Novonesis A/S, the Danish biosolutions provider formerly known as Novozymes, saw its shares climb 9.19% on Thursday, adding 37.9 Danish crowns to trade at 450.40 crowns.
The company reported second-quarter organic sales growth of 9%, exceeding the 7.4% consensus estimate and Barclays’ 7% forecast. Net revenue reached €1.12 billion, ahead of the €1.10 billion consensus and Barclays’ €1.09 billion projection. Adjusted EBITDA totaled €419 million, surpassing the €413 million consensus and Barclays’ €407 million estimate, while the adjusted EBITDA margin improved to 37.6%, topping both estimates of 37.4%.
Segment performance showed broad strength. Food & Beverage Biosolutions grew 11%, outpacing the 8% consensus, driven by demand for high-protein fresh dairy and cheese applications. Household Care sales rose 12%, exceeding the 5.6% consensus. Human Health Biosolutions expanded 4%, slightly above the 3.8% consensus, though Barclays noted ongoing pressure in the U.S. probiotic supplements market. Agriculture, Energy & Tech grew 7%, below the 8.6% consensus.
For full-year 2026, Novonesis raised its organic sales growth guidance to a range of 7%–8%, up from the prior 5%–7% range. The company also expects its adjusted EBITDA margin to land at the higher end of its 37%–38% target.
The board approved an inaugural €1 billion share buyback program, set to begin in the second half of 2026 and conclude by the end of 2029. An interim dividend of 2.35 Danish crowns (€0.31) per share was declared for the first half of 2026.
Novonesis also confirmed its agreement to acquire the remaining 77% stake in MicroBioGen, a transaction announced on August 10.
Barclays maintained an overweight rating with a 470 Danish crown price target, calling the results "high quality and strongly supportive" of their view. Analysts highlighted the combined impact of the Q2 beat, guidance raise and buyback as indicative of "modest consensus upgrades." They added that the buyback "provides a strong signal on capital allocation," signaling that elevated capital expenditure in 2026 and 2027 will not persist.
