Business
Orkla : Quarterly report Q1 (eng) Presentation
Orkla : Quarterly report Q1 (eng)
About this update from Orkla Asa
First quarter results 20 May 2026 Q1 2026 4.9% Organic growth 1 3.0% EBIT (adj.) growth 2 NOK 1.75 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 4 Organic growth Organic growth 1 | Consolidated Portfolio Companies 3.6% 2.6% 3.3% 1.0% 2.3% 3.9% 1.2% 2.6% 3.3% 1.8% 1.3% 2.3% 3.8% 2.4% 4.4% 4.5% 3.1% 2.8% 4.9% 1.6% 3.2% 1.0% 1.5% 1.4% 1.3% 1.8% -1.1% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Price Volume/mix Note: 1. Growth year-over-year 5 EBIT (adj.) by portfolio company Transform 16% Anchor Grow and build or exit 85 85 26 1,822 1,727 218 101 289 (95) 308 96 614 3.0% 2.3% 26% 10% 13% -7.8% -29% 10% 9.1% 19% 5.1% 849 Jotun 1 Orkla Foods Orkla Snacks Orkla Home & Orkla Food Orkla Health Orkla India The European Orkla Health and Sports Consolidated Orkla ASA 2 Consolidated Personal Care Ingredients Pizza Company House Care Nutrition Group Portfolio Portfolio Companies Companies incl. Underlying EBIT (adj.) growth (Q1-26 vs. Q1-25) EBIT (adj.) in NOKm Orkla ASA 2 Note: 1. Orkla's share (42.7%) of Jotun EBIT; 2. Including Business Service companies 6 EBIT (adj.) margin Consolidated Portfolio Companies | R12M EBIT (adj.) margin 1 12.0% 11.5% 11.0% 10.5% 10.0% 9.5% 9.0% 8.5% Q1'20 Q2'20 8.0% 11.2% 11.9% 10.7% 8.9% 9.3% 10.3% 10.5% 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 Q2'25 Q3'25 Q4'25 Q1'26 Note: 1. Including Orkla ASA and Business Service companies Abbreviation: R12M = Rolling twelve-month (also applicable to other pages in this presentation) 7 Portfolio company targets 2023-2026 (consolidated) 1 Underlying EBIT (adj.) growth EBIT (adj.) margin Return on Capital Employed (ROCE) 10.5-11% 10.5% 9.0% 12.4% 13.0% 9.9% 11.8% 8-10% 3.0% CAGR YTD 2026 CAGR 2023 R12M 2026 2 2023 R12M 2026 2 (2024-25) (2023-26) 2 Note: 1. Including Orkla ASA and Business Services; 2. Total of the targets for the Consolidated Portfolio Companies communicated at the Capital Markets Day in November 2023 8 Financial performance Arve Regland, EVP and CFO Income statement Key quarterly figures (NOKm) Q1'26 Q1'25 Operating revenues 17,401 17,176 EBIT (adj.) 1,736 1,758 Other income and expenses (45) (8) EBIT 1,691 1,750 Profit from Jotun & other associates 616 651 Net interest and other financial items (171) (240) Taxes (360) (405) Discontinued operations - 151 Profit attributable to non-controlling interests (87) (114) Profit attributable to owners of the parent 1,689 1,793 Earnings per share (adj.) 1 1.75 1.68 Earnings per share 1 1.71 1.79 Note: 1. Earnings per share (diluted) 10 Cash flow Cash flow statement (NOKbn) Q1'26 Q1'25 EBIT (adj.) 1.7 1.8 Depreciation and write-downs 0.7 0.7 Change in net working capital (0.5) (0.3) Net replacement investments (0.7) (0.5) Cash flow from other income & exp. and pensions (0.1) (0.0) Cash flow from operations 1.1 1.6 Tax paid (0.5) (0.4) Dividend received (from Jotun) 0.5 - Cash flow from financial items and other transactions (0.2) (0.2) Cash flow before capital allocation 1.0 1.0 11 Capital allocation and leverage Figures in NOK billion 13.6 (0.7) 1.0 (1.0) 0.1 0.1 14.2 1.3x EBITDA 0.8x EBITDA NIBD Cash flow before Dividends paid Expansion investments Purchase of Currency effects NIBD 31.12.2025 capital allocation and sale/purchase companies 31.03.2026 of treasury shares (excl. Orkla Food Ingredients) . 