Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Investor Day (September 2025)
108 slides from Norsk Hydro Asa's investor day presentation, Sep 23, 2025
Slide 1: Hydro Extrusions Investor & analyst meeting
Hydro Extrusions Investor & analyst meeting Hydro Extrusions Toulouse, September 23rd 2025
Slide 2: Table of contents and cautionary note
Table of contents 00 Agenda 3 Cautionary note Certain statements included in this announcement contain forward-looking information, 01 Introduction 7 including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans,
Slide 3: Agenda
01 Agenda
Slide 4: Today's agenda
Today’s agenda Agenda point Presenter Timing 1 Welcome and introduction to Hydro Extrusion P. Warton 09.00 – 09.35 2 Understanding extrusion value drivers and HE financial update A. Samsonsen 09.35 – 10.15 - Break 10.15 – 10.30 3 Hydro Building Systems | Overview and key value drivers Miriam Uria 10
Slide 5: Safety first
Safety first Site layout of the Toulouse Site Laquage Filage AVA RPT Centre Technique Follow your guide to the nearest meeting point Accueil Dépôt Central Meeting point For your information, an infirmary and defibrillators are Infirmary available on the site Defibrillator
Slide 6: Today's presenters from Hydro Extrusion
Today’s presenters from Hydro Extrusion Miriam Uria Anne-Catherine Bonnet Senior Vice President Hydro Building Systems Vice President Market Area South Paul Warton Alexander Samsonsen EVP SVP Finance & Strategy Hydro Extrusions Hydro Extrusions Paul.Warton@hydro.com Alexander.Samsonsen@hydro.com +44
Slide 7: Introduction
01 Introduction
Slide 8: Extrusions – #1 in the global aluminium extrusion industry
Extrusions – #1 in the global aluminium extrusion industry Present in ~40 countries ~ 19 900 people 1) 1.0 Million mt sales2) 1) Permanent employees as of end-2024 8 2) Total sales in 2024
Slide 9: Hydro Extrusions has more than 100 locations in more than 30 countries
Hydro Extrusions has more than 100 locations in more than 30 countries Extrusion Europe Nenzing, Austria Lichtervelde, Belgium Raeren, Belgium Ghlin, Belgium Tønder, Denmark Albi, France Chatearoux, France Extrusion Luce, France Puget, France Precision North America Lüdenscheid, Germany Mississauga,
Slide 10: Hydro Extrusions is organized in four business units
Hydro Extrusions is organized in four business units Extrusion Europe Extrusion North America Precision Tubing Building Systems • Market leader focusing • Uniquely positioned as • Global technology market • Leading European player on value-added products the only coast-to-coast leader in Precision w
Slide 11: 22 recycling facilities across three continents
22 recycling facilities across three continents North America Europe South America The Dalles, OR Yankton, SD Toronto, ON (CA) Vetlanda, Sweden Spanish Fork, UT Monett, MO Cressona, PA Phoenix, AZ Tibshelf, UK Delhi, LA Drunen, Netherlands Itu, Brazil Lüdenscheid, Germany St. Augustine, FL Ghlin, Be
Slide 12: Added value processes offered for all kinds of applications
Added value processes offered for all kinds of applications If an extruded aluminium profile is not enough 12
Slide 13: Future-proofing customers through greener sourcing, production, and product development
Future-proofing customers through greener sourcing, production, and product development Hydro Extrusions sustainability targets 2030 Sourcing Production Product -27% -24% CO2 emissions on extrusion billets1) CO2 direct/indirect emissions1) Help customers realize their sustainability Reduce own emiss
Slide 14: Our approach is transparency
Our approach is transparency • Future-proofing customers means making sure customers live up to current and future regulations • We transparently disclose the data needed, whether customers use the “cut-off” or the “mass-based allocation approach”* • We always disclose the share of pre- and post-con
Slide 15: Solid EBITDA per tonne generation despite weak markets
Solid EBITDA per tonne generation despite weak markets Segment position and margin management as key drivers HE sales volumes split per segment HE EBITDA HE EBITDA per tonne Million tonnes NOK million NOK per tonne 7.020 1.4 6.480 Distribution 15% 1.0 5.696 6,772 6,317 Automotive 10% 10% 5,556 Trans
Slide 16: Reshaping Tomorrow Hydro Extrusions 2030 strategy
