Orkla stock slides after Q2 revenue falls 5.4%
Published on 08/21/2026 at 10:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Orkla stock is under pressure after the company reported second-quarter operating revenue of NOK 16,699 million on August 20, 2026, while adjusted earnings per share rose 2.6% to NOK 1.60. The same report showed adjusted EBIT of NOK 1,774 million, and the rolling 12-month adjusted EBIT margin held at 10.5%.
Revenue fell, profit held up
The Orkla half-year report said operating revenue declined 5.4% in the quarter from NOK 17,650 million a year earlier, mainly because of currency translation effects. Adjusted EBIT fell 5.3% to NOK 1,774 million, but adjusted EPS still increased from NOK 1.56 to NOK 1.60.
That mix matters for investors because the quarter was not a simple growth miss: the business kept margins intact while the top line weakened, and the first-half numbers still showed NOK 34,100 million in revenue and NOK 3,510 million in adjusted EBIT. Orkla also said cash flow before capital allocation was NOK 548 million in the quarter and NOK 1,566 million in the first half.
Guidance and balance sheet
Orkla said the consolidated portfolio companies delivered flat organic growth in the quarter, while underlying adjusted EBIT growth was 2.5% in the portfolio and 2.7% year to date. The company also highlighted a rolling 12-month adjusted EBIT margin of 10.5% and ROCE of 12.3% for the total portfolio companies including Orkla ASA and business service companies.
On the balance sheet side, net interest-bearing liabilities reached NOK 20,683 million at June 30, 2026, compared with NOK 14,167 million at December 31, 2025. Equity stood at NOK 45,850 million and the equity ratio was 52.4% at June 30, 2026.
Price and target view
The shares were last quoted at NOK 95.95, with a 5-day move of -6.98% and a year-to-date change of -14.56%, according to market data published on August 21, 2026. That price sits below the consensus target of NOK 114.43 shown on the same market page, while one broker call on August 20, 2026, cut its target to NOK 97 and kept a Hold view.
What Orkla sells
One representative product line is BUBS, which the company says continues to support growth in Orkla Snacks and expansion into new European markets. The latest report also linked that brand push to the agreed acquisition of The European Candy Group, which is meant to expand production capacity for vegan sugar confectionery.
Market close
As of August 21, 2026, the stock reference point remains NOK 95.95 on the market page and the key debate is whether the Q2 margin stability can offset the weaker revenue trend.
Company details
Company: Orkla ASA
ISIN: NO0003733800
Ticker: ORK
Exchange: Oslo Stock Exchange
Sector / Industry: Consumer Staples / Food Products
Index membership: OBX
More on Orkla stock
Orkla's August 20, 2026 report gives investors a clear split view: NOK 16,699 million in quarterly revenue, NOK 1,774 million in adjusted EBIT, and NOK 20,683 million in net interest-bearing liabilities.
