Norsk Hydro Asa · OSL:NHY
Norsk Hydro Asa — Norsk Hydro As Ord — Q1 2026 Earnings Presentation
27 slides from Norsk Hydro Asa's earnings presentation, Apr 29, 2026
Slide 1: Quarterly presentation Q1 2026
Quarterly presentation Q1 2026 Eivind Kallevik, President & CEO April 29, 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: Strong results reflect solid operational performance
Strong results reflect solid operational performance Eivind Kallevik, President & CEO April 29, 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 2.45 average since Q4’20 3 0.90 average since Q4’20 1 1.87 per end-Q1’263) 2 0.37 per end-Q1’263) 0 Q4’20 Q4’21 Q4’22 Q4’23 Q4’24 Q1’26 Q4’20 Q4’21 Q4’22 Q4’2
Slide 5: Adjusted EBITDA NOK 8.7 billion
Adjusted EBITDA NOK 8.7 billion Alumina production Strong performance in a challenging market, supported by balanced portfolio 1 515 kmt 3.4% YoY Primary aluminium production Continued strong operational performance upstream, with increased 517 kmt 2.7% YoY alumina and aluminium production compared
Slide 6: Quarterly highlights
Quarterly highlights Long-term power contracts as a driver for industrial competitiveness Two new Statkraft contracts: • 0.88 TWh annually in price area NO2 for 2029- 2038 • 0.44 TWh annually in price area NO3 for 2031- 2038 One contract with Alpiq, 0.22 TWh annually in price area NO3 for 2031-2038
Slide 7: Alumina prices moving sideways at low levels
Alumina prices moving sideways at low levels Atlantic differential largely moving on freight cost increases Start of U.S./Israel – ! Iran armed conflict World SGA balance Alumina price index (PAX) Platts alumina Atlantic differential (million mt) USD/t (USD/t) 800 ! ! 3,0 50 2,7 45 700 40 600 35 1,7
Slide 8: Middle East supply disruptions increasing global primary undersupply
Middle East supply disruptions increasing global primary undersupply Standard ingot premiums also increasing ! Start of U.S./Israel – Iran armed conflict Estimated market balance LME aluminium prices Regional standard ingot premiums Primary production, million tonnes1) USD/t USD/t 2,1 ! ! 4 000 38 0
Slide 9: Product premium lifts recycling margins
Product premium lifts recycling margins Spread between extrusion ingot price and aluminium scrap price driving recycling profitability From Investor Day 2025 At Investor Day 2025, spot recycling margins in the U.S. were calculated to give an annual North America Europe EBITDA run rate of NOK ~1.8 bi
Slide 10: External data suggests shrinking extrusion markets in Q1
External data suggests shrinking extrusion markets in Q1 – still expecting overall growth in 2026 Full year forecast in Europe revised down, North America unchanged from January Extrusion demand growth estimates Europe Extrusion demand growth estimates North America YoY growth (%) YoY growth (%) 10
Slide 11: Financial update
Financial update Trond Olaf Christophersen Executive Vice President & CFO
Slide 12: Financial highlights
Financial highlights Adjusted Reported Revenue EBITDA EBIT NOK billion NOK billion NOK billion -12% +1.6 +1.7 57.1 10.8 8.0 53.1 7.0 50.5 50.4 9.5 47.2 7.8 8.7 5.3 6.1 Free cash flow 6.9 7.1 4.4 4.4 6.0 6.0 5.6 3.5 3.5 2.9 -4.0 NOK billion 2.0 (Q1 26) -1.5 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q
Slide 13: Adj. EBITDA increase due to higher aluminium prices and downstream results
Adj. EBITDA increase due to higher aluminium prices and downstream results, partially offset by Energy and FX Q1 2026 vs Q4 2025 NOK billion +3.1 1.6 8.7 0.6 -0.5 0.6 -0.7 0.9 1.2 0.1 -0.3 -0.1 CO2 compensation 1.2 5.6 Other Eliminations Adj. EBITDA Realized Upstream Raw material cost Extrusion and
Slide 14: Net debt increase of NOK 3.2 billion during Q1