Reshaping Tomorrow Hydro Extrusions 2030 strategy People Product Partner Process Pioneer Employer of choice Innovative solutions Valuable relationships Continued improvement Lead the way Leadership development Product development and Deepen relationships with Digitalization, Al and Shape our markets
Slide 17: Industry trends towards 2030 are favorable for Hydro Extrusions
Industry trends towards 2030 are favorable for Hydro Extrusions, driven by customer needs and segment growth Opportunity to leverage Hydro Extrusions’ strengths increases as target segments develop Customer needs Segment growth HE capabilities • As industries and applications mature, • More growth e
Slide 18: Value drivers in Extrusions
02 Value drivers in Extrusions
Slide 19: Extrusions and added value process: Driving value from billet to finished product
Extrusions and added value process: Driving value from billet to finished product 19
Slide 20: 20
20
Slide 21: Hydro Extrusions follow-up all main production processes based on a profit-center perspective
Hydro Extrusions follow-up all main production processes based on a profit-center perspective Thermal Precision Building Remelt Extrusion Anodizing Painting Fabrication Other Break Tubing Systems All variables below followed up for all profit centers Sales revenues 1) Variable costs 1) Fixed product
Slide 22: The extrusion industry offers several avenues for driving value
The extrusion industry offers several avenues for driving value, both operationally and commercially Profit center Value drivers • Press configuration and press productivity • Labor productivity Extrusions • Packing productivity • Segment / customer mix • Recycling input: use of post vs pre-consumer
Slide 23: Financial performance and Improvement programs
EH Financial performance and Improvement programs 03
Slide 24: Overall challenging development for extrusion peers during market downturn
Overall challenging development for extrusion peers during market downturn last years EBITDA development EBITDA per tonne (indexed 2018 = 100) (in NOK) 220 9 000 200 8 000 180 7 000 160 140 6 000 120 5 000 100 4 000 80 3 000 60 2 000 40 20 1 000 0 0 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020
Slide 25: Driving to positive cash-flow also in weak markets through balancing capex and NOC focus
Hydro Extrusions driving to positive cash-flow also in weak markets through balancing capex and with NOC focus Actively driving NOC in difficult markets with EBITDA and Cash-flow (bNOK) reduced capex to support cash-flow (bNOK) 3,6 7,0 3,3 6,5 5,7 4,1 4,3 2,3 2,3 4,1 3,7 1,6 -0,5 -0,7 2019 2020 2021
Slide 26: Extrusion sales volumes bottoming out
Extrusion sales volumes bottoming out B&C and industrial segments improving from low levels, headwinds in automotive and transport moderating External market forecasts1) Extrusion sales volumes Year over Year Q2 2025 vs Q2 2024 Extrusion market growth per quarter and annually Hydro Extrusions segmen
Slide 27: Long-term growth prospects for extrusions remain attractive
Long-term growth prospects for extrusions remain attractive supported by broad-based segment growth Strongest growth in automotive, large pent-up potential following unprecedented market decline since 2022 Extrusion demand estimates (CRU) Extrusion demand CAGR 2024 - 30 (‘000 tonnes) 4,500 3.9% 4.4%
Slide 28: Extrusion demand per capita expected to improve towards 2030
Extrusion demand per capita expected to improve towards 2030 from historically low levels in 2025 Current consumption levels lowest since Financial Crisis, structural trends supporting growth per capita Extrusion demand per capita (kilogram per capita) 8.0 Forecast Europe 7.5 North America 7.0 6.5 6
Slide 29: 2025 Extrusions outlook down on uncertain markets
2025 Extrusions outlook down Hydro Extrusions optimizing portfolio to cut costs on uncertain markets Continued restructuring • Luce anodizing closure decision, decommissioning by Q3 2025 • Birtley closure completed, decommissioning starting shortly, plant will be stopped end of Q2 Hydro Extrusions a
Slide 30: Extrusions stepping up ambitions on operational and commercial improvements
