Slide 1: Third quarter results
Third quarter results 14 November 2025
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: Q3 2025
Q3 2025 4.4% 1.1% NOK 1.85 Organic growth1 EBIT (adj.) growth2 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 Services; 3. Fully diluted 3
Slide 4: Q3 2025 IPO of Orkla India
Q3 2025IPO of Orkla India 4
Slide 5: Announcement of share buyback programme
Announcement of share buyback programme Main priorities for capital allocation Stable and M&A and Return excess increasing organic capital to dividend investments shareholders Orkla initiates a share buyback programme of NOK 4 billion1 Note: 1. The program will commence on 17 November 2025 and conti
Slide 6: Organic growth
Organic growth Organic growth1 | Consolidated Portfolio Companies 6.0% 5.3% 4.4% 3.6% 3.9% 3.8% 7.8% 3.3% 3.3% 5.9% 1.2% 1.0% 1.2% 2.4% 3.1% 2.6% 1.8% 2.3% 2.6% 2.3% 1.0% 1.5% 1.4% 1.3% -0.6% -1.1% -1.8% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Volume/mix Price Note: 1. Growth year-over
Slide 7: Breakdown of portfolio companies' performance in Q3-25
Breakdown of portfolio companies’ performance in Q3-25 Transform Anchor Grow and build or exit Underlying EBIT (adj.) growth 2.4% -8.4% 7.6% 1.6% -16% -1.8% 7.0% 49% 126% -0.4% 1.1% (Q3-25 vs. Q3-24) EBIT (adj.) in NOKm 108 71 15 2,098 2,032 122 248 (66) 413 108 313 811 700 Jotun1 Orkla Foods Orkla
Slide 8: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 12.0% 11.6% 11.5% 11.5% 11.1% 11.0% 10.5% 10.3% 10.0% 10.0% 9.7% 9.5% 9.0% 9.0% 8.5% 8.0% Q3-19 Q4-19 Q1-20 Q2-20 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
Slide 9: 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% 8%-10% 10.3% 11.9% (CAGR) 9.9% 9.0% 6.9% 2023 CAGR2 2023-263 2023 R12M 20263 2023 R12M 20263 Note: 1. Including Orkla ASA and Business Services;
Slide 10: Financial performance
Financial performance Arve Regland, EVP and CFO
Slide 11: Income statement
Income statement Key quarterly figures Q3-25 Q3-24 ∆ Q3 Operating revenues 17,946 17,209 4% EBIT (adj.) Consolidated Portfolio Companies 2,098 2,086 1% EBIT (adj.) Orkla Real Estate 7 12 EBIT (adj.) Orkla ASA and Business Services (66) (100) EBIT (adj.) 2,039 1,998 2% Other income and expenses (401)
Slide 12: Cash flow
Cash flow Cash flow statement (NOKbn) YTD-25 YTD-24 EBIT (adj.) 5.7 5.4 Depreciation and write-downs 2.0 1.9 Change in net working capital (1.0) (0.5) Net replacement investments (1.8) (1.3) Cash flow from other income & exp. and pensions (0.1) (0.3) Cash flow from operations 4.8 5.2 Tax paid (1.0)
Slide 13: Capital allocation and leverage
Capital allocation and leverage Figures in NOK billion 0.6 0.4 5.5 17.7 0.1 16.0 10.4 1.7x EBITDA 4.1 1.3x EBITDA Net interest- Cash flow before Dividends paid Expansion Purchase of Sale of Currency effects Net interest- bearing debt capital allocation and sale/purchase investments companies compani
Slide 14: Portfolio companies
Portfolio companies All Alternative Performance Measures (APMs) are presented in the appendices. All figures in NOK million unless otherwise stated.
