Slides
Page 1
Quarterly presentation Q2 2026 Eivind Kallevik, President & CEO July 22, 2026
Page 2
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.
Page 3
Operational strength delivering solid results Eivind Kallevik, President & CEO July 22, 2026
Page 4
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 Q2’26Q2’21 Q2’22 Q2’23 Q2’24 Q2’25 TRI1) per million hours worked 12 months rolling average 2.39 average since Q2’20 1.90 per end-Q2’263) 0 1 2 Q2’26Q2’21 Q2’22 Q2’23 Q2’24 Q2’25 HRI2) per million hours worked 12 months rolling average 0.80 average since Q2’20 0.35 per end-Q2’26 3) 4
Page 5
Adjusted EBITDA NOK 8.9 billion Power sourcing continuing, further 5 TWh sourced in Q2 1) Last 12 months rolling Slovalco 75,000 tonnes restart announced on July 1 NOK 4 billion free cash flow supported by metal prices and production volumes Alumina production 1 508 kmt Primary aluminium production 497 kmt Power production 2.01 TWh Extrusions sales volumes 262 kmt Adjusted RoaCE1) 10.9% 0.5% YoY 1% YoY 6.3% YoY 6% YoY 13% YoY Norway Global Recycling results strengthening, AEBITDA NOK 0.9 billion All-time high casthouse production in Norway, upstream operational performance at high level Realized all-in metal prices up 14% from Q1
Page 6
Agreement on restart with Slovak government: • Long-term, competitive framework conditions established • Robust compensation scheme for indirect carbon costs under the EU ETS being implemented • Enable Slovalco entering long-term commercial power purchase agreement supporting a restart • Restart of 75,000 tonnes of a total 175,000 tonnes capacity, supporting 200 jobs in the region • Pending final EU approval of updated Slovak scheme for ICC compensation 6 Enabled by competitive framework conditions Slovalco restart
Page 7
Progressing on commercial and operational agenda 7 Decarbonizing production with respect for people and nature Shaping the market Power sourcingOperational excellence • Norwegian smelters ramped up in Q2, increasing production 6% YoY • Standalone recyclers in U.S. increasing sales by 6% YoY capitalizing on strong margins • Total Hydro recycling AEBITDA of NOK 0.9 billion in Q2 4.0CO2 per kg aluminium Transforming Hydro REDUXA and Hydro CIRCAL into iconic customer solutions through strategic partnerships • Nexans • Marinebroen, Bergen • Aalto vase, littala 85% 85% of Norwegian baseline power consumption in the 2030s already sourced Strengthening Hydro's premium position through customer partnerships, low- carbon innovation and circular aluminium solutions Continuous improvement focus across the value chain Securing long-term renewable power through strategic PPAs to strengthen competitiveness and support future low- carbon aluminium growth
Page 8
Mercedes • Hydro and Mercedes-Benz continue to develop their collaboration on low-carbon aluminium for automotive use • Joint ambition to further lower the carbon footprint of aluminium used in new and existing automotive series Nexans • Strengthen Europe’s electricity grid with low-carbon aluminium • Five year agreement 2026-2030, supplying 85,000 tonnes low- carbon wire rod • Supports grid modernization and decarbonization, material produced using renewable energy 8 Customer partnership drives low-carbon development Low-carbon journey continues
Page 9
