1H 2015 August 6, 2015 Forward-Looking Statements This - PowerPoint PPT Presentation

Conference call 1H 2015 ​ August 6, 2015

Forward-Looking Statements ​ This presentation and its related comments contain forward-looking statements, including statements about future events, future financial performance, plans, strategies and expectations. Forward-looking statements are associated with words such as, but not limited to, "believe," "anticipate," "expect," "estimate," "intend," "plan," "project," "could," "may," "might" and other words of similar meaning. ​ Forward-looking statements are by their very nature associated with risks and uncertainties that may cause actual results to differ materially from expectations, both positively and negatively. The risks and uncertainties may, among other things, include unexpected developments in i) the ability to develop and market new products; ii) the demand for Novozymes’ products, market-driven price decreases, industry consolidation, and launches of competing products or disruptive technologies in Novozymes’ core areas; iii) the ability to protect and enforce the company’s intellectual property rights; iv) significant litigation or breaches of contract; v) the materialization of the company’s growth platforms, notably the opportunity for marketing biomass conversion technologies or the development of microbial solutions for broad-acre crops; vi) political conditions, such as acceptance of enzymes produced by genetically modified organisms; vii) global economic and capital market conditions, including, but not limited to, currency exchange rates (USD/DKK and EUR/DKK in particular, but not exclusively), interest rates and inflation; viii) significant price decreases for inputs and materials that compete with Novozymes’ biological solutions. The company undertakes no obligation to update any forward -looking statements as a result of future developments or new information. 2

1H 2015 Summary Sales and organic growth ​ Strong earnings performance despite headwinds in 1H 2013 – 1H 2015 important markets DKKm 10% 8,000 8% • 5% organic sales growth is below expectations. 15% growth in DKK sales – highest-ever reported sales in six months 8% 6% 7,000 7,028 6% • Strong growth in Agriculture & Feed driven by performance. Good 6,000 contribution from Food & Beverages 6,094 4% 5,870 5% • 5,000 Uncertainty and challenging market environment in Household Care 2% and Bioenergy create headwinds 0% 4,000 1H 2013 1H 2014 1H 2015 • ~20% EBIT growth and EBIT margin expansion of ~1 %-point, adjusted for The BioAg Alliance agreement in Q1 2014 EBIT and EBIT margin 1H 2013 – 1H 2015 DKKm 2015 profit outlook maintained. Sales expectations 2,250 28.1% 27.2% 30% lowered and reflect uncertain business climate 24.6% 2,000 • 25% Organic sales growth: 4-7%, revised from 7-9% 1,909 1,750 • DKK sales growth: 13-16%, revised from 16-18% 20% 1,710 1,500 • EBIT growth maintained at 15-17% 1,443 15% 1,250 • EBIT margin increased to 27-28%, up from ~27% 10% 1,000 • Net profit growth maintained at 11-13% 1H 2013 1H 2014 1H 2015 • ROIC: 25-26%, unchanged 3

Sales growth slowed in Bioenergy ​ 1H sales up by 2% organically U.S. semi-annual ethanol volume growth rates and Novozymes Bioenergy organic sales growth 1. Challenging market dynamics: U.S. ethanol volume growth Novozymes org. Bioenergy growth Volatile commodity prices and 35% low ethanol margins have 30% customers focusing on costs 25% 2. Negative mix effect for 20% Novozymes as some 15% customers seek alternatives to yield solutions 10% 5% 3. Several innovations in test- marketing to accelerate growth 0% by broadening scope of -5% solutions to cater for more -10% customer care-abouts -15%

Sales & Markets ​ 1H 2015 sales: DKK +15%, organic +5% Sales by industry, DKKm DKK growth org. growth ​ Q2 2015 sales: DKK +13%, organic +1% 2,265 Household +7% / 0% Care Household Care: Sales negatively impacted by uncertainty in 2,124 emerging markets, a dynamic U.S. market and lower sales to one customer in particular. Strong growth with a number of important 1,846 Food & customers in other markets +15% / +5% Beverages 1,599 Food & Beverages: Good performance across markets. Baking, 1,288 healthy concepts and starch the most significant contributors to growth Bioenergy +23% / +2% 1,050 ​ Bioenergy: Growth tempered by strong cost focus by customers as they navigate volatile markets and low ethanol margins. U.S ethanol 1,141 Agriculture & +24% /+19% Feed production estimated up by ~3% 919 ​ Agriculture & Feed: A good North American season drives strong 1H 488 Technical & performance in BioAg. Growth in animal feed more moderate following +21% / +6% Pharma 402 Q2 destocking ​ Technical & Pharma: Good performance driven by pharma sales 1H 2015 1H 2014 5

R&D Update • Household Care: Working on new innovation for stain removal, hygiene improvement and dedicated emerging markets solutions to accelerate growth • Bioenergy: Expect to launch one or more innovations during 2H 2015 to address changing demands from U.S. corn ethanol producers • Animal Health & Nutrition: New Novozymes & Adisseo partnership to launch a probiotic for poultry • New innovation campus in Denmark: Ready by 2018, campus to house 800 employees – predominantly R&D

1H 2015 Financial Performance & Outlook ​ Strong earnings performance in 1H 2015 Key Realized 2015 Outlook 2015 Outlook financials 1H 2015 Apr. 23 • Aug. 6 Gross margin slightly up • Disregarding the net one-time impact from The BioAg Alliance, +5% 4-7% 7-9% Sales growth, org. EBIT grew by ~20%, mainly due to positive impact from currency developments and operational efficiencies +15% 13-16% 16-18% Sales growth, DKK • EBIT margin expansion of ~1 percentage point +12% 15-17% 15-17% EBIT growth • Net financial costs increased – impacted by currency hedging 27.2% 27-28% ~27% EBIT margin • Net investments and cash flow generation on track 8% 11-13% 11-13% Net profit growth ​ 2015 outlook revised • Organic sales growth lowered, as positive developments in Net investments 900-1,000 ~1,000 371 excl. acq., DKKm Agriculture & Feed and Food & Beverages cannot make up for headwinds in Bioenergy and Household Care. Uncertainty has Free cash flow 2,500-2,700 2,500-2,700 1,616 increased before acq., DKKm 26.4% 25-26% 25-26% ROIC incl. goodwill • Profit outlook maintained, as good productivity and further operational efficiencies offset lower sales expectations, leading to higher EBIT margin 7