Skip to main contentSkip to navigationSkip to search

Pre-close information Q4 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 Q4 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 (Q3 2025): At the Q3 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.

In the Q3 2025 report, we stated that beyond 2025, Orkla expects continued polarised cost development across sourcing categories and portfolio companies, with an overall neutral cost outlook despite an inflationary market sentiment.

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. Weekly transaction reports are published via NewsWeb and are available on the investor relations website. 

Structural transactions

The Initial Public Offering of Orkla India was completed on 6 November 2025: Orkla - Orkla ASA: Initial Public Offering of Orkla India Limited completed. Following the transaction, Orkla ASA retains a 75% ownership interest in Orkla India.

On 9 December 2025, Orkla Food Ingredients announced that the business unit Dragsbæk sold two Icelandic subsidiaries: Orkla - Dragsbæk completes divestment of Icelandic entities

  • 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). In the Dragsbæk group, there are also non-controlling interests in underlying subsidiaries


Portfolio companies

Jotun

  • Additional dividend: On 25 November 2025, Orkla announced that the Jotun Board of Directors had resolved to pay an additional dividend to all Jotun shareholders. Orkla’s share of the dividend was NOK 438 million, paid on 27 November 2025: Orkla - Jotun additional dividend
  • Outlook (Q3 2025): We guided that we expect Jotun report 2025 results on par with last year. We continue to expect currency headwinds to negatively impact growth year-over-year in the fourth quarter. That said, given the strong underlying operational development year-to-date, Jotun's contribution to Okla results for 2025 tracks ahead of our outlook.

Orkla Foods

  • ERP implementation (Q3 2025): We reported that volume growth in Orkla Foods was negatively impacted by ERP implementation in the Czech Republic. We stated during the Q&A that these issues are now resolved, and we do not expect an impact in Q4.

Orkla Snacks

  • BUBS US launch (Q3 2025): At the Q3 presentation, we confirmed that BUBS launched in the US during the quarter, but that we expect limited EBIT effect from BUBS in the coming quarters as we continue to invest in A&P and SG&A to support the rollout.

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 Health

  • Non-recurring costs (Q4 2024): At the Q4 2024 presentation, we reported that approximately NOK 30 million of non-recurring costs during the quarter was linked to organizational changes and inventory cleanup.

Orkla India

The European Pizza Company

  • Receivables write down (Q4 2024): EBIT (adj.) was held back by a write down of trade receivables for a limited group of New York Pizza franchisees. The effect was not quantified.

Orkla Real Estate

  • Q4 2024 apartment deliveries: Orkla Real Estate contributed NOK 143 million to EBIT (adj.) in Q4 2024, driven by the delivery of 53 apartments in an Oslo development project.

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