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Pre-close information Q3 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 Q3 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

  • 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. The program was reported completed on 23 July 2026. Orkla - Orkla ASA: Completion of share buy-back programme
    • Transaction reports were published via NewsWeb and are available on the investor relations website.
    • A total of 37,542,917 shares were repurchased. 16,001,026 shares were redeemed (cancelled) following the resolution by the Annual General Meeting in 2026, with effect from 15 June 2026. Total number of shares following the reduction: 985,429,944.
    • The remaining shares repurchased under the programme will be redeemed subject to approval by the Annual General Meeting in 2027.
  • Input cost outlook (Q2 2026): For the consolidated portfolio, Orkla continues to see upward pressure on energy, freight and packaging-related input costs. At the same time, the picture is more positive for the second half of the year than what we anticipated when reporting Q1 results. Going into 2027, the input cost outlook is too uncertain to quantify. 

Portfolio companies

Jotun 

  • Outlook (Q2 2026): Jotun’s outlook remains uncertain due to the ongoing conflict in the Middle East. Although demand has remained resilient across most markets and developed better than expected in the war-affected markets, a prolonged conflict is expected to increasingly affect business conditions, supply chains and raw material markets beyond the region. Raw material prices have increased significantly, although less than initially anticipated. Due to the time lag between increases in raw material prices and their effect on margins, the full impact has yet to be reflected in Jotun’s results. If the conflict in the Middle East persists, continued pressure on raw material supply and logistics is expected to increasingly weigh on margins in the coming quarters.

Orkla Foods

  • Q3 2025: Orkla Foods experienced a temporary negative volume decline during the quarter from delivery issues in the Czech Republic due to challenges with the ERP go-live process. Adjusted for this, volume mix growth was slightly positive for Orkla Foods in total.
  • Transactions:
    • On 12 June 2026, Orkla Foods announced the acquisition of a minority stake in Go-Tan Group (40%). The transaction closed on 18 August 2026. Orkla’s share of profit from Go-Tan will be reported under “Profit from associates and joint ventures.”
    • On 17 June 2026, Orkla Foods announced the acquisition of 100% of the shares in the Danish bakery company TC Brød ApS. Closing is expected by the end of Q2 2027.

Orkla Snacks

  • Q3 2025: BUBS launched in the US in September through our production and distribution agreement with Mount Franklin Foods. The BUBS US launch was not material in Orkla Snacks’ P&L for the quarter. 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.
  • Transactions: On 31 July 2026, Orkla Snacks announced the acquisition of 100% of the shares in The European Candy Group B.V. (CCI), one of Europe’s leading producers of vegan sugar confectionery products, at an enterprise value of EUR 207 million on a cash- and debt-free basis. Closing is expected towards the end of the third quarter of 2026.

Orkla Food Ingredients

  • Transactions:
    • On 5 August 2026, Credin Portugal, a subsidiary of Orkla Food Ingredients in the Bakery cluster, entered into an agreement to acquire the operational business of Campo Bética SL, a Spanish producer of pastry ingredients. The transaction is expected to close towards the end of 2026.
    • On 28 August 2026, Nic Group, a subsidiary of Orkla Food Ingredients in the Sweet Ingredients cluster, announced completion of the divestment of Eisunion GmbH to Jotunfjell Partners.

Orkla Health

  • Outlook (Q1 2026): We expect this to be a challenging year for Orkla Health. The company is taking measures to reduce the cost base and plans to close three factories by the end of 2027. While these measures will improve profitability over the long term, we anticipate negative impacts related to the wind-down of the factories going forward. In addition, high cod liver oil prices and the termination of a customer contract (expires in Q1 2027) in the functional personal care category, have weighed on results.

M&A

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