Novonesis kept its 2026 growth and margin targets after organic sales rose 7% in the first nine months, with country exits weighing on results in several markets.
The nine-month growth rate included a 6% increase in the third quarter. Food & Health Biosolutions recorded 9% organic growth for the period, led by Food & Beverages; the division grew 8% in Q3. Planetary Health Biosolutions advanced 6% over nine months and 4% in the third quarter.
Growth varied by market. Developed markets rose 7% through Sept. 30, compared with 6% in Q3, while emerging markets grew 6% and 5%, respectively. Novonesis said exits from certain countries subtracted around one percentage point from overall nine-month growth and nearly three points from emerging-market growth. Those exits also reduced Food & Health Biosolutions growth by about two percentage points.
Adjusted EBITDA margin was 37.9% for the nine-month period, 60 basis points above the year-earlier level. The third-quarter margin was 38.3%, up 120 basis points year over year, with a minor currency headwind, the company said.
Novonesis maintained its full-year organic sales growth target of 7% to 8%, which includes an expected negative effect of nearly one percentage point from country exits. It expects the adjusted EBITDA margin to be toward the upper end of its 37% to 38% range. Management signaled that organic sales growth would be in the high single digits for Q4.
The company completed its acquisition of the remaining 77% of MicroBioGen on Oct. 1, giving it full access to the yeast platform. As of Sept. 30, its 2026 share buyback program had repurchased €14.8 million of shares against a €75 million total program. Free cash flow before acquisitions was 17% of sales, and capital spending was 10.2% of sales, which Novonesis said was as planned. Net interest-bearing debt relative to EBITDA stood at 1.7 times.
