Orkla ASA

Investor Presentation • May 28, 2025

Capital Markets Update

28 May 2025

Disclaimer

This presentation has been prepared by Orkla ASA (the "Company") solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

Certain statements included in this presentation contain various forward-looking statements that reflect management's current views with respect to future events and financial and operational performance. The words "believe," "expect," "anticipate," "intend," "may," "plan," "estimate," "should," "could," "aim," "target," "might," or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forwardlooking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include but are not limited to the Company's ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

AGENDA

Update on Orkla ASA Nils K. Selte, President and CEO

Update on financial targets Arve Regland, EVP and CFO

Orkla Foods Aku Vikström, CEO Orkla Foods

Coffee break (~20 minutes)

10:15 Orkla Snacks Ingvill Tarberg Berg, CEO Orkla Snacks

Orkla Food Ingredients Johan Clarin, CEO Orkla Food Ingredients

Q&A All presenters

Closing remarks Nils K. Selte, President and CEO

The presentations will conclude at approximately 11:30

Update on Orkla ASA

Nils K. Selte President and CEO

Target 12-14%

Total Shareholder Return (TSR) per annum 2024-2026

3 PRIORITIES

Drive organic value in existing portfolio

Reduce the complexity of existing portfolio

Perform valueadding structural transactions

Portfolio company targets 2023-2026 (consolidated)¹

Note: 1. Including Orkla ASA and Business Services; 2. Total of the targets for the Consolidated Portfolio Companies communicated at the Capital Markets Day in November 2023 Abbreviation: R12M = Rolling twelve-month (also applicable to other pages in this presentation)

7

CMD 2023 Year End 2026 Today

12 Portfolio Companies

7-9 Portfolio Companies

10 Portfolio Companies

From Portfolio Companies varying in size to companies more similar and larger in size

Orkla portfolio

Revenues 2024 in NOK billions

Portfolio categorisation

Grow and build	Anchor	Transform or exit
Orkla Food Ingredients	Jotun	Orkla Home and Personal Care
Orkla Health	Orkla Foods	Orkla House Care
Orkla India	Orkla Snacks	Health and Sports Nutrition Group
The European Pizza Company		Pierre Robert Group
		Lilleborg Divested

Portfolio categorisation

Grow and build	Anchor	Transform or exit
Orkla Food Ingredients	Jotun
Orkla Health	Orkla Foods	Orkla House Care
Orkla India	Orkla Snacks	Health and Sports Nutrition
The European Pizza Company	Orkla Home and Personal Care	Group Pierre Robert Group
		Lilleborg Divested

Anchor

Status on CMD targets

Update on financial targets

Arve Regland EVP and CFO

Operating revenue and EBIT (adj.)

2018

2019

2020

EBIT (adj.) EBIT (adj.) margin

2022

2023

2021

10.1%

2024

Operating revenue

Earnings per share

Cash flow

Cash flow from operations and cash conversion | Consolidated Portfolio Companies (incl. Orkla ASA)

MAIN PRIORITIES FOR CAPITAL ALLOCATION

Update on CMD targets for Portfolio Companies not presenting

Jotun's targets

42.7% ownership interest

Dimension	Target	2024
Revenue growth	>8%	7.4%
Operating margin	>12%	19.8%
Equity ratio	>50%	62%
ROCE	>25%	34%
Liquidity1	>5%	13%

Note: 1. Cash and unutilized long-term credit lines available in Jotun A/S, as percentage of Jotun 100% sales

Grow and Build

Status on CMD targets

Grow and Build

Status on CMD targets

Transform or exit

Status on CMD targets

2023 2024 R12M Target

Note: R12M represents rolling twelve-months as end of Q1 2025. The target period stretches from 2024 to 2026. Revenue growth are defined as organic revenue CAGR from 2024 to 2026. All EBIT measures are defined as EBIT (adj.).

Group

ESG targets

2

Scope 1 & 2 GHG reduction of 70% by 2030

1

Target for Scope 3 GHG reduction by 2030 under revision

All food companies to create positive health impacts towards 2030

Balance in gender representation in management teams by 2026

3

TSR target communicated at the CMD

28 May 2025 Capital Markets Update

Introduction

Biography

2018-2024

CEO at NoHo Partners; leading Nordic restaurant operator listed at Nasdaq Helsinki

2014-2018

CEO at Royal Restaurants; Private Equity owned and Finland's largest private hotel and restaurant group

1997-2014

General manager and commercial roles across Europe within various FMCG categories

Orkla Foods at a glance

Cash conversion: Cash flow from operations / EBIT adj.

