Orkla : Quarterly report Q1 (eng) Presentation

First quarter results

20 May 2026

Q1 2026 4.9%

Organic growth1

3.0%

EBIT (adj.) growth2

NOK 1.75

EPS (adj.)3

Note: 1. Organic growth in the Consolidated Portfolio Companies; 2. Underlying EBIT (adj.) growth in the Consolidated Portfolio Companies including Orkla ASA and Business Service companies; 3. Fully diluted 4

Organic growth

Organic growth1 | Consolidated Portfolio Companies

3.6%

2.6%

3.3%

1.0%

2.3%

3.9%

1.2%

2.6%

3.3%

1.8%

1.3%

2.3%

3.8%

2.4%

4.4% 4.5%

3.1% 2.8%

4.9%

1.6%

3.2%

1.0%

1.5%

1.4%

1.3%

1.8%

-1.1%

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Price Volume/mix

Note: 1. Growth year-over-year 5

EBIT (adj.) by portfolio company

Transform

Anchor

Grow and build

or exit

85

85

26

1,822

1,727

218

101

289

(95)

308

96

614

849

Jotun1

Orkla Foods

Orkla Snacks

Orkla Home &

Orkla Food

Orkla Health

Orkla India

The European

Orkla

Health and Sports

Consolidated

Orkla ASA2

Consolidated

Personal Care

Ingredients

Pizza Company

House Care

Nutrition Group

Portfolio

Portfolio

Companies

Companies incl.

Underlying EBIT (adj.) growth

(Q1-26 vs. Q1-25)

EBIT (adj.) in NOKm

Orkla ASA2

Note: 1. Orkla's share (42.7%) of Jotun EBIT; 2. Including Business Service companies 6

EBIT (adj.) margin

Consolidated Portfolio Companies | R12M EBIT (adj.) margin1

12.0%

11.5%

11.0%

10.5%

10.0%

9.5%

9.0%

8.5%

Q1'20

Q2'20

8.0%

11.2%

11.9%

10.7%

8.9%

9.3%

10.3%

10.5%

Q3'20

Q4'20

Q1'21

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Note: 1. Including Orkla ASA and Business Service companies

Abbreviation: R12M = Rolling twelve-month (also applicable to other pages in this presentation) 7

Portfolio company targets 2023-2026 (consolidated)1

Underlying EBIT (adj.) growth

EBIT (adj.) margin

Return on Capital Employed (ROCE)

10.5-11%

10.5%

9.0%

12.4%

13.0%

9.9%

11.8%

8-10%

3.0%

CAGR	YTD 2026	CAGR	2023	R12M	20262	2023	R12M	20262
(2024-25)		(2023-26)2

Note: 1. Including Orkla ASA and Business Services; 2. Total of the targets for the Consolidated Portfolio Companies communicated at the Capital Markets Day in November 2023

8

Financial performance

Arve Regland, EVP and CFO

Income statement

Key quarterly figures (NOKm)	Q1'26	Q1'25
Operating revenues	17,401	17,176
EBIT (adj.)	1,736	1,758
Other income and expenses	(45)	(8)
EBIT	1,691	1,750
Profit from Jotun & other associates	616	651
Net interest and other financial items	(171)	(240)
Taxes	(360)	(405)
Discontinued operations	-	151
Profit attributable to non-controlling interests	(87)	(114)
Profit attributable to owners of the parent	1,689	1,793
Earnings per share (adj.)1	1.75	1.68
Earnings per share1	1.71	1.79
Note: 1. Earnings per share (diluted)			10

Cash flow

Cash flow statement (NOKbn)	Q1'26	Q1'25
EBIT (adj.)	1.7	1.8
Depreciation and write-downs	0.7	0.7
Change in net working capital	(0.5)	(0.3)
Net replacement investments	(0.7)	(0.5)
Cash flow from other income & exp. and pensions	(0.1)	(0.0)
Cash flow from operations	1.1	1.6
Tax paid	(0.5)	(0.4)
Dividend received (from Jotun)	0.5	-
Cash flow from financial items and other transactions	(0.2)	(0.2)
Cash flow before capital allocation	1.0	1.0

11

Capital allocation and leverage

Figures in NOK billion

13.6

14.2

1.3x

EBITDA

0.8x EBITDA

NIBD	Cash flow before	Dividends paid	Expansion investments	Purchase of	Currency effects	NIBD
31.12.2025	capital allocation	and sale/purchase		companies		31.03.2026
		of treasury shares