12 Portfolio companies Jotun (42.7% - associated company) REVENUE GROWTH YoY 6.4% Anchor Grow and build Transform or exit Underlying revenue growth of 9.4%, and growth across all segments and regions Underlying operating profit growth of 16% driven by increased sales and improved gross -0.6% -2.0% -1.9% 0.1% margins Uncertain outlook as Middle East conflict is affecting raw material prices, supply chains and logistics KEY FIGURES | Q1 2026 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 OPERATING PROFIT / EBIT 16% Underlying growth 8,581 Revenue (NOKm) 34.7% ROCE (R12M) 617 Profit from Jotun (NOKm) 1,890 1,815 1,900 1,989 1,477 21.0% 22.0% 23.2% 17.4% 22.0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT EBIT margin 14 Note: All figures refer to the Jotun Group Orkla Foods Anchor Grow and build Transform or exit ORGANIC GROWTH Organic growth driven by Sweden and Norway Higher growth for prioritized categories than total, with balanced price and volume development 0.9% -2.9% 1.0% 0.8% 1.6% -3.8% -0.8% 0.4% 2.3% 1.2% 0.2% 0.2% 3.5% EBIT (adj.) growth driven by volumes, partly offset by mix effects and higher input costs Q1'25 Q2'25 EBIT (ADJ.) Price Volume/mix Q3'25 Q4'25 Q1'26 589 614 700 718 614 12.5% 12.4% 12.5% 12.6% 12.6% 5.1% Underlying growth KEY FIGURES | Q1 2026 5,146 Revenue (NOKm) 15.1% ROCE (R12M) 91% Cash conversion (R12M) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (adj.) EBIT (adj.) margin (R12M) 15 Anchor Grow and build Transform or exit ORGANIC GROWTH 1.8% 4.3% 7.5% 9.1% 6.0% 6.1% -4.1% -1.8% 1.7% 5.6% 5.3% 1.0% 7.0% 6.7% -1.6% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Price Volume/mix EBIT (ADJ.) 19% Underlying growth 493 260 263 313 308 12.8% 13.0% 13.0% 12.3% 12.7% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (adj.) EBIT (adj.) margin (R12M) 16 Orkla Snacks Volume-driven organic growth across categories Recovery in chocolate volumes and margins Continued progress in BUBS' US expansion KEY FIGURES | Q1 2026 2,557 Revenue (NOKm) 12.6% ROCE (R12M) 101% Cash conversion (R12M) Orkla Home & Personal Care Volume growth in Norway and Sweden Market shares increased in Norway and Finland, stable in Sweden 8.5% Anchor Grow and build Transform or exit 6.8% 0.7% 0.5% 3.3% 6.1% 7.9% 0.9% 1.3% -0.8% -2.0% -2.1% 5.3% ORGANIC GROWTH -0.4% EBIT (adj.) growth due to volume growth and continuous cost out along the value chain Q1'25 Price Volume/mix Q2'25 Q3'25 -2.8% Q4'25 Q1'26 EBIT (ADJ.) 9.1% Underlying growth KEY FIGURES | Q1 2026 108 757 Revenue (NOKm) 25.3% ROCE (R12M) 131% Cash conversion (R12M) 87 89 96 67 11.9% 12.0% 12.3% 12.4% 12.6% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (adj.) EBIT (adj.) margin (R12M) 17 (Orkla ownership 59.4%) Orkla Food Ingredients Volume growth in all clusters EBIT (adj.) improvement driven by price management and volume growth 4.6% Anchor Grow and build Transform or exit 1.0% 3.7% 3.8% 3.9% 3.6% 1.7% 5.4% 4.4% 4.4% 3.8% ORGANIC GROWTH 9.2% 8.3% 8.3% 5.4% Sweet Ingredients key contributor to EBIT (adj.) growth Q1'25 Price Volume/mix Q2'25 Q3'25 Q4'25 Q1'26 EBIT (ADJ.) 460 413 353 280 289 6.9% 7.1% 7.1% 7.0% 7.1% 10.4% Underlying growth KEY FIGURES | Q1 2026 4,898 Revenue (NOKm) 12.5% ROCE (R12M) 75% Cash conversion (R12M) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (adj.) EBIT (adj.) margin (R12M) 18 Orkla Health Anchor Grow and build Transform or exit ORGANIC GROWTH Volume/mix decline in food supplements and functional personal care categories Underlying EBIT (adj.) decline, driven by lower volumes, an unfavorable sales mix, and higher 2.5% 2.2% 2.5% 5.2% 1.3% -0.9% -0.9% -0.9% 1.6% 1.6% 2.2% 0.9% 3.1% 3.4% 3.6% costs Announced closure of three factories by end of 2027 Q1'25 EBIT (ADJ.) Price Volume/mix Q2'25 Q3'25 Q4'25 Q1'26 310 209 248 11.9% 218 10.7% 145 11.9% 11.3% 12.7% -29% Underlying growth KEY FIGURES | Q1 2026 2,027 Revenue (NOKm) 8.3% ROCE (R12M) 116% Cash conversion (R12M) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (adj.) EBIT (adj.) margin (R12M) 19 Orkla India (Orkla ownership 75%) Anchor Grow and build Transform or exit 4.3% 2.8% -0.1% -1.4% ORGANIC GROWTH 8.1% Organic growth and underlying EBIT (adj.) growth impacted by government grants last year 1 Organic growth was driven by price increases to offset higher costs for key raw materials Underlying EBIT (adj.) growth, adjusted for government grants, from price management and volume growth Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (ADJ.) -7.8% Underlying growth 131 131 122 102 101 16.1% 16.3% 16.1% 16.3% 