Chr Hansen A/S : Q3 Conference call presentation 2020/21

Chr. Hansen

Q3 2020/21 Results

July 8, 2021

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Safe harbor statement

This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. Forward-looking statements are other than statements of historical facts. The words "believe," "expect," "anticipate," "intend," "estimate," "outlook," "will," "may," "continue," "should" and similar expressions identify forward-looking statements.

Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in records and other data available from third parties.

Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and may be beyond our control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of the Company or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements.

The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation and are subject to change without notice. The Company and its respective agents, employees or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward- looking statements contained in this presentation to reflect any change in events, conditions or circumstances beyond what is required by applicable law or applicable stock exchange rules and regulations.

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Third quarter in line with expectations

Financial highlights Q3/YTD 2020/21(continuing operations)

	ORGANIC GROWTH		EBIT MARGIN		FREE CASH FLOW
			before special items		before acquisitions &
					divestments and special items
Q3 2020/21	4%		29.3% reported		EUR 85m
Q3 2019/20: 9%		33.1% underlying1		Q3 2019/20: EUR 94m
			Q3 2019/20: 34.5%
	8%		27.3% reported		EUR 120m
YTD 2020/21	YTD 2019/20: 6%		30.9% underlying1		YTD 2019/20: EUR 144m
			YTD 2019/20: 32.0%

1 Underlying EBIT margin b.s.i. excludes recent acquisitions. See Q3 2020/21 company announcement, p. 20 for reconciliation.

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Good progress on new product launches, lighthouses and portfolio changes

Strategic highlights Q3 2020/21

2025 STRATEGY

REINVESTING IN CORE TO DEFEND AND STRENGTHEN MARKET POSITION

• All-timehigh launch activity in dairy
• Animal Health launched new cattle probiotic Bovacillus™ in Americas
• Human Health released new clinical study on immune balancing benefits of probiotics
• Roll-outof The Probiotic Institute in China and globally

LEVERAGING MICROBIAL PLATFORM TO GROW LIGHTHOUSES AND NEW AREAS

• 3rd generation FreshQ® brought to market for fermentation-enabled bioprotection
• VEGA™ brand and new cultures launched for fermented plant bases
• Bacthera received manufacturing licenses for clinical trial production

EXTEND TECHNOLOGY PLATFORM VIA M&A AND PARTNERSHIPS

• UAS/HSO: Integration of manufacturing progressing; good sales momentum in Q3
• HMO: Capacity expansion in Germany on track

REVIEW STRATEGIC OPTIONS

FOR NON-MICROBIAL ASSETS

• Divestment of Natural Colors to EQT closed on Mar 31

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EMEA and APAC impacted by high baseline; LATAM with less EUR pricing

Regional highlights Q3/YTD 2020/21 (continuing operations)

EMEA	NORTH AMERICA	LATIN AMERICA	APAC
39% of revenue YTD	31% of revenue YTD	12% of revenue YTD	18% of revenue YTD

+3%	+5%	+5%	+7%	+19%	+30%	(6%)	+0%
organic growth in Q3	organic growth YTD	organic growth in Q3	organic growth YTD	organic growth in Q3	organic growth YTD	organic growth in Q3	organic growth YTD
(Q3 2019/20: +9%)	(YTD 2019/20: +3%)	(Q3 2019/20: +2%)	(YTD 2019/20: +6%)	(Q3 2019/20: +21%)	(YTD 2019/20: +16%)	(Q3 2019/20: +12%)	(YTD 2019/20: +5%)
• Q3: FC&E delivered good growth,	• Q3: FC&E delivered solid growth;	• Q3/YTD: FC&E and H&N grew very	• Q3: FC&E declined due to
while H&N declined on a high	H&N declined slightly due to	strongly across business units	continued weakness in China but
comparable		Human Health		• EUR pricing accounted for approx.	less than in H1; H&N declined on a
• YTD: FC&E grew solidly, whilst	• YTD: FC&E and H&N grew solidly	>1/3 in Q3 vs. >1/2 YTD	high comparable
H&N declined						• YTD: FC&E declined, while H&N
						delivered very strong growth

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