Slide 1: First quarter 2023 Investor presentation
First quarter 2023 Investor presentation April 28, 2023
Slide 2: Table of contents and cautionary note
Table of contents First quarter results 2023 3 Cautionary note Certain statements included in this announcement contain forward-looking information, Market 29 including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concernin
Slide 3: Robust results, executing on strategy
Robust results, executing on strategy Hilde Merete Aasheim Chief Executive Officer April 28, 2023
Slide 4: Q1 2023 Adjusted EBITDA NOK 7.53 billion
Q1 2023 Adjusted EBITDA NOK 7.53 billion Free cash flow NOK (1.0) billion Adj. RoaCE 18.0 % Robust results despite volatile markets and weaker demand Balanced aluminum markets and falling raw material prices supporting margins Capturing greener demand growth Strategic growth in Recycling and Extrusi
Slide 5: Hydro and Glencore to become partners to further develop Alunorte
Alunorte Hydro and Glencore to become partners to further develop Alunorte • Hydro has signed an agreement with Glencore to divest • Location: Barcarena, state of Pará, Brazil • 30% of Alunorte and 5% ownership in MRN • Annual capacity: 6.3 mt/year • Glencore acquires an additional 40% of MRN, curre
Slide 6: Safety a key priority
Safety a key priority TRI and HRI continue positive development TRI1) per million hours worked HRI2) per million hours worked 12 months rolling average 12 months rolling average 5 3 4 2.93 average 2 since Q1’19 3 1.41 average since Q1’19 2 2.30 per end-Q1’233) 1 1 0.71 per end-Q1’233) 0 0 Q1’19 Q1’2
Slide 7: Improvement program on track, Alunorte fuel switch delay stretches program
Improvement program on track, Alunorte fuel switch delay stretches program Improvement program Commercial initiatives NOK billions NOK billions 11.0 10.0 3.2 NOK 3.0 7.8 8.4 billion 2.5 NOK 1.2 Fixed cost billion 1.8 Market Greener Procurement share Operational products growth excellence Product mix
Slide 8: Stable alumina prices on industry disruptions
Stable alumina prices on industry disruptions Falling raw material costs; the gap to Chinese cost levels is closing Platts alumina index (USD/t) Coal prices (USD/t) Caustic Soda (USD/t) Bauxite prices (USD/t) RMB/t 550 3 400 400 1 200 100 500 3 200 1 000 80 300 450 3 000 800 60 400 2 800 200 600 350
Slide 9: Largely balanced aluminium market
Largely balanced aluminium market European smelter margin* per VAP (USD/t) 2000 Supply disruptions in and outside China, risk of further curtailments 0 -2000 -4000 Estimated global balance (Mt) -6000 -8000 CRU Harbor -10000 0,6 0,3 -12000 -14000 Oct-19 Oct-20 Oct-21 Oct-22 Apr-19 Apr-20 Apr-21 Apr-2
Slide 10: Automotive volumes improving in Extrusions, weaker markets in B&C and industrial
Automotive volumes improving in Extrusions, weaker markets in B&C and industrial Extrusion sales volumes External market forecasts Q1 2023 vs Q1 2022 Year over Year Hydro Extrusions segment sales volume Extrusion market growth per quarter Growth in % Growth in % 14 (3) -2 -2 (7) (8) (10) -13 (13) -2
Slide 11: Executing in line with Hydro's strategic direction towards 2025
Executing in line with Hydro’s strategic direction towards 2025 1 Strengthen position in low-carbon aluminium 2 Diversify and grow in new energy Lifting profitability, driving sustainability 11
Slide 12: Green transition drives aluminium demand
Green transition drives aluminium demand Customers accelerating demand for greener aluminium ~5 million tonnes from green transition Aluminium in cars increasing to 2030 Customers are demanding greener until 2050 – Extrusion in cars accelerating aluminium Aluminium demand Europe, NOK million tonnes
Slide 13: Pull for low-carbon aluminium
Pull for low-carbon aluminium Letter of Intent signed with Porsche • Porsche and Hydro sign Letter of Intent (LoI) for supply of recycled and primary, low-carbon aluminium to reduce the carbon footprint of Porsche’s vehicle fleet • Porsche also signs a memorandum of understanding (MoU) with Hydro’s
Slide 14: Preparing for first CO2 capture and HalZero testing at scale
Preparing for first CO2 capture and HalZero testing at scale Timeline 2022 Q1 2023 2025 2030 2035 Concept Status Proven concepts and Tested market and Realized market value prioritization first volumes industrial scale pilot volumes ✓ Successful first tests with Verdox ✓ Test facility at Sunndal com
Slide 15: Relaunch tender offer Alumetal
Relaunch tender offer Alumetal Strong strategic fit towards delivering on Hydro’s recycling strategy Sunndalsøra Høyanger Årdal • Second largest producer of aluminium secondary foundry alloys in Husnes Europe Karmøy Sjunnen • Production capacity of 275,000 tonnes per year with three plants in Poland
Slide 16: Ambitious recycling strategy delivering on future consumption growth
Ambitious recycling strategy delivering on Recycling 2025 and 2027 targets future consumption growth All approved project pipeline PCS usage and ambition In thousand tonnes ~x2 620-770 Global aluminium consumption Hydro aluminium production 520-670 In million tonnes In million tonnes1) 5 320 120 280
Slide 17: Delivering robust Extrusions margins in weaker markets
Delivering robust Extrusions margins in weaker markets, and on track for NOK 8 billion AEBITDA target Portfolio optimization, pricing, productivity and recycling driving margins Extrusions EBITDA AEBITIDA margin 7.0 NOK per kg NOK billions 8 7 2.7 6 5 4.3 4.1 0.2 4 Realized 3 Currency adjusted* 2.2
Slide 18: Progressing with new energy growth
Progressing with new energy growth Batteries • Progressing on construction of Stor- • Maturing world’s first pilot for green • Vianode fast-track plant under construction Skälsjön, Mendubim, Feijao and Boa hydrogen in aluminium at Høyanger, • Hydrovolt further increasing volumes Sorte Norway • Stren
Slide 19: Financial update
Financial update Pål Kildemo, Executive Vice President and CFO
Slide 20: Adj. EBITDA up on Extrusion results and higher prices
Adj. EBITDA up on Extrusion results and higher prices, partly offset by upstream volumes and lower power sales Q1-2023 vs Q4-2022 0.5 0.3 0.3 0.5 7.5 7.2 0.4 0.6 1.5 0.7 0.4 -0.7 Other & eliminations CO2 compensation Slovalco effects Adj. EBITDA Realized aluminium Upstream volume Extrusion and Extru
