Novonesis: Key takeaways from Pohlheim

研报英文原文证据摘录

Novonesis: Key takeaways from Pohlheim

lue optimisation as an area where

Novonesis can deliver additional value to customers. While this is not expected to be a primary

driver of growth in the current year, it represents a source of medium-term optionality. Through

enzyme and microbial solutions, customers can improve protein recovery rates, enhance

functionality and optimise overall production efficiency. This is particularly relevant in the

context of ongoing volatility in dairy and protein markets, where maximising yield and reducing

waste are increasingly important (especially with high end whey prices up 3-4x on a three year

view). For Novonesis, this provides an opportunity to deepen customer relationships and

expand its role within the value chain. While not required to achieve near-term consensus

growth expectations, it offers potential upside to growth and margin over time in our view.

5) Sustainability embedded across product and production: Sustainability remains a core

theme across both Novonesis’ product offering and its manufacturing operations. On the

demand side, microbial solutions enable customers to reduce waste, extend shelf life and lower

reliance on chemical inputs, directly supporting sustainability objectives. On the supply side,

production processes are designed with efficiency in mind, including specialised infrastructure

such as cold-chain storage and controlled fermentation environments. These capabilities are

essential to maintaining product integrity while also optimising resource use and powered by

100% renewable energy. Overall, this reinforces Novonesis’ positioning as a structural

beneficiary of sustainability trends.

Barclays view: The Pohlheim visit reinforces some of the key pillars of the Novonesis

investment case.