Conference callQ1 2021

April 27, 2021

Disclaimer

Forward Looking Statement

This presentation and its related comments contain forward-looking statements, including statements about future events, future financial performance, plans, strategies and expectations. Forward-lookingstatements 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 anduncertainties 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, industryconsolidation, 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 orbreaches 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-acrecrops; vi) the political conditions, such as acceptance of enzymes produced by genetically modified organisms; vii) the global economic and capital market conditions, including, but not limited to, currencyexchange rates (USD/DKK and EUR/DKK in particular, but not exclusively), interest rates and inflation; viii) significant price decreases on input and materials that compete with Novozymes’ biological solutions. Thecompany undertakes no obligation to update any forward-looking statements as a result of future developments or new information.

1

Highlights

Stronger-than-expected start to the year; 3% organic sales growth and strong earnings. 2021 outlook maintained

• Organic Q1 sales y/y: 3%.

• Better-than-expected performance due to customer stock building, a faster-than-anticipated recovery in emerging markets, and a better underlying performance in some businesses.

• EBIT margin strong at 29.6%, ROIC incl. goodwill at 23.4% and free cash flow before acquisitions at DKK 0.7 billion.

• Launched three products, including ProAct™ 360 in animal nutrition.

• Closing of Microbiome Labs acquisition; Biota data science platform purchased.

• Consolidation of R&D locations and activities for higher efficiency and focus.

• Amy Byrick and Morten Enggaard Rasmussen joined the executive leadership team on April 1 as new EVPs of Strategy & Business Transformation and People, Sustainability & Brand, respectively.

• 2021 outlook maintained considering timing effects, supply-chain volatility and high COVID-19 uncertainty.

2

Q1 2021 Realized

Q1 2020Realized

Sales performance, organic % 3 10

EBIT margin % 29.6 28.9

ROIC incl. goodwill % 23.4 21.3

Free cash flow before acquisitions DKKbn 0.7 0.8

Latest results

2%

11%

-9%

16%

3%

Agriculture, Animal Health & Nutrition

NovozymesFood, Beverages & Human Health

Household Care Grain & Tech Processing

Bioenergy

0%

Q1 y/y organic sales performance by business area

3

Household Care

Latest results

Growth above expectations mainly due to timing, especially in

emerging markets

• Organic Q1 sales y/y: 2%.

• Penetration in emerging markets and the rollout of the

Freshness technology in Europe contributed to growth, as

expected.

• Positive effect from customer stock building, especially in

emerging markets, as well as a faster recovery in China.

Organic sales performance (y/y)

33% of sales

11%

Q1’20 Q4’20Q2’20 Q3’20 Q1’21

11%

-1%

0%2%

SDG impact

Our solutions contribute to reducing chemical use and aquatic pollution. Use of enzymes can save 130 kg of CO2

emissions and 50 kg of chemicals per ton of detergent when used as replacement to surfactants in laundry detergents.

2021 perspectives

• Enzyme penetration in emerging markets

• Freshness rollout with broad market launch

• High sustainability focus

4

Food, Beverages & Human Health

Latest results

Strong performance, significantly above expectations

• Organic Q1 sales y/y: 11%.

• Performance benefitted from customer stock building, faster

emerging market recovery, and a better momentum in

underlying performance.

• Food; strong performance in dairy and protein ingredients

while baking declined, as expected.

• Beverages grew slightly; brewing in modest decline.

• Strong performance in Human Health driven by innovation,

cross-selling and customer stock building.

23% of sales

2021 perspectives

• Food performance driven by innovation and emerging

markets penetration.

• Beverages growing from gradual recovery in brewing.

• Integration of Human Health acquisitions according to plan.

Growth driven by innovation and cross-selling.

Organic sales performance (y/y)

Q1’21Q1’20 Q2’20

3%

Q3’20 Q4’20

-5%

11%

-4%

11%

SDG impact

Our solutions contribute to making food production systems more sustainable by improving yields and saving energy and water during industrial processing.In addition, our solutions enable consumers to live healthier lives free from additives, unwanted compounds and by adding dietary beneficial bacteria and enzymes for improved gut health.

Novozymes promotes the development and deployment of low-carbon fuels for the transport sector.

Enzymes and yeasts are critical for converting grains and straw into fuel ethanol, enabling a saving of 1100–2200 kg of CO2 emissions per 1000 liters of gasoline.

SDG impact

5

Bioenergy

Latest results

U.S. ethanol recovery continued but remains affected by

COVID-19 restrictions

• Organic Q1 sales y/y: -9%.

• U.S. ethanol demand and production remained weak due to

COVID-19 restrictions. Novozymes’ U.S. business below

external first-quarter estimates for the industry’s production

decline due to a more difficult comparator.

• Growth outside the U.S. mainly driven by Latin America

15% of sales

2021 perspectives

• The U.S. ethanol production expected to gradually

recover as COVID-19 restrictions are lifted.

• Innovation and capacity expansion in Latin America

contributing to growth.

