Orkla Asa · OSL:ORK
Orkla Asa — Orkla India — Q3 FY2026 Earnings Presentation
33 slides from Orkla Asa's earnings presentation, Feb 11, 2026
Slide 1: Investor presentation for the quarter ended 31 December 2025
11 February 2026 Investor presentation for the quarter ended 31 December 2025
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) prepared by Orkla India Limited ("Company") does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation of an offer to buy or acquire securitie
Slide 3: Agenda
Agenda 01 Orkla India introduction 02 Macro-environment 03 Key business highlights 04 Financial performance 05 Additional information 3
Slide 4: Orkla India introduction
01 Orkla India introduction 4
Slide 5: Orkla India: Trust, authenticity and taste for decades
Orkla India: Trust, authenticity and taste for decades Multi-category Indian food Deeply rooted in South Catering to every meal FY’25 Revenue-mix company Indian culinary heritage occasion South India Rest of India Spices Spices & Convenience foods International Convenience foods 9% 21% 33% #1 in Kar
Slide 6: Macro-environment
A ‘Orkla INDIA 02 Macro-environment
Slide 7: Recovering macro-environment
Recovering macro-environment Stimulus through government Real GDP growth (yoy %) CPI1 and CPFI1 (yoy %) policy 8.4% CPI 8.2% CPFI Income tax reforms 7.8% 5.2% 7.4% 3.3% 2.1% 2.7% 1.4% 1.3% Interest rate cuts 6.4% -1.1% -2.3% -2.7% GST rate cut and slab 5.6% simplification Sep’24 Dec’24 Mar’25 Jun’25
Slide 8: Key commodities' price trend based on consumption
Key commodities’ price trend based on consumption (19.1%) (10.1%) 1.10x 1.00x 1.03x 0.91x 0.89x 0.89x 0.84x Spices 0.79x 0.78x 0.80x Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 1.21x 1.26x 1.18x 1.16x 1.19x 1.04x 1.08x 1.04x 1.07x 1.00x Wheat Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
Slide 9: Key business highlights
A ‘Orkla INDIA 03 Key business highlights
Slide 10: Consolidated Q3'FY26: Volume led revenue growth
Consolidated Q3'FY26: Volume led revenue growth ❑ Revenue growth of 4.1% yoy, led by volume growth of 5.4% ❑ Spices volume grew by 10.1% yoy, however, overall spices revenue grew moderately by 3.1% due to continued deflation (~7% price impact) in key raw material prices ❑ Convenience foods revenue g
Slide 11: Spices: demonstrating continued volume growth
Spices: demonstrating continued volume growth Spices: Driving volume growth through deeper penetration and frequency of usage with localized consumer initiatives Consumer engagement through Driving brand visibility through localized campaigns integrated outdoor display 10.1% Spices volume growth yoy
Slide 12: Convenience foods
Convenience foods Convenience foods: Breakfast and meals remained strong with double digit growth, while sweets softened with the festive shift Breakfast Meals Sweets Convenience foods grew by 6.0% yoy 41.6% NPD1 revenue growth yoy Note: 1) NPD is New Product Development 12
Slide 13: Strengthening play in international markets
Strengthening play in international markets The GCC remains a key growth market, demonstrating sustained strength Building strong momentum with Arab Strengthening engagement on In-Store Influencers consumers the core Eastern range Social Surround Activating multiple consumer touch-points 16.4% Reven
Slide 14: Continuing to strengthen the digital play
Continuing to strengthen the digital play Social media and digital-commerce activations 43.4% Digital commerce growth yoy Campaigns on social media 9.5% 6.8% Revenue contribution from digital commerce in domestic markets Q3'FY25 Q3'FY26 Activations on digital commerce 14
Slide 15: Prakriti: Scaling beyond South through pure digital play
Prakriti: Scaling beyond South through pure digital play Introducing MTR Prakriti Digital only play Influencer content for reach MTR Prakriti: Best in class, premium, single source pure spices Byadgi Chilli Guntur Chilli Kumbhraj Araku Turmeric Double-Parrot D2C website Social media campaigns Corian
Slide 16: Awards
Awards Orkla India has been certified as a Economic Times Shark Awards: BW1 Applause Awards 2025, Great Place To Work Our new Puliogare campaign was Best Food Festival – MTR Karunadu Swada honored for its deeply rooted cultural BW1 Applause Awards 2025, Best use of narrative and innovative execution
Slide 17: Financial performance
A ‘Orkla INDIA 04 Financial performance
Slide 18: Consolidated Q3'FY26 financial highlights
Consolidated Q3’FY26 financial highlights Revenue from EBITDA# PAT (bei*) operations^ INR 636cr INR 102cr INR 68cr (+3.4% yoy) (+17.7% yoy) (+3.8% yoy) Volume (Tonnage) EBITDA# margin PAT (bei*) margin +5.4% yoy 16.1% 10.7% Data represented is in terms of Indian fiscal year ended 31st March ^: Reven
