Novonesis 2Q26 Preview - Another Strong Print?

研报英文原文证据摘录

Novonesis 2Q26 Preview - Another Strong Print?

EUROPE | Chemicals

Novonesis EquityJulyResearch1, 2026

TARGET | ESTIMATE CHANGENovonesis 2Q26 Preview - Another Strong

RATING BUYPrint?

PRICE DKK407.60^

Novonesis reports 2Q26 results on the 20th August. We increase our Q2

DKK480.00 (DKK450.00)

organic growth expectation to 7.6% (in line vs VA consensus), increase our PRICE TARGET | % TO PT | +18%

price target to DKK480, and maintain our BUY rating. Growth continues 52W HIGH-LOW DKK463.80 - DKK336.80

to be internally and externally driven, supported by real pricing of c.1-2% FLOAT (%) | ADV MM (USD) 74.1% | 40.78

and structurally favourable portfolio tilts (high-protein dairy, complex MARKET CAP DKK190.6B | $29.1B

reformulation). TICKER NSISB DC

^Prior trading day's closing price unless otherwise

Food & Health remains a tale of two stories, with F&B continuing to outperform, driven by noted.

core categories including dairy at ~60% of F&B and baking, while Human Health remains more

modest, held back by weakness in pockets. We forecast F&B 2Q26 OSG of 9.3%, +50bps vs FY (Dec) CHANGE TO JEFe JEF vs CONS

cons, and Human Health of 4.5%, -70bps vs cons. Overall, this results in Food & Health OSG 2026 2027 2026 2027

of 8%, +30bps vs cons.

REV NM NM +1% +1%

Planetary Health shows a similar split, with Ag, Energy & Tech driving performance, while EPS +1% +1% -5% -7%

Household Care remains weaker despite easy comps and no evidence of reformulating out of

enzymes. We forecast Ag, Energy & Tech 2Q26 OSG of 8%, -50bps vs cons, and Household Care 2026 (€) Q1 Q2 Q3 Q4 FY

at 5.5%, +10bps vs cons. Overall, this implies Planetary Health OSG of 7.1%, -30bps vs cons. EPS -- -- -- -- 1.62

PREV 1.60

Strategically, exposure to structurally growing applications (high-protein dairy, complex