Extrusions stepping up ambitions on operational and commercial improvements Ambitious improvement targets 2030 supported by dedicated value streams Category Description Improvement ambition towards 2030 (2024 baseline, real terms) Commercial • Increase market share in key, dedicated segments ambitio
Slide 31: Procurement with 1.1 BNOK in improvements so far
Procurement with 1.1 BNOK in improvements so far, but significant opportunities remain 1500 MNOK EBIT savings by 2027 24.803 suppliers in Hydro Extrusions HBS 3 366 PT 3 963 Central procurement team increased in scope and current focus 24.803 13 332 EE areas: • Moving into category strategies includ
Slide 32: Targeting to reduce more than 100 FTEs in 2025 through automation projects
Hydro Extrusion targeting to reduce more than HE improvement program 100 FTEs in 2025 through automation projects Automation Rationale: Targeted manning reduction Automated Fabrication cells • Automation (where relevant) is key to secure HE to 247 stay competitive FTEs • Standardization of automatio
Slide 33: Digitalization, AI and automation
Digitalization, AI and automation Key levers to improve performance and profitability AMR = Automatic Meter Reading Automation • PT Taicang Fabrication – reducing 95 AMR = Sensors with real-time FTEs through Automation & EBS1) tracking of energy, water, gas (>20% of work-force) consumption and vibra
Slide 34: Delivering on growth projects, reshaping investment agenda
Delivering on growth projects, reshaping investment agenda towards press replacements and automation Hydro Extrusions CAPEX agenda – short and long-term Complete Ramping up Under execution Project pipeline Hueck M&A The Dalles cast (U.S.) Hungary automotive press Press replacements (Albi & Gainesvil
Slide 35: Press consolidations giving new capabilities and cost savings
Press consolidations giving new capabilities and cost savings, automation project providing strong returns Press consolidation example: Cressona (U.S.) Automated Fabrication cells Two old presses One new press Manning 2x7 FTEs per shift 4 FTEs per shift Maintenance cost p.a. USD 3-4 million USD ~2 m
Slide 36: Roadmap to 2030 target underpinned by stronger improvement agenda
Roadmap to 2030 target underpinned by stronger improvement agenda and structural demand recovery Cyclical improvement in extrusions demand and improvement program supporting long-term targets Hydro Extrusions EBITDA ambitions Hydro Extrusions 2030 NOK billion (real 2023) 1.5 – 2.5 10.0-12.0 10.0 –12
Slide 37: Welcome to Hydro Building Systems!
Welcome to Hydro Building Systems! Toulouse, September 23, 2025
Slide 38: What is Hydro Building Systems?
AGENDA What is Hydro Building Systems? An industrial and commercial company, unique in Hydro Group 38
Slide 39: Our competitive advantages
AGENDA Our competitive advantages An industrial and commercial company, unique in Hydro Group 39
Slide 40: Our ambitions
AGENDA Our ambitions An industrial and commercial company, unique in Hydro Group 40
Slide 41: We are Hydro Building Systems
We are Hydro Building Systems A leading aluminium systems division of Hydro Extrusions with a multibrand portfolio 75 1 97 kTons bn EUR days cash volume revenue conversation cycle What 100+ is Hydro 18,3% 3173 Countries shipped market share Employees to in Europe Building Systems? Based on 2024FY
Slide 42: A leading aluminium building systems division with a multibrand portfolio
We are a leading aluminium building systems division of Hydro Extrusions with a multibrand portfolio 75 1 100+ x3 kTons bn EUR Countries shipped to EBITDA per ton volume revenue compared to Extrusions business ~10m EUR 3100+ ~18% x2 Low level of CAPEX Employees market share Growth in market needed a
Slide 43: External growth strategy: a heritage of strong brands
External growth strategy: a heritage of strong brands, products, and wide local presence Hydro acquisitions Joint venture Sapa/Hydro Brand in portfolio 1986 1988 2002 2008 2013 2017 2023 Hydro takes back the remaining shares Became TECHNAL in 2013 Became WICONA in 2013 Became Sapa in 2007 43
Slide 44: Hydro Building Systems worldwide
Hydro Building Systems worldwide Northern Europe Asia Southern Europe Middle-East 100+ Countries where our products are shipped to Africa 10,000+ South America Customers in our portfolio 115,000+ Building Influencers in our network (architects, consultants, investors, etc.)
