Novozymes A/S Q3 2026 Earnings Recap

Novonesis delivered 7% organic sales growth in the first nine months and maintained its 2026 outlook; shares were essentially flat at +0.2%. Strong Food & Beverages performance was offset by weakness in Human Health, where North American offline dietary supplements faced softer demand and more customer de-stocking than anticipated.

Key Takeaways

• Group organic sales grew 7% in the first nine months, including about a 1 percentage-point drag from exiting certain countries; synergies contributed a little over 1 point and pricing close to 2 points.
• Adjusted EBITDA margin was 37.9%. Management maintained its full-year outlook of 7%–8% organic sales growth and expects the margin at the higher end of the 37%–38% range.
• Food & Beverages grew 14% organically in Q3, with growth across industries. Food & Health Biosolutions grew 8% in Q3, and its adjusted EBITDA margin increased 100 basis points to 37%.
• Human Health was flat organically for the first nine months and declined 8% in Q3. Strength in HMO and the health care practitioner channel was offset by continued declines in North American offline supplements and greater-than-anticipated customer de-stocking.
• Novonesis expects Q4 organic sales growth in the high single digits. It completed the acquisition of the remaining MicroBioGen shares on October 1 and said the West Allis culture facility expansion began production ahead of schedule.