Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Norsk Hydro As Ord — Q3 2025 Earnings Presentation
52 slides from Norsk Hydro Asa's earnings presentation, Oct 24, 2025
Slide 1: Third quarter 2025 Investor presentation
Third quarter 2025 Investor presentation October 24, 2025
Slide 2: Table of contents and cautionary note
Table of contents Third quarter results 2025 3 Cautionary note Certain statements included in this announcement contain forward-looking information, Additional slides 24 including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro managemen
Slide 3: Solid results amid uncertain markets
Solid results amid uncertain markets Eivind Kallevik, President & CEO October 24, 2025
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 5 3 4 2 3 2.53 average since Q3’20 1.02 average since Q3’20 2 1.79 per 1 end-Q3’253) 1 0.55 per end-Q3’253) 0 0 Q3’20 Q3’21 Q3’22 Q3’23 Q3’24 Q3’25 Q3’20 Q3’21 Q3
Slide 5: Q3 2025 highlights
Q3 2025 highlights Adjusted EBITDA NOK 6.0 billion Free cash flow NOK 2.2 billion, adjusted RoaCE1) 11% Solid cash generation, uncertain extrusion markets Executing Executing on on strategic strategic workforce workforce adjustment and cost reductions Future proofing Alouette by signing an Agreement
Slide 6: Executing on strategic workforce and cost reductions
Executing on strategic Comes in addition to several performance and capital discipline measures workforce and cost reductions Improvement Restructuring in Capital program Extrusions discipline Shaping the organization by reducing white collar NOK 6.5 billion >1,200 FTEs1) NOK 1.5 billion manning, an
Slide 7: Future proofing Alouette
Future proofing Alouette Signed Agreement in Principle for long-term power contract until 2045 • Aluminerie Alouette has signed an Agreement in Principle (AiP) for continued long-term power supply with the Government of Québec and state owned energy production company Hydro-Québec. • The new contrac
Slide 8: Executing on batteries phase out
Executing on batteries phase out Battery portfolio transactions aligned with Hydro’s strategic priorities for 2030 Swapping stake in Lithium de France Selling shares in Corvus Energy • On October 10, Hydro completed a transaction to • On October 8, Hydro signed an agreement to divest its exchange it
Slide 9: Dutch court dismisses all claims against Hydro
Dutch court dismisses all claims against Hydro The case was dismissed by the Rotterdam court on both legal and factual grounds In 2021, Cainquiama, an association based in Barcarena, Brazil, and nine individuals filed a lawsuit in The Netherlands against the Dutch entities of Hydro and Norsk Hydro A
Slide 10: Shaping the market by advancing low-carbon and circular solutions
Shaping the market by advancing low-carbon and circular solutions Hydro and Mercedes-Benz collaboration combines The Hangarbrua project marks a milestone innovation and industrial transformation in circular construction • Since 2022, Hydro and Mercedes-Benz have worked together in • A new pedestrian
Slide 11: Financial update
Financial update Trond Olaf Christophersen Executive Vice President & CFO
Slide 12: Lower pax prices expected to rebalance the market
Lower pax prices expected to rebalance the market Balanced markets Pax price lower in Q3 2025 following Marginal refineries profitability new capacity in Asia under pressure at current prices Estimated global alumina balance Platts alumina index (PAX) World alumina business cost curve Q3’25 Million
Slide 13: Balanced primary aluminium market
Balanced primary aluminium market Global primary aluminium balance LME aluminium price Regional premiums Million tonnes1) (‘000) NOK per tonne USD per tonne USD per tonne 35 4 000 1 800 2.3 3 800 1 700 1.9 1 600 3 600 1 500 30 3 400 1 400 3 200 1 300 3 000 1 200 25 2 800 1 100 1 000 2 600 900 2 400
Slide 14: Limited recovery in Hydro Extrusions sales in Q3 2025
