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A leading industrial investment company focused on brands and consumer-oriented industriesA leading industrial investment company focused on brands and consumer-oriented industries 8 January 2026SEB Nordic Seminar 8 January 2026SEB Nordic Seminar
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DisclaimerThis presentation has been prepared by Orkla ASA (the “Company”) solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.2All Alternative Performance Measures (APMs) are presented in the appendices. All figures in NOK million unless otherwise stated
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Orkla at a glanceOrkla at a glance10Portfolio companies~110Market value (NOK billion)70.7Revenue 2024 (NOK billion)6.1Net profit 2024(NOK billion)11%Avg. TSR L10Y7.5Cash flow before capital allocation 2024(NOK billion)
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Portfolio companies Note: 1. Revenues for Jotun Group. Orkla has a 42.7% interest in Jotun Group; 2. Orkla has a 59.4% interest in Orkla Food Ingredients; 3. Orkla has a 75% interest in Orkla India14.6Jotun1OrklaFoods11.5Orkla Food Ingredients2OrklaSnacksOrkla Health2.3OrklaIndia3The European Pizza CompanyOrkla Home and Personal CareOrkla House CareHealth and Sports Nutrition Group34.220.619.49.77.33.13.02.71.61.3 Revenues 2024 in NOK billions Orkla share Other shareholders 4
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5 Our targetTotal Shareholder Return (TSR)per annum 2024-2026
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Performvalue-adding structural transactionsReduce the complexityof existing portfolioDrive organic value in existing portfolio6 3 priorities for the 2023-2026 strategy period
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76.9%11.8%2023CAGR22023-2638%-10%(CAGR)9.0%10.3%2023R12M2026310.5%-11%9.9%11.9%2023R12M2026313%Portfolio company targets 2023-2026 (consolidated)1 | Per 30.09.2025 Note: 1. Including Orkla ASA and Business Services; 2. CAGR from 31/12/2023 to 30/09/2025; 3. Total of the targets for the Consolidated Portfolio Companies communicated at the Capital Markets Day in November 2023 Abbreviation: R12M = Rolling twelve-month (also applicable to other pages in this presentation) Return on Capital Employed (ROCE)EBIT (adj.) marginUnderlying EBIT(adj.) growth 7
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Orkla as an investmentI IIIIIIVOwner of companies with leading market positionsStable growth and increasingcash flowActive ownership, industry expertise, flexible approach and synergies Guided by long-term per share value creationDiversified portfolioAttractivefinancial profileUnique ownership modelDisciplinedcapital allocationA leading industrial investment company focused on brands and consumer-oriented industries
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Orkla as an investmentI IIIIIIVOwner of companies with leading market positionsStable growth and increasingcash flowActive ownership, industry expertise, flexible approach and synergies Guided by long-term per share value creationDiversified portfolioAttractivefinancial profileUnique ownership modelDisciplinedcapital allocationA leading industrial investment company focused on brands and consumer-oriented industries
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Diversified portfolio of brands and consumer-oriented companies with durable market positions 10Note: 1. Revenues for Jotun Group. Orkla has a 42.7% interest in Jotun Group; 2. Orkla has a 59.4% interest in Orkla Food Ingredients; 3. Orkla has a 75% interest in Orkla India NOK billion Orkla Foods20.6 NOK billionOrkla Snacks9.7 NOK billion1Jotun34.2NOK billion2Orkla Food Ingredients19.4 NOK billion Orkla Health7.3NOK billion3Orkla India3.1 NOK billion The European Pizza Company3.0 NOK billionOrkla Home & Personal Care2.7NOK billionOrkla House Care1.6 NOK billionHealth and Sports Nutrition Group1.3 Reported revenue 2024 AnchorGrow and buildTransform or exit
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Portfolio of category-leading brands across geographiesJotunOrkla Foods Orkla SnacksOrkla Food IngredientsOrkla HealthOrkla IndiaThe European Pizza CompanyOrkla Home & Personal Care Orkla House CareHealth and Sports Nutrition Group 11
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Nordic and European geographic base with meaningful emerging markets exposureRevenue 20241by geographyOrkla (incl. Jotun1) 12Note: 1. Revenues excluding Hydro Power and adjusted for Orkla’s ownership interest. 2. Orkla’s share of Jotun revenues included (i.e. 42.7%)19%16%8%8%24%19%NorwaySwedenDenmarkFinlandEurope2%India4%OtherJotun2~75% of revenues from emerging markets
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Orkla as an investmentI IIIIIIVOwner of companies with leading market positionsStable growth and increasingcash flowActive ownership, industry expertise, flexible approach and synergies Guided by long-term per share value creationDiversified portfolioAttractivefinancial profileUnique ownership modelDisciplinedcapital allocationA leading industrial investment company focused on brands and consumer-oriented industries
