Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Norsk Hydro A S — Q3 2026 Earnings Presentation
37 slides from Norsk Hydro Asa's earnings presentation, Oct 23, 2026
Slide 1: Quarterly presentation Q3 2026
Quarterly presentation Q3 2026 Eivind Kallevik, President & CEO October 23, 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: Solid results and strong performance
Solid results and strong performance Eivind Kallevik, President & CEO October 23, 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 2.25 average since Q3’21 0.74 average 1 since Q3’21 2 2.09 per 0.38 per end-Q3’263) end-Q3’263) 0 Q3’21 Q3’22 Q3’23 Q3’24 Q3’25 Q3’26 Q3’21 Q3’22 Q3’23 Q3’2
Slide 5: Adjusted EBITDA NOK 9.1 billion
Adjusted EBITDA NOK 9.1 billion Geopolitical uncertainty persists, higher aluminium prices and gas supply disruption Alumina production 1 493 kmt 0.3% YoY Alunorte resumed regular operations following temporary gas supply disruptions Primary aluminium production Free cash flow of NOK 1.4 billion imp
Slide 6: Alunorte gas supply disruption update
Alunorte gas supply disruption update Operations stabilized and running at full capacity again Production response Contingency secured Security of supply Gas supply disruption Spot LNG purchases Actions ongoing to strengthen reported by supplier, leading implemented to sustain long-term supply relia
Slide 7: Commercial and operational highlights
Commercial and operational highlights Shaping the market Operational excellence Power sourcing Strong execution delivers record primary With 90% of baseload power secured, we Strengthening Hydro’s position as a production, increased extrusions volumes continue to pursue long-term PPAs to leading pro
Slide 8: Leading brands choose Hydro's low-carbon and recycled offerings
Leading brands choose Hydro’s low-carbon and recycled offerings CHANEL Fragrance and Beauty General Motors Mercedes-Benz Developing the next generation of Hydro CIRCAL used in a safety First European automotive company low-carbon aluminium packaging critical EV application in the U.S. to integrate H
Slide 9: First aluminium produced with HalZero
First aluminium produced with HalZero A key milestone in developing a new primary aluminium process with the ambition of net-zero electrolysis First metal Produced from aluminium chloride at Hydro’s research and test facility in Herøya, Norway Enova has granted NOK 82 million for concept Next phase
Slide 10: Slovalco restart underway after agreement with the Slovak government
Slovalco restart underway after agreement with the Slovak government July 1, 2026 Agreement announced Indirect carbon-cost compensation under EU ETS and a long- term power agreement with Slovak state power company August 29, 2026 Restart begins Heating of the first pots started on August 29 By end Q
Slide 11: Alumina prices increasing on tightening balance
Alumina prices increasing on tightening balance Atlantic differential around record levels World SGA* balance Alumina price index (PAX) Platts alumina Atlantic differential (million mt) USD/t (USD/t) 800.0 1.9 50 45 700.0 1.3 1.2 40 1.0 600.0 35 0.8 30 0.4 500.0 0.2 25 20 400.0 15 -0.6 10 -0.7 300.0
Slide 12: Global aluminium market adjusting in 2027
Global aluminium market adjusting in 2027 Physical thightness supports elevated regional premiums Estimated market balance LME aluminium prices Regional standard ingot premiums Primary production, million tonnes1) USD/t USD/t 4.0 2,600 3,800 35 000 2,400 3,600 3,400 2,200 3,200 30 000 2,000 2.0 1,80
Slide 13: 2026 Extrusions market turning to growth in Europe
2026 Extrusions market turning to growth in Europe Flat development in North America Extrusion demand growth estimates Europe Extrusion demand growth estimates North America YoY growth (%) YoY growth (%) 10 10 Quarterly Full year Quarterly Full year forecast forecast forecast forecast 8 8 6 6 4 4 2
Slide 14: Financial update
Financial update Trond Olaf Christophersen Executive Vice President & CFO
Slide 15: Financial highlights
Financial highlights Adjusted Reported Revenue EBITDA EBIT NOK billion NOK billion NOK billion +3% +0.4 +0.5 11.6 8.6 56.5 50.5 50.4 52.1 47.2 6.3 6.3 5.9 8.7 8.9 9.1 8.7 6.1 Free cash flow 7.1 4.4 6.0 6.0 5.6 3.5 3.5 2.9 1.4 NOK 2.0 billion (Q3 26) -1.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1
Slide 16: Adj. EBITDA up on higher all-in aluminium prices and lower fixed costs
Adj. EBITDA up on higher all-in aluminium prices and lower fixed costs, partially offset by raw material costs Q3 2026 vs Q2 2026 NOK billion +0.2 -0.1 8.9 1.0 -1.1 0.5 9.1 -0.4 0.1 0.1 0.4 0.0 -0.2 0.4 CO2 compensation Other Eliminations Adj. EBITDA Realized Upstream Raw material cost Extrusion and
Slide 17: Net debt decrease NOK 0.8 billion during Q3
Net debt decrease NOK 0.8 billion during Q3 Positive free cash flow of NOK 1.4 billion on high LME, impacted by NOC build, other operating cash flow and investments NOK billion Free cash flow NOK 1.4 billion 0 (5) Other assets/(liabilities) Pension assets/(liabilities) Hedging collateral and other (
Slide 18: Strong focus on capital discipline
