12516479 2025-01-01 2025-12-31 12516479 2025-01-01 2025-12-31 10 12516479 2024-01-01 2024-12-31 11 12516479 2023-01-01 2023-12-31 12 12516479 2022-01-01 2022-12-31 13 12516479 2021-01-01 2021-12-31 14 12516479 2025-01-01 2025-12-31 0 12516479 2025-01-01 2025-12-31 0 12516479 2025-01-01 2025-12-31 1 12516479 2025-01-01 2025-12-31 2 12516479 2025-01-01 2025-12-31 3 12516479 2025-01-01 2025-12-31 4 12516479 2025-01-01 2025-12-31 5 12516479 2025-01-01 2025-12-31 1 12516479 2025-01-01 2025-12-31 0 12516479 2025-01-01 2025-12-31 0 12516479 2024-01-01 2024-12-31 12516479 2024-01-01 2024-12-31 1 12516479 2023-01-01 2023-12-31 12516479 2023-01-01 2023-12-31 2 12516479 2022-01-01 2022-12-31 12516479 2022-01-01 2022-12-31 3 12516479 2021-01-01 2021-12-31 12516479 2021-01-01 2021-12-31 4 12516479 2021-01-01 2021-12-31 9 12516479 2022-01-01 2022-12-31 8 12516479 2023-01-01 2023-12-31 7 12516479 2024-01-01 2024-12-31 6 12516479 2025-01-01 2025-12-31 5 12516479 2025-12-31 12516479 2024-12-31 12516479 2023-12-31 12516479 2022-12-31 12516479 2021-12-31 12516479 2021-01-01 2021-12-31 19 12516479 2022-01-01 2022-12-31 18 12516479 2023-01-01 2023-12-31 17 12516479 2024-01-01 2024-12-31 16 12516479 2025-01-01 2025-12-31 15 12516479 2023-12-31 12516479 2023-12-31 fsa:SharePremiumMember 12516479 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 12516479 2023-12-31 fsa:RetainedEarningsMember 12516479 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 12516479 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 12516479 2025-01-01 2025-12-31 fsa:SharePremiumMember 12516479 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 12516479 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 12516479 2025-12-31 fsa:SharePremiumMember 12516479 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 12516479 2025-12-31 fsa:RetainedEarningsMember 12516479 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:DKK Regnskabsklasse C, stor virksomhed 2025-01-01 2025-01-01 2025-12-31 Chr. Hansen A/S Bøge Allé 10-12 2970 Hørsholm 12516479 2024-01-01 2024-12-31 regnskabspraksis Årsrapport 12516479 Chr. Hansen A/S Bøge Allé 10-12 2970 Hørsholm xWizard version 1.1.1500.0, by EasyX Aps. www.easyx.eu Den uafhængige revisors erklæring Grundlag for konklusion Konklusion 0.39 0.36 0.2 0.24 0.19 Statement by the Board of Directors and Executive Management Executive Management The Board of Directors and the Executive Management have today discussed and approved the Annual Report of   Chr. Hansen A/S for the financial year January 1 – December 31, 2025.   The Annual Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the Company's assets, liabilities and financial   position at December 31, 2025 and of the results of its operations for the financial year January 1 – December 31,  2025.   Further, in our opinion, the Management's review gives a fair review of the development in the Company’s activities  and financial matters, of the results for the year, of the Company's financial position and describes the Company’s  most significant risks and uncertainties.   We recommend that the Annual Report be approved at the Annual General Meeting. Hørsholm 2026-04-23 Morten Enggaard Rasmussen CEO Rainer Chapour Lehmann Chair Anders Lund Vice Chair Morten Enggaard Rasmussen Lisbet Kragelund Ingermarie Jensen Helle Rexen Employee representative Employee representative Independent auditor’s report To the shareholder of Chr. Hansen A/S Opinion   We have audited the financial statements of Chr. Hansen A/S for the financial year 1 January– 31 December 2025,which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting   policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the financial position of the Company at   31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December  2025 in accordance with the Danish Financial Statements Act.   2025-12-31 Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements   applicable in Denmark. Our responsibilities under those standards and requirements are further described in the   "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit   evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.   Independence   We are independent of the Company in accordance with the International Ethics Standards Board for Accountants'   International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements   applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements   and the IESBA Code.   Management's responsibilities for the financial statements   Management is responsible for the preparation of financial statements that give a true and fair view in accordance   with the Danish Financial Statements Act and for such internal control as Management determines is necessary to   enable the preparation of financial statements that are free from material misstatement, whether due to fraud or   error.   In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as   a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of   accounting in preparing the financial statements unless Management either intends to liquidate the Company or to   cease operations, or has no realistic alternative but to do so.   Auditor's responsibilities for the audit of the financial statements   Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from   material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.   Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance   with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it   exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,   they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial   statements.   As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we   exercise professional judgement and maintain professional scepticism throughout the audit. We also:   • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or   error, design and perform audit procedures responsive to those risks and obtain audit evidence that is   sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material   misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,   forgery, intentional omissions, misrepresentations or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are   appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of   the Company's internal control.   • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates   and related disclosures made by Management.   • Conclude on the appropriateness of Management's use of the going concern basis of accounting in   preparing the financial statements and, based on the audit evidence obtained, whether a material   uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to   continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw   attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures   are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the   date of our auditor's report. However, future events or conditions may cause the Company to cease to   continue as a going concern.   • Evaluate the overall presentation, structure and contents of the financial statements, including the note   disclosures, and whether the financial statements represent the underlying transactions and events in a   manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned scope and   timing of the audit and significant audit findings, including any significant deficiencies in internal control that we   identify during our audit.   Statement on the Management's review   Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the Management's review, and we do not express any form   of assurance conclusion thereon.   In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in   doing so, consider whether the Management's review is materially inconsistent with the financial statements or our   knowledge obtained during the audit, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the Management's review provides the information required   under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Management's review is in accordance with the   financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement   Act. We did not identify any material misstatement of the Management's review.   Copenhagen 2026-04-23 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Jens Thordahl Nøhr State Authorised Public Accountant mne32212 Mads Vinding State Authorised Public Accountant mne42792 Financial highlights 6820616000 4436065000 2670132000 -51115000 6716636000 3789689000 2411775000 -174473000 8300634000 4924126000 1693714000 -695726000 793198000 5902769000 3628690000 1400124000 432000 5411421000 3272590000 1024291000 -34226000 Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) 2669484000 2105477000 2296807000 1891419000 1450021000 1210766000 1001076000 812722000 500418000 Equity Equity Equity Equity Equity 11263718000 16845685000 480023000 10121940000 15728647000 407968000 8530521000 14294149000 1140945000 9027055000 13392205000 498408000 8822616000 13367146000 769674000 65 19 67 56 19 64 59 6 61 13 67 60 9 Operating margin (EBIT margin) Operating margin (EBIT margin) Operating margin (EBIT margin) Operating margin (EBIT margin) Operating margin (EBIT margin) 60 66 Net sales growth in percent3 Net sales growth in percent3 Net sales growth in percent3 Net sales growth in percent3 Net sales growth in percent3 2000 8000 5000 9000 1000 The financial ratios have been calculated as follows:   Gross margin:   Gross profit as a percentage of net sales   Operating margin (EBIT margin):   Operating profit (EBIT) as a percentage of net sales   Return on equity:   Net profit as a percentage of equity end of year   Equity ratio:   Equity as a percentage of total assets end of year   Financial review   The financial statements for the financial year 2025 cover the period from January 1 – December 31, 2025. The  comparative figures cover the financial period January 1, 2024 – December 31, 2024.   Food & Health Biosolutions   Novonesis Group, of which Chr. Hansen A/S is a part, is a pure biology player, with deep scientific specialization in   microbiology and industrial fermentation. Our Biosolutions enable food and beverages with better taste and texture,   less sugar and more fiber. They can deliver life-long health benefits with supplements that target specific health   needs, including mental wellness, oral and gut health, immune as well as women’s and infant health benefits.  Food & Health Biosolutions consists of two sales areas: Food & Beverages Biosolutions and Human Health   Biosolutions.   Food & Beverages Biosolutions include sustainable enzymes and microbes for dairy, baking, beverages, meat,   plant-based and functional foods, with the aim to improve the taste, texture, appearance and nutritional profile, while   helping customers lower expenses and enhance quality.   Human Health Biosolutions include probiotics, enzymes, Human Milk Oligosaccharides (HMOs) and specialized   proteins to support evolving health and nutritional needs, addressing areas like gut wellness, immune support,   women’s health, infant health, and mental wellness through clinically documented ingredients and solutions.   Planetary Health Biosolutions   Planetary Health Biosolutions include products for the animal and feed industry, Agriculture, Energy & Tech. Our   sustainable Biosolutions help improve resource efficiency in industrial processes and livestock production, driving   higher yields from fewer resources. Biosolutions also allow farmers to boost crop yields and strengthen climate   resilience.   Principal activities   Chr. Hansen A/S is a global differentiated bioscience company that develops natural ingredient solutions for the food,   nutritional, pharmaceutical, and agricultural industries.   Chr. Hansen A/S is organized into two divisions. The divisions are Food & Health Biosolutions and Planetary Health   Biosolutions.   Development in activities and financial position   Chr. Hansen A/S reported net sales in 2025 of DKK 6,821 million compared to DKK 6,717 million in 2024 and equal   to an increase of 2%. The increase in net sales is lower than the initially expected 6-8% for Chr. Hansen A/S due to   increased sales through subsidiaries instead of directly sales.   Gross profit amounted to DKK 4,436 million equivalent to a gross margin of 65% compared to DKK 3,790 million and   a gross margin of 56% in 2024. The positive development in the gross margin is mainly due to one-off impairment   losses of DKK 347 million recognized in 2024, which impacted the gross margin negatively in 2024.   Other operating income amounting to DKK 1,087 million compared to DKK 1,472 million in 2024. Other operating   income includes a research and development cost contribution agreement between Novozymes A/S and Chr.   Hansen A/S. In 2024, other operating income was further impacted by a net gain from the divestment of the lactase   enzymes business.   Operating profit (EBIT) increased to DKK 2,670 million from DKK 2,412 million in 2024. The EBIT margin for 2025  was 39% compared to 36% in 2024.  Financial expenses amounted to DKK 155 million against DKK 241 million in 2024. In 2024, financial expenses were   impacted by the impairment of receivables from joint ventures of DKK 97 million.   