Hollostu gefr hæsta
hring-Þrótt með sér dróttinn
saðr, þeims sinna iðrask
synða, lausn ok ynði.
Ern skóp hauðr ok hlýrni
heims valdr sem kyn beima;
ǫrrs ok ǫllu dýrri
élsetrs konungr betri.
Saðr dróttinn gefr hring-Þrótt, þeims iðrask synða sinna, hæsta hollostu, lausn ok ynði með sér. Ern valdr heims skóp hauðr ok hlýrni sem kyn beima; ǫrr konungr élsetrs [e]s ǫllu betri ok dýrri.
The true Lord gives the ring-Þróttr <= Óðinn> [MAN] who repents of his sins the highest faith, absolution and delight with him. The powerful ruler of the world [= God] created earth and heaven as well as the kinsfolk of men [MANKIND]; the generous king of the storm-seat [SKY/HEAVEN > = God] is better and more precious than everything.