Limited recovery in Hydro Extrusions sales in Q3 2025 Growth in B&C and distribution segments, headwinds in automotive and transport moderating External market forecasts1) Extrusion sales volumes Year over Year Q3 2025 vs Q3 2024 Extrusion market growth per quarter and annually Hydro Extrusions segm
Slide 15: Adj. EBITDA underlying flat, largest effect is normalization of eliminations vs Q2 2025
Adj. EBITDA underlying flat, largest effect is normalization of eliminations vs Q2 2025 Q3 2025 vs Q2 2025 Impact of NOK billion Midwest Premium ~NOK 0.4 billion 0.4 7.8 0.3 0.7 0.7 0.1 0.2 0.4 0.0 -0.3 1.4 6.0 0.1 -1.5 CO2 compensation Other Eliminations Adj. EBITDA Realized Upstream Raw Extrusion
Slide 16: Key financials
Key financials NOK million Q3 2025 Q3 2024 Q2 2025 Year 2024 Revenue 50 546 50 089 53 116 203 636 Reported EBITDA 6 018 5 934 6 889 26 543 Adjusting items to EBITDA (22) 1 433 902 (225) Adjusted EBITDA 5 996 7 367 7 790 26 318 Reported EBIT 3 491 3 488 4 375 16 487 Adjusted EBIT 3 510 4 944 5 302 16
Slide 17: Hydro Bauxite & Alumina
Hydro Bauxite & Alumina Implied alumina cost and margin USD/mt Results down YoY driven by lower alumina price, higher 494 fixed costs and negative currency effects 392 397 116 45 54 Key figures Q3 2025 Q3 2024 Q2 2025 Alumina production, kmt 1 488 1 463 1 516 346 378 343 Total alumina sales, kmt 2 8
Slide 18: Hydro Aluminium Metal
Hydro Aluminium Metal All-in implied primary cost and margin USD/mt1,4) 550 650 525 Results down YoY driven by negative currency effects, partly offset by higher sales volume and reduced alumina 2 2759) 2 325 2 450 2 2509) 2 400 2 200 cost Key figures Q3 2025 Q3 2024 Q2 2025 1 925 1 750 2 000 Primar
Slide 19: Metal Markets
Metal Markets Results down YoY due to lower results from sourcing and trading activities, partly offset by increased results from recyclers Key figures Q3 2025 Q3 2024 Q2 2025 Recycling production, kmt 174 170 209 Metal products sales, kmt 1) 645 630 659 Adjusted EBITDA Recycling (NOK million) 93 (3
Slide 20: Hydro Extrusions
Update on Friday, 4th Hydro Extrusions Results up YoY on favorable metal effect, partly offset by pressured sales margins Key figures Q3 2025 Q3 2024 Q2 2025 External sales volumes, kmt 242 240 264 Adjusted EBITDA, NOK million 1 107 879 1 260 Adjusted EBIT, NOK million 336 15 489 Adjusted RoaCE, % L
Slide 21: Hydro Energy
Hydro Energy Results up YoY due to higher gain on price area differences partly offset by lower production Key figures Q3 2025 Q3 2024 Q2 2025 Power production, GWh 2019 2 197 2 136 Net spot sales, GWh (62) 104 47 Southwest Norway spot price (NO2), NOK/MWh 791 455 682 Adjusted EBITDA, NOK million 82
Slide 22: Net debt decrease of NOK 1.9 billion during Q3
Net debt decrease of NOK 1.9 billion during Q3 Decrease in net debt due to positive free cash flow, partly offset by other cash effects NOK billion Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds Collateral: Includes collateral for short-te
Slide 23: 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 24: Additional slides
») Hydro Additional slides
Slide 25: Key figures – Outlook Q4 2025
Key figures – Outlook Q4 2025 Note that the information on this page is based on forward looking information from current point in time and changes might occur during the coming quarter Bauxite & Alumina Aluminium Metal Metal Markets • Lower recycling results • Alunorte production at nameplate • ~72
Slide 26: Revenue drivers through Q3 2025
Revenue drivers through Q3 2025 LME aluminium price Regional standard ingot premiums Platts alumina index (PAX) NOK/mt USD/mt USD/mt USD/mt % of LME 900 35% 35,000 4,000 1 800 3,800 1 700 1 600 800 3,600 30% 1 500 30,000 3,400 1 400 700 3,200 1 300 1 200 25% 3,000 600 25,000 2,800 1 100 1 000 2,600
Slide 27: Market raw material costs in Q3 2025
