Novonesis A/s Class B · OMXCOP:NSIS_B
Novonesis A/s Class B — Investor Presentation (January 2026)
19 slides from Novonesis A/s Class B's investor presentation, Jan 8, 2026
Slide 1: Dairy spotlight
Dairy spotlight Andrew Taylor, EVP Food & Beverages Biosolutions Thomas Skaaning, SVP Dairy Biosolutions January 8th, 2026 Copyright © 2026 Novonesis Group. All rights reserved.
Slide 2: Bringing back biology to make dairy cleaner and better
Bringing back biology to make dairy cleaner and better From fermentation … to complex labels... … back to simpler labels, … to added benefits, enabled by cultures… enabled by biology enabled by biology 2 Copyright © 2026 Novonesis Group. All rights reserved.
Slide 3: Dairy represents a core part of our Food & Beverages portfolio
Dairy represents a core part of Share of Dairy sales our Food & Beverages portfolio Cheese ~55% Part of Food Baking Other Fresh Dairy ~45% & Beverages Net revenue1: Plant based Dairy <5% 1,310 EUR million Dairy Fundamental growth drivers Approximate geographical distribution of Dairy sales Emerging
Slide 4: Dairy market is expanding, and we are the critical enabler of the conversion
Dairy market is expanding, and we are the critical enabler of the conversion into higher value, protein-rich end products Novonesis relevant categories outgrowing global raw milk output ~35% • Large facilities, yield is key Cheese • Many different end applications ~10% • Highly fragmented and local/
Slide 5: Dairy strongly aligned with consumer trends driving increasing demand
Dairy strongly aligned with consumer trends driving increasing demand Dairy positively exposed to structural consumer trends… … driving significant capacity expansions World protein Increasing demand for high protein demand doubling by 2050 of global consumers consider Consumers want cleaner labels
Slide 6: Our unique biosolutions toolbox
Our unique biosolutions Improved safety toolbox and shelf life Increased yields Biosolutions We offer a unique Better t texture bility impac portfolio of biology-only products and capabilities Bacteria Probiotics Raw The right combination and material Process application helps transform Better flexi
Slide 7: Delivering high strategic value for customers at a relatively small cost
Delivering high strategic value for customers at a relatively small cost Yoghurt Cheese Strategic value: Productivity, Milk (40-45%) Product quality, Milk (75-85%) Sustainability, Production Other ingredients (30-40%) Resilience (15-25%) Production (20-25%) Milk Other ingredients Average cost breakd
Slide 8: Unlocking growth opportunities in the cheese value chain through our stronger toolbox
Unlocking growth opportunities in the cheese value chain through our stronger toolbox ~100% cheese milk DVS® Starter cultures Coagulants Digital Tools Ripening cultures, enzymes & molds Yield, flavor and texture Phage Watch Flavor and appearance Products Process Watch Cheese with cheese TasteIT Coag
Slide 9: Unlocking growth opportunities in the high protein yogurt value chain
Unlocking growth opportunities in the high protein yogurt value chain through our stronger toolbox ~100% milk DVS® Starter cultures High protein Yield, flavor and texture yogurt ~33-40% of original milk volume 8-15% of protein Milk Acidification Separation Milk preparation Concentration ~60-67% of o
Slide 10: Our competitive advantage in Dairy is anchored in hard-to-replicate capabilities and scale
Our competitive advantage in Dairy is anchored in hard-to-replicate capabilities and scale Unmatched customer Innovation leadership Unmatched scale and centricity based on via unique combination supply security with decades of partnering of cultures and fast scale-up enzymes with local application +
Slide 11: Deep customer insights and application excellence drives execution
Deep customer insights and application excellence drives execution and enable co-creation of superior solutions 95% of relevant dairy market mapped …with 80% drilled down to specific Application centers drive ability to co- at product and country level… factory level create with customers Market map
Slide 12: Meeting customers where they are
Meeting customers where they are Helping customers thrive in an era of transformation Get the most from customers’ inputs Develop dairy that people love Shape the future Make your products healthier and more Power of profitability Tap into the health megatrend transparent Accelerate sustainability a
Slide 13: Outgrowing the underlying market from our robust and proven growth drivers
Outgrowing the underlying market from our robust and proven growth drivers Historically we have performed across all growth drivers New Contribution of total organic sales growth (2014-2024) Explorative Org. sales growth CAGR Upselling & ~9%1 adjacencies opportunities Applications and ++ solutions M
Slide 14: The dairy market continues to grow from structural drivers
The dairy market continues to grow from structural drivers The dairy market growing from higher consumption... …fueled by large untapped potentials in both developed and emerging markets Volume Volume Country Milk Industrial Non- Retail yogurt production share (%) industrial consumption million tons
Slide 15: Increasing penetration in the market from our ever-stronger offering
Increasing penetration in the market from our ever-stronger offering The core of our relationship with customers …and there is still large potential in the market is our starter cultures (DVS®)… DVS® solutions offer… Fermented milk DVS® penetration (DVS vs bulk starter market volume %) …Consistency
Slide 16: Upselling incremental solutions driving higher customer value
Upselling incremental solutions driving higher customer value Example: Getting the most out of the milk in Cheese Example: High protein yoghurt that people love 3-1 synergistic biosolution 5-1 synergistic biosolution Product Category Extra yield Regular High High protein High protein drinkable, prot
Slide 17: Adjacent opportunities unlocked by our biology toolbox expanding the addressable market
Adjacent opportunities unlocked by our biology toolbox expanding the addressable market Bioprotection Dairy Health Dairy side stream valorization Extended shelf-life and reduced Increasing the benefits and Functionalizing dairy components food waste with clean label value of dairy products through e
Slide 18: Well positioned to deliver on GROW ambitions in Dairy
GROW - Strategy 2030 Well positioned to deliver on GROW ambitions in Dairy Grow the core • DVS conversion • Yield • Taste & Texture • Accelerate growth in emerging markets Enhance our distinctive position • Regional/local application and innovation capabilities • Pursue R&D opportunities including c
Slide 19: Q&A
Q&A Copyright © 2026 Novonesis Group. All rights reserved.