Alumina prices up at quarter end on smelter ramp ups 300 400 500 600 700 800 9Source: Platts, CRU, CM, Hydro B&A analysis Alumina price index (PAX) USD/t World SGA balance (million mt) Platts alumina Atlantic differential (USD/t) 10 15 20 25 30 35 40 45 50 Estimated global oversupply in 2026 reduced since Q1 on faster than expected smelter ramp ups 2025 2026e 2027e -0.8 1.9 1.1 1.9 -0.3 1.6 -0.1 0.6 0.5 World ex China China World
Page 10
Significant global aluminium undersupply expected in 2026 10 Regional premiums remain at elevated levels LME aluminium prices USD/t Regional standard ingot premiums USD/t Estimated market balance Primary production, million tonnes1) 1) Global primary production for 2025 at 74.1 million tonnes Sources: CRU, Fastmarkets, Platts, Hydro analysis 01/24 01/25 01/26 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 US Mid West Japan Europe (duty-paid) 10,000 15,000 20,000 25,000 30,000 35,000 01/24 07/24 01/25 07/25 01/26 07/26 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 LME LME NOK 2.1 1.1 -2.3 -2.0 -0.1 -0.9 2025 2026e World ex China China World
Page 11
Quarterly forecast Full year forecast Full year forecast Quarterly forecast 2026 downstream market revised down 11 Major downwards revision of North American market in 2025 Source: CRU (Europe excluding Russia/Turkey) & European Aluminium Extrusion demand growth estimates Europe Extrusion demand growth estimates North America -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 YoY growth (%) Q1 2026 Q2 2026 Q3 2026 Q4 2026 CRU April 2026 (Q1 reporting) CRU June 2026 (Q2 reporting) FY 2025 FY 2026 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 YoY growth (%) Q1 2026 Q2 2026 Q3 2026 Q4 2026 CRU April 2026 (Q1 reporting) CRU June 2026 (Q2 reporting) FY 2025 FY 2026
Page 12
Financial update Trond Olaf Christophersen Executive Vice President & CFO
Page 13
13 Financial highlights EBITDARevenue Net income NOK billionNOK billion NOK billion Net financial income (expense) NOK billion Income taxes NOK billion EBIT NOK billion Q2 25 Q3 25 Q4 25 Q1 26 5.3 4.4 3.5 3.5 2.9 -1.5 6.1 4.4 Q2 26 8.6 6.3 -2.4 Q2 25 Q3 25 Q4 25 Q1 26 3.6 2.5 1.9 2.1 1.7 -2.2 4.1 4.3 Q2 26 6.0 4.6 -1.4 Q2 25 Q3 25 Q4 25 Q1 26 -0.8 -0.4 -0.6 1.9 Q2 26 -0.6 Q2 25 Q3 25 Q4 25 Q1 26 -1.1 -0.9 -0.1 -1.9 Q2 26 -2.0 Adjusted earnings NOK per share: 2.071.68 1.02 0.70 Q2 25 Q3 25 Q4 25 Q1 26 7.8 6.9 6.0 6.0 5.6 2.0 8.7 7.1 Q2 26 8.9 11.6 -2.7 Q2 25 Q3 25 Q4 25 Q1 26 53.1 50.5 47.2 50.4 Q2 26 56.5 +6% 4.0 NOK billion (Q2 26) Free cash flow Adjusted net debt 22.8 NOK billion (Q2 26) Adjusted Reported Alternative performance measures (APMs) are described in the corresponding section in the back of the quarterly report. 2.21 Full year capex guiding 13.5 NOK billion
Page 14
Adj. EBITDA up on higher LME prices, downstream results 14 Partly offset by Energy, currency effects and Metal Markets commercial 1) -0.03 BNOK realized alumina price, 2.7 BNOK realized aluminium and premium. 2) 0.2 BNOK HE volume impact, - 0.2 BNOK HE margin impact, 0.1 BNOK Recycling impact NOK billion -0.4 FX -0.3 -0.9 -0.1 Adj. EBITDA Q1 2026 Adj. EBITDA Q2 2026 2.6 Realized aluminium and alumina price1) -0.3 Upstream volumes 0.1 Raw material cost 0.2 Extrusion and recycling margins and volumes2) -0.3 8.7 -1.3 8.9 Energy price and volume -0.3 Fixed cost CO2 compensation, other & eliminations +0.3 CO2 compensation Other Eliminations