(excl. Orkla Food Ingredients)

. 12

Portfolio companies

Jotun

(42.7% - associated company)

REVENUE GROWTH YoY

6.4%

Anchor Grow and build Transform or exit

• Underlying revenue growth of 9.4%, and growth across all segments and regions

• Underlying operating profit growth of 16%

  driven by increased sales and improved gross

  -0.6%

  -2.0% -1.9%

  0.1%

  margins

• Uncertain outlook as Middle East conflict is affecting raw material prices, supply chains and logistics

  KEY FIGURES | Q1 2026

  Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

  OPERATING PROFIT / EBIT

  16%

  Underlying growth

8,581

Revenue

(NOKm)

34.7%

ROCE

(R12M)

617

Profit from Jotun

(NOKm)

1,890

1,815

1,900

1,989

1,477

21.0%

22.0%

23.2%

17.4%

22.0%

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

EBIT EBIT margin

14

Note: All figures refer to the Jotun Group

Orkla Foods

Anchor Grow and build Transform or exit

ORGANIC GROWTH

• Organic growth driven by Sweden and Norway

• Higher growth for prioritized categories than total, with balanced price and volume development

  0.9%

  -2.9%

  1.0%

  0.8%

  1.6%

-0.8%

0.4%

0.2%0.2%

3.5%

• EBIT (adj.) growth driven by volumes, partly offset by mix effects and higher input costs

  Q1'25 Q2'25

  EBIT (ADJ.)

  Price Volume/mix

  Q3'25

  Q4'25

  Q1'26

  589

  614

  700

  718

  614

  12.5%

  12.4%

  12.5%

  12.6%

  12.6%

  5.1%

  Underlying growth

KEY FIGURES | Q1 2026

5,146

Revenue

(NOKm)

15.1%

ROCE

(R12M)

91%

Cash conversion

(R12M)

Q1'25

Q2'25

Q3'25

Q4'25 Q1'26

EBIT (adj.) EBIT (adj.) margin (R12M)

15

Anchor Grow and build Transform or exit

ORGANIC GROWTH

1.8% 4.3%

7.5%

7.0%

6.7%

-1.6%

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Price Volume/mix

EBIT (ADJ.)

19%

Underlying growth

493

260

263

313

308

12.8%

13.0%

13.0%

12.3%

12.7%

Q1'25

Q2'25

Q3'25

Q4'25 Q1'26

EBIT (adj.) EBIT (adj.) margin (R12M)

16

Orkla Snacks

• Volume-driven organic growth across

  categories

• Recovery in chocolate volumes and margins

• Continued progress in BUBS' US expansion

KEY FIGURES | Q1 2026

2,557

Revenue

(NOKm)

12.6%

ROCE

(R12M)

101%

Cash conversion

(R12M)

Orkla Home & Personal Care

• Volume growth in Norway and Sweden

• Market shares increased in Norway and

  Finland, stable in Sweden

  8.5%

  Anchor Grow and build Transform or exit

  6.8%

  0.7%

  0.5%

  3.3%

  6.1%

  7.9%

  0.9%

  1.3%

  -0.8%

  -2.0%

ORGANIC GROWTH

-0.4%

• EBIT (adj.) growth due to volume growth and continuous cost out along the value chain

  Q1'25

  Price Volume/mix
  
  

  Q2'25

  Q3'25

  -2.8%

  Q4'25

  Q1'26

  EBIT (ADJ.)

  9.1%

  Underlying growth

KEY FIGURES | Q1 2026

108

757

Revenue

(NOKm)

25.3%

ROCE

(R12M)

131%

Cash conversion

(R12M)

87

89

96

67

11.9%

12.0%

12.3%

12.4%

12.6%

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

EBIT (adj.) EBIT (adj.) margin (R12M)

17

(Orkla ownership 59.4%)

Orkla Food Ingredients

• Volume growth in all clusters

• EBIT (adj.) improvement driven by price

  management and volume growth

  4.6%

  Anchor Grow and build Transform or exit

  1.0%

  3.7%

  3.8%

  3.9%

  3.6%

ORGANIC GROWTH

9.2% 8.3% 8.3%

5.4%

• Sweet Ingredients key contributor to EBIT (adj.) growth

  Q1'25

  Price Volume/mix
  
  

  Q2'25

  Q3'25

  Q4'25

  Q1'26

  EBIT (ADJ.)