Slide 45: Our business
Our business Our key market segments: • Individual Residential We are developing and distributing • Outdoor extensions advanced aluminium solutions for • Residential Collective • Healthcare the building envelope • Educational • Offices • Commercial 45
Slide 46: Our customers
Our customers +10,000 Direct customers - we are selling to all types of metal Indirect customers are prescribers of our builders: small or big, specialized or generalist, locally or internationally solutions, and end consumers Projects specialists Generalists Industrials Building End Metalbuilders R
Slide 47: Our business model
Our business model PRESCRIPTION SALES Architects Building consultants HBS SOLUTION SALES End consumers Fabricators Contractors Developers, investors
Slide 48: A wide product range
A wide product range Solar systems Verandas Balustrades Windows Facades Doors Sliders Gates Core offer
Slide 49: More than products
More than products Design / Technical consultancy R&D, Marketing & Communication To bespoke projects Tests and certifications PRESCRIPTION SALES Software To market-ready products Logistics SOLUTION SALES From idea Customer / Technical support 49
Slide 50: Our competitive advantages
Our competitive Value Chain Brands advantages Sustainability An industrial and commercial company, unique in Hydro Group 50
Slide 51: Value Chain
Value Chain
Slide 52: Our integrated value chain to x3 EBITDA per ton
Our integrated value chain to x 3 EBITDA per ton compared to Extrusions business Accessories & Hardware 90% HBS specifics Product Customers Development Warehousing Transportation 16 Warehouses/ services distribution centers Metal Supply Extrusions Surface treatment 1 dedicated remelt + Dedicated pla
Slide 53: Brands
Brands
Slide 54: Our brand portfolio is a strength on the market
36% Highly Customized 17% 38% 7% Our brand portfolio Premium Value addition is a strength on the Smart 2% market to cover all choice segments Mass Market Project specialists Generalists Industrials Customer segment 54
Slide 55: Our brands stand as global leaders
Our brands stand as global leaders - international in scale, unique in identity Highly customized Premium TECHNAL is a premium brand available worldwide WICONA is a worldwide known German brand with over with over 60 years experience, specialized in residential and 70 years’ experience, specialised
Slide 56: Sustainability
ae EMBRACING CIRCULARITY
Slide 57: Changing the building industry
Changing the building industry Sustainable Eco-designed Shape a Circular operations products market People Society Energy reduction program with Circular products by design, We close the loop with a full Diversity, Inclusion, Drive decarbonization in green energy -15% built for easy sorting and inte
Slide 58: Our ambitions
Our ambitions An industrial and commercial company, unique in Hydro Group 58
Slide 59: Leading the shift to zero-impact buildings by 2030
Hydro Building Systems Leading the shift to zero-impact buildings by 2030 ZERO GLOBAL PROFITABLE EMPLOYER OF ACCIDENTS LEADER GROWTH CHOICE Growth Circularity New products Innovation Digitalization
Slide 60: Growth
GROWTH Bugatti Tower, UAE 200 meters tower height, Customised strip curtain wall, curved glass 675 tons sold 60
Slide 61: Defending & growing ~18% market share in Europe
Defending & growing ~18% market share in Europe despite sector headwinds NO FI EE SE LV DK LT IE UK NL PL DE BE SZ SK AT HU 14 Strategic Units FR CH 3k Employees IT PT ES 11 Warehouse HUBS
Slide 62: Expanding fast in India & Middle East
Expanding fast in India & Middle East with proven track record of market Middle East China Türkiye leadership Since 27+ years New set up in Q4 24 Since 45 years 55% increase in volumes in 2024 Since 20 years New setup in the last 3 years Market leader position 18 people 25 people 87 people ~ 1,000mt
Slide 63: Circularity
New innovation center, architected by Hadi Teherani. Owned by Walter AG, the 145-metre long and arch- shaped building is located at the southern gate of the new innovation park and lies directly at the interface of the university, research and development and technology companies. With a total area
Slide 64: Aluminum matters…
Aluminum matters… Hydro CIRCAL 75R Hydro CIRCAL 100R for all products on demand Hydro CIRCAL 75R is made Hydro CIRCAL 100R is made from 75% recycled post- from 100% recycled post- consumer scrap and has a consumer scrap and has a carbon footprint of carbon footprint of 1.9 kilo CO2e per kilo 0.4 kil
Slide 65: …but a window is more than aluminium
…but a window is more than aluminium Recycled Recycled EPDM Polyamide Post industrial recycled Post industrial recycled content available from our content for our new products suppliers + work in progress + EoL recycling from the for EoL recycling from the building industry building industry . 75 /
Slide 66: We fully close the loop and change the market
