Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	16349100000	eur
ifrs-full:Assets	2024-12-31	15195600000	eur

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	4157600000	eur
ifrs-full:Revenue	2024-01-01	2024-12-31	3833500000	eur

XML

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f0__s8__7__30" xml:lang="en">Sustainability is at the core of Novonesis and is embedded in our GROW strategy.Our efforts are driven by our sustainability ambition People. Planet. Positive., illustrating our aim to leverage our cutting-edge innovation capabilities to deliver biosolutions that enable a healthier planet and healthier people – our hand-print – while reducing the impact of our production and supply chain – our footprint. We have demonstrated sustainability leadership for decades and remain committed to creating measurable positive impact and transparent disclosure across environmental, social and governance (ESG) matters, alongside strong financial perfor-mance. GeneralOur purpose is clear: We are here to ‘better our world with biology’. Our sustainability ambition is to leave a positive impact on people and on the planet in everything we do. We call it ‘People. Planet. Positive.’ Our ambition is grounded in a deep understanding of our material impacts, risks and opportunities, supported by a strong governance framework that drives accountability and progress.Our efforts are driven by our sustainability ambition:People. Planet. Positive.Sustainability governance and due diligenceSustainability is embedded across all decision-making levels in our organization. The Board of Directors oversees our sustain-ability strategy, targets and risk management, and approves our sustainability policy and the Double Materiality Assessment(DMA). Material impacts, risks and opportuni-ties, targets and actions are regularly discussed in working sessions with the Board of Directors and the Executive Leadership Team, which are held monthly, quarterly or annu-ally, depending on the topic. The Board of Directors is responsible for overseeing risks and ensuring a robust risk management process through our Enterprise Risk Management(ERM)framework, which also incorporates the risks identified in the DMA.The Executive Leadership Team assesses long-term sustaina-bility trends, integrates them into business strategy and our innovation pipeline, and appoints leaders to oversee our sus-tainability ambition, set our sustainability targets, and drive roadmaps for target implementation. All targets are approved by the Executive Leadership Team and the Board of Directors, who also track their progress. The Audit Committee oversees the accuracy and compliance of sustainability reporting, evaluates internal controls, and reviews assurance outcomes. The Audit Committee reports its findings to the Board of Directors. The Board of Directors and the Executive Leadership Team actively build upon their sustainability expertise by leading and engaging in sessions on Novonesis’ approach to broader sus-tainability topics. They draw on specialized insights from inter-nal and external experts when needed. Their growing expertise strengthens sustainability governance, mitigates risks, and drives our growth ambitions. Read more about our sustainability-related incentive schemes in the Summary of the Remuneration Report.We foster a broad range of partnerships across both public and private sectors. Through collaboration, we strive to meet our shared responsibility to leave a healthy, viable planet for generations to come. As a result of our strong governance and actions, we are recognized for our commitment to sustainabil-ity by some of the world’s most respected ESG rating agen-cies, platforms and initiatives. These acknowledgements con-firm our ambition to lead with integrity and impact, driven by science, transparency, and a deep sense of responsibility. We actively engage for impactWe are proud to be recognized for our sustainability effortsOur sustainability due diligenceTo ensure sustainable growth and to remain a reliable partner to our customers, suppliers, shareholders, and the communities where we operate, we apply a due diligence process to identify, assess and mitigate potential impacts, risks and opportunities. This process is anchored in internationally recognized standards, specifically the UN Guiding Principles on Business and Human Rights, the International Bill of Human Rights, the core conven-tions of the International Labor Organization (ILO), and the OECD Guidelines for Multinational Enterprises.We detail our approach to human rights due diligence, griev-ance mechanisms and remedies in Our workforceand our Responsible Purchasing Position.As a member of the UN Global Compact, we submit our annual report to the Communication on Progress (CoP):  Read more We have a robust environmental management system across our production sites. The ISO 14001 standard guides our due diligence process, ensuring that local environmental impact assessments are reviewed at least annually and that key identi-fied risks are incorporated into our Enterprise Risk Management process. We strive to ensure that all our production sites are ISO 14001-certified. The list of our sites and their certificates is available inStandards and certificates.The environmental assessments inform our standard operating procedures and emergency response plans. We consider the views of neighbors and local municipalities during the permit issuance process, and we engage with local communities when relevant. By adhering to these standards and practices, we aim to foster safe and responsible ways of working when considering our evolving obligations to local stakeholders and the environment. The core elements of our due diligence process are described across our Sustainability statement and Management review, and summarized below.Core elements of our due diligence process 1Embedding due diligence in governance, strategyand business modelRead more: Corporate governance, Sustainability ambition: People. Planet. Positive.2Engaging with affected stakeholders in all key steps of the due diligenceRead more: Stakeholder engagement3Identifying and assessing adverse impactsRead more: Double Materiality Assessment4Taking actions, tracking effectiveness, and communicating effortsRead more: Environment, Social, and GovernanceReporting on sustainabilityScope and consolidation Our Sustainability statement has been prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the disclosure requirements outlined in the European Sustainability Reporting Standards (ESRS). It fulfills our statutory reporting obligations under section 99a of the Danish Financial Statements Act. The scope of our Sustainability statement is defined by our Double Materiality Assessment (DMA), which evaluates impacts, risks and oppor-tunities across our value chain. We report on topics deemed material by the DMA, covering both mandatory and selected voluntary disclosures. We prepared our Sustainability statement on a consolidated basis, comprising data and information from Novozymes A/S (the parent company) and subsidiaries controlled by Novozymes A/S. The Group is reffered to as Novonesis. The consolidation of sustainability data follows the same principles as our financial reporting. When estimates or assumptions are used, these are outlined in the corresponding accounting poli-cies. Our environmental reporting includes data from all manufac-turing sites, regardless of size, and non-manufacturing sites with a headcount of more than 100. Sites such as sales offices and research and development (R&amp;D) labs, which do not have a significant environmental impact, are excluded, as they do not meet our materiality threshold. Over 98% of our environmental footprint is included in the reported numbers. For our scope 1, 2 and 3 emissions we follow emissions boundaries in accord-ance with the Greenhouse Gas Protocol and the Science Based Targets initiative (SBTi).Selected CSRD disclosure requirements are incorporated by referencein the first part of the Management review. These include our business model (SBM-1), sustainability-related incentive schemes (GOV-3), and the composition and diversity of the Board of Directors and Executive Management (GOV-1). According to ESRS E2-5, we are required to report on enzymes that are generated, used during production and pro-cured, and those that leave our facilities as emissions, prod-ucts or parts of products. Since enzymes are part of our prod-uct portfolio, we consider this information sensitive for competitive reasons, and therefore we do not disclose these amounts. ESRS MDR-A requires us to report on the current CAPEX and OPEX allocations for our sustainability-related action plans. As sustainability is embedded throughout our operations, distin-guishing specific allocations does not provide meaningful insight, and we have therefore chosen not to disclose these figures. Changes affecting sustainability data in 2025For Emissions to water, only pollutants in wastewater dis-charged directly to recipients or used for irrigation are included. We have adjusted our methodology in line with the CSRD requirements and now exclude pollutants in wastewater sent to municipal or third-party treatment facilities, which was previously accounted for in 2024. For Greenhouse gas emissions (GHG), for 2024 scope 3 inven-tory, we improved the calculation basis for categories 1, 3 and 4. For scope 3 category 1, we implemented a unified accounting system to ensure consistency, such as application of exclusion criteria, concentration of materials, and currency exchange and inflation rates. For category 3, we streamlined the accounting of emissions related to feedstock and grid losses for renewable electricity consumption. For category 4, we improved Incoterms, shipment types, and transport modes, ensuring accurate allocation between upstream and downstream trans-portation and distribution. We applied the same calculation basis to our 2018 baseline emissions, and the effect was imma-terial. As a result, our 2018 baseline remains unchanged, and the boundary of our SBTi-validated net-zero target stays the same.Risk management and internal controls for sustainability reporting Our sustainability reporting is supported by a risk management framework and internal controls designed to ensure that we measure, monitor and evaluate our performance, while com-plying with the CSRD and the ESRS, and safeguarding against material misstatements. Clear reporting procedures assign separate responsibilities for data preparation, review and approval throughout the data collection and reporting process. In 2025, we enhanced these controls by rolling out a global operational environmental data collection system and by strengthening data quality and traceability. We will continue to improve data collection processes and internal controls to ensure our data remains reliable, consistent, and fit for stake-holder use.Stakeholder engagementWe actively engage, co-create and partner with our stakehold-ers to understand their perspectives and needs. This guides our Double Materiality Assessmentand shapes our activities to advance our purpose to better our world with biology. Stakeholder engagement on sustainability matters is governed in accordance with our Sustainability governance and due diligence. StakeholderPurpose of engagement Engagement methodsOutcome EmployeesMonitor and improve employee development and well-being, focusing on training and skills devel-opment, fair treatment, remuneration, health and safety, and diversity, equity and inclusion Engagement surveys Individual development plans, business targets and relevant trainingGrievance mechanisms Internal corporate communication with senior management Our workforceHealth and safetyCustomersDeliver biosolutions that meet customer needs, while enabling a healthier planet and healthier lives. Focus on workers in the value chain and ethical business practices Business meetingsPartnerships and alliancesCustomer questionnaires and satisfaction surveysSustainability rating agenciesBusiness modelStrategyInnovationWorkers in our downstream value chainSustainability ambition: People. Planet. Positive. SuppliersCollaborate on strategic sustainability initiatives, and ensure ethical business practices Regular dialogue Supplier engagement program Strategic partnerships and alliancesParticipation in industry associations and industry alliances Contractual obligationsWorkers in our upstream value chainClimate changeBusiness conductInvestorsCommunicate sustainability performance in a transparent manner Investor engagements Sustainability-focused investor meetings Investor surveys and questionnairesReporting and disclosures Sustainability rating agenciesMessage from the Chair and the CEODouble Materiality AssessmentInnovationRegulatoryauthoritiesEnsure compliance with regulations Engagement with local and national regulatory bodies to ensure complianceEngagement with industry associationsSustainability governance and due diligenceInnovationBusiness organizations and policymakersAdvocate for biosolutions, and promote sustainabilityMemberships of industry associations, alliances, and chambers of commerce Public policy consultations and face-to-face meetings with public authoritiesBilateral engagements and strategic partnerships Business conductInnovationClimate changePollutionLocal communitiesEngage to learn and develop sustainability initiativesLocal corporate social responsibility activitiesDialogue with local communitiesWaterSustainability governance and due diligenceIncorporating stakeholder perspectives Double Materiality AssessmentWe conduct a Double Materiality Assessment (DMA) to gain insights and guide sustainability decisions that benefit stake-holders, people and the planet.Our approachIn our DMA process, we map our value chain, including both upstream and downstream activities, while considering our global business operations and our relationships. In this process, we consider all the geographical areas where we operate, our facilities and other assets, and distribution channels to cover various inputs and outputs. Additionally, we identify stakehold-ers who are directly involved in or affected by our activities, as well as those interested in our development and reporting. We interview both external and internal stakeholders. Our external stakeholders include investors, customers, suppliers and NGOs. Internally, we engage with a broad representation of stakeholders across various departments, functional areas and regions. During the interviews, subject matter experts identify the positive and negative impacts, risks and opportu-nities (IROs) across sustainability topics. They assess and evaluate the materiality of any applicable data points for Novonesis, based on the thresholds defined. The results from these interviews are calibrated in numerous workshops, involving senior management and internal experts, to help us determine materiality. Every four years, we conduct a comprehensive reassessment of the DMA, while each year we review our DMA as a dynamic process, building on learnings from previous years and con-sidering changes throughout the reporting year.Our DMA is approved annually by the Executive Leadership Team and the Board of Directors. Impact materiality We assess actual or potential impacts, whether negative or positive, based on the following criteria: •	Scale:The magnitude of the impacts on people and/or the environment•	Scope:The extent and geographical reach of the impacts, such as the extent of environmental impact or how far-reaching the effects would be on people and the planet (e.g., local or global reach)•	Irremediability:The extent to which impacts can be reme-diated, i.e., restoring the environment or affected people to their prior state•	Time horizon and likelihood:The expected duration of the potential impact and the likelihood of its occurrence. We use a 1–4 scale, defined as follows:Score 1: Short-term – within a reporting periodScore 2:Medium-term – 1–3 yearsScore 3: Long-term – 3–5 yearsScore 4:Very long-term – more than 5 yearsFor potential negative human rights impacts, we prioritize the severity of the impact over its likelihood. Financial materiality We assess inherent risks and opportunities based on their potential to impact our development or financial status. The scoring criteria includes: •	Financial impact:The magnitude of the financial effects, where thresholds for financial materiality are aligned with our risk management framework•	Time horizon and likelihood:Assessed using the same methodology applied to impact materiality DMA resultsIn 2025, we carried out a review of our DMA. We engaged with subject matter experts and functional owners to evaluate the material and non-material topics, as well as the IROs identified. We considered the trends in sustainability-related customer and investor inquires and the the aquisition of dsm-firmenich’s sales and distribution activities in the Feed Enzyme Alliance, where we took over its sales and distribution activities. As a result, we updated our IROs; however, this did not result in any changes to our nine material topics, which consist of five environmental, two social, one governance, and one Novonesis-specific topic. The topics, including their respec-tive IROs, are summarized on the next page, and further described in their respective sections of this Sustainability statement.Based on our DMA, we have not identified any IROs that indi-cate a significant risk of material adjustments to assets or lia-bilities in the 2026 reporting period.Overview of material topicsClimate changeDelivering biosolutions for a healthier planet, including alternative fuelsE1.1Carbon taxation presenting both opportunities and risksE1.2Increasing volatility in energy and raw material prices linked to climate changeE1.3Our greenhouse gas emissionsE1.4PollutionReducing pollution for our customers through their use of biosolutionsE2.1Enzyme technology classification in the EUE2.2Increasing environmental regulation could impact both expenses and production capabilitiesE2.3Potential spills at production sitesE2.4Using agricultural raw materials may contribute to soil and water pollutionE2.5WaterReducing water consumption and pollution through biosolutions for our customersE3.1Water scarcity may impact our production and our customers’ manufacturingE3.2Water for our production processes may alter local conditionsE3.3Water consumption in agricultureE3.4BiodiversityReducing the need for conventional pesticides in agriculture, and added nutrients and antibiotics in animal feedE4.1Potential spills at production sitesE4.2Sourcing raw materials potentially associated with deforestationE4.3WastePromoting circular economy through our biosolutions, packaging and waste managementE5.1Generating substantial amounts of biomass as a by-productE5.2Own workforceCreating an attractive workplace for our employeesS1.1Health and safety of our employees S1.2Workers in the value chainSuppliers potentially not adhering to human rights principlesS2.1Health and safety of workers handling our productsS2.2Business conductEnabling our future success through a thriving corporate cultureG1.1Advocating for biosolutions as a lever for economic growth, including green jobs and in support of the green transitionG1.2Unethical practices by our business partners G1.3InnovationDeveloping new transformative biosolutions to enable a healthier planet and healthier livesI1.1Failing to introduce new biosolutionsI1.2Regulatory frameworks for biosolutionsI1.3OpportunityPositive impactRiskNegative impactImpacts, risks and opportunities across our value chain Our biosolutions are produced through fermentation of natural resources, such as agricultural raw materials. We work with key suppliers to explore shared opportunities and to address the environmental and social impacts of our supply chain. We are a leading biosolutions partner with more than 11,000 employees. With our close customer relationships, cutting-edge innovation, and global world-class opera-tional capabilities, we are able to scale solutions to meet customer needs, while also limiting our environmental footprint.Our biosolutions enable a healthier planet and healthier lives. We help customers enhance profitability, minimize their environmental impact, and deliver products that meet consumer needs. E1.2E1.4E3.3E1.1E2.5E1.3E3.4E1.2E2.2E2.4E1.1E2.3E1.4E3.2E1.2E2.1E3.2E1.1E3.1E1.3E4.1S2.1G1.3I1.1E4.3E4.2E5.2S1.2E3.3S1.1E5.1G1.1S2.2 I1.1E5.1I1.2G1.2G1.3I1.3I1.1 G1.2Environment Social Governance InnovationInnovationOur innovation leadership turns biology into biosolutions that help solve the world’s most urgent challenges.2025 highlights 85%&gt;80%of products launched in 2025 are protected by intellectual property (IP)of the innovation portfolio value expected to support at least one of the six selected UN Sustainable Development Goals&gt;40local R&amp;D, application, and co-creation centersInnovation I1Our biosolutions toolbox and innovation capabilities are key to realizing our growth ambitions. HandprintThrough our biosolutions, we help customers increase performance, mitigate climate impact, transform food systems, enable healthier living, and protect nature and biodiversity. FootprintProducing biosolutions requires energy and resources, yet we are committed to minimizing our footprint. Leveraging our expertise and advanced production technologies, we scale with speed and efficiency, bringing tailored biosolutions to market while decoupling cost and growth. Impacts, risks and opportunitiesDeveloping new transformative biosolutions to enable a healthier planet and healthier lives Demand for our biosolutions continues to rise, driven by a con-vergence of performance, financial, health and environmental priorities. Through cutting-edge innovations, we deliver biosolu-tions to optimize resources across industries, reduce reliance on fossil fuels, improve nutrition and health, and unlock alternative protein sources.OpportunityFailing to introduce new biosolutions RiskInnovation is important for maintaining our competitive advan-tage. This includes both access to microbial diversity and genetic information, and the ability to discover, engineer, develop and produce biosolutions cost-effectively and at scale. The potential failure to consistently introduce new bio-solutions could lead to a loss of market share and would hinder opportunities to enable a healthier planet and healthier lives.Regulatory frameworks for biosolutionsOpportunityWe see an opportunity to unlock even greater customer and societal value by addressing unnecessary regulatory barriers. Given their positive impact, biosolutions have the potential to be recognized as a stand-alone industry. Today, we are classi-fied as a chemical company under the EU regulation, which does not fully reflect the nature of biosolutions and may impact Positive impactI 1.3I 1.1RiskI 1.2the development and reach of our biosolutions. Through advo-cacy, we support fit-for-purpose regulations to help accelerate the biosolutions market to the benefit of businesses, people, and the planet, as described in Business conduct.Our approach As a pure biology player, with a deep specialization in microbiol-ogy and industrial fermentation, we are at the forefront of the biosolutions era. For more than a century, we have been copy-ing, engineering and improving the power of biology. Our inno-vations are underpinned by an extensive and unique biological library, spanning hundreds of thousands of microbial strains and millions of protein and enzyme structures. We apply advanced engineering tools, high-throughput screening, automation and AI to shorten development cycles and tailor solutions to specific customer needs.Today, we leverage and scale our biosolutions across more than 30 markets and in high-value segments. We work side-by-side with customers to turn insights into innovation, offering them speed, scale, flexibility and resilience, while boosting jobs, com-petitiveness and growth in local economies. And through 40 application centers worldwide, we adapt and optimize solutions quickly, based on a deep understanding of customer needs and consumer preferences. Our innovation efforts also include multiple partnerships and innovation programs, some supported by external funding and enabled by new technologies.Our innovation efforts are overseen by the Board’s Innovation Committee, as described in Corporate governance. Learn more: Sustainability Policy.2025 key actions In 2025, 25% of our sales came from products launched within the past five years. By year end, our innovation pipeline com-prised more than 250 projects aimed at meeting demand across industries in both emerging and developed markets. The flow of new biosolutions keeps us relevant to customers, improves our productivity, and strengthens our competitive edge. At the same time, these investments lay the foundation for our future growth. To support our innovation leadership, we advanced several technology investments throughout the year, focusing primar-ily on end-to-end data capture, digital infrastructure, machine learning, and AI tools. Together, they enable us to identify the most promising solutions, scale them more efficiently, and improve product formulation. In parallel, we advanced new production technologies and digital twins to enable productiv-ity gains.Last year, the results of our annual customer survey high-lighted strong appreciation for our high-quality products and exceptional customer support, while identifying opportunities to deepen partnerships and collaborations.In 2025, we invested 11% of sales in R&amp;D and launched 33 new products, contributing significantly to future sales growth. 