Good afternoon, everyone, and welcome here from Denmark to Novozymes' fully virtual and live Capital Markets Day 2021. My name is Tobias Bjorklund, and I'm the Head of Investor Relations. On behalf of all of us, I'd like to thank you for joining us here today. We are very much looking forward to sharing Novozymes' strategic priorities and ambitions with you here today. Shifting to the next slide here, you can see the program for the day. We have the full management team available, and the session will last for approximately two and a half hours. Apart from the presenters that you see here on the agenda, we're also joined by two additional executive members. They are Graziela Malucelli, Executive Vice President, Operations, Supply, and Quality, and Morten Rasmussen, who is our Executive Vice President, People, Sustainability, and Brand. Let me briefly go through a few of the practicalities for the next two and a half hours. We have two Q&A sessions, and the lines for those will open roughly 30 minutes prior to each of those, and you have to call in separately for each event. There's also the opportunity to ask questions online. You have to fill in the questionnaire box on the screen that you see in front of you, and please state your name and the company you belong to so we know who you are. We take the questions in order of appearance. If you don't intend to ask a question online, you can actually unclick the questionnaire box to get a better vision of the event. Please do that if you don't intend to ask any questions. Then to ensure that we can allow as many as possible to ask questions, please limit yourself to two questions per session. I'd like to inform you that all presentation material has been made available on our website today, and following this event, there will be a replay of this session today. By this, I now leave the word to Ester Baiget, our President and CEO, who will start today by sharing how we intend to unlock growth powered by biotech. Ester, please. Thank you. Thank you. Thank you, Tobias, welcome today to Novozymes' Capital Markets Day. Thank you for joining us today and hearing from us our journey of growth, our journey to unlock Novozymes' potential, growth potential, and to do that with the power of biotech, to the power of what we have in-house, at home. When purpose and strategy, when your purpose and your personal values do match, everything becomes so much easier. Here at Novozymes, we live through our purpose. Together, we find biological answers for better lives in a growing world. Our purpose has been with us for more than a decade, close to a decade, and is as strong as it is today as it was when it was formed. It speaks about biology. It speaks about microbes, about enzymes, about proteins. It speaks about commitment to making the world a better place and to enable solutions to our customers that will lead to a healthier planet, to healthier lives. It speaks to our commitment of growth. It speaks to the value of partnerships and collaborations. In a nutshell, it just shows who we are and where we're headed. It is that power, that power of our biosolutions, the ones that give us the right to dream, the right to imagine a world where biosolutions would be the natural answer for society's most pressing needs. Imagine a world where the food systems would be transformed, and only if 10% of the protein animal needs of the society would be fulfilled by novel protein. That would lead to close to 700 million tons CO2 emission savings. That would lead to freeing up 2% of the arable land. That's the equivalent of freeing up space as big as Pakistan, Nigeria, or Venezuela. We live in a society in an ever-changing world, in a world with an urgent need of more sustainable solutions, in an increasing commitment to the Paris Agreement, in a growing population with growing needs, with increasing nutritional needs, and with leading to more than 40% increase of protein demand, needs that can simply not be fulfilled by the heritage paradigm. Our customers, they feel those challenges. They face those challenges. I would call it opportunities, that sets biotech at the epicenter of what the world can do. It's at the epicenter of connecting those society needs on the answers to our customers. Very few companies have the key to unlock that center, we at Novozymes, we're best positioned to unlock it. We're best positioned to enable those answers for our customers and also for the world. If we pause for a second and we look at our journey, at our 20 years' journey, we're very proud of who we are and what we've done. Through our 20 years of history, we have delivered sustainable growth, fantastic financial results, very good and solid returns for our shareholders, and more importantly, impressive innovation that lead the world to a more sustainable place. When we can be, and we are very proud of our 20-year journey, that's not necessarily the case for the last six years. Six years is a long time. One year is a dot. Two dots make a line. Three dots make a trend. We in the leadership team have been reflecting on this, although I'm sure we could find and bring many reasons, external arguments that would justify our performance, why we did not deliver up to expectations. We could link it to changing and volatile demands in the key segments such as agricultural. We could link it to pricing pressure in key segments such as household care. We've done a little bit more than that. We've moved a step ahead. In our reflection as a team, we believe that our efforts were diluted, that we didn't invest enough on the areas that would derive growth. We invested relentlessly in areas that will lead to incremental growth. Even the innovation did deliver, theoretically, on the target. We could not harvest the fruits of that work, fantastic work, through the growth that we were expecting for. Here's where we collectively, this team, in 2019, with Better Business with Biology, started to set the direction for shifting that trend and putting Novozymes back on the right direction. The right direction for Novozymes is the direction of growth. That's where we belong. That's what our history talks about. That's the space that we deserve. That's the space that we need to be to generate value for our shareholders, but also, that's the way that we contribute the most to the world. We have taken, since 2019, and we started that journey many steps, and we've been sharing each of them very proudly with you. Some of them bolder, some of them are more incremental, they are all moving us in the right direction. I'm proud. We are proud. We are pleased with all the milestones that we have taken from the streaming line of R&D pipeline, to the centralizing of the centers, to the reorganization, making us more a market-driven, customer-oriented organization. From the steps and milestones we've taken in our two strategic SOAs, in both on the protein and on the human health space. All steps that moving us in the right direction, but we're not stopping here. The reason why we're not stopping here is because there is a tremendous space of opportunities ahead of us, and we need to continue to do more. We know that Novozymes is seen as an enzyme company, and that's probably fair. If you look at the majority of our sales till now, they have been through enzymes. It's a logic observation to be made. That's not how we see ourself. That's not how we feel whom we are. We have a heritage on our back of more than 100 years of history. We have a deep science expertise. We are mastering the art of fermentation, of protein fermentation. At the end, enzymes, they are catalytic proteins. With that, we master the science, the art of fermentation, novel, high value, high purity proteins. We have one of the largest libraries of microorganism in our books. We have a unique capability from bringing in this science and prototypes solutions into scale and making them commercially available at global reach, at industrial way, at reliable way for our customers. When we look at ourself on the way we are, then we see a tremendous opportunity of growth for us. When we look at ourselves as we are as a biotech powerhouse, then the addressable market share that we have the right to participate, it becomes DKK 100 billion. That's a market that is going to continue, an addressable opportunity that is going to continue to grow. It's going to continue to grow for very simple reason. Because biosolutions will continue to penetrate and replace fossil-based heritage solution, will continue to grow and emerge. Also biosolutions, they will be the natural player, the natural response for new emerging needs that they're coming, they're raising from the society, such as plant-based nutrients or plastic recycling, CO2 emission reduction. It's not by the lack of opportunities, the one that we have for us. The need for us, the opportunity for us, it's to unleash the true growth potential. It's inside. To unlock that growth potential inside us. Here's where it comes to our strategy, unlocking growth powered by biotech. A strategy that starts with our commitment to the planet, a strategy that's focused on prioritizing our resources and allocating resources in the area that will drive accelerated growth by focusing our efforts on solutions that will enable CO2 emission reductions, higher yield, lower energy waste, lower chemical use, higher productivity. Solutions that will transform the food systems, the food value chain from agricultural to plant-based protein, and they will do that in a sustainable way. Solutions that will enable healthier lives. Here we're building on the same momentum, on the momentum of prioritization, and we're building on a strong home. A home built from our biotech powerhouse, a home built from our strong culture, a home built from the Zymers. That's what we call us. When we look at the pillars of Growth, Evolve, Expand in BioHealth and in Nutrition, and Explore, here's where we are mastering and we're bringing in a further level of energy and prioritization. Let's go a little bit deeper into each of them. If we start first with Evolve. In Evolve is where we see today the majority of our sales, and this is a space that offers very attractive and solid growth. Growth that is going to be unleashed through innovation. We have extraordinary, very attractive opportunities of innovation and differentiation here, such as biodegradable detergents, such as processing old fuels, such as biodiesel. Growth that's going to be untapped by continuing the penetration of biosolutions in emerging geographies. Growth that is going to come by collecting the fruits that we have already been seeding on commercial excellence, on pricing, on digitalization, and also on productivity. Anders and Tina are going to cover this in more detail later on. In Expand is where we hold the promising areas of BioHealth and Human Nutrition. Here is where we are aggressively investing, building on a very strong home with the aim to collect a right to be in these fast-growing markets, where our solutions are the natural answer from what the society needs. Here we expect to invest by being closer to the customers, by being the right of the partner customers that they need. Close to DKK 300 million through the period till 2025, and also we're going to invest on CapEx to continue to build the capabilities to support that growth and capture the attractive growth. This part of the business is expected to deliver high growth. In Explore, it's where we embrace our obligation to dream. It's where we have the right to be bold, the need to be ambitious, and keep a very tight portfolio with a tremendous potential, but also with a higher risk. That combination of very high potential but also risk is what drives our ventures approach. We're applying a very strong venture approach in this segment, where we only move forward. We only continue to invest by delivering on the milestones, not only technical, but also on the checks and balances of the opportunities and the market assumptions that we made when we starting those efforts. Amy's going to cover it in more detail and share with you a couple of the areas that we are considering and we're working on, such as carbon capture, such as nitrogen fixation, such as plastics degradation. All in all, in Evolve, in Expand, and in Explore, they all have the same in common: our strong bio house, our strong expertise on fermentation, our deep understanding of microorganism, our capability to scale up, our global reach, our history on how we know how to deliver. Any strategy is about making choices. It is as much as doing and defining what we want to do more, as also stating what we're going to do less. That's what strategy is about. It's giving clarity on prioritization, but also on the areas that we're going to do less. We mentioned we're going to invest in Expand and on building the capabilities for be a better listener, a better partner of our customers in health and in nutrition. Important to mention that while we're doing that, we will do that through M&As, as well as organically. Both on M&As to bring home capabilities that if do it organically, it will take it longer or less competitively. We will continue to invest in science. We are a science company. Our investments in science, in R&D, are going to continue to stay. You should expect for us to stay within the 13% of revenue allocated to R&D. That's going to continue to be in that space. Also you should expect from us to continue to do a very diligent work on ensuring the maximum return of those investments and translating them into work, into growth. We're going to be stronger on the prioritization. Claus is going to talk also about that deeper. We're going to also be more scrutinizing on sunset, the areas of new product development, where we see the edge of innovation head speed diminishing, and focusing on those areas that we see a higher level of maturity, not on innovation through new product, but through productivity. Being productivity the way to continue to stay close to our customers and master the areas and stay next to us. We are becoming much, much better at the agility of innovation. We're becoming and improving the machine. It's all about failing faster. It is all about prioritizing our resources. It is all about delivering growth. When you translate all that, all those milestones, all that run rate into how success looks like, that's how it looks like. That's how we set ourself accountable. That's how we define success. It's only through the triple bottom line. It's through finance, but also through the impact and the contribution we give back to the society. We're committing to deliver 5% plus aggregated growth through the period, for the five-year period. We're committing to deliver at least 26% EBIT margin in 2025, and we commit to continue to focus strongly on earnings and returns. Last, it's going to guide through us in more detail, just in brief. As an innovation leading company that we are, we choose to include. It's only through inclusion where we earn the right to attract the best talent. It's only through inclusion where those voices are heard, and they nurture in a trustful environment, and they bring back, and they exploit, and then share the results of innovation and continue to move us ahead. Even we are very proud and pleased of the trajectory through inclusion. We're taking one step bolder here. We're moving bolder as leaders also we are in inclusion and in diversity, and we're making the commitment of at least reaching 45% female, 45% male across all layers by 2030, including senior leadership. As the leaders we are on sustainability, we also taking a bolder move here. We're very proud of our trajectory towards carbon neutrality on 2050. We have reduced already so far 46% of our CO2 emissions operations. Here, we're also taking a bolder milestone, a bolder target, where we're committing to 50% reduction of scope 1, 2, and 3 emissions of CO2 emissions by 2030. That's what leaders do. We don't wait for change. We drive change. We lead change. We influence the others, and we set the tone of how good looks like. If we just run fast-forward, and we bottle up everything we've said on 2025, and then think even further looking ahead, here's what today we feel we're willing to share with you our ambition for 2030. An ambition that sets Novozymes with double sales as it was in 2030. A growth that is going to come not only organically, but also from bolt-ons and M&A. We're willing to share with you our ambition and commitment to make the world a better place, our commitment to a healthier planet. For that, we're committing to allocate the majority of our sales in the areas that lead and enabler a healthier planet. Solutions that will help to reach the climate neutrality, from solutions that will lead to CO2 emissions, that