Profit before tax amounted to DKK 2,669 million compared to DKK 2,297 million in 2024. Net profit for the financial   year amounted to DKK 2,105 million for 2025 compared to DKK 1,891 million in 2024 and is as expected.   Total assets amounted to DKK 16,846 million at December 31, 2025 compared to DKK 15,729 million at December  31, 2024.   Total equity amounted to DKK 11,264 million at December 31, 2025 equivalent to an equity ratio of 67%. This   compared to a total equity of DKK 10,122 million and an equity ratio of 64% at December 31, 2024.   Dividend of DKK 1,000 million was approved at the Annual General Meeting held June 19, 2025 and was   subsequently paid to the sole shareholder Novozymes A/S. For 2025, a dividend of DKK 1,000 million is proposed.   The average number of employees was 1,629 at December 31, 2025 compared to 1,614 at December 31, 2024.   Uncertainty regarding recognition and measurement   No uncertainty regarding recognition and measurement has been identified by Management.   Outlook for 2026   Net sales and net profit are expected to be at the same level compared to 2025.   Intellectual capital   As a knowledge-based company Chr. Hansen A/S is highly dependent on having committed and motivated   employees, as well as skilled managers. Chr. Hansen A/S therefore invests in the development of competences   through ambitious development programs for employees and managers.   Environmental matters   Sustainability is integral to how we work at Novonesis and in Chr. Hansen A/S. Our efforts are driven by our   sustainability ambition ‘People. Planet. Positive.’ depicting our aim to deliver biosolutions that enable a healthier  planet and healthier people - our handprint - while reducing the impact of our production and supply chain - our   footprint.   A Sustainability Board at the Novonesis Group level ensures that sustainability is effectively anchored in the   organization. The Sustainability Board ensures ownership, involvement and commitment from the entire business in   defining, prioritizing and executing on sustainability objectives.   Research and development activities   For Chr. Hansen A/S, innovation is an important contributor to business growth. More than 21% of the total number   of employees in Chr. Hansen A/S work within research and development.   Chr. Hansen A/S generally patents all new products of commercial value. The patents protect our investments in   research and development and increase the value of our business. In addition, we make sure that our product   technology and application methods are protected by a wide patent portfolio.   Risk Management   As a global company that operates across various industries, Chr. Hansen A/S’ business is exposed to a diverse set  of risks. We have a risk management framework in place to effectively manage risks and to foster continuous risk   awareness. Our risk management framework enables us to identify, assess and mitigate potential business risks, to   ensure sustainable growth and reliability as a partner to our stakeholders and the communities in which we operate.   In addition to managing immediate business risks, we also identify long-term and strategic risks. Our approach   involves considering both financial and non-financial risks in an integrated and holistic manner, treating all risks   equally.   For a detailed description of material risks, reference is made to the financial statements of Novonesis (Novozymes   A/S, cvr. 10 00 71 27). Risk Management for the Company is integrated into the consolidated Risk Management of   the parent company, Novonesis.   Statutory report on social responsibility pursuant to the Danish Financial Statements Act §99a   Chr. Hansen’s statutory statement of corporate social responsibility in accordance with Section 99a of the Danish  Financial Statements Act is included in the sustainability Statement for Novonesis (Novozymes A/S, cvr. 10 00 71 27),   see the group’s publication at Novonesis_Annual_Report_2025.pdf. The sustainability statement is included in the  Annual Report 2025, pages 53-117 (the sustainability statement), for the financial year January 1 – December 31,  2025 including disclosures incorporated by reference listed in the table ‘Disclosure requirements and incorporation by  reference’ on pages 113-115.  Statutory report on data ethics pursuant the Danish Financial Statements Act §99d   Chr. Hansen’s statutory report on data ethics in accordance with Section 99d of the Danish Financial Statements Act  is included in the annual report for Novonesis (Novozymes A/S, cvr. 10 00 71 27). The full report can be found on   Novonesis' website: About us | Policies & positions | Novonesis.   Statutory report on data ethics pursuant the Danish Financial Statements Act §99d   Chr. Hansen’s statutory report on data ethics in accordance with Section 99d of the Danish Financial Statements Act  is included in the annual report for Novonesis (Novozymes A/S, cvr. 10 00 71 27). The full report can be found on   Novonesis' website: About us | Policies & positions | Novonesis.   6820616000 2384551000 4436065000 6716636000 2926947000 3789689000 1522760000 340813000 1086886000 25405000 1340599000 382219000 1471779000 73448000 50467000 104092000 59505000 66682000 155207000 2669484000 241155000 2296807000 564007000 405388000 2105477000 1891419000 1890283000 1737970000 321390000 2292697000 1918246000 392350000 139577000 169614000 152578000 149693000 4241798000 4922600000 1938944000 1077246000 261396000 1903303000 873603000 237172000 1578333000 4855919000 1653774000 4667852000 2754204000 2717903000 2754204000 2717903000 11851921000 670603000 12308355000 700114000 241224000 3672496000 56614000 208606000 2012442000 122181000 35728000 39878000 4006062000 2383107000 317099000 4993764000 16845685000 337071000 3420292000 15728647000 194101000 221972000 194101000 294878000 9847645000 1000000000 11263718000 8632961000 1000000000 10121940000 1007859000 483000 1042537000 483000 1008342000 1043020000 926250000 495669000 933281000 495669000 1421919000 1428950000 77410000 7018000 65215000 28109000 414658000 1792467000 631333000 228820000 3151706000 508750000 1815703000 451402000 265558000 3134737000 4573625000 4563687000 16845685000 15728647000 10121940000 2105477000 36301000 194101000 294878000 8632961000 2105477000 36301000 1000000000 0 0 0 0 0 0 0 0 0 0 0 0 1000000000 72906000 1000000000 -1000000000 0 1000000000 0 0 -72906000 194101000 221972000 9847645000 1000000000 11263718000 Note 1 Accounting policies   The financial statements of Chr. Hansen A/S for the financial year 2025 has been prepared in accordance with the   Danish Financial Statements Act reporting class C (large). Chr. Hansen applies the IFRS 9 expected credit loss model,   IFRS 15 and IFRS 16 as interpretation.   