85% of products launched in 2025 were protected by intellec-tual property (IP), through 89 new patent filings, underpinning our innovation leadership.We opened two Application Technology Centers: Dairy in Denmark, and Baking &amp; Beverage in South Africa. In these state-of-the-art facilities, we mirror real production and enable close customer collaboration from design to scale-up, strengthening our innovation leadership.Our innovation pipeline is also aligned with our People. Planet. Positive.ambition. At the end of the year, &gt;80% of portfolio value was expected to be aligned with at least one of the six selected UN Sustainable Development Goals: 2, 3, 6, 7, 12 and 13.25%of our sales came from products launched within the past five years.EnvironmentOur biosolutions enable healthier lives and a healthier planet. We also know that our actions leave a footprint, and we work to mitigate climate impact – and to protect nature and biodiversity. 2025 highlights 60x100%more greenhouse gases (GHG) saved than emittedrenewable electricity sourced8.4%100%water saved or recycled, compared with a 2021 baselineof biomass waste managed circularlyClimate changeE1Our People. Planet. Positive.ambition has four strategic agendas, one of which is to ‘Mitigate climate impact’.HandprintWe pioneer biosolutions that enable greenhouse gas (GHG) emission reductions across multiple industries, supporting the transition to a low-carbon society. FootprintChange starts with addressing our own impacts, thus we are prioritizing reducing our GHG emissions to reach net-zero GHG emissions by 2050.Impacts, risks and opportunities Delivering biosolutions for a healthier planet, including alternative fuelsOpportunityWe discover, develop and produce biosolutions that drive pos-itive change for our customers, enabling savings of green-house gas emissions exceeding those generated in the pro-duction of our biosolutions.We are a leading producer of biosolutions for the biofuels industry and play an important role in advancing low-emission biofuels. We help enable energy independence from fossil fuels, enhancing energy security and increasing economic output from arable land, bio-mass, and waste residues. Carbon taxation presenting both opportunities and risks OpportunityCarbon taxation incentivizes the shift to low-carbon practices and materials through imposing a price on the emission of car-bon dioxide and other GHGs. This can create a significant mar-ket and growth opportunity for resource-efficient biosolutions, which enable the saving of GHG emissions. While carbon taxa-tion may lead to higher expenses for Novonesis, we believe the opportunities more than outweigh the risks. Increasing volatility in energy and raw material prices linked to climate change RiskGeopolitical events or crises linked to climate change may result in potential increase in expenses due to fluctuations in Positive impactRiskE1.1E1.3E1.2energy, water and raw material prices. We mitigate this risk by monitoring the market dynamics of key raw materials and by taking proactive measures to strengthen supply resiliency, such as reducing dependencies on critical and single-sourced raw materials. Furthermore, our biosolutions can help custom-ers manage fluctuations in raw material pricing and availability, as described in IRO E1.1. Our greenhouse gas emissions Negative impactAs a production company, we emit greenhouse gases. If we did not take action to decarbonize, our emissions would increase as our business grows. However, we are committed to delivering on our decarbonization strategy for our own opera-tions and value chain to improve the resilience of our company. Our approach We reduce climate impact by addressing customer needs and societal demand for more efficient use of resources. Our bio-solutions help customers lower energy use, reduce emissions, and improve productivity across their value chains. We meas-ure our contribution through two lenses: our handprint – the greenhouse gas emission reductions our biosolutions enable for our customers – and our footprint – the emissions of our operations and value chain. To drive progress, we also actively engage stakeholders and build partnerships to advance climate action.E1.4Our handprint Our climate transition plan builds on the strength of our bio-solutions. We continuously enable customers and partners to reach their climate targets, and we shape industry standards that reduce reliance on fossil fuels and accelerate the transi-tion to a low-carbon society – as highlighted in our ambition, People. Planet. Positive.For nearly 20 years, we have applied rigorous, science-based methodologies to document the climate impact of our biosolu-tions. Through peer-reviewed life cycle assessments (LCAs), we quantify how our solutions enable lower emission pro-cesses and consumer products. By sharing these data-driven insights and providing product carbon footprints, we empower customers to accelerate their business progress and contrib-ute to a healthier planet.Sustainability library: We lead climate action by engaging in global partnerships that accelerate the transition to low-carbon solutions. Our approach to stakeholder engagement shapes how we work with non-governmental and multilateral organizations, custom-ers, peers and investors – bringing technical expertise, sector insights, and leadership to every collaboration. These partner-ships strengthen understanding of how biosolutions can Read more transform production and consumption systems and address some of the world’s most pressing challenges, in alignment with our GROW strategy.Our footprint We are committed to upholding high standards and taking ambitious action to reduce our climate footprint across scope 1, 2 and 3. We are decarbonizing our operations and supply chain in line with a science-based pathway to reach net-zero greenhouse gas (GHG) emissions by 2050*. We are committed to reducing GHG emissions from our operations (scope 1 and 2) by 75% and our supply chain (scope 3) by 35% before 2030, compared with a 2018 baseline. Our climate targets are validated by the Science Based Targets Initiative (SBTi). That means that they are developed based on climate science and aligned with the Intergovernmental Panel on Climate Change (IPCC) scenarios. Our 2030 scope 1 and 2 GHG emissions target aims to limit global warming to 1.5°C above pre-industrial levels. Our 2030 scope 3 target is aligned with the goal of limiting temperature rise to well below 2°C. Our net-zero by 2050 target is aligned with a 1.5°C scenario under the Paris Agreement. Our climate targets do not include GHG removals, carbon credits, or avoided emissions as a means of achieving the GHG emissions reduction targets.*	Novonesis commits to reaching net-zero GHG emissions across the value chain by 2050 from a 2018 base year. Near-Term Targets: Novonesis commits to reducing absolute scope 1 and 2 GHG emissions by 75% by 2030 from a 2018 base year; to increasing annual sourcing of renewable electricity from 37% in 2018 to 100% by 2025 and maintain 100% sourcing of renewable electricity through 2030; and to reducing absolute scope 3 GHG emissions from purchased goods and services, fuel and energy-related activities, upstream transportation and distribution, waste generated in operations, and business travel by 35% by 2030 from a 2018 base year. Long-Term Targets: Novonesis commits to reducing absolute scope 1 and 2 GHG emissions by 90% by 2050 from a 2018 base year, and to reducing absolute scope 3 GHG emissions from purchased goods and services, fuel and energy-related activities, upstream transportation and distribution, waste generated in operations, and business travel by 90% within the same time frame. The target boundary includes biogenic emissions and removals associated with the use of bioenergy. 100%renewable electricity sourcedIn 2025, for the first time, our operations were pow-ered by 100% renewable electricity (RE). This mile-stone was externally validated by RE100, a global ini-tiative led by the Climate Group to accelerate the green transition.Building on this success, we now commit to main-taining 100% renewable electricity through 2030, a target already validated by the Science Based Targets initiative (SBTi).Our climate transition plan is built on key levers of how we pro-duce, what we buy, how we ship, and how we drive change. It considers future developments that can impact our targets and emissions. It has been approved by the Executive Leadership Team. A visual summary of the climate transition plan is available on the next page. We use an implicit carbon price to understand the carbon reduction potential and the cost of activities. It is calculated retroactively after we have made financial investments to reduce scope 1, 2 and 3 emissions. We follow a differentiated approach to account for both green premiums and a longer payback time for investments with a decarbonization benefit. Climate change mitigation and adaptation is a component of our Enterprise Risk Management(ERM), and corresponding investments are integrated into our financial planning. To ensure the resilience of our business and our operations, short- and long-term risks are identified, assessed, reported and mitigated at different levels of the organization, including the Board of Directors and the Executive Leadership Team. Through our ERM and DMA, we identify and address cli-mate-related transition risks and physical risks in our opera-tions, supply chain and markets. We are committed to transparency, and our disclosures are guided by the Task Force on Climate-related Financial Disclosures (TCFD), the SBTi and the GHG Protocol, as well as the most frequent questions from customers and investors. Learn more: Climate Action Position, Sustainability Policy.In 2025, we reduced ourscope 1 and 2 GHG emissions by67%from a 2018 baseline, while delivering solid growth.How we drive change towards net-zeroOur net-zero targets are validated by the Science Based Targets initiative (see page 69).2025 key actions Our handprint In 2025,around 40% of our sales were aligned with a cli-mate-related Sustainable Development Goal – ‘Affordable and clean energy’ (SDG 7), ‘Climate action’ (SDG 13)– or both. For example, our biosolutions create real impact by equipping bio-fuel producers to bring low-carbon alternatives to transporta-tion. In 2025, their use in biofuel production enabled GHG sav-ings of around 80 million tCO2e –equivalent to removing approximately 30 million gasoline cars from the road.During the year, we collaborated with global leaders to advance climate mitigation, adaptation and resilience, bringing the unique perspective of a leading biosolutions company. Our engagement spans from expert forums to the highest execu-tive level, including our CEO’s active role on the United Nations Global Compact (UNGC) Board and in the World Economic Forum Alliance of CEO Climate Leaders. We also supported the UN Climate Summit during the General Assembly and rein-forced our commitment to UNGC’s Caring for Climate Initiative at the 30th meeting of the Conference of the Parties (COP30), driving transformation towards a climate-neutral society. Our footprint In 2025, we accelerated the implementation and refinement of our climate transition strategy towards a climate-neutral soci-ety. Our GHG emissions across scope 1, 2 and 3 decreased by 25% since 2018 and 2% since 2024.Scope 1 and 2 Since 2018, we have reduced absolute GHG emissions in scope 1 and 2 by 67%, achieving our milestone target of a 65% reduction by 2025. In the same period, our sales revenue grew by over 33%.We achieved our renewable electricity (RE) target by increas-ing RE sourcing from 93% in 2024 to 100% in 2025. We prior-itized wind and solar projects based on credibility and proxim-ity to our sites, in line with RE100 criteria. Our diversified renewable energy portfolio includes onsite solar and new pro-jects such as a group captive solar project in India, operational since 2024. We have set an SBTi-validated target to maintain 100% renew-able electricity through 2030. We will continue to support the transition to greener power grids by further backing high-impact projects that add renewable capacity to the grid. Our operations benefit from the many energy efficiency and electrification projects implemented over the years. For exam-ple, in 2025, a large hot-water heat pump became operational in China, cutting fossil-based steam demand and saving 16,561 MWh, or 1.4% of our 2018 baseline emissions. Next year, we will expand its application and install additional heat pumps at other sites. At two sites in China, biogas captured from our own biomass waste is replacing part of our fossil-based energy, delivering savings of 1,042 tCO2e. Today, 11 out of 32 production sites generate green steam and/or electricity by transforming our wastewater and fermentation output to biogas, either directly or via partners. At one of our largest wastewater treatment plants, we intro-duced an advanced online gas analyzer to enhance our real-time process monitoring and control, enabling a reduction in our scope 1 nitrous oxide (N2O) emissions. We plan to roll out this technology to two additional major sites in 2026, broaden-ing the benefits across our operations.60xmore GHG emissions saved than emittedScope 3 Our scope 3 emissions accounted for 73% of our 2018 baseline emissions. Compared with 2018, our scope 3 emissions have decreased by 9%. The majority of this decrease can be attrib-uted to new and more accurate data, such as the incorporation of more activity-based accounting and supplier-specific emis-sion factors. In addition, the change has been supported by cli-mate actions, such as through procuring 100% renewable elec-tricity and sustainable maritime fuels. Growth in emissions from ‘Purchased goods and services’ was offset by targeted climate initiatives and data improvements, resulting in total Scope 3 emissions in 2025 remaining in line with 2024.Within ‘Purchased goods and services’ (category 1), our pro-curement initiatives led to a partial shift in sourcing of ammonia and liquid nitrogen to lower-carbon alternatives, resulting in a 4,870 tCO2e reduction.Within ‘Fuel- and energy-related emissions’ (category 3), achiev-ing 100% renewable electricity delivered a reduction of approxi-mately 4,360 tCO2e, compared with 2024.Within ‘Upstream transportation and distribution’ (category 4), we continued our efforts to shift the distribution of biosolutions from air to sea. To further accelerate decarbonization of trans-portation, we procured sustainable maritime fuels for the first time, leading to a 5,460 tCO2e reduction in 2025, relative to 2024. In addition, we collected new and more accurate emission factors from transportation suppliers, leading to a 17,250 tCO2e downward adjustment in 2025, compared with 2024.We launched ‘PAVE to Zero’, our supplier climate engagement program, setting expectations for suppliers in three key areas: take climate action; disclose emissions and other sustainability data; and collaborate on reduction initiatives. The launch included a toolkit and training. We had climate-centered engagements with over 200 suppliers, tailored to their matu-rity and potential impact on our scope 3 emissions. We also hosted supplier innovation summits in Brazil and Denmark, with a focus on climate solutions.To strengthen partnerships, we joined Together for Sustainability (TfS), an initiative with more than 58 industry- leading companies committed to building sustainable value chains. TfS offers an academy for supplier capability building on sustainability, which we use as a resource in our climate engagement program.In 2025, we invested in data capabilities and implemented a global digital module for spend and emissions to strengthen accounting and transparency. To further integrate climate con-siderations into everyday decisions, we increased transpar-ency on our emission sources through digital tools. For exam-ple, our product development team now sees how raw material choices affect our climate targets, and our purchasing organi-zation can view GHG emissions per material and vendor for ‘Purchased goods and services’.In August, we presented our GROW strategyand reconfirmed our 2030 scope 3 target to reduce GHG emissions by 35%. This is ambitious, given our expected growth trajectory. We continue to identify the reduction levers needed across the value chain, including in hard-to-abate sectors such as agriculture.Climate adaptationIn 2025, we conducted a water risk assessment of our produc-tion sites to further understand our resilience to climate change and the potential impact of water-related climate haz-ards: water stress, drought, heavy precipitation, and flooding. We assessed current and future risk exposure based on cli-mate scenarios that include business-as-usual and more pessi-mistic pathways for 2030 and 2050 (SSP2-4.5/6.0, SSP3-7.0, SSP3-6.0/8.5, and SSP5-8.5). Our findings reaffirm our dependency on freshwater and inform our mitigation actions and targets, as outlined inWater. Looking ahead, we will finalize site-specific decarbonization plans, focusing on reducing natural gas and fossil-based steam use through efficiency, reuse, and alternative sourcing. We will expand our climate resilience and scenario analysis to ensure resiliency of operations. We will continue advancing decarboni-zation efforts and update our climate transition plan annually to reflect new insights, technologies, and business opportunities. 100% renewable electricity by sourceProject-specific contract with suppliers57%Unbundled Energy Attribute Certificates43%Total energy consumptionRenewable energy67%Fossil energy33%Energy consumption and mixUnit20252024Total fossil energy consumption MWh509,715582,148Fuel consumption from fossil sourcesMWh337,783339,133Coal and coal products MWh--Crude oil and petroleum products MWh7,7215,852Natural gas MWh328,464332,205Other fossil fuelsMWh1,5981,076Consumption of purchased or acquired energy from fossil sourcesMWh171,932243,015ElectricityMWh-29,837HeatMWh5,8346,332Steam MWh166,035206,660Instrument air*MWh63186Total renewable energy consumptionMWh1,035,272980,667Fuel consumption from renewable sources (including biomass)MWh4,8388,458Consumption of purchased or acquired energy from renewable sources MWh1,029,895971,875ElectricityMWh868,272820,246HeatMWh58,82653,169Steam MWh102,15898,078Instrument air* MWh639382Self-generated energy from renewable sources (non-fuel)MWh539334Electricity (solar)MWh539334Energy consumption from nuclear sources (only electricity)MWh-14,309Total energy consumption1,544,9871,577,124Energy intensityMWh/mEUR372400*	Instrument air is compressed air used to move mechanical parts in production, and its energy source is electricity.Accounting policiesEnergy consumption and mix metricsinclude both internally generated and exter-nally purchased or acquired energy from fossil, renewable and nuclear sources. Fossil energycomprises fuel consumption from coal and coal products, crude oil and petroleum products, natural gas, and other fossil fuels such as propane and liquefied petroleum gas (LPG). It also includes pur-chased or acquired electricity, heat, steam and instrument air generated from fossil sources. Renewable energyincludes biomass and other renewable fuels, as well as purchased or acquired renewable electricity, heat, steam and instrument air. Self-generated non-fuel renewable energy, such as electric-ity from solar installations, is also included. Energy classification as renewable or non-re-newable is based on the type of contractual instruments, such as Power Purchase Agreements (PPAs), Energy Attribute Certificates (EACs), and Guarantees of Origin (GOs). The renewable energy share is calcu-lated using a market-based approach, as the ratio of total renewable energy consumption, including PPAs and EACs, to the total energy consumption. Nuclear energy covers purchased or acquired electricity derived from nuclear sources. Energy consumptionis based on invoices, with meter readings as a fallback. Fuel con-sumption reported in mass or volume is converted to energy (MWh) using a hierar-chy of conversion factors that prioritizes supplier-specific data and otherwise applies lower heating value (LHV)-based factors from recognized sources such as the U.K. Government’s Department for Energy Security and Net Zero (U.K. DESNZ). Purchased electricity, heat, steam and instru-ment air are categorized by source based on contractual instruments or, where unavaila-ble, country-level generation statistics from the International Energy Agency (IEA).Energy intensityis calculated as the total energy consumption divided by the reve-nue figure stated in million EUR. Read more about our financial performance here. Novonesis is categorized as a company operating in the high climate impact sector, under Regulation (EC) No 1893/2006 of the European Parliament and of the Council, as 100% of our energy consumption is related to these activities. Greenhouse gas emissions (GHG)Unit202520242018 baselineΔ2025/2024Δ2025/20182025 target2030 target2050 target Scope 1 GHG emissionsTotal scope 1tCO2e106,89693,54988,93614%20%Covered by the regulated emission trading schemes (ETS)%787(13)0Scope 2 GHG emissionsLocation-basedtCO2e334,747351,812440,774(5%)(24%)Market-basedtCO2e52,38988,605400,179(41%)(87%)Total scope 1 and 2 GHG emissionsLocation-basedtCO2e441,643445,361529,710(1%)(17%)Market-basedtCO2e159,285182,154489,115(13%)(67%)(65%)(75%)(100%)Significant scope 3 GHG emissions Total scope 3tCO2e1,188,3831,196,2041,303,237(1%)(9%)(35%)(100%)1. Purchased goods and servicestCO2e1,001,973986,1951,002,2932%0%3. Fuel- and energy-related activities (not included in scope 1 or scope 2)tCO2e39,37243,730108,171(10%)(64%)4. Upstream transportation and distributiontCO2e113,862134,915155,795(16%)(27%)5. Waste generated in operationstCO2e13,72710,54717,56730%(22%)6. Business traveltCO2e19,44920,81719,411(7%)0%Total scope 1, 2 and 3 GHG emissionsLocation-basedtCO2e1,630,0261,641,5651,832,947(1%)(11%)Market-basedtCO2e1,347,6681,378,3581,792,352(2%)(25%)GHG intensityLocation-basedtCO2e/mEUR392416N/A(6%)N/AMarket-basedtCO2e/mEUR324349N/A(7%)N/ABiogenic CO2emissions Scope 1tCO2170,696171,250178,4180%(4%)Scope 2, location-basedtCO291,55185,70841,9557%118%Scope 2, market-basedtCO254,09981,10221,807(33%)148%Scope 3tCO2149,648N/AN/AN/AN/A*	Emissions for scope 3 categories 1, 3 and 4 for 2024 were recalculated based on improved calculation basis. Percentages show the decrease between previously reported and recalculated values. For 2024: scope 3.1 was 1,139,146 tCO2e | (13%); scope 3.3 was 92,135 tCO2e | (53%); and scope 3.4 was 143,299 tCO2e | (6%). These recalculations resulted in updates of ‘Total scope 3’, ‘Total scope 1, 2 and 3 GHG emissions’ and ‘GHG intensity’ for 2024. Read more in Reporting on sustainability.Accounting policiesGreenhouse gas emissions (GHG) All GHG emissions are reported in accordance with the Greenhouse Gas Protocol. GHG emissions are calculated by multiplying consumption or activity data by the relevant emis-sion factors. When data is unavailable, extrapolations are applied, such as company cars in scope 1 and 2, and undefined spend in scope 3 and scope 3 biogenic CO2, categories 1 and 4.Scope 1 emissions include direct GHG emissions from fuel combustion, company vehicles, refrigerant losses, and pro-cess-related emissions. Vehicle emissions are based on fuel and distance data, while refrigerant emissions reflect recorded use and leakages. Process-related emissions arise from waste-water treatment and include CH4and N2O, in line with the United Nations Framework Convention on Climate Change (UNFCCC) and IPCC guidelines. Emission factors are sourced from the U.K. DESNZ, the U.S. Environmental Protection Agency (U.S. EPA), the European Commission, and the Danish Energy Agency (DEA). The percentage of scope 1GHG emissions from installations covered by regulated emission trading schemes (ETS)is cal-culated as the emissions from ETS-regulated sources divided by scope 1 emissions. Scope 1 biogenic CO2emissions cover fermentation and waste-water treatment. Fermentation emissions are calculated from aerobic fermentation volumes, estimated based on sales data, with internally developed emission factors. Wastewater-related emissions follow the UNFCCC methodology, using wastewater volumes and chemical oxygen demand (COD) content. Scope 2emissions include GHG