Novonesis (NSIS) Q2 2026 earnings summary

Executive summary

• Achieved 8% organic sales growth in H1 2026, with broad-based momentum across all regions and segments, despite a negative impact from exiting certain countries.

• Adjusted EBITDA margin reached 37.7%, supported by pricing, productivity, and sales leverage, with both developed and emerging markets growing 8% year-over-year.

• Launched 11 new biosolutions in H1, on track for over 30 launches in 2026, including FreshQ Stay Fresh and Medley 500L.

• Announced acquisition of remaining shares in MicroBioGen and initiated a EUR 1 billion share buyback program to be completed by 2029.

• Approved interim dividend of DKK 2.35 (EUR 0.31) per share for H1 2026.

Financial highlights

• Net sales rose to EUR 2,235.5 million, up 7% in EUR terms year-over-year, with a 4% negative currency impact and 3% positive M&A impact.

• Adjusted gross margin improved by 100 basis points to 59.7% year-over-year.

• Adjusted EBITDA increased to EUR 842.2 million; adjusted EPS (excluding PPA amortization) rose 9% to EUR 1.09.

• Operating cash flow was EUR 523.3 million (+23% YoY); CapEx was EUR 216.2 million (9.7% of sales); free cash flow before acquisitions was flat at EUR 307.6 million.

• NIBD/EBITDA improved to 1.8x from 2.1x year-over-year.

Outlook and guidance

• Full-year organic sales growth guidance raised to 7%-8%, with a negative impact of ~1 percentage point from country exits and a softer H2 in human health.

• Adjusted EBITDA margin expected at the higher end of 37%-38% range.

• Net debt/EBITDA expected around 1.8x at year-end, with continued deleveraging despite higher CapEx and acquisitions.

• CapEx for 2026 expected at 12%-14% of sales, normalizing to high single digits by 2030.

• Net financial expenses projected at EUR 80-90 million.