The presentation currency for the financial statements is DKK.   The financial statements for the financial year 2025 is presented in DKK 1,000.   Further, with reference to section 99a(7) of the Danish Financial Statements Act, no statement on corporate social   responsibility has been prepared. Finally, with reference to section 99d(3) of the Danish Financial Statements Act, no   policy on data ethics have been included. Reference is made to the annual report of Novonesis (Novozymes A/S, cvr.   10 00 71 27). The annual report of Novonesis is available for download at   Annual Report https://www.novonesis.com/en/investors/annual-report.   true In accordance with section 112(1) of the Danish Financial Statements Act, Chr. Hansen A/S has not prepared any   consolidated financial statements. Chr. Hansen A/S is included in the consolidated financial statements of Novozymes   A/S, business registration no. 10 00 71 27.   In accordance with section 86(4) of the Danish Financial Statements Act, Chr. Hansen A/S has not prepared a cash   flow statement. Similarly, with reference to section 96(3) the fee to the statutory auditors appointed at the general   meeting has not been presented. The fee to the statutory auditors for the Novonesis Group is included in the   consolidated financial statements of Novonesis (Novozymes A/S, cvr. 10 00 71 27).   Translation of foreign currencies   On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date.   Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the   balance sheet date are translated using the exchange rate at the balance sheet date. Exchange rate differences that   arise between the rate at the transaction date and the rate in effect at the payment date or the rate of the balance   sheet date are recognized in the income statement as financial income or financial expenses.   Changes in the fair value of derivative financial instruments that meet the criteria for a fair value hedge of a   recognized asset or liability are recognized in the income statement together with changes in the fair value of the   hedged portion of the recognized asset or liability.   For derivative financial instruments that do not comply with the requirements for being treated as hedging   instruments, changes in the fair value are recognized in the income statement as financial income or financial   expenses.   Derivative financial instruments   Derivative financial instruments are initially recognized at fair value at the rate the derivative contract is entered into   and are subsequently remeasured at fair value. The fair values of derivative financial instruments are included in   other receivables and other payables, respectively, and positive and negative values are offset only when the   company has the right and the intention to settle financial instruments net. Derivative financial instruments are   measured at fair value based on observable market data and generally accepted valuation methods.   Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a fair   value hedge of recognized assets and liabilities are recognized in the income statement together with changes in the   value of the hedged asset or liability with respect to the hedge portion.   Realized gains and losses on derivative financial instruments are recognized in the income statement as financial   income or financial expenses.   Income statement   The income statement is classified by function.   Net sales   Chr. Hansen A/S produces a wide range of cultures and enzymes. Sales of goods and related services and royalties   are recognized at an amount that reflects the consideration to which Chr. Hansen A/S expects to be entitled.   Sales of goods to customers are recognized when control of the goods is transferred to the customer, i.e. when the   goods are delivered to the end-customer.   The performance obligations in the contracts are to deliver produced cultures and enzymes to the customers, and   each batch delivered is considered a separate performance obligation, as each batch is distinct.   Products are sometimes sold with a rebate. A rebate agreement can be set up in various ways, but common to all   agreements is that net sales are recognized based on the price specified in the contract, net of the estimated rebate.   Rebates are estimated based on experience, as well as information related to expected orders 3-12 months in   advance. Estimated rebates are reassessed at the end of each reporting period.   A relatively small part of sales originates from commission agreements where agents undertake sales to third parties   in return for commission on realized sales. Sales from such agreements is recognized, when the goods are   delivered, as the nature of the performance obligation is to provide the specified goods.   A trade receivable is recognized when the customer obtains control of the goods and an invoice is issued, as this is   the point in time when the consideration is unconditional and only the passage of time is required before the   payment is due.   The obligation to provide a refund for products that are not of the agreed quality or according to agreed   specifications under standard warranty terms is recognized as a provision.   Cost of goods sold   Cost of goods sold includes the acquisition price for raw materials, consumables, trading goods, direct labour   expenses and a portion of indirect production expenses comprising expenses related to the operation and   depreciation of production facilities, as well as operation, administration and management of production plants.   Furthermore, cost of goods sold includes expenses and depreciation related to the net realized value of defective   goods and goods with a long turnover rate.   Research and development expenses   Research and development expenses include employee expenses, amortization and other expenses directly or   indirectly associated with the Company’s research and development activities.   