We raise our 2026/27e EBIT adj. by ~1% following Orkla’s Q3 report, reflecting lower HQ costs and stable execution across the portfolio. The NOK 4bn buyback program, commencing 17 November and running until 31 December 2026 underscores the company’s stronger focus on shareholder distributions. With stricter capital discipline, a renewed emphasis on core assets, and >100% cash conversion in core segments, we believe Orkla is positioned to increase dividends while continuing to deleverage. At 16x ....
