Slides
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Fourth quarter 2025 Investor presentation February 13, 2026
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2 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 expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro’s key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Solid upstream performance driving strong cash flow generation Eivind Kallevik, President & CEO February 13, 2026
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Safety our key priority 1) Total Recordable Injuries includes own employees and contractors 2) High Risk Incidents included own employees and contractors 3) 12 months rolling average 2 3 4 Q4’20 Q4’21 Q4’22 Q4’23 Q4’24 Q4’25 TRI1) per million hours worked 12 months rolling average 2.48 average since Q4’20 1.75 per end-Q4’253) 0 1 2 Q4’20 Q4’21 Q4’22 Q4’23 Q4’24 Q4’25 HRI2) per million hours worked 12 months rolling average 0.93 average since Q4’20 0.45 per end-Q4’253) 4
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Solid results and cash generation Strategic workforce reduction completed and Extrusion Europe restructuring progressing according to plan Proposed dividend of NOK 3.0 per share 1) Last 12 months rolling Securing power for the Norwegian smelter system with two long-term power contracts and power plant investment Alunorte alumina production above nameplate capacity, smelter aluminium production up 2.5% YoY Q4 2025 highlights Alumina production 1,616 kmt Primary aluminium production 528 kmt Power production 2.65 TWh Extrusions sales volumes 217 kmt Adjusted RoaCE1) 10.2% 6.6% YoY 1.3% YoY 2.5% YoY 13.6% YoY
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Quarterly highlights 6 Progressing on power sourcing agenda in Norway • Two long-term power contracts signed in price area NO3, supporting the Sunndal and Høyanger smelters. The total volume contracted is 5.25 TWh for the period 2031 to 2040. • Final investment decision on Illvatn pump storage power plant taken in November. The NOK 1.2 billion investment is the largest investment in the Norwegian hydropower system in more than 20 years. Cost control measures executed according to plan • The strategic workforce adjustment project concluded in Q4. Around 850 white collar employees have left or will leave the company within the first half of 2026. Total cost in Q3 and Q4 is NOK 401 million, with no further cost expected in 2026. • Extrusions restructuring in Europe progressing as planned. Closure of Bedwas and Cheltenham confirmed. Strong upstream production • Alumina production of 1,616k tonnes in Q4, exceeding Alunorte nameplate capacity, driven by improved refinery flow and high equipment availability. • Primary aluminium production increasing 2.5% YoY on back of continued ramp up of Norwegian smelters. Delivering on Hydro 2030 strategy: Pioneering the green aluminium transition, powered by renewable energy
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Alumina market oversupply drives PAX lower in Q4’25 300 400 500 600 700 800 PAX 7Source: Platts, CRU, CM, Hydro B&A analysis Note: * ABIX Index, ** GBIX Index* Alumina price index (PAX) USD/t 2024 2025e 2026e -1,1 0,1 -1,0 0,7 0,0 0,7 0,5 0,0 0,5 World ex China China World World SGA balance (million mt) 40 50 60 70 80 90 100 110 120 130 Australia Guinea Australia* (spot) Guinea **(spot) China bauxite import price (USD/t cif China)
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LME prices increased throughout Q4 8 LME aluminium prices USD/mt NOK/mt 01/21 01/22 01/23 01/24 01/25 01/26 1 000 1 500 2 000 2 500 3 000 3 500 4 000 10 000 15 000 20 000 25 000 30 000 35 000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 1/21 1/22 1/23 1/24 1/25 US Mid West Japan Europe (duty-paid) Regional standard ingot premiums USD/t LMELME NOK 2025 2026 2,1 -2,4 2,7 -2,5 World ex. China China Estimated market balance Primary production, million tonnes1) 1) Global primary production for 2024 at 72.5 million tonnes Sources: CRU, Fastmarkets, Platts, Hydro analysis
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Full year forecast Quarterly forecastFull year forecast Quarterly forecast External data suggesting flat to negative Extrusions markets in 2025 9 Little recovery expected in first half of 2026 Source: CRU (Europe excluding Russia/Turkey) Extrusion demand growth estimates Europe Extrusion demand growth estimates North America -10 -8 -6 -4 -2 0 2 4 6 8 10 YoY growth (%) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 CRU October 2025 (Q3 reporting) CRU January 2026 (Q4 reporting) FY 2025 FY 2026 -10 -8 -6 -4 -2 0 2 4 6 8 10 YoY growth (%) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 CRU October 2025 (Q3 reporting) CRU January 2026 (Q4 reporting) FY 2025 FY 2026
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Financial update Trond Olaf Christophersen Executive Vice President & CFO
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11 Financial highlights EBITDARevenue Net income NOK billionNOK billion NOK billion Net financial expense NOK billion Income taxes NOK billion EBIT NOK billion Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 5.0 7.0 5.3 3.5 2.9 6.4 8.0 4.4 3.5 -1.5 +4.3 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2.6 4.0 3.6 1.9 1.71.8 5.9 2.5 2.1 -2.2 +3.8 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -2.4 1.2 -0.8 -0.4 -0.6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -2.1 -3.3 -1.1 -0.9 -0.1 Adjusted earnings NOK per share: 1.11 1.63 1.68 1.02 0.70 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 7.7 9.5 7.8 6.0 5.6 9.1 10.8 6.9 6.0 2.0 +3.6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 55.1 57.1 53.1 50.5 47.2 -14% 4.6 NOK billion (Q4 25) Free cash flow Adjusted net debt 18.2 NOK billion (Q4 25) Adjusted Reported Alternative performance measures (APMs) are described in the corresponding section in the back of the quarterly report.
