The following is a summary of the Orkla ASA (ORKLY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Operational improvements across Orkla's portfolio bolstered a strong Q1 2024.

• Positive volume growth of 1% noted, despite the altering Easter timings.

• Adjusted earnings per share grew by 14% to NOK 1.5 per share.

• Operating revenues increased by 6% in Q1 due to organic sales growth and currency translation effects.

• EBIT adjusted grew 15% despite negative impacts of Easter dates.

• Net interest-bearing debt of NOK 18.4 billion was seen at quarter end.

Business Progress:

• Full potential plans execution across all portfolio companies showcased positive momentum.

• A sales growth is projected in 2024 for Jotun, despite significant currency loss.

• Significant recovery from a negative EBIT impact in 2023 is expected at the new biscuit factory in Latvia.

• Orkla is looking to relinquish its 40% shares in Orkla Food Ingredients.

• The company is on par with the targets set in the Capital Markets Day last year and aims for an annual total share return of 12% to 14%.

• Volumes for Orkla Foods Europe and in Confectionery & Snacks categories showed notable recovery.

• The company is in line with the CMD targets to increase margins by 150-200 basis points by end of 2026, with Q1 results revealing a 1 percentage point improvement.

More details: ORKLA ASA SPON ADR EACH REP 1 COM SHS CL A IR

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