Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Norsk Hydro As Ord — Q2 2026 Earnings Presentation
34 slides from Norsk Hydro Asa's earnings presentation, Jul 22, 2026
Slide 1: Quarterly presentation Q2 2026
Quarterly presentation Q2 2026 Eivind Kallevik, President & CEO July 22, 2026
Slide 2: Cautionary note
Cautionary note Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expan
Slide 3: Operational strength delivering solid results
Operational strength delivering solid results Eivind Kallevik, President & CEO July 22, 2026
Slide 4: Safety our key priority
Safety our key priority TRI1) per million hours worked HRI2) per million hours worked 12 months rolling average 12 months rolling average 4 2 3 2.39 average 0.80 average since Q2’20 since Q2’20 1 2 1.90 per 0.35 per end-Q2’263) end-Q2’263) 0 Q2’21 Q2’22 Q2’23 Q2’24 Q2’25 Q2’26 Q2’21 Q2’22 Q2’23 Q2’2
Slide 5: Adjusted EBITDA NOK 8.9 billion
Adjusted EBITDA NOK 8.9 billion Alumina production NOK 4 billion free cash flow supported by metal prices and production volumes 1 508 kmt 0.5% YoY Slovalco 75,000 tonnes restart announced on July 1 Primary aluminium production 497 kmt 6.3% YoY Norway 13% YoY Global Realized all-in metal prices up 1
Slide 6: Slovalco restart
Slovalco restart Enabled by competitive framework conditions Agreement on restart with Slovak government: • Long-term, competitive framework conditions established • Robust compensation scheme for indirect carbon costs under the EU ETS being implemented • Enable Slovalco entering long-term commercia
Slide 7: Progressing on commercial and operational agenda
Progressing on commercial and operational agenda Decarbonizing production with respect for people and nature Shaping the market Operational excellence Power sourcing Strengthening Hydro's premium position Continuous improvement focus across Securing long-term renewable power through customer partner
Slide 8: Low-carbon journey continues
Low-carbon journey continues Customer partnership drives low-carbon development Mercedes • Hydro and Mercedes-Benz continue to develop their collaboration on low-carbon aluminium for automotive use • Joint ambition to further lower the carbon footprint of aluminium used in new and existing automotiv
Slide 9: Alumina prices up at quarter end
Alumina prices up at quarter end on smelter ramp ups Estimated global oversupply in 2026 reduced since Q1 on faster than expected smelter ramp ups World SGA balance Alumina price index (PAX) Platts alumina Atlantic differential (million mt) USD/t (USD/t) 800 1.9 1.9 50 1.6 45 700 40 1.1 600 35 0.6 0
Slide 10: Significant global aluminium undersupply expected in 2026
Significant global aluminium undersupply expected in 2026 Regional premiums remain at elevated levels Estimated market balance LME aluminium prices Regional standard ingot premiums Primary production, million tonnes1) USD/t USD/t 2.1 2,600 3,800 35,000 2,400 3,600 3,400 2,200 1.1 3,200 30,000 2,000
Slide 11: 2026 downstream market revised down
2026 downstream market revised down Major downwards revision of North American market in 2025 Extrusion demand growth estimates Europe Extrusion demand growth estimates North America YoY growth (%) YoY growth (%) 10 10 Quarterly forecast Full year Quarterly forecast Full year 8 forecast 8 forecast 6
Slide 12: Financial update
Financial update Trond Olaf Christophersen Executive Vice President & CFO
Slide 13: Financial highlights
Financial highlights Adjusted Reported Revenue EBITDA EBIT NOK billion +6% NOK billion -2.7 NOK billion -2.4 Free cash flow 11.6 8.6 56.5 53.1 50.5 50.4 8.9 6.1 6.3 4.0 47.2 8.7 5.3 NOK 7.8 4.4 6.9 7.1 4.4 billion 6.0 6.0 5.6 3.5 3.5 2.9 (Q2 26) 2.0 Adjusted net debt -1.5 Q2 25 Q3 25 Q4 25 Q1 26 Q2
Slide 14: Adj. EBITDA up on higher LME prices, downstream results