will lead to lower waste, to lower chemical use, to lower energy intensity, to higher yield, from solutions that will lead to sustainable transforming the food systems, from agricultural replacing chemicals, from animal feeding in a sustainable way. From plant-based proteins and functionalization those plant-based proteins, but also giving novel proteins through fermentation. From solutions that boost proactive health and increase the quality of life of the consumers. That's what we commit to. I hope you feel as we're going today for the rest of the session, the excitement, and you get the details and the milestones and the nitty-gritty of all the areas as we deep dive. But as you're going and hear from my colleagues on the presentations, I will ask you for three things. I will ask you for seek for the power of biotech, why we're going to win on the areas that we expand. To seek for the commitment to growth that's going to continue to come to prioritization, and to seek for our commitment to a better planet, to a healthier planet. With that, I now hand over to Amy Byrick, our head of strategy and transformation. Amy? Thank you, Ester. Thank you. It's truly a pleasure to have the opportunity today to share with you some of the key strategic initiatives which we'll be driving and focusing on to deliver on this ambitious growth agenda. It's been a really rewarding experience for me on a personal level, joining the company six months ago, to have been able to engage with this team, to take a step back, evaluate the strategy, and make real decisions on where we want to take the company going forward. Even more than that, to take a step back and reflect on both with honesty and also with humility on where we have really strong roots to build on and where that core biotech capability that we want at the core. Also to look at where we need to redirect our efforts and where we believe we have additional capabilities that we don't have enough of today, that we need to accelerate, to build, and invest in order to make sure that we can deliver on the true potential of that biotech powerhouse. I'd like to take you through now some of these Expand and Explore areas. Really key as we walk through these is to realizing that all of these areas, while they open up the opportunity for us to grow into higher growth markets, they're fundamentally grounded in the core biotech capabilities of Novozymes. And on top of that, they stay very true to our vision and our purpose and our commitments to a healthy planet. I'll take you through the Expand areas, our ambitions in BioHealth and Human Nutrition, and also some of those capabilities that I alluded to earlier that we don't necessarily think we have broad and deep enough today that we will invest in to de-risk that growth. Looking longer term, beyond the 2025 horizon, the commitments that we're making to develop the business cases of the future, and investments in how we're running our venture approach to identify new longer term growth opportunities. When we look at this chart, I don't think any of us are surprised to see these challenges that face the planet, that faces humanity, and some of the key issues driving macro trends of growth in our environment. We live them as business people, as investors, but I think also very personally day to day in our lives as consumers. The last 18 months for all of us living with COVID has only served to accentuate the focus on making healthier choices, taking control of both our environment and our impact that we have on the environment and on our health. It's these fundamental macro trends and global challenges where we are focusing our Expand and Explore efforts to realize what the business models of the future could be, where Novozymes can play a role in addressing these businesses going forward. Let me dive into the BioHealth area. The identified markets that we're targeting in this area of BioHealth form an addressable market of DKK 40 billion, each one of those segments growing at high single-digit growth rates. Based on the core of the business, which we've built and acquired over the last number of years, we feel we have differentiated and unique building blocks that should enable us to outperform on those market growth rates. How will we do this? First and foremost, continued innovation. Our innovation in this space is heavily driven by market and consumer needs, by identifying target health outcomes and working the science backwards, being product agnostic, technology agnostic. Whether the solution comes from enzymes or probiotics, or whether it's some combination thereof and different ingredients being formulated, the target is not to sell a product, but to be able to deliver that targeted specific health outcome. We have a core product base today. We have this new product development pipeline through innovation. The idea is how can we grow this by leveraging the scope of Novozymes? We do that in a number of ways. We have in our core One Health business, which we've acquired, we have three different channels already established, B2B channels, B2C, as well as selling directly through healthcare practitioners. We'll continue to cross-sell across those channels. We'll also amplify the potential growth of these businesses geographically, leveraging Novozymes' global footprint. Thirdly, leveraging beyond simply our core area where we focus today on dietary supplements, but expanding into functional foods. Anders will speak more about that later today. Ultimately, looking even further forward, how can we amplify further, moving beyond our current focus on human health, but expanding also and leveraging the exposure and the market access that we have for animal health and nutrition as well? We have a high-growth DKK 40 billion addressable market, and we are very confident that we have the right to outperform and outgrow in this space. Let's turn now to our other expand area of human nutrition. The global retail demand for proteins is estimated to be $1.8 trillion today. The estimate for that growth driven by the growing population and emerging middle classes is estimated to grow to $2.1 trillion by 2030. What that underlies is a growth in traditional protein sources, but also the increasing demand for alternative protein opportunities. The retail market for plant-based proteins today is estimated to be $30 billion, largely focused on alternatives to traditional dairy products where penetration has been faster. You can do an internet search and you'll find all sorts of growth potentials of where this is growing. Consensus is that this market should grow to at least $150 billion retail demand by 2030. What will be driving this? Ultimately, this is about food. It's about how pleasurable the experience is. It's about the nutrition we derive from it. The ultimate driver of that growth will be the quality and the appeal of the products which are brought to market. This is exactly where we think Novonesis can play a key role in building and developing and accelerating the growth of this marketplace, working with our customers. We do this in three different ways. First of all, we have a very established business in protein extraction, and we continue to develop enzymes which enable us to extract more efficiently proteins from a variety of different plant-based substrates. Secondly, protein functionalization. This is where we use core enzyme technology to be able to modify plant-based proteins, making them more easily digestible, having better sensory properties, better taste, better texture. Thirdly, our newest area of Advanced Protein Solutions, and this is backed by the announcement we made last month about our DKK 2 billion investment in expanding our plant and capabilities in Blair, Nebraska. The target of this investment in the Advanced Protein Solutions space is producing novel proteins, high-value proteins, which enable us to target specific either nutritional or sensorial outcomes. What's important to success in this space, it's not only that we're able to apply that core science capabilities of the biotech powerhouse to identify, express, and produce these proteins, but it's also very critically our ability to scale. It's our ability to ferment at scale and drive economic space. This is where we've taken a step back, and we've asked ourselves, "Is that enough?" We've identified a gap. We've identified a need to both broaden and deepen our ability to work with customers and understand where this market is going. The innovation in this space is dramatic. We see new products coming to market every week, if not every day, being launched into this space, and we believe we need to be closer to that to be able to drive and work with customers to meet this evolving and very rapidly developing need. For that reason, we will invest up to a run rate of DKK 300 million annually to build customer co-creation platforms. These are specifically focused on strengthening, again, both broadening and deepening our capabilities, specifically targeted towards the nutrition and health areas. What does this mean, really? It's expanding upstream to broaden our consumer understanding, our market understanding, to really be able to work with customers on understanding mechanistic health outcomes, understanding nutritional values and claims, and understanding where we can create products which will have more appeal to the market. Then it's extending and broadening our capabilities downstream, not just on traditional applications in terms of the ability to prototype and develop end products, but also working with our customers, increasing our capabilities to support them in making claims, in passing regulatory hurdles, and actually bringing products to market. Maybe it's worth taking a little pause here just to reflect on what we have actively chosen not to do in this space. We will not become a one-stop shop, a full solution provider, and food formulator. That will remain our customer's area of expertise. What we want to do is stay true to that core science and capability, the biotech, to be able to bring biosolutions to the market. Again, product agnostic. Whether those are enzymes or microbes, we will use our proteins, the full range of capabilities. What we do need to do is be able to work with our customers to be able to co-create and co-develop the best products of the future. Where does this investment actually go, and what does it actually mean? First and foremost, it's bringing on teams, new people with new capabilities, able to strengthen and complement what we have in the core. Secondly, we'll invest in regional co-creation centers. Regional is important here. We recognize the fact that food ultimately is a very local, very regional experience, and we recognize the fact that we need to be close, have that customer proximity in the regions, but also the market and the consumer proximity to make sure that we truly understand the needs of this evolving and rapidly expanding area. We've already started to build these capabilities, and we'll start bringing these new capabilities on board already in 2021. In summary, these Expand areas focus on our growth in BioHealth and Human Nutrition, but also expanding these capabilities to be able to de-risk and accelerate growth. Let's switch now, looking a bit longer term towards the 2025-2030 horizon. This area of Explore is fundamentally the commitment that we're making to unlock the potential of this biotech powerhouse. It's to focus on these areas true to our core purpose and our commitment to healthier people, healthier planet, to look towards areas that can create the business models of the future. As Ester referred to, our approach here is not one of placing big bets. It's rather one of applying an agile venture methodology, looking very much to develop up to 15 ventures a year, not with the ambition of bringing them all to market, but rather with the ambition of challenging ourselves to explore the full potential of the biotech powerhouse that we sit on, to be able to identify two or three business models that can create that long-term growth to drive sustainable growth in the mid to long term. Just a bit of a step back to say, how do we choose these ventures? First and foremost, it's the fit with the purpose, the ability to drive healthier planet and people, but also giving us a minimum hurdle of a potentially viable business model to drive DKK 500 million to DKK 1 billion of sales annually, realizing that potential sometime in the 2025-2030 horizon. Finally, an important criteria is the concept of one-step adjacencies. This is not about blue sky thinking far away from where we are. We want to be focusing on opportunities where we have the right to play and the right to win, either because we have market access or we have technology capabilities that allow us to de-risk and bring these businesses to market. Maybe just to put a bit of color on what this actually means, I'll just run through very quickly three examples of some of the ventures that we're running in this space. Keeping in mind, these aren't the only three. This is part of a portfolio which is much broader. The first example is the use of biological alternatives to synthetic fertilizers. Over half of the world's population relies on the use of nitrogen fertilizers, as an example, to feed and build and drive agriculture. The issue with these synthetic fertilizers is that they're spread on the surface of the soil, making them very susceptible to runoff, and we're all aware of the impact that this is having on our waterways, driving dead zones in our oceans. We see Novozymes as having the opportunity to create a future if you envision a different approach to fertilizers where you have microorganisms embedded in the soil who can fix atmospheric nitrogen and then release it next to the crop's roots to make it easily accessible and more viable. We believe that the solutions that we're working on today can potentially reduce the nitrogen runoff and impact on our waterways by 25%-30%. An exciting opportunity, but again, we're not getting carried away with the excitement of the science. We are running through this venture process to assess the scientific capability as well as the commercial and the business model viability to bring such businesses forward. The second example is one of plastic recyclability. More than 50 million tons of PET from both bottles and fibers goes into landfill or incineration every year, and only 13% of the PET produced actually makes it through recycling. We're looking at addressing this challenge through a number of areas across the life cycle of plastics, a few examples using enzyme technology to modify polymers to make them more easily degradable at end of life. Working on enzyme-based recycling opportunities to degrade and break those polymers back down to their initial monomers, allowing the reuse into and reprocessing into high value added products. We believe that this technology that Novozymes could develop could release the opportunity to make 100% of the PET stream, and eventually other plastic value streams, accessible for recycling in the future. A significant opportunity, and again, one that we need to rigorously evaluate from a technical, business, and commercial viability. The third example is carbon capture. Over the past century, industrial emissions of carbon dioxide into the atmosphere have increased from two billion tons to 37 billion tons of emissions, which actually represents 75% of the greenhouse gas emissions today. If we look towards the ambitions that we have as society towards a carbon neutral future, addressing this issue, enabling carbon capture from industrial sources is absolutely critical. Novozymes is looking to address this in a number of different ways. First of all, using enzymes to enhance and make more efficient traditional and existing state-of-the-art carbon capture technologies, but also working on enzyme-specific, enzyme-based carbon capture systems. We're clearly excited about the potential of these technologies, but we also recognize the fact that it's too early in the assessment and the development of these ventures to place all of our bets in one place. This is, again, the structured, rigorous venture mindset to have rigorous due diligence, pass stage gates, and assess these opportunities to identify which ones will create those growth drivers of the future. We've set ourself the ambition to double sales by 2030, and these Explore and Expand areas will be key to unlocking that growth. Expanding into BioHealth and Human Nutrition, expanding our capabilities in food and health to de-risk and accelerate that growth. Making a commitment to look at that core biotech foundation and understand how can we unlock its true potential in longer term business developments. We look at this, how it all plays