Development projects related to new products and processes that are clearly defined and identifiable, while having a   high degree of technical utilization, sufficient resources and where a potential future market or development potential   within the Company can be proved, and where it is the intention to manufacture, market and utilize the project, are   recognized as intangible assets if there is sufficient certainty that the capital value of future earnings will cover the   cost of goods sold, sales and administrative expenses, as well as the development expenses.   Development projects that do not comply with the requirements for recognition in the balance sheet are recognized   in the income statement as expenses are incurred.   Sales and distribution expenses   Sales and distribution expenses include expenses for salaries to sales personnel, advertising and conference   expenses, depreciation, etc.   Administrative expenses   Administrative expenses include expenses for administrative personnel, IT and management, including office   expenses, salaries, depreciation, etc.   Other operating income and expenses   Other operating income and expenses include income and expenses of a secondary nature in relation to the   Company’s main activities, comprising mainly income from the research and development cost contribution  agreement between Novozymes A/S and Chr. Hansen A/S. Other operating income also includes net gains from the   sale of activities.   Dividend received   Dividends from investments in subsidiaries are recognized in the income statement of Chr. Hansen A/S in the   financial year in which the dividend is declared.   Financial income and financial expenses   Financial income and financial expenses comprise interest income and expenses and value adjustments of financial   assets and transactions in foreign currencies. Financial expenses also include impairment of receivables from joint   ventures.   Income taxes   Tax for the year, comprising current tax for the year, changes in deferred tax for the year and possible adjustments   relating to prior years, is recognized in the income statement by the portion attributable to the profit for the year and   recognized directly in equity by the portion attributable to entries recognized directly in equity.   Chr. Hansen A/S is jointly taxed with the Danish companies of the Novo Holdings A/S Group. Joint taxation also   covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly   and individually liable for the joint taxation liability. Any subsequent adjustments to income taxes and withholding   taxes may increase the liability. Tax for the individual companies is allocated in full on the basis of the expected   taxable income.   Intangible assets   Intangible assets are measured at cost less accumulated amortization and impairments.   Goodwill is amortized over a periode of 10-15 years using the straight-line method, which reflects the useful life of   the underlying assets and activities generating the goodwill.   Goodwill is written down to the recoverable amount if this is lower than the carrying amount.   Patents, trademarks and intellectual property rights acquired are measured at cost less accumulated amortization.   Patents are amortized over their remaining duration, and licenses are amortized over the term of the agreement, but   over no more than 20 years. Intellectual property rights etc. are written down to the lower of the recoverable amount   and the carrying amount.   Development projects on clearly defined and identifiable products and processes for which the technical rate of   utilization, adequate resources and a potential future market or development opportunity in the Company can be   established, and where the intention is to manufacture, market or apply the product or process in question, are   recognized as intangible assets. Other development expenses are recognized as expenses in the income statement   as incurred. . The cost of development projects comprises costs such as salaries and amortization that are directly   and indirectly attributable to the development projects.   Completed development projects are amortized on a straight-line basis using the estimated useful lives of the   assets. The amortization period for development projects is up to 20 years, defined based on individual assessment   of the product life expectancy. Development projects are written down to the lower of recoverable amount and   carrying amount.   Capitalized development costs are measured at cost less accumulated amortization and impairment losses or   recoverable amount, whichever is lower.   Completed development projects are reviewed at the time of completion and on an annual basis to determine   whether there is any indication of impairment. If so, an impairment test is carried out for the individual development   projects. For development projects in progress, however, an annual impairment test is always performed. The   impairment test is performed based on various factors, including future use of the project, the fair value of the   estimated future earnings or savings, interest rates and risks. For development projects in progress, Management   estimates on an ongoing basis whether each project is likely to generate future economic benefits to qualify for   recognition. The development projects are evaluated based on technical as well as commercial criteria.   An amount equal to the total capitalized development expenses after tax is recognized under equity in the line item   ‘Reserve for development expenses’. The reserve includes only development expenses that are recognized in  financial years beginning on or after January 1, 2016. The reserve is reduced by depreciation and write-downs on   the development projects.   Borrowing costs in respect of construction of major assets are capitalized when it takes more than a year for them to   be ready for use.   Gains or losses on disposed intangible assets are recognized in the income statement.   The carrying amount of intangible assets and intangible assets in progress are reviewed yearly to determine if there   are any indications of impairments other than that expressed by amortization. An impairment test is performed if this   is the case to assess whether the recoverable amount is lower than the carrying amount, and if so, the value is   written down to the recoverable amount.   Property, plant and equipment   Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.   Property, plant and equipment under construction are measured at cost. Cost comprises expenses for materials,   direct employee expenses and a share of indirect costs.   Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:   • Buildings   20-25 years   • Plant and machinery   5-20 years   • Other fixtures and equipment   3-10 years   Borrowing costs in respect of construction of major assets are capitalized.   