Slide 21: Key financials
Key financials NOK million Q1 2023 Q1 2022 Q4 2022 Year 2022 Revenue 48 534 46 616 44 075 207 929 Reported EBITDA 6 393 8 217 3 930 39 536 Adjusting items to EBITDA 1 132 2 948 3 254 128 Adjusted EBITDA 7 525 11 165 7 184 39 664 Reported EBIT 4 233 6 222 1 405 30 715 Adjusted EBIT 5 364 9 170 4 946
Slide 22: Hydro Bauxite & Alumina
Hydro Bauxite & Alumina Implied alumina cost and margin USD/mt1) Results down on higher caustic costs and lower 20 64 4 alumina prices 347 327 337 Key figures Q1 2023 Q1 2022 Q4 2022 Q1 23 Q1 22 Q4 22 Alumina production, kmt 1 550 1 519 1 559 367 391 342 Price3) Total alumina sales, kmt 2 171 2 251
Slide 23: Hydro Aluminium Metal
All-in implied primary cost and margin Hydro Aluminium Metal USD/mt1,4) 525 1000 575 Results down on lower all-in metal prices and higher 2 2759) 2 450 2 2509) carbon cost, partly offset by currency, power sales and indirect CO2 compensation 1 700 1 550 1 650 Key figures Q1 2023 Q1 2022 Q4 2022 Q1 2
Slide 24: Metal Markets
Metal Markets Higher results from sourcing and trading activities, positive currency and inventory effects, partly offset by lower recycling results Key figures Q1 2023 Q1 2022 Q4 2022 Recycling production, kmt 132 151 115 Metal products sales, kmt 1) 674 731 614 Adjusted EBITDA Recycling (NOK milli
Slide 25: Hydro Extrusions
Hydro Extrusions Results slightly down on lower volume and results in recyclers, partly offset by higher sales margins and positive currency and metal effects Key figures Q1 2023 Q1 2022 Q4 2022 External sales volumes, kmt 301 347 265 Adjusted EBITDA, NOK million 2 223 2 331 939 Adjusted EBIT, NOK m
Slide 26: Hydro Energy
Hydro Energy Results down on internal contract, lower price area gains, power prices and production Key figures Q1 2023 Q1 2022 Q4 2022 Power production, GWh 2 610 2 730 2 002 Net spot sales, GWh 3) 817 986 511 Southwest Norway spot price (NO2), NOK/MWh 1 182 1 504 1 719 Adjusted EBITDA, NOK million
Slide 27: From net cash to net debt in the first quarter
From net cash to net debt in the first quarter NOC build, higher investments and leases, and fx effects are main drivers NOK billion Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds NOC: BAs: Change in book value excl currency translation. “
Slide 28: Priorities
Priorities 1. Health and safety first 2. Leverage unique position to capture greener aluminium demand at premium pricing 3. Deliver on improvement program and commercial ambitions 4. Drive down emissions on pathway to net zero 5. Deliver on portfolio of profitable growth projects 6. Progressing with
Slide 29: Market
Market
Slide 30: Macro trends and favorable properties drive aluminium demand
Macro trends and favorable properties drive aluminium demand Hydro’s strategic direction aims to realize full potential of aluminium’s strong qualities and versatility Aluminium Steel Copper Composites PVC Lightness and strength Strength and durability Conductivity Lightness Lightness and formabilit
Slide 31: Product qualities and roadmap to zero make aluminium key for green transition
Product qualities and roadmap to zero make aluminium key for green transition Importance of aluminium within key green transition technologies1 PV Electric vehicles Key properties of aluminium match requirements – lightweight, conductive, corrosion resistance Wind power Electricity networks Infinite
Slide 32: Transport & construction key semis demand segments
Transport & construction key semis demand segments Global semis demand 2022: ~96 million tonnes Per segment Per product form Per region 6% 22% 2% 1% 2% 11% 9% 24% 14% 1% 2% 6% 48% 15% 14% 22% 34% 32% 9% 18% Extrusions 9% per segment Transport Construction 14% China Packaging 3% Rolled products Asia
Slide 33: Green transition drives aluminium consumption
Green transition drives aluminium consumption Semis demand growth driven by transport and electrical Global semis demand 2022-2030 In million tonnes ~122 3 8 Transport 3 0 1 6 3 Construction Additional aluminium demand from green transition1) In million tons 2 Packaging 16 +24 14 2 Foil stock 13 12
Slide 34: Future consumption growth increasingly met with recycling
Future consumption growth Majority of announced primary growth based on high carbon energy sources increasingly met with recycling In million tons 35.2 t CO2e per t Al 12.1 6.2 2.1 New primary capacity still necessary to balance markets 0.5 1.8 Global aluminium consumption In million tonnes 1.7 29.1
Slide 35: Demand for greener aluminium accelerates
Demand for greener aluminium accelerates Low-carbon and recycled aluminium to make up majority of EU and North America market by 2030 Greener demand growth is outpacing the Estimated demand from currently stated company emissions reduction rest of the market targets – demand upside as new targets ar
Slide 36: Carbon reduction targets growing across market segments
Carbon reduction targets growing across market segments Estimated demand based on currently stated ambitions Examples of front runners with ambitious 2030 targets Scope 3 reduction targets Specific aluminium commitments Europe and North America low-carbon1) and recycled GAGR Share of low-carbon1) al
Slide 37: Revenue drivers through Q1 2023
Revenue drivers through Q1 2023 LME and SHFE aluminium prices Regional standard ingot premiums Platts alumina index (PAX) USD/mt NOK/mt USD/mt USD/mt % LME 3M 1 600 600 20% 1 500 1 400 550 1 300 18% 1 200 500 1 100 1 000 450 16% 900 800 400 700 600 14% 350 500 400 300 300 12% 200 250 100 0 200 10% J
Slide 38: Market raw material costs in Q1 2023
0.0 0.5 1.0 1.5 2.0 2.5 3.0 0.0 0.5 1.0 1.5 2.0 2.5 Q1-19 Q1-19 Q2-19 Q2-19 Q3-19 Q3-19 Q4-19 Q4-19 Q1-20 Q1-20 Q2-20 Q2-20 Q3-20 Q3-20 Q4-20 Q4-20 Q1-21 Q1-21 Q2-21 Q2-21 Indication of current market prices Q3-21 Q3-21 Q4-21 Q4-21 Caustic soda (indexed) Q1-22 Q1-22 Q2-22 Q2-22 Source: Thomson Reute
Slide 39: Large and concentrated bauxite resources
Large and concentrated bauxite resources Guinea stands out as a long-term source Bauxite resources billion mt Guinea 40.0 China 3.1 Jamaica Vietnam 2.0 India 5.8 3.5 Big-league (Top 4) Cameroon Mid-league (each > 1 Bt) 1.1 Indonesia Less significant bauxite resources Brazil 1.2 Total bauxite resourc
Slide 40: Position
») Hydro Position
