Slide 1: Second quarter results
Second quarter results 14 July 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: Q2-25 | Organic growth across the portfolio
Picture TBD Q2-25 | Organic growth across the portfolio • Organic growth of 3.8%1 • Underlying EBIT (adj.) growth of 2.5%2 • EPS (adj.) of NOK 1.56 (+0.6%)3 Note: 1. Organic growth in the Consolidated Portfolio Companies; 2. Consolidated Portfolio Companies including Orkla ASA and Business Services;
Slide 4: Breakdown of portfolio companies' performance in Q2-25
Breakdown of portfolio companies’ performance in Q2-25 Transform Anchor Grow and build or exit Underlying EBIT (adj.) growth -1.8% 0.3% 13% 20% -21% 5.7% 11% -28% 128% 1.2% 2.5% (Q2-25 vs. Q2-24) EBIT (adj.) in NOKm 100 49 8 1,923 1,848 131 209 (75) 460 263 89 775 614 Jotun1 Orkla Foods Orkla Snacks
Slide 5: H1-25 | Key highlights
H1-25 | Key highlights • Progress in line with CMD targets • Progress on structural initiatives - Sale of Hydro Power portfolio - Sale of Pierre Robert Group - Orkla India filed Draft Red Herring Prospectus with SEBI SEBI: Indian capital markets regulator, the Securities and Exchange Board of India
Slide 6: 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% 10.1% 10.3% 11.5% 11.8% 9.9% 8%-10% 9.0% 9.9% (CAGR) 6.9% 2023 2024 R12M 2023-262 2023 2024 R12M 20262 2023 2024 R12M 20262 Note: 1. Including Or
Slide 7: Financial performance
Financial performance Arve Regland, EVP and CFO
Slide 8: Income statement
Income statement Key quarterly figures Q2-25 Q2-24 ∆ Q2 Operating revenues 17,650 16,853 5% EBIT (adj.) Consolidated Portfolio Companies 1,923 1,864 3% EBIT (adj.) Orkla Real Estate 25 5 EBIT (adj.) Orkla ASA and Business Services (75) (94) EBIT (adj.) 1,873 1,775 6% Other income and expenses (1) 36
Slide 9: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 12.0% 11.6% 11.4% 11.5% 11.2% 11.0% 10.5% 10.2% 10.3% 10.0% 9.7% 9.5% 9.0% 9.0% 8.5% 8.0% Q4-24 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
Slide 10: Organic growth
Organic growth Organic growth1 | Consolidated Portfolio Companies 1.3% 1.6% 4.3% 9.6% 8.1% 3.5% 8.5% 6.0% 5.3% 3.6% 3.3% 3.9% 3.3% 1.2% 3.8% 12.9% 10.6% 10.0% 1.4% 7.8% 1.6% 5.9% 1.0% 1.2% 2.6% 1.8% 2.4% 1.8% 2.2% 2.9% 1.9% 2.3% 2.6% 2.3% 1.0% 1.5% 1.4% -1.9% -1.8% -1.1% -0.5% -0.6% -1.0% -0.6% -4.4
Slide 11: Cash flow
Cash flow Cash flow statement (NOKbn) YTD-25 YTD-24 EBIT (adj.) 3.6 3.4 Depreciation and write-downs 1.3 1.3 Change in net working capital (1.3) (0.8) Net replacement investments (1.2) (0.8) Cash flow from other income & exp. and pensions (0.0) (0.2) Cash flow from operations 2.4 2.8 Tax paid (0.7)
Slide 12: Capital allocation
Capital allocation Figures in NOK billion 0.2 0.5 5.5 19.8 0.0 10.4 2.0x EBITDA 16.0 1.8 1.6x 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 companies/discontinu
Slide 13: Portfolio companies
Portfolio companies All Alternative Performance Measures (APMs) are presented in the appendices. All figures in NOK million unless otherwise stated.