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Adj. EBITDA Q3 2025 0.5 Realized aluminium and alumina price1) 0.3 Upstream volumes 0.4 Raw material cost -1.0 Extrusion and recycling margins and volumes 0.3 Energy price and volume -0.4 Fixed cost 0.1 FX -0.3 -0.2 CO2 compensation, other & eliminations Adj. EBITDA Q4 2025 6.0 -0.5 5.6 Adj. EBITDA slightly down, higher upstream prices and volumes offset by lower downstream result 121) -0.3 BNOK realized alumina price, 0.8 BNOK realized LME and premium. Q4 2025 vs Q3 2025 Other Eliminations NOK billion
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13 Energy price and volume -0.8 Fixed cost -2.7 FX 2.6 Adj. EBITDA 2024 0.4 CO2 compensation, other & eliminations Adj. EBITDA 2025 2.3 Realized aluminium and alumina price1) 0.5 Upstream volumes 0.5 Raw material cost -0.4 Extrusion and recycling margins and volumes 0.8 26.3 2.4 28.9 -0.6 Adj. EBITDA up on higher alumina price and volumes, offset by stronger NOK 1) -1.8 BNOK realized alumina price, ~4.1 BNOK realized aluminium price. 2025 vs 2024 CO2 compensation Other Eliminations NOK billion
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Net debt decrease of NOK 3.9 billion during Q4 Decrease in net debt due to positive free cash flow, partly offset by other cash effects 14 NOK billion Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity Hedging collateral and other Pension assets liabilities) ther assets liabilities)
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15 Results down YoY driven by lower alumina price and negative currency effects, partially offset by higher sales volumes Hydro Bauxite & Alumina NOK million Adjusted EBITDA 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters. Previous periods have been restated following a change to the capital employed definition. Key figures Q4 2025 Q4 2024 Q3 2025 Alumina production, kmt 1 616 1 516 1 488 Total alumina sales, kmt 3 096 2 708 2 823 Realized alumina price, USD/mt 373 584 392 Implied alumina cost, USD/mt 328 417 346 Bauxite production, kmt 2 778 2 918 2 550 Adjusted EBITDA, NOK million 1 392 4 969 1 290 Adjusted EBIT, NOK million 534 4 216 560 Adjusted RoaCE, % LTM 18.6% 21.4% 29.3% 804 5135 1616 1521 3410 1290 4969 1392 10 799 9 339 2024 2025 Results Q4 25 vs Q4 24 • Lower alumina price • Negative currency effects • Production above nameplate capacity • Strong trading results Outlook Q1 26 vs Q4 25 • Lower alumina price • Stable fixed and raw material costs • Lower sales volumes 328 417 346 45 167 45 373 584 392 Q4 2025 Q4 2024 Q3 2025 Implied alumina cost and margin USD/mt All-in EBITDA margin per mt Implied EBITA cost per mt Realized alumina price
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Key figures Q4 2025 Q4 2024 Q3 2025 Primary aluminium production, kmt 528 515 522 Total sales, kmt 547 536 571 Realized LME price, USD/mt1) 2 661 2 450 2 539 Realized LME price, NOK/mt1) 26 872 26 985 25 634 Realized premium, USD/mt 346 417 336 Implied all-in primary cost, USD/mt 2) 2 225 2 375 2 325 Adjusted EBITDA, NOK million 3 707 1 949 2 732 Adjusted EBITDA including Qatalum 50% pro rata, NOK million 4 429 2 565 3 269 Adjusted EBIT, NOK million 2 918 1 191 2 007 Adjusted RoaCE, % LTM3) 14.4% 12.3% 11.4% 16 Results up YoY driven by higher all-in metal prices and reduced alumina cost, partly offset by negative currency effects 1) Includes pricing effects from LME strategic hedge program 2) Realized all-in aluminium price minus Adjusted EBITDA margin, including Qatalum, per mt aluminium sold 3) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters 4) Implied primary costs and margin rounded to nearest USD 25 5) Realized LME aluminium price less Adjusted EBITDA margin, incl Qatalum, per mt primary aluminium produced Hydro Aluminium Metal 2 2759) 2 450 2 2509) 63% 62% 67% % value add products7) LME All-in6) Implied LME cost, per mt 5)Implied all-in primary cost, per mt 2) All-in EBITDA margin per mt 6) Realized LME plus realized premiums, including Qatalum 7) % of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes 8) Bookings, also including pricing effects from LME strategic hedging program 9) Norwegian smelters and CO2 catch-up Q1 2025 All-in implied primary cost and margin USD/mt1,4) 2 225 1 850 Q4 25 2 375 1 925 Q4 24 2 325 1 925 Q3 25 Results Q4 25 vs Q4 24 • Higher all-in metal prices • Reduced alumina cost • Negative currency effects (weaker USD to NOK) Outlook Q1 26 vs Q4 25 • ~70% of primary production for Q1 2026 priced at USD 2 803 per mt. 8) • ~42% of premiums affecting Q4 2025 booked at USD ~ 478 per mt • Q1 realized premium expected in the range of USD 380 and 430 per mt • Higher fixed and raw material costs • Higher sales volumes 1 965 2 520 3 234 1 949 9 668 11 409 2 546 2 423 2 732 3 707 Adjusted EBITDA NOK million 2024 2025 800 500 550 3 007 2 868 2 874 2 661 2 450 2 539
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171) Includes external and internal sales from primary casthouse operations, remelters and third-party metal sources 2) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters Metal Markets Key figures Q4 2025 Q4 2024 Q3 2025 Recycling production, kmt 181 172 174 Metal products sales, kmt 1) 623 621 645 Adjusted EBITDA Recycling (NOK million) 48 25 93 Adjusted EBITDA Commercial (NOK million) (104) 294 60 Adjusted EBITDA Metal Markets (NOK million) (56) 319 154 Adjusted EBITDA excl. currency and inventory valuation effects 39 115 174 Adjusted EBIT (NOK million) (253) 150 (7) Adjusted RoaCE, % LTM2) (2.2%) 3.4% 0.5% 20252024 17 Results Q4 25 vs Q4 24 • Higher recycling results • Lower results from sourcing and trading activities • Negative currency and inventory valuation effects Outlook Q1 26 vs Q4 25 • Higher results from sourcing and trading activities • Stable recycling results • Continued volatile trading and currency effects • Guidance for 2026 Commercial Adjusted EBITDA excl. currency and inventory of NOK 200 - 400 million 269 309 277 319 1 175 360 276 154 -56-14 Results down YoY due to lower results from sourcing and trading activities and negative currency and inventory valuation effects, partly offset by increased results from recyclers Adjusted EBITDA MNOK
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Key figures Q4 2025 Q4 2024 Q3 2025 External sales volumes, kmt 217 220 242 Adjusted EBITDA, NOK million (62) 371 1,107 Adjusted EBIT, NOK million (845) (532) 336 Adjusted RoaCE, % LTM1) 0.8 % 1.9 % 1.6 % 18 Results down YoY on lower margins and sales volumes, positive cash flow for full year 2025 Hydro Extrusions 3 4794 065 NOK million Adjusted EBITDA 20252024 Results Q4 25 vs Q4 24 • Pressured sales margins • Lower sales volumes • Lower variable costs - Cost control • Positive metal effect Outlook Q1 26 vs Q1 25 • Some volume pressure • Strong cost control • Flat metal effect 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters. Previous periods have been restated following a change to the capital employed definition. 1,437 1,1741,377 1,260879 1,107371 -62 Hydro Extrusions segment sales volume Growth in % Q4 2025 vs Q4 2024 Extrusion sales volumes 11% 32% 21% 1% 16% 19% Share of Q4 2025 Hydro Extrusions sales 6 -3 8 -39 -4 -5 -1 Distribution B&C Industrial HVAC&R Transport Automotive Total
