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Novonesis AS Earnings Release 2025
3377_rns_2026-02-25_adf70a62-bf6b-47c8-9e72-772f2d4ea6f0.pdf
Earnings Release
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12M 2025 Highlights
Please refer to the "Novonesis Annual Report 2025 – performance section" for full commentary and details.
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.
Selected key figures and ratios
| Pro forma | |||||
|---|---|---|---|---|---|
| EUR million | 2025 | 2024 | 2024 | Q4 2025 | Q4 2024 |
| Net sales | 4,157.6 | 3,833.5 | 3,945.5 | 996.6 | 981.4 |
| Organic sales growth % |
7 | 8 | 8 | 4 | 7 |
| Adjusted gross margin % |
59.1 | 56.8 | 56.7 | 59.9 | 57.4 |
| Adjusted EBITDA | 1,543.3 | 1,387.0 | 1,423.4 | 364.6 | 355.5 |
| Adjusted EBITDA margin % |
37.1 | 36.2 | 36.1 | 36.6 | 36.2 |
| Free cash flow before acquisitions | 770.4 | 660.9 | 667.5 | 102.0 | 91.2 |
| NIBD/EBITDA x |
1.9 | 1.4 | 1.4 | ||
| Divisional organic sales growth | |||||
| Pro forma | |||||
| 2025 | 2024 | 2024 | Q4 2025 | Q4 2024 | |
| Food & Beverages % |
8 | 8 | 8 | 7 | 6 |
| Human Health % |
10 | 7 | 5 | 10 | 10 |
| Food & Health Biosolutions % |
8 | 8 | 7 | 7 | 7 |
| Household Care % |
7 | 13 | 13 | 5 | 8 |
| Agriculture, Energy & Tech % |
6 | 7 | 6 | 0 | 6 |
| Planetary Health Biosolutions % |
6 | 9 | 9 | 2 | 7 |
Company Announcement no. 1 – February 25, 2026
Conference call: Webcast February 25, 2026, 09.00 CET Please pre-register for the call here
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Supplementary information
Supplementary financial tables are provided in connection with this announcement. The suplementary information should be seen in conjunction with Novonesis audited Annual Report 2025. If discrepancies exist, the annual report prevails.
Please refer to the "Performance" section in the Annual Report 2025 for the description of the 2025 and Q4 2025 performance. The performance review compares and comments on year-on-year 2025 development relative to pro forma 2024 performance. IFRS comparisons are included in parentheses after the pro forma figures where relevant. In addition the performance review includes commenting on the performance presented according to IFRS in Q4 2025 compared to Q4 2024.
Rounding discrepancies may occur because totals have been rounded off and the underlying decimals are not presented.
This announcement has not been audited.
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Key figures and financial ratios
| Pro forma | ||||||
|---|---|---|---|---|---|---|
| EUR million | 2025 | 2024 | 2024 | Q4 2025 | Q4 2024 | |
| Income statement | ||||||
| Net sales | 4,157.6 | 3,833.5 | 3,945.5 | 996.6 | 981.4 | |
| Gross profit | 2,241.5 | 1,809.5 | 1,870.5 | 558.8 | 494.9 | |
| Operating profit (EBIT) before special items | 882.6 | 659.0 | 685.4 | 187.9 | 189.1 | |
| Special items | (65.9) | (158.0) | (199.0) | (15.3) | (62.9) | |
| Operating profit (EBIT) | 816.7 | 501.0 | 486.4 | 172.6 | 126.2 | |
| Financial items, net | (66.8) | (80.4) | (84.2) | (16.8) | (18.1) | |
| Net profit | 583.6 | 305.8 | 276.6 | 122.8 | 86.2 | |
| Adjusted gross profit | 2,458.7 | 2,175.7 | 2,236.7 | 596.6 | 563.5 | |
| Adjusted EBITDA | 1,543.3 | 1,387.0 | 1,423.4 | 364.6 | 355.5 | |
| Adjusted EBIT | 946.4 | 842.9 | 869.3 | 187.9 | 189.1 | |
| Adjusted net profit | 694.4 | 582.9 | 594.7 | 136.4 | 136.3 | |
| Adjusted net profit excluding PPA | 929.4 | 791.8 | 803.6 | 208.7 | 208.0 | |
