Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Investor Day (November 2025)
61 slides from Norsk Hydro Asa's investor day presentation, Nov 27, 2025
Slide 1: Investor Day 2025
Investor Day 2025 London, United Kingdom November 27, 2025 1
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: Strategic discipline securing long-term value creation
Strategic discipline securing long-term value creation London, United Kingdom November 27, 2025 3
Slide 4: Health and safety come first
Health and safety come first TRI1) per million hours worked HRI2) per million hours worked 12 months rolling average 12 months rolling average 5 3 4 2 3 2.53 average since Q3’20 1.02 average 2 since Q3’20 1 1.79 per end-Q3’253) 1 0.55 per end-Q3’253) 0 0 Q1’20 Q1’21 Q1’22 Q1’23 Q1’24 Q1’25 Q1’20 Q1’
Slide 5: Unpredictability is the new normal
Unpredictability is the new normal Representing risks as well as opportunities for Hydro’s positioning U.S. tariffs and trade war Climate change Geopolitical conflicts 5
Slide 6: 2025 | Delivering on our key strategic priorities
2025 | Delivering on our key strategic priorities Drive profitable growth in Recycling and Delivered PCS capacity of 850 kt – meeting lower-end target for 2030 Extrusions to strengthen Hydro’s position Investing in wire rod capacity for the green transition amid green and geopolitical shifts Executi
Slide 7: Balanced alumina market, global bauxite supply highly dependent on Guinea
Balanced alumina market, global bauxite supply highly dependent on Guinea Balanced markets – Asian capacity Guinea growing global bauxite market Marginal alumina refineries turning cash additions to meet growing alumina demand share negative at current prices Alumina production Bauxite supply by reg
Slide 8: Aluminium – A critical raw material for the green transition
E-mobility transition Aluminium – A critical raw 2x more BEVs material for the green transition Energy transition in the global car fleet by 2030 vs. 20253) ~30% growth in global grid investments Global semis demand 2024-20301) from 2025 to 2030, approaching Defense and security In million tonnes CA
Slide 9: Low-carbon demand persists despite macro environment
Low-carbon demand persists despite macro environment High-carbon primary growth rendering low-carbon a scarcity in key markets Balanced markets | Majority of announced Companies worldwide reaffirming There is limited aluminium below primary growth will be high-carbon their climate targets 4 tonne CO
Slide 10: Trade policy and regulations increasingly value regional, reliable supply chains
Trade policy and regulations increasingly value regional, reliable supply chains Risks and opportunities in redirected global trade flows Risks and opportunities in redirected global trade flows U.S. tariffs EU industry policy CBAM Sanctions Market dynamics • High tariffs with potential • Increasing
Slide 11: CBAM | Proposed amendments expected by end of 2025
CBAM | Proposed amendments expected by end of 2025 CBAM translating into higher prices Key CBAM effectiveness challenges European duty paid premium1) 500 Scrap loophole must be closed Product scope must be extended to downstream and other materials 400 +40% Legislative proposals amending CBAM expect
Slide 12: Scrap continues to flow from Europe and U.S. to Asia
Scrap continues to flow from Europe and U.S. to Asia EU to present measures to reduce scrap leakage from Europe Asia, especially India and EU1) is net exporter to China, India and rest of Asia. Significant intra- China, are large net importers both from the U.S. Scrap exports from the EU have EU tra
Slide 13: Our integrated value chain is a unique advantage
Our integrated value chain is a unique advantage Traceability in Hydro's own value chain can ensure certified, traceable and low-carbon aluminium Controlling the value chain strengthens our value proposition Certified, transparent production, from mine to finished profiles Ensuring responsible minin
Slide 14: Global footprint, strategic flexibility