15.9% KEY FIGURES | Q1 2026 668 Revenue (NOKm) 15.1% EBIT (adj.) margin Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (Q1'26) EBIT (adj.) EBIT (adj.) margin (R12M) The information set out herein does not represent the audited financial information of Orkla India, as per the Indian Accounting Standards Note: 1. Government grants received in Q1'25 of NOK 26m 20 The European Pizza Company Consumer sales growth of 8.9%, with growth across all businesses, driven by marketing, menu innovation and increased distribution Underlying EBIT (adj.) supported by consumer -1.6% Anchor Grow and build Transform or exit 4.9% 1.2% 2.2% ORGANIC GROWTH 8.1% sales momentum and cost control Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (ADJ.) 13% Underlying growth 100 108 97 77 85 11.4% 11.5% 12.1% 12.3% 11.1% KEY FIGURES | Q1 2026 732 Revenue (NOKm) 8.9% ROCE (R12M) 105% Cash conversion (R12M) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EBIT (adj.) EBIT (adj.) margin (R12M) 21 Anchor Grow and build Transform or exit Orkla House Care Organic growth of 4.4% from positive volume development in Scandinavian markets Underlying EBIT (adj.) growth of 10%, primarily due to volume growth Health and Sports Nutrition Group Strong growth in D2C business partly offset by lower B2B sales Underlying EBIT (adj.) improvement driven by organic growth and good cost control Cash conversion of 125% 22 Closing remarks Nils K. Selte, President and CEO 3 COMMITMENTS Drive organic value in existing portfolio Reduce the complexity of existing portfolio Perform value-adding structural transactions 24 Q&A Upcoming events Second quarter results 20 August 2026 26 Appendices Net interest-bearing liabilities Net interest-bearing liabilities (NOKbn) 1 NIBD / R12M EBITDA 1 18.8 2.0x 17.2 16.0 14.2 12.8 13.6 6.4 15.2 16.5 13.7 10.8 11.9 11.2 4.9 1.8x 1.5x 1.5x 1.4x 1.3x 0.9x 2020 2021 2022 2023 2024 2025 Q1'26 2020 2021 2022 2023 2024 2025 Q1'26 NIBD (ex. leasing) Leasing debt Note: 1. Including Orkla Food Ingredients 28 Funding sources and maturity profile per Q1-26 Debt maturity average maturity 2.7 years NOKbn 12 10 8 6 4 2 0 2026 2027 2028 2029 2030 2031 Drawn amounts - Orkla Group excl. Orkla Food Ingredients (ex. leasing) Drawn amounts - Orkla Food Ingredients (ex. leasing) Unutilised credit facilities Funding sources (in NOKbn) 7.8 5.3 9.2 7.3 Cash, cash equivalents and interest-bearing assets Bonds and CP Bank Unutilised credit facilities 29 Anchor Overview of financial targets (1/3) Orkla Foods Revenue EBIT margin Cash conversion ROCE 3.5% 2-3% 0.8% 11.1% 12.6% 13-14% 124% 95% 91% >100% 12.4% 15.1% >15.0% CAGR (24-25) Q1'26 Target 1,2 2023 R12M Target 3 2024 2025 R12M Target p.a. 2023 R12M Target 3 11.4% 13.0% 15.0% 9.9% 12.6% 13.0% Orkla Snacks Volume-mix EBIT margin Cash conversion ROCE >2.0% 0.4% 5.6% 112% 113% 101% 100% CAGR (24-25) Q1'26 Target 2023 R12M Target 3 2024 2025 R12M Target p.a. 2023 R12M Target 3 Orkla Home & Personal Care Underlying EBIT Cash conversion 117% 112% 131% 100% 24.2% 9.1% >10.0% CAGR (24-25) Q1'26 Target 2024 2025 R12M Target p.a. Note: 1. Organic CAGR from 2024 to 2026; 2. Communicated target of positive volume/mix growth; 3. R12M target at YE 2026. CAGR represent period from 31/12/2023 to 31/12/2025; R12M represents rolling twelve months as at end of quarter 30 The target period stretches from 2024 to 2026. Please note that financial targets for each portfolio company were communicate d at the Capital Markets Day on 29 November 2023 All revenue measures are organic All EBIT measures are defined as EBIT (adj.) All cash conversion measures are defined as cash flow from operations / EBIT (adj.) Grow and build Overview of financial targets (2/3) Orkla Food Ingredients Revenue Underlying EBIT ROCE 10.3% 10.4% 10.8% 12.5% 12.5-13% 9-10% 4.2% 5.4% 3-4% CAGR (24-25) Q1'26 Target 1,2 CAGR (24-25) Q1'26 Target 2 2023 R12M Target 3 10.7% Orkla Health Revenue EBIT margin 7-9% 13.4% 14.0% 5.7% 1.3% CAGR (24-25) Q1'26 Target 1 2023 R12M Target 3 The European Pizza Company Consumer sales EBIT by 2026 (YE) 8.9% 5.0% 1.9% €23m €33m €35-40m CAGR (24-25) Q1'26 Target 2023 Q1'26 (R12M) Target 3 Note: 1. Organic CAGR from 2024 to 2026; 2. Orkla Food Ingredients has a target of 5% revenue growth (organic growth of 3-4% (50/50 price and volume/mix)), plus minor add-ons (represents ~1-2% of revenue growth). Underlying EBIT (adj.) target of 9-10%, plus 2-3% additional growth from minor add-ons; 3. R12M target at YE 2026. 