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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Orkla
Orkla (ORK) investor relations material
Orkla Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary20 Aug, 2026
Executive summary
Organic top-line growth was flat in Q2 2026, with a 2.5% increase in underlying EBIT and adjusted EPS rising to NOK 1.60; overall results were mixed due to volume declines and currency effects.
Jotun delivered strong performance, contributing to a 17% profit increase for the group and double-digit growth in revenue and operating profit, though geopolitical risks remain.
Several acquisitions were completed or announced, including The European Candy Group, a 40% stake in Go-Tan Group, and others in Food Ingredients and Snacks, strengthening category positions.
Capital allocation included a NOK 6 billion dividend and NOK 4 billion share buyback, with net interest-bearing debt rising to NOK 20.7 billion.
Portfolio companies showed mixed performance, with some segments growing and others facing volume or margin pressures.
Financial highlights
Q2 2026 operating revenues were NOK 16,699 million, down 5.4% year-over-year mainly due to currency effects; underlying revenues were flat after adjustments.
Underlying adjusted EBIT for the consolidated portfolio grew 2.5% to NOK 1,774 million, with an EBIT margin of 10.5%.
Adjusted EPS increased by 2.6% to NOK 1.60, supported by Jotun's profit growth and lower tax and financing costs.
Cash flow from operations in H1 2026 was NOK 2.1 billion, with cash conversion rates above 100% in several segments.
Net interest-bearing debt/EBITDA was 2.0x at Q2 2026.
Outlook and guidance
Management remains focused on volume growth, cost efficiency, and portfolio optimization to meet financial targets.
Margin pressure is expected in coming quarters due to higher raw material costs, especially if the Middle East conflict persists.
Mitigating actions in Orkla Food Ingredients are expected to impact profitability from next year onwards.
Financial targets for 2026 include EBIT margins of 10.5–11% and ROCE of 13%.
No specific top-line outlook provided, but ambition is to improve performance going forward.
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Latest events from Orkla
- Revenue rose 13.7%, EPS climbed 30.2%, and a NOK 2.60 dividend was proposed.ORK
AGM 2017 presentation - A branded-goods pivot paired 2011 growth with portfolio exits and shareholder returns.ORKAGM 2012 presentation
- AGM approved the dividend, renewed share authorities and confirmed governance appointments.ORKAGM 2011
- Stangeland and Kjos appointments, Deputy Chair remuneration and electronic communications approved.ORKEGM 2026
- Organic growth of 4.9% and 3% EBIT growth, with strong segments but rising cost pressures.ORKQ1 2026
- FY2025 growth supported a NOK 6/share dividend and portfolio reshaping; the plastic proposal was rejected.ORKAGM 2026
- Aims for 12-14% annual TSR with stable dividends and a NOK 4B share buyback in 2025-26.ORKInvestor presentation
- Q4 2025 saw strong growth, margin expansion, and major portfolio and capital moves.ORKQ4 2025
- Q1 2025 delivered 7.6% EBIT growth, 19% higher EPS, and strong margin and cash flow gains.ORKQ1 2025
Next Orkla earnings date
Q3 20266 Nov, 2026
Orkla
Next Orkla earnings date
Q3 20266 Nov, 2026
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Frequently asked questions
Orkla ASA is an industrial conglomerate that serves consumers in the Nordic region, Baltic region, and selected markets in Central Europe and India. Orkla’s business segments are Branded Consumer Goods, Materials, Financial Investments and Other Operations. Orkla’s primary focus is on branded consumer goods, which accounted for about 80 percent of its 2015 sales. The company is headquartered in Oslo, Norway.