Novonesis (NSIS) Q3 2026 earnings summary

Executive summary

• 9M organic sales growth was 7% (Q3: 6%); adjusted EBITDA margin reached 37.9% (Q3: 38.3%), and FY guidance was reaffirmed.

• Developed markets grew 7% and emerging markets 6% in 9M; 18 biosolution launches were delivered, with more than 30 planned for FY 2026.

Financial highlights

• 9M sales were EUR 3,375.6m versus EUR 3,161.0m; organic growth was 7%, with 2% negative currency impact and 2% positive M&A impact.

• Q3 sales were EUR 1,140.1m versus EUR 1,064.9m; organic growth was 6%, including close to 2pp from pricing and a good 1pp from synergies.

• 9M adjusted EBITDA was EUR 1,279.3m versus EUR 1,178.7m; adjusted EBITDA margin was 37.9% versus 37.3%.

• 9M EBIT was EUR 794.4m versus EUR 644.1m; net profit was EUR 558.7m versus EUR 460.8m.

• Operating cash flow was EUR 898.0m versus EUR 893.3m; free cash flow before acquisitions was EUR 557.1m versus EUR 668.4m, mainly reflecting higher investment.

Outlook and guidance

• FY 2026 organic sales growth guidance remains 7–8% (8–9% excluding country exits); Q4 growth is expected in the high single digits.

• Growth components include ~1.5pp from pricing, a good 1pp from synergies and close to 1pp negative impact from country exits; growth is mainly volume-driven.

• Adjusted EBITDA margin is expected at the higher end of 37–38%; reported EUR sales are expected roughly neutral to organic growth.

• CapEx is expected at the higher end of 12–14% of sales; year-end net debt-to-EBITDA is expected at ~1.8x. Net financial expenses are indicated at the upper end of EUR 80–90m.

• Special items are indicated at ~EUR 45m, mainly for the Chr. Hansen combination, ERP implementation and other acquisition-related costs.