A portfolio of market-leading iconic brands

80% of revenue from #1 and #2 brands 2x market share of branded competitors and 3x market share of all private label

Unique model combining best of both worlds

Economies of scale in sourcing and supply compared to local competition

Commercial scale to leverage on category insight, commercial excellence and trade partnership

Organizational scale to attract and develop the best talent in the market

Local player with regional scale benefits Built on local accountability. Driven by results.

Consistent track record of profit and cash delivery

Cash conversion: Cash flow from operations / EBIT adj.

Programs from Capital Markets Day on track

From price-driven to more balanced long-term growth

From price and margin-driven value creation

To more balanced organic growth driven by positive price, volume and mix development

Accelerating growth by getting clearer, leaner and aligned

Sharpening our portfolio

Focus

Turning focus into growth – our growth platforms

3 G R O W T H P L A T F O R M S 1 0 L O C A L D I A M O N D S

4 0 % o f p o r t f o l i o s a l e s 2 0 % o f p o r t f o l i o s a l e s

Simplify to fuel growth

Tail-cutting of 20% SKUs across Orkla Foods product portfolio

Supply-driven Demand-driven

Simplify our product range to ensure enough shelf-space for our bestsellers

Simplification

Simplify to fuel growth – Real life example

New ways of working to drive alignment and growth

What

Core playbook

• Setting a clear growth strategy and incentives to drive real internal growth
• Aligning teams around critical demand drivers in unified framework
• Establishing clear best practice principles for advertising and in-store execution

How

Standardized tool - Growth wheel

From concept to reality – the growth wheel at work

Case: renovating Grandiosa brand in Norway

WHEEL Revitalized taste and design Improved communication

Improved product quality and taste to meet identified gaps

More distinctive packaging design in line with strategy

New brand and product communication targeted to drive penetration

Increased media spend to above minimum threshold

Starting point Improvement areas and actions Preliminary results

Grandiosa Pepperoni volume sales up 29% YTD

Our growth engine: focus, simplicity and alignment

On track for 2026– building momentum for long-term growth

	Status at Capital Markets Day 2023 (YTD Q3 23')	Today (R12M, Q1 25')	Target 2026
Yearly organic growth	7.2%	0.4%	2-3% Positive volume/mix growth at end of period
EBIT margin (adj.)	11.0%	12.5%	13-14%
Cash conversion	115% ROCE 12.2%	119% ROCE 14.7%	>100% ROCE >15%; +3%-p

Future-fit portfolio - powered by focus and execution

rate

Strategy execution

28 May 2025 Capital Markets Update

Our aspiration

The #1 snacking choice for the Nordic/Baltic consumers

Winning together with local, sustainable brands and passionate people

Other ~3% include cakes, convenience food & frozen food

Uniquely positioned in the attractive snacking categories in the Nordic/Baltics with strong, local legacy brands

We are in attractive categories for suppliers and trade… …with market leading positions

Snacks Confectionery Biscuits # 2 # 2 # 1 # 1 # 7 # 1 # 1 # 4 # 3 # 1 # >10 NA # 3 # 1 # 1 # 1 # 1 # 1 NA # 1 NA

Note: European Food Market estimates based on Orkla research from a variety of national and international institutions and trade associations which provide information about industrial production, international trade as well as consumer spending and habits; 1) Indicative view based on Orkla research and selection of global peers; 2) Estimate on Nordic grocery retail markets

2024 was a strong start towards our targets for 2026

EBIT (adj.) NOK bn (margin %)

EBIT (adj.) growth 2024

• Price increases to mitigate development in input cost
• Volume growth in core according to targets
• Cost improvements in biscuit factory according to plan

High cocoa prices are putting pressure on the chocolate category – We remain committed to our targets

• Cocoa prices tripled vs 2023
• Strong mitigation program in place
  • Price adjustments
  • Price/pack optimization
  • Cost program across full value chain
• Financial impact 2025 contingent on market volume development
• Expect recovery on volume and margin in 2026 pending cocoa price development