31 CAGR represent period from 31/12/2023 to 31/12/2025; R12M represents rolling twelve months as at end of quarter The target period stretches from 2024 to 2026. Please note that financial targets for each portfolio company were communicate d at the Capital Markets Day on 29 November 2023 All EBIT measures are defined as EBIT (adj.). EBIT CAGR is related to underlying EBIT (adj.) All cash conversion measures are defined as cash flow from operations / EBIT (adj.) Transform or exit Overview of financial targets (3/3) Orkla House Care EBIT margin 13.4% 14-15% 9.6% 2023 R12M Target 2 2.9% Health and Sports Nutrition Group Revenue EBIT margin Cash conversion >5.0% 4.5% 5.0% 291% 3.4% 1.1% CAGR (24-25) Q1'26 Target 1 2023 R12M Target 2 2024 2025 R12M Target 158% 125% 100% p.a. Note: 1. Organic CAGR from 2024 to 2026; 2. R12M target at YE 2026. CAGR represent period from 31/12/2023 to 31/12/2025; R12M represents rolling twelve months as at end of quarter 32 The target period stretches from 2024 to 2026. Please note that financial targets for each portfolio company were communicate d at the Capital Markets Day on 29 November 2023 All revenue measures are organic All EBIT measures are defined as EBIT (adj.) All cash conversion measures are defined as cash flow from operations / EBIT (adj.) 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 financial statement line "operating expenses" and consist of expenses directly related to sales volume. Variable expenses include costs related to input factors such as raw materials and packaging, and variable production costs such as electricity related to production and variable pay. They also include ingoing and outgoing freight costs directly related to sales volume. Costs related to finished goods purchased for resale are included as part of variable operating expenses. Production costs that are relatively constant over time and do not vary according to production volume are not included in the computation of contribution margin; such costs include warehouse costs, payroll expenses linked to factory administration and management staff, and depreciation of production equipment. Contribution margin is a key internal financial figure that illustrates how profitable each portfolio company's product mix is, and hence also the company's ability to cover fixed expenses. Contribution margin is an important financial figure with regard to product innovation and product portfolio optimisation. A reconciliation of the Orkla group's contribution margin is presented in the table above. Organic growth Organic growth shows like-for-like turnover growth for the group's business portfolio and is defined as the group's reported change in operating revenues adjusted for effects of the purchase and sale of companies, the re-conclusion and loss of distribution agreements of a material nature, and currency effects. Intra-group transfers of companies and changes in distribution agreements between portfolio companies are also taken into account. In calculating organic growth, acquired companies are excluded 12 months after the transaction date. Sold companies are excluded pro forma 12 months prior to the transaction date. Currency effects are neutralised by translating this year's turnover at last year's exchange rates. Organic growth is included in segment information, and is used to identify and analyse the turnover growth of the consolidated portfolio companies. Organic growth provides an important picture of the portfolio