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2018 2019 2020 2021 2022 2023 20244171Source: Reported figures in annual reports11.7%2018 2019 2020 2021 2022 202311.3%20244.88.0EBIT (adj.) EBIT (adj.) margin14 Operating revenueNOK billionsEBIT (adj.) NOK billionsResilient growth across economic cyclesCAGR 10%CAGR 9%
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Note: Please find cash flow definitions in the end of the presentationSource: Reported figures in annual reports15 EPS (adj.) NOK per shareCash flow before capital allocation per shareNOK per shareIncreased earnings and cash flow generation per shareCAGR 10%3.66.42018 2019 2020 2021 2022 2023 20242.57.52018 2019 2020 2021 2022 2023 2024CAGR 20%
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Orkla as an investmentI IIIIIIVOwner of companies with leading market positionsStable growth and increasingcash flowActive ownership, industry expertise, flexible approach and synergies Guided by long-term per share value creationDiversified portfolioAttractivefinancial profileUnique ownership modelDisciplinedcapital allocationA leading industrial investment company focused on brands and consumer-oriented industries
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Orkla ownership model Business Services Companies17Portfolio CompaniesAnchorGrow and build Transform or exitOrkla ProcurementOrkla ITOrkla Financial Services Investment TeamCentre of ExcellenceOrkla ASA functionsJotunOrkla FoodsOrkla SnacksOrkla Home & Personal CareOrkla House CareHealth and Sports Nutrition GroupOrkla Food IngredientsOrkla HealthOrkla IndiaThe European Pizza Company
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Combining investment mindsetand consumer expertiseInvestment model inspired by PE and Family Offices, coupled with decades of industry and brands experience 18
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Key pillars of Orkla ownership model 19Active ownership • Company boards• Full potential plans• Incentive programmes Synergies• Business service companies• Procurement and IT Industry expertise• Expertise in brand and consumer-oriented industries• Centres of Excellence in Sales, Marketing, and Sustainability Flexible approach• Holding periods• Ownership structures• Ownership approach
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Orkla as an investmentI IIIIIIVOwner of companies with leading market positionsStable growth and increasingcash flowActive ownership, industry expertise, flexible approach and synergies Guided by long-term per share value creationDiversified portfolioAttractivefinancial profileUnique ownership modelDisciplinedcapital allocationA leading industrial investment company focused on brands and consumer-oriented industries
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Main priorities for capital allocation 21Stable and increasing dividendM&A and organic investmentsReturn excess capital to shareholders
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Stable and increasing dividend payments2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20247.57.66.010.01.52.02.3 2.3 2.32.55.02.5 2.5 2.5 2.5 2.520055.02.6 2.6 2.62.82.63.03.03.04.06.03.0Ordinary dividend Additional dividend22Dividend policy: normally 50-70% of EPS (adj.)NOK per share
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Share buyback programme initiated in Q4-25 23Stable and increasing dividendM&A and organic investmentsReturn excess capital to shareholdersShare buyback programme of NOK 4 billion1 Main priorities for capital allocation Note: 1. The program began on 17 November 2025 and continue until 31 December 2026 at the latest.
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Financial flexibility from a strong balance sheet 2019 2020 2021 2022 2023 20241.0x0.9x1.5x1.8x2.0x1.5xNIBD / R12M EBITDA 24 LONG-TERM TARGETSInvestment grade creditquality2.5xNIBD/EBITDA (R12M) 24
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Annual total shareholder return Note: As of 31.12.2025 25Orkla OSEBX3 years 5 years 10 years24%13%12%12%11%11%
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Closing remarks
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Key definitions•EBIT (adj.): EBIT before “Other income and expenses” (OIE). These include M&A costs, restructuring or integration expenses, any major gains on and write-downs of both tangible and intangible assets, and other items that only to a limited degree are reliable measures of the group’s current profitability. •Cash flow from operations: Cash flow from operations of the consolidated portfolio companies (incl. net replacement capex, but excl. taxes and net financial items)•Cash conversion: Cash flow from operations of the consolidated portfolio companies divided by EBIT (adj.)•Cash flow before capital allocation/capital transactions: Cash flow from operations (incl. net replacement capex), less taxes and net financial items, plus dividend from Jotun28