Net debt increase of NOK 3.2 billion during Q1 Increased NOC due to seasonality, increased market activity and higher metal prices NOK billion Free cash flow NOK -4.0 billion 0 (6.3) Hedging collateral and other (5) 8.7 Pension assets/(liabilities) Other assets/(liabilities) (3.6) (10) (9.7) (2.7) 1
Slide 15: Hydro Bauxite & Alumina
Hydro Bauxite & Alumina Implied alumina cost and margin USD/mt Results down YoY driven by lower alumina price and stronger BRL, partially offset by higher sales volumes 587 Key figures Q1 2026 Q1 2025 Q4 2025 345 180 373 30 45 Alumina production, kmt 1 515 1 465 1 616 407 328 Total alumina sales, km
Slide 16: Hydro Aluminium Metal
All-in implied primary cost and margin Hydro Aluminium Metal USD/mt1,4) 1 000 500 800 Results up YoY driven by higher all-in metal prices and 2 2759) 2 450 2 2509) reduced alumina cost, partly offset by stronger NOK 2 375 1 850 2 500 2 050 2 225 1 850 Key figures Q1 2026 Q1 2025 Q4 2025 Q1 26 Q1 25
Slide 17: Metal Markets
Metal Markets Results up YoY due to higher results from recyclers and from sourcing and trading activities Key figures Q1 2026 Q1 2025 Q4 2025 Recycling production, kmt 196 192 181 Metal products sales, kmt 1) 640 612 623 Adjusted EBITDA Recycling (NOK million) 159 63 48 Adjusted EBITDA Commercial (
Slide 18: Hydro Extrusions
Q1 YTD 2026 vs Q1 YTD 2025 (%) Hydro Extrusions 3 Higher results on higher margins and better cost partly compensated by somewhat lower sales and higher variable -1 -1 cost -4 -6 Key figures Q1 2026 Q1 2025 Q4 2025 External sales volumes, kmt 251 255 217 Adjusted EBITDA, NOK million 1 299 1 174 -62
Slide 19: Hydro Energy
Hydro Energy Result down YoY mainly due to lower production and loss on price area differences offset by improved commercial results Key figures Q1 2026 Q1 2025 Q4 2025 Power production, GWh 2 267 2 743 2 645 Net spot sales, GWh 311 641 638 Southwest Norway spot price (NO2), NOK/MWh 1 178 776 821 Ad
Slide 20: 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 21: Additional information
Additional information
Slide 22: Key figures – Outlook Q2 2026
Key figures – Outlook Q2 2026 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 • Positive LNG price effect Bauxite & Alumina • Lower alumina price • Higher fixed cost due to seasonality Compari
Slide 23: Adj. EBITDA reduction due to alumina price decline and FX
Adj. EBITDA reduction due to alumina price decline and FX, partially offset by higher volumes and lower raw material cost Q1 2026 vs Q1 2025 NOK billion -0.8 0.3 -0.6 9.5 0.1 2.0 1.0 8.7 -1.8 -2.3 0.5 0.5 0.6 -0.1 CO2 compensation Other Eliminations Adj. EBITDA Realized Upstream Raw material cost Ex
Slide 24: Market raw material costs in Q1 2026
1.0 1.2 1.4 1.0 1.2 1.4 0.0 0.2 0.4 0.6 0.8 0.0 0.2 0.4 0.6 0.8 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 Q4-24 Q4-24 Caustic soda (indexed) Q1-25 Q1-25 Source: Thomson Reuters, PACE, IHS Markit, Platts, ANP, C
Slide 25: Settlements and hedging status
Hedging status Aluminium hedges in place for 2026-2028 Utilizing Hydro’s hedging policy to deliver on strategic ambitions • 2026: 345 kt remaining hedged at a price of ~2800 USD/t • Flexibility to hedge in certain cases • 2027: 430 kt hedged at a price of ~2850 USD/t o Support strong cost position •
Slide 26: Investor Relations in Hydro
Investor Relations in Hydro Baard Erik Haugen Next event Head of Investor Relations Q2 2026 t: +47 92497191 e: erik.haugen@hydro.com Valentina Gandolfi July 22, 2026 Investor Relations Manager t: +47 958 82 355 e: valentina.gandolfi@hydro.com Kirsten Margrethe Hovi For more information see ESG Advis
Slide 27: Hydro
Hydro Industries that matter