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Key figures Q4 2025 Q4 2024 Q3 2025 Power production, GWh 2 645 2329 2019 Net spot sales, GWh 638 254 (62) Southwest Norway spot price (NO2), NOK/MWh 821 628 791 Adjusted EBITDA, NOK million 1 075 1 151 828 Adjusted EBIT, NOK million 1 006 1 085 761 Adjusted RoaCE, % LTM1),2) 17.2% 12.7% 17.6% 19 Result down YoY mainly due to lower gain on price area differences offset by higher production and higher prices Hydro Energy 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less tax/ Average capital employed last 4 quarters 2) 50% tax rate applied for 2024 and 2025 4 1523 540 20252024 19 Results Q4 25 vs Q4 25 • Lower gain on price area differences • Lower positive impact from insurance compensation • Higher production and prices Outlook Q1 26 vs Q4 25 • Lower production than normal due to power plant maintenance • Seasonally higher prices and lower price area differences • Continued volume and price uncertainty 1 152 1 180 611 1069 626 8281,151 1,075 NOK million Adjusted EBITDA
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Board of Directors propose distribution of 60% of Adjusted Net Income 2025 shareholder distribution proposal • NOK 3.0 cash dividend per share • Representing payout of NOK ~5.9 billion • 60 percent of adjusted net income • Average five year payout ratio4) of ~65 percent • ~74 percent including share buybacks3) • Payment conditional upon Annual General Meeting (AGM) approval May 7, 2026 • Hydro’s capital structure policy to maintain an aND target over the cycle of around NOK 25 billion at year end, including proposed shareholder distribution, remains unchanged 20 1) Based on share price at year end, 2) Dividend per share divided by adjusted earnings per share from continuing operations, 3) Average total distribution per share divided by average adjusted earnings per share from continuing operations for last five years, 4) Average dividend per share divided by average adjusted earnings per share from continuing operations for last five years, Prioritizing shareholder distribution 20 Total distribution per share, NOK 3.40 5.65 2.50 2.25 3.00 3.45 0.98 0.99 0.98 101% 2021 53% 62% 2022 59% 82% 2023 50% 74% 2024 60% 65% 2025 116% Share buyback (NOK) Extraordinary dividend per share (NOK) Ordinary dividend per share (NOK) Dividend payout ratio2) Total 5-year average payout ratio3) Dividend yield1) 9.9% 7.7% 3.7% 3.6% 3.8%
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1. Health and safety first 2. Maintain robustness while maneuvering uncertain markets 3. Deliver on Recycling, Extrusions, and renewable growth ambitions 4. Execute on decarbonization and technology road map 5. Seize opportunities in greener aluminium at premium pricing Accelerating growth, value creation and sustainability Our priorities
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Additional information
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Key figures – Outlook Q1 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 • Lower alumina price • Seasonally lower production, due to fewer days in Q1 and maintenance. • Lower sales volumes • Stable fixed and raw material costs • Some volume pressure • Strong cost control • Flat metal effect • Higher results from sourcing and trading activities • Stable recycling results • Continued volatile trading and currency effects • Guidance for 2026 Commercial Adjusted EBITDA excl. currency and inventory of NOK 200 - 400 million • • Lower production than normal due to power plant outage • Seasonally higher prices, and lower price area differences • Continued volume and price uncertainty • ~70% of primary production including strategic hedge effects for Q1 2026 priced at USD 2 803 per mt. • ~42% of premiums affecting Q1 2026 booked at USD ~ 478 per mt. • Q1 realized premium expected in the range of USD 380 and 430 per mt • Higher fixed cost of NOK 50 and 150 million • Higher raw material costs of NOK 100 and 200 MNOK • Higher sales volumes Bauxite & Alumina Aluminium Metal Metal Markets Extrusions Energy
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24 Energy price and volume 0.0 Fixed cost -1.6 FX 0.4 Adj. EBITDA Q4 2024 0.0 CO2 compensation, other & eliminations Adj. EBITDA Q4 2025 -3.3 Realized aluminium and alumina price1) 0.5 Upstream volumes 2.2 Raw material cost -0.3 Extrusion and recycling margins and volumes2) 0.1 7.7 0.4 5.6 -0.1 Adj. EBITDA down on lower alumina price and stronger NOK, partially compensated by higher volumes 1) -4.1 BNOK realized alumina price, ~0.8 BNOK realized aluminium price. 2) -0.06 BNOK HE volume impact, -0.29 BNOK HE margin impact, 0.02 BNOK Recycling impact Q4 2025 vs Q4 2024 CO2 compensation Other Eliminations NOK billion
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0.0 0.5 1.0 1.5 2.0 2.5 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Market raw material costs in Q4 2025 25Source: Thomson Reuters, PACE, IHS Markit, Platts, ANP, CRU Petroleum coke FOB USG (indexed) Pitch FOB USG (indexed) Caustic soda (indexed) Fuel oil A1 and Henry Hub NG spot price (Indexed) Steam coal (indexed) Alumina PAX index (indexed) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 0.0 0.5 1.0 1.5 2.0 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 0.0 0.5 1.0 1.5 2.0 2.5 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 0.0 0.5 1.0 1.5 2.0 2.5 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Fuel Oil A1 (indexed) Henry Hub Natural Gas Spot Price (indexed)
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Hedging status Aluminium hedges in place for 2026-2027 • 2026: 460 kt hedged at a price of ~2750 USD/t • 2027: 430 kt hedged at a price of ~2850 USD/t • Pricing mainly in NOK. Net USD exposure hedged via USD/NOK derivatives • Corresponding raw material exposure partially secured using financial derivatives or physical contracts • Alumina fixed price and volumes2) • 2026: 883 kt alumina hedged at a price of ~446 USD/t • 2027: 826 kt alumina hedge at a price of ~ 435 USD/t B&A and Aluminium Metal BRL/USD Hedge • USD 355 million sold forward in 2026 • 2026: USD 355 million hedged at avg. rate 5.93 • Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions 26 Utilizing Hydro’s hedging policy to deliver on strategic ambitions • Flexibility to hedge in certain cases - Support strong cost position - Strong margins in historical perspective, e.g., supporting ARoaCE target - Larger investments Strategic hedging status1) NOK Billions Settlements since 2021 MtM 1) Mark to Market as of December 31, 2025 The hedges are entered in the following FX: NOK (51% of total hedged volume), USD (37%) and EUR (12%) USD/NOK locked FX rate: 2026: 10.68, and 2027: 10.11 2) The internal alumina price is linked to the price for caustic soda, a significant input factor in production of alumina.
