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Novonesis (NSIS) investor relations material
Novonesis Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 7% organic sales growth for 2025, at the upper end of guidance, despite a 1% negative impact from exiting certain countries.
Biosolutions market is expanding rapidly, driven by demand for sustainable, fossil-free solutions and regulatory support.
Growth was broad-based and mainly volume-driven, with pricing and sales synergies each contributing about 1 percentage point.
Three strategic pillars: grow the core, accelerate biosolutions market, and enhance distinctive position to deliver profitable growth through 2030.
Sustainability targets met, including 100% renewable electricity and 80% of sales aligned with at least one SDG.
Financial highlights
Reported sales grew 5% in EUR, with organic growth at 7% in 2025; currency headwinds were 3%, M&A contributed 1%.
Adjusted EBITDA margin reached 37.1% in 2025, up from 33.8% in 2023, with a target of ~39% by 2030.
Adjusted gross margin improved by 240 bps to 59.1% year-over-year, driven by lower input costs and productivity.
Diluted adjusted EPS was EUR 1.49 (+16% YoY); EPS excluding PPA amortization was EUR 1.99 (+15% YoY).
Operating cash flow reached EUR 1.22 billion (+EUR 189 million YoY); free cash flow before acquisitions rose 15% to EUR 770 million.
Adjusted ROIC (excl. goodwill) was 10.1% in 2025, expected to rise to ~16% by 2030.
Outlook and guidance
2026 organic sales growth expected at 5%-7%, mainly volume-driven, with pricing and synergies each contributing ~1%.
Targeting 6-9% organic sales CAGR through 2030.
Adjusted EBITDA margin guided at 37%-38% for 2026, with a target of ~39% by 2030.
CapEx expected at 12%-14% of sales in 2026, reflecting temporary elevation for capacity expansion and ERP investments.
Dividend payout ratio targeted at 40-60%, with share buybacks and a leverage ratio target of 1.5x NIBD/EBITDA.
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