Global footprint, strategic flexibility The complete aluminium and renewable energy company Key features 9.4 TWh Joint Venture locations Captive hydropower Nordics • Market leader in low-carbon aluminium with clear roadmap to net-zero 1,150 kt • High-quality bauxite and alumina 1,250 kt production i
Slide 15: Hydro has an industry leading value proposition
Hydro has an industry leading value proposition A one stop shop for low-carbon primary and recycled aluminium with full value chain transparency World class R&D supporting our partners We can produce among the lowest-carbon Differentiating with transparency and developing advanced low-carbon solutio
Slide 16: Business Areas at the forefront
Business Areas at the forefront Bauxite &Alumina Energy Aluminium Metal Extrusions • Integrated world scale and long life • Premium reservoir based hydropower • Low cost primary smelters with creep • World leader in extrusions delivering fast assets in Brazil assets located in high value power poten
Slide 17: Hydro 2030: Pioneering the green aluminium transition
Hydro 2030: Pioneering the green aluminium transition, powered by renewable energy Key priorities towards 2030 Drive profitable growth in Recycling and Scale renewable power generation Extrusions to strengthen Hydro’s position to support competitiveness and amid green and geopolitical shifts low-car
Slide 18: Hydro Extrusions reshaping the path to 2030 targets
Hydro Extrusions reshaping the path to 2030 targets Targeted upgrades and automation projects driving efficiency, safety and FTE savings amid tighter capital spending Current project pipeline refocused on cost optimization and Hydro Extrusions EBITDA ambitions productivity improvement NOK billion Re
Slide 19: Unlocking profitability across the Recycling portfolio
Unlocking profitability across the Recycling portfolio Improvement initiatives, key growth projects and market normalization driving margin recovery and growth Focused investment and margin Market Driving improvements PCS capacity expansion led by U.S. initiatives Global estimated recovery of PCS by
Slide 20: Recycling targets aligned with adjusted capital allocation
Recycling targets aligned with adjusted capital allocation Revised targets reflect capital discipline and expectations of a return to normalized market dynamics, particularly in Europe Recycling adjusted EBITDA roadmap NOK billion Europe 2030 EBITDA Americas potential confirmed Further growth ~5-6 ~
Slide 21: Focusing on core energy business and executing on renewable growth strategy
Focusing on core energy business and executing on renewable growth strategy Driving operational and commercial Illvatn pumped storage plant, Sogn Hydro Rein a key growth vehicle to enable improvements attractive power sourcing MNOK 2.5bn NOK investment | 107 GWh | COD 2030 700 600 Well established p
Slide 22: Active sourcing agenda to secure power at competitive prices
Active sourcing agenda to secure power at competitive prices Power sourcing for Hydro smelters in Norway1) Power sourcing for Hydro JV smelters1) TWh TWh 18 12 16 Total consumption at capacity 10 Total consumption at capacity 14 12 8 10 6 8 6 4 4 2 2 0 0 2025 2027 2029 2031 2033 2035 2037 2039 2025
Slide 23: Progressing on the roadmap towards net-zero
Progressing on the roadmap towards net-zero GHG emissions – ownership equity1) Million tonnes CO2e (% of 2018 baseline emissions2)) 10 Achieved reductions Reduction targets since 2018 10% by 2025 30% by 2030 100% by 2050 Status • Fuel switch from heavy fuel oil to natural gas at Alunorte (~434,000 t
Slide 24: Contributing to Nature Positive
Contributing to Nature Positive Strengthening the nature strategy for Hydro Paragominas Strategy development Performance to date • Baseline study is in progress, • Continuous 1:1 rehabilitation including estimates of nature of available mined areas within two losses and gains across the hydrological
Slide 25: Social impact | Improving lives and livelihoods
Social impact | Improving lives and livelihoods The Corridor program in Pará Strategic long-term social programs Community Co-design initiatives with local communities to Partnering with other companies, NGOs, strengthen economic and social development, development authorities and foundations to str