emissions from purchased and acquired energy. Location-based emissions follow the national grid mix, while market-based emissions reflect renewa-ble or low-carbon electricity secured via contractual instru-ments (e.g., Power Purchasing Agreements) and the residual mix for non-renewable electricity. Emission factors are sourced from the U.K. DESNZ, the International Energy Agency (IEA), the Association of Issuing Bodies (AIB), the U.S. EPA eGRID, the DEA, and our energy providers. Scope 2 biogenic CO2emissions cover the combustion of bio-fuels used by energy providers, with emission factors sourced from ecoinvent and the IEA.Scope 3 emissions include GHG emissions across the value chain and focus on the five material categories for our total scope 3 footprint, in alignment with the Science Based Targets initiative (SBTi).Category 1: Purchased goods and services includes all upstream, cradle-to-gate emissions from direct and indirect spend. Direct spend includes agricultural materials, chemicals and packaging, while indirect spend covers goods and services supporting the business, such as facility management, IT and consulting. A hierarchy for selecting the most accurate emis-sion factor is applied: supplier-specific, quantity-based (ecoin-vent cut-off, Agri-footprint, and other literature sources), and spend-based (EXIOBASE). Category 3: Fuel- and energy-related activities covers upstream emissions from the production of fuels and energy consumed by Novonesis, including grid loss. Emission factors are sourced from the U.K. DESNZ and the IEA. Category 4: Upstream transportation and distributionincludes GHG emissions from all intercompany and customer deliveries paid by Novonesis. Emissions are calculated using the distance-based method and are validated and adjusted with route- and material-specific uplifts. Well-to-wheel emis-sion factors are sourced from the U.K. DESNZ. To accelerate the decarbonization of our maritime-related emissions, we pur-chased sustainable maritime fuels (SMF) for specific sea lanes in 2025, via certified book-and-claim instruments. Category 5: Waste generated in operationsis calculated based on waste data reflecting both the treatment and waste type, using emission factors sourced from the U.K. DESNZ and ecoinvent. Category 6: Business travelis calculated by the travel agen-cies used by Novonesis and is based on distance traveled and U.K. DESNZ emission factors. Scope 3 biogenic CO2emissions include CO2from the com-bustion or biodegradation of biomass in our value chain. Emissions stem from raw materials (category 1), bio-energy used in operations (category 3), SMF in upstream transporta-tion (category 4), and waste and wastewater treatment (cate-gory 5). Business travel (category 6) includes no biogenic CO2, as we do not procure Sustainable Aviation Fuels (SAF) for air travel. Emission factors are sourced primarily from ecoinvent, Exiobase, IEA and DEA, supplemented with supplier data when available.The percentage of scope 3 GHG calculated using primary data represents the share of total scope 3 emissions based on supplier-specific data. In 2025, this share was 1%, with primary data applied to selected materials in category 1 and selected sea lanes in category 4. The GHG intensityis calculated as all GHG emissions across scope 1, 2 and 3, excluding biogenic CO2emissions, divided by the revenue figures, stated in EUR million. Read more about our financial performance here. PollutionE2Our People. Planet. Positive.ambition has four strategic agendas, one of which is to ‘Protect nature and biodiversity’, a commitment closely linked to how we manage and reduce pollution in our operations and our value chain. HandprintOur biosolutions support pollution prevention by reducing reliance on fossil fuels and hazardous chemicals, thereby helping our customers to pro-tect the environment. FootprintWe have high standards for environmental man-agement across our operations, including pollu-tion prevention measures to prevent harmful emissions and discharges.Impacts, risks and opportunities Reducing pollution for our customers through their use of biosolutionsOpportunityOur biosolutions positively impact the operations and end products of our customers across more than 30 industries. We see a business opportunity to deliver effective pollu-tion-reducing biosolutions for our customers. Enzyme technology classification in the EUOpportunityEnzymes are biodegradable catalysts that accelerate specific reactions and processes. They enable our customers to pro-duce more effectively by using less energy and fewer raw materials, and by reducing waste. Enzymes are considered respiratory sensitizers, and these are classified as ‘substances of concern’ in the EU Chemical Strategy for Sustainability. This creates a potential risk of increasing regulation, which may impact our business. Concurrently, Novonesis is actively advo-cating for regulations that accelerate the market for biosolu-tions to reap the societal benefits of this technology in a safe manner proven by our strong empirical safety record. Read more in Business conduct. Increasing environmental regulation could impact both expenses and production capabilitiesRiskIncreased environmental regulation can affect our operational expenses, particularly related to water treatment and waste Positive impactRiskE2.1E2.3E2.2management. Therefore, we continuously invest in improving our waste disposal and wastewater treatment facilities, such as reus-ing internally treated wastewater through reverse osmosis for cooling in production.Potential spills at production sitesNegative impactAny release of untreated wastewater from production could negatively impact bodies of water and soil around our sites. Therefore, we take the necessary preventative steps and ensure that our wastewater is treated in accordance with regu-latory requirements, at a minimum. Using agricultural raw materials may contribute to soil and water pollutionNegative impactThe use of fertilizers and pesticides in the agricultural value chain can result in nutrient and pesticide pollution of soil and water. This is a consideration we actively address through our innovative biosolutions for agriculture. We rely on agricultural raw materials to produce our biosolutions and acknowledge that our procurement of agricultural raw materials can poten-tially contribute to soil and water pollution in our upstream value chain.Our approachOur handprint Our biosolutions make processes more efficient and reduce energy and chemical inputs, helping to lower environmental impacts for our customers and end consumers across E2.5E2.4industries. For example, in agriculture, they limit the need for chemical pesticides; in raw material processing, they reduce energy consumption and waste; and in household care, they enable up to 30% less surfactant use in standard laundry detergents, while maintaining cleaning performance. In some applications and industries, our biosolutions are rec-ognized as ‘Best Available Technology’ under the EU Industrial Emissions Directive. Yet today’s regulation is often based on old technologies, and that can create unnecessary barriers to accelerating the biosolutions market.While enzymes, which are central to our biosolutions portfolio, are biodegradable and safe for consumers, they are classified as ‘substances of concern’ under the EU Chemical Strategy for Sustainability, due to potential respiratory sensitization risks for manufacturing workers who, in rare cases, may be exposed to very high enzyme concentrations. We continuously work to improve the safety standards for workers handling enzymes across our operations and value chain, as described in Workers in our downstream value chainand Health and safety. Our footprint The potential impact of our operations on pollution is mainly derived from wastewater discharge and the generation of nutrient-rich biomass residue, which is returned to the environ-ment as compost and fertilizer. Learn more in Waste. We strictly adhere to all requirements for the release of waste-water and biomass into the environment. We have the relevant environmental permits in place for all our production sites. Our environmental management system is fundamental in our work to manage the potential impacts across water and soil pollu-tion. If an environmental incident occurs, we manage the situa-tion promptly, report it to authorities as required, and take ade-quate action to prevent potential incidents in the future. For more details, please see Sustainability governance and due diligence. We require our business partners and suppliers to operate responsibly and in compliance with all legal requirements. Our biosolutions are produced with natural resources, and we source agricultural raw materials, which can contribute to the use and intensification of land and other environmental impacts through cultivation and agricultural practices. To miti-gate these impacts, our suppliers are required to adhere to our Business Partner Code of Conduct, which includes require-ments related to air, noise, water, land and odor pollution.Learn more: Water Stewardship Positionand Sustainability Policy.2025 key actionsOur handprint Our commitment to sustainability includes continuous evalua-tion and the substitution of regulated substances in our prod-ucts. Due to our continuous efforts, close to 0% of our total revenue comes from products containing substances classi-fied as substances of very high concern (SVHCs)*. We have reduced it to two remaining substances: one in a discontinued product being phased out, and another that is currently under-going active exploration for substitution options.Enzymes are key ingredients in laundry detergents, enabling effective stain removal while keeping garments fresh, smooth and soft. Each year, we estimate that in Europe our enzymes help save 170,000 tonnes of detergent chemicals – equivalent to 400 grams per person, both in the wash and in the drain. This means fewer chemicals entering water systems and a smaller environmental footprint.Our footprint In 2025, we made significant progress in tracking and monitor-ing the global use of substances of concern. Our reporting scope expanded beyond Denmark to include Canada, China, the U.S., and several smaller sites globally. Therefore, the share of recorded and reviewed raw materials increased from 34% to 97%. As a result, we now rely on site data rather than extrap-olations, leading to a more accurate and representative over-view than in 2024.We continuously monitor the use of substances of concern and seek opportunities to phase them out, not only in the final product but also those used throughout the production pro-cesses. SVHCs remain immaterial to our operations due to their limited use, yet we are committed to eliminating them wherever possible. In 2025, we successfully substituted more than 90% of these substances used in our production facilities in Denmark. This year, SVHCs accounted for less than 0.2% of all substances of concern in Denmark.*	Substances of very high concern (SVHCs), which meet the criteria laid down in Article 57 of Regulation (EC) No 1907/2006 (REACH) and were identified in accordance with Article 59(1) of that Regulation. Emissions to soilUnit20252024Nitrogentonnes3,3822,267Phosphorustonnes1,0021,062Emissions to waterUnit20252024*Nitrogentonnes77Phosphorustonnes40Substances of concern procured, used in operations, and final productsProcuredUsed during productionLeft facilities as emissionsLeft facilities as part of productsHazard statement codeUnit20252024202520242025202420252024H317tonnes977781126297618-233484H334tonnes14129712629711-4-H340tonnes71---62-9-H350tonnes89---75-14-H351tonnes41---41---H360tonnes16---11-5-H361tonnes-1---1--H370tonnes1,060-1-1,059---H371tonnes1,932---1,932---H372tonnes2,51711-2,51214-H373tonnes595483--387483208-H410tonnes2821604-23316045-H411tonnes2,2346,4242,1216,3957813528H412tonnes7,8387,0145,4553,6182,3753,383813H413tonnes1-1-----Totaltonnes17,79415,1617,83510,6079,3944,029565525Accounting policiesEmissions to soil and water Calculated from pollutant measurements in wastewater (water) and agricultural biomass (soil). For water, only wastewater discharged directly to recipients or used for irrigation is included; wastewater sent to municipal or third-party treatment is excluded. Extrapolations have been made for some sites to estimate full-year data. Air pollutants are not material.Substances of concernSubstances of concern (SoCs) are reported according to their hazard statement code. Corresponding hazard class and category code(s) can be found in Regulation (EC) No 1272/2008 of the European Parliament and of the Council. The quantities of SoCs are assessed based on data from raw materials used at our primary production sites. We apply a conservative approach by accounting for the entire volume of any substance that contains the SoCs, even if it includes components such as water. If a sub-stance containing SoCs falls under multiple hazard state-ment codes, its weight is counted in each applicable cat-egory. Therefore, the total includes intentional multiple counting and may exceed the actual physical tonnage of substances used. SoCs in products are calculated based on amounts used in production. All substances that do not end up in the final products or are not transformed through chemical or biological processes are assumed to leave our facili-ties as emissions. We neither generate SoCs or sell them as standalone products. Enzymes that are procured, generated, used in production, or leave our facilities are excluded from reporting.WaterE3Our People. Planet. Positive.ambition has four strategic agendas, including’Protect nature and bio-diversity’, which is linked to how we manage water.HandprintOur biosolutions help prevent water pollution by reducing the need for chemicals and enabling our customers to reduce their water consumption. FootprintFreshwater availability is essential for our ability to produce and procure agricultural raw materials, making water stewardship a strategic priority.Impacts, risks and opportunitiesReducing water consumption and pollution through biosolutions for our customersOpportunityMany of our biosolutions help prevent water consumption and pollution by reducing the reliance on chemicals at our custom-ers’ sites or in end products for consumers, preventing their release into water and thereby reducing pollution and protect-ing ecosystems and human health. Water scarcity may impact our production and our customers’ manufacturingRiskWith climate change, the water resources near some of our sites may become scarce. We may face limitations on with-drawing sufficient water with the right quality for production, or may be required to invest in new water technologies, like desalination. We have targets to reduce dependence on fresh-water withdrawal and restore water in areas where water, sani-tation and hygiene are a challenge.In addition, water stress could also affect our customers, trig-gering them to reevaluate their production, and therefore impact our sales roadmap. However, our solutions enable our customers to reduce water consumption, as described in IRO E3.1 above.Positive impactE3.1E3.2Water for our production processes may alter local conditionsNegative impactWe depend on the availability of freshwater to produce. We use it in core production processes, including fermentation, cooling and cleaning, as well as using it as a solvent and as a component in some of our final products. Our usage may affect local water resources and aquatic ecosystems. Additionally, the transportation and treatment of water and wastewater can increase our energy consumption and green-house gas emissions. We have targets to improve freshwater withdrawal and restore water in areas where water, sanitation and hygiene are a challenge. Water consumption in agricultureNegative impactOur use of agricultural raw materials contributes to water con-sumption in the upstream value chain, both in the field and during the processing of these materials. Water usage may affect local water resources. To address these challenges, we engage with suppliers and collaborate with customers in agri-culture to spur innovation. Certain biosolutions are designed to help make crops more resilient to climate change, increase crop yields, and reduce the use of fertilizers and pesticides. E3.4E3.3 Our approachWe are committed to contributing to global water security through our biosolutions, and through actions in our operations and nearby communities. Our handprint We deliver many biosolutions that help replace harmful chemi-cals in product formulations and production processes, pre-venting their release into water and thereby reducing pollution. By improving process efficiency, they also lower water con-sumption during both production and use. For example, some of our biosolutions reduce pollution by limiting the need for chemical pesticides and fertilizers in agriculture. During the innovation phase, all new biosolutions are assessed for alignment with the UN Sustainable Development Goals (SDGs), including‘Clean water and sanitation’ (SDG 6).Our footprint In our operations, we have targets to improve freshwater with-drawal by saving or recycling 8% more water by 2025, 15% more by 2030, and 20% more by 2035, compared with a 2021 baseline. Through these targets, we aim to reduce our dependence on freshwater withdrawal through projects that minimize water use, such as upgrading equipment to save water, and by ensuring that water is recycled within our opera-tions at least once before discharge.In addition, we drive collective action with local communities and organizations to address potential challenges in and around the water bodies we source from. In areas near our operations where water, sanitation and hygiene (WASH) are significantly challenged, we aim to restore 10 billion liters of water by 2025 and 30 billion liters of water by 2030, from a 2021 baseline. Our water targets were shaped by a comprehensive site-level risk assessment carried out in partnership with the World Wide Fund for Nature (WWF) in 2021, which guides our long-term strategy to manage water in balance with local condi-tions. These targets are contextual, prioritizing water availabil-ity and WASH challenges in the most relevant sites. Learn more: Water Stewardship Position, and Sustainability Policy.2025 key actionsOur handprint In 2025, around one-third of our sales were aligned with the UN Sustainable DevelopmentGoal ‘Clean water and sanitation’ (SDG 6).In addition, we conducted a life cycle assessment of one of our enzymatic biosolutions that maintains the whiteness of clothes when used in laundry detergents, replacing the synthetic fos-sil-based chemistry of optical brighteners. The biosolution works by smoothening textile fibers, thereby reducing dirt accumulation and fabric graying. The study concluded that the enzyme significantly lowers the chemical load in wastewater and improves detergent biodegradability, resulting in an impact on life below water that is 200 times lower than con-ventional alternatives. Additionally, it showed that the use of our enzymes leads to five times less greenhouse gas emis-sions compared to its conventional alternative.Sustainability library:Read more Our footprint We achievedboth our freshwater withdrawal and water resto-ration milestone targets for 2025. We improved freshwater withdrawal by saving or recycling 856,391 m3of water – an increase of 8.4% since 2021, thereby achieving our 8% target. This improvement was driven by water efficiency initiatives that led to 185,070 m3of water saved in 2025. Furthermore, two new nanofiltration and reverse osmosis projects were launched in the U.S. and China, contributing to an additional 230,612 m3of recycled water.We have restored 20,050,000 m3 of water (equivalent to 20.05 billion liters) since 2021, reaching our second 2025 target to restore 10 billion liters of water. Since 2020, we have engaged in the Novonesis Water Opulence (NOWO) Project near our Patalganga site in India, which aims to enhance water availabil-ity and to mitigate WASH challenges within the local basin, benefiting thousands of people. In 2025, we did maintenance of infrastructure such as gabion bunds and recharge trenches, and the total amount of water restored in the year was 5.49 bil-lion liters.We take collective action on water. For example, in Denmark, we are a member of the Kalundborg Symbiosis, and with our partners we focus on resource exchange and environmental impact reduction. This collaboration helped drive regulatory changes allowing seawater use for drinking water production in industrial contexts, which previously was restricted to ships and remote islands. To further enhance regional water resil-ience, our group recently opened the first of four new water treatment plants, improving water-use efficiency and reducing pressure on freshwater sources. In 2025, we updated our water risk assessment across all pro-duction sites and large facilities, using the WWF’s Water Risk Filter and the World Resources Institute (WRI) Aqueduct Water Risk Atlas. Our assessment focused on water stress-related issues, including availability, quality and accessibility, as well as physical risks such as droughts and flooding, and reputational risks. We projected future risks for 2030 and 2050 under both business-as-usual and pessimistic climate scenarios. We also expanded the scope to include site-level operational risks, enabling a deeper understanding of local contexts. As a result, we confirmed that our key water stewardship efforts remain focused on those sites with the greatest risk exposures based on water withdrawal volumes, both current and previously identified. Each of these sites has a robust action plan to mitigate water risks at its respective location.When assessing risks related to water availability alone, as required under the CSRD, the WRI Aqueduct Water Risk Atlas now classifies two of our major sites in China, previously con-sidered high risk, as medium risk for 2025. As a result of this reclassification, the reported volume of water withdrawal and consumption in water-stressed areas has decreased substan-tially. For 2025, each of the six sites identified as operating in water-stressed areas accounted for less than 1% of our total annual water withdrawal.To identify a pathway towards our 2030 and 2035 water recy-cling goals, we are working with key sites to build a catalog of projects focused on water reuse, recycling and savings. This catalog will continue to grow as we shape our roadmap toward these targets. We are also working on installing additional water meters at priority sites to gain granular insights into con-sumption and to identify reduction opportunities. Water withdrawal, discharge and consumption Unit20252024Water withdrawal m310,272,16810,469,560Municipal drinking water m39,295,2449,505,457Municipal industrial water m3373,077459,172Surface waterm3--Groundwater m3249,99999,938Process water m3353,848404,994Water discharge m38,433,9868,539,937Internal treatment to external treatment m33,932,0113,886,914Internal treatment to surface water/irrigation m31,231,4021,400,249To external treatment m33,177,9353,189,539To surface water m392,63863,236Water consumption m31,838,1821,929,623Water consumption in areas at water risk, including areas of high water stressm3|%14,890 |1562,422|29Water withdrawal in areas at water risk, including areas of high water stress m3|%103,721 |12,350,914 |22Water recycled and reused m3671,321229,419*Water savedm3185,070101,308*Water intensity m3/mEUR442 489*	In 2024, the reported volume of water recycled and reused (229,419 m3) was disclosed together with water saved (101,308 m3), resulting in a total disclosed volume of 330,727 m3.Accounting policiesImprove freshwater withdrawal target Freshwater refers to naturally occurring, non-saline water. To count toward our target, projects must either recycle, reuse or save water. The projects must be implemented post-2021. Progress is measured as the percentage of annual water recy-cled and saved from all qualifying projects during the fiscal year, compared to the base year water withdrawal. Our base year (2021) water withdrawal was equal to 10,202,080 m3.Water recycled and reusedWater and wastewater (treated or untreated) that has been used more than once before being discharged from the Novonesis boundary, reducing freshwater demand. Water reused within the same process is classified as recycled, while water used in a different process is classified as reused.Water savedWater saved through projects that improved water efficiency, thereby reducing the need for freshwater withdrawal.Water, Sanitation and Hygiene (WASH) target Water restoration aims to improve water availability and address local water basin risks through activities such as building loose boulder structures and gabion bunds, checking dams, and dig-ging recharge trenches. We assess our progress toward the tar-get with a tool developed by external water experts, which cal-culates the total amount of water restored since