| Balance sheet | ||||||
| Total assets | 16,349.1 | 15,195.6 | ||||
| Equity | 10,855.2 | 11,176.0 | ||||
| Invested capital | 13,569.4 | 12,647.3 | ||||
| Net interest-bearing debt | 2,727.8 | 1,490.0 | ||||
| Cash flows and investments | ||||||
| Cash flow from operating activities | 1,221.5 | 1,019.9 | 1,032.5 | 328.2 | 229.2 | |
| Cash flow from net investments excl. acquisitions | (451.1) | (359.0) | (365.0) | (226.2) | (138.0) | |
| Free cash flow before acquisitions | 770.4 | 660.9 | 667.5 | 102.0 | 91.2 | |
| Key ratios | ||||||
| Organic sales growth | % | 7 | 8 | 8 | 4 | 7 |
| Gross margin | % | 53.9 | 47.2 | 47.4 | 56.1 | 50.4 |
| R&D expenses (% of sales) | % | 11.2 | 10.8 | 10.7 | 12.9 | 11.3 |
| EBIT margin before special items | % | 21.2 | 17.2 | 17.4 | 18.9 | 19.3 |
| EBIT margin | % | 19.6 | 13.1 | 12.3 | 17.3 | 12.9 |
| Effective tax rate | % | 21.5 | 26.7 | 30.2 | 19.6 | 20.0 |
| Equity ratio | % | 66.4 | 73.5 | |||
| NIBD/EBITDA | x | 1.9 | 1.4 | 1.4 | ||
| Earnings per share (EPS), diluted | EUR | 1.25 | 0.67 | 0.59 | 0.26 | 0.19 |
| Capex ratio (% of sales) | % | 11.3 | 9.4 | 9.3 | 22.7 | 13.6 |
| Adjusted gross margin | % | 59.1 | 56.8 | 56.7 | 59.9 | 57.4 |
| Adjusted EBITDA margin | % | 37.1 | 36.2 | 36.1 | 36.6 | 36.2 |
| Adjusted EBIT margin | % | 22.8 | 22.0 | 22.0 | 18.9 | 19.3 |
| Adjusted ROIC (including goodwill) | % | 5.6 | 7.8 | |||
| Adjusted ROIC (excluding goodwill) | % | 10.1 | 12.5 | 8.3 | ||
| Adjusted earnings per share (EPS), diluted | EUR | 1.49 | 1.27 | 1.28 | 0.30 | 0.29 |
| Adjusted earnings per share (EPS) excluding PPA, diluted | EUR | 1.99 | 1.72 | 1.73 | 0.45 | 0.44 |
For the definition of financial key figures and ratios, please refer to Financial definitions and ratios and Non-IFRS financial measures in the Annual Report 2025.
In accordance with the acquisition method under IFRS 3, Chr. Hansen is included in the consolidated financial statements as of the merger date January 29, 2024. The table include comparison of selected reported key figures for year-on-year with pro forma figures for 2024 for better comparability, relevance and transparency, following the combination with Chr. Hansen on January 29, 2024. For the definition of pro forma figures, please refer to Pro forma financial information in the Annual Report 2025.
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Group performance
| 2025 | Pro forma 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Food & Health Biosolutions |
Planetary Health Biosolutions |
Food & Health Biosolutions |
Planetary Health Biosolutions |
||||
| Sales growth | Group | Group | |||||
| Organic sales growth | % | 8 | 6 | 7 | 8 | 6 | 7 |
| Currency | % | (2) | (3) | (3) | (3) | (3) | (3) |
| M&A | % | 6 | 3 | 4 | 0 | 2 | 1 |
| Sales growth, EUR | % | 12 | 6 | 8 | 5 | 5 | 5 |
| Q4 2025 | ||||
|---|---|---|---|---|
| Sales growth | Food & Health Biosolutions |
Planetary Health Biosolutions |
Group | |
| Organic sales growth | % | 7 | 2 | 4 |
| Currency | % | (4) | (6) | (4) |
| M&A | % | 0 | 4 | 2 |
| Sales growth, EUR | % | 3 | 0 | 2 |
| EUR million | 2025 | 2024 | Q4 2025 | Q4 2024 |
|---|---|---|---|---|
| Allocation of PPA depreciation, amortization and impairment losses | ||||
| Cost of goods sold | (153.4) | (182.3) | (37.8) | (68.6) |
| Sales and distribution expenses | (91.3) | (55.5) | (28.3) | (14.3) |
| Research and development expenses | (58.0) | (34.9) | (26.6) | (10.7) |
| Special items | - | (53.3) | - | (22.3) |