We –fully- close the loop and change the market RE-THINK 01 Recycled products designed to last and upgrade building envelopes RE-THINK RE-CYCLE RE-CYCLE 02 Materials to create new products with a minimal carbon footprint RE-BUILD RE-BUILD 03 Renovated buildings gives façades and windows a second lif
Slide 67: New products
New products One common technical platform across brands and regions for: Windows & Doors, Facades, Sliders 67
Slide 68: Consolidate all technical offerings into a single technology platform
Consolidate all technical offerings into a single technology platform, for all our brands 85% common, 15% differentiation Accelerate R&D Reduce supply chain costs Increase sales • Shorter range, less complexity • Strong reduction of number of • More competitive products • Sharing across regions arti
Slide 69: Innovation
\ ‘oceucea SUSIE if Coelld Tee Innovation
Slide 70: Towards Neutral buildings
Towards Neutral buildings Co-conception of Water filled glass elements Heating and cooling functions
Slide 71: Creating the first façade solution to renovate without dismantling everything
Creating the first façade solution to renovate without dismantling everything 71
Slide 72: VR trainings in showrooms/events
VR trainings in showrooms/events
Slide 73: Traceability of the full product lifecycle
Traceability of the full product lifecycle TRY ME ! 73
Slide 74: Digitalization
Digitalization
Slide 75: Digital solutions to drive our business forward
Digital solutions to drive our business forward Be visible and Be the prefered partner Drive internal digital generate business for metal builders platform excellence ~1,400,000 visits / year Order online One common Product Lifecycle ~26,000 leads / year 2,5 M order lines/year Management software On
Slide 76: In Hydro Building Systems, we can offer something unique
In Hydro Building Systems, we can offer something unique Integrated Supply chain, benefits all in We are positioned for Growth Platformed and innovative products one in Hydro Profitable growth (EBITDA) Capex, low levels needed Circularity in DNA 76
Slide 77: HBS South and Toulouse
04 HBS South and Toulouse
Slide 78: Shaping Growth in the South
Shaping Growth in the South Anne-Catherine Bonnet
Slide 79: South at a glance
South at a glance 48% of HBS external tonnage sold 300,000+ orders in 2024 6000+ customers France 18,000+ Building Influencers Italy Spain 6 Strategic Units Portugal 435 FTE Sales & Marketing National customer 4 networks
Slide 80: This is South market / Key factors of our success
This is South market Key factors of our success 80
Slide 81: This is South market
This is South market
Slide 82: Where Lifestyle Shapes the Market
Where Lifestyle Shapes the Market
Slide 83: A balanced market: 50% renovation, 50% new construction
A balanced market: 50% renovation, 50% new construction — with a strong focus on premium residential 83
Slide 84: Activity on premium residential market
53% of activity on premium 17% of activity on residential market be-spoke projects
Slide 85: It is a unique market with very different profiles of fabricators
It is a unique market with very different profiles of fabricators 85
Slide 86: Key factors of success
Key factors of success
Slide 87: A fully integrated value chain, close to customers
A fully integrated value chain, close to customers COURMELLES Warehouse With a local industrial presence and a dedicated on-site tool warehouse Paint line TOULOUSE (our proprietary systems), we Thermal break guarantee optimal control of both Extrusion quality and supply chain. Thermal break ATESSA W
Slide 88: We invest in partnerships that lead the way to reach top influencers
We invest in partnerships that lead the way to reach top influencers Early involvement to detect projects and decision makers. 55 presales 88
Slide 89: Growing networks
Growing networks 460 170 Aluminiers certified Maestro Serramentisti TECHNAL We give our customers the tools to grow their business •Customer loyalty services • Communication & acquisition tools •Educational programs • Premium showrooms •Loyalty initiatives • Conferences with partners • Innovative an
Slide 90: High-end design Showrooms
High-end design Showrooms
Slide 91: Circularity = Project Acquisition Driver
CIRCULARITY = Project Acquisition Driver With circular certificates after Certified labels for network Our customers can go beyond sales members regulatory and taxonomy requirements, present and future & 91
Slide 92: We build the local network for scrap collection
We build the local network for scrap collection to facilitate the virtuous circle Customers Sorting Units Atessa Remelter Transport/ Collection point CO₂ footprint 90,000 tons CO₂ South Europe
Slide 93: Full digital customer journey for business generation
Full digital customer journey for business generation 82% of our order lines are digital EDI Systems E-Marketing & social Increase quotations with PARTNERS lead media strategy systematic push to configurator Increase response rates and success rates
Slide 94: How are we tackling HBS ambitions?
