Novozymes reported Q1 23 revenue growth of 5% to DKK 4.62bn, driven by strong momentum in BioEnergy and ‘Agriculture, animal health & nutrition’. Although ahead of the consensus, the numbers missed AV’s estimates. The adjusted EBIT was DKK 1.2bn with a margin of 26%. The FY23 outlook targeting 4-7% of top-line growth and an adjusted EBIT margin of 25-26% was reiterated. We expect no significant changes in our estimates.