today. We're excited about the growth rates. I have to admit, we're maybe even more excited about the direction in which this takes Novozymes. Expanding our reach, unlocking the true potential of the power of the biotech powerhouse beneath us. Unlocking the growth so that we can fulfill our possibility to commitments to driving a healthier people and healthier planet. With that, I'll pass to Lars, our CFO. Thank you, Amy. Before turning to financials, I just wanted to say that if anyone is experiencing a lag between your audio and video, then please refresh your browser. That should solve the problem. In the following, I'm going to review our recent financial results, and I'm also going to outline how our refresh strategy, unlocking growth powered by biotech, how that will generate attractive growth, profitability, and cash in the new strategy period out to 2025 and beyond. Unlocking growth is all about delivering shareholder value. The starting point for everything we do is our purpose, our promise to rethink tomorrow, finding biological answers for better lives in a growing world. That's where it all starts. Ester introduced our growth pillars, evolving our core business, making sure that we continue to grow and capture the value in our existing business. Expanding into new growth opportunities, new attractive growth opportunities in BioHealth and also in Human Nutrition. Explore new growth opportunities in new areas that will enable us to grow also in the long term. For me as a CFO and for us as a leadership team, making sure that all this comes together to create shareholder value is really, really important. We will have a strong focus on ensuring that we allocate the capital and the resources to where they matter the most, that we follow up on the execution, and that we also anchor this in a rigorous performance management system where we align the interest of shareholders with that of management. If we look at the recent financial performance, then Novozymes has delivered robust results in the past 10 years. As Ester said, we have not been happy with the organic sales growth that we have delivered in the last handful of years. Nevertheless, throughout that period, we have seen strong earnings, strong profitability with EBIT margins in the high 20s, and we have seen robust and strong return on invested capital, also at or above the 20% level. As you can see on these charts here, in 2014, we had a significant cash inflow when we created the alliance with Monsanto in BioAg. Basically we took in there the cash that was recognizing future sales that Monsanto was going to take over, and therefore, Novozymes recorded a deferred income on the balance sheet. This deferred income was then depleted over the following five years until we dissolved the alliance in 2019. In the meantime, this had a positive impact both on our EBIT margin, on our return on invested capital, while of course we had gotten the cash already in 2014. What is worth noting on this slide is that we see the first encouraging signs of an improved performance in the last couple of years since we launched our Better Business with biology in 2019. If we focus in on the last couple of years, 2020 was a very special year for the entire world with the pandemic that was going on. Novozymes managed to maintain our organic sales, but at the same time, we also managed to advance our strategic agenda. We acquired two companies in the space of human health, and this way we enabled basically a platform for future growth. At the same time, we saw our EBIT margin continue at the high level of 26%, what we have guided for this year. When we adjust for the impact of currencies and also from the impact of M&A, which we announced in 2019, were the assumptions behind our long-term target of 28%, then we are actually well aligned or well on our way to deliver on the EBIT margin, already now in 2021. The same for return on invested capital. Adjusting for currencies and M&A, we are well on our way to deliver on the long-term target of 23%, adjusted for those two factors, with our guidance of 19%-20% in the current year. Focusing in on cash. Here you clearly see also the inflow of cash in 2014 that significantly improved with the deferred income liability on our balance sheet, the net working capital on the graph at the left. The depletion over the following five years as we gradually took that income into our P&L. You also see that with our focus on improving the net working capital and bringing back the net investments to a more normal level, then we see a significant improvement in our cash flow over the last couple of years, which is what we said we would do in 2019. How to use the cash that we generate? We continue to return with discipline and diligence the excess cash to our shareholders, DKK 26 billion in total over the last 10 years. We have gradually brought up the payout ratio to around 50%, and we have used our share buybacks as a flexible tool to return residual cash to our shareholders. How do we define residual cash? Well, we have a capital structure policy where we are targeting a debt to EBITDA ratio of around one. We believe this puts us in a good place. This means that we have a conservative balance sheet that allows us to pursue strategic opportunities and acquisitions when we see that they can accelerate our strategic journey. At the same time, having a bit of cash on the balance sheet also means that we recognize cash as a precious resource and make sure that we're disciplined around it. Going forward, we are also going to have a target, with a capital strategy and a debt of around one. We are not going to have a ratio of one every single day. If we see a opportunity, a target that will further accelerate our strategic journey, we may have periods where we will be above, but we are committed to return that back to one with an adjustment of our share buyback programs, so that we over time will go back to one where we have the same balance sheet and with an opportunity to continue to pursue strategic targets. We will also continue to have a 50% payout, and therefore secure a solid return to our shareholders of the cash that we generate. We do have a very clear allocation of our capital. First and foremost, we are investing for growth, investing in people, investing in innovation, and investing in capacity. That is in our Evolve in our core business, but it's also in the area of Expand into new areas, into BioHealth and into Human Nutrition. Doing that organically is the first and foremost priority of the capital that we allocate. We will be considerate about it so that we invest where the opportunities are the greatest, and we will also reallocate where we see less opportunity with less growth coming. We are also going to allocate cash to acquisitions. We see acquisitions as a supporting tool to build new business areas and acquire adjacent technologies and capabilities. What types of acquisitions are we thinking about? Well, consider Microbiome Labs and PrecisionBiotics Group, the two companies we acquired in the last year or so, as good examples of what we're looking at, where we can accelerate our growth, we can establish a platform in new areas, and we can acquire capabilities that allows us to move forward faster. We're going to continue to return cash to shareholders through dividends as a first priority and through share buyback programs as the flexible resource, or as the flexible alternative. We will adjust those share buyback programs, as I said, depending on how much cash is left when the other priorities have been fulfilled. What we will not do is to expand outside of our core capabilities, and we are also not going to pursue short-term optimization at the expense of long-term growth. We are also not going to sacrifice dividends in favor of maintaining a leverage. Let me try to summarize what it is that we will do with our capital allocation. We are going to invest that in long-term growth at attractive margins, and we believe this creates an attractive value proposition for our shareholders. When we look at our established business, our core, we have a diversified portfolio of broad-based growth coming from a lot of different areas. Now, where do we see the growth coming from going forward? Well, some areas will grow faster, some will grow slower than the average. Where we see the faster growth is in the area of food, beverage, and human health. In that space, this is also where we recognize our two new strategic opportunity areas, in human health and Advanced Protein Solutions. We're already speaking about human health delivering double-digit growth this year, and we see that continue also going forward. We have also announced the establishment of Advanced Protein Solutions as a new area where we're building the facility in Blair, Nebraska, and where we see that area grow to around DKK 1 billion of sales within the first five years on the market after the factory is operational. This is going to further the growth in this area, and therefore, we believe that this area here will grow faster than company average. In Agriculture, we believe that we will see an underlying growth of double digits, and therefore, we also see the business area of Agriculture, Animal Health, and Nutrition growing faster than average. There are also areas that will grow slower, as we see it right now. Household care is one such example. We see the potential of household care continue, like we've said historically, and so moving forward, we still see a growth opportunity of 3%-4% on average in household care, driven by biodetergents, by freshness, and the continued expansion in emerging markets. Bioenergy, grain and tech, we also see opportunities. Exactly where that plays out, I think it's difficult to say at this point in time. We have innovation that will further the growth, and we do see growth across all segments of our business. When we look at profitability, we have a very good starting point at 26% as the outlook for 2021. We will continue to see expansions and productivity improvements that will improve our margin also moving forward. However, we do believe that we can offer attractive growth opportunities in the long term if we reinvest some of that opportunity or some of that improvement into customer co-creation centers, into some of the new spaces in BioHealth and in Human Nutrition. Therefore, we are saying that at the end of this strategy period in 2025, we are targeting an EBIT margin of 26% or above. We could deliver more if we wanted to, but we believe the best value proposition is to make sure that we also are set up to drive future growth also in the period after 2025. How does this all translate? Well, it translates into these targets. All of them are important for us because we have been driving our business according to the triple bottom line ever since Novozymes was separately listed 20 years ago. Our targets are an organic sales growth of 5% or more until 2025 on an average, an EBIT margin of 26% or above, and a return on invested capital, including goodwill, of 20% or above at the end of the period. The EBIT margin is not going to go below 25% in any of the years in between. The assumptions we use to also make this plan for the future is that we are going to see our net working capital as a percent of sales improve over the period. We're also going to invest in some of the new businesses in CapEx to ensure that we have a production set up that can secure the growth also in the long term. Therefore, we do see CapEx increase to around 10% throughout this period. This is excluding the DKK 2 billion of investment we are making in the new advanced protein facility in Blair, Nebraska. The tax rate, we believe, will be around 22%-23%. That is a return to a more normal level after a period where we have benefited from a transfer of IP within the company. Zymers & Society is also important for us. So is operations. Ester spoke to the ambitious target we have set for an inclusive and diverse workforce. We also have targets for a thriving workplace, where Zymers will continue to grow and thrive and be safe when they go to work. We're aiming for an inspiring culture of change makers, where all of our colleagues in the company will contribute to making the world a better place. We take also an aspiration on our own operations, making sure that we step up our commitment to the climate. We have already secured an improvement in our CO2 emission by more than 40% last year, and now we're stepping up to say that not only our own operations, but also that of the supply chain, will improve by 50% by 2030, and to become net neutral by 2050. Making sure that we manage water and waste according to the surroundings, so that we also contribute to a circular economy with zero waste from our operations by 2030. By continuing to invest in the future growth, we believe that we can set an ambition to double our sales by 2030. Novozymes is going to make a significant impact on the world, accelerating towards a climate neutral society, transforming food systems, and also enabling healthier lives. Today, we are launching our new strategy, our refreshed strategy of unlocking growth powered by biotech. We are building on Better business with biology that we launched two years ago. I hope that you are as excited as we are about the journey that lies ahead of us. With this, we are ready to start the Q&A. Tobias, back to you. Thank you, Lars. We are ready to start the first 20-minute Q&A session now. Operator, I leave the word to you. Thank you. Just as a reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. Our first question comes from the line of Charles Eden from UBS. Please go ahead. Hi, good afternoon, thanks very much for the questions. I'll limit it to two. Firstly, just on the EBIT margin guidance, specifically on the floor of 25%. Can we just ask, is that a sort of soft guide for next year, given the concerns around raw material inflation at this stage? That'll be my first question, my second one is on the organic sales growth, CAGR of at least 5%. Can you just talk about how much of that you anticipate to come from volume versus pricing? That would be perfect. Thank you very much. Thank you, Charles. I will answer a little bit the first question, and then pass it to Lars to build on it. The way that Novozymes delivers or accelerates growth, it's through share gain, through volume growth. In an environment of an unconstrained supply, which is the one that we have. In an environment of a need of sustainable solutions, the way that we maximize our commitment or accelerate our commitment to growth, it's through volume growth. Having said that, it is also true that price, it's important. Historically, we have shared with you a price erosion around 1%- 2%. We have gone in the last couple of years, the whole leadership team, in a journey of improving our commercial excellence and the discipline regarding prices. We're pleased to share that that number, that erosion has decreased. Today, with the environment that we're living, with increasing economic commodity prices, we see opportunity to refresh the share value split that our solutions bring in. We're going to continue to work on setting the right prices, not from a volatility of the price, but to get our right share of the value that our solutions bring in. Answering your question in a short way, majority of the growth, it's going to come through volume growth, and then we're going to continue to drive diligently our efforts on ensuring we get the fair share of the value that we deserve. Lars? Yes, thanks. To the question on margin for next year, you should not see our floor of 25% as a specific guidance on 2022. It's a bit too early to guide on 2022, but maybe some of the factors you can think of around 2022 is that with this strategy, we obviously also as preparing for a plan that has a 5% growth organically as the starting point. We will continue to see scale. We continue to also see the opportunity to create productivity improvements in our production like we've seen historically. Those will be sort of supportive to the growth on the EBIT margin. On the other hand, we will see some tailwinds. We will see increasing input prices, transportation cost as we see it right now. As we also talked about at the Q2 results, this will impact the second half of 2021 negatively. As we see it right now, it will also have a full year impact in 2022. We talked about today that we are going to invest and start the investments in our co-creation centers for our customers. We are also going to see some investments in our future business. Finally, I would sort of point to a hopefully gradual return to a more normal way of doing our business. We still this year have a lot less travel cost and also cost associated with seeing and meeting our customers