• Sales growth in DKK at 17% (9% organic, 7% currency, 1% M&A), Q4 DKK sales growth at 18% (11% organic, 6% currency, 1% M&A).
• Broad-based and strong organic sales growth performance across the business:
  • Bioenergy 25% (Q4: 22%): Strong growth across regions and solutions, led by North and Latin America and driven by an innovative and impactful portfolio in a favorable market environment.
  • Food, Beverages & Human Health 10% (Q4: 16%): Broad-based growth, led by innovation, consumers focusing on healthy choices, and supported by an environment focused on optimization. Human Health performed well, delivering double-digit growth in Q4.
  • Grain & Tech Processing 10% (Q4: 5%): Strong performance led by double-digit growth in Grain, driven by innovation and favorable market conditions. Tech flat versus last year as textile business was soft.
  • Agriculture, Animal Health & Nutrition 8% (Q4: 11%): Solid performance driven by strong growth in Animal Health & Nutrition and a strong Q4 in Agriculture.
  • Household Care 1% (Q4: 4%): Performance in line with expectations, including a negative impact from the war in Ukraine. Growth across main markets except for EMEA, partly impacted by the war in Ukraine.
• Organic sales growth in developed markets 9% (Q4: 9%); emerging markets 9% (Q4: 15%).
• EBIT margin at 26.0% (Q4: 22.6%). EBIT margin before special items* (b.s.i.) at 26.4% for the year (Q4: 23.4%). Additionally, adjusted for nonrecurring items affecting y/y comparability, the underlying EBIT margin b.s.i was around 1.5pp lower (Q4: ~1.5p.p. higher) than the underlying margins for 2022. Gross margin impacted by higher input, logistics and energy costs, partly offset by productivity improvements and price increases.
• Net profit growth at a strong 17% (Q4: 41%), driven by one-off benefits, also in Q4.
• ROIC incl. goodwill at 17.6% (17.9% b.s.i*.), impacted by acquisitions and growth investments.
• FCF bef. acq. at DKK 1.1bn, including somewhat higher than expected cash tax payments (in Q4), and net investments of DKK 2.9bn, including the Advanced Protein Solutions production line in Blair, Nebraska, U.S.
• A solid balance sheet with a net-debt/EBITDA ratio of 1.0x and in line with the capital structure policy.
• Proposed dividend payout of DKK 6.00/share, an increase of 9% year-on-year.

Key events:

• Announced combination with Chr. Hansen on December 12 (link to announcement) to create a leading global biosolutions partner. EGM expected during 1H 2023 and closing expected in Q4 2023/Q1 2024, subject to customary regulatory approvals.
• 26 product launches of which 13 were public, including 13 product launches in Q4 of which 4 were public.
• Among one of the first companies in the world to have its 2050 net-zero targets across scopes 1,2 and 3 validated by the Science Based Targets initiative. Renewed ESG milestones announced for 2025 on key metrics towards 2030 and 2050 ambitions. 76% of 2022 revenue came from solutions that contribute to reducing CO2 emissions, 34% enabled healthier foods, and 8% enable healthier lives.

2023 outlook:

• Solid organic sales growth outlook at 4-7% driven by pricing as well as volume growth. Pricing is expected to contribute more than half of the organic sales growth. Modest growth expected in Q1 as the comparator was positively impacted by the timing of sales, particularly in Food, Beverages & Human Health.
• EBIT margin b.s.i.* expected at 25-26%. ROIC incl. goodwill b.s.i* at 16-17%.