our base year in 2021. Areas at water risk, including areas of high water stress A production site is classified as being at water risk if the World Resources Institute Aqueduct Water Risk Atlas indicates a high (40–80%) or extremely high (&gt;80%) risk to baseline water stress. Water withdrawal Volume of water drawn into Novonesis from all sources. Reported figures are based on the metered water intake. Water withdrawal by sourceMunicipal water: Includes both drinking water (potable qual-ity) and industrial water (non-potable but suitable for specific industrial uses, such as cooling towers). Surface water:Drawn from freshwater sources like lakes and rivers. Groundwater: Extracted from an on-site well. Process water:Water used in externally purchased steam. Steam quantities are converted into equivalent volumes of running water and calculated accordingly. Water dischargeVolume of water discharged by Novonesis. Where direct meas-urements are not available, calculations are made based on water withdrawal data. Water discharge by destination Internal wastewater treatment plant (WWTP) to external WWTP: Wastewater treated to the highest standard at our internal WWTP and then discharged to external treatment plants. Internal WWTP to water bodies/irrigation: Wastewater treated to the highest standard at our internal WWTP and then discharged to surface water or reused for irrigation.To external treatment: Wastewater sent directly for third-party treatment without undergoing internal processing. To surface water: Water from cooling towers that is dis-charged directly into surface water bodies. Water consumption The volume of water that is drawn into the boundaries of Novonesis and not discharged back to the water environment or a third party. Formula: Total water withdrawal minus total water discharge. Water intensity ratio Water consumption divided by revenue, stated in million EUR. Read more about our financial performance here.BiodiversityE4Our People. Planet. Positive.ambition has four strategic agendas, one of which is to’Protect nature and biodiversity’.. HandprintOur biosolutions help reduce pressures on nature – including climate impact, resource use and pollution – benefiting customers, people and planet.FootprintWe depend on thriving ecosystems and the valuable resources they provide. We safeguard biodiversity by upholding robust environmental emissions con-trol and responsible procurement practices.Impacts, risks and opportunitiesReducing the need for conventional pesticides in agriculture, and added nutrients and antibiotics in animal feed OpportunityMany of our biosolutions help reduce the need for nutrient addition, pesticides and antibiotics in the cultivation of crops and animal husbandry. We see opportunities to expand our business in agriculture, to improve the productivity of the food systems, and to enhance planetary health. Potential spills at production sites Negative impactUntreated wastewater and biomass released could potentially impact local biodiversity. We ensure that the biomass gener-ated is reused appropriately and that our wastewater is treated in accordance with regulatory requirements. Sourcing raw materials potentially associated with deforestationNegative impactWe source materials derived from agriculture and mining for our production, which may be linked to deforestation and may impact biodiversity. Therefore, we have set strong require-ments for our suppliers on environmental protection, including deforestation, such as certification for palm-derived products. Positive impactE4.3E4.2E4.1Our approachOur handprint Several of our biosolutions contribute positively to biodiversity through more environmentally-friendly use of land and health-ier aquatic systems. Our biosolutions enable higher yields from fewer resources across fields and factories, reducing pres-sures on nature. Some biosolutions enable household cleaning with fewer chemicals, while improving wastewater quality; oth-ers help farmers build healthier soils, while keeping yields high on existing farmland. For example, our biocontrol biosolutions in crop farming also enable reduced reliance on conventional fertilizers and pesticides, thereby offering farmers a way to grow more with less, while strengthening long-term resilience.Our footprint We are committed to upholding the globally recognized princi-ples of the UN Convention on Biological Diversity and the Global Biodiversity Framework. We ensure that our actions align with the principles of Access and Benefit Sharing (ABS) to prevent biopiracy and promote fair and equitable sharing of benefits, in alignment with the Nagoya Protocol Agreement. We respect local biodiversity by ensuring no negative impact on biodiversity-sensitive areas near our sites. As part of our environmental management system, we have internal proce-dures for wastewater disposal, monitoring and control of pollu-tion levels and biomass distribution. These efforts help address any potential impacts from waste streams or potential environmental incidents. Learn more in Pollution, Waterand Waste. We have a screening process to identify activities and sites that may pose a high risk to biodiversity. All relevant sites are evaluated based on their activities and environmental context, such as proximity to sensitive ecosystems. Given our high environmental standards, we only classify a site’s activity as high risk when it has direct exposure to the local environment. This includes biomass being distributed for local agricultural use, treated wastewater being discharged directly into natural systems, and waste not being integrated into circular manage-ment processes. Activities such as air, sound and light pollution are classified as low risk due to the nature of our operations. Beyond activity-related risks, we assess each site’s geographi-cal setting and its potential to impact nearby biodiversity-sen-sitive areas. First, we focus on sites located within 50 metres of a water source, such as a river or lake. Second, those with legal requirements to protect and preserve an area of land or species inside our fence. And last, our 26 sites within five kilo-meters of at least one protected area (PA) or key biodiversi-ty-sensitive area (BSA). Combining activity and location criteria allows us to identify high-priority sites for conducting local bio-diversity assessments.We closely follow the developments in biodiversity at interna-tional and regional forums. We also regularly assess how to incorporate best practices into our operations. We engage with external stakeholders on innovation and biological resources at forums such as the annual Conference of Parties (COP) of the UN Convention on Biological Diversity. Through our Business Partner Code of Conduct, we require our suppliers not to contribute to deforestation or pollution. Our Responsible Purchasing Positionoutlines actions to inte-grate sustainability across purchasing practices. Risks associ-ated with the sourcing of agricultural raw materials for our operations are important to address, as they may be linked with deforestation, soil pollution and other environmental impacts.We acknowledge the importance of fighting deforestation and biodiversity loss across the value chain. We are a member of the Roundtable on Sustainable Palm Oil (RSPO) and we are working to ensurethat all palm oil-derived products sourced are RSPO-certified. This certification ensures sustainable palm oil production that helps halt deforestation and ensures no harm to endangered species. We will continue to evaluate the need for further certifications across our procurement land-scape to mitigate the risk of contributing to deforestation and biodiversity loss. Furthermore, three of our production sites have RSPO Supply Chain Mass Balance (MB) certification. For more information please see our table of Standards and cer-tificates.Learn more: Sustainability Policy, Climate Action Positionand Water Stewardship Position.2025 key actionsOur handprint Our biosolutions are biodegradable and help reduce key human-driven pressure on biodiversity, including climate change and pollution of natural ecosystems. In 2025, they allowed customers to avoid greenhouse gas emissions equiva-lent to removing 30 million gasoline cars from the roads. Certain biosolutions for laundry detergents enable an impact on life below water that is up to 200 times smaller than chemi-cal-based detergents. Combined, our biosolutions for house-hold care enable an annual saving of 170,000 tonnes of deter-gent chemicals in the EU alone. Read more in Climate Change, Pollutionand Water.Our footprint In 2025, we advanced our preparations for the next phase of our biodiversity program, building on the methodology and risk assessment framework developed in 2024. We recognize that biodiversity impacts are local, and confirming that none of our operations affect nearby biodiversity-sensitive areas (BSAs) would require site-level assessments.In 2025, the vast majority of our sourced palm oil-derived products were RSPO-certified, and we continued working to ensure 100% certification. Moving forward, we will continue to address deforestation across our value chain and in line with evolving regulatory requirements such as the EU Deforestation Regulation (EUDR).Accounting policiesKey biodiversity-sensitive areas (BSAs) near our sites Key biodiversity areas were identified in the 2024 assessment using the Integrated Biodiversity Assessment Tool (IBAT). An area is considered ‘near’ if it lies within a five-kilometer radius of a Novonesis site. This includes BSAs that may be inside the site area. The IBAT methodology is available here: Read more WasteE5Our People. Planet. Positive.ambition has four strategic pillars, including’Protect nature and biodiversity’,which is linked to managing and reducing waste in our operations and value chain. HandprintOur biosolutions help reduce waste – from minimiz-ing production losses in customer operations to extending the shelf life of foods we all consume.  FootprintWe work to ease our pressure on nature by fostering circularity through finding secondary uses for our waste streams, reducing the use of virgin materials in packaging, and enhancing its recyclability.Waste compositionBiomass98%Non-biomass2%Impacts, risks and opportunitiesPromoting circular economy through our biosolutions, packaging and waste management Positive impactBiosolutions allow for the efficient use of resources for our customers, thereby reducing waste during the manufacturing process and during product handling by customers. We rec-ognize plastic as a challenging material for achieving a circular economy, and we are addressing this by developing enzymatic plastic-recycling biosolutions and adopting more efficient packaging solutions.In our own operations, we are working to reach zero waste to landfill or incineration without energy recovery. We are also implementing packaging projects to reduce plastic waste in our operations and across the downstream value chain.E5.1Generating substantial amounts of biomass as a by-product Negative impactWe generate substantial amounts of biomass as a by-product of our production. We distribute our biomass to third-party facili-ties, where it is either used for biogas production or adminis-tered as nutrients on agricultural land. If any biomass is not dis-posed of in accordance with regulatory requirements, either by us or by a third party, there could be a negative impact. Our approachOur handprint Biosolutions are making food production more efficient, reduc-ing waste, and using fewer resources, while also meeting con-sumer needs. In baking, our enzymes modify starch molecules to keep bread soft and moist, ensuring it stays fresh for an extended period. In dairy, our cultures reduce spoilage by pro-viding biological protection against unwanted microorganisms such as mold, helping yogurt stay fresh longer, preserving its taste, and reducing food waste. Our footprint Responsible packaging and waste management are key for us to reduce the environmental impact of our operations. We achieved our 2025 target of maintaining the 100% circular man-agement of our biomass, our largest waste stream. By 2030, our targets include sending zero non-biomass waste from our oper-ations to landfill and implementing three key circular packaging projects. Biomass accounts for the vast majority of our waste, making it the most dominant waste stream in our operations. It origi-nates from the fermentation process, which relies on E5.2agricultural raw materials and microorganisms, reflecting the biological nature of our production. The resulting biomass includes eluate, filter cake, and surplus sludge from internal wastewater treatment facilities. This nutrient-rich material con-tains nitrogen and phosphorus, making it highly suitable for nutrient recycling. We ensure that all biomass waste is reused for other applications, such as biogas production or as com-post or fertilizer in agriculture.Our non-biomass waste is either subject to recycling, reuse, and other recovery or incineration, or it is sent to a landfill, depending on its nature and the local infrastructure. We actively work with relevant partners across our regions to explore opportunities to manage waste locally. Our operations have site-specific zero-waste plans, as well as dedicated resources to ensure the implementation of our zero waste to landfill target. To improve the circularity of our packaging material across its lifecycle, our team of specialists identifies initiatives that reduce packaging and/or virgin plastic use, as well as enhancing recy-clability and reusability. All new materials are assessed against specific criteria before approval for biosolutions packaging. Learn more: Sustainability Policy.2025 key actionsOur handprint We estimated that over 50% of all industrially produced bread, yogurt and cheese worldwide used our biosolutions, which help maintain freshness and reduce food waste. Read more in People. Planet. Positive.Our footprint We met our target to manage 100% of our biomass in a circu-lar manner. It was reused as fertilizer in agriculture (58%) or for biogas production (42%). Biomass represented 98% of our total waste. Our total non-biomass waste generated was 19,231 tonnes, a 9% decrease from last year. We circularly managed 81% of this waste, a slight decline from 83% in 2024. These changes were mainly driven by our continued efforts on waste handling and our focus on strengthening documentation on waste classifi-cation and treatment.99.6%of our total waste (including both biomass and non-biomass) is circularly managedToday, two-thirds of our sites no longer send waste to landfill. At the remaining sites, in 2025, we focused on identifying new opportunities together with external partners to reduce, reuse and recycle waste. We also collaborated to advance energy recovery and reuse options for filter pads and manifested liq-uid waste. The impact of these initiatives is expected to start materializing in 2026–2027.Since 2020, we have worked to improve packaging circularity. This year, we advanced our three key circular packaging pro-jects: optimizing cold-chain packaging to increase reusability and recyclability, while reducing virgin plastic; improving the recyclability of freeze-dried culture packaging; and reducing virgin plastic use in liquid enzyme packaging. These projects contribute to our 2030 circular packaging target.In 2025, we strengthened our packaging team and began working closely with suppliers to comply with the upcoming EU Packaging and Packaging Waste Regulation (PPWR). Waste generatedUnit20252024Total waste tonnes | % 951,159 | 100831,563 |100Recycled waste (circularly managed)tonnes | %6,982| 0.710,399 |1.3Non-recycled waste*tonnes | %944,177 | 99.3821,164 |98.7biomass waste (circularly managed)tonnes |%931,928| 98.7810,458|98.7biomass waste (non-circularly managed)tonnes | %--non-biomass waste (circularly managed)tonnes | %8,508| 0.97,204|0.9non-biomass waste (non-circularly managed )tonnes | %3,741| 0.43,502 |0.4*	According to the CSRD classification.Total waste by type and disposal methodUnit20252024Hazardous wasteTotal hazardous waste diverted from disposaltonnes2,5202,716Due to preparation for reusetonnes1-Due to recyclingtonnes12596Due to other recovery operationstonnes2,3942,620Total hazardous waste directed to disposaltonnes317114Directed to disposal by incinerationtonnes12183Directed to disposal by landfillingtonnes2728Directed to disposal by other disposal operationstonnes1693Total amount of hazardous waste generatedtonnes2,8372,830Non-hazardous wasteTotal non-hazardous waste diverted from disposaltonnes944,898825,345Due to preparation for reusetonnes541,458489,247Due to recyclingtonnes6,85710,303Due to other recovery operationstonnes396,583325,795Total non-hazardous waste directed to disposaltonnes3,4243,388Directed to disposal by incinerationtonnes811Directed to disposal by landfillingtonnes3,4113,141Directed to disposal by other disposal operationstonnes5236Total amount of non-hazardous waste generatedtonnes948,322828,733Accounting policiesTotal wasteOur waste constitutes of biomass and non-biomass waste. Biomass weight is either measured or calculated based on weight produced. All other waste generated from our operations is classified as non-biomass. Hazardous and non-hazardous wasteWaste is classified into hazardous and non-hazardous based on country-specific regulations. All waste treatment types are reported based on the information provided by suppliers’ waste reports. If suppliers are unable to provide the actual treatment details of the collected waste, the waste is reported according to country-specific waste-sorting regulations. Circularly managed waste and non-circu-larly managed waste Circularly managed waste refers to the total quantity of waste directed toward recycling, reuse, or other recovery processes. Non-circularly managed waste refers to the total quantity of waste sent to landfill, incinera-tion without energy recovery, or other dis-posal methods. Non-recycled waste Includes waste not managed circularly, as well as the substantial portion of circularly managed waste sent for reuse or other recovery treatment.Recycled wasteIncludes waste collected and reprocessed into new products, materials or substances, whether for their original purpose or for other uses. It includes the reprocessing of organic material but excludes waste used for energy recovery, fuel production, or backfilling.Achieve zero waste to landfill target The target is measured as the share of non-biomass waste sent to landfill or incin-erated without energy recovery, compared to the total non-biomass waste. The target is achieved when 90% of the non-biomass waste is diverted from these disposal routes. The target includes our hazardous and non-hazardous non-biomass waste.Maintain circular management of biomass targetThe target is measured as the percentage of circularly managed biomass waste relative to total biomass waste. The target is consid-ered achieved when at least 99.5% of bio-mass waste is kept within circular manage-ment routes and is diverted from disposal. Summary of the EU TaxonomyAs of 2025, we have applied the updated EU Taxonomy disclo-sure requirements. The reported information has been pre-pared in accordance with the latest legislation and uses the revised reporting tables. For more details on the EU Taxonomy, see the Appendix.Financial year2025Breakdown by environmental objectives of Taxonomy-aligned activitiesKPI (1)Total (2)Proportion of Taxonomy-eligible activities (3)Taxonomy-aligned activities (4)Proportion of Taxonomy-aligned activities (5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water(8)Circular Economy(9)Pollution (10)Biodiversity (11)Proportion of enabling activities(12)Proportion of transitional activities(13)Not assessed activities considered non-material (14)Taxonomy-aligned activities in previous financial year(15)Proportion of Taxonomy-aligned activities in previous financial year(16)EUR m%EUR m%%%%%%%%%%EUR m%Net sales4,157.6 0.0%- ----------- - CAPEX1,309.0 0.7%------------ -OPEX449.8 0.0%- ----------- - SocialOur people fuel our distinct capabilities and are key to our continued success. We create inclusive, safe workplaces where diverse talent can thrive and contribute to our shared purpose. Across our organization and value chain, we uphold fair labor practices and a firm commitment to human rights.2025 highlights 2 billion1.4people reached daily through our biosolutions for foodLost Time Injury Frequency (LTIF), improvement from 1.5 in 202436%women in senior management, on a par with 2024Our workforceS1Our People. Planet. Positive.ambition includes a strong focus on ‘Enabling healthier living’, a com-mitment that also ensures that the people behind our biosolutions are treated with dignity, fairness and respect. Footprint Our employment practices affect our workforce across regions and functions. We are committed to building a workplace that is inclusive and equi-table in practice, and globally attractive to talent.Impacts, risks and opportunitiesCreating an attractive workplace for our employees Positive impactAs an innovation company, diversity and inclusion are vital to our success. We aim to create a workplace that attracts and retains global talent through fair remuneration, an engaging culture, and growth opportunities – empowering employees to realize their potential and succeed together.Our approachOur culture is shaped by four interconnected commitments – Explore, Impact, Ownership and Care – which we create together every day through our mindset and behaviors. These commitments guide how we work inside and beyond Novonesis, creating a shared framework for building a workplace where we respect human rights, ensure fair working conditions, and foster an inclusive culture in which everyone feels valued, respected, and able to thrive.Human and labor rights We are committed to respecting human and labor rights, as defined in the UN Guiding Principles on Business and Human Rights, the International Bill of Human Rights, the International Labour Organization Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. These principles are embedded in our govern-ance and operational framework and are part of our People Policy. We publish an annual Modern Slavery Statement in accord-ance with the UK Modern Slavery Act, the Canadian Supply S1.1Chain Act and the California Transparency in Supply Chains Act. These disclosures reflect our commitment to transpar-ency and accountability. We conduct human rights due diligence and impact assess-ments across all countries where we operate. This annual pro-cess is risk-based and designed to identify, prevent and address potential human rights risks in our operations. We focus on identifying and mitigating risks such as unsafe work-ing conditions, excessive working hours, discrimination, low wages, and forced labor. Our key production sites complete annual self-assessment questionnaires on the Supplier Ethical Data Exchange (Sedex) platform, while selected sites also undergo third-party Sedex Members Ethical Trade Audits (SMETA). These assessments help us to better understand and prevent potential negative effects among our workforce. We have not identified any cases of adverse impacts such as child labor, forced labor, or human trafficking since we began conducting annual Human Rights Impact Assessments of our operations. Nevertheless, we remain vigilant. If we identify that we have caused or contributed to such impacts, we will take responsibility by supporting or providing appropriate remedia-tion through relevant judicial and non-judicial mechanisms. We are committed to ensuring that affected individuals, workers and communities receive fair and effective redress. Our externally hosted grievance mechanism consists of a secure and confidential Whistleblower Hotline that is accessi-ble across our operations and value chain. All concerns raised are investigated in accordance with clear policies and proce-dures, ensuring professional management, follow-up and miti-gation. Reports are logged, monitored and analyzed to identify trends and areas of concern. Summaries are presented to the Audit Committee quarterly to ensure oversight. We promote the Whistleblower Hotline through business integrity training, the employee code of conduct, and awareness campaigns. We will continue to explore options to assess employee awareness and trust in the mechanism.Whistleblower Hotline:We recognize and respect our employees’ rights to fair com-pensation, freedom of association, and collective bargaining. We uphold the rights of all employees to join – or to not join – labor unions or workers’ councils. These rights are protected in accordance with national legislation, and we ensure that no one faces discrimination, intimidation, retaliation or violence for exercising them. We are committed to ensuring that every employee receives a living wage. Each year, we assess the compensation of our employees to confirm that wages meet or exceed locally defined living wage