Orkla Asa · OSL:ORK
Orkla Asa — Q4 2025 Earnings Presentation
38 slides from Orkla Asa's earnings presentation, Feb 12, 2026
Slide 1: Fourth quarter results
Fourth quarter results 12 February 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: Q4 2025 key figures
Q4 2025 4.5% 16.7% NOK 1.74 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 Services; 3. Fully diluted 3
Slide 4: Organic growth
Organic growth Organic growth1 | Consolidated Portfolio Companies 5.3% 4.4% 4.5% 3.6% 3.9% 3.8% 3.3% 3.3% 1.2% 2.8% 5.9% 1.0% 3.1% 1.2% 2.4% 2.6% 1.8% 2.3% 2.6% 2.3% 1.5% 1.4% 1.3% 1.8% 1.0% -0.6% -1.1% Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Volume/mix Price Note: 1. Growth year-over-
Slide 5: EBIT (adj.) by portfolio company
EBIT (adj.) by portfolio company Transform Anchor Grow and build or exit 28% 3.2% 16% 4.2% 14% 70% 15% 37% 113% 19% 15% 17% 97 18 11 2,004 1,920 102 145 353 (84) 493 67 631 718 Jotun1 Orkla Foods Orkla Snacks Orkla Home & Orkla Food Orkla Health Orkla India The European Orkla Health and Sports Conso
Slide 6: EBIT (adj.) margin
EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin1 12.0% 11.7% 11.5% 11.3% 11.0% 11.0% 10.6% 10.5% 10.1% 10.0% 9.5% 9.1% 9.0% 9.0% 8.5% 8.0% 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 Q3’24 Q4’24 Q1’25
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) 11.8% 10.5-11% 13% 10.6% 12.4% 8-10% 9.9% 9.0% 6.9% 2023 CAGR2 CAGR 2023 R12M 20263 2023 R12M 20263 (2023-26)3 Note: 1. Including Orkla ASA and Business Services; 2.
Slide 8: Financial performance
Financial performance Arve Regland, EVP and CFO
Slide 9: Income statement
Income statement Key quarterly figures Q4’25 Q4’24 Operating revenues 18,775 18,395 EBIT (adj.) 1,977 1,771 Other income and expenses (151) (180) EBIT 1,826 1,591 Profit from Jotun & other associates 505 371 Net interest and other financial items (191) (239) Taxes (350) (384) Discontinued operations
Slide 10: Cash flow
Cash flow Cash flow statement (NOKbn) 2025 2024 EBIT (adj.) 7.6 7.1 Depreciation and write-downs 2.7 2.7 Change in net working capital 0.3 0.7 Net replacement investments (2.7) (2.0) Cash flow from other income & exp. and pensions (0.2) (0.3) Cash flow from operations 7.8 8.1 Tax paid (1.4) (1.0) Di
Slide 11: Capital allocation and leverage
Capital allocation and leverage Figures in NOK billion 0.6 0.7 7.5 16.0 11.2 14.2 1.4x 0.1 EBITDA 6.9 0.9x EBITDA NIBD Cash flow before Dividends paid Expansion Purchase of Sale of Currency effects NIBD 31.12.2024 capital allocation and sale/purchase investments companies companies/discont’d 31.12.2
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 YoY 14.6% • Underlying revenue growth of 8.4%, and 6.4% growth across all segments and regions • Underlying operating profit growth of 28% driven by volume growth and improved gross -0.6% -2.0% -1.9% margins Q4
Slide 14: Orkla Foods
Anchor Grow and build Transform or exit Orkla Foods ORGANIC GROWTH 0.8% 1.1% 1.0% 1.6% 0.4% 0.9% 0.9% • Organic growth driven by Sweden and the 0.2% -0.8% 0.2% 0.2% Czech Republic. Weaker development in -3.8% Norway • Organic growth was higher in prioritized growth -2.9% platforms Q4’24 Q1’25 Q2’25
Slide 15: Orkla Snacks
Anchor Grow and build Transform or exit Orkla Snacks ORGANIC GROWTH 7.5% 6.2% 7.0% 1.8% 4.3% • Positive volume/mix growth driven by snacks 9.1% 5.3% 6.8% category and BUBS 6.0% 6.1% 1.7% -0.5% -1.8% -1.6% • EBIT (adj.) growth from all categories, led by -4.1% snacks category Q4’24 Q1’25 Q2’25 Q3’25
Slide 16: Orkla Home & Personal Care
Anchor Grow and build Transform or exit Orkla Home & ORGANIC GROWTH Personal Care 9.5% 0.5% 6.8% 8.5% 0.5% 0.7% • Revenue decline due to destocking for a 9.0% customer in Norway 6.1% 7.9% 0.9% 1.3% • Increased market shares in all markets -0.4% -0.8% -2.0% • EBIT (adj.) growth due to cost savings an