Our 3 strategic priorities provide a solid foundation for value creation

From Orkla CMD Nov 2023

We have clear priorities to drive growth in our categories with our hero brands

Optimize formats to align with consumer preferences and drive demand

Win in our core segments potato chips and cheese

Smash! Drive market share growth

Accelerate pan-regional hero brands BUBS and

for our legacy chocolate brands

Biscuits

Expand in indulgence and snacking segments

Grow cross-country volumes through joint innovation platforms

We see great results from driving growth in core with Smash! in home and new markets

Smash operating revenue growth

Significant uplift in Norwegian sales through new communication platform and format innovation

Strong launch of tablet in Sweden and Finland while accelerating sales of Smash! bag

Investment to be made in a new line, doubling capacity of our Smash! bags

Strong performance for BUBS – with high growth potential going forward

BUBS volume growth ambitions

Strong organic growth – global awareness with limited investments

Growth only hampered by capacity – investments in new production line to double capacity in 2026/2027

Ready to launch in USA in Q4 – leading retailers expressing strong interest

11

KiMs is growing volume and market share in the Danish market

Ranked strongest brand in Denmark

Ranked best field sales in Denmark

#1

Strong vol-/mix growth

#1 9.2%

1) AIM Creates annual brand analysis; 2) MLDK annual awards; 3) 2023/2024

We have initiated cost initiatives to drive margin, and fuel brand and capability investments

2

Fuel heroes through cost efficiency

Key levers to drive cost out

And we are step-changing our capabilities to win in the market

A joint commercial model for growth

A common cross-market Sales & Operation Planning process

Operational excellence and digitalization

To accelerate our strategic priorities, we implemented a new operating model from 1 January

L o c a l w h e r e i t m a t t e r s - S y s t e m v a l u e w h e r e i t m a k e s a d i f f e r e n c e

1

4

14

We have built new centralized category teams to support our local business units to win in local markets!

L o c a l w h e r e i t m a t t e r s - S y s t e m v a l u e w h e r e i t m a k e s a d i f f e r e n c e

15

Our new operating model will accelerate our strategy implementation

Key advantages of new operating model
Accelerate top-line	Drive cost efficiency	Strengthen capabilities
• Cross-market category strategies and growth platforms • Strengthened prioritization of portfolio and projects • Increased ROI on brand investments	• Harmonization of input factors • Improved capacity utilization in production network • Increased efficiency and return in capex allocation	• Common frameworks and best practice capabilities • Optimized operational excellence across factories in respective categories

Orkla Snacks – A company set up for future success!

Building a leading European and US food ingredients company

Large and resilient addressable market of NOK 125 bn, with strong growth potential

BAKERY INGREDIENTS SWEET INGREDIENTS PLANT-BASED Current market addressed1 NOK 125 bn growing ~4% per year

Resilience and high purchase frequency

Consumer trends driving increased category value

Local consumer preferences and market dynamics

Note: 1) Orkla Food Ingredients markets for each cluster used as underlying addressable market. Represents underlying growth of bakery and sweet ingredients in OFI markets

Orkla Food Ingredients delivers tasty solutions with bakery, sweet and plant-based ingredients

BAKERY INGREDIENTS SWEET INGREDIENTS PLANT-BASED

Leading European supplier of bakery and pastry ingredients

Key provider for ice cream, confectionery, and bakery markets in Europe and US

Nordic pioneer of sustainable and nutritional plant-based food

Tailored to deliver on diverse customer needs across markets and customer segments

Decades of growth have transformed Orkla Food Ingredients to a leading ingredients player

Orkla Food Ingredients' competitive edge is derived from our multi-local-model

Value creation through strong local positions close to customers

• Local companies, with products and solutions tailored to local preferences
• Unmatched insights into local markets, customers and products, driving organic growth
• 90% of revenues outside of Norway, and 2/3 outside Scandinavia

Solid bakery ingredients platform built in Eastern Europe with significant growth potential

• Eastern European markets represent a population ~5x the Nordics, with high growth in consumer spending
• Proven track record of creating strong positions, fuelling organic growth and leveraging scale
• Still fragmented landscape with growth potential in existing and new markets