standards. Inclusive culture Diversity, Equity and Inclusion (DE&amp;I) are embedded in our cul-ture commitments and strategy. We foster a community built on care, respect and trust, where everyone’s unique perspec-tives and contributions are valued. We believe in the talent of our people and are committed to ensuring equal opportunities and preventing discrimination across our global organization. This commitment spans all dimensions of identity, including age, sex, gender identity, race, national and social origin, ethnicity, disability, education, sexual orientation, and political or religious beliefs. As part of our commitment to equitable leadership, we have a target to achieve a minimum of 40% of the underrepresented gender in senior management by 2030. We know that Read more focusing solely on gender is not enough: to grow a strong sense of belonging, we prioritize inclusion as a fundamental element in our employee engagement. Our regional approach allows us to tailor initiatives to local demographics, addressing diversity dimensions beyond gender. Several of our regions have Employee Resource Groups that take ownership of driv-ing the DE&amp;I agenda locally. To create a fair and inclusive workplace, we focus on identify-ing barriers faced by employees who may be at greater risk of marginalization due to individual identity characteristics. We use structured reviews, proactive monitoring, and targeted actions to uncover and eliminate unconscious bias and to cor-rect disparities. We support talent growth through annual performance reviews, training, mentorship, and educational support for both personal and professional development. We also listen to feedback from our employees, such as through our quarterly employee engagement survey. The results and qualitative insights are shared with the Executive Leadership Team and other leaders, who then share and dis-cuss the results with their teams and take meaningful action. To ensure this process is upheld, the Head of People and Organization provides support.Creating an inclusive culture is a shared responsibility, champi-oned by our leaders. They play a key role in promoting diver-sity in recruitment, retention, fair compensation, and employee engagement. We are committed to transparency in our DE&amp;I efforts by annually reporting diversity data and sharing our ini-tiatives with the Board of Directors. These efforts align with the international standards we adhere to, as described in our DE&amp;I Policy.Learn more: Sustainability Policy, People Policy, DE&amp;I Policy, Modern Slavery Statement, Employee Code of Conduct.2025 key actions	Human and labor rights In 2025, as part of our Human Rights Impact Assessment, we assessed our policies pertaining to human rights and the Whistleblower Hotline, as well as conducting SMETA audits and social site self-assessments. Based on our review, we did not find any severe human rights violations in our own work-force. Looking ahead, we will remain vigilant in respecting human rights for all employees and expand our focus to our value chain.This year, we broadened our assessment of employees cov-ered by collective bargaining and social dialogue. The expanded scope now includes the European countries that account for the largest share of our workforce, bringing our coverage to 79% of employees in Europe. We continuously work to strengthen the employment conditions we offer. For example, in Denmark, our benefits such as maternity leave and vacation days exceed the requirements set out in the collec-tive agreements.In 2025, our assessment confirmed that every employee across our organization is paid a living wage. Our employee turnover this year was 11.7%, of which 7.9% was voluntary, on a par with 2024. In 2025, employees reported 26 cases which concerned potential discrimination, including harassment – down from 29 cases in 2024. Additionally, through our Whistleblower Hotline, we received 18 complaints and concerns relating to other human resources matters, employee health and safety, and data privacy – an increase from eight in 2024. This rise reflects greater awareness of the Whistleblower Hotline, as well as a broader scope of cases now included in our reporting. Where concerns were substantiated, appropriate actions were taken matching the severity of the wrongdoings, including coaching, corrective dialogues, disciplinary measures, improvements to relevant policy processes, oral or written warnings, and dismissals.Inclusive culture As of 2025, the gender split across senior management posi-tions was 36% women and 64% men. We continue progress-ing towards our long-term ambition of gender parity of 45% and our milestone target of 40% of the underrepresented gen-der by 2030.This year, we achieved an employee engagement rate of over 8.6 (compared to 8.2 in 2024), placing us in the top 10% of companies using the same measurement framework. The scores on our culture commitments survey remained consist-ently high, with an average score of 8.3, and we will continue to reinforce them through our leaders.We launched a global leadership training program to build leaders’ self-awareness of their leadership strengths and development areas, while equipping them to support team well-being, engagement, performance, and talent growth. Grounded in our culture commitments, the training prepares leaders to operate effectively in a volatile, uncertain, complex and ambiguous world. At year end, half of our leaders (53%) had started the six-month-longprogram.artificial intelligence (AI) is reshaping how we work. To support the adoption of AI, we are training more than 600 ambassa-dors on AI tools, policy and integrity. The ambassador network is one element of a broader approach to embedding the tech-nology across the organization. It supports teams in adopting technology at different paces and allows capabilities to scale, as business needs evolve.In 2025, our employee resource groups were active. For exam-ple, Womenesis and Novonesis Equity &amp; Inclusion Alliance, in the Middle East, India and Africa region, worked on various ini-tiatives such as workshops, networking opportunities, cultural celebration weeks, and a mentoring program. The focus was to create caring safe spaces, and to spot historical and structural gaps to unleash our collective strength. This year we enhanced our efforts to create a more inclusive physical environment for employees, especially those with hid-den challenges. At some sites, we are now providing access to sanitary pad boxes in restrooms, quiet zones in busy canteens, well-being rooms for reflection, prayer or lactation, and gen-der-inclusive changing facilities, where locally relevant. These initiatives reflect our commitment to fostering care and respect through actions that make a difference in the every-day working life. This work will continue in 2026.Employees giving back to our local communitiesOur employees live our cultural commit-ments through local community initia-tives. In a village near the Patalganga site (India), we supported the Women’s Water Committee to strengthen wom-en’s participation in community water management. In addition, 45 farmers were trained in sustainable agriculture practices that enhance productivity, soil health, and food security.In another village, we enabled a Preventive Health Check-up Camp for women, covering 81 households. A local partner provided health screenings, consultations, and awareness sessions on cancer, thyroid, nutrition, and family well-being, emphasizing preventive care.Our employees worldwide engaged with students from high school to university, sharing insights into the captivating aspects of biosolutions, and inspiring future talent through career talks. In the U.S., three sites welcomed hundreds of students, educators and community leaders to explore our production and R&amp;D labs. In Denmark, 8th graders took part in hands-on workshops exploring biosolutions in cheesemaking and plant-based food. In Japan, we visited college food departments to showcase how bio-solutions are creating more efficient, sustainable ways to feed our world.Incidents, complaints and severe human rights impacts Unit20252024Reported incidents of discrimination, including harassment No.2629Reported complaints, excluding discriminationNo.188Complaints reported to the National Contact Points for OECD Multinational EnterprisesNo.--Severe human rights issues and incidentsNo.--Fines, penalties and compensation for incidents, complaints and severe human rights issues and incidents EUR--Employees covered by collective bargaining and social dialogueCountry*UnitCollective bargainingSocial dialogueEuropean Economic Area (EEA)2025202420252024Denmark%41387266Germany%59N/A100N/A France%100N/A100N/A*	Germany and France are voluntarily included in the reporting, as they are among the countries with the largest employment in the EEA, together with Denmark.Number of employees by contract type and genderMaleFemaleOtherNot disclosedTotal2025202420252024202520242025202420252024Permanent employees6,3905,942 4,4984,075 23 4310 10,93310,030 Temporary employees187220 166220 -- 251 378441 Non-guaranteed-hours employees14743 17968-- 4- 330111Total number of employees6,7246,205 4,8434,363 237211 11,64110,582 Number of employees per countryCountry*20252024Denmark5,1044,645U.S.1,9851,881China1,1021,056India961825Brazil549411*	Table includes data only from countries where Novonesis employees account for at least 5% of our total workforce.Employee age distribution AgeUnit20252024Under 30 years old%151330–50 years old %5960Over 50 years old %2627Employee turnoverUnit20252024Rate of voluntary employee turnover%7.98Rate of employee turnover %11.712.4Total number of employees who have left Novonesis No.1,3141,301Gender distribution at senior management* GenderUnit20252024Male No. | %222 |64198 |64Female No. | %123 |36112 |36Other No. | %1 |-- |-*	Director level and above.Gender pay gap and remuneration ratio Unit20252024Gender pay gap %(2)(2) Annual total remuneration ratio Ratio5966 Accounting policiesReported incidents of discrimination, including harassment, encompass all cases submitted through the Whistleblower Hotline or via People &amp; Organization (P&amp;O) managers. Reported complaints include all cases submitted through the Whistleblower Hotline that relate to human resources, employee health and safety, and data privacy matters. These complaints exclude discrimination and harassment cases, which are reported separately. They also exclude cases reported through other internal channels or functions that are designated to address specific topics.All reported incidents and complaints received are registered and processed. Cases are included in the reported numbers regardless of whether they have been substantiated or not.Severe human rights issues and incidentsinclude substanti-ated cases where the facts are not disputed by Novonesis. Fines, penalties and compensationresulting from reported incidents and complaints, as well as severe human rights issues and incidents, are recognized as expenses in EUR in the finan-cial year in which they are incurred, provided the amounts can be reliably estimated.Collective bargaining and social dialogueThe values show the share of employees covered by collective bargaining and the share represented by a worker representa-tive, each as a percentage of total employees in the country.Living wageLiving wage, or adequate wage, is defined by benchmarking our wages both to ensure compliance with statutory minimum wages, and to guarantee that our employees and their families can meet basic needs, taking economic and social conditions into account. Our benchmarking is aligned with International Labour Organization (ILO) principles for estimating living wages and applies a double decency threshold – which means no min-imum wage should be set below 60% of a country’s median wage and 50% of the gross average wage. All active employ-ees, except students and those in learning schemes, are included in the analysis. Number of employees by contract type, gender and country Workforce data includes all active employees on our payroll at the end of the reporting period, excluding external and contin-gent workers. Employees are classified as permanent, tempo-rary, or non-guaranteed hours, based on contract type. Gender is reported as disclosed by employees, including male, female, other (self-identified), and not disclosed. Employee numbers are calculated as the monthly average across all contract types and reported at the end of the reporting period. Employees are reported based on headcount. Employee numbers are also dis-closed in the Financial statements.Employee age distribution Employee age distribution is based on contractual headcount at the end of the reporting period. Employee turnover The rate of employee turnover is calculated as the number of permanent employees that left Novonesis during the preceding year, compared to the average number of perma-nent employees. Employees transferred as part of divestments are excluded from the calculation. Gender distribution at senior management Our definition of senior management includes all employees at the director level and above, including vice presidents, senior vice presidents, and executive vice presidents. The gender distribution within senior management is based on headcount at the end of the reporting period, and gender is reported as self-disclosed by employees.We also set gender representation targets for other manage-ment levels, as described in Corporate governanceand in the Financial statements.Gender pay gapThe gender pay gap is calculated as the difference in annual average pay between female and male employees, expressed as a percentage of the male average, in accordance with the CSRD. A negative value indicates that, on average, female employees earn more than male employees. The calculation includes all employees and is based on annual base salary and other fixed and variable remuneration components.Annual total remuneration ratio The annual total remuneration ratio compares the total remu-neration of the highest-paid individual with the average total remuneration of all employees. Total employee remuneration includes base salary, pension, bonus, long-term incentives, allowances, and major benefits. All amounts are converted to EUR using standard exchange rates. Part-time employees are adjusted to 100% Full-Time Equivalent (FTE) for comparability.Health and safety S1Our People. Planet. Positive.ambition includes a strong focus on ‘Enabling healthier living’, both through our biosolutions and at the workplace.HandprintOur biosolutions enable healthier lives by meet-ing the nutritional needs of a growing population, while also driving economic growth, creating jobs, and helping build resilient and prosperous societies. Footprint Our corporate culture affects both mental and physical well-being. We cultivate a safe and car-ing environment, helping employees thrive at work and beyond.Impacts, risks and opportunitiesHealth and safety of our employeesNegative impactWe drive and promote a safety-first culture throughout our organization. Health and safety incidents can lead to negative impacts for those affected. Accordingly, we have a global safety target. For certain employees with potential direct exposure to enzymes, we also operate a comprehensive enzyme safety pro-gram designed to ensure a low risk of sensitization or respira-tory allergies.Our approachOur handprint Our biosolutions improve every step from farm to table – mak-ing agriculture, animal production, and food systems more sus-tainable and resilient. Beyond the field, they are helping people live more healthily, with scientifically researched and clinically tested biosolutions for a stronger body and mind.Our footprint We promote a strong safety culture across Novonesis and comply with all applicable occupational health and safety laws and regulations. To minimize work-related injuries, we have set a target to maintain our Lost Time Injury Frequency (LTIF) with absence at less than or equal to 1.5, in both 2025 and 2026. Our Occupational Health and Safety Policyis implemented by our Corporate Safety and Environment function. To ensure compliance and a safe work environment, we have strict pro-cedures and a robust health and safety management system that integrates reporting, equipment, standards, tools and RiskS1.2training into daily operations. Our Environmental, Health and Safety performance is assessed through compliance with our Global Minimum Requirements, which define the baseline standards for all production sites on personal safety, specific processes, equipment and infrastructure. Each site undergoes at least one assessment each year to verify adherence to these standards. We also conduct health and safety risk assessments for our processes, reviewing them whenever there are changes to the process or the equipment.  We foster a preventive safety mindset by prioritizing aware-ness, anticipation and early action. Relevant health and safety training across our global operations ensures that employees are informed, confident, and prepared to respond effectively to potential risks and emergencies. To strengthen emergency preparedness, all our sites have tailored response procedures aligned with local risks and regulations. These include clear protocols for evacuation, fire safety, and incident response. Our global incident-handling system enables us to track our performance and monitor trends to drive continuous improve-ment. By analyzing data of incidents – including lost time inju-ries, injuries without absence, near misses, and observations – we develop targeted, data-driven safety initiatives that help prevent future incidents and reinforce our safety culture. Through our Safety &amp; Environment Collaboration for Unified Risk Elimination (SECURE) initiative, we raise awareness about identified issues, their root causes, and the corrective and pre-ventive actions across our global sites and offices. Certain employees working in production or laboratory envi-ronments may be directly exposed to enzymes, which places them at a low risk of developing sensitization or respiratory allergies. We maintain a strong focus on safe enzyme-handling processes. Our comprehensive enzyme safety program pro-vides clear guidelines and goes beyond legal compliance bysetting continuous improvement goals and implementing pro-active measures. It includes training on the safe handling of enzymes, regular inspections, annual self-evaluations, air moni-toring, and medical surveillance of enzyme sensitization or allergy cases. To further minimize exposure, the program also outlines best practices for the design of production plants and laboratories.We offer voluntary medical screenings for production and labo-ratory employees to identify and eliminate enzyme exposures and reduce the risk of allergy development. The data collected further supports our efforts to assess and continuously improve workplace safety.When relevant, new employees are informed about the poten-tial sensitization and allergy risks during the hiring process. In the rare cases where allergies occur, we provide the neces-sary remediation measures, such as vocational rehabilitation and assistance in finding alternative positions within the com-pany.Learn more: Occupational Health and Safety Policy.2025 key actions Our handprint In 2025, our food biosolutions for bread, cheese and fresh dairy were part of the daily diets of an estimated 2 billion peo-ple worldwide.Furthermore, our probiotic strains LGG® and BB-12® were present in an estimated 35 billion dietary supplements, reach-ing approximately 100 million individuals daily. They were also included in around 450 million daily servings of yogurt and other fermented fresh dairy products worldwide, supporting digestive balance across populations. These strains are among the most clinically documented probiotics, with evidence of benefits for gut health and reduced flu-like symptoms across age groups. Recent research indicates that premature infants receiving LGG® and BB-12® regained birth weight faster and achieved a higher average weight by day 30.Our footprintThis year, our Lost Time Injury Frequency (LTIF) with absence was1.4, meaning we met our 2025 target of maintaining LTIF at or below 1.5. In 2025, we advanced the integration of enzyme safety pro-grams and databases. By harmonizing processes and migrat-ing data, we laid the groundwork for a stronger, unified safety framework in 2026. Within our enzyme safety program, we launched a tracking tool to monitor air quality in our production plants, or in areas where airborne exposure may occur. This tool enhances trans-parency, democratizes data access, and supports our ambition to proactively manage health risks and foster a healthier work-ing environment. We also updated our health and safety training programs to reflect changes in our reporting systems and to ensure con-sistent definitions and terminology across the organization, bringing clarity to how we manage and report safety matters.Looking ahead, we remain committed to a strong safety cul-ture, embedding safe behaviors across our organization and proactively preventing injuries.Health and safetyUnit20252024Employees covered by Novonesis’ health and safety management system%100100Lost Time Injuries (LTI)No.2628Lost Time Injury Frequency (LTIF) with absence per million working hoursRate1.41.5FatalitiesNo.--Accounting policiesHealth and safety management system100% of our workforce is covered by our health and safety management system, based on headcount. This includes con-tract workers present at our sites. Lost Time Injuries (LTI) LTI refers to injuries that occur while an employee is perform-ing work-related activities at our sites, preventing the employee from resuming work on their next scheduled work-ing day. An injury is classified as an LTI only if, after investiga-tion, the confirmed root cause falls within Novonesis’ respon-sibility and control as an employer. This includes injuries sustained by substitutes and/or temporary workers operating under Novonesis’ management.In 2024, we reported the number and rate of recordable work-related accidents. The metrics included LTIs and high-severity injuries without absence. This year, the metrics in the report have been changed and now include only LTIs and the Lost Time Injury Frequency (LTIF), in alignment with current market practice, peer-comparability objectives, and our target.Lost Time Injury Frequency (LTIF) LTIF is calculated as the sum of LTIs divided by the cumulated monthly work hours in the reporting year. Work hours are determined by multiplying the number of FTEs by 147.25 (as defined by the OECD). The result is multiplied by one million to express the frequency of LTIs per million working hours.Fatalities Fatalities are recorded in our health and safety reporting sys-tem as part of work-related injuries and illnesses that result in death within our own workforce and among other workers on our sites. Workers in our upstream value chain S2Our People. Planet. Positive.ambition includes a strong focus on ‘Enabling healthier living’, a com-mitment that also ensures that the people in our value chain are treated with dignity, fairness and respect.Footprint We are committed to upholding high ethical standards while doing business in a global envi-ronment, minimizing negative impact, and driving positive change that goes beyond compliance. Impacts, risks and opportunitiesSuppliers potentially not adhering to human rights principlesNegative impactAs part of our responsible sourcing program, we set strict requirements for suppliers to uphold and protect workers’ human rights. The program is risk-based, ensuring enhanced oversight of high-risk suppliers – including those providing materials from agriculture and mining in high-risk countries, where labor rights violations are inherently more likely.Our approachWe uphold high ethical standards in our global business prac-tices and are committed to sourcing responsibly across our value chain. Our procurement approach integrates environ-mental, social and governance considerations by engaging suppliers to minimize impact, while also considering quality and commercial aspects. By sourcing a wide variety of goods and services globally, we aim to build a more sustainable and resilient supply chain – working closely with suppliers and embedding sustainability into every step of our procurement processes. We are committed to upholding the principles of the UN Global Compact and respecting internationally recognized human and labor rights throughout our supply chain. S2.1Our Business Partner Code of Conductrequires our suppliers to respect human and labor rights within their workforce, to implement responsible sourcing practices, and to maintain ethical business conduct. Our suppliers should also offer secure and confidential grievance redressal mechanisms for workers across their operations and value chain, ensuring con-cerns can be raised without fear of retaliation.Oversight of our approach to workers in the value chain lies with our Global Procurement organization and is implemented through our Responsible Sourcing Program, founded on the OECD Guidelines for Multinational Enterprises. The program focuses on evaluating suppliers’ sustainability performance through a risk-based due diligence approach and identifying areas for improvement. It is built on four pillars: 1. Business Partner Code of Conduct 2. Risk screening 3. Desktop assessments (via questionnaires) and onsite audits 4. Ongoing monitoring This framework, combined with supplier dialogues, helps us identify, assess and monitor sustainability risks, including potential human rights violations, as well as driving improve-ment across our supply chain.While we strive to maintain effective risk management, we acknowledge that violations may still occur within our supply chain. Suppliers are encouraged to report issues when they arise. We provide a publicly available Whistleblower Hotline that enables suppliers and their workforce to raise concerns through a secure and anonymous channel.Whistleblower Hotline:Read more If an incident occurs that violates relevant laws, regulations or international conventions, we engage directly with the supplier and conduct an assessment and/or audit to ensure compli-ance and to effectively mitigate risk. Corrective actions are defined in line with our expectations for the supplier and our Business Partner Code of Conduct, and they are developed collaboratively to improve sustainability performance. If a sup-plier is unwilling to make necessary improvements, we reserve the right to terminate the collaboration.Learn more: Sustainability Policy, Responsible Purchasing Position, Business Partner Code of Conduct, Modern Slavery Statement.2025 key actions In 2025, we updated our supplier sustainability risk analysis. We screened suppliers by location, industry and spend, cate-gorizing them as low, medium or high risk. Selected medium- and high-risk suppliers are required to complete a detailed self-assessment, and high-risk suppliers may be subject to onsite audits. This year, no new cases of human rights incidents were reported. We continue to work on deepening our understand-ing of the risks associated with the key materials and geogra-phies in our supply chain.To further accelerate our sustainable procurement journey, we joined Together for Sustainability (TfS), providing access to shared EcoVadis supplier assessments and audits that improve efficiency and reduce duplication. We also leverage TfS sup-plier capability building resources, accelerating impact by using established tools rather than creating new ones. We are preparing for compliance with the EU legislations, including the EU Deforestation Regulation and the Corporate Sustainability Due Diligence Directive, recognizing their impact on our supply chain operations and due diligence responsibilities. In 2025, we had 100% attendance at our annual training for the procurement team on human rights and modern slavery risks in the supply chain. This training focused on strengthening our ability to identify potential issues, report concerns, collaborate with suppliers on remediation, and recognize common sustain-ability themes. We also trained employees to use systems and tools to identify and respond to supply chain sustainability risks. This year, we introduced the TfS Academy – an e-learn-ing platform – to further build knowledge on human rights, labor rights, and responsible procurement.  