2024 outlook and pro forma financials


Novonesis provides outlook for 2024 with expected 5-7% organic sales growth and ~35% adj. EBITDA margin. Pro forma financials disclosed.

Ester Baiget, CEO of Novonesis, said: “Today we provide key pro forma numbers as well as the first outlook for our new company. On a pro forma basis, 2023 was a solid year for Novonesis, including a Chr. Hansen that on a stand-alone basis delivered well in range of its latest full year outlook. We expect a solid 2024 performance with overall organic sales growth of 5-7% including growth across all subareas, and a strong margin development. We will continue to update you with key numbers as we move along, and we are already comfortably building the foundation for a new era in biosolutions.”

The historical pro forma financials for Novonesis are reported as a combination of the historical financials provided by Novozymes A/S and Chr. Hansen Holding A/S for the period January 1, 2023 – December 31, 2023. The pro forma financials are unaudited and illustrative. The reporting currency for Novonesis is EUR. In 2024, Novonesis will publish sales trading statements for Q1 and Q3 and consolidated financials for 1H and 2H. Quarterly consolidated financials will be shared from 2025.

Sales will be reported at the following detailed level:

Food & Health Biosolutions:

  • Food & Beverages combines Novozymes’ Food & Beverage and Chr. Hansen’s Food Cultures & Enzymes.
  • Human Health combines Novozymes’ Human Health and Advanced Specialty Proteins businesses and Chr. Hansen’s Human Health business including HMO.

Planetary Health Biosolutions:

  • Agriculture, Energy & Tech combines Novozymes’ Bioenergy, Agriculture & Animal Health/ Nutrition, Grain & Tech Processing and Chr. Hansen’s Animal & Plant Health.
  • Household Care includes Novozymes’ Household Care.

2023 pro forma financials

  • 7% organic sales growth in 2023 was driven by price of around 5% and volumes at around 2%.
  • Gross Margin is indicated at 55.0% following sales/cost allocation adjustments to harmonize reporting (see under ‘Pro forma financial measures.’)
  • Adjusted* EBITDA margin and adjusted* EBIT margin were 33.8% and 25.7% respectively.
  • CAPEX-to-sales in 2023 was around 12%.
  • NIBD/EBITDA ratio was 1.7x.
  • Adjusted EPS was at EUR 1.52.
  • Free cashflow before acq. will be published once available, latest in 1H.

* See definition in section “Non-IFRS financial measures and definitions”.

Please read the full announcement in PDF.

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