Adj. EBITDA up on higher LME prices, downstream results Partly offset by Energy, currency effects and Metal Markets commercial NOK billion +0.3 -0.3 0.1 0.2 -0.3 -0.3 -0.4 -0.1 2.6 -0.9 8.7 -0.3 8.9 -1.3 CO2 compensation Other Eliminations Adj. EBITDA Realized Upstream Raw material cost Extrusion an
Slide 15: Net debt increase NOK 3.4 billion during Q2
Net debt increase NOK 3.4 billion during Q2 Strong free cash flow of 4.0 BNOK on high LME, more than offset by dividends paid for last year’s results NOK billion Free cash flow NOK 4.0 billion 0 0.0 (2.4) Other assets/(liabilities) (2.6) Pension assets/(liabilities) 8.9 Hedging collateral and other
Slide 16: Hydro Bauxite & Alumina
Hydro Bauxite & Alumina Results down YoY on lower alumina prices and unfavorable currency development Key figures Q2 2026 Q2 2025 Q1 2026 Alumina production, kmt 1 508 1 516 1 515 Total alumina sales, kmt 2 820 2 718 2 540 Realized alumina price, USD/mt 350 397 345 Implied alumina cost, USD/mt 331
Slide 17: Hydro Aluminium Metal
Hydro Aluminium Metal All-in implied primary cost and margin USD/mt1,4) Results up YoY on higher all-in metal prices and lower 1 350 475 1000 alumina cost, partly offset by negative currency effects 2 2759) 2 450 2 2509) 3 832 3 355 Key figures Q2 2026 Q2 2025 Q1 2026 2 928 1 875 2 025 1 825 Primary
Slide 18: Metal Markets
Metal Markets Results down YoY on lower results from sourcing and trading activities, partly offset by higher results from recyclers Key figures Q2 2026 Q2 2025 Q1 2026 Recycling production, kmt 225 209 196 Metal products sales, kmt 1) 608 659 640 Adjusted EBITDA Recycling (NOK million) 286 136 159
Slide 19: Hydro Extrusions
Q2 QTD 2026 vs Q2 QTD 2025 (%) Hydro Extrusions Results up YoY on improved recycling margins, partially Distribution B&C Transport Automotive HVAC&R Industrial offset by higher costs and negative currency translation 5 7 effect 1 -3 -7 Key figures Q2 2026 Q2 2025 Q1 2026 External sales volumes, kmt
Slide 20: Hydro Energy
Hydro Energy Result down YoY on lower production and loss on price area differences Key figures Q2 2026 Q2 2025 Q1 2026 Power production, GWh 2 009 2 136 2 267 Net spot sales, GWh 2 47 311 Southwest Norway spot price (NO2), NOK/MWh 1 058 682 1 178 Adjusted EBITDA, NOK million 499 1 069 787 Adjusted
Slide 21: Our priorities
Our priorities 1. 2. 3. 4. 5. Health and safety Maintain Deliver on Execute Seize first robustness while Recycling, Extrusions, on decarbonization opportunities maneuvering and renewable growth and technology in greener aluminium uncertain markets ambitions road map at premium pricing Accelerating g
Slide 22: Additional information
Additional information
Slide 23: Adj. EBITDA increase due to higher aluminium prices and downstream results
Adj. EBITDA increase due to higher aluminium prices and downstream results, partially offset by Energy and FX Q2 2026 vs Q2 2025 NOK billion 0.5 -0.6 -0.2 0.2 -0.2 -1.0 -0.4 -0.1 4.2 -1.4 8.9 7.8 -1.9 CO2 compensation Other Eliminations Adj. EBITDA Realized Upstream Raw Extrusion Energy price Fixed
Slide 24: Hedging status
Hedging status Aluminium hedges in place for 2026-2028 Utilizing Hydro’s hedging policy to deliver on strategic ambitions • 2026: 230 kt remaining hedged at a price of ~2 800 USD/t • Flexibility to hedge in certain cases • 2027: 430 kt hedged at a price of ~2 850 USD/t o Support strong cost position
Slide 25: Pre-quarter information Q3 2026
Pre-quarter information Q3 2026 Hydro Investor Relations July 2026
Slide 26: Pre-quarter information
Pre-quarter information • Ahead of its pre-quarter presentations, Hydro publishes an information package on its website, providing equal and simultaneous access to all stakeholders. • Consistent with Hydro’s non-guidance policy, no earnings forecasts or new forward looking information are provided.
