Novo Nordisk (NOVO) investor relations material

Opening remarks and agenda

• The meeting was lawfully convened on 26 March 2026, covering financials, board elections, remuneration, and shareholder proposals.

• Real-time translation and hybrid participation options were provided for inclusivity.

• Over 900 admission cards were requested, with 57% of share capital and 86% of votes represented.

Financial performance review

• 2025 saw 10% sales growth and 6% operating profit growth at constant exchange rates.

• Net profit for 2025 reached DKK 102,434 million, a 1% increase from 2024.

• Obesity care sales exceeded DKK 75 billion, rising 31% at CER, and rare disease sales increased 9% at CER.

• R&D costs rose 10%, and total assets increased by DKK 77 billion to DKK 542 billion, driven by acquisitions and CapEx.

• 2026 guidance anticipates -5% to -13% adjusted sales and profit growth due to U.S. pricing pressures and loss of exclusivity.

Board and executive committee updates

• Mike Doustdar was appointed President and CEO, marking a significant leadership transition.

• Lars Rebien Sørensen re-elected as chair, Cees de Jong as vice chair.

• New board members elected: Helena Saxon, Jan van de Winkel, and Ramona Sequeira.

• Employee-elected board members joined for a four-year term.

• Poul Weihrauch appointed as board observer for 2026/2027.