Orkla-Q1’26 first take: CPC EBIT adj. 6% below consensus-05/20/2026

研报英文原文证据摘录

Orkla-Q1’26 first take: CPC EBIT adj. 6% below consensus-05/20/2026

Orkla

NEWSFLASH | 20 MAY 2026

Q1’26 first take: CPC EBIT adj. 6% below consensus

Orkla reported Q1’26 revenues of NOK 17.4bn, 3%/2% below PAS/cons., while Consolidated Portfolio Companies (CPC) EBIT

adj. came in at NOK 1,822m, 6%/5% below PAS/cons. CPC delivered organic growth of 4.9% y/y, while FX and structural

effects reduced reported growth by ~3pp. CPC EBIT adj. declined 1.3% y/y, reflecting NOK appreciation, fewer apartment

deliveries and margin pressure in selected CPCs. Profit from associates and JVs, primarily Jotun, came in above our

expectations, resulting in net profit in line with our estimate. We expect low- to mid-single digit negative EBIT revisions

following the report. We currently have a Hold recommendation and TP of NOK 125 for Orkla.

Deviation table

Actual Q1'26e Deviation (%) Pareto estimates (pre Q1)

NOKm Q1'25 Q1'26 Cons. Pareto Cons. Pareto 2026e 2027e 2028e

P&L

Revenues " 17,176 17,401 17,724 17,923 (2)% (3)% 74,403 76,498 78,655

EBIT adj. " 1,758 1,736 1,866 1,863 (7)% (7)% 8,106 8,607 9,072

Profit from associates (Jotun) " 651 616 533 16% 2,045 2,073 2,154

Net profit attributable " 1,793 1,689 1,697 1,685 (0)% 0% 7,013 7,368 7,782

EPS (attributable) NOK 1.68 1.71 1.70 1.70 1% 1% 7.92 8.42 8.90

Segments/Other key items

Portfolio revenue growth y/y % 1.6 1.9 4.3 (2.4)pp 3.6 4.1 2.8

Portfolio organic growth y/y " 1.2 4.9 3.7 1.2pp 3.5 3.9 2.8

Portfolio EBIT adj. " 1,831 1,822 1,918 1,942 (5)% (6)% 8,439 8,938 9,403

Foods " 589 614 620 613 (1)% 0% 2,711 2,768 2,826

Food Ingredients " 280 289 303 304 (5)% (5)% 1,618 1,713 1,811

Snacks " 260 308 305 305 1% 1% 1,527 1,670 1,761

Health " 310 218 317 317 (31)% (31)% 1,004 1,121 1,246

India " 131 101 134 131 (25)% (23)% 502 538 577