Slide 41: Strong global presence throughout the aluminium value chain
Strong global presence throughout the aluminium value chain Built on market understanding, customer closeness and competence The complete North America Europe aluminium company Aluminium Metal • High-quality bauxite and alumina 9.4 TWh in Energy #1 position #1 position #1 position production in Braz
Slide 42: Steeper cost curve, low-carbon demand and robust position drive margin potential
Steeper cost curve, low-carbon demand and robust position drive margin potential Bauxite & Alumina Aluminium Metal Alumina Business Operating Cost curve (2022) Smelter Business Operating Cost curve1) (2022) 5000 750 Alunorte back in 1st 4000 quartile after fuel switch ~2300 ~200 USD/mt, 3000 USD/t 5
Slide 43: Long term renewable power contracts ensure robustness
Long term renewable power Power sourcing for smelters in Europe Power sourcing for Hydro smelters in Norway1) TWh contracts ensure robustness 18 Total consumption 16 14 12 Smelter business operating cost 10 curve 2022 8 USD/tonne 6 4 3 200 2 3 000 0 2 800 2022 2024 2026 2028 2030 2032 2034 2036 2038
Slide 44: Safe and responsible operations is a top priority
Safe and responsible operations Continuing efforts to further increase transparency is a top priority • Transparent and consistent reporting approach for more than three decades Leadership in health and safety, social responsibility • Sustainability is fully integrated in Hydro’s strategy and compli
Slide 45: 2025 hedge position increased during the quarter
2025 hedge position increased by 100 kt during the quarter Aluminium hedges of 100-460 kt/yr 2023-25 in place Strategic hedging status NOK Billions • 2023: 345 kt remaining at a price of ~2200 USD/t • 56 kt call-options as liquidity measure • 2024: 440 kt hedged at a price of ~2500 USD/t Settlements
Slide 46: Hydro - the fourth largest aluminium producer outside China
Hydro - the fourth largest aluminium producer outside China Equity production in 2022 in aluminium equivalents, thousand tonnes Alumina 10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 China Hongqiao Aluminum Xinfa Group Co., United Company Rio Tinto PLC Alcoa Corp Norsk Hydro State Po
Slide 47: Well positioned for future value creation
Well positioned for future value creation People Technology Market position Sustainability • Global, highly • Leading innovation • Close customer • Comprehensive low- skilled workforce throughout value chain collaboration and carbon aluminium • Strong focus on • Product development in partnerships o
Slide 48: Strategy and Ambitions
») Hydro Strategy and Ambitions
Slide 49: Profitability Sustainability
Profitability Sustainability ROACE > 10% CO2 - 30% 49
Slide 50: Hydro's strategic direction toward 2025
Hydro’s strategic direction toward 2025 Seizing opportunities where our capabilities match megatrends 1 Strengthen position in low-carbon aluminium 2 Diversify and grow in new energy Lifting profitability, driving sustainability 50
Slide 51: Increased improvement ambitions
Increased improvement ambitions Strengthening future competitiveness and positioning with additional NOK 0.8 and 1.5 billion in 2023 and 2025. Further stretched with additional NOK 1.5 billion by 2027 Improvement program Ambitions increased in 2023 and 2025, and extended with additional NOK 1 billio
Slide 52: Growing in energy
Growing in energy Leveraging strong platform and capabilities • Approx 3.5 BNOK earnings “platform” (LTM adjusted to normal production and no area price Energy Operations gain) & Energy Markets • In addition, commercial contribution of approx. 400 MNOK average last 3 years • USD 2.7 billion contract
Slide 53: Increasing PCS recycling ambitions by 140kt
Increasing PCS recycling ambitions by 140kt • Delivering on our recycling ambition - several investment decisions made, IRR 15-30% • Increasing ambitions to use PCS by 140kt, lifting EBITDA ambitions by NOK 1 billion Recycling 2025 and 2027 targets All approved project pipeline Attractive RoaCE in o
Slide 54: Extrusions on track to deliver NOK 8 billion EBITDA 2025
Extrusions on track to deliver NOK 8 billion EBITDA 2025 • Automotive, systems business and Portfolio commercial transport restructuring • Exited non-attractive operations and segments • Dedicated improvement program for Cost procurement and operational excellence reductions (EBS) Extrusions 2025 gr
Slide 55: Improvements and growth drive higher profitability
Improvements and growth Profitability roadmap AEBITDA Q3-2022 LTM - 2027 BNOK, excluding new energy drive higher profitability RoaCE 27% 41.5 • Recycling: Double PCS and EBITDA by 20251) increased Growth and • By 40 kt PCS by 2025 and additional 100 kt PCS by 2027 strategic initatives • Lifting EBIT
Slide 56: Driving sustainability: Future-proofing our company
Driving sustainability: Future-proofing our company Climate Environment Society • On track to meet 30 percent reduction • 1:1 reforestation on track • On track to deliver on target of in scope 1 and 2 CO2e by 2030 empowering 500,000 people with • No net-loss biodiversity ambition for • Net-zero by 2
Slide 57: Net-zero Hydro: The roadmap
Net-zero Hydro: The roadmap On track to achieve 30% carbon emissions reduction by 2030 and net-zero by 2050 or earlier GHG emissions – ownership equity Million tonnes CO2e (% of 2018 baseline emissions) 2018 2025 2030 2050 Fuel switch, Renewable power, green or earlier Electrifying coal boilers, gri
Slide 58: Decarbonization ambition: Three paths to net-zero
Decarbonization ambition: Three paths to net-zero Clear technology roadmap to deliver industrial volumes of zero carbon aluminium by 2030 HalZero process Carbon capture and storage Recycling and Casting New process technology for decarbonizing Technologies for decarbonizing existing Technologies for
Slide 59: Hydro uniquely positioned in the low-carbon aluminium market
Hydro uniquely positioned in the low-carbon aluminium market Hydro’s control of integrated value chain drives key decarbonization capabilities Business Bauxite & Alumina Aluminium Metal Recycling Energy Extrusions World’s largest extrusion Primary production with Leading in PCS recycling for Strong
Slide 60: Hydro provides products with low emissions
