Interim report
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Third quarter 2025
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The third quarter in brief • Orkla’s operating revenues rose by 4.3% on the back of organic growth in the consolidated portfolio companies1, with volume/mix growth in most portfolio companies. • The consolidated portfolio companies1 achieved underlying EBIT (adj.) growth of 1.1%, but there was an underlying margin decline of 0.4 pp in the quarter. • Jotun delivered EBITA growth of 6%, with growth totalling 12% when adjusted for currency translation effects. Key figures for the Orkla group Alternative Performance Measures (APM) and relevant comparative figures are presented on the last pages of this report. 1) Consolidated portfolio companies including Orkla ASA and Business Services. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 52 772 50 859 69 254 17 946 17 209 EBIT (adj.) 5 670 5 371 7 142 2 039 1 998 Profit from associates and joint ventures 1 676 1 494 1 865 603 550 Profit before taxes 6 239 5 576 7 299 1 997 1 505 Earnings per share, diluted (NOK) 9.59 4.70 6.06 1.57 1.18 Earnings per share (adj.), diluted (NOK) 5.09 4.67 6.06 1.85 1.70 • Profit before tax totalled 1,997 million, representing a year-over-year increase of 33% (492 million). • Adjusted earnings per share, diluted, were NOK 1.85, an improvement of 9% compared to the same period in 2024. • The Initial Public Offering of Orkla India was completed on 6 November 2025. Following the listing, Orkla owns 75.0% of Orkla India. • Orkla has announced a NOK 4 billion share buyback programme. Orkla Third quarter 2025 2 The third quarter in brief
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partnering with Rhône to accelerate OFI’s growth agenda, and most recently by completing the successful IPO2 of Orkla India. We believe access to the public equity market will further enhance Orkla India’s structural flexibility and thereby increase the company’s long-term value creation. I would like to thank, and congratulate, the dedicated team in both Orkla India and Orkla ASA that has worked hard to make this transaction a success. We now look forward to realising Orkla India’s growth journey as long-term owners. The proceeds from the sale of shares in Orkla India provides an additional financial contribution alongside Orkla’s robust cash flow from operations. To optimise the capital structure and return excess capital to shareholders in line with our capital allocation policy, we have decided to initiate a NOK 4 billion share buyback programme. The programme will commence on 17 November 2025 and conclude by 31 December 2026 at the latest. As we enter the last part of the strategy period, we remain committed to delivering on the three strategic pillars. At the same time, we have initiated the development of our next strategy plan, which will guide Orkla through 2030. This work is being carried out in close collaboration with our Board, and we look forward to presenting the next strategic plan to the market towards the end of 2026. Comments from Orkla President and CEO Nils K. Selte Having now entered the second half of our strategy period 2024–2026, I am pleased with the progress we have made across the three strategic pillars presented at our Capital Markets Day: driving organic value in the existing portfolio, simplifying the portfolio structure, and executing value-adding structural transactions. At the start of our current strategy period, I said that improving the performance of our existing portfolio would create the most value in the short term. I am impressed by the progress of our portfolio companies so far, delivering an EBIT (adj.) CAGR1 of 12%, margin expansion of 1.3 pp, and an improvement in return on capital employed of 2.0 pp — all in line with our financial targets for this strategy period. Nevertheless, a lot of work remains. We will be fully focused on delivering on each of these goals in 2026, concentrating particularly on continued organic growth and disciplined cost management in the portfolio companies. We have also taken decisive steps to reduce portfolio complexity. The divestments of Lilleborg, Pierre Robert Group and Hydro Power, combined with a leaner Orkla ASA organisation, have simplified our structure and sharpened our focus on active ownership. In parallel, we have evolved our ownership model into a more dynamic approach through structural transactions — first by Nils K. Selte President and CEO Finally, I would like to welcome Mats Palmquist as the new CEO of Orkla Health. Mats brings valuable experience in the fields of leadership, business transformation, growth and international expansion. Since joining in August, Mats has already launched a change programme to reduce complexity across the whole business and unlock the growth potential of Orkla Health. We look forward to supporting the company in realising its ambitions. 1) CAGR = Compounded Annual Growth Rate 2) IPO = Initial Public Offering Orkla Third quarter 2025 3 Comments from Orkla President and CEO Nils K. Selte
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Structural measures On 6 November 2025, Orkla India completed its initial public offering on BSE Limited and the National Stock Exchange of India Limited. In connection with the IPO, Orkla Asia Pacific Pte. Ltd., an indirect wholly owned subsidiary of Orkla ASA, sold 20.6 million equity shares (15% of the issued, subscribed and paid-up share capital of Orkla India) at a price of INR 730 per share (approximately NOK 84). The net proceeds after tax and transaction costs are estimated to be approximately NOK 1.5 billion. Following the sale, Orkla retains an ownership interest of 75.0% in Orkla India. Information on structural changes in the portfolio companies can be found in the sections “Portfolio Companies”, starting on page 8, and “Alternative Performance Measures (APM)”, starting on page 30. Market development and outlook Interest rates were generally lower than in the corresponding quarter of last year, and inflation rates have normalised in many of the portfolio companies’ key markets. There are market expectations of further interest-rate cuts in the short to medium term, which would positively impact consumer purchasing power and thus demand for consumer goods. At the same time, food prices have been rising faster than general inflation in many markets, resulting in some uncertainty about consumer demand going forward. The development in market prices of key input factors remained polarised in the third quarter of 2025. Overall, the portfolio companies’ input-factor costs rose year-over-year, driven especially by cocoa, animal products and vegetable oils. This development was counteracted somewhat by cost reductions for other input factors, including sugar, vegetables, packaging and logistics services. Beyond 2025, Orkla expects continued polarised cost development across sourcing categories and portfolio companies, with an overall neutral cost outlook despite an inflationary market sentiment. The Norwegian krone depreciated slightly against the Euro in the third quarter, year-over-year, but appreciated against the US dollar. This resulted in a net positive, but non-material, currency translation effect in the consolidation of Orkla’s companies outside Norway. Performance compared to communicated targets At the Capital Markets Day in November 2023, Orkla presented the following financial targets for the consolidated portfolio companies, including Orkla ASA, for the period 2024–2026: • Underlying EBIT (adj.) growth: compounded annual growth rate of 8% – 10%. • EBIT (adj.) margin: improvement of 1.5 – 2.0 pp. • Return on capital employed (ROCE): increase from 10% in 2023 to 13% in 2026. Thus far during the strategy period, the following progress has been made: • Underlying EBIT (adj.) growth: compounded annual growth rate of 12%. • EBIT (adj.) margin: improvement of 1.3 pp, from 9.0% to 10.3% on a rolling 12-month basis. • ROCE: 11.9% on a rolling 12-month basis. Achievement of the above targets forms the basis for reaching Orkla’s overall objective of generating a total shareholder return of 12% – 14% annually during the strategy period. Orkla Third quarter 2025 4
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Orkla’s financial figures for 2024 have been restated following the sale of Hydro Power. Hydro Power’s result has been reclassified as discontinued operations. The group’s operating revenues grew by 4.3% year-over-year in the third quarter of 2025. The increase was driven by organic sales growth in the consolidated portfolio companies, on the back of volume/mix growth in most companies and higher selling prices. Orkla’s EBIT (adj.) rose by 2.1% year-over-year. This was explained by underlying profit growth in most of the consolidated portfolio companies, as well as positive structural effects related to acquisitions by Orkla Food Ingredients and Orkla’s divestment of Pierre Robert Group. Orkla ASA and Business Services reported an EBIT (adj.) of -66 million compared to -100 million in the same period last year. The improvement was driven by initiatives implemented to streamline the Orkla ASA organisation and thereby reduce run-rate costs, as well as lower bonus costs. “Other income and expenses” amounted to net costs of 401 million in the third quarter of 2025, compared to net costs of 740 million in the same period last year. Other expenses comprised total write- downs of 372 million (with no cash-flow effect in the period). Write- downs were made of trademarks in Orkla Health (241 million) and goodwill in The European Pizza Company (131 million). Last year’s costs primarily comprised write-downs of trademarks and goodwill in Orkla Snacks and Orkla Food Ingredients, and write-down of a common ERP template platform in Orkla ASA. Other costs in the third quarter of 2025 also included M&A and integration costs, as well as costs linked to various restructuring projects in the group. See Note 4 for further details of “Other income and expenses”. Profit from associated companies totalled 603 million in the third quarter, an increase of 9.6% compared to the same period last year. This was mostly attributable to Orkla’s ownership interest in Jotun. The increase in Jotun’s profit contribution was driven by EBITA growth and a positive development in net financial items. Jotun’s contribution to Orkla’s results is ahead of Orkla’s previously communicated outlook. See the section “Portfolio Companies” on page 8 for further details on Jotun. Net financial costs declined year-over-year due to lower interest rates and a reduced debt level. The average interest rate was 4.6% in the third quarter, compared to 5.6% in the third quarter of 2024. The average gross debt level excluding lease liabilities was 18.5 billion, compared to 19.1 billion in the same period last year. The third-quarter tax rate (excluding associated companies) was 21.9%, down from 30.7% in the corresponding period in 2024. The decrease was primarily linked to a high tax level last year, which in turn was due to a non-deductible write-down of goodwill and non-recognised deferred tax assets. Earnings per share, diluted, amounted to NOK 1.57 in the third quarter, compared to NOK 1.18 in the same period last year. The 33% increase was mainly explained by Orkla’s lower costs related to write-downs. Adjusted earnings per share, diluted, were NOK 1.85, up 8.8% from the corresponding period in 2024. See the section “Alternative Performance Measures (APM)” on page 30 for further information. Main figures income statement 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 52 772 50 859 69 254 17 946 17 209 EBIT (adj.) 5 670 5 371 7 142 2 039 1 998 Other income and expenses (410) (404) (584) (401) (740) Operating profit 5 260 4 967 6 558 1 638 1 258 Profit from associates and joint ventures 1 676 1 494 1 865 603 550 Interest and financial items, net (697) (885) (1 124) (244) (303) Profit before taxes 6 239 5 576 7 299 1 997 1 505 Taxes (1 092) (920) (1 304) (305) (293) Profit for the period for continuing operations 5 147 4 656 5 995 1 692 1 212 Discontinued operations 4 819 292 404 0 74 Profit for the period 9 966 4 948 6 399 1 692 1 286 Earnings per share, diluted (NOK) 9.59 4.70 6.06 1.57 1.18 Earnings per share (adj.), diluted (NOK) 5.09 4.67 6.06 1.85 1.70 Financial matters - Group Orkla Third quarter 2025 5 Financial matters - Group
