Skip to main contentSkip to navigationSkip to search

Pre-close information Q3 2025

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 Q3 2025 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

Input prices: At the Q2 2025 presentation, Orkla reiterated that in terms of input prices, our guidance remains unchanged. We continue to expect raw material prices, in sum, to stabilize in 2025, excluding cocoa.

Structural transactions

Not relevant for Q3 2025.

Portfolio companies

Jotun

  • Outlook (Q4 2024): Jotun expects continued sales growth at a higher level than projected market growth. On the other hand, operating margins are expected to decline compared to the historically high levels seen over the last two years. On balance, we expect Jotun to report 2025 results on par with 2024.
  • Additional outlook comment (Q2 2025): Jotun maintains a positive overall outlook and expects continued underlying sales growth and solid profitability in 2025. However, currency translation effects will most likely continue to negatively impact reported sales and earnings in the upcoming quarters.

Orkla Snacks

  • BUBS factory issues in Q3 2024: Orkla Snacks had “low service levels following production issues at the BUBS factory.” We stated that this had a negative impact on volumes, but did not quantify the effect.
  • Cocoa (Q2 2025): Cocoa market prices remain at a high level, which is expected to impact the next quarters negatively. Volumes have been secured for the remainder of 2025.
  • BUBS US launch planned for Q3 2025. As stated during the Q2 presentation, we do not expect the launch to impact the financials in Q3.

Orkla Food Ingredients

  • Cost program in the Sweet cluster: Cost program initiated in Q3 2024, which is expected to see gradual benefits in 2025 with a high double-digit million cost reduction in total. As of Q2 2025, all initiatives were implemented and were reflected in the results from Q1 2025.

Orkla India

  • Government grants (Q3 2024): Revenues included financial incentives provided by the Government of India amounting to NOK 6.4 million.
  • DRHP (Q2 2025): Orkla India filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India in June 2025.

US exposure

  • Orkla's import of direct material to the US and sourcing from the US each represent less than 1% of sourcing.
  • Orkla's exports to the US represent less than 1% of operating revenues.

M&A

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