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Pre-close information Q1 2026

As a service to the capital markets, the Orkla IR team would like to draw your attention to the following items to remember in advance of Q1 2026 reporting.

We omit P&L items for the consolidated portfolio companies that are categorized as “other income and expenses” from the commentary, as these have already been removed from EBIT adjusted. We instead focus on items that are expected to be of a non-recurring nature, as well as previously communicated outlook statements.

General information

  • Dividend proposal: At the Q4 2026 presentation, Orkla announced that the Board of Directors intends to propose for FY 2025 an ordinary dividend of 4 NOK per share and a dividend of 2 NOK per share in addition. Contingent on approval by the Annual General Meeting, the dividend will be paid in Q2 2026.  
  • Share buyback program: At the Q3 2025 presentation, Orkla announced the launch of a NOK 4 billion share buyback program: Orkla - Orkla initiates share buyback program. Transaction reports are published via NewsWeb and are available on the investor relations website.  

Portfolio companies

Jotun

  • Dividend proposal: At the Q4 presentation, Orkla announced that the Jotun Board of Directors intended to propose an ordinary dividend for the fiscal year 2025 of NOK 7,000 per share. This translates to Orkla receiving approximately NOK 1 billion in 2026, in two equal tranches. 
  • Outlook (Q4 2025): Jotun forecasts a stable development in raw material prices in the first quarter. For the year as a whole, Jotun expects sales growth to continue to outpace market growth. At the same time, they expect intensified competitive pressure on selling prices will weigh on margins. Currency translation effects are also expected to continue to negatively impact reported results

Orkla Foods

  • Customer inventory reduction (Q1 2025): The volume-driven shortfall in the quarter was partly driven by inventory reduction by certain customers to return to a more normalised inventory level (not quantified). 
  • Input costs (Q4 2025): Orkla Foods expects input costs to continue to increase into 2026, related particularly to meat, marine raw materials and berries. 

Orkla Snacks

  • BUBS US launch (Q4 2025): At the Q4 presentation, we commented that we continue to anticipate limited EBIT effect from BUBS in the coming quarters as we invest in A&P and SG&A to support the rollout. 
  • Input costs (Q4 2025): Orkla Snacks expects a favourable development of input factor costs in 2026. 

Orkla Food Ingredients

  • Cost program in the Sweet cluster (Q4 2025): The cost program initiated in Q3 2024 yielded a high double-digit million cost reduction in total for 2025. This was fully reflected in the numbers from Q1 2025. 
  • Transactions in Q1 2026: 
      • For reference: Note 33 in the 2024 Annual Report: OFI has several subsidiaries with non-controlling interests, including the Dragsbæk group in Denmark (67% interest).  
  • On 17 February 2026, Orkla Food Ingredients announced the acquisition of Senna, a leading Austrian producer of margarine, specialty fats, oils, sauces and dressings. Closing is expected in the first half of 2026: Orkla - Orkla Food Ingredients acquires Senna 

Orkla Health

  • Loss of contract in functional personal care (Q4 2025): Orkla Health had lower contract manufacturing sales in the functional personal care category in Q4 2025 (not quantified), related to a contract that expires in the first quarter of 2027. 
  • Phasing effects (Q4 2025): Sales in the food supplements category in Q1 2025 were positively affected by a phasing effect that shifted sales from Q4 2024 to Q1 2025 (not quantified). At the Q4 presentation, we noted that Orkla Health will meet strong comparables in Q1 2026.  
  • Input costs (Q4 2025): Orkla Health expects a continued negative impact from high prices for cod liver oil, which is a key input for food supplements in the omega-3 category. 

Orkla India

  • Government grants (Q1 2025): First quarter revenues and EBIT (adj.) for Q1 2025 included financial incentives provided by the Government of India of NOK 26 million.  

Orkla Home and Personal Care

  • Customer destocking (Q4 2025): Organic volume decline in Q4 2025 driven by one-time destocking at a customer in Norway (not quantified). 
  • Phasing effects (Q4 2025): Reported EBIT (adj.) driven by cost savings, partially attributable to phasing effects (not quantified). 

Orkla Real Estate

Q1 2025 apartment deliveries: EBIT (adj.) amounted to 30 MNOK, due to the delivery of 16 apartments in the quarter. 

M&A

Please find an overview of acquisitions and disposals here: Orkla - M&A