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27 Investor Relations in Hydro Next event Q1 2026 April 29, 2026 For more information see www.hydro.com/ir Baard Erik Haugen Head of Investor Relations t: +47 92497191 e: erik.haugen@hydro.com Camilla Gihle Management Assistant t: +47 92637820 e: camilla.gihle@hydro.com Elitsa Blessi Investor Relations Officer t: +47 91775472 e: elitsa.blessi@hydro.com Kirsten Margrethe Hovi ESG Advisor t: +47 90524874 e: kirsten.m.hovi@hydro.com
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Appendix
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Hydro in a nutshell • Integrated bauxite and alumina supply to serve own smelters • Captive renewable power and long-term power contracts to smelters. • Upstream assets low on global cost curves. • Leading sustainability credentials. Market leading low-carbon offerings. Clear roadmap to net-zero in 2050. • Uniquely positioned to shape the market for low-carbon aluminium and capture greener premiums. • Positioned for growth in recycling and extrusions, global presence. 30 Global footprint, strategic flexibility Full control over value chain and growth optionality Solid cash generation and dividend track record 2.6 4.5 5.9 2018 2019 2020 2021 2022 2023 2024 2025 2.6 2.6 16.1 13.5 7.0 Share buyback Dividends above the 50% ANI Dividends up to the 50% ANI Total shareholder distribution NOK billion
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31 Pioneering the green aluminium transition, powered by renewable energy Hydro 2030: Key priorities towards 2030 Drive profitable growth in Recycling and Extrusions to strengthen Hydro’s position amid green and geopolitical shifts Shape the market for low-carbon aluminium through commercial partnerships to unlock further investments across the value chain Scale renewable power generation to support competitiveness and low-carbon position Execute on ambitious decarbonization and technology road map, and step up to contribute to a nature positive and just transition
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Aluminium – A critical raw material for the green transition Global semis demand 2024-20301) In million tonnes 32Sources: 1) CRU 2) Rystad Energy 3) BNEF 4) NATO 5) BCG 6) EU Parliament 7) BSRIA CAGR ’24-’30 % 5.6 2.0 4.6 2.6 3.8 2.6 3.3 2.8 Energy transition ~30% growth in global grid investments from 2025 to 2030, approaching USD 600 billion annually2) E-mobility transition 2x more BEVs in the global car fleet by 2030 vs. 20253) Copper substitution Aluminium share in HVAC&R 11% 15% by 2030 vs. 2025 Market CAGR 11%)7) Total preparedness Aluminium demand within EU by 2030: >40% local processing + 25% recycling6) Defense and security Aluminium defined as critical raw material by NATO Defense spend by 2035 2% 5% GDP4) Circular buildings EU mandatory energy consumption reduction target of ~1.5% per year 2024-20306) Infrastructure Infrastructure spending must >2x per year to 2040 to close Europe’s backlog5) 2 2 6 2030 distribution of growth Other Machinery & equipment Consumer durables Asia ex. China Foil stock Packaging Construction Transport 2024 Electrical 1 Africa 7 China 6 Australasia 1 C&S America 102 121 2 Europe 3 1 North America 2030 1 2 2 3 CAGR ’24-’30 % 1.8 3.0 4.6 2.6 3.6 3.5 1.0 3.6
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Long-term outlook remains strong Solid growth in demand for low-carbon recycled and primary aluminium expected towards 2030 and beyond 33 Source: CRU 1) Tonnes of CO2e per tonne of primary aluminium produced, including full value chain emissions, 2) Hydro and Bain analysis from 2022, 2022-2030 CAGR 3) Does not distinguish between post-consumer scrap and process scrap 0 20 40 60 80 100 120 140 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Primary Recycled Total metal requirement Greener demand growth outpacing rest of the market CAGR 2024-30 Total EU / North America market ~3% Recycled3) Low-carbon primary (<4 t/t1)) No carbon requirement CAGR 2011-24 3.7% CAGR 2024-30 3.5% 3.7% 3.1% 6.1% 1.6% ~20%2) ~6% ~0% Global aluminium consumption In million tonnes
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Transport and construction key semis demand segments 34 Source: CRU, Hydro Analysis Per segment Per product form Per region Global semis demand 2025: ~105 million tonnes 51% 19% 13% 12% 2% 2% 1% China Asia ex. China Europe North America Central & South America Africa Australasia 15% 46% 18% 5% 13% 3% 31%33% 24% 10% 1% 1% Rolled products Extrusions Castings Wire & Cable Forgings Powder & paste, other 26% 19% 8% 9% 16% 6% 11% 6% Transport Construction Packaging Foil stock Electrical Consumer durables Machinery & Equipment Other Extrusions per segment
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Green transition sectors balance fall in Chinese B&C demand Electrical and transport sector nearly as large as B&C Source: CRU, Hydro analysis Chinese semis demand development 2021-2025 (‘000t) Share of total semis demand in China (%) 2021 B&C Electrical Transport Others 2025 46 104 53 486 1 941 4 293 2 213 2 817 29% 21% 18% 19% 12% 18% 42% 41% 2021 2025 Others Electrical Transport B&C 35
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Long-term growth prospects for extrusion demand remain attractive in key regions and segments 36 Lower growth estimates compared to CMD 2024 Source: CRU; S&P Extrusion demand estimates (CRU) ‘000 tonnes) 2015 2020 2025 2030 0 2,500 3,000 3,500 4,000 2016 2017 2018 2019 2021 2022 2023 2024 2026 2027 2028 2029 EU CMD 2024 EU Investor Day 2025 NA CMD 2024 NA Investor Day 2025 Extrusion demand CAGR 2024 - 30 EU 3.8% Europe 3.1% North America NA Forecast BEV headwinds , especially in North America BEV share of light vehicle production1), % Average extrusion content per car BEV: 70 kg ICE: 25 kg 0 10 20 30 40 50 60 2018 2020 2022 2024 2026 2028 2030 EU Oct 2024 EU Oct 2025 NA Oct 2024 NA Oct 2025
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CBAM | Proposed amendments published December 2025 371) Source: CRU 2023 CBAM adopted MAY 2023 OCT 1, 2023 2026 2034 Start of CBAM transitional period CBAM simplification package adopted Gradual phase-in of CBAM on direct emissions (start of phase- out of free ETS allowances): 2.5% in 2026 SEPT 29, 2025 2026 - 2034 CBAM on directs fully phased-in 2034 DEC 2025 Review on anti- circumvention measures and export solution Final CBAM benchmarks to be used for imports to be published Q1 2026 Several revisions expected between 2026 and 2034 CBAM translating into higher prices European duty paid premium1) 2023 2024 2025 2026 2027 2028 2029 2030 0 300 400 500 +40% 2025 Legislative proposals amending CBAM were published by the European Commission in December 25, including: 1) Recognizing pre-consumer scrap content 2) Extension to more downstream products 3) Temporary export solution If approved, most proposals expected to come into force from January 1, 2028 Scrap loophole must be closed Product scope must be extended to downstream and other materials Key CBAM effectiveness challenges European duty paid premium Without CBAM effect