Slide 26: Customer pull for Hydro aluminium beyond low-carbon
Customer pull for Hydro aluminium Greener product capacity potential reflecting adjusted beyond low-carbon capital allocation1) Progressing on volumes Building capabilities for future contributions High potential recycling • Investing in wire rod casthouse in Karmøy supporting not committed Hydro CI
Slide 27: Progressing on strategic partnerships
Progressing on strategic partnerships Some of the world's most ambitious companies rely on Hydro to future proof their businesses Hydro + Mercedes-Benz Hydro + Saint-Gobain Glass Hydro + Volvo Group Hydro + NKT Hydro + VELUX Hydro + Porsche Hydro + Brompton Hydro + Siemens 27
Slide 28: Navigating market challenges, positioning for long-term growth
Investor Day 2025 Navigating market challenges, positioning for long-term growth Paul Warton Executive Vice President Hydro Extrusions
Slide 29: Safety development improving in Extrusions
Safety development improving in Extrusions TRI1) per million hours worked HRI2) per million hours worked 12 months rolling average 12 months rolling average 5 3 4 3.29 average since Q3’20 2 Lower environmental footprint in Extrusions 3 Waste to landfill (kg/t) 1.19 average since Q3’20 12.00 2 2.40 p
Slide 30: Hydro Extrusions profitability challenged by unprecedented market headwinds
Hydro Extrusions profitability challenged by unprecedented market headwinds in key regions and segments Robust EBITDA per tonne generation despite weaker markets Extrusion demand headwinds EBITDA per tonne extrusion peers NOK Extrusion demand per region, indexed 2015 = 100 Extrusion demand growth es
Slide 31: Proposed portfolio restructuring in Extrusions Europe
Proposed portfolio restructuring in Extrusions Europe in response to weak markets and overcapacity Footprint consolidation to strengthen long-term robustness Extrusion Europe production sites Plants, assets and people affected Plants Assets FTEs intended Country affected for closure* Extrusion Remel
Slide 32: Optimizing plant footprint in Europe giving fixed cost reductions
Optimizing plant footprint in Europe giving fixed cost reductions and improved capacity utilization Intended capacity reductions in extrusions and recycling in EE Improvement drivers for project Reduction in • Capacity utilization in remaining extrusion network to increase Figures in kt annual extru
Slide 33: Long-term growth prospects for extrusion demand remain attractive
Long-term growth prospects for extrusion demand remain attractive in key regions and segments Lower growth estimates compared to CMD 2024 Extrusion demand estimates (CRU) Extrusion demand BEV headwinds , especially in North America (‘000 tonnes) CAGR 2024 - 30 BEV share of light vehicle production1)
Slide 34: Extrusions with high exposure to key growth segments
Extrusions with high exposure to key growth segments in both Europe and North America Favorable overall market share development given segment presence Hydro Extrusion’s sales volume split per segment & overall market split per segment (percentage, based on 2024 volume and market) Extrusions positio
Slide 35: HE leveraging global footprint in serving OEMs
HE leveraging global footprint in serving OEMs in their regional markets, growing pipeline of automotive contracts Some delays in production start ups in 2025, improving into 2026 Record levels of OEM sole supply contracts Leveraging global footprint, Delivering advanced automotive components and fa
Slide 36: HE leveraging copper substitution trends in HVAC&R
HE leveraging copper substitution trends in HVAC&R Strong growth in non-EU markets for HBS, especially in Middle East HE leveraging copper substitution trends in Precision Tubing Hydro Building Systems growing strongly outside Europe Copper substitution share • Strong growth in Middle East of Precis
Slide 37: Extrusions with strong ambitions for operational and commercial improvements