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The bottom line of the Orkla-format cash flow statement is the change in net interest-bearing liabilities, an important management parameter for the group; see Note 8. Orkla-format The comments below relate to the Orkla-format statement of cash flows for the period from 1 January to 30 September 2025. See page 20 for the consolidated statement of cash flows IFRS and reconciliation of cash flow statements. Cash flow - Group 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 EBIT (adj.) 5 670 5 371 7 142 2 039 1 998 Depreciation 2 008 1 946 2 653 676 665 Changes in net working capital (1 004) (549) 690 251 226 Net replacement investments (1 793) (1 308) (2 009) (551) (465) Cash flow effect from “Other income and expenses” and pensions (52) (289) (341) (34) (102) Cash flow from operations 4 829 5 171 8 135 2 381 2 322 Taxes paid (955) (694) (979) (260) (214) Dividends received, financial items and other payments 274 69 (186) 250 94 Cash flow before capital allocation 4 148 4 546 6 970 2 371 2 202 Dividends paid and purchase/sale of treasury shares (10 379) (5 994) (6 039) (13) 0 Expansion investments (425) (350) (502) (253) (90) Purchase of companies (enterprise value) (591) (471) (583) (129) (264) Sale of companies (enterprise value)/ discontinued operations 5 481 3 566 3 753 0 342 Net cash flow (1 766) 1 297 3 599 1 976 2 190 Currency effects of net interest-bearing liabilities 108 (704) (744) 149 (456) Change in net interest-bearing liabilities (1 658) 593 2 855 2 125 1 734 Net interest-bearing liabilities 17 650 18 254 15 992 Orkla Third quarter 2025 6 Cash flow - Group
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Following the sale of Hydro Power, the group’s cash flow has been restated for 2024. Net cash flow from Hydro Power is reported under “Sale of companies (enterprise value)/discontinued operations”. The group’s cash flow from operations was 4.8 billion at the end of the third quarter, corresponding to a decline of 0.3 billion year-over- year. The decline was mainly attributable to increased net working capital and higher net replacement investments in the consolidated portfolio companies. The increase in net working capital year-to-date was due to higher trade receivables and inventory. Trade receivables increased on account of high revenue growth in some portfolio companies and thus increased invoicing levels. Higher inventory was associated with seasonal build-up of inventory levels, somewhat softer sales than anticipated in certain portfolio companies, and increased inventory values due to higher input-factor costs. Net replacement investments were primarily related to Orkla Foods, Orkla Food Ingredients and Orkla Snacks. Investments consisted of several replacement projects at various factories, ERP projects and new long-term leases. Taxes paid increased by 0.3 billion year-over-year, mainly due to higher taxable income in Norway and withholding tax on dividends received from Orkla India. As at the end of the third quarter, Orkla had received dividends from Jotun totalling 948 million. The amount equals the total dividends received in 2024. Financial items paid declined year-over- year, due to lower interest rates and a lower average net debt level than in 2024. Cash flow before capital allocation amounted to 4.1 billion, equivalent to a decrease of 0.4 billion compared to the same period in 2024. Orkla paid a dividend of NOK 10.00 per share in 2025, of which NOK 6.00 was additional to the company’s ordinary dividend. Moreover, shares amounting to 369 million were repurchased in 2025 as part of the share buyback programme initiated on 20 November 2024 and the programme was closed in March 2025. The purpose of the buyback programme was to acquire shares for use in connection with Orkla’s long-term incentive programs. Expansion investments increased year-over-year, from 350 million to 425 million. This year’s investments were related to increased production capacity, largely in Orkla Food Ingredients and Orkla Snacks. Acquisitions consisted mainly of Orkla Food Ingredient’s purchases of Eurohansa Toruń, Le Vesuve and Decorgel, as well as The European Pizza Company’s purchase of shares from minority shareholders in DaGrasso and New York Pizza. Sale of companies, including cash flow from discontinued operations, amounted to 5.5 billion. This total mainly comprised the sale of Orkla’s hydropower assets. Orkla’s cash flow from discontinued operations was negatively affected by significant tax payments in Hydro Power related to Orkla’s ownership period. Orkla’s sale of 100% of the shares in Pierre Robert Group generated 8 million. In total, net cash flow for the group amounted to -1.8 billion at the end of the third quarter of 2025. Currency translation effects reduced net interest-bearing liabilities by 108 million so far in 2025. As at 30 September 2025, net interest-bearing liabilities excluding lease liabilities totalled 15.5 billion. Including lease liabilities under IFRS 16, net interest- bearing liabilities totalled 17.7 billion. As at 30 September 2025, the group had a net interest-bearing liability level of 1.7 x EBITDA (on a rolling 12-month EBITDA basis). The equity ratio was 56.1% as at the end of the third quarter, compared to 57.1% as at 31 December 2024. The average time to maturity of interest-bearing liabilities and unutilised credit facilities was 2.2 years. Orkla’s financial position is robust, with cash reserves and credit lines that exceed known future capital needs. Orkla Third quarter 2025 7 Cash flow - Group
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Jotun (100% basis)1 Jotun's operating revenues declined by 2% in the third quarter, compared to the same period last year. Adjusted for currency translation effects, sales growth was 4%. Increased volumes remained the overall key driver, supported by higher premium sales, primarily in the Decorative segment. The sales growth reflects positive contributions across all segments and regions, except for a slight decline in Marine, as higher volumes were more than offset by lower average selling prices in the quarter. EBITA increased by 6% in the period and by 12% when adjusted for negative currency translation effects, despite continued price pressure in several markets. The improvement was primarily attributable to increased sales and a higher gross margin, supported by favourable raw material prices. In addition, costs remained relatively flat throughout the quarter. The outlook for Jotun remains positive, with expectations of continued underlying sales growth and solid profitability for the remainder of 2025. 1) Orkla owns 42.7% of Jotun. This ownership interest is recognised in Orkla’s consolidated financial statements using the equity method. Portfolio Companies Alternative performance measures (APM) and relevant comparative figures are presented on the final pages of this report. Photo: Morten Rakke Orkla Third quarter 2025 8 Portfolio Companies
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• Modest sales growth and improving market shares in growth categories • Volume decline from temporary delivery issues in the Czech Republic • EBIT (adj.) growth driven by sales growth and a favourable product mix Orkla Foods reported a sales increase of 2.1% in the third quarter. Organic growth was 0.8%, of which 1.6% related to price increases, while the volume/mix development was negative by 0.8%. The volume/mix performance was impacted by temporary delivery disturbances in the quarter related to the go-live of a modernised ERP platform in the Czech business. Adjusted for this, the overall volume/mix development was slightly positive. The volume/mix continued to decline in Norway, but at an improved level compared to the first half of the year. Orkla Foods has implemented a more focused portfolio strategy featuring simplifications and new ways of working, which has progressed according to plan. There was overall market share improvement in growth categories across most markets. Underlying EBIT (adj.) growth in the third quarter was 2.4%, while reported growth was 3.8% due to positive currency translation effects. Underlying growth was driven by sales growth, favourable product-mix development and cost control. Input costs increased in the quarter and were only partially offset by cost improvements. Higher input costs were particularly related to major categories such as meat, dairy, marine and berries. The EBIT (adj.) margin was 13.6% in the period, representing both a reported and an underlying increase of 0.2 pp. Return on capital employed increased to 14.8% at the end of the third quarter, up from 14.0% in the third quarter of 2024. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 15 231 15 089 20 594 5 129 5 026 Contribution ratio 40.0% 39.3% 39.6% 40.2% 40.2% EBIT (adj.) 1 903 1 851 2 532 700 675 EBIT (adj.) margin 12.5% 12.3% 12.3% 13.6% 13.4% EBIT 1 902 1 857 2 522 691 667 Organic growth operating revenues -0.4% 2.2% 1.9% 0.8% 2.7% - relating to price 1.2% 3.1% 2.5% 1.6% 1.4% - relating to volume/mix -1.6% -0.9% -0.6% -0.8% 1.3% Underlying EBIT (adj.) growth 1.7% 16.0% 14.4% 2.4% 16.8% Underlying EBIT (adj.) margin change 0.3%-p 1.5%-p 1.4%-p 0.2%-p 1.6%-p ROCE (R12M) 14.8% 14.0% 14.4% Orkla Third quarter 2025 9 Portfolio Companies