Hydro provides products with low emissions Kilos of CO2e emissions per kilo aluminium 20.3 Primary aluminium produced on renewable energy 16.6 4-6 times lower than the world global primary average 8.6 Recycled aluminium from Hydro 6.7 More than 5.7 7 times for 75R, and 3.0 4.0 2.3 33 times for 100R
Slide 61: Ambition to more than double sales of greener products
Ambition to more than double sales of greener products to meet market demand Hydro CIRCAL1) ~3X Sales volume, tonnes (000s) ~140 100 40 50 55 20 2020 2021 2022 2023e 2025e Mid-term capacity ~2X Hydro REDUXA2) ~1000 Sales volume, tonnes (000s) 650 420 450 250 75 2020 2021 2022 2023e 2025e Mid-term ca
Slide 62: Hydro offers the leading low-carbon product portfolio
Hydro offers the leading low-carbon product portfolio Leading low-carbon aluminium offering and capabilities • Strong scale position within recycling and low carbon aluminium Near-zero • Ambitious, yet concrete, decarbonization roadmap across aluminium e.g., 100% entire value chain PCS uniqueness/ p
Slide 63: Ambitious product roadmap driving industry frontiers
Ambitious product roadmap driving industry frontiers Capitalize on market demand through circularity while decarbonizing primary value chain XX t CO2e/t in progress / achieved XX t CO2e/t spearheads XX t CO2e/t first commercially available volumes XX t CO2e/t pilot volumes 2.3 Current emission level
Slide 64: Hydro a preferred partner on journey to net-zero
Hydro a preferred partner on journey to net-zero Utilizing integrated value chain and trusted partner position to deliver decarbonization to industry front runners Unlocking commercial and technological solutions Enabling decarbonization journey transition Driving demand Access to full suite of gree
Slide 65: Why invest in Hydro?
Why invest in Hydro? Good track record on relative shareholder Low and robust cost position with Positive demand outlook for greener value creation ambition to improve aluminium Stock price index / TSR 1st 400 quartile cost position AM 350 300 Low 250 carbon footprint 200 150 Long-term 100 50 renewa
Slide 66: Business overview
») Hydro Business overview
Slide 67: Hydro – Group
Hydro – Group
Slide 68: The aluminium value chain
The aluminium value chain World class assets, high-end products and leading market positions Raw materials Primary aluminium production, Aluminium in products processing and energy marketing and recycling Bauxite & Alumina Energy Aluminium Metal Metal Markets Extrusions • High quality Gibsite bauxit
Slide 69: Key performance metrics Q1 2023
Key performance metrics Q1 2023 Adjusted EBITDA Free cash flow1) Adjusted RoaCE2) NOK million NOK billion 12-month rolling % 11 165 5.8 22.9% 22.2% 18.0% 7 184 7 525 1.8 1Q22 4Q22 1Q23 -1.0 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 Upstream costs3,4) Extrusion volumes Improvement program status5) USD per tonne
Slide 70: Managing short-term risk and long-term opportunities
Solid framework for lifting returns and cash flow and Managing short-term risk and managing uncertainty long-term opportunities Short term improvement and mitigation • Increasing improvement program target for 2025 and extending Strategic program to 2027 Improvement Improvement growth program and Ne
Slide 71: Capital allocated according to strategic modes
Capital allocated according to 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 impr
Slide 72: Annual capex guidance for 2023-2026
Annual capex guidance for 2023-2026 Inorganic growth in line with strategic modes could come in addition Historical capex Capex 2022 and guidance NOK billion NOK billion Guiding 2023-26 2.3 Alumetal 0.6 Hueck Havrand REIN ~2.5 14 13.6 0.5 ~12.5 9.6 REIN ~1.2 2.0 0.7 12 Incl. 1.0 7.9 7.81) 10.3 Hueck
Slide 73: Sustaining capex guidance of NOK ~7.7 billion in 2023-26
Sustaining capex guidance of NOK ~7.7 billion in 2023-26 Short-term sustaining impacted by backlog from Covid, supply chain issues, inflation and FX. Long term normalizing at the end of lifetime extension programs Historical sustaining capex Capex guidance NOK billion NOK billion 8.1 0.5 7.5 0.5 7.0
Slide 74: Strong profitability in return-seeking and growth capex portfolio
Strong profitability in return-seeking and growth capex portfolio Indicative profitability in current return-seeking and Recycling growth portfolio • Increase proportion of post consumer scrap (PCS), lowering metal cost • Improved economies of scale in brownfield expansions • Sorting technology and
Slide 75: Shareholder and financial policy, Hedging policy
Shareholder and Hedging policy financial policy • Aiming for competitive shareholder returns and dividend yield compared to • Overall risk policy alternative investments in peers • Remain exposed to the inherent cash flow volatility related to Hydro’s business • Dividend policy • Fluctuating with th
Slide 76: Sustainable financing initiatives increase access to capital
Sustainable financing initiatives increase access to capital and provide cost of capital advantage Linked to Hydro sustainability ambitions Green and Sustainability Linked Financing Framework 10% • Framework published to facilitate issuance of green and sustainability linked bonds carbon 520-670 emi
Slide 77: Significant exposure to commodity and currency fluctuations
Significant exposure to commodity and currency fluctuations Aluminium price sensitivity +10% Currency sensitivities +10% NOK million Sustainable effect: 3 200 NOK million USD BRL EUR 2 240 Adj. EBITDA 3,790 (850) 10 One-off reevaluation effect: Adj EBITDA Adjusted Net Income Financial items (920) 1,
Slide 78: Hydro profitability roadmap
Hydro profitability roadmap Main drivers – improvement, growth and market developments ARoaCE potential Market scenarios 2027 Main further upside drivers Main downside risks Profitability target of >10% • Sustainability differentiation and ability • Negative market and macro 31 % to produce net-zero
Slide 79: Bauxite & Alumina
Bauxite & Alumina
Slide 80: Bauxite and alumina cluster in Para, Brazil
Bauxite and alumina cluster in Para, Brazil MRN bauxite mine Paragominas bauxite mine Alunorte alumina refinery • Top 3 bauxite mine in the world • 100% ownership • 92% ownership • 2021 production 6.3 • 5% ownership • Nameplate capacity of 9.9 million tonnes • World’s largest alumina million tonnes
