Interim report H1 2026

Strong first half year at 8% organic sales growth. 2026 outlook: Organic sales growth increased to 7-8% and the adjusted EBITDA margin expected at the higher end of the 37-38% range. Inaugural share buy-back program announced.

Ester Baiget, President & CEO: “We continue to deliver strong results with positive momentum across all sales areas and in both developed and emerging markets, also driving strong profitability and cash flow. Our sustained performance quarter after quarter underlines the growing need for biosolutions, the strength of our offering and the resilience of our broad market reach. On this basis, we raise the full-year outlook”.

• Strong broad-based organic sales growth of 8% (Q2: 9%) including ~1.5 pp negative effect from exiting certain countries. Price contributed close to 2 pp and revenue synergies contributed a good 1 pp.
• Food & Health Biosolutions grew 9% (Q2: 9%) organically driven by Food & Beverages and included ~3 pp negative effect from exiting certain countries; Planetary Health Biosolutions grew 7% (Q2: 9%) organically with both Household Care and Agriculture, Energy & Tech performing very well.
• Developed markets grew 8% (Q2: 8%) organically and emerging markets 8% (Q2: 11%) including ~4 pp negative effect from exiting certain countries.
• Adjusted EBITDA margin at 37.7% (Q2: 37.6%), 30bps (Q2: 120bps) higher than last year incl. currency headwind.
• Adjusted net profit excl. PPA increased 8% (Q2: 9%).
• NIBD/EBITDA at 1.8x, and free cash flow bef. acq. at 14% of sales. CAPEX-to-sales ratio at 9.7% as planned.
• 2026 outlook: Organic sales growth range increased to 7-8% (previously 5-7%). Full year outlook includes a close to 1 pp negative effect from exiting certain countries. Adj. EBITDA margin expected at the higher end of the 37-38% range.
• Interim dividend for first six months of 2026 approved by Board of Directors at DKK 2.35 (EUR 0.31) per share.
• Inaugural multi-year share buyback program in a total amount of EUR 1 billion approved to be initiated during the second half of 2026 and expected to be completed by the end of 2029.
• As communicated on August 10, an agreement was signed to acquire the remaining 77% of MicroBioGen.

Attachment

• 2026_15_H1_Interim report

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