The residual values and useful lives of the assets are reviewed yearly to determine if there are any indications of   value reductions other than that expressed by depreciation. An impairment test is performed if this is the case to   assess whether the recoverable amount is lower than the carrying amount, and if so the value is written down to the   recoverable amount.   Leases   Lease assets are ‘right-of-use-assets’, which is a contract or part of a contract that conveys the lessee's right to use  an asset for a period. The lease asset is initially measured at the present value of future fixed lease payments plus   upfront payments and/or other initial direct costs incurred, less any lease incentives received.   The lease liability is measured using the Company’s average incremental borrowing rate.   Lease assets are classified alongside owned assets of similar type under property, plant and equipment. The lease   assets are depreciated using the straight-line method over the lease term. Lease assets are tested for impairment in   case of indication hereof.   Short-term leases and leases of low value are recognized as costs in the income statement on a straight-line basis   over the lease term. The company's portfolio of leases covers land, buildings, cars and equipment.   Investments in subsidiaries   Investments in subsidiaries are measured at cost. The carrying amount is tested for impairment when there is an   indication of impairment. This includes where the carrying amount of an investment in a subsidiary exceeds the   carrying amount of the net assets in the subsidiaries financial statements or the dividend exceeds the total   comprehensive income of the subsidiary in the period in which the dividend is declared. The investments are written   down to the recoverable amount if this is lower than the carrying amount.   Investments in joint ventures   Investments in joint ventures are measured at cost. The investments are written down to the recoverable amount if   this is lower than the carrying amount.   Inventories   Inventories are measured at the lower of cost determined on a first-in-first-out basis and net realizable value.   The cost of work in progress and finished goods comprises direct production costs such as raw materials and   consumables; energy and labor directly attributable to production and indirect production costs such as employee   expenses, maintenance and depreciation of plants, etc.   Obsolete and defective inventories are written down to net realizable value.   Receivables   Receivables are measured at amortized cost, usually equaling nominal value, less allowances for bad and doubtful   debts. The allowances are based on a specific assessment of the individual receivable.   Receivables from Group enterprises/payables to Group enterprises   Receivables from group enterprises and payables to group enterprises comprise receivables and payables to the   parent company, subsidiaries and sister companies.   Prepayments   Prepayments, recognized as assets, comprises among other things, insurance, subscriptions and licenses.   Prepayments is measured at amortized cost.   Cash and cash equivalents   Cash and cash equivalents comprise cash balances and bank balances. Balances in the group's cash pool scheme   are not, due to the nature of the scheme, considered cash, but are recognized under ‘Receivables from Group   enterprises’ or ‘Payables to Group enterprises’, as applicable.   Other provisions   Other provisions are recognized in the balance sheet when it is probable, because of prior events that a contractual   or actual liability has arisen, which will probably draw on the economic resources of the Company. Other provisions   are measured at net realizable value.   Financial liabilities   Fixed-rate loans, comprising mortgage loans and bank loans, are measured at cost which corresponds to the   proceeds received less transaction expenses incurred. In subsequent periods, the loan is measured at amortized   cost. The difference between the proceeds at the time of the borrowing and the nominal repayable amount of the   loan is recognized in the income statement as financial costs over the term of the loan.   Other liabilities are measured at amortized cost, which usually corresponds to nominal value.   Deferred tax   Deferred tax is recognized on all temporary differences between the carrying amount and the tax base of assets and   liabilities. Deferred tax is measured according to current tax legislation and tax rate in force at the balance date.   Where the measurement of the tax base can be conducted in accordance with alternative tax legislation, deferred   tax is measured based on the planned life of the asset or liability.   Deferred tax assets, including the tax base of losses that may be carried forward, are measured at the value at   which the asset is expected to be realized, either by settlement as tax or deducted in deferred tax liabilities.   Fair value   Fair value is determined in accordance with level 1 to 3 of the fair value hierarchy. If a reliable fair value cannot be   determined based on the fair value hierarchy, financial assets and liabilities are measured at cost.   Note 2 Net sales   DKK’000   2025   2024   Net sales split geographically   Denmark   153,199   111,292   Europe (excl. Denmark)   2,727,156   2,827,397   North America   1,455,433   1,391,956   Asis Pacific   1,265,399   1,348,475   LATAM   827,375   675,021   Other markets   392,054   362,495   Total   6,820,616   6,716,636   The geographical split is based on customer location.   Net sales include royalties charged to Group companies in the amount of DKK 1,402 million (DKK 1,287 million in   2024).   Note 3 Employee expenses   Wages and salaries   Cost of goods sold, research and development expenses, sales and distribution expenses, and administrative   expenses include wages and salaries, etc., which are distributed as follows:   DKK’000   2025   2024   Wages and salaries, etc.   1,194,212   1,170,525   Transferred capitalization   -49,806   -54,332   Pensions   121,675   110,551   Social security costs   20,370   16,081   Total   1,286,451   1,242,825   1629 1614 Members of the Executive Management are not directly remunerated from Chr. Hansen A/S but receive a total   remuneration for roles and responsibilities within the Novonesis Group. Members of the Board of Directors, except   for employee elected representatives, are not remunerated for being part of the Board of Directors. Accordingly,   remuneration to Management of DKKt 1,635 (DKKt 2,859 in 2024) is a proportionate share of the full salary paid by   the Novonesis Group to the Executive Management, representing remuneration for the role and responsibilities as   Executive Management, and the remuneration paid to employee elected representatives of the Board of Directors.   