In a changing world, we remain focused on what is most important: driving long-term value creation in our companies. We are seeing increased organic growth and good progress in the portfolio companies, with many important actions being taken to ensure continued profitability. We have invested in expertise, technology and sustainable solutions, and I see that there is both courage and ability to deliver in our portfolio companies. This gives me confidence that Orkla is well equipped to create value in the future.

We are now in the final phase of the 2024–2026 strategy period, and we are well positioned to deliver on the targets set at the Capital Markets Day in 2023. 

Our three priorities remain unchanged:
• to drive organic growth and value creation in the portfolio companies
• to reduce portfolio complexity
• to execute value-adding structural transactions

We took several important steps in 2025. The sales of Hydro Power and Pierre Robert Group reduced complexity and freed up capital for areas with greater value-creation potential. We are exploring further structural opportunities in the portfolio and evaluating new investments to generate industrial and financial value.

I would also like to highlight the listing of Orkla India in Mumbai, which represents the first listing in India of a subsidiary of a Norwegian company. This demonstrates both our ability to create value in new markets and our ambition to be an international player with a long-term perspective.

Work on the next strategy period is now well underway, in close cooperation with the Board of Directors. We will continue to build on our strengths. Orkla’s operating model combines active ownership and capital discipline with a long-term perspective and flexibility, rooted in our industrial heritage in brand building. 

We look forward to presenting the final result at a new capital markets day towards the end of 2026. We have laid a strong foundation; the path forward is about continuing to build value – with bravery, inspiration and integrity in everything we do.

I am proud of the solid work being done throughout Orkla, and I would like to thank all employees, employee representatives and the Board of Directors for their efforts and cooperation throughout the year. Together, we are creating value for the future.