Extrusions with strong ambitions for operational and commercial improvements Ambitious improvement targets 2030 supported by dedicated value streams Category Description Improvement ambition towards 2030 (2024 baseline, real terms) • Increase market share in key, dedicated segments Commercial throug
Slide 38: Extrusions driving efficiency gains through press replacements and automation
Extrusions driving efficiency gains through HE improvement program press replacements and automation projects Automation • No growth capex short-term Press consolidation and replacement economics Targeted efficiency gains from automation except customer projects FTE’s • Project pipeline 300 Focus on
Slide 39: Procurement driving sustainable savings through process improvements
Procurement driving sustainable savings HE improvement program through process improvements Procurement • U.S. logistics project • Savings ~ 9.9% (3.7MUSD), • Logistics efficiency gains • Testing of AI tools for continuous route optimization • Significant NOC days improvement • U.S. packaging projec
Slide 40: 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 Reduced CAPEX: Hydro Extrusions EBITDA ambitions ~1 BNOK EBITDA effect Hydro Extrusions 2030 NOK billion 8.0
Slide 41: Strengthening financial resilience through improvements and capital discipline
Investor Day 2025 Strengthening financial resilience through improvements and capital discipline Trond Olaf Christophersen Executive Vice President & Chief Financial Officer
Slide 42: Strong upstream earnings and cash flow supporting a solid financial position
Strong upstream earnings and cash flow supporting a solid financial position Adjusted RoaCE Adjusted EBITDA Free cash flow 1) Adjusted net debt (cash) Capex spend of 12.9 over the cycle 13.5 Average last 5 years % NOK 31.0 LTM Q3 2025 billion NOK 10.2 LTM Q3 2025 billion NOK 21.1 Q3 2025 billion NOK
Slide 43: Resilient financial framework driving LT shareholder value
Resilient financial framework driving LT shareholder value Solid framework for lifting returns and cash flow, and managing uncertainty Baa2 ibili ty Rob ust NOK lf ex 41.0 (Moody’s) Strong balance sheet and investment sh Total shareholder distributions1) since d ofitable grow wtthh aand ar grade cre
Slide 44: Improvement program to deliver NOK 1.2 billion in 2025
Improvement program to deliver NOK 1.2 billion in 2025 Ambition to deliver NOK 6.5 billion in annual improvements by 2030 Operational Procurement Commercial improvement program improvement program excellence program • Improvement in operational metrics through • Improvements through procurement and
Slide 45: Selected examples of improvements in 2025
Selected examples of improvements in 2025 Mining transportation efficiency Recycling scrap reducing fuel consumption per Debottlenecking of Alunorte optimization reducing hot ton-kilometer by 13%, 15 MNOK improving refinery flow metal cost, 30 MNOK Index (liter/ton-km) -13% by 1%, 85 MNOK 100 103 95
Slide 46: Further profitability levers
Further profitability levers Strong focus on improvements outside of the improvement program follow up Energy cost Alunorte Ramp up and cost-efficient creep in Strategic workforce adjustment smelters • Reducing energy cost at Alunorte through fuel • Curtailed volumes in 2022 fully • Achieved white c
Slide 47: 2026: Cost focus and improvements lifting EBITDA
2026: Cost focus and improvements lifting EBITDA Limited net EBITDA difference between prices and FX rates for LTM vs spot AEBITDA sensitivity 2026 NOK billion ~35 ~33 1.2 0.3 31.0 0.9 AEBITDA Q3-2025 LTM Strategic white-collar Ramp-up of curtailed Improvement programs AEBITDA 2026 AEBITDA @ spot wo
Slide 48: Capital allocation reflecting strategic modes
Capital allocation reflecting strategic modes Strategic modes reflect global megatrends and high-return opportunities Safe, compliant and efficient operations The Hydro Way Businesses Bauxite & Alumina Aluminium Metal Recycling Energy Extrusions Strategic mode Sustain and improve Sustain and improve
Slide 49: Near-term tightening of capex frames in response to market softness
