Slide 1: A leading industrial investment company focused on brands and consumer-oriented industries
A leading industrial investment company focused on brands and consumer-oriented industries Investor Presentation 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Orkla ASA (the “Company”) solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking
Slide 3: Orkla at a glance
Orkla at a glance 10 ~130 Market value Portfolio companies (NOK billion) 71.5 6.9 Revenue 2025 Net profit 20251 (NOK billion) (NOK billion) 11% 6.9 Cash flow before capital allocation 2025 Avg. TSR L10Y (NOK billion) Note: 1. Before discontinued operations and minorities. Net profit was NOK 6.4m if
Slide 4: Portfolio companies
Portfolio companies Revenues 2025 in NOK billions Orkla share Other shareholders 34.3 21.3 20.9 10.5 7.7 14.7 12.6 3.1 3.0 2.8 1.7 1.3 2.2 Jotun1 Orkla Food Orkla Orkla Orkla Health The European Orkla Orkla Home Orkla Health and Ingredients2 Foods Snacks Pizza Company India3 and Personal House Care
Slide 5: Our target
Our target 12-14% Total Shareholder Return (TSR) per annum 2024-2026 5
Slide 6: 3 priorities for the 2023-2026 strategy period
3 priorities for the 2023-2026 strategy period Drive organic value Reduce the complexity Perform value-adding in existing portfolio of existing portfolio structural transactions 6
Slide 7: Portfolio company targets 2023-2026 (consolidated)
Portfolio company targets 2023-2026 (consolidated)1 Underlying EBIT EBIT (adj.) Return on Capital Employed (adj.) growth margin (ROCE) 11.8% 10.5-11% 13% 10.6% 12.4% 8-10% 9.9% 9.0% 6.9% 2023 CAGR2 CAGR 2023 R12M 20263 2023 R12M 20263 (2023-26)3 Note: 1. Including Orkla ASA and Business Services; 2.
Slide 8: Orkla as an investment
Orkla as an investment A leading industrial investment company focused on brands and consumer-oriented industries I II III IV Diversified Attractive Unique Disciplined portfolio financial profile ownership model capital allocation Owner of companies Stable growth Active ownership, industry Guided by
Slide 9: Orkla as an investment
Orkla as an investment A leading industrial investment company focused on brands and consumer-oriented industries I II III IV Diversified Attractive Unique Disciplined portfolio financial profile ownership model capital allocation Owner of companies Stable growth Active ownership, industry Guided by
Slide 10: Diversified portfolio of brands and consumer-oriented companies with durable market positions
Diversified portfolio of brands and consumer-oriented companies with durable market positions Anchor Grow and build Transform or exit Reported revenue 2025 Jotun Orkla Food Orkla House Care Ingredients 34.3 21.3 1.7 NOK billion1 NOK billion2 NOK billion Orkla Foods Orkla Health Health and Sports Nut
Slide 11: Portfolio of category-leading brands across geographies
Portfolio of category-leading brands across geographies Orkla Food Jotun Orkla Foods Orkla Snacks Ingredients Orkla Health The European Pizza Orkla Home & Health and Sports Orkla India Company Personal Care Orkla House Care Nutrition Group 11
Slide 12: Nordic and European geographic base with meaningful emerging markets exposure
Revenue 2025 by geography1 Orkla (incl. Jotun2) Denmark Finland 8% 8% Sweden 16% Europe 26% Nordic and European geographic base with Norway 17% 4% 2% India meaningful emerging 19% Other markets exposure Jotun2 ~75% of revenues from emerging markets Note: 1. Revenues adjusted for Orkla ownership shar
Slide 13: Orkla as an investment
Orkla as an investment A leading industrial investment company focused on brands and consumer-oriented industries I II III IV Diversified Attractive Unique Disciplined portfolio financial profile ownership model capital allocation Owner of companies Stable growth Active ownership, industry Guided by
Slide 14: Resilient growth across economic cycles
