We expect Orkla to report Q1/21 adjusted EBIT of NOK 1,180m, 2% above latest Factset consensus of NOK 1,155m. Despite challenging Q1/20 comparables we expect Q1/21 organic growth to be positive for branded consumer goods. With consumers still spending a lot of their time at home, we expect grocery sales to be strong. We estimate Q1/21 NOK strengthening of 4.2% Y/Y, which will have a negative translation effect for operations in other currencies.