Slide 81: Transaction overview
Recent transaction: Hydro and Glencore to become partners to further develop Alunorte Transaction overview • Hydro will sell 30% of Alunorte and its 5% ownership of MRN to Glencore • The transactions will have an enterprise value of USD 1.11 billion with adjustments for net debt as of June 30, 2023
Slide 82: Operational and commercial impact of transaction
Recent transaction: Hydro and Glencore to become partners to further develop Alunorte Operational and commercial impact of transaction • Post transaction Hydro will own 62% of Alunorte and 100% of the bauxite mine Paragominas • Hydro will no longer be an owner of MRN, but it will continue to supply
Slide 83: Bauxite operational mining costs in Paragominas
Bauxite operational mining costs in Paragominas • Energy cost - Power and fuel Indicative Paragominas bauxite mining costs • Large fixed cost base Labor 16% Energy • Labor cost 25% Support & infrastructure • Influenced by Brazilian wage level Maintenance/consumables Other costs • Maintenance and con
Slide 84: Favorable integrated alumina cost position
Favorable integrated alumina cost position • Implied alumina cost 2022 - USD 345 per mt1) Indicative implied alumina cost composition • Alunorte, Paragominas and external alumina sourcing for resale • Bauxite 11% 17% Bauxite • Internal bauxite from Paragominas at cost, sourced bauxite from MRN Caust
Slide 85: Strong commercial organization maximizing the value of B&A assets
Strong commercial organization maximizing the value of B&A assets External alumina sourcing Long positions in bauxite and alumina • 2.0-2.5 million mt of external alumina sourced annually • Pricing should reflect bauxite and alumina market fundamentals • Long term off-take agreement with Rio Tinto •
Slide 86: Bauxite & Alumina sensitivities
Bauxite & Alumina sensitivities Annual sensitivities on adjusted EBITDA if +10% in price Revenue impact NOK million • Realized alumina price lags PAX by one month 1 950 Cost impact Bauxite • ~2.45 tonnes bauxite per tonne alumina • Pricing partly LME-linked Caustic soda (30) (90) • ~0.1 tonnes per t
Slide 87: Bauxite & Alumina profitability roadmap
Bauxite & Alumina profitability roadmap Main drivers – fuel switch, commercial differentiation and market development ARoaCE potential Market scenarios 2027 Main further upside drivers Main downside risks Profitability target of >10% • Positive market and macro • Operational disruptions 13 % 13 % de
Slide 88: Decarbonization ambition: Alunorte is 1st quartile in CO2e
Decarbonization ambition: Alunorte is 1st quartile in CO2e with a clear plan to 1st decile by 2025 CO2e per ton of Alumina (scope 1 and 2) CRU Global Alumina 2022 Alunorte Fuel Switch Alunorte today Electrical boilers by 2025 • 1st quartile on CO2e • 1st decile on CO2e (0.65t CO2e) • Reduce 25%, 0.4
Slide 89: Significant progress on decarbonization of Alunorte alumina
Decarbonization ambition: Significant progress on decarbonization of Alunorte alumina Tonnes CO2e / tonne aluminium Towards lowest CO2e per tonne alumina relative to peers by 2025 Scope 1 and 2 emissions Fuel switch project 3,2 ~1.4 • Replacing heavy fuel oil with natural gas • Reducing annual CO2e
Slide 90: Capital return dashboard for Bauxite & Alumina
Capital return dashboard for Bauxite & Alumina Returns below the cost of capital reflecting challenging markets, embargo and operational issues during the early years Capital employed in B&A 12 % 9% 6% 3.1 BNOK 10-11% 26 % 6% 3% 2% ~31 BNOK (31 Mar.23) 2017 2018 2019 2020 2021 2022 Adjusted EBITDA F
Slide 91: Energy
Energy
Slide 92: Energy is a key differentiator in the aluminium industry
Energy is a key differentiator in the aluminium industry Center of energy excellence in Hydro Bauxite Alumina Primary Extrusion ~25% ~35% ~35% Energy cost 1) ~8% ~50% Energy business area’s • Power sourcing • Power sourcing • Power sourcing and • Power sourcing contribution to Hydro production • Fue
Slide 93: Hydro's global primary energy demand
Hydro’s global primary energy demand Spanning the entire aluminium value chain, all global regions and energy carriers Hydro’s total energy portfolio amounts to ~210 million GJ per year based on ownership equity Europe Power 18.3 TWh North America Natural gas 4.5 million MMBtu Power Natural gas Powe
Slide 94: Market pricing principle applied to internal contracts
Market pricing principle applied to internal contracts Based on external price references Sourcing side Revenue side TWh TWh Spot price 0-3 3) • Long-term contract 1 9.4 (7-11) 1) • Market pricing • Fixed annual Regulated pricing price adjustments • Market pricing 16-182) • Duration varies • Differe
Slide 95: Energy EBITDA development
Energy EBITDA development Adjusted EBITDA and NO2 spot price • Production and market prices strongly linked to hydrological NOK million NOK/MWh conditions 5 500 2500 5 000 4 500 • Seasonal market variations in demand and supply. Gains or losses 2000 4 000 3 500 1500 may occur from delink between are
Slide 96: Energy profitability roadmap
Energy profitability roadmap Main drivers – Net spot sales volume and market development AEBITDA potential (ex new Energy) Market scenarios 2027 Main further upside drivers Main downside risks NOK billion (ex new Energy) • Additional growth opportunities • Negative market and macro 9,0 Additional up
Slide 97: Pursuing growth opportunities at different stages
Pursuing growth opportunities at different stages Realizing value potential in Batteries, Hydro Rein & Hydro Havrand 2020: Hydro 2025 Strategy 1905 1991 2016 - 2019 2017 2021 Wind power PPAs First battery investment Latest growth asset Energy markets operations Hydro Rein Batteries unit established
Slide 98: Strong production platform, market performance and growth opportunities
Strong production platform, market performance and growth opportunities Excellent hydropower operations & growth projects Leading power market player 14.0 TWh NOK 1 billion 200 GWh Operations of power Potential Hydro Potential increased Top 5 in Europe Among the top 10% assets in Norway. Market anal
Slide 99: Energy assets and unique competence drive value creation across Hydro