How are we tackling HBS ambitions? ▪ Tackling renovation ▪ Adapting to changing ▪ Accelerating changes, ▪ Leveraging the market & leveraging environment, and new smart use of power of a strong the shift in the decision customer expectations resources, benchmark local presence in process of building
Slide 95: TECHNAL France, a true success story
TECHNAL FRANCE, A TRUE SUCCESS STORY Nicole Perez
Slide 96: Much more than just products
MUCH MORE THAN JUST PRODUCTS Brand awareness Customer Services : digital Circularity offer proximity and experience, centricity communication TECHNAL By Hydro PRESENTATION NAME SEPTEMBER 25 96
Slide 97: TECHNAL By Hydro
TECHNAL By Hydro PRESENTATION NAME SEPTEMBER 25 97
Slide 98: Our DNA
OUR DNA TECHNAL imagines with no limits to maximize people’s comfort. Design and innovative solutions, developed with a sustainable approach. Highest architectural ambitions, featuring minimalistic design. 98
Slide 99: The power of design
THE POWER OF DESIGN Minimalist Exclusive Co-conception of Exclusives Design Handles Colors with famous architects BRONZE LUMIÈRE by Alain Moatti BRUN D’IN-EI by Kengo Kuma 99
Slide 100: Architects awards trend setter since 2003
ARCHITECTS AWARDS TREND SETTER SINCE 2003 100
Slide 101: Architects work with TECHNAL
ARCHITECTS WORK WITH TECHNAL JEAN NOUVEL TECHNAL BOOTH, BATIMAT 1989 LOUVRE ABU DHABI, UNITED ARAB EMIRATES KENGO KUMA TECHNAL BOOTH, BATIMAT 2017 SUNNYHILLS, TOKYO , JAPAN STEFANO BOERI TECHNAL BOOTH, BATIMAT 2019 BOSCO VERTICALE, MILAN, ITALY 101
Slide 102: The power of specification
LA RUCHE THE POWER 40 tons including - 1 tower in Hydro CIRCAL® 100R (15 tons) Customer : ALU RENNAIS OF SPECIFICATION Our strength lies in prescription: by influencing early in the design phase, we shape demand for our systems. ENSAM Through technical expertise, knowledge- 20 tons of low-carbon alu
Slide 103: Espace TECHNAL for our customers
ESPACE TECHNAL FOR OUR CUSTOMERS Closeness to customer Guidance, showroom, and available stock. Services Consulting, technical support, training, and sales assistance. Collaboration Shared workshops, coworking, and events. 11 agencies Located in all big cities 103
Slide 104: Customer network
CUSTOMER NETWORK Aluminiers Agréés TECHNAL The 1st French network of eco-certified metal builders 190 members 104
Slide 105: After sales service network
AFTER SALES SERVICE NETWORK • 120 CONTRACT SIGNATURES TO DATE After-Sales Service offer is open to all our customers Guarantees high-quality and consistent service Shared tools, training, and best practices 105
Slide 106: The power of communication
THE POWER OF COMMUNICATION 20 TV campains since 1st one back in 1986 380 000 visits by year on our website France 11 000 leads by year in France 2,38 M€ turnover from communication campaign Innovation mindset in customer approach with Aluminier network and media approach Brand awareness: Towards arc
Slide 107: We close the loop…
WE CLOSE THE LOOP… Broadcast on main French TV channels for 2 months. 107
Slide 108: Hydro
Hydro Industries that matter