companies' ability to carry out innovation, product development, correct pricing and brand-building. Segment information for each consolidated portfolio company shows how large a part of organic growth is related to price effects and how large a part is linked to volume/mix effects. Price effects are defined as net changes in prices to customers, i.e. changes in customer prices adjusted for factors such as discounts, campaigns and price reductions. The price effects are calculated based on the assumption of unchanged volume. Volume/mix effects are calculated as a residual, and comprise organic growth minus price effects. Volume/mix effects consist of changes in sales volume and/or changes in the product mix sold. EBIT (adj.) EBIT (adj.) shows the group's current operating profit before items that require special explanation, and is defined as reported operating profit or loss before "Other income and expenses" (OIE). These include M&A costs, restructuring or integration expenses, any major gains on and write-downs of both tangible and intangible assets, and other items that only to a limited degree are reliable measures of the group's current profitability. EBIT (adj.) margin and growth are derived figures calculated in relation to operating revenues. EBIT (adj.) is one of the group's most important financial figures, internally and externally. The figure is used to identify and analyse the group's profitability linked to normal operations and operating activities. Adjustment for items in OIE which to a limited degree are reliable measures of the group's current operating profit or loss increases the comparability of profitability over time. 33 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, the re-conclusion and loss of distribution agreements of a material nature, and currency effects. Account is also taken of intra-group transfers of companies and changes in distribution agreements between portfolio companies. In calculating the change in underlying EBIT (adj.), acquired companies are included pro forma 12 months prior to the transaction date. Sold companies are excluded pro forma 12 months prior to the transaction date. Currency effects are neutralised by translating this year's EBIT (adj.) at last year's currency exchange rates. Where underlying profit performance is mentioned in the report, reference is made to underlying EBIT (adj.) performance. Underlying EBIT (adj.) margin and change therein are derived figures calculated in relation to operating revenues. Underlying EBIT (adj.) growth is used for internal management purposes, including for identifying and analysing underlying profitability growth in the existing business portfolio, and provides a picture of the portfolio companies' ability to improve profitability in their existing operations. The measure is important because it provides a comparable structure for monitoring the change in profitability over time. Return on Capital Employed (ROCE) ROCE is calculated by dividing a 12-month rolling EBITA (adj.) by the average capital employed in the consolidated portfolio companies. EBITA (adj.) consists of EBIT (adj.) plus depreciation and write-downs of intangible assets. 12-month rolling EBITA (adj.) is used in the calculation. Since depreciation and write-downs of intangible assets are not included in EBITA (adj.), they are also excluded from the capital base. Thus the historical cost of intangible assets is used in capital employed (see next paragraph). Capital employed represents the working capital of the consolidated portfolio companies and consists of: Net working capital - consists of the statement of financial position items "Trade receivables", "Trade payables" and "Inventories". It also includes payable public charges and some minor receivables and payables related to operations included in "Other receivables and financial assets" and "Other current liabilities". Fixed assets Intangible assets at historical cost - consist of the statement of financial