Orkla ASA · OSL:ORK
Orkla ASA — Q3 2026 Earnings Presentation
36 slides from Orkla ASA's earnings presentation, Nov 6, 2026
Slide 1: Third quarter results
Third quarter results 6 November 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: Q3 2026
Q3 2026 3.1% 8.1% NOK 1.94 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% 3.1% 1.2% 2.8% 3.1% 0.4% 1.3% 2.4% 1.8% 3.2% 2.6% 2.3% 2.7% 1.5% 1.4% 1.8% 1.3% 1.1% -1.1% -1.3% -0.3% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 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 1.3% 7.6% 16% 8.7% -2.0% 6.1% 7.0% 5.4% 23% 5.8% 7.2% 8.1% 105 83 15 2,113 2,058 112 250 (55) 376 114 351 770 707 Jotun1 Orkla Foods Orkla Snacks Orkla Home & Orkla Food Orkla Health Orkla India The European Orkla Health and Sp
Slide 6: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 12.0% 11.6% 11.5% 11.5% 11.0% 10.6% 10.5% 10.3% 10.0% 10.0% 9.7% 9.5% 9.0% 9.0% 8.5% 8.0% Q1’24 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 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
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) Performance over Target period 10.5-11% 13.0% 10.6% 12.3% 11.8% 8-10% 9.9% 9.0% 4.7% Base CAGR YTD 2026 CAGR 2023 R12M 20262 2023 R12M 20262 (2024-25) (2023-26)2 Not
Slide 8: Financial performance
Financial performance rkla
Slide 9: Income statement
Income statement Key quarterly figures (NOKm) Q3’26 Q3’25 Operating revenues 17,541 17,946 EBIT (adj.) 2,078 2,039 Other income and expenses (490) (401) EBIT 1,588 1,638 Profit from Jotun & other associates 564 603 Net interest and other financial items (254) (244) Taxes (386) (305) Discontinued ope
Slide 10: Cash flow
Cash flow Cash flow Orkla-format (NOKbn) YTD’26 YTD’25 EBIT (adj.) 5.6 5.7 Depreciation and write-downs 2.0 2.0 Change in net working capital (1.2) (1.0) Net replacement investments (1.6) (1.8) Cash flow from other income & exp. and pensions (0.3) (0.1) Cash flow from operations 4.4 4.8 Tax paid (1.
Slide 11: Capital allocation and leverage
Capital allocation and leverage Figures in NOK billion (0.5) (1.3) 21.9 3.5 0.7 2.1x 14.2 9.3 EBITDA (3.9) 1.8x 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 30.09.2026 (
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 5.5% 3.9% • Underlying revenue growth of 13% from a combination of volume and price growth 0.1% • Higher raw material costs started to weigh on margins -2.0% -1.9% Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 • The outloo
Slide 14: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 3.5% 1.2% 2.4% • Organic revenue growth driven by volume/mix 0.8% 0.8% 0.4% 2.3% contributions from growth platforms across all 1.6% 0.2% 0.2% 1.0% 1.5% markets -0.8% -2.3% • Underlying EBIT (adj.) increased by 7.6%, -1.3% supported
Slide 15: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 5.6% 7.5% 7.0% 6.7% • Strong volume/mix growth from all categories 1.0% 11.2% 9.1% 5.3% 5.6% • High BUBS growth across markets -1.6% 1.7% 0.5% -1.5% -1.1% -5.6% • The European Candy Group acquisition Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 co
Slide 16: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 10.4% 0.4% 3.3% • Volume driven growth from phasing and 10.0% promotion activity in Norway and Sweden 0.9% 5.3% 1.3% -0.8% 0.8% -2.1% • Continued market share increase -0.4% -2.0% -3.3% -2.8% -2.5% • EBIT (adj.) growth
Slide 17: Orkla Food Ingredients
(Orkla ownership 59.4%) Anchor Grow and build Transform or exit Orkla Food Ingredients ORGANIC GROWTH 8.3% 8.3% 4.4% 4.4% 5.4% • Volume/mix growth in Bakery and Sweet, partly 1.7% offset by decline in Plant Based 3.9% 3.8% 3.7% 0.7% 0.6% 1.1% • Underlying EBIT (adj.) declined, as higher -2.1% -0.5%
Slide 18: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 5.2% 2.5% 3.6% 1.3% 2.7% • Flat organic revenues, despite price growth in 0.9% 1.7% 3.2% most categories 1.6% 1.6% 2.2% 1.0% -0.9% -3.4% • Volume/mix decline primarily in food supplements -0.2% Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 • Underl
Slide 19: Orkla India
(Orkla ownership 75%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 19.0% • Organic revenue growth driven by calibrated 9.7% pricing actions to manage increase in input 8.1% 4.3% costs and supported by positive volume growth 2.8% • Underlying EBIT (adj) excluding government Q3’2
Slide 20: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 8.1% 4.9% • Consumer sales increased by 9.7% with same- store sales growth across all businesses 2.2% 0.0% • Underlying EBIT (adj.) growth of 5.4%, supported by consumer sales growth -1.9% Q3’25 Q4’25 Q1’26 Q2’26 Q3’26
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 of 2.3%, driven by • Organic growth of 7.3%, driven by price positive developments in home increases in all sales channels markets • Underlying EBIT (adj.) up 5.8%, partly • EBIT (adj.) of NOK
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 Capital Markets Day 1 December 2026 Fourth quarter results 10 February 2027
Slide 26: Appendices
Appendices rkla
Slide 27: Net interest-bearing liabilities
Net interest-bearing liabilities Net interest-bearing liabilities (NOKbn)1 NIBD / R12M EBITDA1 21.9 2.1x 2.0x 18.8 1.8x 17.2 16.0 1.5x 1.5x 14.2 1.4x 12.8 19.7 0.9x 6.4 15.2 16.5 13.7 10.8 11.9 4.9 2020 2021 2022 2023 2024 2025 Q3’26 2020 2021 2022 2023 2024 2025 Q3’26 NIBD (ex. leasing) Leasing deb
Slide 28: Funding sources and maturity profile per Q3-26
Funding sources and maturity profile per Q3-26 Debt maturity average maturity 2.0 years Funding sources (in NOKbn) NOKbn 12 2.0 7.3 10 8 6 14.0 4 7.8 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 12.9% 13-14% 124% 15.1% >15.0% 11.1% 95% >100% 12.4% Orkla 83% Foods 1.5% 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% 11.4% 12.5-13% 10.8% Orkla Food 4.2% 3-4% Ingredients 1.4% CAGR YTD’26 Target1,2 -0.7% 2023 R12M Target3 (24-25) CAGR YTD’26 Target2 (24-25) Revenue EBIT margin 7-9% 13.4% 14.0% 5.7% 10.7% Orkla Health 1.2% C
Slide 31: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) EBIT margin 14.8% 14-15% Orkla House Care 9.6% 2023 R12M Target2 Revenue EBIT margin Cash conversion 5.4% 291% 6.0% 5.0% Health and >5.0% 2.9% 158% Sports Nutrition 100% Group 1.1% 63% 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