Conference call1H 2020

August 12, 2020

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

Solid first-half results

• 4% organic sales growth

• Growth in Household Care, Food & Beverages and Agriculture & Feed; significant declines in Bioenergy and Technical & Pharma

• EBIT margin at 27.5%

• Free cash flow before acquisitions at DKK 2.1 billion

• 2020 outlook reinstated; -2% to +2% organic sales performance with U.S.

ethanol industry carrying highest uncertainty

2

1H 2020Realized

Q2 2020Realized

Sales performance, organic % 4 -2

EBIT margin % 27.5 25.9

ROIC incl. goodwill % 19.3 17.2

Free cash flow before acquisitions DKKbn 2.1 1.2

Latest results

11%

3%

-37%

27%

-34%

-2%

11%7%

-15%

17%

-22%

4%

Household Care

Food & Beverages

Agriculture & Feed

Bioenergy NovozymesTechnical & Pharma

Organic sales performance by segment

Q2’20 1H’20

Organic sales performance by geography

3

⚫Main sites with production and R&D ⚪ Satellite production site ⚫ Satellite R&D site

Emerging 34%1H y/y: 9%Q2 y/y: 4%

⚫

⚫

⚫⚪

⚪

⚪⚫

⚫ ⚫

⚫

Developed 66%1H y/y: 1%Q2 y/y: -5%

1H y/y: -4%Q2 y/y: -15%

1H y/y: 17%Q2 y/y: 8%

1H y/y: 8%Q2 y/y: 6%

1H y/y: 3%Q2 y/y: 1%

Latest results

North America

32% of sales

Europe, Middle East& Africa

39%of sales

Latin America

9% of sales

Asia Pacific

20% of sales

4

Household Care

Latest results

Strong first-half amplified by COVID-19 effects

• Organic sales; 1H y/y: +11% (Q2 y/y: +11%)

• Strong momentum continued in Q2

• Growth led by enzymatic penetration in detergents,

freshness roll-out and COVID-19 effects

• Remify® Everis; first enzyme solution for cleaning surgical

instruments and devices

2020 perspectives

• Destocking expected in the second half

• Continued market penetration and Freshness roll-outQuarterly organic sales performance (y/y)

YTD organic sales performance (y/y)

35% of sales

5%

Q4’19

-1%

Q2’19 Q3’19 Q1’20 Q2’20

5%

11% 11%

11%

1H’16

4%

-1%

1H’17

1%

1H’18 1H’19 1H’20

-2%

5

Food & Beverages

Latest results

Strong first-half led by baking

• Organic sales; 1H y/y: +7% (Q2 y/y: +3%)

• First-half sales supported by increased at-home food

consumption while lower on-trade demand had a negative

impact on beverages

• Q2 growth led by baking and food & nutrition; beverages in

decline; starch flat

• Two product launches; Quara® Boost for vegetable oil and

Protana® Prime for plant protein

2020 perspectives

• Easing effect of higher at-home food consumption

• Restrictions negative for beverages

Quarterly organic sales performance (y/y)

YTD organic sales performance (y/y)

30% of sales

-3%

Q4’19Q2’19 Q3’19

1%

Q2’20Q1’20

2%

11%

3%

1H’17

8%

3%

1H’16 1H’18 1H’19 1H’20

4%

-2%

7%

6

Bioenergy

Latest results

Significant decline due to U.S. demand disruption

• Organic sales; 1H y/y: -15% (Q2 y/y: -37%)

• 'Stay-at-home' orders led to significant decline in U.S. ethanol

production in Q2 y/y — production rates have improved

since troughing out in April/May

• Capacity expansion in Brazil generated minor positive

contribution in Q2; Europe in decline

2020 perspectives

• Uncertainty about recovery of U.S. production ratesQuarterly organic sales performance (y/y)

YTD organic sales performance (y/y)