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Significant exposure to commodity and currency fluctuations • Annual adjusted sensitivities based on normal annual business volumes. USDNOK 10.00, BRLNOK 1.85, EURNOK 11.50 • Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging • Excludes effects of priced contracts in currencies different from underlying currency exposure (transaction exposure) • Currency sensitivity on financial items includes effects from intercompany positions • 2026 Platts alumina index (PAX) exposure used • Adjusted Net Income sensitivity calculated as AEBITDA sensitivity after 30% tax • Sensitivities include strategic hedges for 2026 38 Other commodity prices Aluminium price sensitivity +10 USD/mt1) Currency sensitivities NOK million NOK million USD BRL EUR Sustainable effect (NOK million) +1.00 NOK/USD +0.10 NOK/BRL +1.00 NOK/EUR AEBITDA 4,900 (520) (210) One-off reevaluation effect (NOK million) +1.00 NOK/USD +0.10 NOK/BRL +1.00 NOK/EUR Financial items (680) 480 (3,310) Note: Sensitivities refer to consolidated EBITDA impact, 1) Based on USDNOK 10.00, 2) Based on EURNOK 11.50, 3) Europe duty paid, 4) Henry Hub 150 110 AEBITDA Adjusted net income +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 EUR/mt2) +10 USD/mt1) +0.1 USD/MMBtu1) 210 210 (80) (20) (70) (60) (40) Standard ingot premium3) Realized PAX Pet coke Pitch Caustic soda Coal Gas4)
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Bauxite & Alumina sensitivities Revenue impact • Realized alumina price lags PAX by one month Cost impact Bauxite • ~2.45 tonnes bauxite per tonne alumina • Pricing partly LME linked Caustic soda • ~0.1 tonnes per tonne alumina • Prices based on IHS Chemical, pricing mainly monthly per shipment Energy • ~0.12 tonnes coal per tonne alumina, Platts prices, one year volume contracts, weekly per shipment pricing • ~0.11 tonnes heavy fuel oil per tonne alumina, prices set by ANP/Petrobras in Brazil, weekly pricing (ANP) or anytime (Petrobras) 39 Annual adjusted sensitivities based on normal annual business volumes. USDNOK 10.00, BRLNOK 1.85, EURNOK 11.50. 2026 Platts alumina index (PAX) exposure used Note: Sensitivities refer to consolidated EBITDA impact, 1) Based on USDNOK 10.00. 2) Henry Hub Annual sensitivities on adjusted EBITDA NOK million +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +0.1 USD/MMBtu1) 490 (70) (60) (40) Aluminium Realized PAX Caustic soda Coal Gas2) -0 Currency sensitivities USD BRL EUR NOK million +1.00 NOK/USD +0.10 NOK/BRL +1.00 NOK/EUR AEBITDA 1,560 (420) -
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Aluminium Metal sensitivities 40 Annual adjusted sensitivities based on normal annual business volumes. USDNOK 10.00, BRLNOK 1.85, EURNOK 11.50 Note: Sensitivities refer to consolidated EBITDA impact, 1) Based on USDNOK 10.00, 2) Based on EURNOK 11.50, 3) Europe duty paid Revenue impact • Realized price lags LME spot by ~1-2 months • Realized premium lags market premium by ~2-3 months Cost impact Alumina • ~1.9 tonnes per tonne aluminium • ~ 2-3 months lag • Mainly priced on Platts index Carbon • ~0.40 tonnes petroleum coke per tonne aluminium, Pace Jacobs Consultancy, 2-3 year volume contracts, quarterly or half yearly pricing • ~0.08 tonnes pitch per tonne aluminium, CRU, 2-3 year volume contracts, quarterly pricing • Typically 4-5 months time lag on prices Power • 14.0 MWh per tonne aluminium • Long-term power contracts with indexations Annual sensitivities on adjusted EBITDA NOK million +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 EUR/mt2) 150 210 (280) (80) (20) Aluminium Standard ingot premium3) Realized PAX Pet coke Pitch Currency sensitivities USD BRL EUR NOK million +1.00 NOK/USD +0.10 NOK/BRL +1.00 NOK/EUR AEBITDA 3,390 (110) (600)
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Nominal Real 2024 Near-term tightening of capex frames in response to market softness 41 26% 10% 32% 32% Growth & Return seeking investments 2) Other growth Other return seeking Recycling Extrusion Strategic direction remains • Extrusions and recycling are the main growth vehicles, together with renewable power. • Current weak market conditions downstream leads to short-term reduction in the investment level. • At periods with weak market demand investments that give returns above cost of capital based on cost savings alone will be prioritized. • Long-term, over the cycle profitability targets remain. • The wire rod investment at Karmøy and the Illvatn pump storage plant are the two main investments in the “other growth” category 5.7 9.5 2024 6.0 9.0 2025 guiding CMD 2024 3.8 8.7 2025 4.5 9.0 6.5 8.5 2027-30 15.2 15.0 12.6 13.5 15.0 Non-sustaining Sustaining 35% 30% 20% 15% EUR USD BRL NOK Indicative currency split in capex IRR 15-30% IRR 20-35% IRR 10%+ 1) Based on November 2025 forward rates 2) Growth and return seeking investments distribution for 2026-2028 NOK billion 20261)
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53 49 49 49 47 29,7 Strong seasonal NOC release in Q4 42 Solid performance despite lower revenues. Strong seasonal effects the main driver behind Q4-25 NOC release. Seasonal effect strengthened by early production shut down in Extrusions Europe. Substantial NOC build expected in Q1-26. Net operating capital guidance of NOK 30 billion for 2026. 1) Net Operating Capital end of period, Net Operating Capital days LTM NOC other CO2 comp 28,6 27,6 23,6 25,0 Net Operating Capital1) NOK billion, days NOC days 23 28 29 26 27 3 3 3 3 3 Q4-23 Q4-24 Q3-25 Q4-25 Q4-26E 27 31 31 30 30 2026 guiding Year-end Net Operating Capital balance in line with guiding Net Operating Capital in line with guiding
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Improvement program to deliver NOK 1.4 billion in 2025 43 Ambition to deliver NOK 6.5 billion in annual improvements by 2030 Operational improvement program Procurement improvement program Commercial excellence program Digital enablement • Improvement in operational metrics through targeted initiatives and continuous improvement • Cost reduction and efficiency improvements in support functions • Enabling digital initiatives across improvement programs • Predictive maintenance and production optimization • Improvements through procurement and sourcing savings • Driven through individual procurement initiatives • Improvements achieved through commercial activities and growth projects • Key drivers include new aluminium products, greener premiums, extrusions market share and trading activities NOK ~2.5 billion annual improvement by 2030 B&A AM HE Energy & Staff NOK ~1 billion annual improvement by 2030 NOK ~3 billion annual improvement by 2030 NOK ~0.55 billion impact in 2025 NOK ~0.25 billion impact in 2025 NOK ~0.60 billion impact in 2025
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1) Market sensitivities with basis in AEBITDA 2026, Hydro Group 2026: Cost focus and improvements lifting EBITDA 44 AEBITDA sensitivity 2026 NOK billion Limited net EBITDA difference between prices and FX rates for LTM vs spot 150 210 210 -80 -70 -20 -60 -40 -520 -210 Aluminium price Standard ingot premium Realized PAX Pet coke Caustic soda Pitch Coal Gas USD BRL EUR 4,900 • Annual adjusted sensitivities based on normal annual business volumes. • Assumptions and sources behind the scenarios can be found in Additional information • Cautionary note: PAX sensitivity refers to consolidated EBITDA impact Market sensitivities EBITDA impact, NOK million1) +10 USD/mt +10 USD/mt +10 USD/mt +10 USD/mt +10 USD/mt +10 EUR/mt +10 USD/mt +0.1 USD/MMBtu +1.00 NOK/USD +0.10 NOK/BRL +1.00 NOK/EUR AEBITDA Q3-2025 LTM 0.9 Strategic white-collar workforce reduction and cost-efficiency measures 0.3 Ramp-up of curtailed primary volumes 1.2 Improvement programs AEBITDA 2026 AEBITDA @ spot 31.0 ~33 ~35
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Capex spent in 2025 12.6 BNOK Capital returns adj. RoaCE 10.2 % 2) Capital return dashboard 2025 1) Capital employed as of Q4-2025, graph excludes -0.7 BNOK in capital employed in Other & Eliminations 2) Adj. RoaCE calculated as adjusted EBIT last 4 quarters less underlying tax expense adjusted for 30% tax on financial items / average capital employed last 4 quarters 3) Average adjusted net debt last 4 quarters / total adjusted EBITDA last 4 quarters 4) Free cash flow – operating cash flow excl. collateral and net purchases of money market funds, less investing cash flow excl. sales/purchases of short-term investments 5) CAPEX estimate as per Investor Day 2025 6) Pending approval from the AGM on May 7, 2026 Balance sheet adj. ND/AEBITDA 0.7 3) Improvements realized in 2025 1.4 BNOK NOC cash effective release 2025 1.4 BNOK 22 % 37 % 9 % 24 % 8 % Bauxite & Alumina Aluminium Metal Metal Markets Extrusions Energy ~117 BNOK Capital employed1) Free cash flow 2025 13.0 BNOK 4) 12% last 5 years vs 10% target over the cycle adj. ND/AEBITDA < 2x target over the cycle 45 2026 guiding NOK 13.5 billion5)NOK 6.5 billion improvements to be delivered by 2030 NOC balance of NOK 30 billion by end of 2026 – flat development Proposed distribution for 2025 5.9 BNOK 6) 3.0 NOK/share ordinary dividend 2025 adjusted EBITDA of NOK 28.9 billion
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22 % Capital return dashboard for Bauxite & Alumina 461) CAPEX estimate as per Investor Day 2025 Returns above the cost of capital in 2025 reflecting increased alumina prices 9.3 BNOK Adjusted EBITDA FY 2025 Targets NOK 1.0 billion in operational and commercial improvements in 2026-2030 period. Potential to reduce CO2 emissions by 70% by 2030 in Alunorte. Successful implementation of fuel switch project. Potential for new electric boilers, replacing coal fired boilers. ~26 BNOK 31 Dec ‘25) Capital employed in B&A 10-11% Return requirement 0 2 4 6 8 2025 actual 2026 guiding 2027-30 indicative Growth and return-seeking Sustaining Sustain and improve Strategic theme Capex, BNOK1) 12 % 2 % -2 % 21 % 19 % 2021 2022 2023 2024 2025 ~10% Last 5 years average ARoaCE
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Capital return dashboard for Aluminium Metal & Metal Markets 47 1) Strategic theme for Recycling is growth 2) CAPEX estimate as per Investor Day 2025 Investments in recycling capacity to support growth ~21% /~13% Targets NOK 1.1 billion in operational / procurement improvements in 2026-2030 period, as well as contributing to commercial excellence improvements 37 % 9 % ~44 / 10 BNOK (31 Dec ‘25) Capital employed in AM / MM Capex, BNOK2) 10%-11% / 7-8% Return requirement Sustain and improve (Growth)1) Strategic theme Investments in recycling capacity to support growth Decarbonization and technology road map (HalZero and CCS) 28 % 35 % 14 % 12 % 14 % 24 % 31 % 11 % 3 % -2 % 2021 2022 2023 2024 2025 Last 5 years average ARoaCE 11.4 / 0.4 BNOK Adjusted EBITDA FY 2025 0 2 4 6 8 2025 actual 2026 guiding 2027-30 indicative Growth and return-seeking Sustaining
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24 % Capital return dashboard for Extrusions 481) CAPEX estimate as per Investor Day 2025 Returns below cost of capital reflecting market headwinds and lower demand Stepping up ambitions on operational and commercial improvements towards 2030. Targeting AEBTIDA of NOK 10-12 billion by 2030 in normalized markets. ~28 BNOK 31 Dec ‘25) Capital employed in Extrusions Capex, BNOK1) 7-8% Return requirement Growth Strategic theme 10 % 11 % 9 % 2 % 1 % 2021 2022 2023 2024 2025 ~7% Last 5 years average ARoaCE Investments in new presses and recycling projects to support growth 3.5 BNOK Adjusted EBITDA FY 2025 0 2 4 6 8 2025 actual 2026 guiding 2027-30 indicative Growth and return-seeking Sustaining
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Capital return dashboard for Energy 491) CAPEX estimate as per Investor Day 2025 Returns above the cost of capital reflecting the depreciated asset base Targets NOK 0.2 billion in operational and commercial improvements in 2026-2030 period. Focusing on core energy business and executing on renewable growth strategy NOK 2.5 billion investment in Illvatn pumped storage plant 8 % ~9 BNOK 31 Dec ‘25) Capital employed in Energy Capex, BNOK1) 6-7% Return requirement Selective growth Strategic theme 25 % 30 % 12 % 13 % 17 % 2021 2022 2023 2024 2025 ~19% Last 5 years average ARoaCE 4.2 BNOK Adjusted EBITDA FY 2025 0 2 4 6 8 2025 actual 2026 guiding 2027-30 indicative Growth and return-seeking Sustaining
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Hydro profitability growth roadmap Main drivers: Improvement efforts, growth and market development ARoaCE potential 2030 Profitability target of >10% 3.8 AEBITDA potential 2030 NOK billion 31 43 45 AEBITDA Q3-25 LTM Improvements and other adjustments Recycling and extrusions market and growth AEBITDA potential after improvements AEBITDA @ spot 50 Cash flow potential after sustaining CAPEX1) 2030 NOK billion 14 24 25 CF Q3- 25 LTM Improvement programs and growth Sustaining CAPEX, tax and other CF potential CF @ spot 1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX + other (lease payments, interest expenses) Assumptions and sources behind the scenarios can be found in Additional information Note: Refers to consolidated EBITDA and cash flow impact 11 % 16 % 17 % ARoaCE Q3-25 LTM Improvement, growth and other ARoaCE potential after improvements ARoaCE @ spot • Negative market and macro developments, incl. trade restrictions • Operational disruptions • Inflation pressure • Project execution and performance • Deteriorating relative positions • Regulatory frameworks, CSR and compliance • Sustainability differentiation and ability to produce net-zero aluminium • Positive market and macro developments • High-return growth projects • Technology and digitization • Portfolio optimization Main downside risks Main upside drivers