  460

  413

  353

  280

  289

  6.9%

  7.1%

  7.1%

  7.0%

  7.1%

  10.4%

  Underlying growth

KEY FIGURES | Q1 2026

4,898

Revenue

(NOKm)

12.5%

ROCE

(R12M)

75%

Cash conversion

(R12M)

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

EBIT (adj.) EBIT (adj.) margin (R12M)

18

Orkla Health

Anchor Grow and build Transform or exit

ORGANIC GROWTH

• Volume/mix decline in food supplements and functional personal care categories

• Underlying EBIT (adj.) decline, driven by lower

  volumes, an unfavorable sales mix, and higher

  2.5% 2.2%

  2.5%

  5.2%

  1.3%

  -0.9%

1.6%

1.6%

costs

• Announced closure of three factories by end of 2027

  Q1'25

  EBIT (ADJ.)

  Price Volume/mix
  
  

  Q2'25

  Q3'25

  Q4'25

  Q1'26

  310

  209

  248

  11.9%

  218

  10.7%

  145

11.9%

11.3%

12.7%

KEY FIGURES | Q1 2026

2,027

Revenue

(NOKm)

8.3%

ROCE

(R12M)

116%

Cash conversion

(R12M)

Q1'25

Q2'25

Q3'25

Q4'25 Q1'26

EBIT (adj.) EBIT (adj.) margin (R12M)

19

Orkla India

(Orkla ownership 75%)

Anchor Grow and build Transform or exit

4.3%

2.8%

-0.1%

-1.4%

ORGANIC GROWTH

8.1%

• Organic growth and underlying EBIT (adj.) growth impacted by government grants last year1

• Organic growth was driven by price increases to offset higher costs for key raw materials

• Underlying EBIT (adj.) growth, adjusted for government grants, from price management and volume growth

  Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

  EBIT (ADJ.)

  -7.8%

  Underlying growth

131

131

122

102

101

16.1%

16.3%

16.1%

16.3%

15.9%

KEY FIGURES | Q1 2026

668

Revenue

(NOKm)

15.1%

EBIT (adj.) margin

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

(Q1'26)

EBIT (adj.) EBIT (adj.) margin (R12M)

The information set out herein does not represent the audited financial information of Orkla India, as per the Indian Accounting Standards

Note: 1. Government grants received in Q1'25 of NOK 26m

20

The European Pizza Company

• Consumer sales growth of 8.9%, with growth across all businesses, driven by marketing, menu innovation and increased distribution

• Underlying EBIT (adj.) supported by consumer

-1.6%

Anchor Grow and build Transform or exit

4.9%

1.2%

2.2%

ORGANIC GROWTH

8.1%

sales momentum and cost control

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

EBIT (ADJ.)

100

108

97

77

85

11.4%

11.5%

12.1%

12.3%

11.1%

KEY FIGURES | Q1 2026

732

Revenue

(NOKm)

8.9%

ROCE

(R12M)

105%

Cash conversion

(R12M)

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

EBIT (adj.) EBIT (adj.) margin (R12M)

21

Anchor Grow and build Transform or exit

Orkla House Care

• Organic growth of 4.4% from positive volume development in Scandinavian markets

• Underlying EBIT (adj.) growth of

10%, primarily due to volume growth

Health and Sports Nutrition Group

• Strong growth in D2C business partly offset by lower B2B sales

• Underlying EBIT (adj.) improvement driven by organic growth and good cost control

• Cash conversion of 125%

22

Closing remarks

Nils K. Selte, President and CEO

3 COMMITMENTS

24

Q&A

Upcoming events

Second quarter results

20 August 2026

26

Appendices

Net interest-bearing liabilities

Net interest-bearing liabilities (NOKbn)1 NIBD / R12M EBITDA1

18.8 2.0x

17.2

16.0

14.2

12.8

13.6

6.4

15.2

16.5

13.7

10.8

11.9

11.2

4.9

1.8x

1.5x

1.5x

1.4x

1.3x

0.9x

2020

2021

2022

2023

2024

2025

Q1'26

2020 2021 2022 2023 2024 2025 Q1'26

NIBD (ex. leasing) Leasing debt

Note: 1. Including Orkla Food Ingredients 28

Funding sources and maturity profile per Q1-26

Debt maturity

average maturity 2.7 years

NOKbn 12

10

8

6

4

2

0

2026 2027 2028 2029 2030 2031

Drawn amounts - Orkla Group excl. Orkla Food Ingredients (ex. leasing) Drawn amounts - Orkla Food Ingredients (ex. leasing)