• Full-year performance mainly dependent on the level of

recovery in U.S. ethanol production.

Q1’20 Q2’20 Q3’20

12%

Q4’20 Q1’21

-4%

-36%

-4%

-9%

Organic sales performance (y/y)

Our solutions in grain processing improve yields and save energy. Our solutions for technical industries help save chemicals, water, steam and electricity. For example, one of our solutions for textile production saves 350 kg CO2 per ton of fabric produced.

SDG impact

6

Grain & Tech Processing

Strong growth, significantly above expectations

• Organic Q1 sales y/y: 16%.

• Performance benefitted from customer stock building, faster

emerging market recovery, and a better underlying

momentum.

• Grain; grain milling, vegetable oil processing and starch

processing all supported growth.

• Tech; strong growth driven by textile recovery and sales of

diagnostics enzymes for COVID-19 test kits.

Latest results

16% of sales

Organic sales performance (y/y)

2021 perspectives

• Growth in grain led by grain milling and vegetable oil

processing.

• Gradual recovery in global textile production will

contribute to growth in tech.

Q4’20

-9%

Q1’20

9%

Q3’20Q2’20

2%

Q1’21

-4%

16%

Our bio-based solutions improve yields in agriculture by improving plants’ access to nutrients in the soil and by improving animals’ access to energy, proteins and minerals in the feed. This saves agricultural land for food and feed production and reduces emissionsto the environment from manure in livestock production. Enzymes can save approximately 130 kg of CO2 emissions per 1000 chickens by increasing the animals’ access to starch in the feed.

SDG impact

7

Agriculture, Animal Health & Nutrition

Latest results

Customer stock building benefitted performance above

expectation

• Organic Q1 sales y/y: 0%.

• Performance above expectations due to timing of orders in the

value-chain.

• Growth in agriculture driven by both corn and soy solutions

• Launch of ProAct™ 360 in animal nutrition.

13% of sales

2021 perspectives

• Double-digit underlying growth in agriculture from

expansion across crops and regions.

• Animal health & nutrition sales expected to improve

throughout the year supported by the rollout of

Balancius™.

Organic sales performance (y/y)

-19%

Q1’21Q3’20Q1’20 Q2’20 Q4’20

8%

27%

-6%

0%

8

Financials – Performance Q1

Stronger start to the year than expected. 3% organic sales growth and 29.6% EBIT margin

• Organic Q1 sales y/y: 3%. DKK sales flat including 3pp net negative impact from currencies and M&A.

• Integration of recent Human Health acquisitions progressing well and according to plan.

• Gross margin at 58.2% — 110bps above last year despite currency headwinds, driven by higher

production efficiency and productivity improvements; recent acquisitions also beneficial.

• EBIT margin at 29.6% — 70bps above last year, driven by higher gross margin and higher other

operating income, somewhat offset by higher R&D costs, currency headwinds and negative

acquisition-related effects.

• Solid free cash flow before acquisitions at DKK 0.7 billion.

• ROIC incl. goodwill at 23.4% — driven by higher net profit and despite higher average invested capital.

Latest results

Key financials Q1 2021 Q1 2020

Sales performance, organic % 3 10

Gross margin % 58.2 57.1

EBIT margin % 29.6 28.9

ROIC incl. goodwill % 23.4 21.3

Net investments excl. acquisitions DKKbn 0.2 0.1

Free cash flow before acquisitions DKKbn 0.7 0.8

9

Outlook 2021

Outlook maintained across key parameters

• The better underlying momentum in the first quarter in some businesses does not change the full-year sales

outlook due to timing factors, supply-chain volatility and continued COVID-19 related uncertainty.

• Organic sales growth of 2% to 6% — ~1pp less in reported DKK net of currency and M&A.

• EBIT margin at 25% to 26% — including ~2pp negative year-on-year currency and M&A-related effects.

First quarter one-offs, net, benefit full-year EBIT margin, still maintained within range.

• FCF before acquisitions at DKK 2.7 to 3.1bn.

• ROIC incl. goodwill at ~19%.

Latest results

2021 outlook April 27* February 2

Sales performance, organic % 2 to 6 2 to 6

EBIT margin % 25 to 26 25 to 26

ROIC (including goodwill) % ~19 ~19

Free cash flow before acquisitions DKKbn 2.7 to 3.1 2.7 to 3.1

For modeling purposes:

Effective tax rate % ~20 ~20

Net financial costs DKKbn ~ 0.075 ~ 0.05

Net investments DKKbn 1.0 to 1.2 1.0 to 1.2

Stock buyback program DKKbn up to 1.5 up to 1.5

*Assumes constant currencies from the time of this announcement and for the remainder of the year

10

Summary

Stronger-than-expected start to the year; 3% organic sales growth and strong earnings. 2021 outlook maintained

• Better-than-expected performance in the first quarter due to customer stock building, a faster-than-anticipated recovery in emerging markets, and better underlying performance in some businesses.

• 2021 outlook maintained considering timing effects, global supply-chain volatility and COVID-19 uncertainty.

Latest results

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