Energy assets and unique competence drive value creation across Hydro Strong platform for production, sourcing and advisory Decarbonizing Hydro and external industries Operations and projects: HSE excellence, Decarbonizing Hydro operating 40 power plants across Norway • Power sourcing, managing and
Slide 100: Position and capabilities across entire value chain
Position and capabilities across entire value chain Major renewable energy producer, market player and offtaker In Operation Offtake Aluminium Metal Hydropower in Norway (equity): 9.4 TWh Norwegian smelters: 17 TWh Hydropower in Norway (operator): 13 TWh Wind power in Norway (operator): 0.7 TWh Offt
Slide 101: Hydro Rein: Delivering on Hydro's ambitions in renewable growth
Hydro Rein: Delivering on Hydro’s ambitions in renewable growth. Active capitalization process ongoing Significant progress last 24 months Hydro Rein EBITDA estimates 2026/27. CAPEX 21-26 3.6 TWh NOK 2.5 billion signed under long-term USD 2.7 billion Remaining capex for contracted revenues projects
Slide 102: Hydro Rein: Focus on early-stage development portfolio in the Nordics
Hydro Rein: Focus on early-stage development portfolio in the Nordics Nordic portfolio Developing renewable power to fuel greener industries Sørlige Nordsjø II, offshore wind, phase I: 1,500 MW Focus on early phase opportunities Stor-Skälsjön, wind: 260 MW Southern Sweden, 9 early wind development p
Slide 103: Focused battery strategy
Focused battery strategy: Grow within sustainable battery materials by leveraging Hydro’s capabilities S T R AT E G I C G R O W T H Anode materials Circular solutions Battery materials Vianode targeting substantial market Hydrovolt targeting 25% market share Selectively explore share for synthetic g
Slide 104: Vianode targeting the largest undersupply in the battery value chain
Vianode targeting the largest undersupply in the battery value chain. First full-scale production line underway Description Status Capacity • All process steps Enabling near zero emissions • Small size industrial Emissions reduction compared to the production process in today’s market R&D Pilot equi
Slide 105: Batteries delivering on strategy and stated value creation potential
Batteries delivering on strategy and stated value creation potential Significant progress last 24 months Key capabilities 10,000 20,000 2x EVs with Vianode Value uplift on equity EV batteries secured by Raw materialsScaling capability, energy expertise graphite from plant invested Hydrovolt and auto
Slide 106: Hydro Havrand: Creating a competitive green hydrogen player
Hydro Havrand: Creating a competitive green hydrogen player First mover position from industrial consumption in Hydro Strategic approach and overview Establishing as a developer, owner and operator of Multi-GW 30% 70+ green hydrogen production facilities. potential internal Hydro reduction of Hydro
Slide 107: Value creation across the energy space going forward
Value creation across the energy space going forward Expanded footprint in the Nordics in terms of 1 power and market operations, projects and sourcing 2 Sourcing and management of power and fuels for Hydro operating assets across geographies Hydro Rein successfully established as separate 3 company
Slide 108: Capital return dashboard for Energy
Capital return dashboard for Energy Returns above the cost of capital reflecting the depreciated asset base Capital employed in Energy 30 % 25 % 8% 18 % 19 % 4.9 BNOK 13 % ~10 BNOK 9% 6-7% (31 Mar.23) 2017 2018 2019 2020 2021 2022 Adjusted EBITDA FY 2022 Return requirement 2017-2022 ~19% average ARo
Slide 109: Aluminium Metal
Aluminium Metal
Slide 110: World-wide primary aluminium production network
World-wide primary aluminium production network Aluminium Metal and Metal Markets Norway, 1 155 000 tonnes 50% • Sunndal (100%): 425,000 tonnes • Årdal (100%): 200,000 tonnes • Karmøy (100%): 270,000 tonnes • Høyanger (100%): 65,000 tonnes • Husnes (100%): 195,000 tonnes Slovakia, 175 000 tonnes 8%
Slide 111: Low carbon footprint due to renewable energy base
Low carbon footprint due to renewable energy base and industry lowest energy consumption Total emissions, in tonne CO2/t al Energy consumption in Hydro smelters1), kwh/kg al 18 17.5 18 16 16 15.0 14.8 14.4 14.1 14 13.9 13.5 14 12.5 12.3 12 11.5-11.8 12 10.0 10 10 8 8 6 6 4 4 2 2 0 0 Hydro Karmøy Hyd
Slide 112: Competitive primary aluminium cash cost
Competitive primary aluminium cash cost • Primary aluminium cash cost 2022 Liquid aluminium cash cost 20223) • All-in implied primary aluminium cash cost1,2) USD 2 375 per mt • LME implied primary aluminium cash cost1,3) USD 1 575 per mt • Alumina • Purchases based on alumina index ~93% 6% • Purchas
Slide 113: Aluminium Metal sensitivities
Alumimum Metal sensitivities Annual sensitivities on adjusted EBITDA if +10% in price Revenue impact NOK million • Realized price lags LME spot by ~1-2 months 3 230 • Realized premium lags market premium by ~2-3 months Cost impact 680 Alumina • ~1.9 tonnes per tonne aluminium (240) (560) • ~ 2-3 mon
Slide 114: Aluminium Metal and Metal Markets profitability roadmap
Aluminium Metal and Metal Markets profitability roadmap Main drivers – improvement efforts, commercial differentiation, and market development ARoaCE potential Market scenarios 2027 Main further upside drivers Main downside risks Profitability target of >10% (>8%) 36 % • Positive market and macro de
Slide 115: HalZero: Technology ready for testing at scale
HalZero: Technology ready for testing at scale On track to deliver first metal by 2025 and industrial scale pilot volumes by 2030 Promising technology basis confirmed Funding received Norwegian Research Council and Gassnova Test site chosen Hydro Porsgrunn Technology Center Final engineering of test
Slide 116: Carbon capture and storage: First test completed
Carbon capture and storage: First test completed On track to deliver first metal by 2025 and industrial scale pilot volumes by 2030 Successfully completed first test at the Sunndal smelter Further testing in progress for 2023 Second test planned for early 2023, received funding from Gassnova Locatio
Slide 117: Recycling: The fastest route to full decarbonization
Recycling: The fastest route to full decarbonization Advanced sorting technology ready. Progress on casthouse decarbonization technology Advanced sorting technology for more PCS Casthouse decarbonization technology to reach use net-zero HySort technology ready for industrialization Program to test v
