Orkla ASA — Earnings Release 2016

May 3, 2016

Orkla continues to deliver improvement

Orkla continues to deliver improvement

Orkla's operating profit (EBIT adj.) increased in the first quarter of 2016 by

13%, to NOK 817 million. Branded Consumer Goods continued to deliver improved

results. Pre-tax profit rose by 57%, to NOK 1,251 million, also driven by better

results from Sapa and Jotun.

Operating profit for Orkla's branded consumer goods business totalled NOK 860

million in the quarter, an improvement of 12%. Adjusted for currency translation

effects, it was an improvement of 7%.

Orkla's operating revenues rose by 14%, to NOK 8,610 million. Branded Consumer

Goods posted organic turnover growth of 1.8%, driven by Orkla Foods and Orkla

Confectionery & Snacks.

"For the eighth consecutive quarter, we have succeeded in achieving organic

turnover growth in markets where there is strong international competition. We

have had several successful new launches, and are also seeing the effect of

numerous internal improvement projects. We made a number of important

acquisitions in the quarter that will strengthen our operations going forward,"

says Orkla President and CEO Peter A. Ruzicka.

Orkla Foods will be one of the biggest food product suppliers in the Czech

Republic, Slovakia and Romania, as a result of its acquisition of the food

company Hamé. Through its purchase of O. Kavli A/S, Orkla Foods Danmark has

strengthened its position in the Danish grocery market. Both agreements have now

been approved by the relevant competition authorities.

Pierre Robert Group will be a leading supplier of socks, tights and underwear to

the Finnish grocery sector following the purchase of four brands from Nanso

Group in Finland. The acquisition of The Waverley Bakery Limited strengthens

Orkla Food Ingredients' position in the UK ice cream cone and accessories

market.

Lower power prices and slightly lower volume had a negative impact on Hydro

Power's results, and first-quarter operating profit totalled NOK 44 million,

compared with NOK 56 million in the corresponding period of 2015.

Profit from associates and joint ventures (primarily Sapa and Jotun) rose by

94%, to NOK 462 million in the first quarter. Orkla's share of Sapa's profit

after tax amounted to NOK 209 million in the quarter, compared with NOK 45

million in the same period of 2015. Jotun continued to deliver a positive sales

and profit performance. A gain of NOK 57 million was also realised in the first

quarter in connection with the sale of a real estate property.

Diluted earnings per share increased by 74% in the first quarter, to NOK 1.08.

Orkla ASA

Oslo, 3 May 2016

Ref.:

Group Director Corporate Communications and Corporate Affairs

Håkon Mageli

Mobile +47 928 45 828

SVP Investor Relations

Mattias Orrenius

Mobile +47 983 66 334

An Excel sheet with key figures may be found at www.orkla.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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