Fold verr folk-Baldr;
fár má konungr svá;
ǫrn reifir Ôleifr;
es framr Svía gramr.
Folk-Baldr verr fold; fár konungr má svá; Ôleifr reifir ǫrn; gramr Svía es framr.
The host-Baldr <god> [RULER] defends the land; few kings are able to do so; Óláfr gladdens the eagle; the ruler of the Swedes [= Óláfr] is outstanding.
[3] ǫrn: so Tˣ, ǫrnu R, A, ‘ærnu’ C
[3] ǫrn ‘the eagle’: Mss R and A read ǫrnu (m. acc. pl.) ‘eagles’, but the Tˣ reading is preferred here (as also in Skj B and Skald, but not SnE 1998) as otherwise the line would have six metrical positions and would thus be anomalous.