than we would hope to have in a normal setting, even if a normal setting may not return to what we knew before the pandemic in 2019. How that all pan out, I think it is too early to say, but you should not see the 25% in isolation as a guidance for 2022. We're just saying we don't see it come below. Lars, thanks very much. Ester, thanks lots. The next question comes from the line of Sebastian Bray from Berenberg. Please go ahead. Hello. Good afternoon. Thank you for taking my questions. I would have two, please. The first is on the new Nebraska plant. What is the logic in excluding this from underlying CapEx? Is it possible that there is going to be a second such plant over the period 2025- 2030? Just to clarify, the 5% plus organic growth target includes any benefit from this type of plant. I'll pause there. You can say our long-term target of organic sales growth of 5% plus, that includes everything that we generate, including what's coming online, also from our new facility in Blair in 2024 or so when the facility has finished or has been completed. Whether or not there will be new investments later on, I think that is too early to say. Hopefully, there will be opportunities to continue to expand in this field. Whether or not that will require more capacity, I guess, depends on how successful we are. More to come, but at this point in time, it's too early to call if that will be needed in the last half of this decade. Thank you. To clarify, if there were more to come, would this fall within the scope of 10% CapEx as a percentage of sales? You should see the DKK 2 billion investment that we are making in our new facility here. That is sort of, you could say, the entry ticket to start operating in this field of Advanced Protein Solutions. Of course, when you start a new area, there is startup investments. In the beginning, that of course, comes at a relatively low top line. In this case, also a top line that only starts to generate the value when we are approximately two to three years out. That's of course, the nature when you engage in a new business area, in a new field. As we move forward, as we establish ourselves in this field, obviously over time, we would see it become more and more part of the core, over time, we would also see associated CapEx to be more and more part of the core. That's not how we see it in this five-year period, that's why we call it out as a separate item. That is helpful. Thank you. Just one more on this topic more generally. If I look at the margin target, the press release in my reading seems to imply that the reason this doesn't rise further is due to increased investment in sales and distribution. I'm referring to the 26% plus. Is it possible that we end up at, let's say, 28%-29%, given that Novozymes seems to have underestimated its own margin potential in the past? Or is this mathematically just a case of taking incremental gains and fully reinvesting them into sales and distribution? I think you point to a fact which is quite important to stress here today, which is that we will not optimize the short-term margin at the expense of long-term growth. That's why we call out the 26% or above at the end of 2025. It doesn't mean that 26% is the maximum, but it means that this is a commitment we have at the end of the period. We will not predict here today whether or not we will be above or not. I think 26% is our commitment. That's our target. When we see opportunities to ensure a good platform for future growth, we will also take the liberty to make the investment so that we can keep the growth going. That's also why we pointed to our ambition to double our sales by 2030. We also realize that of course, that investment in future opportunities come with a commitment to see a return over time. Those two numbers fit together. The 26% or above at the end of the period, and our ambition to double sales by 2030. The way that we look at the allocation of our resources, we will do it with the aim of optimizing and prioritizing growth. That's our main priority, to accelerate growth. Of course, we are responsible on the profitability and on the margins, on the affordability. The main priority when we seek on how we're making the cash allocation and the investment allocations, it's to lead not only to near-term growth, to long-term sustainable growth. We're not compromising long-term growth at the expenses of short-term maximizing the profitability at the near term. It is not a rule, as you're hearing, that we're going to constantly be investing our earnings into resources. We invest as much as we need to deliver the growth, and that was the logic that Amy was talking about. We have what we need to play to win on those market adjacencies. We have the technology, we have the scale-up. We need to put the capabilities to be a better partner of our customers, and that means investment. This is the logic that I would like you to see, that we're very, very diligent on the way that we allocate cash. We are very responsible, but we also do that with the mindset of long-term growth. Thank you for taking my questions. It is helpful. Other questions? The next question comes from the line of Lars Topholm from Carnegie. Please go ahead. Yes. Thank you for taking my questions. I think I'll also just make two questions for now. The first one is on alternative proteins. You have announced your entry into extracting protein from soybean. You also sent out a press release last week saying you're looking at mycoprotein. In that context, I wonder if you can comment on the potential for mycoprotein. Maybe also from other ways to play this market, such as cultivated meat, which needs lots of growth media. Is that a playing field for you guys? There's also a cross field between CO2 capture and alternative protein because you can make CO2 by gas fermentation. Is that an area you have decided to look at or not look at? My second question goes to the ventures, because it seems you will be looking at some of the same startups as your main shareholder does. How do you figure out if you invest or the Novo Foundation invests, and can you acquire promising ventures? Would be a lensatic from the Novo Foundation. How do you handle that situation? Thank you. Very good, Lars. Thank you very much for the questions. I love the way you're thinking because you already see the line, right? You already see the connection line between the strength of what we have home and then how we interconnect. Product agnostic. Science is the one who makes the connection and who drives the prioritization. That's exactly the way we're thinking. Going into the I will let Amy build up on the mycoprotein, and also Lars, and maybe answering first on your question on how we're thinking acquisitions. We're going to continue to use bolt-ons. We're going to continue to use the capability of M&A to bring in-home assets, features, innovation, market to access that we don't have in home, or that it will take us longer and more costly to develop. For that, I would say that the sky is the limit on where that we should be looking for. It's a competitive market, and that's what's going to drive our capability to bring those options home. Amy? Yeah, sure. I think specifically looking at the areas we're looking at in proteins. This is, again, it fits into the venture logic that we were looking at. It's again, looking at sort of where are the different portfolio options, where we can assess and develop, and also looking to where we can leverage external innovation. That was exactly the innovation call that we launched last week on mycoproteins, how we can tap into, whether it's startups or universities, different areas which are looking at development in this space, given how rapidly the whole space is evolving. The mycoprotein, again, this in particular, it's in an early venture phase. We don't have a specific number we would put out there, but again, it's meeting our minimum hurdles of what that potential business model could translate into. Claus. Yes. You're rightfully calling out some very interesting areas, Lars, talking about the CO2, actually carbon capture, and then combining that with hydrogen to form higher products or even protein, as you said. We think it's still early days. We think that, yes, you will get cheap electrical energy, which will allow you to produce the hydrogen that you can then use in a catalytic process together with CO2. We probably more see it as an endeavor further downstream from when you have the formate or the methanol that you can really, truly use as a fermentation substrate to really either produce protein or other high-end or higher value compounds from then on. You had a very specific question on the cultivated meats. That is also early technology. It is, you would say, less suited for Novozymes in terms of the fermentation capabilities, as this is a different set of capabilities to run a very sort of structured, what you call solid state fermentations. You also alluded to the extraction. You mentioned soy as one. It's actually a broad array of protein sources or plant protein sources that both can work on the extraction side for yield, but certainly also for the taste and the texture properties, which become incredibly important, not only for soy, but including pea or other plant-based proteins into alternative dairies, into fortified breads or wherever you put it. If anything, you see the need of prioritization, the need of focus, the need of the venture mindset, the need of allocating resources when we walk the talk, and only when we see the opportunities with the right of becoming to reality. Next question. Before we take- Thank you. Before we take the next question online, sorry for that. Let's take one from online here. This is from Orlaith O'Connor from GuardCap Asset Management. Could you please talk a bit about the competitive landscape in Advanced Protein Solutions and how that differs from your traditional competitor set? Amy? Sure. I can start there, and then maybe Claus, you can comment a bit as well. I think what we see in this space is an enormous amount of activity, both from syn bio companies developing in this space with retail companies developing concepts and looking for partnerships of how they can develop into Advanced Protein Solutions, and then also more established players which have the ability, like Novozymes, to work across the breadth of the manufacturing channel. I mentioned it earlier, and I think it's really important to recognize the importance of not only the ability to identify, ferment, and isolate a specific compound, but also the ability to scale and bring these things to market. I think that's where we're really focused, and again, making choices of investing in these areas, which is maybe a bit differentiated than many of the other players in the space of where we believe we can develop proteins that have the ability to be scaled, and that we can invest behind to commercialize. I don't know, Claus, if you want to add to that. Well, yeah, it's a space with a lot of innovation happening. I think you have to take note of what we said with advanced protein. What we're seeking here is high-value functional proteins, something that really contributes an extra rather than being the bulk nutrition part of a protein alternative. You will see companies out there that are seeking also the bulk part. Novozymes is really trying to functionalize, even add features to plant protein, or provide the nutritional aspects of a fermented protein in its own right. More than trying, right? You're doing it. Yes. There's also other parts of our business where we are focusing on the extraction, but that's not alternative proteins. I think we have time for one more question from the phone lines. Please, operator. We have a question from the line of Gunther Zechmann from Bernstein. Please go ahead. Hi, good afternoon, everyone. Just coming back to the pricing, please. Can you just tell us where you've seen a slowdown of erosion and where you see that going over your strategic period out to 2025? Is there any reason why pricing shouldn't be flat or up? Where do you feel you are not extracting the value share that you feel entitled to across your business? If I can sneak in a second one, it looks like on the R&D side, you've moved away from the slides that you gave every half year with a summary of the mega projects, let's call them. Is this something how you will communicate going forward with the market? How can we best track your progress on commercialization of those potentially large projects, please? I'll let you, Claus, answer the first one, and maybe Tina and Anders, please support me on the price. On a very short answer on your question on price, we do an extraordinary job when we're setting the price at launch. Every time we develop a product, when we come with a price at launch, we do get our fair share of the value that we bring in. The erosion that we're talking about, it is through the life cycle of the product. Here is where we have a step up through commercial excellence, through the work done in these last months or year on minimizing and compressing the typical price erosion that we're seeing of 1%-2%. It is true also that there are some segments that we see a higher level of matureness of our portfolio, where we're then seeing also exposure on price. Here, where we choose to invest, again through innovation, it's on productivity as the best way to continue to be close to our customers, as the best way to continue to be profitable and continue to be growing with the market. Anders and Tina? Maybe just building on that, it's right what Ester says. We have seen historically price decreases of 1%- 2%. That has improved with the efforts that we've done on commercial excellence and gradually is improving. I think what we have of an outlook is that we expect that to be able to sustain that improvement that we see right now on the pricing side. More importantly, maybe short term, we need to take bolder actions right now in the developments that we're seeing, especially on our raw materials, because that is impacting our business. Obviously, it also calls for an opportunity. While I don't think any buyer, at least among our buyers, will appreciate that, I do think that they understand that things are changing these years, and the outlook is a call for action. We do believe that there's an opportunity to improve from the 1%- 2%. Also adding to it, in terms of a lot of the benefits we are delivering is value, is yield benefits, and yield benefits becomes more valuable in a high commodity environment. That's also one of the reasons, just to supplement Anders. Claus, on R&D? Maybe just a short note on the R&D portfolio and pipeline. What's really important is that the entire pipeline contributes significantly to growth, of course. You will see in the presentations coming, the areas called out of a major innovation thrust, both when it comes to biological detergents, when it comes to VUP, when it comes to plant-based protein extraction, modification, and even when Amy Byrick was talking about the alternative proteins as a space for growth, human health, animal health. We will be informing you on that, of course, as we move forward and as we do launch products in the categories. Very good. Thank you. Thank you, Gunther. Thanks for the answers. We're moving on to the next session. This Q&A is over. You have to call in again for the next Q&A session in 45 minutes. I leave the word to Tina Fano, who is our Executive Vice President, Planetary Health Biosolutions. Tina, please. Thanks a lot, Tobias. Thank you. Now over to one of our divisions, the Agriculture & Industrial Biosolutions. We work across fields, farms, and factories. What our customers have in common is that they care about and they focus on producing more food, more feed, more fuel, and getting more products out of their operations while having less input costs. With that, they support us getting a better planet as well as a better performance. Our customers in a Novozymes sense is split on three different areas. We have bioenergy, we have grain and tech, and we have agriculture and animal health and nutrition. I'll go through all three of these. Let us start with looking at bioenergy. This is all about clean energy. There is a very strong trend with need for more and more and more clean energy, and this business is supported by that trend. It is mostly a North American business, as you can see on the chart, and we see more and more geographical expansion in the area, mostly towards Latin America. In more mature areas, we see our customers wanting to diversify more and more and get more and more different value streams to get value from. So let's start to look at how it is that diversification has happened over the lifeline of, or lifetime of that industry. It