Slide 1: Second quarter results
Second quarter results 20 August 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: Q2 2026: organic growth, EBIT (adj.) growth, EPS (adj.)
Q2 2026 -0.3% 2.5% NOK 1.60 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 Service companies; 3. Fully diluted 3
Slide 4: Organic growth
Organic growth Organic growth1 | Consolidated Portfolio Companies 4.9% 4.4% 4.5% 3.9% 3.8% 1.6% 3.3% 3.3% 1.2% 2.8% 1.0% 3.1% 1.3% 2.4% 1.8% 3.2% 2.3% 2.6% 2.3% 1.5% 1.4% 1.8% 1.3% 1.1% -1.1% -1.3% -0.3% Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Price Volume/mix Note: 1. Growth year-over
Slide 5: EBIT (adj.) by portfolio company
EBIT (adj.) by portfolio company Transform Anchor Grow and build or exit 21% 4.0% 10% 8.2% -6.3% -5.8% -4.1% 4.7% 12% 165% 1.9% 2.5% 99 53 19 1,832 1,767 104 187 (65) 392 95 874 277 606 Jotun1 Orkla Foods Orkla Snacks Orkla Home & Orkla Food Orkla Health Orkla India The European Orkla Health and Spo
Slide 6: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 12.0% 11.6% 11.4% 11.5% 11.0% 10.5% 10.5% 10.2% 10.3% 10.0% 9.7% 9.5% 9.0% 9.0% 8.5% 8.0% 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 Q1’25 Q2’25 Q3’25
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% 13.0% 10.5% 12.3% 8-10% 9.9% 9.0% Base 2.7% CAGR YTD 2026 CAGR 2023 R12M 20262 2023 R12M 20262 (2024-25) (2023-26)2 Note: 1. Including Orkla ASA and B
Slide 8: Financial performance
Financial performance rkla
Slide 9: Income statement
Income statement Key quarterly figures (NOKm) Q2’26 Q2’25 Operating revenues 16,699 17,650 EBIT (adj.) 1,774 1,873 Other income and expenses 97 (1) EBIT 1,871 1,872 Profit from Jotun & other associates 486 422 Net interest and other financial items (208) (213) Taxes (360) (382) Discontinued operatio
Slide 10: Cash flow
Cash flow Cash flow Orkla-format (NOKbn) YTD’26 YTD’25 EBIT (adj.) 3.5 3.6 Depreciation and write-downs 1.3 1.3 Change in net working capital (1.3) (1.3) Net replacement investments (1.2) (1.2) Cash flow from other income & exp. and pensions (0.2) (0.0) Cash flow from operations 2.1 2.4 Tax paid (0.
Slide 11: Capital allocation and leverage
Capital allocation and leverage Figures in NOK billion 0.7 (0.5) 0.4 (0.6) 20.7 8.2 2.0x EBITDA 14.2 (1.6) 1.6x EBITDA NIBD Cash flow before Dividends paid Expansion Purchase of Sale of companies Currency effects NIBD 31.12.2025 capital allocation and sale/purchase investments companies 30.06.2026 (
Slide 12: Portfolio companies
Portfolio companies rkla
Slide 13: Jotun
(42.7% - associated company) Anchor Grow and build Transform or exit Jotun REVENUE GROWTH YoY 3.9% • Double-digit underlying growth in both revenue and profit 0.1% • Negative currency translation effects -0.6% continued to weigh on reported figures -2.0% -1.9% Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 • The out
Slide 14: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 3.5% 1.2% • Volume decline primarily driven by weak 0.8% 1.0% 0.4% 2.3% development in Norway, Denmark, and Finland 1.6% 0.2% 0.2% 1.0% -0.8% -2.3% • Prioritized growth categories continued to deliver positive volume growth -1.3% Q2’
Slide 15: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 7.5% 7.0% 6.7% 4.3% • Recovery in chocolate volume and margins 1.0% 9.1% 5.3% 6.1% 5.6% • Encouraging BUBS growth across markets 1.7% 0.5% -1.8% -1.6% -1.5% • Announced acquisition of The European -1.1% Candy Group (CCI) in July Q2’
Slide 16: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 8.5% 0.5% 3.3% • Volume decline due to promotion phasing and 7.9% 5.3% Easter effects 0.9% -0.8% 1.3% 0.8% -0.4% -2.1% • EBIT (adj.) growth driven by continuous cost -2.0% -3.3% out along the value chain -2.8% -2.5% Q2
Slide 17: Orkla Food Ingredients