16% of sales

0%

Q1’20Q3’19Q2’19 Q4’19 Q2’20

-5%

2%

11%

-37%

1H’181H’16 1H’17 1H’19 1H’20

7%

-6%

14%

-4%

-15%

7

Agriculture & Feed

Latest results

Healthy performance supported by one-off and timing

• Organic sales; 1H y/y: +17% (Q2 y/y: +27%)

• Feed and BioAg both contributed to growth

• Feed positively impacted by timing and BioAg supported by a

Q2 one-off related to the former BioAg Alliance

2020 perspectives

• Continued penetration with Balancius™, bioinoculants for corn

and Taegro for biocontrol

• Global farm economics, trade concerns and COVID-19

continue to cause uncertainty

15% of sales

Quarterly organic sales performance (y/y)

Q2’20Q2’19 Q3’19 Q4’19

-7%

Q1’20

3%

-9%

8%

27%

YTD organic sales performance (y/y)

3%

1H’191H’16

17%

1H’17 1H’18 1H’20

1%

-6% -6%

8

Financials – Performance 1H

Solid financial performance despite challenging conditions

• Organic sales; 1H y/y: +4%

• Gross margin at 56.3% - 120bps higher than last year due to higher operational leverage, improved production

efficiencies and lower input costs

• EBIT margin at 27.5% — 250bps lower than last year due to one-offs

• Underlying EBIT margin grew ~200bps to ~27% driven by gross margin expansions and OPEX savings

• ROIC incl. goodwill at 19.3% — a 260bps decrease due to effects of the termination of the former BioAg Alliance, the

acquisition of PrecisionBiotics and EBIT-related one-offs

• Net investments slightly lower than last year

• Free cash flow driven by sales growth, margin expansion, OPEX savings and NWC improvement

Latest results

Key financials 1H 2020 1H 2019 Q2 2020 Q2 2019

Sales performance, organic % 4 -3 -2 -2

Gross margin % 56.3 55.1 55.4 54.6

EBIT margin % 27.5 30.0 25.9 34.4

ROIC incl. goodwill % 19.3 21.9 17.2 24.7

Net investments excl. acquisitions DKKbn 0.4 0.4 0.2 0.3

Free cash flow before acquisitions DKKbn 2.1 1.2 1.2 0.8

9

Financials – Outlook 2020

2020 outlook reinstated; broad range reflects lingering uncertainty

• Organic sales performance of -2% to +2%

• Household Care, Food & Beverages and Agriculture & Feed expected at mid-single-digit growth

• Uncertainty most pronounced for Bioenergy and Technical & Pharma

• EBIT margin of ~26% — productivity improvements and cost control outweighed by negative effects from currencies

and PrecisionBiotics acquisition

• ROIC incl. goodwill at 18% to 19% — a decline due to lower sales, lower EBIT margin, currency impact and effects

from PrecisionBiotics acquisition

• Free cash flow of DKK 2.4 to 2.8 billion — resilient cash generation

Latest results

2020 outlook August 11*April 7/

April 29 /July 8 January 24

Sales performance, organic % -2 to +2 Suspended 1 to 5

EBIT margin % ~26 Suspended ~27

ROIC (including goodwill) % 18 to 19 Suspended 20 to 21

Free cash flow before acquisitions DKKbn 2.4 to 2.8 Suspended 2.5 to 2.9

For modelling purposes:

Effective tax rate % 19 to 21 Suspended 19 to 21

Net financials DKKm ~ -150 Suspended ~ -200

Net investments DKKbn 0.8 to 1.0 Suspended 0.8 to 1.0

Stock buyback program DKKbn up to 1.5 up to 1.5 up to 1.5

* Assumes that the exchange rates for the company’s key currencies remain at the rates prevailing on August 10 for the rest of 2020

10

Summary

Solid first-half performance; outlook reinstated

• Solid sales and financial performance

• Five new products launched

• 2020 outlook reinstated

• Resilient business performing well despite challenging conditions; positioned to deliver more value

• Strategy execution progressing well; most recently through human health acquisition

Latest results

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