Slide 1: First quarter results
First quarter results 20 May 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: In memory of Stein Erik Hagen
In memory of Stein Erik Hagen 1956 - 2026
Slide 4: Q1 2026 highlights
Q1 2026 4.9% 3.0% NOK 1.75 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 4
Slide 5: Organic growth
Organic growth Organic growth1 | Consolidated Portfolio Companies 4.9% 4.4% 4.5% 3.9% 3.8% 1.6% 3.6% 3.3% 3.3% 1.2% 2.8% 1.0% 3.1% 1.3% 2.4% 2.6% 1.8% 3.2% 2.3% 2.6% 2.3% 1.5% 1.4% 1.8% 1.0% 1.3% -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-y
Slide 6: EBIT (adj.) by portfolio company
EBIT (adj.) by portfolio company Transform Anchor Grow and build or exit 16% 5.1% 19% 9.1% 10% -29% -7.8% 13% 10% 26% 2.3% 3.0% 85 26 1,822 85 1,727 101 218 (95) 289 96 849 308 614 Jotun1 Orkla Foods Orkla Snacks Orkla Home & Orkla Food Orkla Health Orkla India The European Orkla Health and Sports C
Slide 7: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 11.9% 12.0% 11.5% 11.2% 11.0% 10.7% 10.5% 10.5% 10.3% 10.0% 9.5% 9.3% 8.9% 9.0% 8.5% 8.0% 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 Q1’25 Q2’25
Slide 8: 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% 12.4% 10.5% 8-10% 9.9% 9.0% Base 3.0% CAGR YTD 2026 CAGR 2023 R12M 20262 2023 R12M 20262 (2024-25) (2023-26)2 Note: 1. Including Orkla ASA and B
Slide 9: Financial performance
Financial performance Arve Regland, EVP and CFO
Slide 10: Income statement
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 operat
Slide 11: Cash flow
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
Slide 12: Capital allocation and leverage
Capital allocation and leverage Figures in NOK billion 0.1 14.2 0.1 (0.7) (1.0) 1.0 13.6 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 (excl. Orkla Food Ingredi
Slide 13: Portfolio companies
Portfolio companies rkla
Slide 14: Jotun
(42.7% - associated company) Anchor Grow and build Transform or exit Jotun REVENUE GROWTH YoY 6.4% • Underlying revenue growth of 9.4%, and growth across all segments and regions 0.1% • Underlying operating profit growth of 16% -0.6% driven by increased sales and improved gross -2.0% -1.9% margins Q
Slide 15: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 3.5% 1.2% 0.8% • Organic growth driven by Sweden and Norway 1.0% 0.4% 1.6% 2.3% 0.9% 0.2% 0.2% -0.8% • Higher growth for prioritized categories than -3.8% total, with balanced price and volume development -2.9% Q1’25 Q2’25 Q3’25 Q4’2
Slide 16: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 7.5% 7.0% 6.7% 1.8% 4.3% 1.0% • Volume-driven organic growth across 9.1% 5.3% categories 6.0% 6.1% 5.6% 1.7% -1.8% -1.6% • Recovery in chocolate volumes and margins -4.1% Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 • Continued progress in BUBS’ U
Slide 17: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 6.8% 8.5% 0.5% 0.7% 3.3% • Volume growth in Norway and Sweden 7.9% 6.1% 5.3% 0.9% • Market shares increased in Norway and 1.3% -0.8% -2.1% Finland, stable in Sweden -0.4% -2.0% -2.8% • EBIT (adj.) growth due to volume
Slide 18: 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% • Volume growth in all clusters 4.6% 4.4% 4.4% 5.4% 1.7% • EBIT (adj.) improvement driven by price 3.6% 5.4% 3.9% 3.8% 3.7% management and volume growth 1.0% Q1’25 Q2’25 Q3’25 Q4
Slide 19: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 5.2% • Volume/mix decline in food supplements and 2.5% 2.2% 3.6% 2.5% functional personal care categories 1.3% 0.9% 3.4% 3.1% 2.2% • Underlying EBIT (adj.) decline, driven by lower 1.6% 1.6% volumes, an unfavorable sales mix, and hi
Slide 20: Orkla India
(Orkla ownership 75%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 8.1% • Organic growth and underlying EBIT (adj.) 4.3% growth impacted by government grants last 2.8% year1 -0.1% • Organic growth was driven by price increases -1.4% to offset higher costs for key raw materials
Slide 21: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 8.1% • Consumer sales growth of 8.9%, with growth 4.9% across all businesses, driven by marketing, 2.2% 1.2% menu innovation and increased distribution • Underlying EBIT (adj.) supported by consumer -1.6% sales momentu
Slide 22: Orkla House Care Health and Sports Nutrition Group
Anchor Grow and build Transform or exit Orkla House Care Health and Sports Nutrition Group • Organic growth of 4.4% from positive • Strong growth in D2C business partly volume development in Scandinavian offset by lower B2B sales markets • Underlying EBIT (adj.) improvement • Underlying EBIT (adj.)