Winning locally

Accelerating synergies through collaboration, common capabilities and systems

Grow operating profits ahead of revenues

Delivering on cost reduction projects on conversion, distribution and SG&A

Reducing complexity by optimising footprint and in-sourcing products

Realising procurement savings across business units

Improving operational performance and transparency through common ERP

Cost reduction projects delivering on conversion, distribution and SG&A costs

Cost
reduction

projects Increasing pace of continuous improvements in conversion and distribution costs

Leveraging scale in SG&A costs across business units

Dedicated initiatives to reduce cost base

in underperforming units

5% cost reductions over next 2 years

3% cost reductions over next 2 years

Average 10-15% cost reductions

– Consolidating sites to reduce – Investing to modernise – Convert sourced products to Reducing complexity by optimising footprint and increasing share of own products sold

Optimising

• Optimise the footprint

• complexity and costs
• and drive growth
• Drive in-sourcing of products
  • in-house production, increasing utilization of production capacity and driving margin uplift

Realising procurement savings across business units by leveraging purchasing power • Realised +0.9%-p increase in savings • Targeting 3.0% annual gross savings • Procurement Excellence Program

Procurement savings

- on external spend base last year compared to average previous 4 years

• to extract synergies across business units

Re-investing cash flow to grow the business within core categories and geographies

EXPANSION CAPEX

Investing to drive organic growth, with focus on increasing capacity and enhancing capabilities

Expansion capex increased more than x2 since 2022

M&A

Continuing structural growth journey, with focus to strengthen competitive edge in existing geographies

5 companies acquired since start of 2024

Structural growth is a key part of the expansion strategy, with 50+ businesses acquired since 1999

-

The partnership is a catalyst for unlocking the full potential of Orkla Food Ingredients

• The partnership between Orkla and Rhône is a catalyst for unlocking Orkla Food Ingredients' full potential, with a focused strategy to drive long-term, sustainable value
• Rhône brings to the partnership a strong track record in the ingredients industry, a global M&A network, and significant integration expertise
• Owners ready to deploy further capital to fuel growth

On track to deliver on 2026 targets, with significant EBIT growth and increased returns

Building a leading European and US food ingredients company

Nils K. Selte President and CEO Arve Regland EVP and CFO

Aku Vikström CEO Orkla Foods

Ingvill T. Berg CEO Orkla Snacks

Johan Clarin CEO Orkla Food Ingredients

Closing remarks

Nils K. Selte President and CEO

3 PRIORITIES

Drive organic value in existing portfolio

Reduce the complexity of existing portfolio

Perform valueadding structural transactions

Appendix

Consolidated Portfolio Companies – targets for 2026

Orkla Food Ingredients

• Revenue CAGR: 5%
• EBIT CAGR: 12%
• ROCE: +2%-p within 2026

Orkla Health

• Revenue CAGR: 7-9%
• EBIT margin: 14% within 2026

The European Pizza Company

• Consumer sales CAGR: >5%
• EBIT: EUR 35-40mn by year-end 2026

Orkla Foods

• Revenue CAGR: 2-3%
• EBIT margin: 13-14% in 2026
• Cash conversion: >100% p.a.
• ROCE: >15%; +3%-p within 2026

Orkla Snacks

• Volume-mix CAGR: >2%
• EBIT margin: >15% within 2026
• Cash conversion: ~100% p.a.
• ROCE: 13% within 2026

Grow and build Anchor Transform or exit

Orkla Home & Personal Care

• EBIT CAGR: >10%
• Cash conversion: >100% p.a.

Orkla House Care

▪ EBIT margin: +5%-p within 2026

Health and Sports Nutrition Group

• Revenue CAGR: 5%
• EBIT margin: 5% within 2026
• Cash conversion: 100% p.a.

Contribution ratio

Contribution margin ratio is calculated by dividing the contribution margin by operating revenues. Operating revenues minus variable operating expenses constitute the contribution margin. Variable operating expenses are reported on the financial statement line "operating expenses" and consist of expenses directly related to sales volume. Variable expenses include costs related to input factors such as raw materials and packaging, and variable production costs such as electricity related to production and variable pay. They also include ingoing and outgoing freight costs directly related to sales volume. Costs related to finished goods purchased for resale are included as part of variable operating expenses. Production costs that are relatively constant over time and do not vary according to production volume are not included in the computation of contribution margin; such costs include warehouse costs, payroll expenses linked to factory administration and management staff, and depreciation of production equipment. Contribution margin is a key internal financial figure that illustrates how profitable each portfolio company's product mix is, and hence also the company's ability to cover fixed expenses.

