Half Year 2026 Novozymes A/S Earnings Call Transcript
Key Points
- Strong 8% organic sales growth in H1 2026, with broad-based growth across all sales areas and regions.
- Raised full-year 2026 organic sales growth guidance to 7%-8%, reflecting strong momentum and demand.
- Adjusted EBITDA margin improved to 37.7% in H1, with expectations to reach the higher end of the 37%-38% range for the full year.
- Launched 11 new bio solutions in H1, on track to exceed 30 for the year, driving innovation-led growth.
- Initiated a EUR 1 billion multiyear share buyback program, signaling confidence in cash flow and capital allocation.
- Negative impact of ~1.5 percentage points on organic growth from exiting certain countries.
- Currency headwinds negatively impacted sales by 4 percentage points in H1.
- Human Health division expected to grow only slightly in 2026 due to a cautious North American dietary supplements market.
- Higher operating expenses (29.1% of sales vs. 28.4% last year) due to increased commercial resources and the Feed Enzymes Alliance acquisition.
- Second-half growth will be dampened by high comparables, tariff reimbursements to customers, and the neutralization of the Q1 inventory buildup effect.
Ladies and gentlemen, welcome to the Novonesis H1 2026 conference call. I'm Moritz, your Chorus Call operator.
(Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Tobias Cornelius Bjorklund. Please go ahead, sir.
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Thank you very much, operator, and welcome, everyone, to Novonesis conference call for the first half of 2026. As mentioned, my name is Tobias Bjorklund. I'm heading up Investor Relations here at Novozymes. In this call, our CEO, Ester Baiget, and our CFO, Rainer Lehmann, will review our performance as well as the outlook for 2026. The conference call will take around 50 minutes, including Q&A. Please change to the next slide.
As usually, I would like to remind you that the information presented during the call is unaudited and that management may forward-looking statements. These statements are based on current expectations and beliefs and
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