Delivering on 
our promises 
and building a 
future based 
on biology

2025 was another strong year where we delivered on our promises – driving growth and creating value for our customers, shareholders and society at large.

The results we delivered in 2025 underline the strength and resilience of our business model. We are a pure biology player with deep scientific expertise in microbiology and industrial fermentation. Our biosolutions are used in a broad range of industries from food and nutrition to agriculture, household care and energy. Our diverse portfolio of innovative products, coupled with flexible, global production and regional co-creation capabilities, uniquely positions us to meet the needs of our customers.

Our resilient business model enables us to navigate macroeconomic volatility and provide compounded, value-added growth, also in times of uncertainty.

Robust, broad growth

In 2025, we placed yet another dot on our growth trajectory, achieving the targets we set at the start of the year. We delivered 7% organic sales growth and solid profitability, with an adjusted EBITDA margin of 37.1%. Our performance was strong across industries and markets, with particularly good traction in emerging geographies. Growth was fueled mainly by volume, supported by pricing. Our increased local presence and innovative, tailored solutions for our customers helped drive growth and sales synergies. Since 2018, we have grown revenue by more than 33%, while also reducing our emissions (scope 1 and 2) by 67%.

Building on a robust innovation pipeline, we launched 33 new products in 2025. Additionally, 25% of revenue came from solutions developed within the last five years.

United as one Novonesis, we achieved a 100% run rate of our cost synergies one year ahead of time. Our people are the key enablers of our success, and we were proud to achieve an employee engagement score of 8.6, placing us among the top 10% of companies using the same measurement framework.

In 2025, we acquired dsm-firmenich’s sales and distribution activities in the Feed Enzyme Alliance. This acquisition marks a significant milestone in our ongoing efforts to unlock the full potential of Novonesis’ animal biosolutions and to strengthen our leading position in a growing and attractive global market.

AI continues to be an important enabler for Novonesis, increasing our impact. By combining data, algorithms and deep biological expertise, AI allows us to move faster from discovery to impact and empowers us to scale solutions with greater precision and efficiency. Today, we apply AI across our value chain and organization, and we are already seeing tangible outcomes. One important outcome is an increase in speed in R&D; not long ago, it took us up to a year to predict a protein shape, whereas today we can do it in under a minute.

With all components in place, we remain steadfast in executing our strategic priorities, strongly positioning us to deliver on our 2030 targets.

GROW Strategy  

In August, we shared our GROW strategy. It focuses on driving sustainable growth today while investing for the future. A continuation of our strategic direction, GROW guides how we prioritize and invest to increase value for shareholders and society.

With GROW, we have set ambitious 2030 targets. We aim to deliver 6–9% organic sales growth year-on-year, ~39% adjusted EBITDA margin, and to double adjusted ROIC to ~16% (excluding goodwill) from a pro forma 2024 baseline. We also reaffirmed our long-term sustainability commitments.

The GROW strategy is built on three core pillars: ‘Grow the core’, ‘Enhance our distinct position’, and ‘Accelerate the biosolutions market’. With the foundational pillar of ‘Grow the Core’, we will continue to secure strong, profitable growth in our core business areas. This continued growth enables us to continue to invest in our distinct position: deep understanding of our customers, innovation leadership, and world-class scale capabilities. We also plant the seeds of the future by exploring new areas, as we drive advocacy leadership to overcome unnecessary regulatory barriers and further accelerate the potential of biosolutions.

The era of biosolutions

The answers to many of the world’s challenges already exist – and biosolutions are part of those answers. With them, we are transforming how the world produces and consumes. Through innovative, homegrown solutions, biosolutions create local jobs, boost economic value, and enable resilience for customers and societies. Biosolutions enable higher yields, more efficient use of raw materials, reduced energy consumption, differentiated claims, and healthier and tastier food, enabling value growth for our customers and making a profound positive impact on the planet.

We are stepping into a new era, inspired and powered by biology and science – the era of biosolutions. At Novonesis, our purpose is clear: to ‘better our world with biology’. The potential of biosolutions is immense, and we are just getting started.

Cees de Jong
Chair of the Board of Directors

Ester Baiget
President and CEO