Slide 19: Consolidated Q3'FY26 revenue breakdown
Consolidated Q3’FY26 revenue breakdown Revenue by category (INRcr) Revenue by geography (INRcr) Spices Convenience Foods Domestic International +4.1% +4.1% 632 632 607 607 125 135 205 218 483 497 402 415 Q3’FY25 Q3’FY26 Q3’FY25 Q3’FY26 19
Slide 20: Consolidated Q3'FY26 profitability breakdown
Consolidated Q3’FY26 profitability breakdown 14.1% 16.1% 23.2% EBITDA growth Commentary +17.7% excluding PLI# 102 EBITDA 87 ❑ Lower advertising expenses in Q3’FY26 (INRcr) yoy from shift in festive season ❑ Benefits realised from operating efficiencies Q3’FY25 Q3’FY26 10.7% 10.7% Commentary +3.8% 66
Slide 21: Consolidated YTD'FY26 performance
Consolidated YTD’FY26 performance Revenue from operations* (INRcr) EBITDA (INRcr) PAT (bei^) (INRcr) 3.5% 7.1% 16.6% 16.8% 17.2% 12.1% 12.3% 11.9% 2,395 396 +7.0% 289 +4.7% +1.6% 1,883 324 224 1,799 303 220 FY’25 YTD’FY25 YTD’FY26 FY’25 YTD’FY25 YTD’FY26 FY’25 YTD’FY25 YTD’FY26 ❑ Excluding PLI#, EBI
Slide 22: Closing remarks
A ‘Orkla Closing remarks
Slide 23: Sum up
Sum up ❑ South India represents a strong and attractive market, offering sustained growth opportunities, and we continue to maintain our focus and efforts in the region ❑ Our multi-category platform enables us to drive deeper, locally resonant innovation, expanding into new recipes and formats tailo
Slide 24: Additional information
05 Additional information 24
Slide 25: India: Food is local / regional
India: Food is local / regional Regional preferences are cultural and closely tied India A culturally rich & diverse nation to agriculture & seasonal produce, further influencing local consumption habits Language North South Wheat-based dishes and rich, Rice-centric, spicy meals, creamy gravies samb
Slide 26: Focused on South India, Orkla India operates in a large market well-poised for growth
Focused on South India, Orkla India operates in a large market well-poised for growth Core categories to demonstrate high growth South India is well placed In INR cr Convenience foods Packaged spices 30% 121% South India’s per capita of India’s GDP 16,600 income (as % of India’s per capita income) 1
Slide 27: Robust supply chain
Robust supply chain Strategically located facilities with proximity to key sourcing regions and demand markets In-house factories Source markets Demand markets Hybrid approach - 8/21 In-house factories / Outsourced units1 Note: 1) As of December 31, 2025 27
Slide 28: Multi-category food company with a focus on product innovation
Multi-category food company with a focus on product innovation Ongoing product development curated for local tastes… …Resulting in notable product launches and the firsts in India 37 7 Marketing Multiple product launches in last 3 years Product Chefs1 development team1 team Spices # 13 Research into
Slide 29: Experienced and tenured management team
Experienced and tenured management team Sanjay Sharma Sunay Bhasin Ashvin Subramanyam Girish Kumar Nair Managing Director and CEO CEO, MTR Foods Business Unit CEO, International Business Unit CEO, Eastern Business Unit IFFCO Dabur Colgate Voltas Foods Britannia Yum Dole Asia Mondelez Wipro Dabur Ola
Slide 30: Supported by strong global parentage with diverse leadership
Supported by strong global parentage with diverse leadership ~$11bn ~$6.2bn ~20,000 Board of Directors Market capitalisation1 Group revenue2 Number of employees Orkla ASA 370+ yrs 10 Brands Norway-listed industrial, long- Legacy Portfolio companies Atle Vidar Nagel Sanjay Maria Syse- Per Haavard ter
Slide 31: Key strategies to drive growth
Key strategies to drive growth Drive household penetration Drive operational efficiencies in core markets to improve margins Expand our product Continue to enhance capital portfolio efficiency Expand presence in Strategic acquisitions international markets 31
Slide 32: Consolidated Financial Summary
Consolidated Financial Summary Units Q3’FY26 Q3’FY25 YTD’FY26 YTD'FY25 FY’25 Revenue from operations ₹ cr 636 615 1,883 1,799 2,395 Revenue from operations YoY growth % 3.4 N/A 4.7 N/A 1.6 Consolidated volume growth (only tonnage) % 5.4 N/A 7.1 N/A 3.5 Revenue by product categories Spices ₹ cr 415 4
Slide 33: Thank you
Thank you Contact details for institutional investors: Siddharth Borkar Head – M&A and Investor relations siddharth.borkar@orklaindia.com Contact details for retail investors: investors@orklaindia.com Contact details for media: mediacell@orklaindia.com 33