Slide 118: Capital return dashboard for Aluminium Metal & Metal Markets
Capital return dashboard for Aluminium Metal & Metal Markets Investments in recycling capacity to support growth Capital employed in AM (MM) 35 % 28 % 13 % 10%-11% 23 (1.7) BNOK 5% 3% (7-8%) ~44 (7) -3 % BNOK 2017 2018 2019 2020 2021 2022 (31 Mar.23) Adjusted EBITDA FY 2022 5% 37 % ~14% (~24%) Retur
Slide 119: Metal Markets
f v Metal Markets
Slide 120: Strong position in value-added casthouse products
Strong position in value-added casthouse products • Capitalizing on value-added casthouse Leading global position products portfolio Extrusion ingot Unique primary and • Extensive multi-sourcing system 1.6 million mt recycling capacity network including fully- and part-owned primary casthouses and s
Slide 121: Pricing of value-added products
Pricing of value-added products Smelter Intermediate product Casthouse Aluminium Standard ingot Value added products Extrusion ingot Foundry alloy Sheet ingot Wire rod Traded on LME • US Midwest - 1020 • Extrusion Ingot – Priced above standard ingot • Foundry Alloy – Priced above standard ingot US (
Slide 122: Metal Markets earnings drivers
Metal Markets earnings drivers • Recyclers Adjusted EBITDA excluding currency effects and inventory valuation effect, • Revenue impact – volume and product premiums NOK million1) above LME 800 • Cost impact 700 • Scrap and standard ingot premiums above LME 600 • Raw material mix 500 • Freight cost –
Slide 123: Delivering on recycling strategy at high speed, increasing ambition
Delivering on recycling strategy at high speed, increasing ambition Key investment decisions made PCS usage and ambition 620-770 Tonnes (‘000) 520-670 100 150 +300-450 80 120 40 Cassopolis Szekesfehervar 280 Greenfield Recycler Greenfield Recycler 2) 2020 2022 Creep Growth/ Alumetal 2025 new Growth
Slide 124: Recycling: A profitable business case
Recycling: A profitable business case strengthening the sustainability positioning of Hydro and industry Global estimated recovery from Price spread LME vs. complex Large scrap volumes leaving Europe, ~1 post-consumer scrap collected increases post-consumer scrap increased million tons – an untapped
Slide 125: Growing in recycling by digging deeper in the scrap pile
Growing in recycling by ‘digging deeper in the scrap pile’ is not straight forward – strong focus throughout value chain required Scrap sourcing Scrap shredding Large Recycling Multiple product Product and market Meeting customer and partnering and sorting asset base segments development needs - par
Slide 126: Hydro well positioned in recycling
Hydro well positioned in recycling Utilizing our combined competencies, strong asset base, market position and value chain Scrap sourcing flexibility Integrated value chain Innovative product portfolio Europe Aluminium Metal 5 Primary smelters 5 Extrusions 10 North America Aluminium Metal 3 Extrusio
Slide 127: Extrusions
Extrusions
Slide 128: Extrusions – #1 in the global aluminium extrusion industry
Extrusions – #1 in the global aluminium extrusion industry Present in ~40 countries ~ 21 400 people 1) 1.3 Million mt sales2) 1) Permanent employees as of end-2022 2) Total sales in 2022 128
Slide 129: Extrusions with unrivalled position as largest extruder globally
Extrusions with unrivalled position as largest extruder globally with a strong and diversified segment footprint Unrivalled position as #1 extrusions Four distinct Business Units, all with strong segment presence provider globally Total volume 2022: 1.3 million tonnes Extrusion sales volume (2022),
Slide 130: Organized in four business units to maximize synergies
Organized in four business units to maximize synergies across 21,400 highly competent people across the world, total turnover of BNOK 91 Extrusion Europe Extrusion North America Precision Tubing Building Systems • Market leader focusing on • Uniquely positioned as the only • Global Technology market
Slide 131: Extrusions earnings drivers
Extrusions earnings drivers Adjusted EBITDA per tonne1), NOK • Contract structure 8 000 • Margin business based on conversion price • LME element passed on to customers 7 000 • Mostly short-term contract, typically ranging from spot to 12 months, few 6 000 longer term contracts with floating price o
Slide 132: Extrusions profitability roadmap
Extrusions profitability roadmap Main drivers – improvement program and commercial ambition ARoaCE potential Main further upside drivers Main downside risks Profitability target of >8% • Selective profitable growth including • Negative market and macro 16 % larger projects developments, incl. trade
Slide 133: Attractive value add Systems and Precision Tubing business
Attractive value add Systems and Precision Tubing business in addition to strong EU & US extrusion positions Building Systems and Precision Tubing offering unique value added and specialty solutions growth opportunities Business Unit Attractive growth and business development opportunities • Increas
Slide 134: Strategic initiatives continue to transform Extrusions
Strategic initiatives continue to transform Extrusions into a more robust and customer driven business More competitive cost base, stronger customer interaction, targeted capacity expansion and sustainability agenda provide for business resilience going forward Key Initiatives Key actions • Strong f
Slide 135: High margins overcompensating volume reduction and cost increases
High margins overcompensating volume reduction and cost increases; 2022 remelt result on high level Hydro Extrusions UEBITDA bridge, FY 2023 vs 2018, (MNOK) 10% lower sales volume 8.745 -1.880 Direct labour cost (+1.154 MNOK), Remelt 2.862 higher Energy (+895 MNOK) and other process variable cost dr
Slide 136: Lifting Extrusions EBITDA towards 2025
Lifting Extrusions EBITDA towards 2025 through cost improvements and leveraging growth projects Extrusions EBITDA NOK billions 0.9 Uplift from projects under execution 0.6 Continued cost reduction 8.0 programs, including 1.3 -1.3 procurement and EBS Customer partnerships and 0.8 Commercial Excellenc
Slide 137: Critical growth projects in execution