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• Cocoa and chocolate market development continued to impact overall results • Positive contribution from biscuit category • Promising launch of BUBS in the US Orkla Snacks reported sales growth of 9.3% in the third quarter of 2025, with organic growth of 7.5%. Organic growth was driven by price increases in chocolate segment. Volume/mix declined due to lower chocolate demand and a soft, but improving, development in the snacks category. This was partly offset by continued high volume growth for biscuits. EBIT (adj.) decreased by 7.7% year-over-year, with an underlying decline of 8.4%. The reported EBIT (adj.) margin decreased by 2.3 pp year-over-year, with an underlying decline of 2.1 pp. This was due to the challenging input-cost situation for cocoa, coupled with a weak chocolate consumer market in the quarter. However, Orkla Snacks managed to mitigate significant parts of the negative development. Mitigating actions include savings throughout the value chain from the harmonisation of recipes and continued cost improvements. Continued high volume growth in the biscuits category had a positive effect on EBIT (adj.). BUBS was successfully launched in the US under a production and distribution agreement with Mount Franklin Foods in the third quarter, however, without any material impact on the third quarter results. Return on capital employed increased compared to the same period last year, aligning with the target communicated at Orkla’s Capital Markets Day. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 7 430 6 935 9 735 2 546 2 327 Contribution ratio 40.4% 43.4% 43.6% 40.2% 44.2% EBIT (adj.) 836 849 1 273 313 339 EBIT (adj.) margin 11.2% 12.2% 13.1% 12.3% 14.6% EBIT 837 540 948 312 34 Organic growth operating revenues 4.5% 8.7% 7.9% 7.5% 4.4% - relating to price 7.1% 5.4% 5.8% 9.1% 4.4% - relating to volume/mix -2.5% 3.3% 2.1% -1.6% 0.0% Underlying EBIT (adj.) growth -3.0% 25.3% 23.7% -8.4% 19.2% Underlying EBIT (adj.) margin change -0.9%-p 1.6%-p 1.7%-p -2.1%-p 1.8%-p ROCE (R12M) 11.5% 11.1% 11.7% Orkla Third quarter 2025 10 Portfolio Companies
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• Volume/mix growth in Plant-Based with lower contribution ratio • Price increases to compensate for higher raw material prices across clusters2 • Continued EBIT (adj.) growth in Sweet Ingredients, partly offset by volume-driven decline in Bakery Ingredients Orkla Food Ingredients saw a 9.6% revenue increase in the third quarter of 2025, with organic growth totalling 8.3%. Volume/mix grew organically by 3.9%, with high growth in Plant-Based related to industrial margarine and dairy-alternative products. Sweet Ingredients also reported volume growth, mainly related to sweet inclusions in Europe and the US. Bakery Ingredients saw a volume decline in the quarter, impacted by softening consumer sentiment and intensified competition. Broad-based price increases were implemented in response to higher raw material prices. Reported EBIT (adj.) grew by 3.4% year-over-year, of which underlying growth of 1.6% as well as positive effects from structural growth. This was partly offset by negative currency translation effects. Underlying EBIT (adj.) growth was supported by price management. Sweet Ingredients delivered broad-based growth on the back of improved price management, volume/ mix growth, and efficiency improvements. The development in Plant-Based was flat, as growth in the dairy-alternative segment was offset by a decline in the margarine segment. Despite top-line volume/mix growth for the margarine segment, EBIT (adj.) declined due to margin pressure from continued high raw material costs, and negative product mix effects. EBIT (adj.) declined in Bakery Ingredients due to lower volumes and cost inflation. The EBIT (adj.) margin was 7.5%, with an underlying decline of 0.5 pp year-over-year, largely related to unfavourable sales-mix effects in the quarter. Return on capital employed increased by 1.1 pp, year-over-year, largely from increased EBIT (adj.). 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 15 804 14 335 19 374 5 492 5 012 Contribution ratio 29.5% 29.8% 30.0% 28.8% 30.3% EBIT (adj.) 1 153 996 1 310 413 400 EBIT (adj.) margin 7.3% 6.9% 6.8% 7.5% 8.0% EBIT 1 171 863 1 173 400 316 Profit after tax and non-controlling interests1 520 230 251 181 41 Organic growth operating revenues 7.4% -0.1% 0.9% 8.3% 3.1% - relating to price 3.9% -2.0% -1.4% 4.4% -1.1% - relating to volume/mix 3.5% 1.9% 2.3% 3.9% 4.1% Underlying EBIT (adj.) growth 11.4% 6.2% 8.8% 1.6% 17.7% Underlying EBIT (adj.) margin change 0.3%-p 0.4%-p 0.5%-p -0.5%-p 1.0%-p ROCE (R12M) 12.2% 11.1% 11.4% 1) Corresponds to the line item "Profit attributable to owners of the parent" in the income statement. 2) “Clusters” is defined as the three business segments in Orkla Food Ingredients: Bakery Ingredients, Sweet Ingredients, and Plant-Based. Orkla Third quarter 2025 11 Portfolio Companies
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• Price and volume/mix driven organic growth in most markets and categories • EBIT (adj.) decline driven by contribution margin pressure, as well as increased SG&A1 and advertising spend Orkla Health achieved a reported sales increase of 2.9% in the third quarter, of which 2.5% was organic growth. Volume/mix growth of 1.6% was driven by wound care and food supplements categories in Europe. There was continued weak development in sales to B2B customers in the functional personal care2 and oral care categories. The contribution margin declined in the third quarter due to heavy campaign activity primarily in food supplements, as well as negative mix effects. In addition, there was a continued negative impact from higher raw material prices, especially for cod liver oil. Orkla Health reported EBIT (adj.) decline of 15% year-over-year. The underlying decline was 16%, driven by the mentioned contribution margin pressure, increased SG&A costs, and advertising spend in food supplements. The EBIT (adj.) margin was 12.7% in the third quarter, representing a year-over-year reported and underlying decrease of 2.7 pp. Orkla Health wrote down trademarks by 241 million in the third quarter. This was in line with the strategy of consolidating the product portfolio behind fewer and stronger brands. The Nutrilett trademark was impaired due to declining demand and a shift in the market outlook for the weight segment. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 5 826 5 605 7 343 1 958 1 903 Contribution ratio 57.7% 57.3% 56.8% 56.6% 57.3% EBIT (adj.) 767 857 942 248 293 EBIT (adj.) margin 13.2% 15.3% 12.8% 12.7% 15.4% EBIT 519 846 931 3 286 Organic growth operating revenues 2.4% 9.2% 8.4% 2.5% 10.3% - relating to price 2.5% 3.4% 3.5% 0.9% 3.7% - relating to volume/mix -0.1% 5.7% 5.0% 1.6% 6.6% Underlying EBIT (adj.) growth -12.2% 12.5% 7.8% -15.7% 13.0% Underlying EBIT (adj.) margin change -2.2%-p 0.5%-p -0.1%-p -2.7%-p 0.4%-p ROCE (R12M) 8.6 % 9.9% 9.6% 1) SG&A = Selling, General and Administrative expenses 2) The functional personal care category includes antiperspirant (deodorant) and sunscreen. Orkla Third quarter 2025 12 Portfolio Companies
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• Orkla India was listed on BSE Limited and the National Stock Exchange of India Limited on 6 November 2025. • Organic operating revenue growth of 4.3% driven by strong volume (tonnage) growth1 of 7.7%. • EBIT (adj.) declined on account of higher advertising costs due to an early festive season, GST 2.02 transition expenses and government grant provided by the Government of India recognised last year. Orkla India’s organic operating revenues grew by 4.3%, led by strong volume growth of 7.7%. Currency translation effects associated with consolidation into Orkla’s financials had a negative effect, resulting in a reported decline of 5.5% (in NOK). The convenience food category registered double-digit sales growth supported by a strong festive season. There was sales growth in the spices category as strong volume growth outpaced a negative price development due to reduction in key raw material prices. Excluding the government grant, Orkla India’s organic revenue growth for the quarter was 5.6%. Underlying EBIT (adj.) declined by 1.8% in the quarter, year-over- year. In NOK terms, the reported decline was 11% due to negative currency translation effects when consolidating into Orkla’s financials. During the quarter, Orkla India realised efficiencies from various cost optimisation programmes. However, EBIT (adj.) declined on account of higher advertising costs due to an early festive season, GST 2.0 transition expenses and the government grant recognised last year. Associated with the GST 2.0 transition, costs were incurred related to product labelling and advertising of the price reductions. Excluding the impact of the government grant, Orkla India’s underlying EBIT (adj.) growth was 6.2% and EBIT (adj.) margin was 16.6% representing a year-over-year underlying increase of 0.1 percentage points. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 2 257 2 336 3 106 754 797 EBIT (adj.) 384 361 463 122 137 EBIT (adj.) margin 17.0% 15.4% 14.9% 16.1% 17.1% EBIT 389 353 455 122 136 Organic growth operating revenues 1.8% 7.3% 4.4% 4.3% 1.4% Underlying EBIT (adj.) growth 12.6% 23.1% 19.3% -1.8% 8.4% Underlying EBIT (adj.) margin change 1.6%-p 2.0%-p 1.9%-p -1.0%-p 1.1%-p The financial data presented is according to IFRS, given in NOK and presented on a calendar year basis. The data will differ from what Orkla India reports to the BSE Limited and the National Stock Exchange of India Limited as those figures are according to Indian Accounting Standards (Ind AS) and presented in INR. The data set out herein does not represent the audited financial information of Orkla India. 1) Note that the definition of volume growth has changed following Orkla India’s Initial Public Offering. Volume growth is defined as the percentage increase in tonnage sold year-over-year. 2) GST 2.0 refers to the second-generation reform of the Goods and Services Tax system in India, introduced in September 2025. Orkla Third quarter 2025 13 Portfolio Companies
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• Consumer sales growth in all businesses • Targeted growth and marketing initiatives started to pay off • Improved EBIT (adj.) margin on the back of consumer sales momentum and cost control The European Pizza Company saw a 2.6% growth in operating revenues in the third quarter, while organic revenues grew by 2.2%. The businesses in Finland (Kotipizza) and The Netherlands (New York Pizza) continued to show encouraging progress on growth initiatives, despite challenging market conditions. The market conditions have also affected Kotipizza's operating revenues in the form of reduced third-party sales in its wholesale business. Consumer sales1 amounted to NOK 1,333 million in the third quarter of the year, up 3.9% compared to the same period last year. The European Pizza Company continued to deliver healthy underlying profit conversion. Reported EBIT (adj.) grew by 7.5% in the third quarter compared to the same period in 2024. Underlying EBIT (adj.) increased by 7.0% on the back of consumer sales momentum and cost control. Despite the restructuring process designed to strengthen the business platform and streamline operations in Germany, the business is still running at a slight negative EBIT. Year to date, three stores have been closed in Germany. The company is continuously working to strengthen the current network and explore options for 1) Consumer sales = total retail turnover (excl. VAT) of all stores 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 2 311 2 269 3 039 816 796 Contribution ratio 44.2% 42.9% 43.1% 43.8% 43.0% EBIT (adj.) 285 266 336 108 100 EBIT (adj.) margin 12.3% 11.7% 11.1% 13.2% 12.6% EBIT 151 259 330 -24 94 Organic growth operating revenues 0.7% 0.6% 0.5% 2.2% 2.3% Underlying EBIT (adj.) growth 6.0% 33.3% 22.9% 7.0% 22.8% Underlying EBIT (adj.) margin change 0.6%-p 2.9%-p 2.0%-p 0.6%-p 2.1%-p ROCE (R12M) 8.1% 7.8% 7.7% profitable growth. As the outcome of these initiatives is highly uncertain, reported EBIT were negatively impacted by a write-down of NOK 131 million in the third quarter, an amount equal to the remaining goodwill stemming from the acquisitions in Germany. Orkla Third quarter 2025 14 Portfolio Companies