Page 15
OtherNet debt Q1-26 Net debt Q2-26 Adjustments Adj. net debt Q2-26 Shareholder distributions Adj. EBITDA Change in NOC Other operating cash flow Net investments (12.9) (16.3) (6.5) (22.8) 8.9 0.0 (2.4) (2.6) (5.9) (1.5) (0.9) 1.1 (6.7) (30) (20) (10) 0 Net debt increase NOK 3.4 billion during Q2 Strong free cash flow of 4.0 BNOK on high LME, more than offset by dividends paid for last year’s results 15 NOK billion Free cash flow NOK 4.0 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 Other assets/(liabilities) Pension assets/(liabilities) Hedging collateral and other
Page 16
16 Results down YoY on lower alumina prices and unfavorable currency development 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 5 135 7471 521 5221 290 1 392 9 339 1 269 2025 2026 Results Q2 26 vs Q2 25 • Lower alumina prices • Adverse FX effects (BRL/USD) • Lower LNG price Outlook Q3 26 vs Q2 26 • Higher sales volumes • Improved alumina prices Key figures Q2 2026 Q2 2025 Q1 2026 Alumina production, kmt 1 508 1 516 1 515 Total alumina sales, kmt 2 820 2 718 2 540 Realized alumina price, USD/mt 350 397 345 Implied alumina cost, USD/mt 331 343 315 All-in EBITDA margin per USD/mt 20 54 30 Bauxite production, kmt 2 648 2 734 2 626 Adjusted EBITDA, NOK million 552 1 521 747 Adjusted EBIT, NOK million (365) 772 (78) Adjusted RoaCE, % LTM1) 1.8% 35.0% 5.2%
Page 17
17 Results up YoY on higher all-in metal prices and lower 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) 65% 70% 69% % value add products7) Implied liquid cost, per mt 5)All-in realized LME + realized premium6) 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 All-in implied primary cost and margin USD/mt1,4) 3 832 1 875 Q2 26 2 928 2 025 Q2 25 3 355 1 825 Q1 26 Results Q2 26 vs Q2 25 • Higher all-in metal prices • Lower alumina cost • Weaker USD to NOK Outlook Q3 26 vs Q2 26 • ~62% of primary production for Q3 2026 priced at USD 3 361 per mt8) • ~54% of premiums affecting Q3 2026 booked at USD ~ 783 per mt • Realized premium expected in the range of USD 660 and 710 per mt • Higher carbon and energy costs, seasonally lower fixed costs Adjusted EBITDA NOK million 1 350 475 1000 Key figures Q2 2026 Q2 2025 Q1 2026 Primary aluminium production, kmt 497 512 517 Total sales, kmt 508 550 563 Realized LME price, USD/mt1) 3 268 2 548 2 929 Realized LME price, NOK/mt1) 30 812 26 244 28 459 Realized premium, USD/mt 563 381 426 Implied all-in primary cost, USD/mt 2,4) 2 436 2 400 2 375 Adjusted EBITDA, NOK million 6 421 2 423 5 034 Adjusted EBITDA including Qatalum 50% pro rata, NOK million 6 687 2 977 5 576 Adjusted EBIT, NOK million 5 637 1 714 4 279 Adjusted RoaCE, % LTM3) 24.8% 12.6% 18.8% 11 409 11 455 2025 2026 2 546 2 423 2 732 3 707 5 034 6 421
Page 18