started roughly 15 years ago, and at that point of time, the focus was on ethanol. That was the product that customers care about. They would even call their waste product for slop because it didn't have any value to them. This has changed today, where some of the customers, they in fact almost think they are more a feed producer, which is the waste product, compared to an ethanol producer. Some of our customers, they put a lot of focus and a lot of value on the oil component, which they can get out of this. That's because they can use it for biodiesel, which I'll come back to later on in the presentation. This evolution of corn cracking, we expect that's going to continue as we move ahead, because this is an industry which evolves. In the future, it might be aviation fuels, it might be maritime fuels, or it might be into carbon capture, as Amy has already alluded to. There are many different options. Others might look at using ethanol for more high value added derivatives or biosurfactants. Novozymes is very well positioned in order to support our customers on this journey. We have been it historically, because every day in and day out, we have people out in their factories working with our customers to start up new plants, to troubleshoot, to secure their operations are the most optimal for the conditions they have. That evolution is going to continue, and we are there to support them. Now let's look at even today, 70% of the output for an ethanol producer today is still ethanol. It is still a major product. Let's look at how that is expected to evolve as we move ahead. The volume growth in ethanol will grow with low growth CAGR. The geographical differences are quite significant. In mature markets like the U.S. or in Europe, we expect that it's going to be flattish. More growth in the beginning and less towards the end of the 5-10 year period we look ahead. Why that? Well, that's because we have electrical vehicles coming in, so the more aggressive estimates indicates in Europe, for example, that 15%-20% of the fleet in 2030 will be electrical vehicles. That growth on electrical vehicles will outbalance the increasing transportation need. That's why we lead to roughly flattish growth in these markets. However, a place like Latin America, we expect significant growth. We have seen that in the former years, and we expect that's going to continue. The growth is coming from capital expansions because there's a significant fuel gap. Population growth, GDP growth leads to that they simply need more fuel. The answer in Brazil is to build more ethanol plants. That new capacity will help us drive growth. They have strong regulatory frameworks supporting that evolution. I promise to look also back into the biodiesel area, which is another area which is part of this reporting segment. It is an area where there is quite significant volume growth, as you can see on the chart, in the area of sustainable diesel. Today, only 300 million gallons out of the 13 billion gallons is made enzymatically. There's a huge potential for penetration. The enzymatic solutions we have, they work at the pretreatment of the oils, and then they also help in the biodiesel area, where they're expanding the use of waste oils so that more and more waste can be turned into something valuable. To sum up on the bioenergy area, it is an area where we do expect growth, and we expect it to contribute to the growth of Novozymes. This is an area which is way broader than just ethanol for gasoline. It is more about corn separation. Now let's look at the second area, which I promised to talk to on grain and tech. On the area of grain and tech, we see this is about getting a lot of productivity, getting improvements in your operation. That is also linked to getting more sustainability into your operations. We see that need for sustainability going deeper and deeper into the value chains at our customers or into our customers' processes. This goes both for the technical side as well as for the grains and oil sides. Also in this area, we have a large footprint of customers in the emerging market, and there is also a solid underlying demand for grains and oils in this area. The way we approach this area is with two themes, the first themes deals with sharpening our commercial approach. Here, there's most value in being close to customers and work closely with them in their operations. They value the productivity improvements. This is about digitally work with them on creating a better full customer experience. For example, it can be via remote monitoring of their operations, then also secure that we have a lower cost to serve. The second theme we have in this area is that we have selected areas where we see there is a need for innovation-driven growth. That can be in the oil space, where we work with our customers on getting more high-value oils out of fish oil, more omega-3 rich oils. It can be in an area of avoiding trans fats in an interesterification. As one of the questions was alluding to before, it can also be in the area where we, in grain milling, support our customers get more valuable protein out of their extractions. In the green chemistry area, it can be where COVID testing kits, where we have been selling an enzyme to it, talked about it in some of the conference calls earlier, we are looking into what other opportunities are there in the field of diagnostics. Last, there's also the plastic degradation, which Amy has alluded to earlier. In this area of grain and tech, we have two approaches, sharpen the commercial approach, then we have selected a few areas where there is a need for innovation-driven growth. That's by, you could say, executing on these priorities, that it'll support the growth of Novozymes. The last area I'll talk to is agriculture and animal health and nutrition. This is an area where there is a huge need for sustainable solutions. We only have this one world, and we need, with increasing population growth, to secure that the arable land doesn't expand into the untouched forests. Also, farmers, and that being a crop production farm or it can be an animal production farm, they're under a lot of pressure because they need to get more yield out. Can be more yield in the sense of animal protein, or it can be in the sense of having more crops being produced from their fields. They have less and less tools in order to get to that result, simply because there's less fertilizers they can use, there's less pesticides, there's less antibiotics. That is driven by both regulatory as well as consumer wishes for having more sustainable agriculture. There's a lot of trends supporting this area and therefore creates a lot of opportunities for us. Let's start with looking at crop production. Because in the area of crop production, biological solutions is only a very small part of the whole agriculture inputs. We have a strong position in the area of BioYield, and I'm sure you remember that we were the first company who launched a solution which was stable on the seed and could enhance the yield for farmers. That was supplementing the downstream solutions which we already had there. We expect to continue that evolution where we expand geographically and add more geographies to our BioYield portfolio, and then as well work with more near to market solutions. Also, we are adding increased focus on fertilizer replacement, as Amy has already alluded to, as well as the area of biocontrol, because this is areas where there is a lot of trends supporting these areas. However, all of that is all well and fine if we secure to create a big impact out in the market. Therefore, we have also over the last years optimized how we go to market. In this area, we work with partners depending on geography, depending on crop, and we have here lately also added a direct route to market. In the area of animal production, also here, enzymes and probiotics is only a small part of the full input cost going into the industry. In this area, we have a stronghold position in the area of animal nutrition, and we have just recently launched a new offering. This is ProAct 360, which helps producers get more of their protein to the animals, and therefore they can utilize less and still get the same amount of product getting out. We have, over the last years, adding more and more focus on the area of animal health. I'm sure you all remember we launched Balancius a couple of years back. That has been growing double digit, and we expect that will continue to grow double digit. Also in these areas, we need to get the products out and make a difference out in the market, and here we work with partners who help drive that forward. These partners differ depending on area, depending on geography, and depending on species we work in. To sum up on the area of agriculture and animal health and nutrition, it is an area where there is a tremendous need in order to secure that we feed the world the most sustainable way, and we have a lot of science-based solutions which can help tackle these solutions. Let me sum up and conclude on the full division Agriculture & Industrial Biosolutions. In this area, we work across farm, fields, and factories. We focus on feeding the world more sustainably. That means that we, with our customers, support them in getting more yield, getting less waste, getting more fuel, getting more products out there. By doing that, we support them in that productivity improvements and better business for them goes hand in hand together with sustainability benefits. That's why all these three areas I've been talking to, bioenergy, grain and tech processing, as well as agriculture and animal health and nutrition, they're going to be supporting the growth of Novozymes as we move forward. With that, I would like to hand over to Anders Lund, who will talk about Consumer Biosolutions. Thank you, Tina. Thank you very much, Tina. I'll take you into the fascinating world of Consumer Biosolutions and our ambition, our focus and our obligation is a big one. It's about improving the quality, the performance, the sustainability, the taste, the texture, the health, and the nutrition of everything that most of us consume every day, but also that we buy most of the time in the supermarkets around us. It's a tall order, but it's also a very fascinating world. We have two segments in this area. One is household care, and the other one is food and beverages, and I'll review both of them, but I'll start with our household care business. Just to take a little bit of a look of what this business is all about, it's still the largest business segment in Novozymes, 35% of our revenues in the company. It's largely a large global laundry business and also a significant automatic dishwasher business that's mainly in the developed market. Also some smaller segments, microbial cleaning, medical cleaning and professional cleaning. I want to spend a little bit of time going back in time. I've been part of this business for quite some years now, and I think there is room to set some things straight in terms of our sales performance. It's been disappointing compared to where we had expected to be, but there are reasons for that. One is pricing, where we've had headwinds to the tune of 2% every year in the period that we have here. In addition to that, in 2017, 2018 and 2019, we had some quite significant down dosing among our largest customers in household care. Again, taking away a couple of percentage points in growth every year. Despite of that, we delivered on average 2% in the period, driven by innovation, freshness being one of them, one of the major contributors. Also penetration around the world, especially in the emerging markets. From that perspective, we have delivered actually good results out of the innovation pipeline. They've not been able to totally counter some of the headwinds we've had. Turning to the trends in the industry, we are very well aligned to what's happening around us. We see hygienically clean being a very significant driver among consumers, and a need in their cleaning products. It's been further accentuated with what's happening with COVID. We've seen that across the globe, everywhere around us. Another major development and trend in this industry is convenience. We've seen the development going from powders to liquids to now unidose. It also impacts our business, but probably not to the same extent as the last one, which is sustainability. It's truly the biggest driver for our business long term. I would argue that Novozymes have talked about sustainability for the last 20 years, but finally, people around us is also embracing the concept, not just talking about it, and we see some of our largest customers making really significant strides on this agenda, and we see consumers also wanting technology that can make a difference. Now I'll be going into a few of the things I also talked about at the last Capital Markets Day. I'll start with emerging market being a very significant growth driver for household care. The reason behind our continuous belief is not only what's happening now, where we have very strong performance, it's also the fact that this market is just so vast. We talk about volumes which are four times the size of those that we see in the developed markets, and we talk about our penetration, which is only 1/6 of what it is in the developed markets. There's a huge opportunity space for the next decades to come in this space when we talk cleaning and laundry detergents. I want to talk a little bit about what we have done, because we've done quite a few things since 2019 and since we did the last Capital Markets Day. We put much more people on the ground, 50% more than we had before. That's a big driver of the growth that we see. We also opened up new offices, three in Southeast Asia and three in Africa, again, contributing to the growth. It's important to stress that there is no silver bullet for the emerging markets. It is one battle, one customer at a time, one opportunity at a time. From that perspective, it is about regionalizing our effort, and it is to being close to the market. That's what we do with the efforts on the emerging markets in household care. Another area that we have discussed at length and in significant detail is what we're doing on freshness. Before I get to talk about freshness, I just want to take you a little bit back in time. Novozymes is the company in the world that has opened up every new enzyme segment in the space of cleaning and laundry detergents. It started with proteases in the 1960s. We have since then developed a number of different stain removal enzymes. We have added new claims such as fabric care and whiteness in the period, and now we're opening up a new dimension of clean, essentially dealing with everything that comes from your body onto your textiles. It's a technology that's unique, and today there's nothing that actually can deliver what we can. Today, it's being treated with masking technology from perfumes. There's two data points I want to highlight for why we remain very excited in the area of freshness. One is when we look to consumers, they say that dealing with odor and dealing with sweat is among some of the largest needs they have. Two-thirds of consumers call that out. Combined with the solutions and the satisfaction with what they see in the market today, which 1/3 of the consumers, they claim they're not satisfied with the solutions, we believe there is a space. When we turn to our technology, the freshness technologies, we have, of course, been out asking consumers what do they think about this, can they see the difference? When you wash a product with and one without freshness, 80% of consumers, they prefer the one that has been washed with freshness. That's a remarkable result, and at all the years I've been in this category, it's the strongest consumer claim that we have seen in this space. We just launched Pristine, which is our new broad market solution in this space, and the first indications from customers are positive. They clearly see the need. We have more in the pipeline when it comes to broad market solutions in this space, and we have more exclusive technology coming this way. With that in mind, we remain committed to the DKK 1 billion that we've called out on freshness and believe that that's an achievable target within the timeframe that we've set out. There's one driver I want to highlight, and I talked a little bit at the beginning of this presentation on sustainability. That is, if you open up a bottle of detergent and you ask yourself, is this really a sustainable product? The answer is no, it's not. It's not particularly sustainable. The reason is that most of the ingredients in the product, they're not biodegradable, and they're not renewable. Actually, if you think about it, the only technology that is