Slide 27: Overview: Market data
Overview: Market data Key prices updated as of July 14, 2026 Commodities Energy Currencies Billet Premium PAX Caustic Gas NO2 NO3 NO5 LME 3M Std ingot DP Coal Pitch Coke Month (USD/mt) (USD/mt) Rotterdam (USD/mt) (USD/mt) (USD/mt) (EUR/mt) (USD/mt) (USD/ (NOK/ (NOK/ (NOK/ USDNOK BRLNOK EURNOK (USD/m
Slide 28: Bauxite & Alumina
Bauxite & Alumina AEBITDA outlook Q3 2026 NOK billion Alumina 1) Caustic2) Coal2) Gas2) USDNOK BRLNOK Revenue drivers Q2 realized 328 489 137 2.95 9.41 1.87 1. Sum of PAX with one month lag and hedged volumes. Not considering commercial portfolio effects, nor Mkt price Alumina 1) Caustic2) Coal2) Ga
Slide 29: Aluminium Metal
Aluminium Metal AEBITDA outlook Q3 2026 NOK billion Aluminum Std.ingot Alumina3) Coke Pitch USD EUR BRL Notes Q2 ACT. 3 268 563 307 505 807 9.41 11.3 1.87 1. Based on 1.5 month lag 2026 Q3 outlook 2. Mid/range from premium guiding given in Q2 For Q3, Aluminium Metal has booked Mkt price Aluminum1) S
Slide 30: Metal Markets
Metal Markets Key drivers: Recycling Std ingot DP Billet Premium Month (Europe) Rotterdam Spread (USD/mt) (USD/mt) Extrusion ingot vs Standard Ingot Spread development 26 Jul QTD 539 1 115 576 • Overall improvement at spot, 26 June 564 1 147 583 spread gotten wider following increase in billet premi
Slide 31: Extrusion
Extrusion External market forecasts1) Extrusion market growth per quarter and annually Growth in % 6% 4% 3% 0% 1% North America 0% Europe -2% -3% Q1 26 Q2 26 Q3 26 Q4 26 2026 Q3 outlook For Extrusions we should underline that we always compare the coming 1.260 quarter to the same quarter last year d
Slide 32: Energy
Energy Hydrologic condition YTD 2026 Hydrological conditions remained Prices NOK/MWh NO2 NO3 Spread below historical averages through the 26 Jul QTD 1 000 690 310 first half of 2026. Energy earnings 26 Jun 1 055 600 455 continue to be influenced by normal 26 May 1 085 790 295 market factors, includi
Slide 33: Financials and Other & Eliminations
Financials and Other & Eliminations Financial items Other1) & Eliminations CAPEX Eliminations Mechanism • Full-Year 2026 CAPEX guidance of NOK 13.5 billions Eliminations are primarily driven by the need to remove internal profits • Sustaining CAPEX: NOK ~9 billions and losses from transactions betwe
Slide 34: Useful reference material
Useful reference material Investor Relations in Hydro Baard Erik Haugen Head of Investor Relations Annual Report 2025 Annual Report 2025 | Hydro w/senstitivites t: +47 924 97 191 e: erik.haugen@hydro.com Quartly Result landing Quarterly reports | Hydro Valentina Gandolfi page Investor Relations Mana