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• Continued volume/mix increase and market share growth in core markets, offset by decline in contract manufacturing • EBIT (adj.) improvement from volume growth and solid cost control • Continued improved ROCE from EBIT (adj.) growth Orkla Home & Personal Care’s operating revenues increased by 2.3% in the third quarter, with organic growth totalling 0.9%. The increase was driven by volume/mix growth in Norway and Sweden, but was partly offset by a decline in contract manufacturing1 and in Finland. Market shares increased in the Norwegian and Swedish grocery sectors in the third quarter. The contribution ratio decreased year-over-year in the quarter due to campaign phasing. Reported EBIT (adj.) growth was 9.1%, with underlying growth totalling 7.6% year-over-year. The improvement was driven by increased revenues and effective cost control during the quarter. Overall, the EBIT (adj.) margin improved by 1.0 pp year-over-year, to 15.9% on a reported and underlying basis. Return on capital employed and cash conversion on a rolling-12- month basis were 24% and 114%, respectively. Both were driven by EBIT (adj.) growth and strong capital discipline. 1) Contract manufacturing: Orkla Home & Personal Care manufactures own-brand products for industrial customers at both of its production plants. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 2 117 1 977 2 686 682 667 Contribution ratio 40.9% 40.7% 40.3% 40.2% 41.0% EBIT (adj.) 284 253 315 108 100 EBIT (adj.) margin 13.4% 12.8% 11.7% 15.9% 14.9% EBIT 284 252 312 108 99 Organic growth operating revenues 5.4% 8.4% 8.7% 0.9% 3.9% - relating to price 0.3% 1.0% 0.8% -0.4% 1.0% - relating to volume/mix 5.1% 7.4% 7.8% 1.3% 2.9% Underlying EBIT (adj.) growth 10.7% 33.0% 40.9% 7.6% 24.6% Underlying EBIT (adj.) margin change 0.7%-p 2.4%-p 2.7%-p 1.0%-p 2.5%-p ROCE (R12M) 24.3% 20.3% 22.0% Orkla Third quarter 2025 15 Portfolio Companies
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Health and Sports Nutrition Group reported year-over-year revenue growth of 3.1% in the third quarter, with 0% organic growth. The latter was fully attributable to lower sales in the B2B channel. The contribution margin improved year-over-year, driven by better postage costs per order and a higher direct-to-consumer share of revenue, while product margins were maintained despite higher input costs. Fulfilment and fixed costs declined year-over-year, offsetting the higher advertising spend. EBIT (adj.) totalled 15 million, representing a reported increase of 132% and an underlying increase of 126%. Cash conversion year-to-date was 199%, well above the target of >100%, and was driven by a positive development in net working capital and low capital expenditure. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 960 949 1 258 325 315 Contribution ratio 31.1% 29.3% 29.6% 29.8% 27.7% EBIT (adj.) 43 25 33 15 7 EBIT (adj.) margin 4.4% 2.6% 2.7% 4.6% 2.0% EBIT 43 36 44 15 7 Organic growth operating revenues -2.4% 2.2% 3.8% 0.0% 4.9% Underlying EBIT (adj.) growth 69.3% -13.2% -3.7% 126.3% -32.0% Underlying EBIT (adj.) margin change 1.9%-p -0.5%-p -0.2%-p 2.6%-p -1.1%-p ROCE (R12M) 7.8% 4.5% 4.9% Orkla House Care’s reported sales increased by 3.4% year-over-year, with organic revenue growth of 3.5%. Organic growth was driven by volume/mix improvements on the back of new and expanded distribution in most home markets. This was partly offset by the continued impact of retailer consolidation in the UK and listing reductions in Benelux. The contribution ratio improved by 3.4 pp due to product and market-mix effects, as well as reduced freight costs. Sales and margin growth, alongside solid cost management, resulted in reported EBIT (adj.) growth of 50% year-over-year, of which 49% was underlying growth. 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 1 325 1 298 1 646 432 418 Contribution ratio 48.2% 47.3% 48.1% 47.5% 44.1% EBIT (adj.) 197 178 186 71 48 EBIT (adj.) margin 14.8% 13.7% 11.3% 16.4% 11.3% EBIT 197 178 180 71 48 Organic growth operating revenues 0.8% 1.1% 2.5% 3.5% 0.0% - relating to price 0.3% -0.3% -0.1% -0.7% 0.2% - relating to volume/mix 0.5% 1.3% 2.6% 4.2% -0.2% Underlying EBIT (adj.) growth 9.2% 18.7% 22.6% 48.6% 8.7% Underlying EBIT (adj.) margin change 1.2%-p 2.1%-p 1.9%-p 4.9%-p 0.9%-p ROCE (R12M) 13.6% 12.0% 12.2% Orkla Third quarter 2025 16 Portfolio Companies
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Orkla Real Estate EBIT (adj.) amounted to 7 million in the third quarter of 2025, compared to 12 million in the same period last year. The decline was related to increased vacancy for Orkla House, periodisation effects, and a one-off settlement with a contractor in 2024. Two apartments in Larvik in Norway were delivered this quarter, while there were no transactions in the same period last year. Other matters Orkla ASA (“Orkla”) has decided to initiate a share buyback program. The purpose of the share buyback program is to return excess capital to shareholders by reducing the company’s share capital. The buyback program will be conducted on the basis of the authorisation provided by the Annual General Meeting to the Board of Directors on 24 April 2025. The share buyback program will comprise acquisitions of own shares for an aggregate amount of up to NOK 4 billion. The program will commence on 17 November 2025 and continue until 31 December 2026 at the latest. Continuation of the program beyond the date of the Annual General Meeting in 2026 is subject to renewal of the authorization for share buybacks from the company's Annual General Meeting in 2026. Orkla will also seek approval from the Annual General Meeting for the cancellation of shares repurchased under the program. Oslo, 13 November 2025 The Board of Directors of Orkla ASA Orkla Third quarter 2025 17
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Condensed statement of comprehensive income 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million Note 2025 2024 2024 2025 2024 Profit for the period 9 966 4 948 6 399 1 692 1 286 Other items in comprehensive income1 Actuarial gains and losses pensions 4 0 2 0 0 Changes in fair value shares (14) (23) (32) 4 (17) Items not to be reclassified to profit in subsequent periods (10) (23) (30) 4 (17) Change in hedging reserve 6 (9) 30 44 (3) 6 Carried against equity in associates and joint ventures 6 (707) 295 516 (75) 171 Translation effects 6 (598) 1 016 1 366 (282) 734 Items after tax to be reclassified to profit in subsequent periods (1 314) 1 341 1 926 (360) 911 Total other items in comprehensive income (1 324) 1 318 1 896 (356) 894 Comprehensive income 8 642 6 266 8 295 1 336 2 180 Comprehensive income attributable to non-controlling interests 249 693 873 Comprehensive income attributable to owners of the parent 8 393 5 573 7 422 Earnings per share 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK 2025 2024 2024 2025 2024 Earnings per share 7 9.61 4.71 6.07 1.58 1.19 Earnings per share, diluted 7 9.59 4.70 6.06 1.57 1.18 Earnings per share (adj.), diluted 7 5.09 4.67 6.06 1.85 1.70 Earnings per share continuing operations, diluted 7 4.79 4.44 5.70 1.57 1.12 1) Other items in comprehensive income after tax. Condensed income statement 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million Note 2025 2024 2024 2025 2024 Operating revenues 3 52 772 50 859 69 254 17 946 17 209 Operating expenses (45 094) (43 543) (59 459) (15 231) (14 546) Depreciation (2 008) (1 945) (2 653) (676) (665) EBIT (adj.) 3 5 670 5 371 7 142 2 039 1 998 Other income and expenses 4 (410) (404) (584) (401) (740) Operating profit (EBIT) 5 260 4 967 6 558 1 638 1 258 Profit from associates and joint ventures 1 676 1 494 1 865 603 550 Interest, net 5 (597) (787) (994) (212) (270) Other financial items, net 5 (100) (98) (130) (32) (33) Profit before taxes 6 239 5 576 7 299 1 997 1 505 Taxes (1 092) (920) (1 304) (305) (293) Profit for the period for continuing operations 5 147 4 656 5 995 1 692 1 212 Discontinued operations 4 819 292 404 0 74 Profit for the period 9 966 4 948 6 399 1 692 1 286 Profit attributable to non-controlling interests 381 251 342 121 100 Profit attributable to owners of the parent 9 585 4 697 6 057 1 571 1 186 Orkla Third quarter 2025 18 Condensed Financial Statements
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Condensed statement of financial position Assets Equity and liabilities Amounts in NOK million Note 30.9.2025 31.12.2024 Property, plant and equipment 19 434 21 123 Intangible assets 35 608 36 428 Associates, joint ventures and other financial assets 8 10 144 9 984 Non-current assets 65 186 67 535 Inventories 10 425 10 072 Trade receivables 9 456 8 809 Other receivables and financial assets 8 1 359 1 907 Cash and cash equivalents 8 1 048 1 643 Current assets 22 288 22 431 Total assets 87 474 89 966 Amounts in NOK million Note 30.9.2025 31.12.2024 Paid-in equity 1 968 1 970 Retained equity 44 148 46 074 Non-controlling interests 2 940 3 328 Equity 49 056 51 372 Provisions and other non-current liabilities 5 475 5 474 Non-current interest-bearing liabilities 8 16 159 17 084 Current interest-bearing liabilities 8 3 033 1 452 Trade payables 9 208 8 985 Other current liabilities 4 543 5 599 Equity and liabilities 87 474 89 966 Equity ratio 56.1% 57.1% Condensed statement of changes in equity 1.1.–30.9.2025 1.1.–30.9.2024 Amounts in NOK million Attributed to equity holders of the parent Non-controlling interests Total equity Attributed to equity holders of the parent Non-controlling interest Total equity Equity 1 January 48 044 3 328 51 372 45 267 1 481 46 748 The group’s comprehensive income 8 393 249 8 642 5 573 693 6 266 Dividends (9 958) (180) (10 138) (5 986) (109) (6 095) Net purchase/sale of treasury shares (241) 0 (241) 101 0 101 Share-based payment 28 0 28 7 0 7 Change in non-controlling interests (150) (457) (607) 1 307 1 042 2 349 Equity at the end of the period 46 116 2 940 49 056 46 269 3 107 49 376 Orkla Third quarter 2025 19 Condensed Financial Statements
