Orkla ASA — Earnings Release 2017

May 9, 2017

Orkla ASA Q1 2017: Growth continues

Orkla ASA Q1 2017: Growth continues

Orkla's operating profit (EBIT adj.) increased by 10% in the first quarter of

2017, to NOK 900 million. Turnover rose by 5%, to NOK 9,081 million.

The improvement was chiefly related to growth in Orkla's branded consumer goods

business. Growth in turnover was driven by Orkla Confectionery & Snacks, Orkla

Care and Orkla Foods. Orkla Food Ingredients saw an organic decline in the

quarter, primarily due to a decline in the price of almonds and butter blends.

Orkla's branded consumer goods business increased its operating profit by 7%, to

NOK 921 million. The branded consumer goods business reported 6% growth in

turnover and organic growth of 1.6%.

"For the 12th consecutive quarter we can point to organic sales growth in a

market where there is strong global competition. There is still growth in most

of the markets in which Orkla operates, although the growth is slowing. I am

pleased that this time we can report growth that is somewhat ahead of market

growth," says Orkla President and CEO Peter A. Ruzicka.

So far this year, Orkla has taken a number of steps to strengthen the

competitiveness of its branded consumer goods business. An investment of NOK

500 million is to be made in new technology and rationalisation of pizza

production at Stranda, Norway. Orkla Food Ingredients has strengthened its

positions in ice cream and bakery ingredients as a result of the acquisition of

three sales and distribution companies, in Germany, the Netherlands and the UK.

Orkla's food, chocolate and snacks businesses in Finland have been merged into a

single company under common management. Orkla has decided to exit the

mayonnaise-based salad category in Norway, close down production of marzipan in

Italy and move chocolate production in Latvia to new premises.

Profit from associates and joint ventures rose by 5%, to NOK 485 million. Sapa's

profit rose by 49%, and Orkla's share amounted to NOK 312 million. The

improvement at Sapa is mainly due to higher earnings from a larger share of

value-add business and continuous internal improvements.

Hydro Power increased its operating profit by 23%, to NOK 54 million. The

increase is mainly attributable to higher power prices, while production volume

declined somewhat.

Orkla's profit before tax increased by 4%, to NOK 1,295 million.

Orkla ASA

Oslo, 9 May 2017

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 spreadsheet 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.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.