7% in 2025, with an adjusted EBITDA margin of 37.1% and robust cash flow despite currency challenges [1][4] - The company anticipates a positive start to 2026, projecting continued growth across all sales areas and margin expansion [1][4] Financial Performance - Organic sales growth was broad-based, with Food & Health segment growing at 8% and Planetary Health at 6% [4] - Emerging Markets saw a 9% organic growth, while Developed Markets grew by 6% [4] - Adjusted net profit increased by 17%, and free cash flow before acquisitions was EUR 770.4 million, representing 19% of sales [4] - Proposed dividend of DKK 4.25 per share, with a payout ratio of 58.4% of adjusted net profit for 2025 [4] Strategic Developments - The company launched 33 new products in 2025, with innovations from the last five years accounting for 25% of sales [4] - Novonesis achieved all six environmental and social targets for 2025 and is on track for future commitments [4] 2026 Outlook - The company expects organic sales growth between 5-7% for 2026, with some uncertainty regarding consumer sentiment [4] - The outlook includes approximately 1%-point contribution from positive pricing and sales synergies, alongside a near 1%-point negative impact from exiting certain countries [4] - Adjusted EBITDA margin is projected to be between 37-38%, with expected margin expansion despite currency headwinds [4]