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Condensed statement of cash flow IFRS Reconciliation operating activities IFRS cash flow against cash flow Orkla-format; see page 6 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Cash flow from operations before capital expenditure 7 059 7 136 10 980 2 932 3 110 Received dividends and paid financial items 316 150 (89) 242 203 Taxes paid (1 786) (989) (1 241) (260) (214) Cash flow from operating activities 5 589 6 297 9 650 2 914 3 099 Net capital expenditure (1 623) (1 334) (1 981) (704) (407) Net sale (purchase) of companies 4 964 2 653 2 604 (149) (260) Other payments (56) (31) (27) 8 (89) Cash flow from investing activities 3 285 1 288 596 (845) (756) Paid to shareholders (10 379) (5 994) (6 039) (13) 0 Cash flow from financing activities excl. paid to shareholders 994 (1 614) (3 611) (1 919) (2 483) Cash flow from financing activities (9 385) (7 608) (9 650) (1 932) (2 483) Change in cash and cash equivalents (511) (23) 596 137 (140) Currency effects cash and cash equivalents (84) 177 56 (18) 142 Cash and cash equivalents 1 048 1 145 1 643 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Cash flow from operating activities IFRS cash flow 5 589 6 297 9 650 2 914 3 099 Items not incl. in operating activities: Net replacement expenditures in continuing operations (1 793) (1 308) (2 009) (551) (465) Cash flow from operating activities in discontinued operations 408 (412) (644) 0 (343) Other payments (56) (31) (27) 8 (89) Cash flow before capital allocation in cash flow Orkla-format 4 148 4 546 6 970 2 371 2 202 Reconciliation cash and cash equivalents against net interest-bearing liabilities in Orkla-format; see page 6 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Change cash and cash equivalents IFRS cash flow (511) (23) 596 137 (140) Change net interest-bearing liabilities IFRS cash flow (994) 1 614 3 611 1 919 2 483 Net interest-bearing liabilities in purchased/sold companies 342 51 35 20 (3) Interest-bearing liabilities new leases (603) (345) (643) (100) (150) Total currency effect net interest-bearing liabilities 108 (704) (744) 149 (456) Change net interest-bearing liabilities Orkla-format (1 658) 593 2 855 2 125 1 734 Orkla Third quarter 2025 20 Condensed Financial Statements
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Orkla ASA’s condensed consolidated financial statements as at 30 September 2025 were approved at the Board of Directors’ meeting on 13 November 2025. The figures in the financial statements have not been audited. Orkla ASA (organisation no. NO 910 747 711) is a public limited liability company headquartered at Skøyen in Oslo, Norway. Orkla shares are traded on the Oslo Stock Exchange. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. As of the first quarter of 2025, Orkla’s reporting segment Hydro Power has been presented as a discontinued operation; see Note 13 for more information. On 6 November 2025, Orkla India completed its initial public offering on BSE Limited and the National Stock Exchange of India Limited; see Note 14 for more information. In the third quarter, key figures for Orkla India have been adjusted in accordance with what Orkla India reports as a listed company. Otherwise, the same accounting policies and methods of calculation have been applied as in the last annual financial statements. Note 1 Note 2General information Acquisitions and disposals Sale of companies In January 2025, Orkla entered into agreements to sell its entire hydropower portfolio in two separate transactions. Both transactions were completed in April 2025; see further information in Note 13 “Discontinued operations”. In the first quarter of 2025, Orkla sold 100% of the shares in Pierre Robert Group to Jotunfjell Partners AS; see Note 4 “Other income and expenses”. Acquisition of companies In the second quarter of 2025, The European Pizza Company (TEPC) acquired an additional 6.25% stake in New York Pizza, resulting in TEPC holding 87.5% ownership of New York Pizza following the transaction. Additionally, during the first quarter, TEPC completed the acquisition of the remaining 24% of the Polish pizza chain Da Grasso. As a result, TEPC now holds full ownership of Da Grasso. In the first quarter of 2025, Orkla Food Ingredients acquired the Eurohansa brand name and all assets and operations related to the Toruń site in Poland (“Eurohansa Toruń”). Eurohansa Toruń had 89 employees at the time of the acquisition and specialises in producing fruit fillings and preparations for industrial customers in the dairy, chocolate and bakery segments. The company has experienced robust growth in recent years and generated revenues of approximately PLN 60 million (NOK 150 million) in 2023. The company was consolidated into Orkla’s financial statements as of 1 February 2025. In the second quarter of 2025, Orkla Food Ingredients acquired 100% of the shares in Biscuiterie Le Vesuve bv (“Le Vesuve”). Le Vesuve is a producer of ice cream cones and distributor of ice cream ingredients and accessories in Belgium. The company had eight employees at the time of the acquisition and has experienced strong growth in recent years following investment in production equipment. In 2024, Le Vesuve's operating revenues amounted to EUR 4.4 million (NOK 50 million). The company was consolidated into Orkla’s financial statements as of 1 April 2025. In the third quarter of 2025, Orkla Food Ingredients acquired 100% of the shares in Decorgel – Produtos Alimentares, S.A. (“Decorgel”). Decorgel is a Portugal-based producer of fruit fillings, custards and creams. The company had 51 employees at the time of the acquisi- tion, and Decorgel has experienced strong growth in recent years and generated revenues of EUR 6 million (NOK 70 million) in 2024. The company was consolidated into Orkla’s statement of financial position as of 30 September 2025 and into the income statement as of 1 October 2025. Orkla Food Ingredients has purchased the remaining 5% of Hadecoup in Belgium and 30% of Win Equipment in the Netherlands and now owns 100% of these companies. As at 30 September 2025, Orkla had purchased companies for a total of 591 million in enterprise value. Orkla Third quarter 2025 21 Notes
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Note 3 Segments Operating revenues EBIT (adj.) 1.1.–30.9. 1.1.–31.12. 1.7.–30.09. 1.1.–30.9. 1.1.–31.12. 1.7.–30.09. Amounts in NOK million 2025 2024 2024 2025 2024 2025 2024 2024 2025 2024 Orkla Foods 15 231 15 089 20 594 5 129 5 026 1 903 1 851 2 532 700 675 Orkla Snacks 7 430 6 935 9 735 2 546 2 327 836 849 1 273 313 339 Orkla Food Ingredients 15 804 14 335 19 374 5 492 5 012 1 153 996 1 310 413 400 Orkla Health 5 826 5 605 7 343 1 958 1 903 767 857 942 248 293 Orkla India 2 257 2 336 3 106 754 797 384 361 463 122 137 The European Pizza Company 2 311 2 269 3 039 816 796 285 266 336 108 100 Orkla Home & Personal Care 2 117 1 977 2 686 682 667 284 253 315 108 100 Orkla House Care 1 325 1 298 1 646 432 418 197 178 186 71 48 Health and Sports Nutrition Group 960 949 1 258 325 315 43 25 33 15 7 Pierre Robert Group 0 389 535 0 131 0 (12) (26) 0 (13) Lilleborg 0 249 249 0 0 0 26 26 0 0 Eliminations consolidated Portfolio Companies (702) (609) (797) (218) (193) 0 0 (9) 0 0 Consolidated Portfolio Companies 52 559 50 822 68 768 17 916 17 199 5 852 5 650 7 381 2 098 2 086 Orkla ASA & Business Services/Eliminations 23 19 36 5 2 (244) (296) (399) (66) (100) Consolidated Portfolio Companies incl. Orkla ASA & Business Services 52 582 50 841 68 804 17 921 17 201 5 608 5 354 6 982 2 032 1 986 Orkla Real Estate 302 138 612 57 45 62 17 160 7 12 Eliminations (112) (120) (162) (32) (37) 0 0 0 0 0 Orkla 52 772 50 859 69 254 17 946 17 209 5 670 5 371 7 142 2 039 1 998 Orkla Third quarter 2025 22 Notes
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Note 4 Other income and expenses Other income As part of a restructuring initiative involving the KåKå Group in Sweden (Orkla Food Ingredients), a warehouse was sold in the first quarter of 2025. The sale generated a gain of 34 million. In the second quarter, Felix Austria (Orkla Foods) sold a warehouse in Steyr (Austria) with a gain of 10 million. Also in the second quarter, Orkla Estonia (Orkla Snacks) sold a small operation related to baking mixes and an associated trademark. The gain on the transaction amounted to 8 million. Orkla India received a settlement of 9 million in the first quarter related to the acquisition of Eastern Condiments in 2021. Orkla Food Ingredients purchased the remaining 5% of Hadecoup in Belgium and paid the outstanding purchase-price balance. 1.1.–30.9. 1.1.–31.12. 1.7.–30.09. Amounts in NOK million 2025 2024 2024 2025 2024 M&A and integration costs (33) (110) (129) (13) (8) Final settlement employment relationships etc. 0 (83) (96) 0 (36) Other income 73 513 517 0 2 Write-downs (374) (657) (778) (372) (657) Restructuring costs and other items (76) (67) (98) (16) (41) Total other income and expenses (410) (404) (584) (401) (740) The final payment was lower than originally assumed, and 8 million was recognised as income in connection with the acquisition in the second quarter of 2025. Other expenses In the first quarter of 2025, Orkla sold 100% of the shares in Pierre Robert Group to Jotunfjell Partners AS. The accounting loss linked to completion of the transaction is 47 million. 29 million was expensed in connection with restructuring projects and other significant initiatives in the group as at 30 September 2025. The largest projects involved optimising the warehouse structure of the KåKå Group in Sweden (Orkla Food Ingredients), closing down production facilities in Nic UK (Orkla Food Ingredients) and co-locating pizza production facilities in Orkla Foods Norge (Orkla Foods). M&A and integration costs totalled 33 million as at 30 September 2025. Impairment Following the acquisition of New York Pizza in 2021, the Germany pizza chains Stückwerk, Flying Pizza and Pizza Planet were purchased. These pizza chains have not delivered a satisfactory performance since being acquired. In the third quarter, remaining goodwill related to the German pizza chains was written down by 131 million. In the third quarter of 2025, trademarks in Orkla Health were written down by 241 million. This includes the trademarks Collett and Curamed, which were written down due to rebranding under the Sanasol brand name. Other write-downs include the Nutrilett brand and some smaller brands in the Orkla Health portfolio. Orkla Third quarter 2025 23 Notes
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Interest and other financial itemsNote 5 The various elements of net interest and net other financial items are presented in the following tables: 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Net interest costs excl. leases (549) (745) (937) (195) (255) Interest costs leases (48) (42) (57) (17) (15) Interest, net (597) (787) (994) (212) (270) 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Net foreign currency gain/loss 9 4 0 2 0 Interest on pensions1 (73) (63) (78) (27) (21) Other financial items (36) (39) (52) (7) (12) Other financial items, net (100) (98) (130) (32) (33) 1) Includes hedging of the pension plan for employees with salaries exceeding 12G. Statement of comprehensive income Note 6 The statement of comprehensive income shows changes in the value of hedging instruments (hedging reserve) after tax. The hedging reserve included in equity as at 30 September 2025 (after tax) totalled 12 million. Accumulated translation differences correspondingly amounted to 3,964 million, while accumulated items recognised in equity under associates and joint ventures amounted to 323 million as at 30 September 2025. Orkla Third quarter 2025 24 Notes