With reference to section 98b of the Danish Financial Statements Act, the remuneration of the Executive Board and   the Board of Directors is disclosed as one amount in 2025.   Note 4 Depreciation, amortization and impairment losses   Depreciation, amortization and impairment losses are included in cost of goods sold, research and development   expenses, sales and distribution expenses and administrative expenses and are distributed as follows:   DKK’000   2025   2024   Cost of goods sold   163,842   491,223   Sales and distribution expenses   610,764   521,726   Research and development expenses   161,129   129,975   Administrative expenses   42,809   71,627   Total   978,544   1,214,551   Note 5 Other operating income and expenses   Other operating income and expenses comprise primarily income from the research and development cost   contribution agreement between Novozymes A/S and Chr. Hansen A/S in the amount of DKK 1,050 million (DKK   1,020 million in 2024).   Note 6 Financial income   DKK’000   2025   2024   Interest income from Group enterprises   39,687   22,301   Interest income and other financial income   64,405   44,381   Total   104,092   66,682   Note 7 Financial expenses   DKK’000   2025   2024   Interest expenses to Group enterprises   41,852   60,125   Impairment of receivables from joint ventures   0 97,338   Interest expenses and other financial expenses   113,355   83,692   Total   155,207   241,155   1000000000 72906000 1000000000 155529000 1032571000 2105477000 735890000 1891419000 Note 9 Intangible assets   Patents,   trademarks,   intellectual   Intangible   property,   Development   assets in   DKK’000   Goodwill   etc.   projects   Software   progress   Total   Cost at January 1, 2025   4,411,526   2,577,685   883,025   560,694   149,693   8,582,623   Transferred   0 0 3,132   8,738   -11,039   831   Additions during the year   0 0 0 3,576   13,924   17,500   Disposals during the year   0 0 -5,772   -31,530   0 -37.302   Cost at December 31, 2025   4,411,526   2,577,685   880,385   541,478   152,578   8,563,652   Amortization and   impairment losses at   January 1, 2025   2,118,829   659,439   490,675   391,080   0 3,660,023   Amortization during the   year   402,414   180,276   68,320   37,419   0 688,429   Impairment losses   0 0 5,772   268   0 6,040   Disposals during the year   0 0 -5,772   -26,866   0 -32,638   Amortization and   impairment losses at   December 31, 2025   2,521,243   839,715   558,995   401,901   0 4,321,854   Carrying amount at   December 31, 2025   1,890,283   1,737,970   321,390   139,577   152,578   4,241,798   Interest included in the   above assets   0 0 0 0 0 0 Development projects   Development activities are related to the development of new products and to the ongoing optimization of production   processes for existing products. The new products and optimized production processes for existing products are   expected to result in an increase in the Company’s level of activities and contribute to an increased profitability going   forward.   Development expenses are recognized in the income statement when incurred, unless the criteria for capitalization   are met.   Note 10 Property, plant and equipment   Other fixtures   Land and   Plant and   and   Assets under   DKK’000   buildings   machinery   equipment   construction   Total   Cost at January 1, 2025   2,488,463   2,247,159   600,834   1,653,774   6,990,230   Transferred   49,208   282,429   43,718   -376,186   -831   Additions during the year   74,091   31,644   42,599   331,689   480,023   Disposals during the year   -18,997   -22,278   -50,180   -30,944   -122,399   Cost at December 31, 2025   2,592,765   2,538,954   636,971   1,578,333   7,347,023   Depreciation and impairment   losses at January 1, 2025   585,160   1,373,556   363,662   0 2,322,378   Depreciation during the year   87,658   107,216   58,257   0 253,131   Impairment losses   0 0 0 30,944   30,944   Disposals during the year   -18,997   -19,064   -46,344   -30,944   -115,349   Depreciation and impairment   losses at December 31, 2025   653,821   1,461,708   375,575   0 2,491,104   Carrying amount at December   31, 2025   1,938,944   1,077,246   261,396   1,578,333   4,855,919   Hereof leased assets   1,022,536   151   7,795   0 1,030,482   Interest included in the above   assets   0 0 0 29,228   29,228   Buildings, and plant and machinery at the carrying amount of DKK 534 million (DKK 513 million in 2024) have been   pledged as security for mortgage loans of DKK 496 million (DKK 496 million in 2024).   Note 11 Investments in subsidiaries   DKK’000   2025   2024   Cost at January 1, 2025   2,717,903   2,717,903   Addition from intragroup mergers   36,301   0 Cost at December 31, 2025   2,754,204   2,717,903   To simplify the legal structure of the German entities within the Novonesis Group, five legal entities in Germany have   merged in 2025.   Through these mergers, Chr. Hansen A/S obtained a value equivalent to 99% equity interest in two German entities   which were previously fully owned by Novozymes A/S. The value of these entities is recognized as an addition to   investments in subsidiaries and as capital contribution within the statement of changes in equity.   The transaction is recognised at carrying amounts, as it represents a reallocation of ownership interests within the   group without change in ultimate control. Accordingly, 99% of the carrying amount has been recognised by Chr.   Hansen A/S as a capital contribution from the parent company, Novozymes A/S, with a corresponding increase in   the carrying amount of the investment in Chr. Hansen GmbH.   Chr. Hansen A/S now holds a direct equity interest in Chr. Hansen GmbH of 99% and an indirect equity interest in   Chr. Hansen HMO GmbH of 99%.   Net profit for   Equity   Registered   the financial   Name/legal form   interest   office   Currency   year   Equity   Chr. Hansen France SAS   100%   France   DKK   46,927,965   454,739,667   Chr. Hansen India Pvt. Ltd.   100%   India   DKK   4,808,661   41,698,577   Chr. Hansen SRL   100%   Romania   DKK   766,731   1,737,537   Chr. Hansen GmbH*   99%   Germany   DKK   - 331,288,788   Chr. Hansen HMO GmbH*   99%   Germany   DKK   - 541,216,324   Chr. Hansen Gida Sanayi ve Ticaret A.S.   50%   Türkiye   DKK   -2,010,344   18,909,740   Chr. Hansen Malaysia SDN. BHD.   50%   Malaysia   DKK   26,310,490   148,129,600   Chr. Hansen Colombia S.A.S.   46%   Colombia   DKK   2,535,925   14,715,886   Chr. Hansen Middle East and Africa FZ-   United Arab   LLC   20%   Emirates   DKK   15,262,734   101,170,291   * The German companies’ net profit for the financial year covers a 4-months period from 1/9-23 to 31/12-2023.  There are not yet any financial statements available for the German companies after the merger.   Note 12 Inventories   Dec. 31,   Dec. 31,   DKK’000   2025   2024   Raw materials and consumables   126,274   172,120   Work in progress   291,476   255,800   Finished goods and goods for resale   252,853   272,194   Total   670,603   700,114   Note 13 Deferred tax   DKK’000   2025   2024   Deferred tax at January 1, 2025   1,042,537   1,033,066   Deferred tax adjustment for the year   -64,851   -221,542   Deferred tax adjustment regarding previous   years   30,173   231,013   Deferred tax at December 31, 2025   1,007,859   1,042,537   Provisions for deferred tax relate to:   Intangible assets   911,965   1,003,607   Tangible assets   86,783   61,796   Current assets   56,944   59,536   Other assets, deferred commitments and   liabilities   -47,833   -82,402   Total   1,007,859   1,042,537   Note 14 Non-current liabilities other than provisions   Liabilities other than provisions are specified as follows:   DKK’000   Dec. 31,   Dec. 31,   2025   2024   Lease liabilities:   0-1 year   77,410   65,215   1-5 years   255,687   241,636   >5 years   670,563   691,645   Total   1,003,660   998,496   Mortgage debt:   0-1 year   0 0 1-5 years   65,059   21,376   >5 years   430,610   474,293   Total   495,669   495,669   The average interest rate on mortgage debt is 2.4% p.a. (3.7% in 2024).   Note 15 Investments in joint venture   Registered   Equity   Name/legal form   office   interest   Bacthera AG   Switzerland   50%   Bacthera AG is under liquidation. The investment was written down to DKK 0 in 2022/23.   Note 16 Currency and interest rate risks and the use of derivative   financial instruments   The Company is exposed to market risk, primarily risks relating to currency and interest rates, and uses financial   instruments to hedge identified risks. The Company only enters into hedging agreements that relate to the underlying   business. Financial instruments used by Chr. Hansen A/S are cash instruments, foreign exchange spot trades,   foreign exchange forwards as well as current and non-current loans.   Foreign exchange rate sensitivity analysis   The foreign exchange rate sensitivity analysis did not show any material impact on net profit from a 5%   increase/decrease in exchange rates.   Forecast future transactions   The overall purpose of managing currency risk is to minimize the effect of short-term currency movements on   earnings and cash flows. Chr Hansen A/S’ main currency is EUR. Exposure is limited by assets, debt and expenses  to a certain degree matching the geographic segmentation of sales.   Gains and   losses   recognized   in the   income   Notional   statement   Max. month   amount   (fair value)   2025   to maturity   DKK'000   DKK’000   Forward exchange contracts   SGD   0 1,496   GBP   1 25,608   2,064   AUD   1 -12,627   0 USD   1 -31,691   1,026   DKK   1 18,710   0 Total   0 4,586   Fair value of forward exchange contracts amounts to DKK -0.1 million at 31 December 2025 (2024: DKK 0.1 million),   recognized with DKK 0.1 million under other receivables and DKK -0.2 million under other payables respectively   (2024: DKK 0.3 million respectively DKK -0.2 million). The derivative financial instruments are categorized in level 2   in the fair value hierarchy and no significant unobservable input is included in the valuation.   Note 17 Related parties   Chr. Hansen A/S’ related parties comprise the following:  Control   Novozymes A/S (part of Novonesis), Krogshøjvej 36, DK-2880 Bagsværd, Denmark.   The financial statements of Chr. Hansen A/S is included in the consolidated financial statements of Novozymes A/S,   Bagsværd, which is the immediate parent. The ultimate parent is the Novo Nordisk Foundation, Tuborg Havnevej 19,   DK-2900 Hellerup, Denmark.   The consolidated financial statements of Novozymes A/S can be downloaded at Annual Report. The consolidated  financial statements of the ultimate parent, the Novo Nordisk Foundation, can at a later date be downloaded at   https://novonordiskfonden.dk/en/news-media/media-library   Transactions and balances   Related parties include the parent; Novozymes A/S, subsidiaries, sister companies within the Novonesis Group,   entities within the Novo Holdings Group, the Novo Nordisk Foundation and its subsidiaries and associates as well as   Board of Directors and the Executive Management of these entities, together with their immediate families.   DKK’000   2025   2024   Transactions   Sale of goods   4,281,315   4,315,708   Sale of services   1,411,775   1,286,610   Purchase of goods and services   612,270   579,380   Royalty income   1,402,025   1,277,672   Royalty expenses   976,144   1,850,335   Income relating to the research and   development cost contribution agreement   1,049,881   1,020,000   Expense relating to the research and   development cost contribution agreement   583,412   384,000   Interest income   39,687   22,301   Interest expenses   41,852   60,125   Distributed dividend   1,000,000   300,000   Dividend from group companies   50,467   59,505   Balances at December 31   Short-term receivables   3,672,496   2,012,442   Short-term payables   1,792,467   1,817,374   Equity contribution from parent   36,301   - Refer to note 3 Employee expenses for details on remuneration for the Executive Management and the Board of  Directors.   Note 18 Contingent liabilities   Tax   Chr. Hansen A/S is jointly taxed with the Danish companies of the Novo Holdings A/S Group. Joint taxation also   covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly   and individually liable for the joint taxation liability. Any subsequent adjustments to income taxes and withholding   taxes may increase the liability. Tax for the individual companies is allocated in full on the basis of the expected   taxable income.   No events of importance to the financial statements have occurred after the balance sheet date of 31 December 2025.