Strong focus on capital discipline Updated year-end Net Operating Capital and Capex guidance reflecting market developments and project phasing Net Operating Capital 1) CAPEX NOK billion NOK billion Updated Previous Previous guiding Updated guiding 37 guiding guiding 13.5 2 -1.0 12.5 -5 32 -2 30 3 3
Slide 19: Hydro Bauxite & Alumina
Hydro Bauxite & Alumina Results down YoY, reflecting lower alumina prices and the adverse effects of natural gas supply disruptions Key figures Q3 2026 Q3 2025 Q2 2026 Alumina production, kmt 1 493 1 488 1 508 Total alumina sales, kmt 2 836 2 823 2 820 Realized alumina price, USD/mt 365 392 350 Impl
Slide 20: 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, partly offset 1 500 550 1 350 by lower sales volume, higher energy and carbon cost, and negative currency effects 2 425 2 300 2 436 Key figures Q3 2026 Q3 2025 Q2 2026 1 700 1 925 1
Slide 21: Metal Markets
Metal Markets Results down YoY on lower results from sourcing and trading activities, partly offset by higher results from recyclers Key figures Q3 2026 Q3 2025 Q2 2026 Recycling production, kmt 195 174 225 Metal products sales, kmt 1) 509 645 608 Adjusted EBITDA Recycling (NOK million) 269 93 286 A
Slide 22: Hydro Extrusions
Q3 QTD 2026 vs Q3 QTD 2025 (%) Hydro Extrusions Results up YoY on improved recycling margins and higher Distribution B&C Transport Automotive HVAC&R Industrial volumes, partially offset by LY positive metal effect, higher 12 15 fixed costs and negative currency translation effect 7 5 2 Key figures Q
Slide 23: Hydro Energy
Hydro Energy Result down YoY mainly due to loss on price area differences Key figures Q3 2026 Q3 2025 Q2 2026 Power production, GWh 1965 2019 2 009 Net spot sales, GWh (88) (62) 2 Southwest Norway spot price (NO2), NOK/MWh 1326 791 1 058 Adjusted EBITDA, NOK million 411 828 499 Adjusted EBIT, NOK mi
Slide 24: 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 25: Additional information
Additional information
Slide 26: Adj. EBITDA increase due to higher aluminium prices, partially offset by raw material cost, Energy and FX
Adj. EBITDA increase due to higher aluminium prices, partially offset by raw material cost, Energy and FX Q3 2026 vs Q3 2025 NOK billion -0.3 -1.1 0.4 -0.6 -0.1 -1.0 0.1 9.1 5.7 0.0 0.1 0.0 CO2 compensation 6.0 Other Eliminations Adj. EBITDA Realized Upstream Raw Extrusion Energy price Fixed cost FX
Slide 27: Hedging status
Hedging status Aluminium hedges in place for 2026-2028 Utilizing Hydro’s hedging policy to deliver on strategic ambitions • 2026: 115 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 28: Pre-quarter information Q4 2026
Pre-quarter information Q4 2026 Hydro Investor Relations October 2026
Slide 29: 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 30: Overview: Market data
Overview: Market data Key prices updated as of October 16, 2026 Commodities Energy Currencies Billet Premium NO2 NO5 LME 3M Std ingot DP PAX Caustic Coal Coke Gas NO3 Month (USD/mt) (USD/mt) Rotterdam (USD/mt) (USD/mt) (USD/mt) Pitch (EUR/mt) (USD/mt) (USD/ MMBTU) (EUR/MWh) (EUR/MWh) (EUR/MWh) USDNO
Slide 31: Bauxite & Alumina
Bauxite & Alumina AEBITDA outlook Q4 2026 Alumina 1) Caustic2) Coal2) Gas2) USDNOK BRLNOK Revenue drivers Q3 realized 344 397 135 2.89 9.50 1.85 1) Sum of PAX with one month lag and hedged volumes. Not considering commercial portfolio effects, nor Mkt price Alumina 1) Caustic2),3) Coal2) Gas2) USDNO
Slide 32: Aluminium Metal
Aluminium Metal AEBITDA outlook Q4 2026 Aluminium Std.ingot Alumina3) Coke Pitch USD EUR BRL Notes Q3 ACT. 3 240 673 312 555 866 9.5 10.9 1.85 2026 Q4 outlook 1) Based on 1.5 month lag market price For Q3, Aluminium Metal has booked Mkt price Aluminium1) Std.ingot2) Alumina3) Coke4) Pitch4) USD EUR
Slide 33: 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-Oct MTD 557 899 342 • Overall, a decline in spread between 26-Sep 519 971 452 Std ingot and billet premium 26-Aug 485 1 084 599 t
Slide 34: Extrusion
Extrusion Quarterly result 2025 Note: all comparisons are year-over-year 1.260 1.174 1.107 EBITDA (MNOK) Volume (kt) 255 264 242 217 2026 Q4 outlook -62 Q1 25 Q2 25 Q3 25 Q4 25 Higher sales volumes expected, with continued strong recycling margins and stable overall margins Q4 2025 included a positi
Slide 35: Energy
Energy Hydrologic condition YTD 2026 Hydrological conditions remained Prices EUR/MWh NO2 NO3 Spread below historical averages through the 26 Oct MTD 139 89 49 first half of 2026. Energy earnings 26-Sep 131 98 33 continue to be influenced by normal 26-Aug 131 94 37 market factors, including power 26-
Slide 36: Financials and Other & Eliminations
Financials and Other & Eliminations Financial items Other1) & Eliminations CAPEX Eliminations Mechanism • Full-Year 2026 CAPEX guidance of NOK 12.5 billions Eliminations are primarily driven by the need to remove internal profits • Sustaining CAPEX: NOK ~8.5 billions and losses from transactions bet
Slide 37: Useful reference material Investor Relations in Hydro
Useful reference material Investor Relations in Hydro Gerd Aalborg Aas SVP Finance and Investor Relations Annual Report 2025 Annual Report 2025 | Hydro w/senstitivites t: +47 913 05 534 e: gerd.aalborg.aas@hydro.com Quartly Result landing Quarterly reports | Hydro Valentina Gandolfi page Investor Re