181) 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 Q2 2026 Q2 2025 Q1 2026 Recycling production, kmt 225 209 196 Metal products sales, kmt 1) 608 659 640 Adjusted EBITDA Recycling (NOK million) 286 136 159 Adjusted EBITDA Commercial (NOK million) (254) 143 382 Adjusted EBITDA Metal Markets (NOK million) 32 276 541 Adjusted EBITDA excl. currency and inventory valuation effects (171) 308 588 Adjusted EBIT (NOK million) (124) 111 374 Adjusted RoaCE, % LTM2) 0.0% 1.3% 1.5% 18 Results Q2 26 vs Q2 25 • Lower results from sourcing and trading activities • Higher recycling margins in the U.S. • Positive inventory valuation and currency effects Outlook Q3 26 vs Q2 26 • Normalizing results from sourcing and trading activities • Continued strong recycling results • Continued volatile trading and currency effects Results down YoY on lower results from sourcing and trading activities, partly offset by higher results from recyclers Adjusted EBITDA NOK million 20262025 360 572 276 154 -56 541 -14 32
Page 19
Key figures Q2 2026 Q2 2025 Q1 2026 External sales volumes, kmt 262 264 251 Adjusted EBITDA, NOK million 1 463 1 260 1 299 of which recycling Adjusted EBITDA 634 175 446 Adjusted EBIT, NOK million 722 489 555 Adjusted RoaCE, % LTM1) 2.0 % 0.8 % 1.4 % 19 Results up YoY on improved recycling margins, partially offset by higher costs and negative currency translation effect Hydro Extrusions NOK million Adjusted EBITDA Results Q2 26 vs Q2 25 • Improving recycling margins • Flat exstrusion markets on lower levels • Negative FX effect Outlook Q3 26 vs Q3 25 • Higher sales volumes • Stabilization of overall margins • Continued strong recycling margins in the U.S. • Normalization of metal effect 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters. 2 7623 479 20262025 1 174 1 2991 260 1 4631 107 -62 5 -3 1 7 -21 -7 Distribution B&C Transport Automotive HVAC&R Industrial Q2 QTD 2026 vs Q2 QTD 2025 (%) 11% 32% 18% 2%18% 19% Share of revenue
Page 20
Key figures Q2 2026 Q2 2025 Q1 2026 Power production, GWh 2 009 2 136 2 267 Net spot sales, GWh 2 47 311 Southwest Norway spot price (NO2), NOK/MWh 1 058 682 1 178 Adjusted EBITDA, NOK million 499 1 069 787 Adjusted EBIT, NOK million 430 1 005 719 Adjusted RoaCE, % LTM1),2) 12.1% 16.5% 15.1% 20 Result down YoY on lower production and loss on price area differences 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 2026 and 2025 1 2864 152 20262025 20 Results Q2 26 vs Q2 25 • Lower production and net spot sales • Higher prices • Loss on price area differences Outlook Q3 26 vs Q2 26 • Volume and price uncertainty • Hydrology remains the key driver of power prices in the Nordic region • Expect improved price area differences 1 180 787 1 069 499 828 1 075 NOK million Adjusted EBITDA
Page 21
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
Page 22
Additional information
Page 23
23 Energy price and volume -0.2 Fixed cost -1.0 FX -1.4 Adj. EBITDA Q2 2025 -0.1 CO2 compensation, other & eliminations Adj. EBITDA Q2 2026 4.2 Realized aluminium and alumina price1) -0.2 Upstream volumes 0.2 Raw material cost 0.5 Extrusion and recycling margins and volumes2) -0.6 7.8 -1.9 8.9 -0.4 Adj. EBITDA increase due to higher aluminium prices and downstream results, partially offset by Energy and FX 1) -0.8 BNOK realized alumina price, 5.1 BNOK realized aluminium price. 2) -0.1 BNOK HE volume impact, 0.4 BNOK HE margin impact, 0.1 BNOK Recycling impact Q2 2026 vs Q2 2025 CO2 compensation Other Eliminations NOK billion
Page 24