We recognize the risk of human and labor rights violations across our value chain, including in the agricultural and mining sectors where many of our raw materials originate. As a mem-ber of the Roundtable on Sustainable Palm Oil (RSPO), we have strengthened our efforts to ensure that all palm oil-derived products we procure are RSPO-certified, supporting better conditions for plantation workers and their families.Workers in our downstream value chain S2Our People. Planet. Positive.ambition has four strategic agendas, one of which is to‘Enable healthier living’, a commitment that includes our downstream value chain. Footprint The handling of some of our biosolutions may pose health and safety risks to our customers and their employees, which we address through responsible product design, clear guidance, and safety measures.Impacts, risks and opportunitiesHealth and safety of workers handling our products Negative impactWe are committed to fostering a safety-first culture across our value chain. While there is a low risk of workers at our cus-tomer sites experiencing sensitization and respiratory allergies due to exposure to high concentrations of enzyme dust from granulated enzymes, in such cases this would likely be caused by a lack of knowledge about enzyme safety or non-adher-ence to standard practice. We have implemented extensive product stewardship practices to reduce sensitization cases, including continuous support, guidance and training to pro-mote the safe and effective use of our products.Our approachTo ensure product safety, we systematically assess and address potential risks across both existing and pipeline prod-ucts. Dedicated Safety Assessment Committees (SAC) for enzymes and microorganisms evaluate risks associated with customer inquiries on new materials or novel applications. These protocols are standardized and implemented across our company. All safety assessments and related guidelines are recorded in our internal safety catalog, ensuring consistency and transparency for all downstream users of our products. Drawing on our deep expertise, our trained employees also support customers directly through consultations, site visits, and confidential discussions to assess product suitability and safe use beyond intended applications. S2.2We believe in shared responsibility and close customer collab-oration to ensure the safe handling of enzymes and microor-ganisms. Customer inquiries or concerns can be raised directly to our customer support function and are managed by our Corporate Quality function through a robust process. This includes thorough investigations and clear communication of outcomes and recommendations. When necessary, we take corrective measures – with the strictest action being discon-tinuation of sales. We also are proactively involved in mitigating and remedying potential negative impacts on worker health and safety. Customer complaints or incidents related to safety are very rare, reflecting the strength of our precautionary approach. Many customers, familiar with enzyme safety, often proactively consult us when exploring new applications for our products.To ensure the safe use of enzymes and microbes across dif-ferent industries, we work closely with our customers, collabo-rate with industry peers, and actively participate in relevant trade associations. For example, through our engagement with the Association of Manufacturers and Formulators of Enzyme Products (AMFEP), we help strengthen the industry’s collec-tive voice and secure safety commitments from its members.Our commitment to product stewardship remains unwavering, and we are dedicated to ensuring that all our stakeholders understand the importance of adhering to our product safety standards.Learn more: Quality and Product Safety Policy.2025 key actions In 2025, we continued our collaboration with trade associa-tions. For example, we contributed to the development and publication of a new edition of the ‘Guidance for the Risk Assessment of Enzyme-Containing Consumer Products’, issued by the American Cleaning Institute (ACI) and the European cleaning &amp; maintenance products industry associa-tion (A.I.S.E.). The guideline provides a comprehensive frame-work for conducting risk assessments, with a specific focus on the respiratory assessment of consumer products containing enzymes, prior to their market introduction. Together with AMFEP and the Federation of European Manufacturers and Suppliers of Ingredients to the Bakery, Confectionery and Patisseries Industries (Fedima), we hosted two webinars for enzyme manufacturers and downstream users. The sessions emphasized the importance of controlling and reducing dustiness in enzyme-containing products to safeguard worker health and safety. As a leading player in feed enzymes, we are also developing tailored enzyme safety guidelines for the feed industry. This initiative is being carried out in collaboration with our partners and the relevant trade associations, including the European Feed Manufacturers’ Federation (FEFAC) and the EU Association of Specialty Feed Ingredients and their Mixtures (FEFANA). Throughout the year, our enzymes and microbial products were used without any customers reporting impacts on worker safety.GovernanceWe are a company with high ethical standards and deep integrity. Through responsible business conduct and active advocacy for biosolutions, we create long-term value for stakeholders while advancing biosolutions for people and the planet.2025 highlights 94%participation in business integrity training, in line with 95% in 2024Business conductG1Our People. Planet. Positive.ambition is built on our belief that doing business the right way is the only way. HandprintWe embrace our sustainability leadership and advocate for unlocking biology to build resilient and prosperous societies by creating millions of jobs and driving sustainable economic growth across industries and regions.Footprint Our global operations require high standards of ethical and transparent conduct, which we uphold to manage business-integrity risks and meet stakeholder expectations.Impacts, risks and opportunitiesEnabling our future success through a thriving corporate culturePositive impactOur people power our success. Their talent, combined with a culture of inclusion, innovation, and strong sustainability com-mitments, is a cornerstone of our strategy. Across factories, labs and offices, diverse perspectives drive customer success and spark ideas that lead to breakthrough innovations.Advocating for biosolutions as a lever for economic growth, including green jobs and in support of the green transitionPositive impactOur advocacy and other forms of stakeholder engagement with authorities, policymakers and business organizations pro-mote the value of biosolutions, showing how they can drive job growth, competitiveness and economic resilience for coun-tries across the globe – and enable healthier lives and a health-ier planet.Unethical practices by our business partners	RiskWe are committed to conducting business responsibly, with ethical practices across our supply chain. We do not tolerate corrupt or unethical business behavior from our business part-ners, as such violations pose a risk of financial penalties, regu-latory sanctions, and reputational damage. We mitigate this supply chain risk through maintaining clear policies and posi-tions, internal standards, procedures, due diligence programs, G1.2G1.1G1.3and contractual measures to ensure that we work with trust-worthy and compliant partners.Our approachOur handprintWe embrace our sustainability leadership and actively advo-cate for further unlocking biology to create a prosperous future for people and the planet. We support the development of regulations and policies that drive innovation, economic resilience, job creation, and climate change mitigation, ena-bling healthier lives and a healthier planet. We work directly and indirectly with interest groups, govern-ments, policymakers, NGOs and other stakeholders on topics of relevance to our business and to the field of biosolutions, which are key to delivering on the UN Sustainable Development Goals and can help create jobs and support growth globally. We focus on the following topics: biosolutions, bioeconomy, bioenergy, and transformation of food systems and agriculture. Our Executive Leadership Team oversees our advocacy efforts. In the relevant public debate, we are active through different channels and forums, including our memberships in industry associations, alliances and chambers of commerce; our responses to public policy consultations; face-to-face meet-ings with public authorities; and participation in public events. We collaborate with various organizations such as the Alliance for Biosolutions in Denmark, Crop-Life Brasil, the American Alliance for Biomanufacturing, and the European Biosolutions Coalition. Our aim is to raise awareness about biosolutions and their potential, and to drive optimal framework conditions for the sector. Guided by our Business Integrity Policy, we uphold strong ethi-cal standards in all external engagements. We do not provide any direct or indirect political contributions to any parties or political candidates. We are members of industry organizations where we collaborate with peers and advocate for our positions.Novonesis is registered in the EU transparency register with the registration number 780717547356-52. Our footprintCorporate culture Our corporate culture is brought to life through four culture commitments: Explore, Impact, Ownership and Care. They guide how we think, behave and collaborate across the organi-zation. The commitments are the essence and core of who we are, and they translate our purpose into behavior that delivers the impact and potential of our biosolutions for healthier peo-ple and a healthier planet. Embedded in leadership, perfor-mance and training, they ensure our culture is not just aspira-tional but operational, enabling a thriving, value-driven workplace that supports long-term success. Taking Ownership of our actions ensures that we can move further faster. Whatever our role, we combine accountability and determination to reach shared goals and keep delivering. We never lose sight of being a company with high ethical standards and deep integrity.Business ethicsWe have a holistic approach to preventing and detecting cor-ruption and bribery by embedding ethical business practices into our daily activities. We have a structure of internal policies, procedures, training programs and controls that promote a clear understanding of our business integrity standards and their practical application in decision-making. Our approach to anti-corruption and anti-bribery is guided by our Business Integrity Policyand our new Employee Code of Conduct. These are communicated internally to all employees through our intranet and relevant training, and are publicly available to external stakeholders on our website. Our Business Partner Code of Conductis shared with our part-ners and is formally integrated into our contracts. It is important to us that our employees feel safe and empow-ered to speak up. Through our cultural commitments, we encourage open and honest feedback and dialogue. We also provide a secure Whistleblower Hotline, where every report is handled with seriousness and care, ensuring confidentiality and protection from retaliation. We have a governance framework to guide how we investigate potential fraud and other illegal behavior. A dedicated group leads these efforts, consisting of senior leaders from our People &amp; Organization, Finance and Legal functions. Investigations are conducted by employees with special expertise and capabilities within the area. To ensure impartiality, anyone directly involved in an allegation is excluded from these investigations. If the case involves a management chain, those managers are not allowed to influ-ence the process or its outcomes. We also follow strict proce-dures for notifying relevant management and reporting to the Audit Committee. Whistleblower Hotline:Learn more: People Policy, Business Integrity Policy, Anti-Corruption Position,Modern Slavery Statement, Business Partner Code of Conduct, Employee Code of Conduct.Read more 2025 key actions Our handprintIn 2025, we continued advocating for biosolutions at global, regional and national levels. We participated in major global forums, including the World Economic Forum Annual Meeting, the UN General Assembly, and COP30, where members of our Executive Leadership Team joined multiple panels and engaged with public and private sector representatives. With Denmark holding the EU Presidency in late 2025, we built a strong partnership with the Danish government. We engaged the EU Commission and Member States in discussions on accelerating the EU transition to boost growth and competi-tiveness while advancing the Green Deal. We also hosted EU delegations at our sites, giving Commissioners and Ministers a first-hand view of how biosolutions are transforming the way we live and consume.We also commissioned the ‘Value of Biosolutions: Growth and Prosperity to 2035’ reports from Amsterdam Data Collective. They map the economic footprint and job-creation potential of biosolutions globally, in the EU, and in individual countries, and project their value through 2035. The first reports were pub-lished this year, covering global, the EU, seven European mar-kets, and Brazil. More country reports will follow in 2026.In 2025, we released The Biosolutions Bulletin Book – a curated collection of articles from the previous year, designed to deepen understanding on the value of biosolutions and inspire the transition towards a more sustainable future pow-ered by biology. To reach an even broader audience, we also released a podcast edition. Read more Read more Our footprintCorporate cultureIn 2025, we launched a global Employee Code of Conduct to communicate unified expectations around integrity, transpar-ency and responsible decision-making across all functions and geographies. The Code supports our culture commitments – Explore, Impact, Ownership and Care – and reinforces that ethical behavior underpins how we innovate, deliver impact, take responsibility, and care for one another. Culture commitments are also embedded in our leadership training program, launched in 2025. This program is our largest investment and the primary lever for driving our culture, as described in Our workforce.Business ethics This year, our annual business integrity e-learning focused on key topics like conflicts of interest, gifts and hospitality – build-ing on our foundation of anti-bribery and anti-corruption poli-cies and standards. We ensure that 100% of relevant roles are covered by the business integrity training. In 2025,94%of Novonesis employees in scope completed the training and confirmed their understanding of the business integrity princi-ples by submitting a compliance statement. During the year, we received and investigated 43 whistle-blower reports. Approximately half of the reports concerned potential human resources matters, with the remaining reports being related to business integrity and environment, health and safety issues. If substantiated, relevant actions were taken to address misconduct, to mitigate consequences, and to strengthen processes and controls.Finally, we recorded no convictions or fines for violation of anti-corruption and anti-bribery laws. Accounting policiesWhistleblower casesinclude all reports submitted through the Whistleblower Hotline, whether substanti-ated or not. Categories of Whistleblower cases include business integrity (e.g., bribery, corruption, theft, fraud, anti-competitive practices, data privacy), human resources matters (e.g., complaints related to leadership style, collegial behavior, compensation, alleged discrimi-nation, harassment), and other types of concerns. For the full list of categories, see our Whistleblower Policy.Whistleblower Policy:Convictions and incidents of corruption or bribery The tracking of convictions and fines for corruption and bribery is mapped through our internal litigation/case reporting system. Employees who completed the business integrity training Business integrity training is mandatory for employees in roles with higher exposure to corruption risks, such as those involved in regular interactions with third parties or those managing company funds. This includes adminis-trative, professional and managerial/executive staff. We track coverage as the percentage of relevant functions trained, and measure completion rate by how many employees completed the training within the reporting period.Read more AppendixPolicies and positionsWe take a clear stance on the issues that matter to us. Our policies are central to how we conduct business, and they define our commitments and guiding principles. All our policies, positions and codes of conduct are available on our website and periodically reviewed. Below, we provide an overview of those documents covering our material sustaina-bility topics, along with the most senior person responsible for their implementation. Read more All policies are approved by our Board of Directors and com-municated internally to relevant employees through multiple channels, such as our intranet, annual e-learnings, employment contract appendices, and other training and communication materials. Our positions outline our Executive Leadership Team’s com-mitments on the material sustainability topics that are not already covered by our policies.Find our Whistleblower Hotline on our website:Read more Policies, Positions and Codes of ConductMost senior person responsible for implementation Sustainability PolicyEVP of People &amp; Stakeholder RelationsPeople PolicyEVP of People &amp; Stakeholder RelationsDiversity, Equity and Inclusion PolicyEVP of People &amp; Stakeholder RelationsOccupational Health and Safety PolicyCOOQuality and Product Safety PolicyCOOBusiness Integrity PolicyExecutive Leadership TeamWhistleblower PolicyExecutive Leadership TeamClimate Action PositionCOO, CSO and EVP of People &amp; Stakeholder RelationsWater Stewardship PositionCOO and EVP of People &amp; Stakeholder RelationsResponsible Purchasing PositionCOO and EVP of People &amp; Stakeholder RelationsAnti-Corruption PositionChief Legal Compliance OfficerBusiness Partner Code of Conduct COOEmployee Code of ConductEVP of People &amp; Stakeholder RelationsModern Slavery StatementCEOStandards and certificatesWe work to maintain our customers’ trust by providing high-performing, safe products and competitive services. To achieve this, we maintain and continuously develop documented management systems that ensure compli-ance and drive ongoing improvements in quality and safety across our sites. All manufacturing sites have at least one management system certification, which is audited by a third party. The table summarizes the certifi-cations per production site.SiteCountryQualityFood and feed safetyESGISO 9001FSSC 22000FAMI-QSISO 14001ISO 50001SMETA audit*RSPOPilar ArgentinaAraucáriaBrazilValinhosBrazilQuatro BarrasBrazilSaskatoonCanadaOttawaCanadaTianjinChinaTaicangChinaShenyangChinaHustopeceCzech RepublicBagsvaerdDenmarkKalundborgDenmarkAvedoereDenmarkFuglebakkenDenmarkRoskildeDenmarkGraastenDenmarkArpajonFranceNienburgGermanyPohlheimGermanyRheinbreitbachGermanyPatalgangaIndiaWadaIndiaVadodaraIndiaFranklintonU.S.West AllisU.S.BlairU.S.WausauU.S.SalemU.S.MadisonU.S.New BerlinU.S.MilwaukeeU.S.East WindsorU.S.Total certified: 47%72%31%91%16%28%9%*	SMETA is not a certification. We consider SMETA audits valid for 3 years. Disclaimer: This list covers manufacturing sites and not legal entities, as some legal entities have more than one production site.EU TaxonomyThe Taxonomy Regulation 2020/852/EU is a classification system that encompasses a standard set of definitions for sustainable activities. The aim of the Regulation is to help the EU guide sus-tainable investments by requiring companies to report on the parts of net sales*, capital expenditures (CAPEX) and operational expenditures (OPEX) that are associated with environmentally sus-tainable economic activities.The defined activities are centered around six environmental objectives: climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; and protection and restoration of biodiversity and ecosystems.For 2025, all six objectives are in scope for reporting eligibility, which means that companies must assess whether they have eco-nomic activities that are included in the different annexes of the Delegated Acts, and report the eligible proportion of net sales, CAPEX and OPEX. Furthermore, eligible activities within all six objectives must be assessed for alignment with the Regulation. Alignment is determined by assessing compliance with the techni-cal screening criteria, the ‘Do No Significant Harm’ requirements, and the minimum social safeguards.Despite the positive environmental impact of our biosolutions and our focus on minimizing our environmental footprint, our core activities do not fall within the current scope of reportable activi-ties as defined in the EU Taxonomy. However, we have screened our non-core activities against the six objectives to identify the proportion of any eligible and potentially aligned activities.We screened the activities listed in the technical annexes under the Delegated Regulations 2021/2139 and 2024/3215, including amendments to Delegated Regulations 2021/2139, as set forth in the Delegated Regulations 2024/3215. This screening included interviews with relevant project managers to identify any ongoing activities for which Novonesis might be eligible to report. Once eli-gible activities were identified, a deep dive was performed to assess whether the activities could be considered aligned accord-ing to the EU Taxonomy standards.Our internal procedures are set up to ensure that no activity is double counted, which means that none of the identified activities contribute to multiple environmental objectives. Therefore, disag-gregation of KPIs is not required.Taxonomy eligibilityBased on our eligibility screening, Novonesis’ eligible activities are as follows:•	CCM/CCA 5.4 – Renewal of wastewater collection and treat-ment: Recycling treated wastewater for use in production. Eligible for CAPEX.