position line "Intangible assets" plus accumulated depreciation and write-downs Net pension liabilities -Pension assets are included in the statement of financial position line "Associates, joint ventures and other financial assets", while pension liabilities are included in "Provisions and other non-current liabilities" Deferred tax on excess value - This item is included in deferred tax which is part of the statement of financial position line "Provisions and other non-current liabilities" 34 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 companies. This is an important measurement parameter for assessing whether the portfolio companies' return exceeds the group's weighted average cost of capital (WACC), and for comparing the return on the current portfolio with other alternative returns. Earnings per share (adj.) Earnings per share (adj.) show earnings per share adjusted for discontinued operations and "Other income and expenses" after tax and non-controlling interests. Adjustments are also made for any reported gains or losses on sales/purchases of associates and joint ventures, as well as for any reported major profit or loss effects linked to abnormal tax conditions. Net replacement and expansion investments When making investment decisions, the group distinguishes between replacement and expansion investments. Expansion investments are the proportion of overall reported investments deemed to be investments in either new geographical markets or new categories, or investments which represent significant increases in capacity. Net replacement investments include new leases and are reduced by the value of sold fixed assets valued at sale value. The purpose of this distinction is to show how large a part of the investments (replacement) mainly concerns maintenance of existing operations and how large a part of the investments (expansion) are expected to generate increased contributions to profit in future, over and above profit expectations linked to normal operations. Cash conversion Cash conversion is calculated as cash flow from operations as a percentage of EBIT (adj.). Cash flow from operations is defined and presented in the Orkla-format cash flow statement. Cash conversion is an important key figure for Orkla, as it shows how much of EBIT (adj.) has been converted into net interest-bearing liabilities, and thus the financial means available to the group. Net interest-bearing liabilities are the group's most important management parameter for financing and capital allocation. 35 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 interest-bearing derivatives. Interest-bearing receivables include cash and cash equivalents, interest-bearing derivatives and other interest-bearing receivables. Net interest-bearing liabilities are the group's primary management parameter for financing and capital allocation, and are actively employed as part of the group's financial risk management strategy. The Orkla format cash flow statement therefore shows the change in net interest-bearing liabilities at group level. Structure (acquisitions and disposals) Structural growth includes adjustments for the acquisitions of the businesses Eurohansa Toruń, Le Vesuve, Decorgel and a smaller acquisition of a customer list for almond paste production in Orkla Food Ingredients. Adjustments have been made for the divestments of Pierre Robert Group, Kjarnavörur and Gædabakstur, as well as the discontinuation of a distribution agreement between PepsiCo and Orkla Foods related to the Quaker brand. In addition, structural adjustments have been made for the transfer of a smaller distribution agreement in Denmark from Orkla Foods to Orkla Food Ingredients (net zero effect at group level). In 2025, adjustments were made for the acquisitions of the businesses Freunde der Erfrischung, SnackFood and Kartonage. Adjustments were also made for the divestments of Lilleborg and Fruta Podivín. 36 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .