Norsk Hydro As Ord (NHYKF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Hydro's fourth quarter 2025 presentation and Q&A. We will shortly begin with a presentation by President and CEO Eivind Kallvik, followed by a financial update from CFO Tromola Kristoffersen. At the end, we will finish with a Q&A session. Please note that if you have questions you would like to ask in the Q&A, you can do so at any time. And you do it by typing them in the chat box on your screen. When we get to the Q&A, I will then ask your questions on your behalf to Eivind and Promola. And with that, I turn the word over to you, Eivind. Thank you, Erik, and good morning and welcome from me as well. As always, I will start with safety. Our top priority is to ensure the health and well-being of our employees. Now, the positive development that we've seen over time continued into the fourth quarter. In fact, total recordable injuries and high risk incidents are lower compared to last quarter, which was also a record low for Hydro. It is also worth mentioning that when looking at 2025 as a whole, we also had no fatalities or no life-changing injuries. On the other hand, we do know that this situation can change quickly. So to sustain these low numbers, that requires continuous attention and strong commitment from all employees across all our locations. And by ensuring a safe work environment, we can maintain a stable operation, which in turn enables us to deliver on our strategic ambitions. Now, let's continue with the highlights of the quarter. EBITDA came in at roughly 5.6 billion, with free cash flow of Norwegian kroner 4.6 billion, yielding an adjusted ROCE for the year at 10.2%. And that is above our target of 10% over this cycle. In short, the fourth quarter saw strong metal prices, high upstream production volumes, and very healthy ca...