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    Gunther Zechmann

    Research Analyst at Sanford C. Bernstein & Co., LLC

    Gunther Zechmann's questions to NOVOZYMES AS/FI (NVZMY) leadership

    Gunther Zechmann's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Gunther Zechmann from Bernstein inquired about the sustainability of the 5% pricing growth seen in Q1 for the full year and asked for a breakdown of U.S. probiotics sales between traditional channels and healthcare practitioners.

    Answer

    CEO Ester Baiget and CFO Lars Green clarified that the Q1 pricing contribution was high due to a low comparable base in Q1 2022 and that the percentage contribution would moderate as the year progresses, aligning with the full-year guidance of pricing contributing more than half of the 4-7% growth. EVP, Strategy & Business Transformation, Amy Byrick, added that the healthcare practitioner channel accounts for over half of U.S. probiotic sales and that recent softness was also impacted by supply chain challenges.

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    Gunther Zechmann's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Gunther Zechmann from Sanford C. Bernstein & Co. asked about the full-year pricing outlook, questioning why the strong 5% pricing in Q1 wouldn't continue for the full year. He also inquired about the sales mix of U.S. probiotics between traditional channels and practitioners.

    Answer

    President & CEO Ester Baiget and EVP & CFO Lars Green explained that pricing contribution increased sequentially throughout 2022, making year-over-year comparisons tougher in later quarters. Therefore, the full-year pricing impact is expected to be lower than the 5% seen in Q1. EVP, Strategy & Business Transformation Amy Byrick added that the healthcare practitioner channel accounts for over half of U.S. probiotic sales, which has provided some shield from general market weakness, though supply chain issues also impacted performance.

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    Gunther Zechmann's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Gunther Zechmann's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q3 2021

    Question

    Gunther Zechmann followed up on pricing, asking if current implementations are sufficient to offset inflation on a run-rate basis and about the potential margin impact from the lag in packaged gas contracts. He also asked for commentary on the slight decline in the energy transition investment opportunity pipeline since Q2.

    Answer

    CFO Jérôme Pelletan explained that Large Industries costs are passed through, while Industrial Merchant pricing campaigns aim to cover inflation, acknowledging a potential 3-to-6 month lag. He clarified that the energy transition opportunity pipeline did not decrease, remaining robust at over 40%. Executive VPs Francois Jackow and Michael J. Graff added that opportunities are growing and highlighted active projects in North America.

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    Gunther Zechmann's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q1 2021

    Question

    Gunther Zechmann from Bernstein asked about the sustainability of the strong growth rate in the Healthcare division and inquired about the potential impact of the global semiconductor chip shortage on the business.

    Answer

    François Jackow, Executive VP, explained that the Q1 Healthcare growth of nearly 10% was driven by sustained medical gas demand and recovering homecare activity, which is expected to normalize to around 5% by year-end. Michael J. Graff, Executive VP, addressed the chip shortage, noting it was exacerbated by the Texas freeze but is now driving new investment and demand, leading to a revised 2021 industry growth forecast of 11-12%, up from 7%.

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    Gunther Zechmann's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q3 2020

    Question

    Gunther Zechmann asked for the current book-to-bill ratio in the electronics equipment and installation business and for guidance on the expected book gains from the Schülke & Mayr divestiture.

    Answer

    CFO & Executive VP Fabienne Lecorvaisier reported that the book-to-bill ratio in electronics was 1.05 at the end of Q3. She confirmed a capital gain will be recorded for the Schülke sale but expects it to be largely offset by provisions from a broader asset portfolio review, resulting in a marginal net impact.

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