0.0 0.5 1.0 2.0 2.5 0.0 0.2 0.4 0.6 0.8 1.2 1.4 1.6 1.8 1.5 1.0 Q3-21 Q3-21 Q4-21 Q4-21 Q1-22 Q1-22 Q2-22 Q2-22 Q3-22 Q3-22 Q4-22 Q4-22 Q1-23 Q1-23 Q2-23 Q2-23 Q3-23 Q3-23 Q4-23 Q4-23 Q1-24 Q1-24 Q2-24 Q2-24 Q3-24 Q3-24 Caustic soda (indexed) Q4-24 Q4-24 Source: Thomson Reuters, PACE, IHS Markit, Pl
Slide 28: Key performance metrics Q3 2025
Key performance metrics Q3 2025 Adjusted EBITDA Free cash flow1) Adjusted RoaCE2) NOK million NOK billion 12-month rolling % 7,790 5,0 12.0% 7,367 10.9% 5,996 7.2% 2,2 1,7 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 2Q24 2Q25 3Q25 Upstream costs3,4) Extrusion volumes Improvement program status USD per tonne Thous
Slide 29: Hedging status
Hedging status Aluminium hedges in place for 2025-2027 Strategic hedging status1) NOK Billions • 2025: 113 kt remaining at a price of ~2500 USD/t • 2026: 460 kt hedged at a price of ~2750 USD/t • 2027: 100 kt hedged at a price of ~2600 USD/t Settlements since 2021 • Pricing mainly in NOK. Net USD ex
Slide 30: Significant exposure to commodity and currency fluctuations
Significant exposure to commodity and currency fluctuations Aluminium price sensitivity +10 USD/mt1) Currency sensitivities NOK million USD BRL EUR 160 Sustainable effect (NOK million) +1.00 NOK/USD +0.10 NOK/BRL +1.00 NOK/EUR 110 AEBITDA 4,730 (510) (130) AEBITDA Adjusted net income One-off reevalu
Slide 31: Bauxite & Alumina sensitivities
Bauxite & Alumina sensitivities Annual sensitivities on adjusted EBITDA Revenue impact • Realized alumina price lags PAX by one month +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +0.1 USD/MMBtu1) Cost impact NOK million Bauxite 550 • ~2.45 tonnes bauxite per tonne alumina • Pricing partly LME
Slide 32: Aluminium Metal sensitivities
Aluminium Metal sensitivities Annual sensitivities on adjusted EBITDA Revenue impact • Realized price lags LME spot by ~1-2 months +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 EUR/mt2) • Realized premium lags market premium by ~2-3 months NOK million Cost impact 220 160 Alumina • ~1.9 ton
Slide 33: Energy EBITDA development
Energy EBITDA development • Production and market prices strongly linked to hydrological Adjusted EBITDA and NO2 spot price NOK million conditions 4.926 NOK/MWh 5.000 2.500 • Seasonal market variations in demand and supply. Gains or losses 3.791 4.000 3.540 2.000 may occur from delink between area p
Slide 34: Metal Markets earnings drivers
Metal Markets earnings drivers • Recyclers Adjusted EBITDA MM • Revenue impact – volume, LME and product premiums NOK million1) • Cost impact • Scrap and standard ingot premiums above LME 750 • Raw material mix 700 650 • Freight cost – proximity to market 600 • Energy consumption and prices 550 500
Slide 35: Extrusions earnings drivers
Extrusions earnings drivers Adjusted EBITDA per tonne1), NOK • Contract structure 7,500 • Margin business based on conversion price 7,000 • LME element passed on to customers 6,500 • Mostly short-term contract, typically ranging from spot to 12 months, 6,000 few longer-term contracts with floating p
Slide 36: Additional information
») Hydro Additional information
Slide 37: Adj. EBITDA down on lower realized alumina price and stronger NOK
Adj. EBITDA down on lower realized alumina price and stronger NOK, partially compensated by positive volumes Q3 2025 vs Q3 2024 NOK billion Impact of metal 7.4 effects in Extrusions 0.3 1.4 0.2 0.3 0.3 0.4 0.1 0.0 0.1 0.5 1.0 6.0 0.7 0.5 CO2 compensation Other Eliminations Adj. EBITDA Realized Upstr
Slide 38: Income statements
Income statements NOK million Third quarter Third quarter Second quarter First 9 months First 9 months Year 2025 2024 2025 2025 2024 2024 Revenue 50 546 50 089 53 116 160 756 148 579 203 636 Share of the profit (loss) in equity accounted investments 226 (363) (197) 87 (205) (516) Other income, net 1
Slide 39: Balance sheet