Unutilised credit facilities

Funding sources (in NOKbn)

7.8

5.3

9.2

7.3

Cash, cash equivalents and interest-bearing assets Bonds and CP

Bank

Unutilised credit facilities

29

Anchor

Overview of financial targets (1/3)

Revenue

EBIT margin Cash conversion

ROCE

3.5%

2-3%

0.8%

11.1%

12.6%

13-14%

124%

95%

91%

>100%

12.4%

15.1%

>15.0%

CAGR (24-25)

Q1'26 Target1,2

2023 R12M Target3

2024 2025 R12M Target

p.a.

2023 R12M Target3

11.4%

13.0%

15.0%

9.9%

12.6%

13.0%

Volume-mix EBIT margin Cash conversion ROCE

>2.0%

0.4%

5.6%

112% 113% 101% 100%

CAGR (24-25)

Q1'26 Target

2023 R12M Target3

2024 2025 R12M Target

p.a.

2023 R12M Target3

Underlying EBIT Cash conversion

117%

112%

131%

100%

24.2%

9.1%

>10.0%

CAGR (24-25)

Q1'26 Target

2024 2025 R12M Target

p.a.

Note: 1. Organic CAGR from 2024 to 2026; 2. Communicated target of positive volume/mix growth; 3. R12M target at YE 2026. CAGR represent period from 31/12/2023 to 31/12/2025; R12M represents rolling twelve months as at end of quarter

30

The target period stretches from 2024 to 2026. Please note that financial targets for each portfolio company were communicate d at the Capital Markets Day on 29 November 2023 All revenue measures are organic

All EBIT measures are defined as EBIT (adj.)

All cash conversion measures are defined as cash flow from operations / EBIT (adj.)

Grow and build

Overview of financial targets (2/3)

Revenue Underlying EBIT ROCE

10.3% 10.4%

10.8%

12.5% 12.5-13%

9-10%

4.2%

5.4%

3-4%

CAGR (24-25)

Q1'26 Target1,2

CAGR (24-25)

Q1'26 Target2

2023 R12M Target3

10.7%

Revenue EBIT margin

7-9%

13.4%

14.0%

5.7%

1.3%

CAGR (24-25)

Q1'26 Target1

2023 R12M Target3

Consumer sales EBIT by 2026 (YE)

8.9%

5.0%

1.9%

€23m

€33m

€35-40m

CAGR (24-25)

Q1'26 Target

2023 Q1'26

(R12M)

Target3

Note: 1. Organic CAGR from 2024 to 2026; 2. Orkla Food Ingredients has a target of 5% revenue growth (organic growth of 3-4% (50/50 price and volume/mix)), plus minor add-ons (represents ~1-2% of revenue growth). Underlying EBIT (adj.) target of 9-10%, plus 2-3% additional growth from minor add-ons; 3. R12M target at YE 2026.

31

CAGR represent period from 31/12/2023 to 31/12/2025; R12M represents rolling twelve months as at end of quarter

The target period stretches from 2024 to 2026. Please note that financial targets for each portfolio company were communicate d at the Capital Markets Day on 29 November 2023 All EBIT measures are defined as EBIT (adj.). EBIT CAGR is related to underlying EBIT (adj.)

All cash conversion measures are defined as cash flow from operations / EBIT (adj.)

Transform or exit

Overview of financial targets (3/3)

EBIT margin

13.4%

14-15%

9.6%

2023 R12M Target2

2.9%

Revenue EBIT margin Cash conversion

>5.0%

4.5% 5.0%

291%

3.4%

1.1%

CAGR

(24-25)

Q1'26 Target1

2023 R12M Target2

2024 2025 R12M Target

158%

125%

100%

p.a.

Note: 1. Organic CAGR from 2024 to 2026; 2. R12M target at YE 2026.

CAGR represent period from 31/12/2023 to 31/12/2025; R12M represents rolling twelve months as at end of quarter

32

The target period stretches from 2024 to 2026. Please note that financial targets for each portfolio company were communicate d at the Capital Markets Day on 29 November 2023 All revenue measures are organic

All EBIT measures are defined as EBIT (adj.)