(Orkla ownership 59.4%) Anchor Grow and build Transform or exit Orkla Food Ingredients ORGANIC GROWTH 9.2% 8.3% 8.3% 3.8% 5.4% • Organic revenue decline driven by lower 4.4% 4.4% 1.7% volumes in Bakery and Plant Based 5.4% 3.9% 3.8% 3.7% 0.6% • Underlying EBIT (adj.) decreased due to lower -2.1% vol
Slide 18: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 5.2% • Price-driven growth across most categories, 2.2% 3.6% 2.5% 2.7% with volume/mix growth for wound care and 1.3% 0.9% 1.7% oral health 3.1% 2.2% 1.6% 1.6% 1.0% • Underlying EBIT (adj.) decline from higher -0.9% -0.9% costs and
Slide 19: Orkla India
(Orkla ownership 75%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 9.7% 8.1% • Organic growth driven by disciplined pricing 4.3% actions to manage increases in key raw 2.8% material costs • Underlying EBIT (adj.) growth, excluding -1.4% government grant, was 0.7% Q2’25 Q3’25 Q4
Slide 20: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 8.1% • Consumer sales growth of 8.4%, with growth 4.9% across all businesses 2.2% 1.2% • Flat organic growth due to lower third-party 0.0% sales in Kotipizza’s wholesale business Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 • Underly
Slide 21: 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 declined 2.7%, • Organic revenue growth of 7.7%, impacted by weaker development in primarily driven by the D2C business the UK and export business units • Underlying EBIT (adj.) improvement •
Slide 22: Closing remarks
Closing remarks rkla
Slide 23: 3 Commitments
3 COMMITMENTS Drive organic value Reduce the complexity Perform value-adding in existing portfolio of existing portfolio structural transactions 23
Slide 24: Orkla
‘Orkla
Slide 25: Upcoming events
Upcoming events Third quarter results 6 November 2026 Capital Markets Day 1 December 2026
Slide 26: Appendices
Appendices rkla
Slide 27: Net interest-bearing liabilities
Net interest-bearing liabilities Net interest-bearing liabilities (NOKbn)1 NIBD / R12M EBITDA1 20.7 2.0x 2.0x 18.8 1.8x 17.2 16.0 1.5x 1.5x 14.2 1.4x 12.8 0.9x 18.4 15.2 16.5 6.4 13.7 10.8 11.9 4.9 2020 2021 2022 2023 2024 2025 Q2’26 2020 2021 2022 2023 2024 2025 Q2’26 NIBD (ex. leasing) Leasing deb
Slide 28: Funding sources and maturity profile per Q2-26
Funding sources and maturity profile per Q2-26 Debt maturity average maturity 2.2 years Funding sources (in NOKbn) NOKbn 12 2.0 7.5 10 8 11.5 6 4 8.8 2 0 Cash, cash equivalents and interest-bearing assets 2026 2027 2028 2029 2030 2031 Bonds and CP Drawn amounts - Orkla Group excl. Orkla Food Ingredi
Slide 29: Overview of financial targets (1/3)
Anchor Overview of financial targets (1/3) Revenue EBIT margin Cash conversion ROCE 12.7% 13-14% 124% 15.0% >15.0% 11.1% 95% 92% >100% 12.4% Orkla Foods 1.1% 2-3% 0.8% CAGR YTD’26 Target1,2 2023 R12M Target3 2024 2025 R12M Target 2023 R12M Target3 (24-25) p.a. Volume-mix EBIT margin Cash conversion
Slide 30: Overview of financial targets (2/3)
Grow and build Overview of financial targets (2/3) Revenue Underlying EBIT ROCE 10.3% 9-10% 11.7% 12.5-13% 10.8% Orkla Food 4.2% 3-4% Ingredients 1.8% 0.0% CAGR YTD’26 Target1,2 CAGR YTD’26 Target2 2023 R12M Target3 (24-25) (24-25) Revenue EBIT margin 7-9% 13.4% 14.0% 5.7% 10.5% Orkla Health 2.0% CA
Slide 31: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) EBIT margin 13.9% 14-15% Orkla 9.6% House Care 2023 R12M Target2 Revenue EBIT margin Cash conversion 5.4% 5.0% 291% 5.4% Health and >5.0% 2.9% 158% Sports Nutrition 113% 100% Group 1.1% CAGR YTD’26 Target1 2023 R12M Target2 2024 2025 R12M Target
Slide 32: 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 33: 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 34: 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 35: 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 36: Orkla
‘Orkla