Slide 1: First quarter results
First quarter results 9 May 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: Q1-25 | Continued EBIT (adj.) growth
Q1-25 | Continued EBIT (adj.) growth • Organic growth of 1.2%1 • Underlying EBIT (adj.) growth of 7.6%2 • EPS (adj.) of NOK 1.68 (+19%)3 Note: 1. Organic growth in the Consolidated Portfolio Companies; 2. Consolidated Portfolio Companies including Orkla ASA and Business Services; 3. Earnings per sha
Slide 4: Breakdown of portfolio companies' performance in Q1-25
Breakdown of portfolio companies’ performance in Q1-25 Anchor Grow and build Transform or exit Underlying EBIT (adj.) growth 4.6% 0.7% 14.1% -1.4% 40.9%3 -1.4% 12.8% 20.8% 31.7% 7.2% 7.6% (Q1-25 vs. Q1-24) EBIT (adj.) in NOKm 77 20 1,831 77 87 1,728 131 310 -103 280 8071 260 589 Jotun Orkla Foods Or
Slide 5: 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) 17.3% 10.5%-11% 13% 15.0% 10.1% 10.3% 11.5% 11.7% 9.9% 8%-10% 9.0% (CAGR) 6.9% 2023 2024 R12M 2023-262 2023 2024 R12M 20262 2023 2024 R12M 20262 Note: 1. Including O
Slide 6: Financial performance
A ‘Orkla Financial performance rkla
Slide 7: Income statement
Income statement Key quarterly figures Q1-25 Q1-24 ∆ Q1 Operating revenues 17,176 16,797 2% EBIT (adj.) Consolidated Portfolio Companies 1,831 1,700 8% EBIT (adj.) Orkla Real Estate 30 0 N/A EBIT (adj.) Orkla ASA and Business Services -103 -102 1% EBIT (adj.) 1,758 1,598 10% Other income and expense
Slide 8: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 11.9% 12.0% 11.5% 11.2% 11.2% 11.0% 10.7% 10.5% 10.3% 10.0% 9.5% 9.3% 8.9% 9.0% 8.5% 8.0% Q1-19 Q2-19 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
Slide 9: Organic growth
Organic growth Organic growth1 | Consolidated Portfolio Companies 1.3% 1.6% 4.3% 9.6% 8.1% 3.5% 13.4% 8.5% 6.0% 5.3% 3.6% 3.3% 3.9% 3.3% 1.2% 13.6% 12.9% 10.6% 10.0% 1.4% 7.8% 1.6% 5.9% 1.0% 1.2% 2.6% 1.8% 1.8% 2.2% 2.9% 1.9% 2.3% 2.6% 2.3% 1.0% 1.5% -1.9% -1.8% -1.1% -0.5% -0.6% -0.2% -0.6% -1.0% -
Slide 10: Cash flow
Cash flow Cash flow statement (NOKbn) Q1-25 Q1-24 EBIT (adj.) 1.8 1.6 Depreciation and write-downs 0.7 0.6 Change in net working capital (0.3) (0.6) Net replacement investments (0.5) (0.4) Cash flow from other income & exp. and pensions (0.0) (0.0) Cash flow from operations 1.6 1.2 Tax paid (0.4) (0
Slide 11: NIBD/EBITDA at 1.6x
NIBD/EBITDA at 1.6x Figures in NOK billion 16.0 = 1.6x 0.3 0.3 EBITDA1 15.7 0.4 = 1.1x 1.6 0.2 EBITDA2 0.4 0.3 Net interest- Cash flow from Cash flow from Taxes Financial items Dividends paid Expansion capex FX effects Net interest- bearing debt operations discontinued & Other items and sale/purchas
Slide 12: Portfolio companies
Portfolio companies All Alternative Performance Measures (APMs) are presented in the appendices. All figures in NOK million unless otherwise stated.
