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Novonesis (NSIS) investor relations material
Novonesis Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Organic sales grew 8% in the first nine months of 2025, with Q3 growth at 6%, driven mainly by volume, innovation, and synergies, despite currency headwinds and exits from certain countries.
Growth was broad-based across geographies and segments, with emerging markets up 12% and developed markets up 6%.
Integration of the Feed Enzyme Alliance acquisition progressed as planned, expanding the Planetary Health Biosolutions segment and contributing positively to results.
19 new biosolutions launched year-to-date, supporting innovation-led growth and contributing over 20% of sales.
Adjusted EBITDA margin reached 37.3%, up 1.3 percentage points year-over-year, with adjusted net profit up 22%.
Financial highlights
Adjusted EBITDA margin for the first nine months was 37.3%, up 1.3 percentage points year-over-year, despite significant currency headwinds.
Adjusted gross margin improved by 250 basis points to 58.9%, driven by lower input costs, economies of scale, and productivity gains.
Diluted adjusted EPS was EUR 1.19, up 20% year-over-year; adjusted for PPA amortization, EPS was EUR 1.54, also up 20%.
Operating cash flow reached EUR 893.3 million, up from EUR 803.4 million; free cash flow before acquisitions rose 16% to EUR 668.4 million.
Net interest-bearing debt/EBITDA ratio stood at 2.0x at the end of September 2025.
Outlook and guidance
Full-year organic sales growth outlook raised to 7-8%, with mid-single-digit growth expected in Q4; excluding country exits, growth expected at 8-9%.
Adjusted EBITDA margin expected at the lower end of the 37-38% range, with continued currency headwinds.
Sales synergies expected to contribute around 1 percentage point to organic sales growth for the year.
NIBD/EBITDA expected at ~2x at year end.
Confident in achieving full-year targets and strategic 2030 goals.
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