Hedging status • 2026: 230 kt remaining hedged at a price of ~2 800 USD/t • 2027: 430 kt hedged at a price of ~2 850 USD/t • 2028: 50 kt hedged at a price of ~3 050 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) o 2026: 442 kt remaining alumina hedged at a price of ~443 USD/t o 2027: 826 kt alumina hedge at a price of ~437 USD/t o 2028: 96 kt alumina hedge at a price of ~446 USD/t 24 • Flexibility to hedge in certain cases o Support strong cost position o Strong margins in historical perspective, e.g., supporting ARoaCE target o Larger investments 1) Mark to Market as of June 30, 2026 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, 2027: 10.11 and 2028: 9.79 2) The internal alumina price is linked to the price for caustic soda, a significant input factor in production of alumina. Aluminium hedges in place for 2026-2028 • USD 355 million sold forward in 2026, USD 178 million remaining hedged at avg. rate 5.93. USD 335 million sold forward in 2027 hedged at avg. rate 6.19. • Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions B&A and Aluminium Metal BRL/USD Hedge Aluminium Power Coal, fuel oil and other USD/NOK USD/BRL Total settlement Aluminium Coal, fuel oil and other USD/NOK USD/BRL Total settlement and MtM -7.7 2.4 0.6 -0.8 1.6 -3.9 -1.8 -0.0 0.1 0.1 -5.5 Strategic hedging status1) NOK billion Settlements since 2021 MtM MtM active hedges BNOK -1.6 Utilizing Hydro’s hedging policy to deliver on strategic ambitions
Page 25
Pre-quarter information Q3 2026 Hydro Investor Relations July 2026
Page 26
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. The package only reiterates sensitivities to commodity prices and currencies that are most material for financial performance, together with ranges for selected performance metrics already disclosed in the previous quarter (e.g., expected cost or volume developments) or announced on hydro.com during the quarter. • The package also contains Hydro’s outside-in assessment, which provides an indicative EBITDA estimate derived exclusively from observable market prices, published sensitivities and predefined assumptions communicated last quarter. • The model does not incorporate actual quarter specific adjustments such as volume, operational impacts, or actual price development and must not be interpreted as financial guidance. Actual results may deviate materially due to both external market conditions and internal business developments.
Page 27
Overview: Market data 27 Key prices updated as of July 14, 2026 Source: LME3M: lme.com, Std Ingot: Fastmarket, Billet premium Rotterdam: Fastmarkets PAX: Platts Caustic: HIS Export Spot average Coal: Bloomberg Pitch: Europe FOB, CRU Coke: USD Gulf FOB, CRU Gas: eia.com, Henry Hub spot Power: Nordpool Currencies: Norges Bank Month LME 3M (USD/mt) Std ingot DP (USD/mt) Billet Premium Rotterdam (USD/mt) PAX (USD/mt) Caustic (USD/mt) Coal (USD/mt) Pitch (EUR/mt) Coke (USD/mt) Gas (USD/ MMBTU) NO2 (NOK/ MWh) NO3 (NOK/ MWh) NO5 (NOK/ MWh) USDNOK BRLNOK EURNOK Jul 26 QTD 3 133 539 1 115 330 440 129 Quarterly data only 3.32 1 000 690 933 9.80 1.90 11.20 Jun 26 3 422 564 1147 310 455 144 878 585 3.14 1 055 600 688 9.58 1.87 11.04 May 26 3 601 596 1 140 307 493 132 878 585 2.94 1 085 790 1 099 9.24 1.86 10.79 Apr 26 3 538 586 1 022 308 520 135 878 585 2.77 1 033 1 031 1 225 9.41 1.88 11.02 Mar 26 3 342 470 686 307 473 135 795 525 3.04 1 160 781 1 196 9.66 1.85 11.17 Feb 26 3 092 359 506 307 385 116 795 525 3.62 1 141 1 197 1 235 9.57 1.84 11.32 Jan 26 3 148 342 466 307 373 108 795 525 7.72 1 230 1 193 1 250 9.94 1.86 11.67 Dec 25 2 914 330 451 308 363 108 818 485 4.26 826 587 782 10.12 1.86 11.84 Nov 25 2 843 326 431 318 400 77 818 485 3.79 940 543 884 10.15 1.90 11.66 Oct 25 2 789 282 439 319 393 74 818 485 3.19 695 286 560 10.02 1.86 11.66 Commodities Energy Currencies