Critical growth projects in execution, further projects being matured to enable profitable growth Further strengthening flagship plants in the portfolio, leveraging key trends Key trends Project under execution Project pipeline • Sustainable products with low-carbon Hungary recycling footprint Cress
Slide 138: Strong synergy potential from acquisition of Hueck
Strong synergy potential from acquisition of Hueck Status Hueck acquisition Strong synergy potential • Transaction closed in February following approval from Synergy areas and drivers competition authorities in Germany and Austria • Integrated product portfolio; platforming benefits Hueck – integrat
Slide 139: Hydro delivers first near-zero aluminium
Hydro delivers first near-zero aluminium • Through its building system brand WICONA, Hydro is excited to deliver and promote aluminium made with near-zero carbon footprint* to a building project in Europe • The use of Hydro CIRCAL 100R aluminium reduces the emissions from aluminium by 93%** in the b
Slide 140: Capital return dashboard for Extrusions
Capital return dashboard for Extrusions Returns in line with the cost of capital reflecting leading market positions in high value segments and portfolio optimization Capital employed in Extrusions 11 % 10 % 7% 7% 6% 6% 24 % ~29 BNOK 7.0 BNOK 7-8% 2017 2018 2019 2020 2021 2022 (31 Mar.23) Adjusted E
Slide 141: Additional information
») Hydro Additional information
Slide 142: Adj. EBITDA down on lower prices and higher raw material cost
Adj. EBITDA down on lower prices and higher raw material cost, partly offset by FX and CO2 compensation Q1-2023 vs Q1-2022 11.2 3.2 1.0 0.4 7.5 1.1 0.6 0.3 0.4 0.7 0.4 1.4 0.7 Other & eliminations CO2 compensation Slovalco effects Power sales Adj. EBITDA Realized aluminium Raw material cost Extrusio
Slide 143: Assumptions behind scenarios in profitability roadmaps
Assumptions behind scenarios in profitability roadmaps Scenarios are not forecasts, but illustrative earnings, cash flow and return potential based on sensitivities • Starting point – AEBITDA Q3-22 LTM Price and FX assumptions • Improvement potential in real 2021 terms, upstream margins based on 202
Slide 144: Adjusting items to EBITDA, EBIT and net income
Adjusting items to EBITDA, EBIT and net income NOK million (+=loss/()=gain) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2022 Unrealized derivative effects on raw material contracts Hydro Bauxite & Alumina (376) (173) 157 353 177 (40) Community contributions Brazil Hydro Bauxite & Alumina - - - 32 -
Slide 145: Operating segment information
Operating segment information Adjusted EBIT NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Hydro Bauxite & Alumina 556 383 466 1 913 718 484 10 (586) (221) 3 318 626 Hydro Aluminium Metal 1 185 2 246 3 684 4 111 4 183 6 349 5 837 4 097 3 328 1
Slide 146: Operating segment information
Operating segment information EBIT NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Hydro Bauxite & Alumina 583 467 407 1 830 1 094 657 (147) (1 133) (399) 3 288 471 Hydro Aluminium Metal (171) 325 909 7 311 254 11 777 6 061 2 200 2 595 8 376 20
Slide 147: Operating segment information
Operating segment information Total revenue NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Hydro Bauxite & Alumina 6 026 5 976 6 984 8 713 7 901 9 413 8 652 7 986 8 320 27 699 33 951 Hydro Aluminium Metal 8 953 9 467 9 964 14 164 11 094 24 583
Slide 148: Operating segment information
Operating segment information Internal revenue NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Hydro Bauxite & Alumina 2 479 2 438 2 452 3 242 2 848 3 549 3 011 2 895 3 031 10 610 12 303 Hydro Aluminium Metal 8 191 8 846 9 654 10 484 13 611 15
Slide 149: Operating segment information
Operating segment information Return on average capital employed 1) (RoaCE) Reported RoaCE Adjusted RoaCE 2022 2021 2020 2019 2018 2017 2016 2022 2021 2020 2019 2018 2017 2016 Hydro Bauxite & Alumina 1.3% 11.9% 5.4% 1.9% 4.6% 8.5% 2.7% 1.8% 12.0% 5.9% 2.5% 6.0% 8.5% 2.8% Hydro Aluminium Metal 35.1%
Slide 150: Operating segment information
Operating segment information Depreciation, amortization and impairment NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Hydro Bauxite & Alumina 443 472 589 514 553 633 624 687 659 2 018 2 496 Hydro Aluminium Metal 694 736 756 972 605 651 698 71
Slide 151: Income statements
Income statements NOK million Q1 2023 Q1 2022 Q4 2022 Year 2022 Revenue 48 534 46 616 44 075 207 929 Share of the profit (loss) in equity accounted investments 95 377 131 1 337 Other income, net 1 357 443 1 051 4 406 Total revenue and income 49 986 47 436 45 256 213 672 Raw material and energy expen
Slide 152: Balance sheet
Balance sheet NOK million Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Cash and cash equivalents 30 873 29 805 25 852 24 507 21 161 22 923 18 792 20 147 Short-term investments 2 696 4 173 2 511 1 882 8 588 6 763 7 020 3 607 Trade and other r
Slide 153: Operational data
Operational data Hydro Bauxite & Alumina Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Alumina production (kmt) 1 540 1 586 1 579 1 600 1 519 1 536 1 579 1 559 1 550 6 305 6 193 Sourced alumina (kmt) 698 737 806 765 741 758 764 593 686 3 006 2 856 Total
Slide 154: Operational data
Operational data Hydro Metal Markets Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year 2021 Year 2022 Remelt production (1 000 mt) 143 154 132 144 151 158 124 115 132 572 548 Third-party sales (1 000 mt) 77 78 72 85 72 74 76 81 78 311 304 Hydro Metal Markets sales excl. in
Slide 155: Hydro Extrusions, information by business area
Hydro Extrusions, information by business area Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Precision Tubing 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2023 Extrusion Europe 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2023 Volume (kmt) 35 33 30 29 127 31 28
Slide 156: Investor Relations in Hydro
Investor Relations in Hydro Next event Line Haugetraa Second quarter results t: +47 41406376 e: line.haugetraa@hydro.com July 21, 2023 Martine Rambøl Hagen For more information see t: +47 91708918 e: martine.rambol.hagen@hydro.com www.hydro.com/ir Camilla Gihle t: +47 92637820 e: camilla.gihle@hydro
Slide 157: Hydro
Hydro Industries that matter