Novonesis (NSISb.CO): Updating estimates ahead of 2Q26 results

研报英文原文证据摘录

Novonesis (NSISb.CO): Updating estimates ahead of 2Q26 results

Equity Research

29 June 2026 | 9:56PM GST

We update our estimates for Novonesis ahead of its 2Q26 results (20 August) and to Georgina Fraser, Ph.D.

+44(20)7552-5984 |

reflect the latest movements in FX. Our FY26 adj. EBITDA estimate increases georgina.fraser@gs.com

Goldman Sachs International

modestly to €1.71bn (vs. Visible Alpha Consensus at €1.67bn) on organic sales

Gabriel Simoes

growth of 8.2% (vs. consensus at 7.1% and company guidance for 5-7%). For +44(20)7051-6922 |

FY27/28 we stand 4%/5% above consensus on adj. EBITDA and 255bps/211bps gabriel.simoes@gs.comGoldman Sachs International

ahead on organic growth. Over the mid-term, we expect the company’s ongoing Marcus von Scheele

investments to underpin growth beyond the upper end of the guided range (6-9% vs. +44(20)7774-7676marcus.vonscheele@gs.com|

GSe of 10%/9% for 2027/28E), supported by robust demand for homegrown energy Goldman Sachs International

Wardsolutions that enable energy sovereignty, continued strength in US high-protein Thomas | +44(20)7051-2527

dairy, and the industrialisation of EM dairy production, among other tailwinds. thomas.ward@gs.com Goldman Sachs International

The changes to our estimates predominantly reflect a rebalancing of growth across

the quarters, with 3Q facing a demanding comparable despite no longer contending

with a group-level headwind from the exit of Russia and Belarus. For 2Q26, we

forecast Organic Sales growth of 9.5% (vs. consensus 7.6%), led by Planetary Health

Biosolutions, where robust global ethanol production (against a currently attractive

profitability backdrop) should underpin volumes, we also anticipate some sequential

improvement in Plant and Tech. In Household Care we expect continued