Page 28
Bauxite & Alumina 28 AEBITDA outlook Q3 2026 NOK billion Market sensitivities, EBITDA impact, NOK million1) 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 Alumina 1) Caustic2) Coal2) Gas2) USDNOK BRLNOK Q2 realized 328 489 137 2.95 9.41 1.87 -41 86 12 -37 152 -31 Fixed cost Realized PAX Caustic soda Coal Gas2) USD BRL Mkt price Alumina 1) Caustic2) Coal2) Gas2) USDNOK BRLNOK Q3 QTD 324 440 129 3.32 9.80 1.90 Cost drivers Bauxite: ~2.45 t/t; partly LME-linked Caustic soda: ~0.10 t/t; monthly IHS pricing Coal: ~0.12 t/t; Platts-based, annual contracts 2026 Q3 outlook For Q3, we expect higher alumina production and sales. Realized alumina prices are estimated to increase due to time lag on Atlantic Differential • We estimate that fully loaded raw material costs will be neutral • We expect energy cost to be neutral • Fixed cost is expected to be flat • Remaining hedged alumina volumes for Q3-Q4 of 442k tons at price of ~443USD/mt +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +0.1 USD/MMBtu1) +1 EUR/NOK +0.10 BRL/NOK 490 -70 -60 -40 -420 Realized PAX Caustic soda Coal Gas2) USD BRL 1 560 1) Revenue drivers 1. Sum of PAX with one month lag and hedged volumes. Not considering commercial portfolio effects, nor Atlantic differential 2. Monthly observed market prices
Page 29
Aluminium Metal 29 AEBITDA outlook Q3 2026 NOK billion Market sensitivities, EBITDA impact, NOK million 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) Based on EURNOK 11.5 3) Europe duty paid Aluminum Std.ingot Alumina3) Coke Pitch USD EUR BRL Q2 ACT. 3 268 563 307 505 807 9.41 11.3 1.87 150 733 639 -7 -100 -15 330 12 -8 Fixed cost Aluminium Standard ingot premium Realized PAX Pet coke Pitch USD EUR BRL 2026 Q3 outlook For Q3, Aluminium Metal has booked • ~62% of primary production for Q3 2026 priced at USD 3 361 per mt • ~54% of premiums affecting Q3 2026 booked at USD ~ 783 per mt • Realized premium expected in range of 660 - 710 USD/mt Sales volume development will depend on the Middle East situation. • Carbon (coke/pitch) costs are expected to increase NOK 50 to 150 million • Energy costs are expected to increase by NOK 50 to 150 million • Fixed cost is expected to decrease by NOK 100- 200 million after a seasonally higher level in Q2150 210 -280 -80 -20 -110 -600 Aluminium Standard ingot premium3) Realized PAX Pet coke Pitch USD EUR BRL 3 390 +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 EUR/mt2) +1 USD/NOK +1 EUR/NOK +0.10 BRL/NOK Mkt price Aluminum1) Std.ingot2) Alumina3) Coke4) Pitch4) USD EUR BRL Q3 QTD 3 464 685 308 555 837 9.80 11.2 1.90 Cost drivers Alumina: ~1.9 t/t Al; Platts, 2–3- month lag Carbon: 0.40 t pet coke + 0.08 t pitch/t Al; 4–5-month lag Power: 14.0 MWh/t Al; long-term indexed contracts Lag and revenue drivers Realized LME price lags by 1-2 months. Premiums lag by 2-3 months. Coke/pitch cost lags by 4-5 months Notes 1. Based on 1.5 month lag 2. Mid/range from premium guiding given in Q2 3. Based on observed market prices 4. Based on 4.5 month lag the Q3 prices reflect mid- Feb. to mid-May prices.