| PPA depreciation, amortization and impairment losses | (302.7) | (326.0) | (92.7) | (115.9) |
Divisional performance
Food & Health Biosolutions
| 2025 | Pro forma 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Sales growth | Food & | Beverages Human Health | Food & Health Biosolutions |
Food & | Beverages Human Health | Food & Health Biosolutions |
||
| Organic sales growth | % | 8 | 10 | 8 | 8 | 10 | 8 | |
| Currency | % | (3) | (2) | (2) | (3) | (3) | (3) | |
| M&A | % | 6 | 7 | 6 | 0 | 0 | 0 | |
| Sales growth, EUR | % | 11 | 15 | 12 | 5 | 7 | 5 |
| Q4 2025 | ||||
|---|---|---|---|---|
| Sales growth | Food & | Beverages Human Health | Food & Health Biosolutions |
|
| Organic sales growth | % | 7 | 10 | 7 |
| Currency | % | (4) | (6) | (4) |
| M&A | % | 0 | 0 | 0 |
| Sales growth, EUR | % | 2 | 4 | 3 |
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| Pro forma | |||||
|---|---|---|---|---|---|
| EUR million | 2025 | 2024 | 2024 | Q4 2025 | Q4 2024 |
| Food & Beverages | 1,372.5 | 1,238.2 | 1,310.2 | 326.4 | 318.7 |
| Human Health | 494.8 | 429.9 | 460.7 | 119.9 | 115.1 |
| Net sales | 1,867.3 | 1,668.1 | 1,770.9 | 446.3 | 433.8 |
| Adjusted EBITDA | 669.4 | 586.7 | 622.9 | 164.2 | 151.4 |
| Adjusted EBITDA margin | % 35.8 |
35.2 | 35.2 | 36.8 | 34.9 |
Planetary Health Biosolutions
| 2025 | Pro forma 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Household | Agriculture, | Planetary Health |
Household | Agriculture, | Planetary Health |
||
| Sales growth | Care | Energy & Tech | Biosolutions | Care | Energy & Tech | Biosolutions | |
| Organic sales growth | % | 7 | 6 | 6 | 7 | 6 | 6 |
| Currency | % | (3) | (4) | (3) | (3) | (4) | (3) |
| M&A | % | 0 | 5 | 3 | 0 | 4 | 2 |
| Sales growth, EUR | % | 4 | 7 | 6 | 4 | 6 | 5 |
| Q4 2025 | ||||
|---|---|---|---|---|
| Household | Agriculture, | Planetary Health |
||
| Sales growth | Care | Energy & Tech | Biosolutions | |
| Organic sales growth | % | 5 | 0 | 2 |
| Currency | % | (4) | (6) | (6) |
| M&A | % | 0 | 6 | 4 |
| Sales growth, EUR | % | 1 | 0 | 0 |
| Pro forma | |||||
|---|---|---|---|---|---|
| EUR million | 2025 | 2024 | 2024 | Q4 2025 | Q4 2024 |
| Household Care | 801.2 | 767.7 | 767.7 | 192.4 | 190.4 |
| Agriculture, Energy & Tech | 1,489.1 | 1,397.7 | 1,406.9 | 357.9 | 357.2 |
| Net sales | 2,290.3 | 2,165.4 | 2,174.6 | 550.3 | 547.6 |
| Adjusted EBITDA | 873.9 | 800.3 | 800.5 | 200.4 | 204.1 |
| Adjusted EBITDA margin | % 38.2 |
37.0 | 36.8 | 36.4 | 37.3 |
Modelling assumptions
The following is provided for modelling purposes for 2026:
- Sales in reported EUR are expected to be ~1 percentage points lower than the organic sales growth outlook as currencies at current rates are impacting negatively by around 2 percentage points and the positive contribution to sales growth from the Feed Enzyme Alliance is expected at a good 1 percentage points for the year.
- Net financial expenses are indicated to be in the range of EUR 80-90 million.
- Capex is expected to be between 12-14% of sales and relates to significant capacity expansion projects as also announced in relation to the 2030 Grow strategy launch in August 2025.
- Special items are indicated to be ~EUR 40 million, relating to the combination with Chr. Hansen, initial expenses for the implementation of a new ERP system, as well as transaction and integration costs related to the Feed Enzyme Alliance acquisition.
- NIBD/EBITDA is expected at ~1.7x times at year end.