Slide 17: 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% • Broad-based organic revenue growth from 4.6% 4.4% 4.4% 4.0% both volume/mix and price increase 0.5% 3.6% 5.4% 3.4% 3.9% 3.8% • EBIT (adj.) growth in all clusters 1.0% Q4’24 Q1’
Slide 18: Orkla Health
Anchor Grow and build Transform or exit Orkla Health ORGANIC GROWTH 6.2% 5.2% • Organic growth driven by food supplements 3.6% 2.5% 2.2% and wound care categories 2.5% 3.6% 0.9% 3.4% 3.1% 2.5% • Underlying EBIT (adj.) growth driven by 1.6% 1.6% comparison to abnormally weak quarter last -0.9% -0.9%
Slide 19: Orkla India
(Orkla ownership 75%) Anchor Grow and build Transform or exit Orkla India ORGANIC GROWTH 8.1% 4.3% • Organic growth driven by volume growth • Price development was negative due to -0.1% declining raw material costs -1.4% -3.6% • Underlying EBIT (adj.) growth driven by Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 v
Slide 20: The European Pizza Company
Anchor Grow and build Transform or exit The European Pizza ORGANIC GROWTH Company 8.1% • Same-store sales growth across all businesses led to a 9.7% increase in consumer sales 2.2% 1.2% 0.2% • Underlying EBIT (adj.) growth of 37%, supported by consumer sales momentum, cost -1.6% control and prior ye
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 revenue of -4.4% driven by • Organic growth of 1.4% driven by the order intake changes in UK and D2C business, but partly offset by continued impact of listings lower B2B sales reductions in Benelux
Slide 22: Closing remarks
Closing remarks Nils K. Selte, President and CEO
Slide 23: 2025 Highlights
2025 HIGHLIGHTS Solid performance from the Consolidated Portfolio Companies: • Organic growth of 3.5%, including volume/mix growth of 0.9% • Underlying EBIT (adj.) growth of 7%1 • Cash conversion of 101% µµ µ Structural initiatives: • IPO of Orkla India • Sale of Hydro Power portfolio and Pierre Rob
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: Capital Markets Day December 2026
Capital Markets Day 1 December 2026
Slide 26: ‘Orkla
‘Orkla A ‘Orkla
Slide 27: Upcoming events
Upcoming events Annual General Meeting 23 April 2026 First quarter results 20 May 2026 27
Slide 28: Appendices
A ‘Orkla Appendices rkla
Slide 29: 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 1.5x 1.5x 12.8 1.4x 1.0x 0.9x 16.5 6.6 6.4 15.2 13.7 10.8 11.9 4.9 4.9 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 NIBD (ex. leasing) Leasing debt No
Slide 30: Funding sources and maturity profile per Q4-25
Funding sources and maturity profile per Q4-25 Debt maturity average maturity 2.9 years Funding sources (in NOKbn) NOKbn 12 2.6 5.8 10 8 7.0 6 4 7.5 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 31: Overview of financial targets (1/3)
Anchor Overview of financial targets (1/3) Revenue EBIT margin Cash conversion ROCE 12.6% 13-14% 127% 14.9% >15.0% 11.1% 95% >100% 12.4% Orkla 6.6% Foods 2-3% 0.8% 2023 CAGR Target1,2 2023 R12M Target 2023 R12M Target 2023 R12M Target Volume-mix EBIT margin Cash conversion ROCE >2.0% >15.0% 113% 12.
Slide 32: Overview of financial targets (2/3)
Grow and build Overview of financial targets (2/3) Revenue Underlying EBIT ROCE 10.3% 12.4% 12.5-13% 9-10% 10.8% Orkla Food 8.7% 6.9% Ingredients 4.2% 3-4% 2023 CAGR Target1,2 2023 CAGR Target 2023 R12M Target Revenue EBIT margin 7-9% 13.4% 14.0% 6.3% 11.9% 5.7% Orkla Health 2023 CAGR Target1 2023 R
Slide 33: Overview of financial targets (3/3)
Transform or exit Overview of financial targets (3/3) EBIT margin 14-15% Orkla 13.0% 9.6% House Care 2023 R12M Target Revenue EBIT margin Cash conversion 10.4% 158% Health and Sports Nutrition 4.2% 5.0% 100% >5.0% Group 2.9% 1.1% Neg. 2023 CAGR Target1 2023 R12M Target 2023 R12M Target Note: 1. Orga
Slide 34: 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 35: 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 36: 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 37: 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 38: ‘Orkla
‘Orkla