Slide 15: Jotun
(42.7% - associated company) Anchor Grow and build Transform or exit Jotun REVENUE GROWTH - YTD 21.8% 18.3% KEY HIGHLIGHTS • Excluding negative currency effects, revenue 7.6% growth was 4.4% August YTD, with positive 4.6% 1.9% development in all segments • EBITA improvement driven by increased sales
Slide 16: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 2.7% KEY HIGHLIGHTS 1.4% 0.8% 1.1% 1.0% 1.3% 0.9% 1.6% • Modest sales growth and improving market 0.2% 0.9% -0.8% share in growth categories -3.8% • Temporary volume decline from delivery issues -2.9% in the Czech Republic Q3’24 Q4’2
Slide 17: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 7.5% KEY HIGHLIGHTS 6.2% 1.8% 4.3% 4.4% • Cocoa and chocolate market development still 6.8% 6.0% 6.1% 9.1% 4.4% impacting overall results -0.5% -1.8% -1.6% -4.1% • Positive contribution from biscuit category Q3’24 Q4’24 Q1’25 Q2’25
Slide 18: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 9.5% 0.5% 8.5% 6.8% 0.5% KEY HIGHLIGHTS 0.7% 3.9% 9.0% 7.9% 1.0% • Continued volume/mix increase and market 6.1% 0.9% 2.9% share growth in core markets, offset by decline 1.3% in contract manufacturing -0.4% Q3’24 Q4’2
Slide 19: Orkla Food Ingredients
(Orkla ownership 59.4%) Anchor Grow and build Transform or exit Orkla Food Ingredients ORGANIC GROWTH 9.2% KEY HIGHLIGHTS 8.3% 3.8% 4.6% 4.4% • Volume/mix growth in Plant-Based with lower 3.1% 4.0% 0.5% contribution ratio 4.1% 3.4% 3.6% 5.4% 3.9% 1.0% -1.1% • Price increases to compensate for higher
Slide 20: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 10.3% KEY HIGHLIGHTS 3.7% • Price and volume/mix driven organic growth in 6.2% most markets and categories 3.6% 2.5% 2.2% 6.6% 2.5% 3.4% 3.1% 0.9% • EBIT (adj.) decline driven by contribution 2.5% 1.6% -0.9% -0.9% margin pressure, a
Slide 21: Orkla India
(Orkla ownership 75%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 4.3% KEY HIGHLIGHTS 1.4% • Organic growth driven by volume growth supported by the festive season -0.1% -1.4% • Price growth hampered by declining raw -3.6% material prices Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 • Underl
Slide 22: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 2.3% 2.2% 1.2% KEY HIGHLIGHTS 0.2% • Consumer sales growth in all businesses • Targeted growth and marketing initiatives -1.6% started to pay off Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 • Improved EBIT (adj.) margin on the back
Slide 23: Orkla House Care and Health and Sports Nutrition Group
Anchor Grow and build Transform or exit Orkla House Care Health and Sports Nutrition Group • Organic revenue of 3.5% driven by • Flat organic growth with better D2C new and expanded distribution in sales, however, offset by lower B2B home markets sales • EBIT (adj.) of NOK 71m, representing • EBIT (
Slide 24: Closing remarks
Closing remarks Nils K. Selte, President and CEO
Slide 25: 3 Commitments
3 COMMITMENTS Drive organic value Reduce the complexity Perform value-adding in existing portfolio of existing portfolio structural transactions 25
Slide 26: ‘Orkla
‘Orkla A ‘Orkla
Slide 27: Upcoming events
Upcoming events Fourth quarter results 12 February 2026 27
Slide 28: Appendices
A ‘Orkla Appendices rkla
Slide 29: Net interest-bearing liabilities
Net interest-bearing liabilities Net interest-bearing liabilities (NOKbn)1 NIBD / R12M EBITDA1 18.8 2.0x 17.2 17.7 1.8x 16.0 1.7x 1.5x 1.5x 12.8 1.0x 0.9x 16.5 15.5 6.6 6.4 15.2 13.7 10.8 4.9 4.9 2019 2020 2021 2022 2023 2024 Q3-25 2019 2020 2021 2022 2023 2024 Q3-25 NIBD (ex. leasing) Leasing debt
Slide 30: Funding sources and maturity profile per Q3-25
Funding sources and maturity profile per Q3-25 Debt maturity average maturity 2.3 years Funding sources (in NOKbn) NOKbn 10 1.5 8 9.0 9.0 6 4 2 8.1 0 Cash, cash equivalents and interest-bearing assets 2025 2026 2027 2028 2029 2030 2031 Bonds and CP Drawn amounts - Orkla Group excl. Orkla Food Ingred
Slide 31: Overview of financial targets (1/3)
Anchor Overview of financial targets (1/3) Revenue EBIT margin Cash conversion ROCE 12.5% 13-14% 127% 14.8% >15.0% 11.1% >100% 12.4% Orkla 93% 6.6% Foods 2-3% 0.8% 2023 CAGR Target1,2 2023 R12M Target 2023 R12M Target 2023 R12M Target Volume-mix EBIT margin Cash conversion ROCE >2.0% >15.0% 103% 100
Slide 32: Overview of financial targets (2/3)
Grow and build Overview of financial targets (2/3) Revenue EBIT margin ROCE 12.7% 12.2% 12.5-13% 10.8% Orkla Food 8.7% 13-14% 6.9% Ingredients 4.8% 2-3% 2023 CAGR Target1,2 2023 R12M Target 2023 R12M Target Revenue EBIT margin 7-9% 13.4% 14.0% 6.3% 6.2% 11.3% Orkla Health 2023 CAGR Target1 2023 R12M
Slide 33: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) EBIT margin 14-15% Orkla 12.2% 9.6% House Care 2023 R12M Target Revenue EBIT margin Cash conversion 10.4% 262% Health and Sports Nutrition 4.1% 5.0% >5.0% 100% Group 2.9% 0.8% Neg. 2023 CAGR Target1 2023 R12M Target 2023 R12M Target Note: 1. Orga
Slide 34: Alternative Performance Measures (APM)
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 financ
Slide 35: Alternative Performance Measures (APM)
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
Slide 36: Alternative Performance Measures (APM)
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 c
Slide 37: Alternative Performance Measures (APM)
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 interes
Slide 38: ‘Orkla
‘Orkla