Slide 14: Jotun
(42.7% - associated company) Anchor Grow and build Transform or exit Jotun REVENUE GROWTH 14.6% KEY HIGHLIGHTS • Continued underlying sales growth in all 7.4% 6.4% segments 4.2% • Quarterly figures impacted by negative -0.6% currency translation effects Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 • Positive outlo
Slide 15: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 0.7% 2.7% KEY HIGHLIGHTS 1.4% 1.1% 1.0% 2.3% 1.3% 0.9% • Overall flat volume/mix development with 0.2% 0.9% 1.0% -1.6% growth in all markets except Norway -3.8% • Slight decline in underlying EBIT (adj.) from -2.9% lower activity lev
Slide 16: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 11.0% KEY HIGHLIGHTS 4.3% 6.2% 1.8% 4.3% • Volume/mix growth in biscuits and snacks 4.4% categories offset by weaker chocolate market 6.7% 4.4% 6.8% 6.0% 6.1% -0.5% -1.8% • Flat EBIT (adj.) growth. Successful mitigation -4.1% of coc
Slide 17: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 10.9% 0.1% 9.5% 0.5% 8.5% KEY HIGHLIGHTS 6.8% 0.5% 0.7% 10.7% • Volume increase from continued strong market 3.9% 9.0% 7.9% 1.0% performance supported by increased 6.1% 2.9% advertising spend Q2’24 Q3’24 Q4’24 Q1’25 Q2
Slide 18: Orkla Food Ingredients
(Orkla ownership 59.4%) Anchor Grow and build Transform or exit Orkla Food Ingredients ORGANIC GROWTH 9.2% KEY HIGHLIGHTS 3.8% 3.1% 4.0% 4.6% • Organic growth from broad-based volume/mix 0.5% 3.6% 5.4% growth, combined with price increase to 1.8% 4.1% 3.4% 1.0% compensate for higher raw material pri
Slide 19: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 10.3% KEY HIGHLIGHTS 7.3% 3.7% • Organic growth of 2.2%. Volume/mix decline in 6.2% 2.9% most geographies and categories 3.6% 2.5% 2.2% 6.6% 4.4% 3.4% 3.1% • Underlying EBIT (adj.) decline as topline 2.5% -0.9% -0.9% growth has not
Slide 20: Orkla India
(Orkla ownership 90%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 9.4% KEY HIGHLIGHTS 9.6% 1.4% • Positive volume/mix growth impacted by lower 3.3% 3.7% prices on key raw materials -0.2% 1.0% 1.9% -1.9% -3.2% -4.6% -3.8% • Revenues and EBIT (adj.) include financial -3.6% -0.1%
Slide 21: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 2.3% 1.2% KEY HIGHLIGHTS 0.8% 0.2% • Consumer sales gaining momentum on the back of targeted growth initiatives -1.6% • Strong results improvement for New York Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Pizza, supported by 3rd part
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 revenue decline of -4.8% driven by • Organic revenue hampered by lower B2B volume and seasonal phasing sales • New customers and range expansion • Contribution ratio improved by +2.1%-p vs. secured i
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 A ‘Orkla
Slide 26: Upcoming events
Upcoming events Third quarter results 29 October 2025 26
Slide 27: Appendices
A ‘Orkla Appendices rkla
Slide 28: Net interest-bearing liabilities
Net interest-bearing liabilities Net interest-bearing liabilities (NOKbn)1 NIBD / R12M EBITDA1 19.8 2.0x 2.0x 18.8 17.2 1.8x 16.0 1.5x 1.5x 12.8 1.0x 0.9x 16.5 17.6 6.6 6.4 15.2 13.7 10.8 4.9 4.9 2019 2020 2021 2022 2023 2024 Q2-25 2019 2020 2021 2022 2023 2024 Q2-25 NIBD (ex. leasing) Leasing debt
Slide 29: Funding sources and maturity profile per Q2-25
Funding sources and maturity profile per Q2-25 Debt maturity average maturity 2.3 years Funding sources (in NOKbn) NOKbn 10 1.5 9.1 8 10.5 6 4 2 8.6 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 Ingre
Slide 30: 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% 12.4% 11.1% 97% >100% 12.4% Orkla 6.6% Foods 1.9% 2-3% 0.4% 2023 2024 R12M Target1,2 2023 2024 R12M Target 2023 2024 R12M Target 2023 2024 R12M Target Volume-mix EBIT margin
Slide 31: Overview of financial targets (2/3)
Grow and build Overview of financial targets (2/3) Revenue Underlying EBIT ROCE 8.7% 17.8% 11.4% 12.2% 12.5-13% 10.8% Orkla Food 5.2% 8.8% 9-10% 3-4% 6.9% 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% 11.9% 14.0% Orkla
Slide 32: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) EBIT margin 14-15% 11.3% 10.9% Orkla 9.6% House Care 2023 2024 R12M Target Revenue EBIT margin Cash conversion 10.4% 291% 265% Health and Sports Nutrition 4.8% >5.0% 5.0% 3.8% 2.9% 2.7% 3.4% 100% Group Neg. 2023 2024 R12M Target1 2023 2024 R12M T
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