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    Soren Samsoe

    Research Analyst at SEB

    Soren Samsoe's questions to NOVOZYMES AS/FI (NVZMY) leadership

    Soren Samsoe's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q2 2023

    Question

    Soren Samsoe from SEB requested a detailed breakdown of the strong 26% growth in the Bioenergy segment and asked whether the Grain sub-segment's growth was positive or negative.

    Answer

    EVP of Agriculture & Industrial Biosolutions, Tina Fano, explained that Bioenergy's growth was driven by innovation allowing market outperformance in North America, strong double-digit growth in Latin America, and contributions from biodiesel and second-generation biomass. She also clarified that within the Grain & Tech segment, Grain was roughly flat while the decline was driven by the Tech sub-segment.

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    Soren Samsoe's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Søren Samsøe of SEB inquired whether the recent decline in energy prices is positively impacting margins yet and asked when an acceleration in the BioAg business could be expected.

    Answer

    CFO Lars Green explained that due to hedging policies, energy costs in 2023 are actually higher than in 2022, so the benefit of lower spot prices is not yet realized in the P&L and will be seen more in 2024. EVP, Agriculture & Industrial Biosolutions, Tina Fanø, noted that the BioAg business had a muted start in Q1 and its full-year performance will become clearer as the year progresses, particularly after Q2.

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    Soren Samsoe's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Soren Samsoe of SEB inquired whether lower energy prices were providing a positive impact on margins yet. He also asked for the expected timing of an acceleration in the BioAg business.

    Answer

    EVP & CFO Lars Green explained that due to hedging policies from the prior year, energy costs in 2023 are actually higher than in 2022, with benefits from lower spot prices not expected to be significant until 2024. EVP, Agriculture & Industrial Biosolutions Tina Fanoe commented on BioAg, noting a muted Q1 but maintaining an expectation for solid growth in Q4, indicating an expected back-half weighted improvement.

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    Soren Samsoe's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q4 2022

    Question

    Soren Samsoe asked about the timing of first sales from the new alternative proteins facility and the expected ramp-up. He also inquired when recent drops in energy prices might become a tailwind for margins and if customers are increasing enzyme purchases for sustainability goals.

    Answer

    CEO Ester Baiget stated the protein facility is on track for startup by year-end, with first sales in 2024 and a gradual ramp-up. CFO Lars Green explained that due to hedging, energy costs in 2023 will be higher than in 2022, so no immediate tailwind is expected. EVP Anders Lund noted that while there is interest in enzymes for sustainability, developed market customers are currently focused on other raw material challenges, though the trend is visible in emerging markets.

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