currently being offered in this space that offers both of those two dimensions, that is enzymes. Whether you talk about surfactants or polymers or builders, perfumes, a lot of them, they are still relying on fossil fuel, and they are often not biodegradable. That's, of course, an enormous opportunity space, and it's only an opportunity space because both consumers and our customers, they are on this journey. We've taken a look at where is this heading, and we see at least two significant steps that's going to happen. One is a relatively midterm, where we're seeing some of our largest customers going out and making commitments to taking all fossil fuel products out of their laundry detergents. That's a major step and a very bold step, and again, we should be really well positioned. They're also saying that they want to reduce the size of the bottles in this same journey. Enzymes are, from a weight efficiency, by far the most important and functional product you can put into a product, into a laundry detergent, and from that perspective, again, we are really well positioned. I think there is a world beyond what we see now, a world where you will make your products entirely biodegradable and also entirely renewable. Of course, that's a world where we need to rely on other pieces of chemistry. We need to rely on other people in the value chain coming together and driving biodegradable and renewable solutions. That's why we have chosen to partner up with more people in the value chain, not only our customers, but also other ingredient providers, in order to help the industry transition towards that world of 100% biological cleaning. The other thing which excites me in this space is the fact that we, in our pipeline, have technologies that actually right now target some of the chemistry that is being used predominantly in areas of polymers where we have technology, and we will be launching technologies that can replace that, and in the area of surfactants, where we also have technologies that can replace that. It will never be a one-to-one replacement, but it will be on the right path and on the right journey. Now you may ask yourself, are we doubling down, and are we doing more in household care altogether? No, we're not, we have made these selections in our pipeline to effectively take out some of the investments that we are doing on incremental innovation, allowing us for doing some of the things I just talked to, but that's actually a big and bold move because we believe that there is a better way to defend ourselves, a way where we optimize, a way where we work closer with customers on application, and in a way where we utilize the power of the strength of our entire portfolio in customer relationships. That's important. I want to conclude on household care. There's three things to watch out for. Emerging markets continue to be important. Freshness is still high on our agenda. Mid- and long-term biological detergents is a very significant part of our future. All of that combined makes us believe that the right place to put our ambition level for household care is in the range of 3%-4% in the strategy period. That was household care. I want to transition to food and beverages. Again, just taking a brief look at the business in food and beverages. It's 20% of revenues, Novozymes. It's a large food segment where baking is more than half of the business. We have a very long and established business in baking, but it's also a dairy business that we include in this segment. Then there's a big beverage business, which is predominantly our brewing business that is in this space. If we take a look at the sales performance over the last years, as you can see the graph, it's been coming down since 2017 and then spiking this year. The development we saw in 2018 and 2019 were that we had to take some heat on pricing. Some of our very significant freshness technologies in baking came off patent, and that meant that gradually prices were coming down. That took away quite some of the momentum that we had built in 2017. If we look at what happened in 2020, we have a significant business in brewing, and we were severely impacted by the whole lockdowns of concerts and stadiums around the world, and the whole social life coming to a stop. Our brewing business, as well as the rest of the market, took a dip in that. We're coming back really, really strong. It's not only brewing that is annualizing the pain from last year, it's actually every single segment in food and beverages, and of course, also our human health business that are performing really, really well. I would argue that as we are in household care, we are extremely well-aligned to the trends that we see in the food and beverage space. Health and nutrition, we talked about just before, the plant-based revolution we talked about before. Taste and texture remains a very significant driver. I want to take you into a few new things that we are doing in food and beverages, while a lot of the things that we currently do remain the same. Two new areas that we are really putting more emphasis around. First is on the plant-based agenda. We take a look at what does consumers say about the options they have for plant-based meat and plant-based dairies. What they complain about for actually making the real transition in this space is taste and texture. That's something that we can do something about. The other thing that they want to address is health and nutrition. If we open up some of these alternative meats, we'll actually realize that some of the components and ingredients are not particularly attractive. We want to be able to enable consumers to have attractive ingredients in this space. Finally, there is affordability, which is an issue in order to have the full transition. If you look at our solutions and what we can do, we have technologies already now that can deal with salt reduction and umaminess enhancement in alternative meat, sugar reduction in situ in alternative dairy. We have technologies that can deal with delicious taste and texture when it comes to both alternative dairy product and meat. We have extraction technologies that we just talked about before that can extract both soy and pea protein and drive stronger yields in that segment. When you do some of these investments into our technologies, you can actually eliminate a lot of the E numbers and drive clean label claims for your food and beverages. It's a significant driver. We are on probably one of the most significant trends in the world when it comes to food and beverages. We have something to offer, not only now, but also in the future when we look out to what we have in the pipeline. The other segment is a brand new one. It's a segment where Novozymes take advantage of some of the health benefits and health claims that we have developed in the human health space. We look at significant claims where we have substantial data that indicate that our technology, both on enzymes and probiotics, can do a significant contribution to the health of consumers. We combine all of those strong claims with our market access in the space of food and beverages. Here we are working with some of the largest food companies around the world and marrying these health claims that we have and we have established, together with the relationships we have on the other side with food and beverage companies, we believe that there is a significant opportunity space. This is, of course, a new and emerging one, and it's one where Novozymes, of course, we have to learn how to do this. That brings me to the customer co-creation centers that Amy also talked about. It's important to understand that when you open up these new segments, it's nascent and it's emerging not only for us, but also for many of our customers. That means that we cannot just send enzyme out into the world or probiotics out into the world and then expect adoption. We need to be able to show a case to our customers what consumers think about this. We also need to be able to show how these technologies, they are working in the applications, how they're working on sensory panels and so on. That's why we are investing such significant resources in these customer co-creation centers. Just to conclude on the segment of Consumer Biosolutions, emerging markets continue to be key, both in household care and in food and beverages. We have significant solutions and not the same penetration levels. Then we are on trend when it comes to our technologies on health, nutrition, and sustainability, and we believe that we not only have some of the solutions today, we also have a lot in the pipeline that can drive this business to substantial growth. Thank you very much. With that, I'll pass it on to Claus Crone Fuglsang, our CSO. Claus, please. Thank you, Anders. It's an absolute pleasure on my part and as a scientist, some will say a passionate scientist, to have been part of the last 30 years of advanced biotech research. To see this research move from, when you look back, was fairly rudimentary understanding of how enzymes and protein function, fairly rudimentary understanding on how to manipulate and work with gene modification. To watch what is happening today in the sense of being able to synthesize entire genes, yeah, sometimes entire genomes, being able to map the pathways in there, being able to understand the context in which the enzymes and protein operate and to study that. It's absolutely fascinating what biotechnology can do. We're just getting started. In an innovation-driven company, as Ester so nicely put it, the world's leading biotech powerhouse, I want to show you really why this is true and how this is true. Novozymes' successful leadership position in industrial biotech and our right to win in the new areas we're calling out here today, is really founded in our ability to stay on the very forefront of biotechnology. Allow me to take you on a short educational journey. Novozymes was the first biotechnology company in our space. You could say we were the first to really embrace synthetic biology, as we launched the first GMO-derived enzyme all the way back in 1988, as part of Novo Nordisk at the time. We moved on to be the first to develop and market protein-engineered enzymes, adapted to work in their non-natural environments. Moving on in the zeroes, to be the early adopters of high-throughput screening system, robotics and bioinformatics. You could say digitalizing our workflows already in the zeroes. Now, when you look at us today, being able to move into big data, multi-omics, the gene editing technologies, taking advantage of cheap DNA sequencing to an extent that we can do metagenomic studies that we apply when we study microorganisms in plants, in animal health, and for human probiotics. This is the new biotech reality. This is technologies coming together from the IT world, from robotics, from the ability to synthesize, read and write, you can say, DNA, and then putting on top the biology. Forever changing the pace and the ability for early-stage discovery in biotechnology. We expect this fast-paced development to continue, and as DNA synthesis get cheaper and cheaper, the computer-aided design of genes, proteins, enzymes, yet even entire cell system will benefit. As we look further into the future, the advent of quantum computing, the computer power in that will allow to build digital twins, model entire cell systems and the context they work in, to really do the experimentation in silico before taking experiments into the lab. Novozymes will continue to invest to stay ahead, and we'll keep an open mind as to how we do this, whether we buy, build, or borrow our way in to new technologies and capabilities needed. You've already seen it exemplified with our recent acquisitions in human health, the acquisition of PrecisionBiotics, Microbiome Labs, and earlier this year, into the bioinformatics and data science space with Biota. Setting us strong on the bioinformatics for probiotics. Another example is the licensing of technology. Licensing yeast technology, on which we put on top our knowledge of how to manipulate genomes, genes, and build on our enzyme expertise, and then adding our understanding of the biofuel space on top to build and achieve a leading position in biofuel yeast. Technology alone doesn't cut it. Our claim to be the leading biotech powerhouse is built on these three key pillars. It's linking the application science and understanding to the technology foundation, and then further linking it to the ability to scale and manufacture, really creating the end-to-end biotech powerhouse. Let me bring an example. It is our applied science and ability to connect with our customers that really leads us to understand the fundamental problems of poorly tasting, poor texturizing plant-based proteins. To understand that these are peptides, the solubility, the end amino acids that creates the off flavors that you don't want in a food product. Design the enzyme solutions that can modify and remove the problem for our customers. It's this ability that have provided us with leading position in our strongholds, in our core markets like household care, like baking enzymes, and bioenergy or biofuels. It's this ability we're now bringing into the new areas of BioHealth, nutrition, and alternative protein, in the form of the customer co-creation center that you just heard Anders and Amy talk about. This ability, together with our world-class bioengineering toolbox and the know-how to scale and produce, this allows us to bring our biotechnology to markets anywhere in the world. This is our competitive advantage. This is what sets us aside from most players in the biotech field. The science is fundamentally the same, whether you apply it to enzymes, other proteins, or in the understanding and engineering of microbes. It allows us to widen the space we operate in, well beyond our current strongholds. We've already seen the examples with the yeast and enzymes, how they play together in biofuels. We are now seeing it with proteins, with enzymes, and probiotics that would complement each other in serving health in crops, in animal health, and now in human health as well. In the end, it is about biology. In the end, you will have to produce it by fermentation at the right scale and at the right quality. That is what we do as a biotech powerhouse. Now, let's look into how we have set ourselves stronger in R&D. Novozymes is a highly diversified company in the terms of the customers and end markets we serve. It becomes, of course, important that we direct the R&D resources where it matters the most for the most impact. It's fair to say that despite a fantastic R&D machinery, which has allowed us 30% of sales from new products launched within five years over the last many years, this has not really translated into the top-line growth we were seeking. We have kept and solidified our leading position and margins in our core markets. It was evident that something had to change. In 2019, with Better Business with Biology, we've been reshaping the R&D organization, the setup, along with our pipeline, with a clear ambition to deliver more top-line growth from innovation. We refocused the pipeline, removed around a third of the programs with lower contribution to top-line, to focus the resources on where it matters for growth on the remainder of the projects with a higher prospect of top-line contribution. We streamlined the R&D setup to increase efficiency, so we now leverage scale of four global hubs, one in Denmark, two in the U.S., and one in China, while we maintain a few smaller specialized sites. This allowed us to invest more in market presence. You just heard Anders talking about the more resources in sales in emerging markets, but it also allowed us to connect with our customers through technical service centers like our Formulation Center for Household Care in India. We've directed around 80% of R&D spend towards product development, and we spend 20% on technology and optimization. Here, we are seeing huge benefits of the technology advances and in the advances of data science. Today, many of the leads that we are seeing for optimization is generated through data analytics and can then be handled with less resources when it comes to construction of our production streams. This is taking advantage of efficiencies generated on technology. This is how we maintain a promise of continuing the operational efficiencies in R&D and in all facilities. Of the R&D spend in the pipeline, around 70% have been directed towards programs with higher growth opportunities, so seeking growth markets. Of course, doing so need to be aligned really with the market pull, hence a significant focus in our innovation to have early customer validation and their buy-in to the opportunities we present to them. It keeps