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Bauxite & Alumina profitability growth roadmap Main drivers: Improvement efforts, commercial differentiation and market development ARoaCE potential 2030 Profitability target of >10% 3.8 AEBITDA potential 2030 NOK billion 13 14 4 AEBITDA Q3-25 LTM Improvement programs AEBITDA potential after improvements AEBITDA @ spot 51 Cash flow potential after sustaining CAPEX1) 2030 NOK billion 8 9 1 CF Q3- 25 LTM Improvement programs Sustaining CAPEX, tax and other CF potential CF @ spot 1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX Assumptions and sources behind the scenarios can be found in Additional information Note: Refers to consolidated EBITDA and cash flow impact 29 % 31 % 4 % ARoaCE Q3-25 LTM Improvement programs ARoaCE potential after improvements ARoaCE @ spot • Operational disruptions • Negative market and macro developments • Mine operational complexity • Regulatory, CSR and country risk • Supply chain disruptions • Value chain concentration in Brazil • Positive market and macro developments • Further commercial differentiation, incl. greener alumina • Fleet optimization at the mine • Sustaining CAPEX optimization Main downside risks Main upside drivers
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Aluminium Metal profitability growth roadmap Main drivers: Improvement efforts, commercial differentiation and market development ARoaCE potential 2030 Profitability target of >10% 3.8 AEBITDA potential 2030 NOK billion 10 13 24 AEBITDA Q3-25 LTM Improvement programs, ramp-up of curtailed volumes and growth AEBITDA potential after improvements AEBITDA @ spot 52 Cash flow potential after sustaining CAPEX1) 2030 NOK billion 4 7 15 CF Q3- 25 LTM Improvement, ramp-up and growth Sustaining CAPEX, tax and other CF potential CF @ spot 1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX Assumptions and sources behind the scenarios can be found in Additional information 11 % 14 % 30 % ARoaCE Q3-25 LTM Improvement, ramp-up and growth ARoaCE potential after improvements ARoaCE @ spot • Negative market and macro developments, incl. trade restrictions • Deteriorating relative cost and market positions • Operational disruptions • Supply chain disruptions • Regulatory and country risks, incl. tax • Positive market and macro developments • Commercial differentiation, incl. greener brands • Portfolio optimization • Further potential in automation, process control and efficiency, operational excellence Main downside risks Main further upside drivers
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Metal Markets profitability growth roadmap Main drivers: Recycling growth, commercial differentiation and market development ARoaCE potential 2030 Profitability target of >8% 3.8 AEBITDA potential 2030 NOK billion AEBITDA Q3-25 LTM Market normalization and installed new capacity Improvement programs Recycling growth AEBITDA potential after improvements 0.7 3-4 53 Cash flow potential after sustaining CAPEX1) 2030 NOK billion CF Q3- 25 LTM Improvement programs and growth Sustaining CAPEX, tax and other1) CF potential 2 0.5 0 % 13 % ARoaCE Q3-25 LTM Improvement, growth and other ARoaCE potential after improvements 1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX. “ ther” includes the effects from market normalization and installed new capacity Assumptions and sources behind the scenarios can be found in Additional information • Prolonged market downturn affecting both demand and scrap availability • Increased competition • Inflation pressure • Unfavorable macroeconomic and regulatory developments • Positive market and macro developments • Increased scrap availability • Favorable regulation • Further growth opportunities • Technology development and deployment Main downside risks Main further upside drivers Approved growth Further growth potential
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Extrusions profitability growth roadmap Main drivers: Improvement efforts, commercial differentiation, growth projects and market development ARoaCE potential 2030 Profitability target of >8% 3.8 AEBITDA potential 2030 NOK billion 4 AEBITDA Q3-25 LTM Underlying market growth Improvement programs Growth projects AEBITDA potential after improvements 8-10 54 Cash flow potential after sustaining CAPEX1) 2030 NOK billion 3 6 CF Q3-25 LTM Improvement programs and growth Sustaining CAPEX, tax and other CF potential 2 % 12 % ARoaCE Q3-25 LTM Improvement programs and growth ARoaCE potential after improvements 1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX. “ ther” includes the effects from underlying market growth Assumptions and sources behind the scenarios can be found in Additional information • Negative market and macro developments, incl. trade restrictions • Inflation pressure • Loss of large customer contracts • Supply chain disruptions • Regulatory and country risks • Selective profitable growth including larger projects • Continuous portfolio review and optimization • Operating and fixed cost optimization • Positive market and macro developments Main downside risks Main further upside drivers
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Energy profitability growth roadmap Main drivers: Net spot sales volume and market development 3.8 CF Q3-25 LTM Improvement programs and growth Sustaining CAPEX, tax and other CF potential CF @ spot 2.0 1.4 1.4 55 1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX Assumptions and sources behind the scenarios can be found in Additional information AEBITDA Q3-25 LTM Normalizations and other Improvement programs and growth AEBITDA potential after improvements AEBITDA @ spot 4.5 4.1 4.1 Energy excl. REIN JV – AEBITDA potential 2030 NOK billion Energy excl. REIN JV – Cash flow potential after sustaining CAPEX1) 2030 NOK billion • Negative market and macro developments • Regulatory and framework conditions, incl. tax • Additional growth opportunities • Further commercial and operational improvements • Positive market and macro developments Main downside risks Main further upside drivers
