Novonesis' Annual Report 2025
Novonesis delivered strong organic sales growth of 7% and an adjusted EBITDA margin of 37.1% in 2025. The company expects a good start to 2026 and a good year overall.
Ester Baiget, President & CEO:”In 2025, we continued to deliver strong organic sales growth. We achieved 7% growth, an adjusted EBITDA margin of 37.1% and a strong cash flow – despite currency headwinds. Growth was broad-based across sales areas and markets, with particularly strong performance in Emerging Markets. As a pure biosolutions player, Novonesis uniquely combines deep understanding of customers, innovation leadership and world-class scale capabilities, driving performance and strengthening resilience. In 2026, we expect another good year, with growth across all sales areas and margin expansion. We continue to execute on our strategy, positioning us to firmly deliver on our 2030 targets and beyond.”
- Broad-based organic sales growth of 7% (Q4: 4%) including the negative impact of exiting certain countries of ~1%-point (Q4: ~2%-points). Price contributed ~1%-point (Q4: ~1%-point) and sales synergies contributed ~1%-point (Q4: ~1%-point).
- Food & Health at 8% organic sales growth (Q4: 7%) including the negative impact of exiting certain countries of ~3%-points (Q4: ~5%-points). Planetary Health at 6% organic sales growth (Q4: 2%, including double-digit growth in Energy).
- Emerging Markets grew 9% organically (Q4: 1%) including the exit from certain countries. Developed Markets grew 6% organically (Q4: 6%).
- Adjusted EBITDA margin at 37.1% (Q4: 36.6%), up by 100 bps (Q4: up by 40 bps) including one-off expenses in Q4 and currency headwinds for both the quarter and the year. Adjusted gross margin at 59.1% (Q4: 59.9%) up by 240bps (Q4: up by 250bps).
- Adjusted net profit increased by 17% (Q4: flat).
- NIBD/EBITDA at 1.9x, and free cash flow before acquisitions at EUR 770.4 million, or 19% of sales.
- Proposed dividend of DKK 4.25/share. DKK 2.25/share interim dividend paid Aug. 27, 2025. 2025 pay-out ratio of 58.4% of adj. net profit.
- 33 new product launches in 2025 (Q4: 14). New innovations launched over the last 5 years made up 25% of sales.
- Achievement of all six environmental and social targets for 2025 and on track for future commitments.
- 2026 outlook: Organic sales growth between 5-7% with a good start to the year expected against a strong 2025 comparable. The outlook includes some uncertainty of potential lower consumer sentiment for the year. The outlook also includes ~1%-point from positive pricing and ~1%-point from sales synergies as well as close to 1%-point negative impact from exiting certain countries. The outlook for the adjusted EBITDA margin is between 37-38% with an expected margin expansion, including currency headwinds of ~50 bps vs 2025.
Please read the full announcement and annual report attached.