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Earnings per share show the profit or loss for the year after non- controlling interests per share and are calculated by dividing the profit or loss for the year after non-controlling interests by the average number of externally owned shares during the reporting period. Earnings per share (adj.) show earnings per share adjusted for discontinued operations and “Other income and expenses” (OIE) after tax and non-controlling interests. Information on discontinued operations is disclosed in Note 13. Items included in OIE are specified in Note 4. The loss on the sale of Pierre Robert Group, the gain on the warehouse sale in Orkla Food Ingredients, and a substantial proportion of incurred M&A costs are without tax effect. Additionally, the income derived from previous acquisitions are also exempt from tax. The impairment losses recorded in the third quarter of 2025 linked to the Orkla Health trademarks and goodwill in the German pizza chains are subject to tax effects. 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. No such adjustments were made in 2025 or 2024. Earnings per shareNote 7 Calculation of earnings per share 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Profit attributable to owners of the parent 9 585 4 697 6 057 1 571 1 186 Adjustments earnings per share (adj.): Other income and expenses after tax 305 226 365 283 585 Discontinued operations after non-controlling interests (4 796) (259) (357) 0 (65) Adjusted profit for the period after non-controlling interests 5 094 4 664 6 065 1 854 1 706 Average externally owned shares (1 000 shares) 996 980 998 235 998 576 997 318 998 932 Average externally owned shares, diluted (1 000 shares) 999 691 999 344 1 000 012 1 000 105 1 000 888 Earnings per share (NOK) 9.61 4.71 6.07 1.58 1.19 Earnings per share, diluted (NOK) 9.59 4.70 6.06 1.57 1.18 Earnings per share (adj.) (NOK) 5.11 4.67 6.07 1.86 1.71 Earnings per share (adj.), diluted (NOK) 5.09 4.67 6.06 1.85 1.70 Earnings per share continuing operations (NOK) 4.80 4.45 5.71 1.58 1.12 Earnings per share continuing operations, diluted (NOK) 4.79 4.44 5.70 1.57 1.12 Earnings per share discontinued operations (NOK) 4.81 0.26 0.36 0.00 0.06 Earnings per share discontinued operations, diluted (NOK) 4.80 0.26 0.36 0.00 0.06 Orkla Third quarter 2025 25 Notes
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Net interest-bearing liabilitiesNote 8 The various elements of net interest-bearing liabilities are presented in the following table: Amounts in NOK million 30.9.2025 31.12.2024 Non-current liabilities excl. leases (14 606) (15 331) Current liabilities excl. leases (2 472) (876) Non-current receivables (in “Financial Assets”) 453 423 Current receivables (in “Other receivables and financial assets”) 41 478 Cash and cash equivalents 1 048 1 643 Net interest-bearing liabilities excl. leases (15 536) (13 663) Non-current lease liabilities (1 553) (1 753) Current lease liabilities (561) (576) Total net interest-bearing liabilities (17 650) (15 992) Orkla Food Ingredients AS’ loan agreement contains financial covenants regarding leverage (net debt/EBITDA) and interest cover (EBITDA/net finance charges). Orkla Food Ingredients AS was in compliance with these covenants as at 30 September 2025. Shares and financial assets and liabilities Note 9 Shares and financial assets recognised at fair value: Measurement level Amounts in NOK million Level 1 Level 2 Level 3 Total 30 September 2025: Assets Investments - - 153 153 Derivatives - 84 - 84 Liabilities Derivatives - 283 - 283 31 December 2024: Assets Investments - - 212 212 Derivatives - 44 - 44 Liabilities Derivatives - 401 - 401 See also Note 8 for an overview of net interest-bearing liabilities. Orkla Third quarter 2025 26 Notes
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Related partiesNote 12Treasury shares and optionsNote 10 Treasury shares Changes in Orkla’s holding of treasury shares in 2025: Treasury shares as at 1 January 2 492 984 Acquisition of treasury shares 3 560 000 Options exercised (1 949 593) Treasury shares as at 30 September 4 103 391 Options Changes in Orkla’s holding of options outstanding in 2025: Options outstanding as at 1 January 7 951 805 Allocations 2 683 253 Options exercised (1 949 593) Terminations (265 026) Options outstanding as at 30 September 8 420 439 Assessments relating to impairmentNote 11 In accordance with adopted principles, the group has carried out impairment tests for all intangible assets with an indefinite useful life, and for all goodwill, prior to preparation and presentation of the financial statements for the third quarter. The impairment tests have resulted in write-downs of goodwill related to the German pizza chains in The European Pizza Company (131 million) and trademarks in Orkla Health (241 million); see Note 4. Nic UK (Orkla Food Ingredients) has delivered a weaker performance than anticipated since acquisition. However, the company has reported robust profit development in 2025. Based on estimated future cash flows, the company justifies its carrying value, but future performance will be monitored closely by reference to expected profit performance. There were no other indications of impairment of the value of the group’s assets as at 30 September 2025. The Orkla group makes annual sales of around 20 million to companies in the Canica system. The Canica system is controlled by Orkla Board Chairman Stein Erik Hagen (the largest shareholder in Orkla, with 25.003% of issued shares). The sale agreements are concluded on market terms. As at 30 September 2025, there were no special transactions between the group and related parties. Orkla Third quarter 2025 27 Notes
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Discontinued operationsNote 13 Sale of Hydro Power In January 2025, Orkla entered into agreements to sell its entire hydropower portfolio in two separate transactions. Both transactions were completed in April 2025 and Orkla’s total profit from discontinued operations was 4.8 billion as at 30 September 2025. There are unresolved tax matters in one of the sold companies, and Orkla may receive additional sales proceeds in the future if these matters are concluded in favour of the sold company. The hydropower portfolio comprised 100% ownership of three separate holding companies: Sarpsfoss Limited, Orkla Energi AS (85% owner of AS Saudefaldene), and Trælandsfos Holding AS. Hafslund AS (90%) and Svartisen Holding AS (10%) have acquired Sarpsfoss Limited. The underlying assets consist of run-of-the-river hydropower production facilities in Sarpefossen and Mossefossen with a combined average annual production of 536 GWh. Å Energi AS has acquired Orkla Energi AS and Trælandsfos Holding AS. The Saudefaldene assets are leased until the end of 2030, when Statkraft will assume ownership in exchange for a regulated compensation payment. The Saudefaldene assets have an average annual production of 1,860 GWh, of which 1,072 GWh are subject to fixed delivery commitments. The Trælandsfos assets have an average annual production of 61 GWh. Due to material uncertainty about whether a sale would be completed as at 31 December 2024, Hydro Power was not presented as a discontinued operation in the financial statements for 2024. Hydro Power was presented as a discontinued operation from the first quarter of 2025. Consequently, Hydro Power is presented on a separate line in the income statement and was presented on two separate lines (assets and liabilities) in the statement of financial position in the first quarter. The cash flow from Hydro Power is not shown separately in the statement of cash flows, but the figures are disclosed in the notes. In the Orkla-format cash flow statement, the total cash flow from Hydro Power, including from the sale transactions, is presented on the line “Sale of companies (enterprise value)/discontinued operations”. The comparative figures in the income statement and the Orkla- format cash flow statement have been restated. The comparative figures in the statement of financial position and the statement of cash flows have not been restated. The tables below include figures from the income statement and the statement of cash flows for Hydro Power. The sale transactions are also included in these statements. Hydro Power has limited transactions with other companies in the Orkla group, except for a deposit in Orkla's internal bank. Hydro Power’s intercompany transactions with other Orkla companies have been classified as discontinued operations. Orkla Third quarter 2025 28 Notes
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Other mattersNote 14 On 24 April 2025, the General Meeting of Orkla ASA approved payment of the proposed dividend of NOK 10.00 per share, of which NOK 6.00 per share is additional to the company’s ordinary dividend. The dividend was paid to shareholders on 6 May 2025, and totalled 10.0 billion. On 6 November 2025, Orkla India completed its initial public offering on BSE Limited and the National Stock Exchange of India Limited. In connection with the IPO, Orkla Asia Pacific Pte. Ltd., an indirect wholly owned subsidiary of Orkla ASA, sold 20.6 million equity shares (15% of the issued, subscribed and paid-up share capital of Orkla India) at a price of INR 730 per share (approximately NOK 84). The net proceeds after tax and transaction costs are estimated to be approximately NOK 1.5 billion. Following the sale, Orkla retains an ownership interest of 75.0% in Orkla India. Orkla ASA (“Orkla”) has decided to initiate a share buyback program. The purpose of the share buyback program is to return excess capital to shareholders by reducing the company’s share capital. The buyback program will be conducted on the basis of the authorisation provided by the Annual General Meeting to the Board of Directors on 24 April 2025. The share buyback program will comprise acquisitions of own shares for an aggregate amount of up to NOK 4 billion. The program will commence on 17 November 2025 and continue until 31 December 2026 at the latest. Continuation of the program beyond the date of the Annual General Meeting in 2026 is subject to renewal of the authorization for share buybacks from the company's Annual General Meeting in 2026. Orkla will also seek approval from the Annual General Meeting for the cancellation of shares repurchased under the program. There have been no other material events after the date of the statement of financial position which would have had an impact on the financial statements or the assessments carried out. Comprehensive income from Hydro Power is the same as the profit for the year, as there are no other items included in comprehensive income from Hydro Power in 2024 or in 2025. Figures from the statement of cash flow IFRS 1.1.–30.9 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Cash flow from operating activities (408) 412 644 - 343 Cash flow from investing activities (5 623) (21) (135) - (2) Cash flow from financing activities (34) (505) (590) - (466) Change in cash and cash equivalents (6 065) (114) (81) - (125) Condensed income statement Hydro Power 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Operating revenues 508 1 004 1 402 - 303 Operating expenses (196) (442) (588) - (154) EBIT (adj.) 312 562 814 - 149 Other income and expenses (7) (3) (21) - 0 Operating profit (EBIT) 305 559 793 - 149 Interest, net 19 47 36 - 17 Other financial items, net 0 (1) 0 - 0 Profit before taxes 324 605 829 - 166 Taxes (146) (313) (425) - (92) Profit for the period 178 292 404 - 74 Gain on sale 4 641 0 0 - 0 Discontinued operations 4 819 292 404 - 74 Profit attributable to non-controlling interests 23 33 47 - 9 Profit attributable to owners of the parent 4 796 259 357 - 65 Orkla Third quarter 2025 29 Notes