Near-term tightening of capex frames in Growth & Return seeking investments 2) response to market softness Strategic direction remains • Extrusions and recycling are the main growth vehicles, together with renewable power. • Current weak market conditions downstream leads to short-term reduction in
Slide 50: Continued focus on Net Operating Capital
Continued focus on Net Operating Capital Maintaining Net Operating Capital guidance of NOK 30 billion Net Operating Capital1) Q3 YE 2026 guiding NOK billion, days 2025 Continued focus on Net Operating Capital expected guidance to improve performance by two days in 2026 2,0 53 48 49 49 49 47 Net oper
Slide 51: Hydro profitability growth roadmap
Hydro profitability growth roadmap Main drivers: Improvement efforts, growth and market development ARoaCE potential 2030 AEBITDA potential 2030 Cash flow potential after Main upside drivers Profitability target of >10% NOK billion sustaining CAPEX1) 2030 • Sustainability differentiation and NOK bil
Slide 52: Bauxite & Alumina profitability growth roadmap
Bauxite & Alumina profitability growth roadmap Main drivers: Improvement efforts, commercial differentiation and market development ARoaCE potential 2030 AEBITDA potential 2030 Cash flow potential after Main upside drivers Profitability target of >10% NOK billion sustaining CAPEX1) 2030 • Positive m
Slide 53: Aluminium Metal profitability growth roadmap
Aluminium Metal profitability growth roadmap Main drivers: Improvement efforts, commercial differentiation and market development ARoaCE potential 2030 AEBITDA potential 2030 Cash flow potential after Main further upside drivers Profitability target of >10% NOK billion sustaining CAPEX1) 2030 • Posi
Slide 54: Metal Markets profitability growth roadmap
Metal Markets profitability growth roadmap Main drivers: Recycling growth, commercial differentiation and market development ARoaCE potential 2030 AEBITDA potential 2030 Cash flow potential after Main further upside drivers Profitability target of >8% NOK billion sustaining CAPEX1) 2030 • Positive m
Slide 55: Extrusions profitability growth roadmap
Extrusions profitability growth roadmap Main drivers: Improvement efforts, commercial differentiation, growth projects and market development ARoaCE potential 2030 AEBITDA potential 2030 Cash flow potential after Main further upside drivers Profitability target of >8% NOK billion sustaining CAPEX1)
Slide 56: Energy profitability growth roadmap
Energy profitability growth roadmap Main drivers: Net spot sales volume and market development Energy excl. REIN JV – Energy excl. REIN JV – Cash flow potential Main further upside drivers AEBITDA potential 2030 after sustaining CAPEX1) 2030 • Additional growth opportunities NOK billion NOK billion
Slide 57: Scenario assumptions
Scenario assumptions Scenarios are not forecasts, but illustrative earnings, cash flow and return potential based on sensitivities • Starting point – AEBITDA Q3 2025 LTM Assumptions used in scenarios Q3 2025 LTM Spot • Cash flow calculated as AEBITDA less EBIT tax and long-term sustaining CAPEX, les
Slide 58: Aiming for competitive returns to shareholders
Aiming for competitive returns to shareholders Solid dividend track record Dividend, 1.25 1.25 1.25 6.85 5.65 2.5 2.25 NOK/share Dividend yield1) 3.2% 3.8% 3.1% 9.9% 7.7% 3.7% 3.6% Share of Adj. 45% 239% 100% 118% 61% 81% 50% Net Income3) • Aiming for competitive shareholder returns compared to 2018
Slide 59: Key messages
Key messages Financial strength and flexibility • Investment grade credit rating Robust shareholder payout • Aiming for competitive returns to shareholders aligned with dividend policy and capital structure targets Strong performance drive, increasing resilience • Improvement initiatives estimated t
Slide 60: Hydro has a unique position in the aluminium industry
Hydro has a unique position in the aluminium industry World class asset base Energy resilience Low-carbon advantage • Integrated world scale and long-life bauxite • Premium reservoir based hydropower assets • Commercializing sustainability through leading and alumina assets in Brazil located in high
Slide 61: Hydro
Hydro Industries that matter