All cash conversion measures are defined as cash flow from operations / EBIT (adj.)

Alternative Performance Measures (APM)

Contribution ratio

Contribution margin ratio is calculated by dividing the contribution margin by operating revenues. Operating revenues minus variable operating expenses constitute the contribution margin. Variable operating expenses are reported on the financial statement line "operating expenses" and consist of expenses directly related to sales volume. Variable expenses include costs related to input factors such as raw materials and packaging, and variable production costs such as electricity related to production and variable pay. They also include ingoing and outgoing freight costs directly related to sales volume. Costs related to finished goods purchased for resale are included as part of variable operating expenses. Production costs that are relatively constant over time and do not vary according to production volume are not included in the computation of contribution margin; such costs include warehouse costs, payroll expenses linked to factory administration and management staff, and depreciation of production equipment. Contribution margin is a key internal financial figure that illustrates how profitable each portfolio company's product mix is, and hence also the company's ability to cover fixed expenses.

Contribution margin is an important financial figure with regard to product innovation and product portfolio optimisation. A reconciliation of the Orkla group's contribution margin is presented in

the table above.

Organic growth

Organic growth shows like-for-like turnover growth for the group's business portfolio and is defined as the group's reported change in operating revenues adjusted for effects of the purchase and sale of companies, the re-conclusion and loss of distribution agreements of a material nature, and currency effects. Intra-group transfers of companies and changes in distribution agreements between portfolio companies are also taken into account. In calculating organic growth, acquired companies are excluded 12 months after the transaction date. Sold companies are excluded pro forma 12 months prior to the transaction date. Currency effects are neutralised by translating this year's turnover at last year's exchange rates.

Organic growth is included in segment information, and is used to identify and analyse the turnover growth of the consolidated portfolio companies. Organic growth provides an important

picture of the portfolio companies' ability to carry out innovation, product development, correct pricing and brand-building.

Segment information for each consolidated portfolio company shows how large a part of organic growth is related to price effects and how large a part is linked to volume/mix effects. Price effects are defined as net changes in prices to customers, i.e. changes in customer prices adjusted for factors such as discounts, campaigns and price reductions. The price effects are calculated based on the assumption of unchanged volume. Volume/mix effects are calculated as a residual, and comprise organic growth minus price effects. Volume/mix effects consist of changes in sales volume and/or changes in the product mix sold.

EBIT (adj.)

EBIT (adj.) shows the group's current operating profit before items that require special explanation, and is defined as reported operating profit or loss before "Other income and expenses" (OIE). These include M&A costs, restructuring or integration expenses, any major gains on and write-downs of both tangible and intangible assets, and other items that only to a limited degree are reliable measures of the group's current profitability. EBIT (adj.) margin and growth are derived figures calculated in relation to operating revenues.

EBIT (adj.) is one of the group's most important financial figures, internally and externally. The figure is used to identify and analyse the group's profitability linked to normal operations and operating activities. Adjustment for items in OIE which to a limited degree are reliable measures of the group's current operating profit or loss increases the comparability of profitability over time.

33

Alternative Performance Measures (APM)

Change in underlying EBIT (adj.)

Change in underlying EBIT (adj.) shows like-for-like EBIT (adj.) growth for the group's business portfolio, and is defined as the group's reported change in EBIT (adj.), adjusted for effects of the purchase and sale of companies, the re-conclusion and loss of distribution agreements of a material nature, and currency effects. Account is also taken of intra-group transfers of companies and changes in distribution agreements between portfolio companies. In calculating the change in underlying EBIT (adj.), acquired companies are included pro forma 12 months prior to the transaction date. Sold companies are excluded pro forma 12 months prior to the transaction date. Currency effects are neutralised by translating this year's EBIT (adj.) at last year's currency exchange rates. Where underlying profit performance is mentioned in the report, reference is made to underlying EBIT (adj.) performance. Underlying EBIT (adj.) margin and change therein are derived figures calculated in relation to operating revenues.

Underlying EBIT (adj.) growth is used for internal management purposes, including for identifying and analysing underlying profitability growth in the existing business portfolio, and provides a picture of the portfolio companies' ability to improve profitability in their existing operations. The measure is important because it provides a comparable structure for monitoring the change in profitability over time.

