Funding sources

Orkla’s main funding sources are bilateral loans from Orkla’s relationship banks and loans in the Norwegian bond market. Orkla ASA Group Treasury also continuously evaluates other funding sources.

External borrowing is mainly centralised at Orkla ASA , and capital needs in fully owned subsidiaries are normally covered by internal loans from Orkla ASA, or equity. The capital structure of portfolio companies and their subsidiaries is adapted to commercial, as well as legal and tax considerations. The short-term liquidity needs of the companies is managed at group level through cash pools.

An overview of the group’s funding as of 31 December 2025 is shown below:

Covenants

Orkla ASA has no loan agreements with financial covenants. The loan agreements include some limitations on disposals of businesses, creation of security interest on assets, borrowing at subsidiary level, and cross acceleration clauses. As of 31 December 2025, debt secured by pledges amounted to NOK 110 million, whereas the book value of pledged assets was NOK 566 million. The group’s total guarantee commitments amounted to NOK 29 million. Bonds issued in the Norwegian bond market are listed on the Oslo Stock Exchange.