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Assumptions used in scenarios Q3 2025 LTM Spot LME, USD/mt 2,520 2,880 Standard ingot, USD/mt 250 320 PAX, USD/mt 490 320 Gas, USD/MMBtu 3.24 3.34 Caustic soda, USD/mt 460 400 Coal, USD/mt 90 100 Pitch, EUR/mt 840 870 Coke, USD/mt 440 440 NO2, NOK/MWh 720 760 USDNOK 10.62 10.09 EURNOK 11.72 11.65 BRLNOK 1.86 1.87 Scenario assumptions • Starting point – AEBITDA Q3 2025 LTM • Cash flow calculated as AEBITDA less EBIT tax and long-term sustaining CAPEX, less lease payments and interest expenses for Hydro Group • Tax rates: 25% for Business Areas, 50% for Energy, 30% (LTM) for Hydro Group • ARoaCE calculated as AEBIT after tax divided by average capital employed • Average capital employed assumed to increase with assumed CAPEX above depreciation 2026-2030 • The actual earnings, cash flows and returns will be affected by other factors not included in the scenarios, including, but not limited to: • Production volumes, raw material prices, downstream margin developments, premiums, inflation, currency, depreciation, taxes, investments, interest expense, competitors’ cost positions, and others • EBITDA sensitivities refers to consolidated impact. From a cash perspective exposures may be smaller due to minority interests 56 Scenarios are not forecasts, but illustrative earnings, cash flow and return potential based on sensitivities
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Strong commercial organization maximizing the value of B&A assets External alumina sourcing • 4.5 - 5.0 1) million tonnes of external alumina sourced annually • Long term off take agreement with Rio Tinto • ~900,000 tonnes annually from Yarwun refinery • Short and medium-term contracts • To balance and optimize position geographically • Various pricing mechanisms • Older contracts linked to LME • New medium to long-term contracts mostly index • Fixed USD per mt for spot contracts on index Long positions in alumina • Pricing should reflect alumina market fundamentals • Selling 4.0 - 4.5 million tonnes per year of alumina externally • Index pricing2) and short to medium-term contracts • New contracts sold on index, except hydrate and short-term contracts, normal terms 1-3 years • Legacy LME linked contracts: priced at ~15% of LME 3M 57 1) Including volumes repurchased from Glencore under the term of the sale of 30% equity in Alunorte 2) Rounded figures. Indicating volumes available for index pricing. Based on annual sourced volumes of around 4.5 mill t, assuming normal production at Alunorte. External LME External index Internal LME Internal index Index exposure 35% 50% 65% 75% 75% 85% 88% 93% 93% 93% 92% 0%0 2000 4000 6000 8000 10000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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Bauxite operational mining costs in Paragominas • Labor cost • Influenced by Brazilian wage level • Energy cost • Refers to power and fuel cost • Maintenance and consumables • Mainly influenced by Brazilian inflation 58 23% 18% 19% 26% 15% Labor Energy Support & infrastructure Maintenance/consumables Other costs Indicative Paragominas bauxite mining costs
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Favorable integrated alumina cost position • Implied alumina cost 2025 - USD 354 per mt1) • Alunorte, Paragominas and external alumina sourcing for resale • Bauxite • Internal bauxite from Paragominas at cost, sourced bauxite from MRN • Energy • Energy mix LNG and electric power • Coal • Energy source used to power boilers • Caustic soda • Competitive caustic soda consumption due to bauxite quality • Competitive caustic soda sourcing contracts • Other costs • Maintenance, labor and services 59 1) Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales 34% 14% 31% 17% 4% Bauxite Caustic soda Energy (LNG/power) Other costs Coal Indicative implied alumina cost composition
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45% 19% 18% 11% 6% Alumina Power Carbon Fixed cost Other Competitive primary aluminium cash cost • Primary aluminium cash cost 2025 • All-in implied primary aluminium cash cost1,2) USD 2 450 per mt • LME implied primary aluminium cash cost1,3) USD 2 025 per mt • Alumina • Purchases based on alumina index ~93% • Purchased based on LME link ~7% (only for Qatalum) • Power • Portfolio of contracts with different durations • 3/4 of electrolysis power need from renewable power • Contracts with a mix of indexations; inflation, LME, coal, fixed • Carbon • Majority of contracts are based on 1-2 years, quarterly pricing • Fixed costs • Maintenance, labor, services and other • Other • Other direct costs and relining 60 1) Adjusted EBITDA margin excluding power sales Slovalco, Albras and Norwegian smelter 2) Realized LME aluminium price (incl.strategic hedges) plus premiums minus adjusted EBITDA margin, including Qatalum, per mt primary aluminium sold 3) Realized LME aluminium price (incl.strategic hedges) minus adjusted EBITDA margin, including Qatalum, per mt primary aluminium produced 4) Pie chart based on cost of producing liquid aluminium, not directly comparable to the LME or All -in implied primary aluminium cash cost Liquid aluminium cash cost 20254)
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Market pricing principle applied to internal contracts 61 Based on external price references 1) Depending on the precipitation level, hydropower production may vary from 7 TWh in a dry year to 11 TWh in a wet year 2) Consumption in Aluminium Metal at current production levels and at full installed capacity 3) Net spot sales vary depending on the power production level and internal consumption in Aluminium Metal 4) Depending on status of sourcing Sourcing side TWh Revenue side TWh 8-104) 9.4 16-182) 1 Net spot sales Concession power * Consumption in Aluminium Metal Sourcing on long-term contracts Normal production Spot price Regulated price • Market pricing • Duration varies • Different indexation parameters Mainly Back-to-back (7-11) 1) 0-23) Norway post 2020 • Long-term contract • Market pricing • Fixed annual pricing adjustments
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Long-term renewable power contracts ensure robustness 6262 Power sourcing for Hydro JV smelters2) TWh 1 000 1 200 2 600 1 400 600 1 600 400 1 800 200 2 000 0 70 00060 00050 00040 00030 00020 00010 0000 2 200 2 400 800 Coal Gas RenewablesMix Smelter business operating cost curve 2025 USD/tonne Power sourcing for smelters in Europe Hydro avg. Total consumption Spot/Short-term Long-term Medium-term Captive Power sourcing for Hydro B&A3) TWh 0.5 1.0 1.5 2.0 2.5 3.0 0.0 2025 2029 2031 2033 2035 2037 20392027 Total consumption Power sourcing for Hydro smelters in Norway1) TWh Total consumption 0 2 4 6 8 10 12 14 16 18 2029 2031 20332025 2037 20392027 2035 Other Wind power Current Captive Hydropower Source: CRU, Hydro analysis 1) Net ~8 TWh captive assumed available for smelters. 2) Hydro Share: Qatalum captive (50%), Alouette (20%), Tomago (12.4%), Albras (51%). 3) Total Alunorte and Paragominas – all consumption sourced through Hydro Paragominas (Rein) Alunorte (Rein) 0 2 4 6 8 10 12 20292025 20332027 2031 Tomago Alouette (new) Albras (Rein)Alouette Qatalum captive Albras (other)