•	CCM/CCA 5.9 – Material recovery from non-hazardous waste: Production of biomass. Eligible for CAPEX. •	CCM/CCA 7.7 – Acquisition and ownership of buildings. Eligible for CAPEX.•	CCM 9.1 – Close to market research, development and innova-tion: Carbon capture projects. Eligible for OPEX.Net salesWe identified no relevant eligible net sales. Net sales are defined as net sales included in the consolidated financial statements for the year 2025. Please see Note 2.2 on Net sales.Capital expenditures (CAPEX)We identified eligible CAPEX of EUR 9.0 million, corresponding to 0.7% of total CAPEX. CAPEX is defined as additions to tangible and intangible assets for the relevant financial year, measured before depreciation, amortization and any remeasurements, including those resulting from revaluations and impairments, and excluding fair value changes.The denominator also includes addi-tions to tangible and intangible assets resulting from business combinations. Goodwill and leasing are not considered. Please see Note 3.1 on Goodwill and other intangible assets, and Note 3.2 on Property, plant and equipment. Operational expenditures (OPEX)We identified eligible OPEX of EUR 0.1 million, corresponding to 0.0% of total OPEX.OPEX is defined as direct non-capitalized expenses relating to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures for the day-to-day servicing of property, plant and equipment assets by the undertaking or by a third party to whom activities are outsourced. These expenses are necessary to ensure the continued and effective functioning of such assets.*	The EU Taxonomy Regulation applies the term ‘turnover’. To reflect the terminology used in our financial reporting, we use the term ‘net sales’.2025Net salesCAPEXOPEXTaxonomy-aligned activities---Taxonomy-eligible, but not Taxonomy-aligned activities-0.7%0.0%Total Taxonomy-eligible activities-0.7%0.0%Taxonomy-non-eligible activities100.0%99.3%100.0%Net salesFinancial year2025Environmental objective of Taxonomy-aligned activitiesEconomic Activities(1)Code (2)Taxonomy-eligible KPI (Proportion of Taxonomy-eligible Net sales) (3)Taxonomy-aligned KPI (Monetary value of Net sales) (4)Taxonomy-aligned KPI (Proportion of Taxonomy-aligned Net sales)(5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water (8)Circular Economy(9)Pollution (10)Biodiversity (11)Enabling activity (12)Transitional activity (13)Proportion of Taxonomy-aligned in Taxonomy-eligible (14)%EUR m%%%%%%%(E where applicable)(T where applicable)%Total Net sales0.0%- 0.0%---------CAPEXFinancial year2025Environmental objective of Taxonomy-aligned activitiesEconomic Activities(1)Code (2)Taxonomy-eligible KPI (Proportion of Taxonomy-eligible CAPEX) (3)Taxonomy-aligned KPI (Monetary value of CAPEX) (4)Taxonomy-aligned KPI (Proportion of Taxonomy-aligned CAPEX) (5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water (8)Circular Economy(9)Pollution (10)Biodiversity (11)Enabling activity (12)Transitional activity (13)Proportion of Taxonomy-aligned in Taxonomy-eligible (14)%EUR m%%%%%%%(E where applicable)(T where applicable)%Restoration of wetlandsCCM 2.1, CCA 2.10.4%--------E--- Renewal of wastewater collection and treat-mentCCM 5.4, CCA 5.40.2%-----------Material recovery from non-hazardous wasteCCM 5.9, CCA 5.90.0%-----------Acquisition of new buildingsCCM 7.7, CCA 7.70.1%-----------Total CAPEX0.7%-0.0%---------OPEXFinancial year2025Environmental objective of Taxonomy-aligned activitiesEconomic Activities(1)Code (2)Taxonomy-eligible KPI (Proportion of Taxonomy-eligible OPEX) (3)Taxonomy-aligned KPI (Monetary value of OPEX) (4)Taxonomy-aligned KPI (Proportion of Taxonomy-aligned OPEX) (5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water (8)Circular Economy(9)Pollution (10)Biodiversity (11)Enabling activity (12)Transitional activity (13)Proportion of Taxonomy-aligned in Taxonomy-eligible (14)%EUR m%%%%%%%(E where applicable)(T where applicable)%Research, development and innovation for direct air capture CO2CCM 9.20.0%--- - - - - -E--Total OPEX0.0%- 0.0%---------Disclosure requirements and incorporation by referenceThe table below lists the European Sustainability Reporting Standards (ESRS) disclosure require-ments and indicate where the corresponding information can be found in the Annual Report.Disclosure requirementPage numberGeneral disclosuresESRS 2BP-1General basis for preparation of the Sustainability statement58BP-2Disclosures in relation to specific circumstances58GOV-1The role of the administrative, management and supervisory bodies36–40, 56GOV-2Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies56GOV-3Integration of sustainability-related performance in incentive schemes50GOV-4Statement on sustainability due diligence57GOV-5Risk management and internal controls over sustainability reporting58SBM-1Strategy, business model and value chain10–18, 63SBM-2Interests and views of stakeholders59SBM-3Material impacts, risks and opportunities (IROs) and their interactionwith strategy and business model62–63IRO-1Description of the process to identify and assess material IROs60–61IRO-2Disclosure requirements in ESRS covered by the undertaking’s Sustainability statement60–61, 113–115Disclosure requirementPage numberClimate changeE1GOV-3Integration of sustainability-related performance in incentive schemes50E1-1Transition plan for climate change mitigation68–71SBM-3Material IROs, and their interaction with strategy and business model62–63, 68IRO-1Description of the processes to identify and assess material climate-related IROs57, 60–61E1-2Policies related to climate change mitigation and adaptation70, 108E1-3Actions and resources in relation to climate change policies72–73E1-4Targets related to climate change mitigation and adaptation18, 68–71E1-5Energy consumption and mix74E1-6Gross scope 1, 2, and 3 and total GHG emissions75E1-7GHG removals and GHG mitigation projects financed through carbon creditsNot materialE1-8Internal carbon pricingNot relevantDisclosure requirementPage numberPollutionE2IRO-1Description of the processes to identify and assess material pollution-related IROs57, 60–61E2-1Policies related to pollution78, 108E2-2Actions and resources related to pollution78E2-3Targets related to pollution77E2-4Pollution of air, water and soil79E2-5Substances of concern and substances of very high concern79WaterE3IRO-1Description of the processes to identify and assess material water and marine resources-related IROs57, 60–61E3-1Policies related to water and marine resources81, 108E3-2Actions and resources related to water and marine resources81–82E3-3Targets related to water and marine resources18, 80–81E3-4Water consumption82BiodiversityE4E4-1Transition plan and consideration of biodiversity and ecosystems in strategy and business model84–85SBM-3Material IROs and their interaction with strategy and business model62–63, 84–85IRO-1Description of processes to identify and assess material biodiversity- and ecosystem-related IROs57, 60–61E4-2Policies related to biodiversity and ecosystems85, 108E4-3Actions and resources related to biodiversity and ecosystems85E4-4Targets related to biodiversity and ecosystems84E4-5Impact metrics related to biodiversity and ecosystems change85Disclosure requirementPage numberResource use and circular economyE5IRO-1Description of the processes to identify and assess material resource use and circular economy-related IROs57, 60–61E5-1Policies related to resource use and circular economy87, 108E5-2Actions and resources related to resource use and circular economy87E5-3Targets related to resource use and circular economy18, 87E5-4Resource inflowsNot materialE5-5Resource outflows87-88Own workforceS1SBM-2Interests and views of stakeholders59SBM-3Material IROs and their interaction with strategy and business model57, 62–63, 91–93, 97–98S1-1Policies related to own workforce92, 98, 108S1-2Processes for engaging with own workers and workers’ representatives about impacts91–93, 97–98S1-3Processes to remediate negative impacts and channels for own workers to raise concerns91–92, 97–98, 107S1-4Taking action on material impacts on own workforce; approaches to mitigating material risks and pursuing material opportunities related to own workforce; and effectiveness of those actions92–93, 98S1-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities18, 91–93, 97–98 S1-6Characteristics of the undertaking’s employees95S1-8Collective bargaining coverage and social dialogue94S1-9Diversity metrics95S1-10Adequate wages92S1-13Training and skills development metrics93S1-14Health and safety metrics99S1-16Compensation metrics (pay gap and total compensation)95S1-17Incidents, complaints and severe human rights impacts94Disclosure requirementPage numberWorkers in the value chainS2SBM-2Interests and views of stakeholders59SBM-3Material IROs and their interaction with strategy and business model57, 62–63, 100, 102S2-1Policies related to value chain workers100, 102, 108S2-2Processes for engaging with value chain workers about impacts100-102S2-3Processes to remediate negative impacts, and channels for value chain workers to raise concerns100–103S2-4Taking action on material impacts on value chain workers; approaches to managing material risks and pursuing material opportunities related to value chain workers; and effectiveness of those actions100–103S2-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities100, 102Business conductG1GOV-1The role of the administrative, supervisory and management bodies56IRO-1Description of the processes to identify and assess material IROs60–61G1-1Business conduct policies and corporate culture106, 108G1-2Management of relationships with suppliersNot materialG1-3Prevention and detection of corruption and bribery105–107G1-4Incidents of corruption or bribery107G1-5Political influence and lobbying activities105–107G1-6Payment practicesNot materialEntity-specific topicInnovationMDR-PNovonesis Sustainability Policy65, 108MDR-AActions and resources in relation to material sustainability matters66MDR-MMetrics in relation to material sustainability matters66MDR-TTracking effectiveness of policies and actions through targets65Datapoints that derive from other EU legislationThe table below includes all of the datapoints that derive from other EU legislation as listed in ESRS 2 appendix B, indicating where the datapoints can be found.Datapoints that derive from other EU legislationPage numberGeneral disclosuresESRS 221 (d)Board's gender diversity3721 (e)Percentage of independent Board members3730Statement on due diligence 5740 (d) iInvolvement in activities related to fossil fuel activitiesNot material40 (d) iiInvolvement in activities related to chemical productionNot material40 (d) iiiInvolvement in activities related to controversial weaponsNot material40 (d) ivInvolvement in activities related to cultivation and production of tobaccoNot materialClimate changeE114Transition plan to reach climate neutrality by 205068–7116 (g)Exclusion from EU Paris-aligned BenchmarksNot relevant34GHG emission reduction targets18, 68–7138Energy consumption from fossil sources disaggregated by sources7437Energy consumption and mix7440-43Energy intensity associated with activities in high climate impact sectors7444Gross scope 1, 2, and 3 and total GHG emissions7553-55Gross GHG emissions intensity7556GHG removals and carbon creditsNot material66Exposure of the benchmark portfolio to climate-related physical risksPhased-inDatapoints that derive from other EU legislationPage number66 (a),(c)Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical riskPhased-in67 (c)Breakdown of the carrying value of undertaking’s real estate assets by energy-efficiency classesPhased-in69Degree of exposure of the portfolio to climate-related opportunitiesPhased-inPollutionE228Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil79WaterE39Water and marine resources81, 10813Dedicated policyNot relevant14Sustainable oceans and seasNot material28 (c)Total water recycled and reused8229Total water consumption in m3per net revenue on own operations82Datapoints that derive from other EU legislationPage numberBiodiversityE416 (a) iActivities negatively affecting biodiversity-sensitive areas84–8516 (b)Impacts related to land degradation, desertification or soil sealing84–8516 (c)Operations affecting threatened species84–8524 (b)Sustainable land/agriculture practices or policies85, 10824 (c)Sustainable oceans/seas practices or policiesNot material24 (d)Policies to address deforestation85, 108Resource use and circular economyE537 (d)Non-recycled waste87–8839Hazardous waste and radioactive waste*88Own workforceS114 (f)Risk of incidents of forced laborNot material14 (g)Risk of incidents of child laborNot material20Human rights policy commitments92, 10821Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 857, 91–9222Processes and measures for preventing trafficking in human beingsNot material23Workplace accident prevention policy or management system97–99, 10832 (c)Grievance/complaints handling mechanisms91–92, 10788 (b), (c)Number of fatalities, and number and rate of work-related accidents9988 (e)Number of days lost to injuries, accidents, fatalities or illness9997 (a)Unadjusted gender pay gap9597 (b)Excessive CEO pay ratio95103 (a)Incidents of discrimination94104 (a)Non-respect of UNGPs on Business and Human Rights and OECD guidelinesNot relevantDatapoints that derive from other EU legislationPage numberWorkers in the value chainS211 (b)Significant risk of child labor or forced labor in the value chain10017Human rights policy commitments100, 10818Policies related to value chain workers100, 10819Non-respect of UNGPs on Business and Human Rights and OECD guidelines100–10119Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8100, 10836Human rights issues and incidents connected to its upstream and downstream value chain100–101Affected communitiesS316Human rights policy commitmentsNot material17Non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelinesNot material36Human rights issues and incidentsNot materialConsumers and end usersS416Policies related to consumers and end usersNot material17Non-respect of UNGPs on Business and Human Rights and OECD guidelinesNot material35Human rights issues and incidentsNot materialBusiness conductG110 (b)United Nations Convention against CorruptionNot relevant10 (d)Protection of whistleblowersNot relevant24 (a)Fines for violation of anti-corruption and anti-bribery laws10724 (b)Anti-corruption and anti-bribery standards107</mrv:SustainabilityReport>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s8__7__31" xml:lang="en">EU TaxonomyThe Taxonomy Regulation 2020/852/EU is a classification system that encompasses a standard set of definitions for sustainable activities. The aim of the Regulation is to help the EU guide sus-tainable investments by requiring companies to report on the parts of net sales*, capital expenditures (CAPEX) and operational expenditures (OPEX) that are associated with environmentally sus-tainable economic activities.The defined activities are centered around six environmental objectives: climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; and protection and restoration of biodiversity and ecosystems.For 2025, all six objectives are in scope for reporting eligibility, which means that companies must assess whether they have eco-nomic activities that are included in the different annexes of the Delegated Acts, and report the eligible proportion of net sales, CAPEX and OPEX. Furthermore, eligible activities within all six objectives must be assessed for alignment with the Regulation. Alignment is determined by assessing compliance with the techni-cal screening criteria, the ‘Do No Significant Harm’ requirements, and the minimum social safeguards.Despite the positive environmental impact of our biosolutions and our focus on minimizing our environmental footprint, our core activities do not fall within the current scope of reportable activi-ties as defined in the EU Taxonomy. However, we have screened our non-core activities against the six objectives to identify the proportion of any eligible and potentially aligned activities.We screened the activities listed in the technical annexes under the Delegated Regulations 2021/2139 and 2024/3215, including amendments to Delegated Regulations 2021/2139, as set forth in the Delegated Regulations 2024/3215. This screening included interviews with relevant project managers to identify any ongoing activities for which Novonesis might be eligible to report. Once eli-gible activities were identified, a deep dive was performed to assess whether the activities could be considered aligned accord-ing to the EU Taxonomy standards.Our internal procedures are set up to ensure that no activity is double counted, which means that none of the identified activities contribute to multiple environmental objectives. Therefore, disag-gregation of KPIs is not required.Taxonomy eligibilityBased on our eligibility screening, Novonesis’ eligible activities are as follows:•	CCM/CCA 5.4 – Renewal of wastewater collection and treat-ment: Recycling treated wastewater for use in production. Eligible for CAPEX.•	CCM/CCA 5.9 – Material recovery from non-hazardous waste: Production of biomass. Eligible for CAPEX. •	CCM/CCA 7.7 – Acquisition and ownership of buildings. Eligible for CAPEX.•	CCM 9.1 – Close to market research, development and innova-tion: Carbon capture projects. Eligible for OPEX.Net salesWe identified no relevant eligible net sales. Net sales are defined as net sales included in the consolidated financial statements for the year 2025. Please see Note 2.2 on Net sales.Capital expenditures (CAPEX)We identified eligible CAPEX of EUR 9.0 million, corresponding to 0.7% of total CAPEX. CAPEX is defined as additions to tangible and intangible assets for the relevant financial year, measured before depreciation, amortization and any remeasurements, including those resulting from revaluations and impairments, and excluding fair value changes.The denominator also includes addi-tions to tangible and intangible assets resulting from business combinations. Goodwill and leasing are not considered. Please see Note 3.1 on Goodwill and other intangible assets, and Note 3.2 on Property, plant and equipment. Operational expenditures (OPEX)We identified eligible OPEX of EUR 0.1 million, corresponding to 0.0% of total OPEX.OPEX is defined as direct non-capitalized expenses relating to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures for the day-to-day servicing of property, plant and equipment assets by the undertaking or by a third party to whom activities are outsourced. These expenses are necessary to ensure the continued and effective functioning of such assets.*	The EU Taxonomy Regulation applies the term ‘turnover’. To reflect the terminology used in our financial reporting, we use the term ‘net sales’.2025Net salesCAPEXOPEXTaxonomy-aligned activities---Taxonomy-eligible, but not Taxonomy-aligned activities-0.7%0.0%Total Taxonomy-eligible activities-0.7%0.0%Taxonomy-non-eligible activities100.0%99.3%100.0%Net salesFinancial year2025Environmental objective of Taxonomy-aligned activitiesEconomic Activities(1)Code (2)Taxonomy-eligible KPI (Proportion of Taxonomy-eligible Net sales) (3)Taxonomy-aligned KPI (Monetary value of Net sales) (4)Taxonomy-aligned KPI (Proportion of Taxonomy-aligned Net sales)(5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water (8)Circular Economy(9)Pollution (10)Biodiversity (11)Enabling activity (12)Transitional activity (13)Proportion of Taxonomy-aligned in Taxonomy-eligible (14)%EUR m%%%%%%%(E where applicable)(T where applicable)%Total Net sales0.0%- 0.0%---------CAPEXFinancial year2025Environmental objective of Taxonomy-aligned activitiesEconomic Activities(1)Code (2)Taxonomy-eligible KPI (Proportion of Taxonomy-eligible CAPEX) (3)Taxonomy-aligned KPI (Monetary value of CAPEX) (4)Taxonomy-aligned KPI (Proportion of Taxonomy-aligned CAPEX) (5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water (8)Circular Economy(9)Pollution (10)Biodiversity (11)Enabling activity (12)Transitional activity (13)Proportion of Taxonomy-aligned in Taxonomy-eligible (14)%EUR m%%%%%%%(E where applicable)(T where applicable)%Restoration of wetlandsCCM 2.1, CCA 2.10.4%--------E--- Renewal of wastewater collection and treat-mentCCM 5.4, CCA 5.40.2%-----------Material recovery from non-hazardous wasteCCM 5.9, CCA 5.90.0%-----------Acquisition of new buildingsCCM 7.7, CCA 7.70.1%-----------Total CAPEX0.7%-0.0%---------OPEXFinancial year2025Environmental objective of Taxonomy-aligned activitiesEconomic Activities(1)Code (2)Taxonomy-eligible KPI (Proportion of Taxonomy-eligible OPEX) (3)Taxonomy-aligned KPI (Monetary value of OPEX) (4)Taxonomy-aligned KPI (Proportion of Taxonomy-aligned OPEX) (5)Climate Change Mitigation (6)Climate Change Adaptation (7)Water (8)Circular Economy(9)Pollution (10)Biodiversity (11)Enabling activity (12)Transitional activity (13)Proportion of Taxonomy-aligned in Taxonomy-eligible (14)%EUR m%%%%%%%(E where applicable)(T where applicable)%Research, development and innovation for direct air capture CO2CCM 9.20.0%--- - - - - -E--Total OPEX0.0%- 0.0%---------</mrv:DescriptionofTheTaxonomyRegulation>
   <fsa:AverageNumberOfEmployees contextRef="ctx-1"
                                 decimals="0"
                                 id="f0__s8__7__57"
                                 unitRef="pure">11196</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-56"
                                 decimals="0"
                                 id="f0__s8__8__57"