Contribution margin is an important financial figure with regard to product innovation and product portfolio optimisation. A reconciliation of the Orkla group's contribution margin is presented in the table above.

Organic growth

Organic growth shows like-for-like turnover growth for the group's business portfolio and is defined as the group's reported change in operating revenues adjusted for effects of the purchase and sale of companies, the re-conclusion and loss of distribution agreements of a material nature, and currency effects. Intra-group transfers of companies and changes in distribution agreements between portfolio companies are also taken into account. In calculating organic growth, acquired companies are excluded 12 months after the transaction date. Sold companies are excluded pro forma 12 months prior to the transaction date. Currency effects are neutralised by translating this year's turnover at last year's exchange rates.

Organic growth is included in segment information, and is used to identify and analyse the turnover growth of the consolidated portfolio companies. Organic growth provides an important picture of the portfolio companies' ability to carry out innovation, product development, correct pricing and brand-building.

Segment information for each consolidated portfolio company shows how large a part of organic growth is related to price effects and how large a part is linked to volume/mix effects. Price effects are defined as net changes in prices to customers, i.e. changes in customer prices adjusted for factors such as discounts, campaigns and price reductions. The price effects are calculated based on the assumption of unchanged volume. Volume/mix effects are calculated as a residual, and comprise organic growth minus price effects. Volume/mix effects consist of changes in sales volume and/or changes in the product mix sold.

EBIT (adj.)

EBIT (adj.) shows the group's current operating profit before items that require special explanation, and is defined as reported operating profit or loss before "Other income and expenses" (OIE). Items included in OIE are disclosed in Note 3. These include M&A costs, restructuring or integration expenses, any major gains on and write-downs of both tangible and intangible assets, and other items that only to a limited degree are reliable measures of the group's current profitability. EBIT (adj.) margin and growth are derived figures calculated in relation to operating revenues.

EBIT (adj.) is one of the group's most important financial figures, internally and externally. The figure is used to identify and analyse the group's profitability linked to normal operations and operating activities. Adjustment for items in OIE which to a limited degree are reliable measures of the group's current operating profit or loss increases the comparability of profitability over time.

Change in underlying EBIT (adj.)

Change in underlying EBIT (adj.) shows like-for-like EBIT (adj.) growth for the group's business portfolio, and is defined as the group's reported change in EBIT (adj.), adjusted for effects of the purchase and sale of companies, the re-conclusion and loss of distribution agreements of a material nature, and currency effects. Account is also taken of intra-group transfers of companies and changes in distribution agreements between portfolio companies. In calculating the change in underlying EBIT (adj.), acquired companies are included pro forma 12 months prior to the transaction date. Sold companies are excluded pro forma 12 months prior to the transaction date. Currency effects are neutralised by translating this year's EBIT (adj.) at last year's currency exchange rates. Where underlying profit performance is mentioned in the report, reference is made to underlying EBIT (adj.) performance. Underlying EBIT (adj.) margin and change therein are derived figures calculated in relation to operating revenues.

Underlying EBIT (adj.) growth is used for internal management purposes, including for identifying and analysing underlying profitability growth in the existing business portfolio, and provides a picture of the portfolio companies' ability to improve profitability in their existing operations. The measure is important because it provides a comparable structure for monitoring the change in profitability over time.

Return on Capital Employed (ROCE)

ROCE is calculated by dividing a 12-month rolling EBITA (adj.) by the average capital employed in the consolidated portfolio companies.

EBITA (adj.) consists of EBIT (adj.) plus depreciation and write-downs of intangible assets. 12-month rolling EBITA (adj.) is used in the calculation. Since depreciation and write-downs of intangible assets are not included in EBITA (adj.), they are also excluded from the capital base. Thus the historical cost of intangible assets is used in capital employed (see next paragraph).

