Novonesis: Spotlight on Household Care

Research evidence excerpt

Novonesis: Spotlight on Household Care

Equity Research

European Chemicals & Ingredients

24 June 2026

Novonesis

Spotlight on Household Care

The HHC spotlight session reinforced structural growth

underpinnings: MSD growth supported by pricing, innovation

and EM penetration, with blue sky upside potential from NSISb.CO/NSISB DC OVERWEIGHT European Chemicals &

Ingredientsindustrial cleaning substitution and higher enzyme intensity. NEGATIVE

Price Target DKK 470.00

NSISb remains a core OW with appeal increased after YTD de- Price (23-Jun-26) DKK 395.60

rating. Potential Upside/Downside +18.8%

Source: Bloomberg, Barclays Research

Barclays view: While not game-changing for the investment case, yesterday's spotlight session

European Chemicals & Ingredientsprovided useful incremental support for the durability of Novonesis’ Household Care (HHC)

Alex Sloane

growth outperformance drivers vs. end market in both the short and longer term. Management

+44 (0)20 3555 0645

appears able to comfortably sustain MSD growth over the next five years in HHC, underpinned alexander.sloane@barclays.com

by value-based pricing, continued innovation and, most importantly, emerging market Barclays, UK

penetration. Looking further out, additional upside could come from the substitution of caustic

Setu Sharda

soda in industrial cleaning and higher enzyme intensity as biosurfactants gain share in laundry

+ 91 (0)22 6175 1934

formulations. setu.sharda@barclays.com

Barclays, UK

Overall, Novonesis remains a key OW for us within Ingredients, supported by best-in-class

growth and profitability, with a durable moat anchored in innovation, deep customer Katie Richards

engagement and formulation know-how. After relative de-rating YTD we see a buying +44 (0)20 3555 0315