Balance sheet NOK million September 30 June 30 March 31 December 31 September 30 June 30 March 31 December 31 2025 2025 2025 2024 2024 2024 2024 2023 Cash and cash equivalents 14 703 18 809 18 945 15 049 18 875 18 886 19 622 24 618 Short-term investments 8 132 3 051 2 943 3 467 3 928 3 760 4 968 2 6
Slide 40: Adjusting items to EBITDA, EBIT and net income - 2025
Adjusting items to EBITDA, EBIT and net income - 2025 NOK million (+=loss/()=gain) Q1 2025 Q2 2025 Q3 2025 Unrealized derivative effects on LME related contracts Hydro Bauxite & Alumina 4 14 31 Unrealized derivative effects on raw material contracts Hydro Bauxite & Alumina (64) 22 25 Significant rat
Slide 41: Adjusting items to EBITDA, EBIT and net income - 2024
Adjusting items to EBITDA, EBIT and net income - 2024 NOK million (+=loss/()=gain) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Year 2024 Unrealized derivative effects on LME related contracts Hydro Bauxite & Alumina 3 8 (7) (18) (15) Unrealized derivative effects on raw material contracts Hydro Bauxite & Alumin
Slide 42: Operating segment information
Operating segment information Adjusted EBIT NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Hydro Bauxite & Alumina (221) 88 (610) (269) 43 841 2 761 4 216 4 404 772 560 (1 013) 7 861 Hydro Energy 677 805 712 755 1 103 545 575 1
Slide 43: Operating segment information
Operating segment information EBIT NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Hydro Bauxite & Alumina (399) (30) (570) (4 223) 81 844 2 834 4 153 4 464 726 483 (5 222) 7 911 Hydro Energy 466 628 677 634 1 047 1 180 22 637 8
Slide 44: Operating segment information
Operating segment information Total revenue NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Hydro Bauxite & Alumina 8 320 8 830 8 423 9 948 10 200 11 905 14 306 17 808 16 634 11 152 11 239 35 521 54 219 Hydro Energy 3 452 2 162
Slide 45: Operating segment information
Operating segment information Internal revenue NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Hydro Bauxite & Alumina 3 031 3 260 3 019 3 141 3 238 3 597 4 599 5 174 5 785 2 977 3 450 12 542 16 608 Hydro Energy 1 818 1 905 1 68
Slide 46: Operating segment information
Operating segment information Return on average capital employed 1) (RoaCE) Reported RoaCE Adjusted RoaCE 2024 2023 2022 2021 2020 2019 2018 2024 2023 2022 2021 2020 2019 2018 Hydro Bauxite & Alumina 21.5% (12.7%) 1.3% 11.9% 5.4% 1.9% 4.6% 21.4% (2.5%) 1.8% 12.0% 5.9% 2.5% 6.0% 2) Hydro Energy 6.7%
Slide 47: Operating segment information
Operating segment information Depreciation, amortization and impairment NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Hydro Bauxite & Alumina 659 729 703 4 523 761 775 649 753 731 748 730 6 614 2 938 Hydro Energy 48 49 49 50 4
Slide 48: Operational data
Operational data Hydro Bauxite & Alumina Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Alumina production (kmt) 1 550 1 542 1 522 1 571 1 503 1 492 1 463 1 516 1 465 1 516 1 488 6 185 5 973 Sourced alumina (kmt) 686 553 692 909 1 080 1 23
Slide 49: Operational data
Operational data Hydro Aluminium Metal 1) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year 2023 Year 2024 Realized aluminium price LME, USD/mt 2 291 2 273 2 146 2 129 2 248 2 377 2 429 2 450 2 547 2 548 2 539 2 218 2 374 Realized aluminium price LME, NOK/m
Slide 50: Hydro Extrusions, information by business area
Hydro Extrusions, information by business area Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Precision Tubing 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Extrusion Europe 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Vol
Slide 51: Investor Relations in Hydro
Investor Relations in Hydro Martine Rambøl Hagen Head of Investor Relations Next event t: +47 91708918 e: martine.rambol.hagen@hydro.com Q4 2025 Elitsa Blessi Investor Relations Officer February 13, 2026 t: +47 91775472 e: elitsa.blessi@hydro.com Mathias Gautier Investor Relations Officer For more i
Slide 52: Hydro
Hydro Industries that matter