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Quarterly summary
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Pro forma |
||||||||
| EUR million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Income statement | ||||||||
| Net sales | 996.6 | 1,064.9 | 1,018.5 | 1,077.6 | 981.4 | 1,020.4 | 978.2 | 965.5 |
| Gross profit | 558.8 | 543.9 | 544.5 | 594.3 | 494.9 | 547.6 | 401.3 | 426.7 |
| Sales and distribution exp. | (194.4) | (175.6) | (164.6) | (154.0) | (153.2) | (137.5) | (138.1) | (138.1) |
| Research and development exp. | (128.3) | (118.6) | (109.6) | (107.3) | (110.8) | (107.9) | (102.9) | (101.3) |
| Administrative exp. | (55.3) 7.1 |
(54.0) 3.5 |
(55.6) 5.1 |
(58.3) 1.0 |
(56.8) 15.0 |
(58.5) 2.7 |
(53.9) 2.8 |
(54.3) 7.7 |
| Other operating income Operating profit (EBIT) before special items |
187.9 | 199.2 | 219.8 | 275.7 | 189.1 | 246.4 | 109.2 | 140.7 |
| Special items | (15.3) | (13.1) | (27.3) | (10.2) | (62.9) | (6.6) | (40.9) | (88.6) |
| Operating profit (EBIT) | 172.6 | 186.1 | 192.5 | 265.5 | 126.2 | 239.8 | 68.3 | 52.1 |
| Net financials | (16.8) | (15.0) | (15.7) | (19.3) | (18.1) | (18.9) | (24.5) | (22.7) |
| Net profit | 122.8 | 138.0 | 136.8 | 186.0 | 86.2 | 155.7 | 30.6 | 4.1 |
| Adjusted gross profit | 596.6 | 631.3 | 596.6 | 634.2 | 563.5 | 590.8 | 545.1 | 537.3 |
| Adjusted EBITDA | 364.6 | 395.3 | 370.6 | 412.8 | 355.5 | 382.1 | 346.1 | 339.7 |
| Adjusted EBIT | 187.9 | 248.8 | 234.0 | 275.7 | 189.1 | 246.4 | 210.5 | 223.3 |
| Adjusted net profit | 136.4 | 192.1 | 169.9 | 196.0 | 136.3 | 161.3 | 142.6 | 154.5 |
| Adjusted net profit excluding PPA | 208.7 | 252.7 | 222.1 | 245.9 | 208.0 | 215.3 | 196.6 | 183.7 |
| Balance sheet | ||||||||
| Total assets | 16,349.1 | 16,302.6 | 16,401.1 | 15,057.4 | 15,195.6 | 15,159.8 | 15,252.2 | 15,478.8 |
| Equity | 10,855.2 | 10,744.1 | 10,742.9 | 11,230.7 | 11,176.0 | 10,997.1 | 11,005.0 | 11,078.6 |
| Invested capital, end of period | 13,569.4 | 13,553.7 | 13,714.8 | 12,654.2 | 12,647.3 | 12,585.6 | 12,695.3 | 12,972.7 |
| Net interest-bearing debt | 2,727.8 | 2,822.1 | 2,987.8 | 1,441.9 | 1,490.0 | 1,608.0 | 1,719.0 | 1,844.0 |
| Cash flows and investments | ||||||||
| Cash flow from operating activities | 328.2 | 466.8 | 320.1 | 106.4 | 229.2 | 262.6 | 351.6 | 189.1 |
| Cash flow from net investments excl. acq. | (226.2) | (105.5) | (81.1) | (38.3) | (137.9) | (73.3) | (97.0) | (56.8) |
| Free cash flow before acquisitions | 102.0 | 361.3 | 239.0 | 68.1 | 91.2 | 189.3 | 254.6 | 132.4 |
| 2025 | 2024 | |||||||
| Pro forma |
||||||||
| EUR million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Key ratios | ||||||||
| Organic sales growth | % 4 |
6 | 8 | 11 | 7 | 11 | 10 | 4 |
| Gross margin | % 56.1 |
51.1 | 53.5 | 55.2 | 50.4 | 53.7 | 41.0 | 44.2 |
| R&D expenses (% of sales) | % 12.9 |
11.1 | 10.8 | 10.0 | 11.3 | 10.6 | 10.5 | 10.5 |
| EBIT margin before special items | % 18.9 |
18.7 | 21.6 | 25.6 | 19.3 | 24.1 | 11.2 | 14.6 |
| EBIT margin | % 17.3 |
17.5 | 18.9 | 24.6 | 12.9 | 23.5 | 7.0 | 5.4 |
| Effective tax rate | % 19.6 % 66.4 |
19.5 65.9 |
21.6 65.5 |
24.0 74.6 |
20.0 73.5 |
29.0 72.5 |
28.8 72.2 |
84.2 71.6 |
| Equity ratio NIBD/EBITDA |
1.9 x |
2.0 | 2.1 | 1.1 | 1.4 | 1.7 | 2.2 | 1.8 |
| Earnings per share (EPS), diluted EUR |
0.26 | 0.30 | 0.29 | 0.40 | 0.19 | 0.34 | 0.06 | 0.01 |
| Capex ratio (% of sales) | % 22.7 |
10.0 | 8.1 | 5.1 | 13.6 | 7.7 | 9.9 | 5.9 |
| % 59.9 |
59.3 | 58.6 | 58.9 | 57.4 | 57.9 | 55.7 | 55.6 | |
| Adjusted gross margin | % 36.6 |
37.1 | 36.4 | 38.3 | 36.2 | 37.4 | 35.4 | 35.2 |