Page 30
30 Metal Markets 2026 Q3 outlook For Q3, we expect the strong results in Recycling to continue In the Commercial segment, we expect normalizing results from sourcing and trading activities Trading and currency effects remain volatile Key drivers: Recycling Month Std ingot DP (Europe) (USD/mt) Billet Premium Rotterdam (USD/mt) Spread 26 Jul QTD 539 1 115 576 26 June 564 1 147 583 26 May 596 1 140 544 26 April 586 1 022 436 26 Mar 470 686 216 26 Feb 359 506 147 26 Jan 342 466 124 25 Dec 330 451 121 25 Nov 326 431 105 25 Oct 282 439 157 Extrusion ingot vs Standard Ingot Spread development • Overall improvement at spot, spread gotten wider following increase in billet premium out Q2 • Started to decline in first half of July 26 Scrap price development • Generally good scrap discounts in the US • Scrap prices in Europe remain elevated
Page 31
311) Source: CRU Extrusion 2026 Q3 outlook For Extrusions we should underline that we always compare the coming quarter to the same quarter last year due to strong seasonality For Q3 we expect higher volumes The current strong recycling margins are expected to continue into Q3 Q3 2025 saw an extraordinary metal effect from increasing MWP of NOK 420 million The Business Units are exposed to currency translation effects based on their underlying currencies External market forecasts1) Q1 26 Q2 26 Q3 26 Q4 26 -3% -2% 0% 0% 4% 1% 6% 3% North America Europe -62 255 264 242 217 Q1 25 Q2 25 Q3 25 Q4 25 1.174 1.260 1.107EBITDA (MNOK) Volume (kt) Extrusion market growth per quarter and annually Growth in % North America: USD Europe and Building System: EUR Precision Tubing: USD, EUR and Other
Page 32
32 Energy 2026 Q3 outlook In general, always be aware of the weather driven inherent price and volume uncertainty in Energy Hydrology remains the key driver of Nordic power prices, and we continue to see a weak hydrological balance in the southern part of Norway compared to historical levels Finally, at the current outlook, we expect that the loss from price area differences could improve in Q3 compared to Q2 Hydrologic condition YTD 2026 Prices NOK/MWh NO2 NO3 Spread 26 Jul QTD 1 000 690 310 26 Jun 1 055 600 455 26 May 1 085 790 295 26 Apr 1 033 1 031 2 26 Mar 1 160 781 379 26 Feb 1 141 1 197 -56 26 Jan 1 230 1 193 37 Q2 2025 682 140 542 Hydrological conditions remained below historical averages through the first half of 2026. Energy earnings continue to be influenced by normal market factors, including power prices, production volumes and price area effects Source: NVE, https://www.nve.no/energi/analyser-og-statistikk/magasinstatistikk/ and NordPool % Filling NO2, NO5, public market statistics The median, minimum and maximum are calculated based on the last 20 years 0% 20% 40% 60% 80% 100% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 Week number Min/Max Median filling % 2026
Page 33
Financials and Other & Eliminations CAPEX • Full-Year 2026 CAPEX guidance of NOK 13.5 billions • Sustaining CAPEX: NOK ~9 billions • Growth & return-seeking CAPEX: NOK ~4.5 billions Net Operating Capital NOC target of NOK 30 billions by end-year 2026 • Including NOK 3 billions from LY CO2 compensation Adjusted Net Debt Adj. Net Debt target of NOK 25.0 billions • Q1 Net Debt: NOK 12.9 billions • Q1 Adj. Net Debt: NOK 21.6 billions Eliminations Mechanism Eliminations are primarily driven by the need to remove internal profits and losses from transactions between Hydro’s business units, ensuring that only external results are reflected in consolidated financials. Eliminations are mainly unrealized gains and losses on inventories purchased from group companies, fluctuating with product flows, volumes, and margin developments. Example: In Q2 2025, the decline in B&A margins, driven by PAX flattening out, resulted in positive eliminations. Q2 2026: PAX flat developments points at marginal eliminations 33 1) “Other”, including corporate costs, are to be accounted for in addition to eliminations. Financial items Other1) & Eliminations
Page 34
34 Investor Relations in Hydro Next event Q3 2026 October 29, 2026 For more information see www.hydro.com/ir Baard Erik Haugen Head of Investor Relations t: +47 924 97 191 e: erik.haugen@hydro.com Camilla Gihle Management Assistant t: +47 926 37 820 e: camilla.gihle@hydro.com Valentina Gandolfi Investor Relations Manager t: +47 958 82 355 e: valentina.gandolfi@hydro.com Useful reference material Annual Report 2025 w/senstitivites Quartly Result landing page Information for shareholders Financial Calendar Quarterly reports | Hydro Shareholder Information | Hydro Financial calendar | Hydro Annual Report 2025 | Hydro