Slide 23: Closing remarks
Closing remarks Nils K. Selte, President and CEO
Slide 24: 3 Commitments
3 COMMITMENTS Drive organic value Reduce the complexity Perform value-adding in existing portfolio of existing portfolio structural transactions 24
Slide 25: Orkla
‘Orkla
Slide 26: Upcoming events: Second quarter results
Upcoming events Second quarter results 20 August 2026 26
Slide 27: Appendices
Appendices rkla
Slide 28: Net interest-bearing liabilities
Net interest-bearing liabilities Net interest-bearing liabilities (NOKbn)1 NIBD / R12M EBITDA1 18.8 2.0x 17.2 1.8x 16.0 14.2 13.6 1.5x 1.5x 12.8 1.4x 1.3x 0.9x 16.5 6.4 15.2 13.7 10.8 11.9 11.2 4.9 2020 2021 2022 2023 2024 2025 Q1’26 2020 2021 2022 2023 2024 2025 Q1’26 NIBD (ex. leasing) Leasing deb
Slide 29: Funding sources and maturity profile per Q1-26
Funding sources and maturity profile per Q1-26 Debt maturity average maturity 2.7 years Funding sources (in NOKbn) NOKbn 12 5.3 7.8 10 8 6 9.2 4 7.3 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 Ingredie
Slide 30: Overview of financial targets (1/3)
Anchor Overview of financial targets (1/3) Revenue EBIT margin Cash conversion ROCE 12.6% 13-14% 124% 15.1% >15.0% 11.1% 95% 91% >100% 12.4% Orkla 3.5% Foods 2-3% 0.8% CAGR Q1’26 Target1,2 2023 R12M Target3 2024 2025 R12M Target 2023 R12M Target3 (24-25) p.a. Volume-mix EBIT margin Cash conversion R
Slide 31: Overview of financial targets (2/3)
Grow and build Overview of financial targets (2/3) Revenue Underlying EBIT ROCE 10.3% 10.4% 9-10% 12.5% 12.5-13% 10.8% Orkla Food 5.4% 4.2% 3-4% Ingredients CAGR Q1’26 Target1,2 CAGR Q1’26 Target2 2023 R12M Target3 (24-25) (24-25) Revenue EBIT margin 7-9% 13.4% 14.0% 5.7% 10.7% Orkla Health 1.3% CAG
Slide 32: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) EBIT margin 14-15% Orkla 13.4% 9.6% House Care 2023 R12M Target2 Revenue EBIT margin Cash conversion 5.0% 291% 4.5% Health and >5.0% 3.4% 2.9% 158% Sports Nutrition 125% 100% Group 1.1% CAGR Q1’26 Target1 2023 R12M Target2 2024 2025 R12M Target (
Slide 33: 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 34: 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 35: 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 36: 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 37: Orkla
‘Orkla