the right priorities, and it keeps a sound level of risk in our pipeline. An important element of de-risking activities and to sort of leap forward in innovation would be targeted mergers and acquisition activities. Let's talk a bit about what brings customer and how we bring customer centricity into our innovation. I believe the linear approach in thinking around innovation is not fit for purpose in a fast-moving world. We need a more constant, continuous learning together with our customers. This customer intimacy and customer-centric mindset is what we are really pushing into our innovation activities. It's with the closing of Applied Science, customer co-creation centers, along with a continuous and iterative validation of our value proposition together with our customers and the design of solutions. Going from, you could say, a very sort of linear stage gate technology push to having these iterative learning loops with our customers. We want to ensure this also in the early stages of the pipeline. This has already allowed for more agility in solution design and a speedier process with higher attrition. We're stopping activities early when there's not sufficient value of buying. In another case, we've been able to repurpose a solution, fitting it for the customer need instead of running a two-year discovery program. It's all about accuracy and the value propositions. Hitting the needs in the market, customer pull over tech push, all about cadence and speed, bringing solution rather than technology perfection, creating efficiencies. We create a more robust pipeline, increase our likelihood that our innovation will be met with commercial success, and contribute significantly to Novozymes' top-line growth. Here, we are taking the lead as an innovation company. Clearly, not all customers and end markets are the same, or they also don't have the same appetite for paying for the new innovation. This is why we need to leverage different innovation models, with a market-fit approach. There are certainly markets where there's a demand and a willingness to pay for the very radical and transformative innovation. Consider nitrogen fixation for corn and wheat. Consider health solutions preventive of lifestyle diseases, consider tasty plant protein as a true alternative to meat. In other markets, we create value to our customers by leveraging existing technologies and applying these in new adjacencies, like when we bring our fiber solutions for biofuels into the grain milling space in terms of the Frontia product line. Again, other customers are really looking to have solutions adapted to fit their need. It may simply be extension of blends. It may be formulation compatibility with their formats. Really what we can base on existing technologies. We call that near to market solutions. The new baking enzyme formats that we just launched, Novamyl G we call it, are a good example here of. The different innovation models really allow for very different complexity in our pipeline and again, provides a balanced risk reward. It allows us to leverage our science and technology base across our business areas. You've heard Amy, Anders, and Tina all exemplify key areas of innovation important for Novozymes businesses, and you now heard me talk about our leading biotech platform. Allow me to finish off by talking to the key value drivers under which we operate the pipeline. These drivers ultimately define Novozymes, who we are as an enabler of a small, sustainable future for people, for companies, and societies. It allows us to achieve our ambition. You will find the majority of our innovation programs to deliver in these three key areas. Sustainability and chemical replacement. Good examples, you just heard Anders talk about activities in biodetergents to remove or reduce polymers or surfactants. You also heard him talk about the compaction, where enzymes can play a role. Superior performance and customer value, very much exemplified with our recent launches this year on yeast and fiber enzymes in biofuel, but certainly also the earlier ProAct 360 launch in the animal nutrition space. Lastly, the benefits to health and nutrition. These are obvious outcomes of activities in human health and animal health, exemplified by the recent launches of SmartGuard and Alforex Immune in the human health space, and Balancius, that Tina talked about, in animal health. Programs also fall in the intersection, of course, of these customer value pools. Obvious examples are the tasty plant protein that will benefit not only health, but certainly also sustainability. All in all, creating a platform for growing Novozymes business sustainably. As we bring our biotechnology powerhouse into play, I believe in our competitive advantage to keep our lead in enzymes while we exercise our ability and right to win and expand in advanced microbes and advanced proteins. We have the science, we have the technology, and we have the scale to do so. We shaped our R&D for efficiency and the pipeline to support better translation of innovation into growth. We have a clear vision and ambition to bring market-fit innovation and value propositions to really serve our customers and society, allowing Novozymes to achieve our ambition of doubling growth by 2030. Now over to Ester for a wrap-up. Ester, please. Thank you. Thank you, Claus. By now you heard about many of our members of our leadership team on the trajectory, on the journey for Novozymes to unlock its growth potential, to unlock the power of our biotech house. I hope that you feel a new sense through all our individual updates, not only the pride, not only the passion, I hope you felt the trust on our commitment to growth, on our ambition to double our sales sustainably, on our commitment to enable a healthier planet through our solutions. With that, I will leave it to Tobias for hosting and leading the second round of the Q&A session. Thank you very much. Tobias? Thank you, Ester, and hello again. We have a 30-minute Q&A session now starting, and we will start with a question from the telephone lines. Operator, please. Thank you. And just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have a question from the line of Søren Samsøe from SEB. Please go ahead. Søren, if your line is on mute, can you please unmute yourself? Okay, we'll try the next line from Nicola Tang from Exane BNP Paribas. Please go ahead. Hi, everyone. Thanks so much for the presentations. The first was on ag and feed. It's one division within industrial biosolutions where you see above average organic growth in your forecast period. If I look back at the past five years, I think organic growth has been flat on average, which suggests you've either underperformed both your key markets in ag and animal, or that you significantly underperformed in one and that offset the growth in the other. Can you just help us to understand the dynamics looking back, and then also looking forward, do you expect to grow in line or ahead of your relevant markets? The second one was on household care. I'm just curious to understand why you don't see a larger step up in organic growth going forward, given those three drivers you were talking about, Anders. Again, if I look back at the past five years, you've had very low single-digit growth, but you talked about the pricing erosion and the down trading headwinds being about 2%-ish each, I think. Your earlier comments suggested maybe that the price erosion should be lower going forward. Yeah, perhaps you could just talk a little bit about that 3%-4% assumption. Very good. Thank you, Nicola. Thank you very much for the questions. Tina, if you can take why, what's the difference before and after on ag, and Anders build up on the household care question? On agriculture and animal health and nutrition, the change which we have made is on both. We have a number of significant innovations getting out and being meaningful out in the market. We have adapted our go-to-market models, mostly in the area of especially agriculture, so crop production. In the more longer term, we also have a number of good innovations which will come out later. In the next five years period, it is a lot about the innovations which we already, you could say, have launched or are launching or will launch soon, and then the go-to-market model, Nicola. Over to Anders. Yeah. Thanks for the question, and thanks for the optimism on household care. There are days I also share that and where I can see that we can go higher. I think we have to accept that we come from a world where we have been lower than what we guide right now, so this is a step in the right direction. Again, we call out segments that we believe and have firm beliefs that will grow, emerging markets being one, freshness being another, and then we start to see the emergence of biological detergents making a difference. If everything plays out, and if we see little competition, little headwind on down dosing, if we see these things tick up, of course, there is a path forward for higher growth rates. We believe that 3%-4% is the right level to put us also thinking about where we've been the last years. May I ask a quick follow-up on the biologicals for household care? You talked about how actually you need to see development across other ingredients as well as enzymes, and so you're collaborating with partners. I was wondering whether you assume much contribution in your 2025 period, or if that's longer term. Do you think that some of those big ambitions to remove fossil fuels by some of your big customers, is it actually possible from a technical perspective and commercial, I suppose, perspective? That's an excellent question. Actually, it's a very good question because it is possible today. Technically, we could do what we ask or what we have as an ambition. We have solutions. The problem is cost. Today, the solutions on the bio alternative, whether it be surfactants, polymers, perfumes, and so on, if you combine the total package, it's simply just too expensive. When we look at the contribution from biological detergents, I think the way to look at it is that the more solid contribution will be emerging market and freshness, and as we get further out into the plan towards 2025, maybe we'll start to see contributions on this agenda. The reason why we call it out now is it's part of our pipeline focus, and secondly, because there is a future after 2025, and we want to make sure that we sit in the right seat when that opens up. Thank you, Anders. Thank you, Nicola, for the question. I will take two questions now from online. The first one is for Morten. Morten, as responsible for people, sustainability, and brand, could you share some thoughts on how you leverage ESG metrics in the dialogue with customers? How do you work with that, how do you monetize on it? First of all, thank you for the question. Secondly, yes, we do see an increased focus from our customers on sustainability, as also Anders spoke to in his presentation. As a part of our sustainability effort, we really use our profound, deep knowledge to create value for our customers' business, but also as a differentiator against competition. We do this through sharing transparently our ESG performance, but also our carbon footprint for our products. In that way, we create value both for Novozymes and for our customers. Maybe Anders could put a bit more flavor, too. Yeah, thanks. The way I look at it is that ESG targets and the sustainability agenda is, to a large extent, becoming table stakes. You might even say a license to operate in many cases. Our customers are very interested in what we do and how we measure as a company. I think we are seen and continue to be seen as a sustainability leader, not only because of the actions we take, but also because of the technology offering we have. Customers, of course, look towards us for delivering meaningful biological alternatives through some of the pains that they have, and in that, they actually see that there is a sustainability improvement on their business. That's why I think we have talked sustainability for more than 20 years and why we are so excited about this, because it's so inherent in what we do and what we are as a company. Thank you, Anders. Thank you, Morten. The next question is from Jeffrey Zekauskas at JP Morgan, and it sounds like this. Which are the areas of business that you wish to structurally de-emphasize? How large is the sales base of these areas that you wish to de-emphasize? Good. Thank you very much for the question. Lars, if you could also support it with the sizing. What is important to mention here is that there is an opportunity for growth, and where we see an increasing demand of our products for the value that they bring in, either by enabling higher yield and higher productivity, also by clearly answering pressing needs, such as how to fulfill the nutrition in a different way and how to bring to solutions more sustainably. It is also true, and Anders alluded on that, Tina also alluded on that we see a portfolio of our solutions that they're getting matured, and where we're seeing an aggressive presence from competition, and where we here we're investing on the productivity to keep protecting the margins and to keep staying with our customers. Maybe an area to put it in emphasis on where we're seeing that it will be, for example, in the textile area, where we see a higher level of aggressiveness from competition. There here we play, and the way that we reach our customers and the way we optimize this, how we approach the segments, how we use digitalization, how we go, and we continue to be competitive, and again, with a stronghold of productivity that keeps us as the right partner of growth. Han, Lars? Yeah, about the size, it is actually a little difficult to say exactly what is the size of the business that is affected, because in many ways, you could say it cuts across most of our business areas, because there are areas of each area. There are products in each area which is more mature than others. I think you have to think about it in a way that across our businesses, we are making sure that we allocate our resources where they matter the most. For instance, marginal innovation, which has happened in many different business areas, that is not going to happen to the same extent as we did before. We are instead looking to work with our customers to find out what matters most to them. Is it a digital solution? Is it a way that we can secure a strong supply chain? Is it other means that actually allows us to provide better value and better service for our customers? There is not sort of a single number that describe that. I think it's fair to say that across of the entire company, we are being much more conscious on where we allocate the resources and making sure that they go to where we see the biggest growth opportunities. Thank you, Lars. Next question, let's take it from the telephone lines. Please, operator. Our next question is from Lars Topholm again from Carnegie. Please go ahead. Thank you very much. Two questions, really. I've covered you for 21 years. There have been many Capital Markets Day with a lot of promises and a lot of excitement, and you're good at talking about those. You're less good at talking about what doesn't work. I'm really sorry, Anders, this is going to be on you, but in 2017, Household Care had revenue of DKK 4.7 billion, and given your guidance, it's not going to be much bigger than DKK 5.7 billion by 2025. If the Freshness platform contains potential for DKK 1 billion, and you grow in emerging markets, I think it's pretty clear that there are markets where you don't grow. I wonder if you can put some words on where exactly do you not grow, because it's in market where the detergents can still grow, and since you guide for 3%-4% growth from Household Care, what is it that makes you doubt you'll be able to change that? Then I guess a more friendly question for you, Tina. On biodiesel, I just wonder if you can explain what proportion of revenue it is for bioenergy, and maybe also put some words on the competition, because you explained that the enzymatic pathway is a quite small proportion of this market. What is the bigger part? Why is enzyme such a small part? Why would it change? Thank you. Very good. Thank you, Lars, for the 21 years, and thank you for the very good questions. Before I pass it to Tina and Anders to answer your questions, I would like you to hear from us that we cannot change the past. We are not here about changing the past. It is about setting the foundation of the future, and to do that with transparency, and to do that diligently, and to do that one step after the other. This is what you have seen from this team, since at least in the last couple of years. This is also how I started my presentation, and I only