| Adjusted EBITDA margin Adjusted EBIT margin |
% 18.9 |
23.4 | 23.0 | 25.6 | 19.3 | 24.1 | 21.5 | 23.1 |
| Adjusted EPS, diluted EUR |
0.30 | 0.41 | 0.36 | 0.42 | 0.29 | 0.34 | 0.30 | 0.33 |
| Adjusted EPS excluding PPA, diluted EUR |
0.45 | 0.54 | 0.47 | 0.53 | 0.44 | 0.46 | 0.43 | 0.39 |
| Divisional performance | ||||||||
| Food & Health Biosolutions | ||||||||
| Net sales | 446.3 | 470.9 | 473.7 | 476.4 | 433.8 | 461.6 | 450.7 | 424.8 |
| Organic sales growth % |
7 | 6 | 9 | 12 | 7 | 11 | 9 | 3 |
| Adjusted EBITDA | 164.2 | 162.3 | 166.9 | 176.0 | 151.4 | 173.9 | 156.6 | 141.0 |
| Adjusted EBITDA margin % |
36.8 | 34.5 | 35.2 | 37.0 | 34.9 | 37.7 | 34.7 | 33.2 |
| Planetary Health Biosolutions | ||||||||
| Net sales | 550.3 | 594.0 | 544.8 | 601.2 | 547.6 | 558.8 | 527.5 | 540.7 |
| Organic sales growth % Adjusted EBITDA |
2 200.4 |
6 233.0 |
7 203.7 |
11 236.8 |
7 204.1 |
12 208.2 |
11 189.5 |
5 198.7 |
Adjusted EBITDA margin % 36.4 39.2 37.4 39.4 37.3 37.3 35.9 36.7
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Contact information
Investor Relations
Tobias Bjorklund, +45 3077 8682, [email protected] Anders Enevoldsen, +45 5350 1453, [email protected] Louise Aabo, [email protected]
Media Relations
Jens Gamborg, +45 3077 7182, [email protected]
Forward-looking statements
This announcement includes forward-looking statements, including statements relating to the operating, financial and sustainability performance and results of the group and/or the industry in which it operates. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "aim", "anticipate", "assess", "assume", "believe", "continue", "could", "estimate", "expect", "goal", "hope", "intend", "may", "objective", "plan", "position", "potential", "predict", "project", "risk", "seek", "should", "target", "will", "would", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the group's actual results to differ materially from the results discussed in such forward-looking statements. Prospective information is based on management's then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. Unless as required by applicable laws, the group assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
Factors that could cause the group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: i) unexpected developments in the ability to develop and market new products; ii) fluctuations in the demand for the group's products, market-driven price decreases, industry consolidation, and launches of competing products or disruptive technologies in the group's core business areas; iii) changes in the ability to protect and enforce the company's intellectual property rights; iv) significant litigation or breaches of contract; v) the materialization of the company's growth platforms; vi) political conditions, such as acceptance of enzymes produced by genetically modified organisms; vii) global economic and capital market conditions, including, but not limited to, currency exchange rates (USD/DKK and EUR/DKK in particular, but not exclusively), interest rates, and inflation; viii) significant price decreases for input and other materials that compete with the group's solutions; and ix) changes in laws or interpretations thereof, including those related to reimbursement, intellectual property protection, marketing, and taxation (including tariffs and duties). New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forwardlooking statement. Accordingly, forward-looking statements should not be relied upon as predictions of actual future events or otherwise.
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