This article first appeared on GuruFocus .
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Organic Growth:4.4% across portfolio companies, with a 1.3% positive contribution from volume mix.
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Adjusted Earnings Per Share (EPS):NOK 1.85, a 9% increase year over year.
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Operating Revenue:NOK 17.9 billion, up 4% year over year.
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EBIT Adjusted:NOK 2 million, up 2% year over year.
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Profit from Associates (Jotun):NOK 603 million, up 10% year over year.
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Cash Flow from Operations:NOK 4.8 billion year-to-date, around NOK 400 million below last year.
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Net Debt:NOK 17.7 billion, equal to 1.7 times EBITDA.
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Orkla Foods Organic Growth:0.8%, with a temporary negative volume mix impact.
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Orkla Snacks Organic Growth:7.5%, driven entirely by price.
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Orkla Home & Personal Care Organic Growth:0.9%, driven by volume mix growth in Norway and Sweden.
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Orkla Food Ingredients Organic Growth:8.3%, with 3.9% from volume mix.
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Orkla Health Organic Growth:2.5%, with volume mix growth of 1.6%.
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Orkla India Organic Revenue Growth:4.3%, with positive volume growth.
Release Date: November 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Orkla ASA ( ORKLF ) achieved 4.4% organic growth across its portfolio companies in Q3, with a positive volume mix contribution of 1.3%.
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The IPO of Orkla India was a significant milestone, providing the company with its own currency and flexibility to support future growth.
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A NOK4 billion share buyback program was initiated, reflecting a commitment to return excess capital to shareholders.
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Jotun delivered strong results with double-digit underlying EBIT growth in local currencies, maintaining high margin levels.
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Orkla's consolidated portfolio companies saw a 0.3% improvement in EBIT adjusted margin year over year, with seven out of nine companies showing margin improvement.
Negative Points
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Orkla Food Ingredients experienced lower EBIT growth compared to past quarters, particularly in the Bakery segment and lower-margin plant-based categories.
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Orkla Snacks faced an 8.4% decline in underlying EBIT year over year due to higher cocoa prices.
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Orkla Health experienced an underlying EBIT decline driven by contribution margin pressure and increased SG&A costs.
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The company faced a NOK401 million expense in Q3, including a NOK240 million write-down of trademarks in Orkla Health.
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Orkla Foods faced temporary negative volume mix impact due to ERP modernization issues in the Czech Republic, affecting sales.
Q & A Highlights
Q: Could you elaborate on Jotun's solid volume growth and margins, and whether this performance is sustainable into 2026? A: The strong performance of Jotun is attributed to higher volumes and improved gross margins. We expect to exceed our initial guidance for 2024, but we will provide more details for 2026 in the Q4 presentation. Regarding the transform or exit portfolio, we have two companies left and do not provide guidance on structural deals.
Q: Are the delivery issues in the Czech Republic resolved, and will they impact Q4? A: The issues related to the ERP system implementation in the Czech Republic have been resolved by the end of Q3, so they should not impact Q4.
Q: How much was chocolate demand down in Q3, and has it stabilized? A: Chocolate demand saw a volume decline of at least 10% due to price increases. It has stabilized but continues to affect year-over-year numbers.
Q: What is the remaining book value of Nutrilett on your balance sheet? A: There is no remaining book value for Nutrilett. Several trademarks in Orkla Health were written down, including Nutrilett, and consolidated into the Sana-Sol brand.
Q: How do you see raw material prices developing into 2026 versus 2025? A: We expect a flat development in raw material prices, including cocoa, going into 2026. There is variation across different categories, but overall, the outlook remains stable.
Q: Did inventory rebalancing within Food impact this quarter? A: There was a very limited impact from inventory rebalancing this quarter.
Q: How is the performance of BUBS in the US relative to expectations, and how does it affect your view of the US market? A: The BUBS launch in the US is promising but had limited impact on Q3 numbers. We are committed to supporting the rollout with resources and expect long-term growth in the US market.
Q: Can you give an indication of the continued strategy plan to be presented in 2026? A: It is too early to provide details. We are in the process of developing a strategy plan for 2030, which will be presented at the end of 2026.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