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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. Reconciliation of organic growth with reported growth is shown in a separate table on page 33. 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). Items included in OIE are disclosed in Note 4. 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. EBIT (adj.) is presented on a separate line in the group’s income statement and in segment reporting; see Note 3. Alternative Performance Measures (APM) 1.1.–30.9. 1.1.–31.12. 1.7.–30.9. Amounts in NOK million 2025 2024 2024 2025 2024 Total operating revenues 52 772 50 859 69 254 17 946 17 209 Variable operating expenses (31 887) (30 587) (41 661) (10 942) (10 299) Contribution margin 20 885 20 272 27 593 7 004 6 910 Contribution ratio 39.6% 39.9% 39.8% 39.0% 40.2% Orkla Third quarter 2025 30 Alternative Performance Measures
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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” (OIE) 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. See Note 6 for more information and reconciliation of earnings per share (adj.). 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. Net replacement and expansion investments are presented in the statement of cash flow on page 6. 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 - 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 - Consists 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”. Average capital employed is always an average of the closing balances in the five last reported quarters. A reconciliation of rolling EBITA (adj.) and average capital employed, broken down by consolidated portfolio company, is presented from page 36 onwards. 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. The reconciliation of changes in underlying EBIT (adj.) for the consolidated portfolio companies is shown in separate tables on pages 34 and 35. 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 Orkla Third quarter 2025 31 Alternative Performance Measures
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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 on page 6 in this report. 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 (see separate paragraph). 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; see page 6. Net interest-bearing liabilities are reconciled in Note 8. Structure (acquisitions and disposals) Structural growth includes adjustments for the acquisition of the businesses Freunde der Erfrischung, SnackFood, Kartonage, Eurohansa Toruń and Le Vesuve. Adjustments have also been made for the divestment of Lilleborg, Pierre Robert Group, Fruta Podivín and the brand Blomberg’s Gløgg. In 2024, adjustments were made for the acquisition of the busi- nesses Bubs Godis, Khell-Food and Norstamp. Adjustments were also made for the loss of distribution agreement for Tropicana and Alpro in Orkla Foods. As part of the transition to a new operating model, the split-up of the former Orkla Care business area entailed the transfer of the dental health business and adjustments for changes in distribution and production agreements between portfolio companies. Orkla Third quarter 2025 32 Alternative Performance Measures
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Organic growth by Portfolio Company 1.1.–30.9.2025 1.7.–30.9.2025 Sales revenues change % Organic growth FX Structure Total Organic growth FX Structure Total Orkla Foods -0.4 1.7 -0.3 0.9 0.8 1.3 0.0 2.1 Orkla Snacks 4.5 1.6 0.9 7.1 7.5 1.2 0.6 9.3 Orkla Food Ingredients 7.4 1.4 1.3 10.2 8.3 0.1 1.1 9.6 Orkla Health 2.4 1.5 0.0 3.9 2.5 0.4 0.0 2.9 Orkla India 1.8 -5.2 0.0 -3.4 4.3 -9.8 0.0 -5.5 The European Pizza Company 0.7 1.2 0.0 1.9 2.2 0.4 0.0 2.6 Orkla Home & Personal Care 5.4 1.7 0.0 7.1 0.9 1.4 0.0 2.3 Orkla House Care 0.8 1.3 0.0 2.1 3.5 -0.1 0.0 3.4 Health and Sports Nutrition Group -2.4 3.5 0.0 1.1 0.0 3.1 0.0 3.1 Consolidated Portfolio Companies 3.2 1.2 -1.0 3.4 4.4 0.3 -0.4 4.2 1.1.–30.9.2024 1.7.–30.9.2024 1.1.–31.12.2024 Sales revenues change % Organic growth FX Structure Total Organic growth FX Structure Total Organic growth FX Structure Total Orkla Foods 2.2 1.0 -1.3 1.8 2.7 2.5 -1.1 4.1 1.9 0.7 -1.2 1.4 Orkla Snacks 8.7 1.7 0.5 10.8 4.4 2.8 0.0 7.3 7.9 1.4 0.3 9.6 Orkla Food Ingredients -0.1 2.6 0.6 3.1 3.1 3.7 0.9 7.7 0.9 2.3 0.6 3.8 Orkla Health 9.2 2.5 5.0 16.7 10.3 3.9 4.0 18.2 8.4 2.3 4.7 15.4 Orkla India 7.3 0.7 0.0 8.0 1.4 1.6 0.0 3.0 4.4 1.0 0.0 5.4 The European Pizza Company 0.6 2.5 0.0 3.0 2.3 3.6 0.0 5.9 0.5 2.1 0.0 2.6 Orkla Home & Personal Care 8.4 1.1 -1.7 7.8 3.9 2.5 -3.1 3.3 8.7 0.9 -2.0 7.6 Orkla House Care 1.1 2.2 0.0 3.3 0.0 3.4 0.0 3.4 2.5 2.2 0.0 4.7 Health and Sports Nutrition Group 2.2 2.6 -4.5 0.3 4.9 5.9 -2.0 8.8 3.8 2.1 -3.9 2.1 Pierre Robert Group -6.1 0.6 0.0 -5.5 -2.9 1.0 0.0 -1.9 -10.1 0.5 0.0 -9.7 Lilleborg 6.9 0.0 -47.3 -40.4 N/A N/A N/A N/A 6.9 0.0 -63.4 -56.5 Consolidated Portfolio Companies 3.6 1.8 -0.5 4.8 3.9 3.1 -0.9 6.0 3.5 1.5 -0.7 4.3 Figures may not add up due to rounding. Orkla Third quarter 2025 33 Alternative Performance Measures
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Underlying EBIT (adj.) changes by Portfolio Company 1.1.–30.9.2025 1.7.–30.9.2025 EBIT (adj.) change % Underlying growth FX Structure Total Underlying growth FX Structure Total Orkla Foods 1.7 1.9 -0.8 2.8 2.4 1.4 0.0 3.8 Orkla Snacks -3.0 1.4 0.0 -1.6 -8.4 0.7 0.0 -7.7 Orkla Food Ingredients 11.4 1.4 2.9 15.8 1.6 -0.2 2.0 3.4 Orkla Health -12.2 1.7 0.0 -10.5 -15.7 0.5 0.0 -15.3 Orkla India 12.6 -6.1 0.0 6.5 -1.8 -9.1 0.0 -10.9 The European Pizza Company 6.0 1.2 0.0 7.2 7.0 0.4 0.1 7.5 Orkla Home & Personal Care 10.7 1.9 0.0 12.7 7.6 1.4 0.1 9.1 Orkla House Care 9.2 -0.1 1.6 10.7 48.6 1.3 0.0 49.9 Health and Sports Nutrition Group 69.3 4.9 0.0 74.2 126.3 5.8 0.0 132.1 Consolidated Portfolio Companies 2.5 1.1 0.0 3.6 -0.4 0.1 1.0 0.7 Orkla ASA & Business Services 17.2 -0.1 0.2 17.3 31.5 -0.1 0.2 31.6 Consolidated Portfolio Companies incl. Orkla ASA & Business Services 3.5 1.2 0.0 4.7 1.1 0.2 1.0 2.3 1.1.–30.9.2024 1.7.–30.9.2024 1.1.–31.12.2024 EBIT (adj.) change % Underlying growth FX Structure Total Underlying growth FX Structure Total Underlying growth FX Structure Total Orkla Foods 16.0 1.0 -3.0 14.0 16.8 2.8 -3.3 16.3 14.4 0.8 -3.1 12.1 Orkla Snacks 25.3 1.6 0.8 27.7 19.2 2.6 0.0 21.8 23.7 1.3 0.5 25.6 Orkla Food Ingredients 6.2 2.8 0.9 9.9 17.7 4.9 2.4 25.0 8.8 2.6 1.0 12.3 Orkla Health 12.5 2.0 0.6 15.1 13.0 3.8 1.1 17.9 7.8 2.0 0.9 10.7 Orkla India 23.1 0.0 0.0 23.1 8.4 0.6 0.0 9.0 19.3 0.7 0.0 20.0 The European Pizza Company 33.3 3.4 0.0 36.7 22.8 4.5 0.0 27.3 22.9 2.8 0.0 25.7 Orkla Home & Personal Care 33.0 1.9 1.0 35.9 24.6 3.8 -0.3 28.1 40.9 1.8 -2.9 39.8 Orkla House Care 18.7 1.2 1.9 21.8 8.7 2.9 5.6 17.2 22.6 -1.1 1.3 22.8 Health and Sports Nutrition Group -13.2 2.9 -5.9 -16.3 -32.0 3.9 -1.3 -29.4 -3.7 2.6 -5.1 -6.2 Pierre Robert Group -181.8 2.6 0.0 -179.2 -338.9 4.5 0.0 -334.4 -200.8 1.6 0.0 -199.2 Lilleborg 92.6 0.0 -109.8 -17.2 N/A N/A N/A N/A 92.6 0.0 -140.4 -47.8 Consolidated Portfolio Companies 16.2 1.7 -1.1 16.9 15.3 3.3 -1.0 17.8 14.8 1.4 -1.4 14.8 Orkla ASA & Business Services 14.2 0.0 0.0 14.2 10.5 -0.1 0.2 10.6 16.1 -0.1 0.1 16.2 Consolidated Portfolio Companies incl. Orkla ASA & Business Services 18.6 1.8 -1.2 19.2 17.0 3.5 -1.0 19.6 17.3 1.6 -1.7 17.2 Figures may not add up due to rounding. Orkla Third quarter 2025 34 Alternative Performance Measures
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EBIT (adj.) margin growth by Portfolio Company Figures may not add up due to rounding. 1.1.–30.9.2025 1.7.–30.9.2025 EBIT (adj.) margin growth change percentage points Underlying growth Structure/ FX Total EBIT(adj.) margin (%) Underlying growth Structure/ FX Total EBIT(adj.) margin (%) Orkla Foods 0.3 0.0 0.2 12.5 0.2 0.0 0.2 13.6 Orkla Snacks -0.9 -0.1 -1.0 11.2 -2.1 -0.1 -2.3 12.3 Orkla Food Ingredients 0.3 0.1 0.3 7.3 -0.5 0.0 -0.5 7.5 Orkla Health -2.2 0.1 -2.1 13.2 -2.7 0.0 -2.7 12.7 Orkla India 1.6 0.0 1.6 17.0 -1.0 0.0 -1.0 16.1 The European Pizza Company 0.6 0.0 0.6 12.3 0.6 0.0 0.6 13.2 Orkla Home & Personal Care 0.7 0.0 0.7 13.4 1.0 0.0 1.0 15.9 Orkla House Care 1.2 0.0 1.1 14.8 4.9 0.2 5.1 16.4 Health and Sports Nutrition Group 1.9 0.0 1.9 4.4 2.6 0.0 2.6 4.6 Consolidated Portfolio Companies -0.1 0.1 0.0 11.1 -0.6 0.2 -0.4 11.7 Orkla ASA & Business Services 7.5 0.0 7.6 -25.1 13.5 0.1 13.5 -25.8 Consolidated Portfolio Companies incl. Orkla ASA & Business Services 0.0 0.1 0.1 10.7 -0.4 0.2 -0.2 11.3 1.1.–30.9.2024 1.7.–30.9.2024 1.1.–31.12.2024 EBIT (adj.) margin growth change percentage points Underlying growth Structure/ FX Total EBIT(adj.) margin (%) Underlying growth Structure/ FX Total EBIT(adj.) margin (%) Underlying growth Structure/ FX Total EBIT(adj.) margin (%) Orkla Foods 1.5 -0.2 1.3 12.3 1.6 -0.2 1.4 13.4 1.4 -0.2 1.2 12.3 Orkla Snacks 1.6 0.0 1.6 12.2 1.8 -0.1 1.7 14.6 1.7 0.0 1.7 13.1 Orkla Food Ingredients 0.4 0.0 0.4 6.9 1.0 0.1 1.1 8.0 0.5 0.0 0.5 6.8 Orkla Health 0.5 -0.7 -0.2 15.3 0.4 -0.4 0.0 15.4 -0.1 -0.5 -0.5 12.8 Orkla India 2.0 -0.1 1.9 15.4 1.1 -0.2 0.9 17.1 1.9 -0.1 1.8 14.9 The European Pizza Company 2.9 0.0 2.9 11.7 2.1 0.0 2.1 12.6 2.0 0.0 2.0 11.1 Orkla Home & Personal Care 2.4 0.1 2.5 12.8 2.5 0.1 2.6 14.9 2.7 0.0 2.7 11.7 Orkla House Care 2.1 0.0 2.1 13.7 0.9 0.4 1.3 11.3 1.9 -0.2 1.7 11.3 Health and Sports Nutrition Group -0.5 -0.1 -0.5 2.6 -1.1 0.0 -1.1 2.0 -0.2 0.0 -0.2 2.7 Pierre Robert Group -6.6 0.1 -6.5 -3.0 -13.8 0.3 -13.6 -9.6 -9.3 0.1 -9.2 -4.8 Lilleborg 4.7 -1.7 3.0 10.6 N/A N/A N/A N/A 4.7 -2.9 1.8 10.6 Consolidated Portfolio Companies 1.2 -0.1 1.1 11.1 1.2 0.0 1.2 12.1 1.1 -0.1 1.0 10.7 Orkla ASA & Business Services 18.7 0.0 18.7 -32.7 11.1 0.1 11.1 -39.4 19.4 0.0 19.4 -33.6 Consolidated Portfolio Companies incl. Orkla ASA & Business Services 1.3 -0.1 1.3 10.5 1.3 0.0 1.3 11.5 1.2 -0.1 1.1 10.1 Orkla Third quarter 2025 35 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 14.8% 14.0% 14.4% EBIT (adj.) R12M 2 584 2 486 2 532 Amortisation and write-downs intangibles R12M 1 1 1 EBITA (adj.) R12M 2 585 2 487 2 533 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 2 250 2 621 2 426 Total fixed assets (tangible) 5 553 5 520 5 494 Total intangible assets 9 408 9 277 9 317 Accumulated depreciation and write-downs intangible assets 1 526 1 485 1 499 Net pension liabilities (818) (759) (781) Deferred tax, excess values (410) (404) (407) Total average capital employed 17 510 17 739 17 547 Orkla Foods Figures may not add up due to rounding. Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 2 321 2 525 2 070 2 015 2 319 2 505 2 668 2 622 2 990 Total fixed assets (tangible) 5 628 5 605 5 492 5 512 5 529 5 383 5 525 5 520 5 641 Total intangible assets 9 464 9 471 9 352 9 372 9 382 9 246 9 326 9 258 9 173 Accumulated depreciation and write-downs intangible assets 1 556 1 530 1 505 1 492 1 544 1 490 1 512 1 458 1 422 Net pension liabilities (839) (832) (817) (795) (806) (771) (771) (762) (687) Deferred tax, excess values (412) (412) (406) (409) (409) (405) (407) (405) (396) Total capital employed 17 718 17 888 17 197 17 188 17 559 17 448 17 852 17 691 18 143 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 36 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 11.5% 11.1% 11.7% EBIT (adj.) R12M 1 259 1 198 1 273 Amortisation and write-downs intangibles R12M 1 1 1 EBITA (adj.) R12M 1 260 1 198 1 273 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 673 707 647 Total fixed assets (tangible) 4 293 4 292 4 309 Total intangible assets 6 119 6 164 6 180 Accumulated depreciation and write-downs intangible assets 563 320 382 Net pension liabilities (212) (200) (202) Deferred tax, excess values (441) (459) (457) Total average capital employed 10 995 10 824 10 858 Orkla Snacks Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 875 658 494 562 778 654 714 528 864 Total fixed assets (tangible) 4 262 4 357 4 187 4 325 4 332 4 272 4 344 4 272 4 238 Total intangible assets 6 149 6 191 6 060 6 113 6 079 6 191 6 333 6 183 6 034 Accumulated depreciation and write-downs intangible assets 566 570 555 562 563 260 264 261 253 Net pension liabilities (220) (217) (211) (200) (212) (203) (203) (192) (189) Deferred tax, excess values (440) (446) (435) (441) (442) (466) (475) (463) (449) Total capital employed 11 193 11 114 10 651 10 921 11 098 10 707 10 977 10 589 10 751 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 37 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 12.2% 11.1% 11.4% EBIT (adj.) R12M 1 467 1 256 1 310 Amortisation and write-downs intangibles R12M 3 1 1 EBITA (adj.) R12M 1 470 1 257 1 311 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 2 474 2 291 2 314 Total fixed assets (tangible) 4 125 3 720 3 837 Total intangible assets 4 798 4 589 4 667 Accumulated depreciation and write-downs intangible assets 911 872 886 Net pension liabilities (201) (186) (191) Deferred tax, excess values (9) (8) (8) Total average capital employed 12 097 11 279 11 505 Orkla Food Ingredients Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 2 485 2 600 2 439 2 397 2 446 2 282 2 338 2 105 2 286 Total fixed assets (tangible) 4 384 4 303 3 986 4 058 3 896 3 826 3 780 3 624 3 471 Total intangible assets 4 769 4 818 4 757 4 897 4 748 4 614 4 631 4 447 4 506 Accumulated depreciation and write-downs intangible assets 906 913 887 914 933 856 876 849 847 Net pension liabilities (208) (205) (201) (195) (198) (190) (188) (185) (170) Deferred tax, excess values (7) (10) (9) (9) (7) (8) (8) (8) (8) Total capital employed 12 328 12 419 11 860 12 063 11 817 11 381 11 430 10 833 10 933 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 38 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 8.6% 9.9% 9.6% EBIT (adj.) R12M 852 964 942 Amortisation and write-downs intangibles R12M 6 6 6 EBITA (adj.) R12M 858 970 948 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 1 353 1 303 1 303 Total fixed assets (tangible) 1 018 957 989 Total intangible assets 7 559 7 543 7 578 Accumulated depreciation and write-downs intangible assets 348 287 293 Net pension liabilities (20) (15) (16) Deferred tax, excess values (253) (252) (253) Total average capital employed 10 005 9 823 9 894 Orkla Health Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.03.2024 31.12.2023 30.9.2023 Net working capital 1 311 1 467 1 361 1 227 1 399 1 388 1 393 1 110 1 227 Total fixed assets (tangible) 1 001 1 016 1 015 1 044 1 015 979 970 939 882 Total intangible assets 7 340 7 629 7 553 7 636 7 635 7 532 7 596 7 489 7 461 Accumulated depreciation and write-downs intangible assets 533 306 297 300 305 287 292 281 268 Net pension liabilities (22) (21) (20) (19) (17) (16) (15) (14) (12) Deferred tax, excess values (244) (256) (253) (256) (256) (252) (254) (249) (249) Total capital employed 9 919 10 141 9 953 9 931 10 081 9 918 9 981 9 556 9 578 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 39 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 8.1% 7.8% 7.7% EBIT (adj.) R12M 356 339 336 Amortisation and write-downs intangibles R12M 20 23 23 EBITA (adj.) R12M 376 362 360 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 132 111 120 Total fixed assets (tangible) 727 805 801 Total intangible assets 3 689 3 642 3 668 Accumulated depreciation and write-downs intangible assets 275 222 242 Deferred tax, excess values (173) (170) (171) Total average capital employed 4 650 4 610 4 660 The European Pizza Company Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 142 142 117 122 136 147 115 77 78 Total fixed assets (tangible) 670 706 713 754 791 786 842 833 774 Total intangible assets 3 599 3 760 3 628 3 737 3 721 3 612 3 704 3 564 3 607 Accumulated depreciation and write-downs intangible assets 390 256 243 246 241 223 223 280 144 Deferred tax, excess values (174) (175) (169) (175) (174) (169) (173) (166) (166) Total capital employed 4 627 4 690 4 532 4 685 4 715 4 599 4 711 4 587 4 437 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 40 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 24.3% 20.3% 22.0% EBIT (adj.) R12M 347 292 315 Amortisation and write-downs intangibles R12M 0 0 0 EBITA (adj.) R12M 347 292 315 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 126 128 132 Total fixed assets (tangible) 597 632 608 Total intangible assets 991 947 970 Accumulated depreciation and write-downs intangible assets 0 0 0 Net pension liabilities (274) (258) (266) Deferred tax, excess values (11) (11) (11) Total average capital employed 1 429 1 438 1 434 Orkla Home & Personal Care Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 123 140 120 106 140 174 116 127 83 Total fixed assets (tangible) 598 600 594 592 603 590 620 633 714 Total intangible assets 997 1 001 994 975 987 954 968 965 861 Accumulated depreciation and write-downs intangible assets 0 0 0 0 1 1 1 1 0 Net pension liabilities (278) (278) (275) (270) (269) (261) (264) (265) (230) Deferred tax, excess values (11) (11) (11) (11) (11) (11) (11) (11) (10) Total capital employed 1 430 1 452 1 421 1 392 1 451 1 447 1 428 1 450 1 417 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 41 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 13.6% 12.0% 12.2% EBIT (adj.) R12M 205 183 186 Amortisation and write-downs intangibles R12M 0 0 0 EBITA (adj.) R12M 205 183 186 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 188 208 200 Total fixed assets (tangible) 271 291 273 Total intangible assets 718 703 722 Accumulated depreciation and write-downs intangible assets 378 365 372 Net pension liabilities (2) (2) (2) Deferred tax, excess values (42) (43) (43) Total average capital employed 1 511 1 522 1 522 Orkla House Care Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 186 281 228 145 101 301 289 162 185 Total fixed assets (tangible) 262 271 269 280 275 267 273 272 369 Total intangible assets 713 718 710 723 724 717 727 717 629 Accumulated depreciation and write-downs intangible assets 367 378 373 388 384 368 373 349 351 Net pension liabilities (2) (2) (2) (2) (2) (2) (2) (2) (2) Deferred tax, excess values (41) (41) (42) (43) (43) (43) (43) (43) (43) Total capital employed 1 485 1 604 1 535 1 491 1 440 1 608 1 617 1 455 1 490 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 42 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 7.8% 4.5% 4.9% EBIT (adj.) R12M 52 31 33 Amortisation and write-downs intangibles R12M 1 1 1 EBITA (adj.) R12M 52 31 34 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 69 90 92 Total fixed assets (tangible) 180 187 188 Total intangible assets 449 440 442 Accumulated depreciation and write-downs intangible assets 1 0 1 Deferred tax, excess values (27) (26) (26) Total average capital employed 672 691 697 Health and Sports Nutrition Group Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 44 67 62 67 104 110 74 106 56 Total fixed assets (tangible) 174 176 178 183 189 185 189 195 177 Total intangible assets 450 453 453 440 447 436 444 442 430 Accumulated depreciation and write-downs intangible assets 1 1 1 1 1 1 0 0 0 Deferred tax, excess values (27) (27) (27) (26) (26) (26) (26) (26) (25) Total capital employed 643 671 667 665 715 706 681 717 638 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 43 Alternative Performance Measures
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Calculation of ROCE (return on capital employed) Amounts in NOK million 30.9.2025 30.9.2024 31.12.2024 ROCE (R12M1) 11.9% 11.2% 11.5% EBIT (adj.) R12M 7 236 6 821 6 983 Amortisation and write-downs intangibles R12M 31 32 33 EBITA (adj.) R12M 7 267 6 853 7 016 Average capital employed: 30.9.20252 30.9.20243 31.12.20244 Net working capital 7 376 7 680 7 397 Total fixed assets (tangible) 17 526 17 267 17 342 Total intangible assets 35 951 35 980 36 138 Accumulated depreciation and write-downs intangible assets 4 245 3 983 4 117 Net pension liabilities (2 246) (2 083) (2 141) Deferred tax, excess values (1 570) (1 610) (1 610) Total average capital employed 61 281 61 217 61 243 Consolidated portfolio companies incl. Orkla ASA and Business Services Specification of capital base for calculation of average capital employed A B C D E F G H I Amounts in NOK million 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 Net working capital 7 622 7 959 6 883 6 698 7 718 7 754 7 805 7 011 8 113 Total fixed assets (tangible) 17 690 17 763 17 194 17 561 17 420 17 102 17 452 17 164 17 189 Total intangible assetsw 35 496 36 152 35 724 36 276 36 106 36 035 36 527 35 746 35 487 Accumulated depreciation and write-downs intangible assets 4 425 4 059 3 964 4 386 4 392 3 714 3 973 3 934 3 713 Net pension liabilities (2 331) (2 289) (2 220) (2 187) (2 205) (2 131) (2 119) (2 064) (1 894) Deferred tax, excess values (1 540) (1 572) (1 554) (1 578) (1 608) (1 620) (1 642) (1 601) (1 581) Total capital employed 61 361 62 073 59 991 61 156 61 823 60 854 61 997 60 190 61 028 Figures may not add up due to rounding. 1) R12M = Last 12 months figures 2) Average of statement of financial position items in columns A, B, C, D and E 3) Average of statement of financial position items in columns E, F, G, H and I 4) Average of statement of financial position items in columns C, D, E, F and G Orkla Third quarter 2025 44 Alternative Performance Measures
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Photo Bjørn Wad More information about Orkla may be found at: https://investors.orkla.com/ Orkla Third quarter 2025 45