                                 unitRef="pure">10208</fsa:AverageNumberOfEmployees>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s8__7__166" xml:lang="en">The Board of Directors and the Executive Management have today considered and approved the Annual Report of Novozymes A/S (Novonesis A/S) for the financial year January 1 – December 31, 2025.The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards, as adopted by the EU, and additional disclosure requirements in the Danish Financial Statements Act. The Parent Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act. In our opinion, the accounting policies used are appropriate, and the Group’s internal con-trols relevant to the preparation and pres-entation of the Annual Report are adequate. The Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial posi-tion of the Group and the Parent Company at December 31, 2025, and of the results of the Group and the Parent Company operations and consolidated cash flows for the financial year January 1 – December 31, 2025. The sustainability statement is prepared in accordance with the European Sustainability Reporting Standards (ESRS), as required by the Danish Financial Statements Act section 99a, as well as article 8 in the EU Taxonomy regulation.In our opinion, the Management’s review includes a true and fair account of the develop-ment in the operations and financial circum-stances of the Group and the Parent Company, of the results for the year, and of the financial position of the Group and the Parent Company, as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company. In our opinion, the Annual Report of Novonesis A/S for the financial year January 1 – December 31, 2025, with the file name Novonesis-2025-12-31-en.zip, has been pre-pared, in all material respects, in accordance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f0__s8__7__167" xml:lang="en">Bagsvaerd</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f0__s8__7__168">2026-02-25</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="f0__s8__7__169" xml:lang="en">Ester Baiget</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="f0__s8__7__170" xml:lang="en">President &amp; CEO </cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="f0__s8__7__171" xml:lang="en">Rainer Lehmann </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="f0__s8__7__172" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f0__s8__7__173" xml:lang="en">Cornelis (Cees) de Jong</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f0__s8__7__174" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f0__s8__7__175" xml:lang="en">Heine Dalsgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f0__s8__7__176" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="f0__s8__7__177" xml:lang="en">Robert Nøddeskov Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="f0__s8__7__178" xml:lang="en">Lise Kaae</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f0__s8__7__179" xml:lang="en">Monila Kothari</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f0__s8__7__180" xml:lang="en">Kasim Kutay</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="f0__s8__7__181" xml:lang="en">Lars Bo Køppler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="f0__s8__7__182" xml:lang="en">Kevin Lane</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="f0__s8__7__183" xml:lang="en">Preben Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="f0__s8__7__184" xml:lang="en">Morten Otto Alexander Sommer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="f0__s8__7__185" xml:lang="en">Frederikke Rose Spenner</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="f0__s8__7__186" xml:lang="en">Kim Stratton</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__189" xml:lang="en">To the shareholders of Novozymes A/S (Novonesis A/S) </arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__190" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent company financial statements of Novonesis A/S for the financial year January 1 – December 31, 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including material accounting policy informa-tion, for the Group and the Parent Company, and a consolidated statement of comprehen-sive income and a consolidated cash flow statement. The consolidated financial state-ments are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and the parent com-pany financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial state-ments give a true and fair view of the financial position of the Group at December 31, 2025 and of the results of the Group’s operations and cash flows for the financial year January 1 – December 31, 2025 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Further, in our opinion the parent company financial statements give a true and fair view of the financial position of the Parent Company at December 31, 2025 and of the results of the Parent Company’s operations for the financial year January 1 – December 31, 2025 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors. </arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__191" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ‘Auditor’s responsibilities for the audit of the consolidated financial state-ments and the parent company financial statements’ (hereinafter collectively referred to as ‘the financial statements’) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accord-ance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accord-ance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.Appointment of auditor We were initially appointed as auditor of Novonesis A/S at the annual general meeting on April 30, 2024 for the financial year 2024. We have been reappointed annually by reso-lution of the general meeting for a total con-secutive period of two years up to and includ-ing the financial year 2025. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s8__7__192" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most sig-nificance in our audit of the financial state-ments for the financial year 2025. These mat-ters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial state-ments. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial state-ments.Key audit matterAcquisition of the sales and distribution activities from the Feed Enzyme Alliance (business combination) On June 2, 2025, the acquisition of dsm-firmenich’s share of the Feed Enzyme Alliance through the transfer of the sales and distribution activities for a total consideration of EUR 1.6 billion was completed. To account for the Feed Enzyme Alliance business combination, management pre-pared a purchase price allocation to recognise the fair value of the identifiable assets and liabili-ties acquired. Significant judgements and estimates have been exercised by management in preparing the pur-chase price allocation. These significant judgements and estimates mainly relate to identifying and assessing the fair value of acquired intangible assets, including customer relationships, reac-quired partnership rights and trademarks, for which observable market prices are typically not available. Given the significance of the acquisition and the level of management judgements and estimates involved, we considered the accounting for the Feed Enzyme Alliance business combi-nation to be a key audit matter for the consolidated financial statements. The accounting policies and critical accounting estimates and disclosures about the Feed Enzyme Alliance business combination are included in note 3.6 to the consolidated financial statements. How our audit addressed the key audit matterAs part of our audit, we have assessed the appropriateness of the accounting policies for busi-ness combinations applied by management compared to applicable accounting standards. We involved our internal specialists in assessing the valuation methodologies and key assumptions used by management when assessing the fair value of the acquired assets including in particular intangible assets. We assessed the key assumptions applied by management by comparing these to available market data, underlying accounting records, supporting documentation, past perfor-mance of the acquired business and our experience from comparable transactions. We assessed the knowledge, skills, abilities, and objectivity of management’s experts used in determining the fair value of the acquired assets and evaluated the work performed. We further considered the adequacy of disclosures provided by management in the financial statements compared to appli-cable accounting standards.Key audit matterValuation of acquired intangible assets including goodwill (impairment tests)The Group has recognized significant intangible assets amounting to EUR 11.1 billion at December 31, 2025, including goodwill, technology and strain library, customer relationships and software and other intangibles acquired in connection with the Chr. Hansen business combination in 2024 and the Feed Enzyme Alliance business combination in 2025. The cash-generating units, to which the acquired intangible assets including goodwill are allo-cated, are impairment tested by management on an annual basis. The impairment tests are based on management’s determination of value in use, which is based on the net present value of future cash flows applying estimates about key assumptions such as sales growth, adjusted EBITDA margins, discount rates and growth expectations. Due to the inherent uncertainty involved in determining the net present value of future cash flows, we considered the impairment tests used in the valuation of acquired intangible assets to be a key audit matter for the consolidated finan-cial statements. The accounting policies and critical accounting estimates and disclosures about valuation of acquired intangible assets are included in note 3.1 to the consolidated financial statements. How our audit addressed the key audit matterAs part of our audit, we have tested the mathematical accuracy of the discounted cash flow mod-els used in determining the value in use and compared forecasted profitability to management approved budgets and long-term forecasts. We evaluated the assumptions and methodologies used in the discounted cash flow model, including those in relation to the forecasted sales growth and adjusted EBITDA margins, including comparing with historical sales growth rates. We com-pared the assumptions applied to externally derived data as well as our own assessments in rela-tion to key assumptions such as long-term growth rates and discount rates. Further, we evaluated the sensitivity analysis on the key assumptions applied. We further considered the adequacy of disclosures provided by management in the financial statements compared to applicable accounting standards. </arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__193" xml:lang="en">Statement on the Management’s review Management is responsible for the Management’s review. Our opinion on the financial statements does not cover the Management’s review, and we do not as part of our audit express any assur-ance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management’s review and, in doing so, consider whether the Management’s review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management’s review provides the information required by relevant law and regulations. This does not include the require-ments in paragraph 99a related to the sustainability statement covered by the sepa-rate auditor’s limited assurance report hereon. Based on our procedures, we conclude that the Management’s review is in accordance with the financial statements and has been prepared in accordance with the require-ments of relevant law and regulations. We did not identify any material misstatement of the Management’s review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s8__7__194" xml:lang="en">Management’s responsibilities for the finan-cial statements Management is responsible for the prepara-tion of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the prepara-tion of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management deter-mines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial state-ments unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alter-native but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f0__s8__7__195" xml:lang="en">Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assur-ance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assur-ance, but is not a guarantee that an audit con-ducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individu-ally or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applica-ble in Denmark, we exercise professional judgement and maintain professional scepti-cism throughout the audit. We also:•	Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement result-ing from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.•	Obtain an understanding of internal con-trol relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the pur-pose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.•	Evaluate the appropriateness of account-ing policies used and the reasonableness of accounting estimates and related dis-closures made by Management.•	Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the finan-cial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related dis-closures in the financial statements or, if such disclosures are inadequate, to mod-ify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.•	Evaluate the overall presentation, struc-ture and contents of the financial state-ments, including the note disclosures, and whether the financial statements repre-sent the underlying transactions and events in a manner that gives a true and fair view.•	Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements and the parent company financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any signifi-cant deficiencies in internal control that we identify during our audit. We also provide those charged with govern-ance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s8__7__196" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the consolidated finan-cial statements and parent company financial statements of Novonesis A/S, we performed procedures to express an opinion on whether the annual report of Novonesis A/S for the financial year January 1 – December 31, 2025 with the file name Novonesis-2025-12-31-en.zip is prepared, in all material respects, in com-pliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML for-mat and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: •	The preparing of the annual report in XHTML format; •	The selection and application of appropri-ate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all finan-cial information required to be tagged using judgement where necessary;•	Ensuring consistency between iXBRL tagged data and the consolidated finan-cial statements presented in human read-able format; and •	For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compli-ance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material depar-tures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: •	Testing whether the annual report is pre-pared in XHTML format; •	Obtaining an understanding of the com-pany’s iXBRL tagging process and of internal control over the tagging process; •	Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; •	Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; •	Evaluating the use of anchoring of exten-sion elements to elements in the ESEF taxonomy; and •	Reconciling the iXBRL tagged data with the audited consolidated financial state-ments. In our opinion, the annual report of Novonesis A/S for the financial year January 1 – December 31, 2025 with the file name Novonesis-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f0__s8__7__197" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s8__7__198">2026-02-25</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-52" id="f0__s8__7__199" xml:lang="en">EY Godkendt Revisionspartnerselskab </cmn:NameOfAuditFirm>
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   <cmn:NameAndSurnameOfAuditor contextRef="ctx-52" id="f0__s8__7__203" xml:lang="en">Henrik Kronborg Iversen </cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-52" id="f0__s8__7__204" xml:lang="en">State Authorised Public Accountant </cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-52" id="f0__s8__7__205">mne24687</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-53" id="f0__s8__7__206" xml:lang="en">Jens Thordahl Nøhr </cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-53" id="f0__s8__7__207" xml:lang="en">State Authorised Public Accountant </cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-53" id="f0__s8__7__208">mne32212</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f0__s8__7__210" xml:lang="en">Independent Auditor’s limited assurance report on the Sustainability statementTo the shareholders of Novozymes A/S (Novonesis A/S)Limited assurance conclusion We have conducted a limited assurance engagement on the Sustainability statement of Novonesis A/S (the group) included in the Annual Report 2025, pages 53–117 (the sus-tainability statement), for the financial year January 1 – December 31, 2025 including dis-closures incorporated by reference listed in the table ‘Disclosure requirements and incor-poration by reference’ on pages 113–115. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not prepared, in all material respects, in accord-ance with the Danish Financial Statements Act section 99a, including: •	compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by management to identify the information reported in the sustainability statement (the process) is in accordance with the description set out in the chapters about Double Materiality Assessment, within the ‘General’ section on pages 60–63 and •	compliance of the disclosures in the chapter ‘EU Taxonomy’, within the envi-ronmental section on page 89 and pages 110–112 of the sustainability statement with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation). Basis for conclusion We conducted our limited assurance engage-ment in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (ISAE 3000 (Revised)) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assur-ance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to pro-vide a basis for our conclusion. Our responsi-bilities under this standard are further described in the Auditor's responsibilities for the assurance engagement section of our report. Our independence and quality management We are independent of the group in accord-ance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accord-ance with these requirements and the IESBA Code. EY Godkendt Revisionspartnerselskab applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or pro-cedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Inherent limitations in preparing the Sustainability statement In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking infor-mation on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Management's responsibilities for the Sustainability statement Management is responsible for designing and implementing a process to identify the infor-mation reported in the Sustainability state-ment in accordance with the ESRS and for disclosing this process in the chapters about Double Materiality Assessment, within the ‘General’ section on pages 60–63 of the Sustainability statement. This responsibility includes: •	understanding the context in which the group's activities and business relation-ships take place and developing an under-standing of its affected stakeholders; •	the identification of the actual and poten-tial impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the group's financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; •	the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by select-ing and applying appropriate thresholds; and •	making assumptions that are reasonable in the circumstances. Management is further responsible for the preparation of the Sustainability statement, in accordance with the Danish Financial Statements Act section 99a, including: •	compliance with the ESRS; •	preparing the disclosures in the chapter ‘EU Taxonomy’, within the environmental section on page 89 and pages 110–112 of the sustainability statement, in compli-ance with Article 8 of the Taxonomy Regulation; •	designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability state-ment that is free from material misstate-ment, whether due to fraud or error; and •	the selection and application of appropri-ate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Auditor's responsibilities for the assurance engagement Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence deci-sions of users taken on the basis of the sus-tainability statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the process include: •	Obtaining an understanding of the pro-cess but not for the purpose of providing a conclusion on the effectiveness of the process, including the outcome of the process; •	Considering whether the information identified addresses the applicable disclo-sure requirements of the ESRS, and •	Designing and performing procedures to evaluate whether the process is consist-ent with the group's description of its pro-cess, as disclosed in the chapters about Double Materiality Assessment, within the ‘General requirements’ section on pages 60–63. Our other responsibilities in respect of the Sustainability statement include: •	Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and •	Designing and performing procedures responsive to disclosures in the Sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability statement. In conducting our limited assurance engage-ment, with respect to the process, we: •	Obtained an understanding of the process by performing inquiries to understand the sources of the information used by man-agement; and reviewing the group's inter-nal documentation of its process; and •	Evaluated whether the evidence obtained from our procedures about the process implemented by the group's was consist-ent with the description of the process set out in the chapters about Double Materiality Assessment, within the ‘General’ section on pages 60–63. In conducting our limited assurance engage-ment, with respect to the sustainability state-ment, we: •	Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability statement including the consolidation processes by obtaining an understanding of the Group’s control environment, processes and infor-mation systems relevant to the prepara-tion of the Sustainability statement, but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; •	Evaluated whether material information identified by the process is included in the Sustainability statement; •	Evaluated whether the structure and the presentation of the Sustainability state-ments is in accordance with the ESRS; •	Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability state-ment; •	Performed substantive assurance proce-dures on selected information in the Sustainability statement; •	Evaluated methods, assumptions and data for developing material estimates and for-ward-looking information and how these methods were applied; •	Obtained an understanding of the process to identify EU taxonomy economic activi-ties for turnover, CAPEX and OPEX and the corresponding disclosures in the Sustainability statement; •	Evaluated the presentation and use of EU taxonomy templates in accordance with relevant requirements; and •	Reconciled and ensured consistency between the reported EU taxonomy eco-nomic activities and the items reported in the primary financial statements including the disclosures provided in related notes. </arr:AuditorsReportOnSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f0__s8__7__211" xml:lang="en">To the shareholders of Novozymes A/S (Novonesis A/S)</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f0__s8__7__212" xml:lang="en">We have conducted a limited assurance engagement on the Sustainability statement of Novonesis A/S (the group) included in the Annual Report 2025, pages 53–117 (the sus-tainability statement), for the financial year January 1 – December 31, 2025 including dis-closures incorporated by reference listed in the table ‘Disclosure requirements and incor-poration by reference’ on pages 113–115. </arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f0__s8__7__213" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not prepared, in all material respects, in accord-ance with the Danish Financial Statements Act section 99a, including: •	compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by management to identify the information reported in the sustainability statement (the process) is in accordance with the description set out in the chapters about Double Materiality Assessment, within the ‘General’ section on pages 60–63 and •	compliance of the disclosures in the chapter ‘EU Taxonomy’, within the envi-ronmental section on page 89 and pages 110–112 of the sustainability statement with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation). </arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f0__s8__7__214" xml:lang="en">Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence deci-sions of users taken on the basis of the sus-tainability statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the process include: •	Obtaining an understanding of the pro-cess but not for the purpose of providing a conclusion on the effectiveness of the process, including the outcome of the process; •	Considering whether the information identified addresses the applicable disclo-sure requirements of the ESRS, and •	Designing and performing procedures to evaluate whether the process is consist-ent with the group's description of its pro-cess, as disclosed in the chapters about Double Materiality Assessment, within the ‘General requirements’ section on pages 60–63. Our other responsibilities in respect of the Sustainability statement include: •	Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and •	Designing and performing procedures responsive to disclosures in the Sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. </arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f0__s8__7__215" xml:lang="en">Copenhagen</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f0__s8__7__216">2026-02-25</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-54" id="f0__s8__7__217" xml:lang="en">EY Godkendt Revisionspartnerselskab </cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-55" id="f0__s8__7__218" xml:lang="en">EY Godkendt Revisionspartnerselskab </cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-54" id="f0__s8__7__219">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
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   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-54" id="f0__s8__7__221" xml:lang="en">Henrik Kronborg Iversen </cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-54" id="f0__s8__7__222" xml:lang="en">State Authorised Public Accountant </cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-54" id="f0__s8__7__223">mne24687</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-55" id="f0__s8__7__224" xml:lang="en">Lars Fermann </cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-55" id="f0__s8__7__225" xml:lang="en">State Authorised Public Accountant </cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-55" id="f0__s8__7__226">mne45879</cmn:fIdentificationNumberOfSubstainabilityAuditor>
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   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f0__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
   <gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__22">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
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