Slide 13: Jotun
(42.7% - associated company) Anchor Grow and build Transform or exit Jotun REVENUE GROWTH 14.6% KEY HIGHLIGHTS • Sales growth across all segments and regions 7.4% 6.4% 3.7% 4.2% • EBITA growth supported by stable gross margins, however last year included significant Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 cur
Slide 14: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 3.2% KEY HIGHLIGHTS 0.7% 2.7% 5.5% • Negative volume/mix due to customer 2.3% 1.4% 1.1% 1.3% 0.9% 0.9% inventory reductions, weaker out of home sales -1.6% 0.2% -2.3% and campaign activities last year -3.8% -2.9% • Underlying EBIT (a
Slide 15: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 10.8% 11.0% KEY HIGHLIGHTS 4.3% 6.2% 1.8% 7.7% • Volume/mix decline following softening 4.4% markets and phasing of campaigns 6.7% 4.4% 6.8% 6.0% 3.1% -0.5% • EBIT (adj.) growth supported by cost savings, -4.1% despite headwinds fro
Slide 16: Orkla Food Ingredients
(Orkla ownership 59.4%) Anchor Grow and build Transform or exit Orkla Food Ingredients ORGANIC GROWTH 4.6% KEY HIGHLIGHTS 3.1% 4.0% 0.5% 3.6% 4.1% • Organic growth supported by volume/mix 1.8% 3.4% 1.0% growth within Sweet Ingredients and Plant- -1.1% -2.7% -2.3% Based -0.3% -0.6% -2.9% • Price grow
Slide 17: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 10.3% KEY HIGHLIGHTS 9.9% 3.6% 7.3% 3.7% • Revenue growth driven by broad-based price 2.9% 6.2% increases implemented to mitigate effects from 3.6% 2.5% 6.3% 6.6% higher input costs 4.4% 2.5% 3.4% • Underlying EBIT (adj.) decline du
Slide 18: Orkla India
(Orkla ownership 90%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 11.6% KEY HIGHLIGHTS 9.4% 5.8% • Government grants of NOK 26m, positively 9.6% 1.4% 5.8% affected Revenue and EBIT (adj.) -0.2% 3.3% 1.0% 3.7% -1.9% -4.6% -3.8% • Flat volume/mix development1 and negative -3.6%
Slide 19: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 2.3% KEY HIGHLIGHTS 0.8% 0.2% • Consumer sales continues to be pressured by weak consumer sentiment in The Netherlands and Finland -1.6% -1.6% Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 • Strong momentum in Poland Organic growth •
Slide 20: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 10.7% 10.9% 0.1% 9.5% 1.8% 0.5% KEY HIGHLIGHTS 6.8% 0.7% 10.7% • Organic growth driven by volume increase in 8.9% 3.9% 9.0% 1.0% Norway and contract manufacturing 6.1% 2.9% • Increased market shares in the grocery sect
Slide 21: 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 was 3.8% with volume • Organic revenue was flat in a softer growth in all key markets and positive market consumer market share development • Underlying EBIT (adj.) improved over 30% to • The
Slide 22: Welcome to Capital Markets Update
Welcome to AGENDA Capital Markets Update from Orkla ASA Nils K. Selte, President and CEO Update Update on financial targets Arve Regland, EVP and CFO 28 May 2025 Orkla Foods Aku Vikström, CEO Orkla Foods Orkla Snacks Ingvild Tarberg Berg, CEO Orkla Snacks Orkla Food Ingredients Johan Clarin, CEO Ork
Slide 23: Orkla
‘Orkla A ‘Orkla
Slide 24: Upcoming events
Upcoming events Capital Markets Update 28 May 2025 Second quarter results 14 July 2025 24
Slide 25: Appendices
A ‘Orkla Appendices rkla
Slide 26: 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 15.7 1.6x 1.5x 1.5x 12.8 1.0x 0.9x 16.5 6.6 6.4 15.2 13.7 13.1 10.8 4.9 4.9 2019 2020 2021 2022 2023 2024 Q1-25 2019 2020 2021 2022 2023 2024 Q1-25 NIBD (ex. leasing) Leasing debt
Slide 27: Funding sources and maturity profile per Q1-25
Funding sources and maturity profile per Q1-25 Debt maturity average maturity 2.7 years Funding sources (in NOKbn) NOKbn 8 2.6 7 9.1 6 5 8.0 4 3 2 8.0 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 I
Slide 28: Overview of financial targets (1/3)
Anchor Overview of financial targets (1/3) Revenue EBIT margin Cash conversion ROCE 13-14% 127% 124% 14.4% 14.7% >15.0% 12.3% 12.5% 119% 11.1% >100% 12.4% Orkla 6.6% Foods 2-3% 1.9% 0.4% 2023 2024 R12M Target1,2 2023 2024 R12M Target 2023 2024 R12M Target 2023 2024 R12M Target Volume-mix EBIT margin
Slide 29: Overview of financial targets (2/3)
Grow and build Overview of financial targets (2/3) Revenue Underlying EBIT ROCE 8.7% 12.8% 11.4% 11.6% 12.5-13% 10.8% Orkla Food 6.9% 8.8% 9-10% 2.8% 3-4% Ingredients 0.9% 2023 2024 R12M Target1 2023 2024 R12M Target1 2023 2024 R12M Target Revenue EBIT margin 8.4% 7-9% 13.4% 12.8% 12.7% 14.0% Orkla
Slide 30: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) Underlying EBIT Cash conversion 128% 117% 40.9% 110% 100% Orkla Home & 35.5% 28.5% Personal Care >10.0% 2023 2024 R12M Target1 2023 2024 R12M Target EBIT margin 14-15% Orkla 11.3% 12.0% 9.6% House Care 2023 2024 R12M Target Revenue EBIT margin Ca
Slide 31: 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 32: 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 33: 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 34: 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 35: Orkla
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