Return on Capital Employed (ROCE)

ROCE is calculated by dividing a 12-month rolling EBITA (adj.) by the average capital employed in the consolidated portfolio companies.

EBITA (adj.) consists of EBIT (adj.) plus depreciation and write-downs of intangible assets. 12-month rolling EBITA (adj.) is used in the calculation. Since depreciation and write-downs of

intangible assets are not included in EBITA (adj.), they are also excluded from the capital base. Thus the historical cost of intangible assets is used in capital employed (see next paragraph).

Capital employed represents the working capital of the consolidated portfolio companies and consists of:

• Net working capital - consists of the statement of financial position items "Trade receivables", "Trade payables" and "Inventories". It also includes payable public charges and some minor receivables and payables related to operations included in "Other receivables and financial assets" and "Other current liabilities".

• Fixed assets

• Intangible assets at historical cost - consist of the statement of financial position line "Intangible assets" plus accumulated depreciation and write-downs

• Net pension liabilities -Pension assets are included in the statement of financial position line "Associates, joint ventures and other financial assets", while pension liabilities are included in "Provisions and other non-current liabilities"

• Deferred tax on excess value - This item is included in deferred tax which is part of the statement of financial position line "Provisions and other non-current liabilities"

34

Alternative Performance Measures (APM)

Return on Capital Employed (ROCE) cont.

Average capital employed is always an average of the closing balances in the five last reported quarters.

ROCE shows the return that the Orkla group receives on the capital invested in the various consolidated portfolio companies. This is an important measurement parameter for assessing

whether the portfolio companies' return exceeds the group's weighted average cost of capital (WACC), and for comparing the return on the current portfolio with other alternative returns.

Earnings per share (adj.)

Earnings per share (adj.) show earnings per share adjusted for discontinued operations and "Other income and expenses" after tax and non-controlling interests. Adjustments are also made for any reported gains or losses on sales/purchases of associates and joint ventures, as well as for any reported major profit or loss effects linked to abnormal tax conditions.

Net replacement and expansion investments

When making investment decisions, the group distinguishes between replacement and expansion investments. Expansion investments are the proportion of overall reported investments deemed to be investments in either new geographical markets or new categories, or investments which represent significant increases in capacity. Net replacement investments include new leases and are reduced by the value of sold fixed assets valued at sale value.

The purpose of this distinction is to show how large a part of the investments (replacement) mainly concerns maintenance of existing operations and how large a part of the investments

(expansion) are expected to generate increased contributions to profit in future, over and above profit expectations linked to normal operations.

Cash conversion

Cash conversion is calculated as cash flow from operations as a percentage of EBIT (adj.). Cash flow from operations is defined and presented in the Orkla-format cash flow statement.

Cash conversion is an important key figure for Orkla, as it shows how much of EBIT (adj.) has been converted into net interest-bearing liabilities, and thus the financial means available to the group. Net interest-bearing liabilities are the group's most important management parameter for financing and capital allocation.

35

Alternative Performance Measures (APM)

Net interest-bearing liabilities

Net interest-bearing liabilities are the sum of the group's interest-bearing liabilities and interest-bearing receivables. Interest-bearing liabilities include bonded loans, bank loans, other loans, lease liabilities and interest-bearing derivatives. Interest-bearing receivables include cash and cash equivalents, interest-bearing derivatives and other interest-bearing receivables.

Net interest-bearing liabilities are the group's primary management parameter for financing and capital allocation, and are actively employed as part of the group's financial risk management

strategy. The Orkla format cash flow statement therefore shows the change in net interest-bearing liabilities at group level.

Structure (acquisitions and disposals)

Structural growth includes adjustments for the acquisitions of the businesses Eurohansa Toruń, Le Vesuve, Decorgel and a smaller acquisition of a customer list for almond paste production in Orkla Food Ingredients. Adjustments have been made for the divestments of Pierre Robert Group, Kjarnavörur and Gædabakstur, as well as the discontinuation of a distribution agreement between PepsiCo and Orkla Foods related to the Quaker brand. In addition, structural adjustments have been made for the transfer of a smaller distribution agreement in Denmark from Orkla Foods to Orkla Food Ingredients (net zero effect at group level).

In 2025, adjustments were made for the acquisitions of the businesses Freunde der Erfrischung, SnackFood and Kartonage. Adjustments were also made for the divestments of Lilleborg and Fruta Podivín.

36