wish we could go fast-forward five years from now, and then we will hear a different question from you, but I will wait till we prove you that that is the space that we are going. Anders, Tina. Yeah, thanks. Now, one more optimistic, one a little bit more pessimistic, and I'll give you some flavor to where we see less growth going forward. The developed markets clearly is not a segment where we expect a lot of growth outside of the innovation that we bring, and maybe even in some segments in the developed markets, we probably see contraction because of the commoditization that's happening. We have some very significant segments which are large and where we're seeing competition. They want a big part of what we have today. We take stock in that. Of course, as we said, we want to defend that. We want to do it primarily through optimization, so we can still remain competitive. We don't expect that to grow very significantly. That leads, in some cases, to price pressure that will take some of the growth out of Household Care. I try to give you at least the reasons why I still believe that there is a path towards the 3%-4%, and why we are committed to that and believe that's the right outlook. Again, it is emerging markets that right now is delivering solid growth. We expect that to continue. It's fair to say it will not be a straight line. There will be sort of swings. We've seen that historically. It's, of course, Freshness that where we still see a path towards the one billion. When you factor all of those negatives and positives, again, we believe that the best place to be and the most realistic place to be is in the range of 3%-4% for Household. Anders, as a follow-up, so what you are seeing in developed markets, is that sort of a playbook of how emerging markets are going to look five or 10 years down the road? Absolutely not. The reason why that's not the case is that if you look at our penetration levels in emerging markets, it's to a very large extent, only with one or two enzyme classes. In the developed markets, many products, especially in Europe, but also high-end products in North America and in Japan, they consist of many different enzymes. From that perspective, our runway of just exploiting what we have in the emerging market is very significant. It comes back to the four times volumes, one-sixth the penetration. That space is huge, and you can even factor in some commoditization, and it will still be huge for Novozymes. And then on the- Good answer, Anders. Thanks. Thank you. On the area of biodiesel. Today, biodiesel is roughly 5% of the bioenergy segment last. In terms of competition and how that is evolving, you can use What is called crude oils. That is not a crude fossil oil, but crude vegetable oils, or you can use waste oils. As of today, we have our activities in the area of pre-treatment, and that can be no matter whether it's crude or what kind of oils it is. In the conversion, and that's mostly in the area of waste oils. In terms of why it's not more, I also have to say that if you look at the plans for expansion, there is a number of areas for expansion in both the areas where you do use crude oils and do a more cracking process, which is more the typical, you could say, oil-derived process, or in the less CapEx intensive, less temperature process where enzymes are used. It's more a matter of how much CapEx do you want to spend, and then how access do you have to, for example, waste oils. It's an area where there is, you could say, relatively low penetration. It's an area where we have seen very strong growth in the last couple of years, and it's an area where we expect more growth to come from. That's going to be a mix of both, you could say, the areas where enzymatic is being used is getting a larger share, and then as well from the underlying growing volume. Does that answer your question? Tina, if this is Yeah, but if this is 5% of sales today. Yes Is it realistic that biodiesel will add one percentage point of growth to bioenergy in the next couple of years? I have not said that it will add 1% to growth in the next couple of years. What I've talked to is that in the area of bioenergy, it'll grow below company average, and I've said that there is the growth drivers on the underlying demand for more clean energy, which is biodiesel, and to a low extent, as you saw with the low CAGR growth in ethanol volumes, and then it's from Latin America and diversification. I have not quantified that it's going to be 1% moving forward. Thanks, Tina. Thank you for answering my questions. You're welcome, Lars. Thank you, Lars. Let's take another one from the telephone lines. We have the question from Søren Samsøe from SEB. Please go ahead, Søren. Yes. Good afternoon, guys. It's Søren from SEB. I've covered this company for quite a number of years as well. I do remember when return on invested capital was somewhat higher than today. I recall it was high 20s. Last year was 19%-20%. Now you're guiding for a similar level in 2025. I was just wondering, is this a sign that your industry has become more competitive, or do we see it more as a temporary development and we could expect it to come back up when we get a few more years down the road? Thank you, Søren, for your question. Lars, would you answer, please? Yeah. I think high 20s, I think that's probably too high also in the history. You are right, as I also showed in my slide, that we were above 20 in the last few years. Again, remember also why were we above 20? That was because we had this deferred income on our balance sheet that reduced net working capital, and therefore improved our return on the invested capital in the period. I think just keep that in mind when you compare of where we are now. 20% is still a very attractive level. What we are doing is to increase the long-term growth. When we start building a facility in Blair for alternative proteins, that will of course put CapEx and investments on our balance sheet. We have also guided that within a foreseeable future, we're actually seeing that facility being accretive to our ROIC. When we invest in new opportunities, there'll be a period of time when we start up, when we invest, before we start to see the return on that growth. Likewise, when we start using M&A as a tool to accelerate our strategic journey, that would also be a period of time where the invested capital will be higher until we start to see the return from the growth that we're generating. Therefore, you can say that we are making decisions that will accelerate growth in the long term, and we believe this is what will generate the highest return for our shareholder as the priority number one. We would have to pay a bit of a price as we invest in different opportunities on the return on invested capital. In each individual case, we have a long-term favorable return on that investment. That's what we're looking to do every time we make a decision and make a choice. Thank you, Lars. Thank you. Thank you, Søren. I'll take one question from online here before we move to the telephone lines again. This goes to Graziela. Graziela, it's about capacity. It says: Do you have enough capacity to cater for 5% or more organic growth and your 2030 ambition? Also if you include Advanced Protein Solutions investment? Definitely. Thank you. As mentioned by Lars, we are targeting at having 10% CapEx to sales ratio until 2025, covering our strategy period. On top of it, we also have the DKK 2 billion facility we have recently announced, and we are, as we talk, building in our Blair facility in Nebraska, U.S., to cover the production of Advanced Protein Solutions. Not all the 10% is actually for capacity expansions. We are also investing on the customer co-creation centers. Within the allocation for the expansions, I feel very confident that we are going to be able to have timely and high quality and safe capacity to cover for the growth areas. It's not only about CapEx investments. We have a very strong track record on productivity, and that has been for years, and it is across scale-up production and supply chain. We count on very important capabilities and broad biotech toolbox that we use, and that being for high-yielding products coming from our fantastic R&D that Claus had talked about, but also a very strong technology foundation, also including some very important process efficiencies or process development with great people to achieve that. All in all, if we take the productivity gains plus the investments we are allocating, I'm very confident, again, that we are going to liberate the capacity needed for the future across our existing global footprint, but also expanding, ensuring that we are going to fulfill the growth needed on our ambitions and targets. Thank you, Graziela. Let's take a question from the phone lines again. Operator, please. We have a question again from Charles Eden from UBS. Please go ahead. Super. Thanks for allowing the follow-up, and thanks again for the second session of the same week. My question is probably to Anders, and it's just a quick one. Just on the freshness program within household, can you remind us where we are sales-wise versus that target today? Maybe if you're not going to quantify where we are, just qualitatively where we are in terms of contract signed outside of the exclusivity with the customer that you've previously allowed that exclusivity to, that would be helpful. Thank you. Yeah. Thanks for the question. On freshness, when we look at the sales, as we also said, we have one customer that's buying a solution for both our powder and the liquid solutions. It's been launched in a lot of the emerging markets and in Europe, and that's where we are sales-wise. When it comes to forward-looking expectations, of course, the fact that we're launching a broad market solution now, brings to that excitement and the plan towards the DKK 1 billion. We have also committed deals exclusively, both with that customer that we developed this with and also with more exclusive partnerships, where we have a solid plan for that contributing to the top line growth. I'll not give you rough indications or numbers for where we are right now on the journey. We are essentially where we planned to be, also when we launched the whole initiative some years back. Thank you. Thank you, Charles. I will allow myself to take another question from online. This one comes from Ria Kotecha, Bank of America. The Explore areas, there are already firms making inroads into both biological fertilizer alternatives and PET recycling using microbes enzymes. Let's see. It jumped a bit there. Should we see this as an area where you are likely to do M&A, or do you see value in creating your own solutions internally? I'll take it and then ask Amy to build on it. The answer is both. The answer is the best one. We will choose the one that drives and accelerates growth for Novozymes in the most effective way. Also, it's important to put it in perspective when we look at the ambition of growth on 2030, that that's going to come majorly from organic growth, also M&A and toolbox, but mainly from the Expand and on the Evolve areas. We're going to start collecting some of the fruits as much as we can from the Explore areas, that's not part of that ambition of doubling sales. That's setting the foundation of a long term right to continue to grow. Amy? Maybe just the only thing I'd add to that, Ester, is just also when we think not just about the business scaling of maybe using an organic route to grow businesses, but also how we do innovation. We're also looking at partnerships. We're looking at using external innovation, working throughout the network in order to accelerate some of those venture areas. Fully recognize we don't have to reinvent the wheel, but I think both looking to what is the best way to commercialize these opportunities, both through an R&D and development and scouting phase, but also, as Ester referred to, potentially through an actual business scaling phase if we prove the proof of concept. Thank you. Thank you. Another question comes from Sam Perry from Credit Suisse. Thank you for the presentation. Can you please explain what the recent acquisitions bring to Novozymes, as they seem to be dilutive to margins and are also not increasing growth versus prior expectations? You still keep midterm growth that remains at 5% plus. What does recent acquisitions bring to Novozymes? Thank you, Sam Perry, for the question. I will ask you two to build on what the recent acquisitions have brought us in Novozymes. In a very high level, they enable us to move faster into human health. To earn the right of being first bring innovation, but also get access to a market, to a space that if we would have to build those capabilities ourselves, it would have taken much longer. Then they are delivering double-digit sales growth, and they are providing very profitable margins. Lars, do you want to build on that, please? I can do that. You can say that when we acquired those two companies, we were expecting them to be earnings-per-share accretive by 2022, both of them, and that's still how we look at it. As Ester said, we are also looking for organic growth contribution from the two acquisitions, and we are expecting them to deliver double-digit growth here in 2021. Obviously from a relatively low base, and therefore not yet visible on the total growth rate of Novozymes. The companies we acquired, they are actually very profitable and have attractive margins in their own right. As I also spoke to before, when we acquire, obviously we have to pay a price to the former owners, and therefore have to amortize an intangible asset over a period of time. Therefore, during that period of time, they will be dilutive on our margins. In the long term, with these assets, we are creating the platform for future growth, and we will over time amortize the assets that we acquired. Therefore also in the long term, we also see them as being accretive, not only on earnings per share, but also on our margins. We see it as an acceleration of our strategic journey. We see it as a long-term contributor to growth at attractive margins, and that profile we like. Claus, why do they move us faster? Sure. If you consider the first acquisition of PrecisionBiotics Group, they really have the leading technology in a very large space in human health called IBS, so irritated bowel syndrome. They have the best, you could say, qualified in terms of clinical evidence in this space. In some countries in Europe, they are even getting medical device status. This is really fitting for an approach that we are taking into this human health space. We call it a one in a trillion. We do want to find the real address, consumer pain points with validated scientific claims. The Microbiome Labs adds to this in terms of a sales channel, the direct sales channel to healthcare practitioners, and adds on top a very large pipeline of other types of probiotics, spore-forming based. All you could say, adding both to the innovation part of it and certainly also to the sales channel and market access part of it. The last one I just mentioned was the Biota acquisition, and that's a technology acquisition. That is to gain the bioinformatics and data science structure to ingest all of this information that you get from metagenome sequencing. That allows us to design the trials that we need in order to move this innovation forward, to actually identify the targets for new solutions in the human probiotic space. Thank you, Claus. Let's round off with the final question here from Sebastian Bray from Berenberg. The question goes: Is bioethanol demand really just going to remain a functional transport fuel? Can't it be used to make ethylene oxide as an input feedstock for surfactants and polymers to replace petrochemicals? Does Novozymes think that this will be a growth driver looking forward? I can answer it super short, yes. Yes, we do. Also ethanol can also be used for high value added derivatives, including biosurfactants. This is one of the areas in diversification which our customers is expected to move into. Not the only, but one of them. Given our closeness to the customers, we are very well-positioned to support them on that journey. Very well put. Yes, it's true, Sebastian. We see that as well. Thank you, Tina. With this, the Q&A session has come to an end. Thank you from me, and I'll leave the word to Ester for some final remarks from today. Thank you, Tobias, and thank you all for joining us on the session. Thank you for your questions. Thank you for the dialogue, and please just be with us and see the results of the growth of the seeds of the foundation we're setting to unlock growth at Novozymes, to unlock the power of biotech, and to deliver on the strong ambitions that we're setting today here at the table. Thank you.