Resilient growth across economic cycles Operating revenue EBIT (adj.) NOK billions NOK billions CAGR 9% CAGR 7% 72 7.6 44 5.1 10.7% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 EBIT (adj.) EBIT (adj.) margin 14 Source: Reported figures in annual and quarterly reports
Slide 15: Increased earnings and cash flow generation per share
Increased earnings and cash flow generation per share EPS (adj.) Cash flow before capital allocation per share NOK per share NOK per share CAGR 8% CAGR 11% 7.0 6.8 4.2 3.6 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Note: Please find cash flow definitions in the end of the
Slide 16: Orkla as an investment
Orkla as an investment A leading industrial investment company focused on brands and consumer-oriented industries I II III IV Diversified Attractive Unique Disciplined portfolio financial profile ownership model capital allocation Owner of companies Stable growth Active ownership, industry Guided by
Slide 17: Orkla ownership model
Orkla ownership model Investment Team Centre of Excellence Corporate functions Portfolio Companies Anchor Grow and build Transform or exit Jotun Orkla Food Ingredients Orkla House Care Orkla Foods Orkla Health Health and Sports Nutrition Group Orkla Snacks Orkla India Orkla Home & Personal Care The
Slide 18: Combining investment mindset and consumer expertise
Combining investment mindset and consumer expertise Investment model inspired by PE and Family Offices, coupled with decades of industry and brands experience 18
Slide 19: Key pillars of Orkla ownership model
Key pillars of Orkla ownership model Active Industry Flexible Synergies ownership expertise approach • Company boards • Expertise in brand and • Business service • Holding periods consumer-oriented companies • Full potential plans industries • Ownership structures • Procurement and IT • Incentive pr
Slide 20: Orkla as an investment
Orkla as an investment A leading industrial investment company focused on brands and consumer-oriented industries I II III IV Diversified Attractive Unique Disciplined portfolio financial profile ownership model capital allocation Owner of companies Stable growth Active ownership, industry Guided by
Slide 21: Main priorities for capital allocation
Main priorities for capital allocation Stable and M&A and Return excess increasing organic capital to dividend investments shareholders 21
Slide 22: Stable and increasing dividend payments
Stable and increasing dividend payments NOK per share 10.0 7.5 7.6 6.0 6.0 6.0 5.0 5.0 2.0 3.0 2.6 2.6 2.6 2.8 3.0 3.0 2.3 2.3 2.3 2.5 2.5 2.5 2.5 2.5 2.0 1.5 4.0 4.0 2.5 2.6 3.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20251 Ordinary divide
Slide 23: Share buyback programme initiated in Q4-25
Share buyback programme initiated in Q4-25 Main priorities for capital allocation Stable and M&A and Return excess increasing organic capital to dividend investments shareholders Share buyback programme of NOK 4 billion1 Note: 1. The program began on 17 November 2025 and continue until 31 December 2
Slide 24: Financial flexibility from a strong balance sheet
Financial flexibility from a strong balance sheet LONG-TERM TARGETS NIBD / R12M EBITDA Investment grade credit quality 2.0x 1.8x 1.5x 1.5x 1.4x 1.0x 0.9x 2.5x 2019 2020 2021 2022 2023 2024 20251 NIBD/EBITDA (R12M) 24 24 Note: 1. NIBD/EBITDA of 0.9x if excluding Orkla Food Ingredients
Slide 25: Annual total shareholder return
Annual total shareholder return Orkla OSEBX CPG companies1 24% 13% 12% 12% 11% 11% 4% 5% 4% 3 years 5 years 10 years Note: As of 31.12.2025; 1. Equal-weighted return of Cloetta, Danone, General Mills, Kraft Heinz, Mondelez, Nestle and Unilever. 25 Abbreviation: CPG: Consumer Packaged Goods
Slide 26: Orkla
‘Orkla
Slide 27: Key definitions
Key definitions • EBIT (adj.): EBIT 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