Capital employed represents the working capital of the consolidated portfolio companies and consists of:

• Net working capital consists of the statement of financial position items "Trade receivables", "Trade payables" and "Inventories". It also includes payable public charges and some minor receivables and payables related to operations included in "Other receivables and financial assets" and "Other current liabilities".
• Fixed assets
• Intangible assets at historical cost consist of the statement of financial position line "Intangible assets" plus accumulated depreciation and write-downs
• Net pension liabilities -Pension assets are included in the statement of financial position line "Associates, joint ventures and other financial assets", while pension liabilities are included in "Provisions and other non-current liabilities"
• Deferred tax on excess value This item is included in deferred tax which is part of the statement of financial position line "Provisions and other non-current liabilities"

Return on Capital Employed (ROCE) cont.

Average capital employed is always an average of the closing balances in the five last reported quarters.

ROCE shows the return that the Orkla group receives on the capital invested in the various consolidated portfolio companies. This is an important measurement parameter for assessing whether the portfolio companies' return exceeds the group's weighted average cost of capital (WACC), and for comparing the return on the current portfolio with other alternative returns.

Earnings per share (adj.)

Earnings per share (adj.) show earnings per share adjusted for "Other income and expenses" (OIE) after estimated tax. Items included in OIE are specified in Note 3. The effective tax rate applicable to OIE was lower than the group's tax rate in the fourth quarter of 2024, since expensed M&A costs are not tax-deductible. As at 31 December 2024, the effective tax rate was higher than the group's tax rate because OIE were significantly impacted by non-taxable income, particularly the gain made on the sale of Lilleborg in the second quarter of 2024.

Adjustments are also made for any reported gains or losses on sales/purchases of associates and joint ventures, as well as for any reported major profit or loss effects linked to abnormal tax conditions. No such adjustments were made in 2024 or 2023.

Net replacement and expansion investments

When making investment decisions, the group distinguishes between replacement and expansion investments. Expansion investments are the proportion of overall reported investments deemed to be investments in either new geographical markets or new categories, or investments which represent significant increases in capacity. Net replacement investments include new leases and are reduced by the value of sold fixed assets valued at sale value.

The purpose of this distinction is to show how large a part of the investments (replacement) mainly concerns maintenance of existing operations and how large a part of the investments (expansion) are expected to generate increased contributions to profit in future, over and above profit expectations linked to normal operations.

Cash conversion

Cash conversion is calculated as cash flow from operating activities as a percentage of EBIT (adj.). Cash flow from operating activities is defined and presented in the Orkla-format cash flow statement.

Cash conversion is an important key figure for Orkla, as it shows how much of EBIT (adj.) has been converted into net interest-bearing liabilities, and thus the financial means available to the group. Net interest-bearing liabilities are the group's most important management parameter for financing and capital allocation.

Net interest-bearing liabilities

Net interest-bearing liabilities are the sum of the group's interest-bearing liabilities and interest-bearing receivables. Interest-bearing liabilities include bonded loans, bank loans, other loans, lease liabilities and interest-bearing derivatives. Interest-bearing receivables include cash and cash equivalents, interest-bearing derivatives and other interest-bearing receivables.

Net interest-bearing liabilities are the group's primary management parameter for financing and capital allocation, and are actively employed as part of the group's financial risk management strategy. The Orkla format cash flow statement therefore shows the change in net interest-bearing liabilities at group level.

Structure (acquisitions and disposals)

Structural growth includes adjustments for the divestment of Lilleborg, and the acquisition of the businesses Bubs Godis, Freunde der Erfrischung, Khell-Food, Norstamp, Kartonage, and SnackFood. Adjustments were also made for the divestment of Fruta Podivín, the brand Blomberg's, and the loss of distribution agreements with Tropicana and Alpro in Orkla Foods. Following the transition to a new operating model, the split-up of the former Orkla Care business area has entailed the transfer of the dental health business and adjustments for changes in distribution and production agreements between portfolio companies.

In 2023, adjustments were also made for the acquisitions of Denali Ingredients, Da Grasso, Lofoten Marine Oils, Healthspan and Hadecoup. Adjustments have been made for the loss of a distribution agreement with PepsiCo, the discontinuation of tea distribution in Orkla India, the winding-up of Hamé Foods in Russia, and sale of the convenience business in Orkla Latvija and the Struer brand.