Inferra AI / Company / H.TO / Slides
Hydro One — pdf NHY presentation Q3 2026.pdf (company IR deck)
Hydro One (H.TO) · 0 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All H.TO deck slides
Slide 1 — Quarterly presentation
Quarterly presentation Q3 2026 Eivind Kallevik, President & CEO October 23, 2026
Slide 2 — Cautionary note
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.
Slide 3 — Solid results and
Solid results and strong performance Eivind Kallevik, President & CEO October 23, 2026
Slide 4 — Safety our key priority
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 Q3’21 Q3’22 Q3’23 Q3’24 Q3’25 Q3’26 TRI1) per million hours worked 12 months rolling average 2.25 average since Q3’21 2.09 per end-Q3’263) 0 1 2 Q3’21 Q3’22 Q3’23 Q3’24 Q3’25 Q3’26 HRI2) per million hours worked 12 months rolling average 0.74 average since Q3’21 0.38 per end-Q3’263) 4
Slide 5 — Adjusted EBITDA NOK 9.1 billion
Adjusted EBITDA NOK 9.1 billion 1) Last 12 months rolling Geopolitical uncertainty persists, higher aluminium prices and gas supply disruption 5 Alumina production 1 493 kmt Primary aluminium production 503 kmt Power production 1.97 TWh Extrusions sales volumes 250 kmt Adjusted RoaCE1) 12.5% 0.3% YoY 3% YoY 6% YoY -3% YoY 15% YoY Norway Global New PPAs secured, further strengthening Hydro's long-term power position Alunorte resumed regular operations following temporary gas supply disruptions Commercial momentum continues for Hydro’s low-carbon and recycled aluminium portfolio First metal produced at HalZero test facility, marking important milestone for carbon-free technology track Free cash flow of NOK 1.4 billion impacted by higher metal prices, associated working capital requirements and prepayments
Slide 6 — Alunorte gas supply disruption update
Alunorte gas supply disruption update 6 Operations stabilized and running at full capacity again *Current estimate based on TTF forward curves and subject to changes in gas prices, production levels, and other relevant factors. Financial Impact ~85 MUSD Q 3 Actual Im p act 90–110 MUSD Q 4 E s tim ate* Arbitrage impact estimated; no production curtailment currently assumed Production response Gas supply disruption reported by supplier, leading Alunorte to temporarily reduce production by ~100K tonnes in August 2026 Contingency secured Spot LNG purchases implemented to sustain operations, at prices significantly above contracted levels Direct LNG terminal access secured as a contingency measure to support operational continuity Security of supply Actions ongoing to strengthen long-term supply reliability and supply security at competitive terms Alunorte is taking appropriate measures to safeguard its contractual rights under the existing gas supply agreement
Slide 7 — <1.9 CO2 per kg aluminium
Commercial and operational highlights 7 Shaping the market Power sourcing Operational excellence Operational and commercial excellence continue to support robust performance across portfolio • 6% increase YoY Norwegian smelter production • 3% increased YoY extrusions volumes • NOK 1 billion recycling results in Q3 <1.9 CO2 per kg aluminium Hydro CIRCAL from circular ambition to commercial partnerships • Siemens Mobility • General Motors • US Automotive supplier 90% 90% of Norwegian baseline power consumption to 2035 already sourced Strengthening Hydro’s position as a leading provider of recycled aluminium through growing customer adoption Strong execution delivers record primary production, increased extrusions volumes and strong recycling result With 90% of baseload power secured, we continue to pursue long-term PPAs to strengthen competitiveness and enable future growth
Slide 8 — Leading brands choose Hydro’s low-carbon and recycled
Leading brands choose Hydro’s low-carbon and recycled offerings CHANEL Fragrance and Beauty General Motors Mercedes-Benz Developing the next generation of low-carbon aluminium packaging Hydro CIRCAL used in a safety critical EV application in the U.S. First European automotive company to integrate Hydro CIRCAL 8
Slide 9 — First aluminium produced with HalZero
First aluminium produced with HalZero 9 A key milestone in developing a new primary aluminium process with the ambition of net-zero electrolysis Produced from aluminium chloride at Hydro’s research and test facility in Herøya, Norway Enova has granted NOK 82 million for concept development and planning of an industrial pilot Eliminate CO2 emissions from electrolysis and anode production, releasing oxygen instead of CO2 First metal Next phase Long-term ambition
Slide 10 — Slovalco restart underway after agreement with the
Slovalco restart underway after agreement with the Slovak government July 1, 2026 Agreement announced Indirect carbon-cost compensation under EU ETS and a long- term power agreement with Slovak state power company August 29, 2026 Restart begins Heating of the first pots started on August 29 By end Q1 2027 Phase one ramp-up target 100 of 226 pots planned in operation, providing 75,000 tonnes of annual capacity 11
Slide 11 — Alumina prices increasing on tightening balance
Alumina prices increasing on tightening balance 11 Atlantic differential around record levels 300.0 400.0 500.0 600.0 700.0 800.0 11 *SGA = Smelter Grade Alumina Source: 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 2025 2026e 2027e -0.7 1.9 1.2 1.0 0.4 1.3 -0.6 0.8 0.2 World ex China China World
Slide 12 — Global aluminium market adjusting in 2027
12 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 07/24 01/25 07/25 01/26 07/26 01/27 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) 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 01/24 07/24 01/25 07/25 01/26 07/26 10 000 15 000 20 000 25 000 30 000 35 000 LME LME NOK 2025 2026e 2027 2.0 -2.3 -0.2 1.1 -1.8 -0.7 4.0 -2.6 1.4 World ex China China World Global aluminium market adjusting in 2027 Physical thightness supports elevated regional premiums
Slide 13 — 2026 Extrusions market turning to growth in Europe
Quarterly forecast Full year forecast Full year forecast Quarterly forecast 2026 Extrusions market turning to growth in Europe 13 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 June 2026 (Q2 reporting) CRU Sept 2026 (Q3 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 June 2026 (Q2 reporting) CRU Sept 2026 (Q3 reporting) FY 2025 FY 2026 Flat development in North America
Slide 14 — Financial update
Financial update Trond Olaf Christophersen Executive Vice President & CFO
Slide 15 — Financial highlights
15 Financial highlights EBITDA Revenue Net income NOK billion NOK billion NOK billion Net financial income (expense) NOK billion Income taxes NOK billion EBIT NOK billion Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 3.5 3.5 2.9 -1.5 6.1 4.4 6.3 8.6 6.3 5.9 +0.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1.9 2.1 1.7 -2.2 4.1 4.3 4.6 6.0 4.4 5.3 -0.9 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -0.4 -0.6 1.9 -0.6 1.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -0.9 -0.1 -1.9 -2.0 -2.1 Adjusted earnings NOK per share: 2.07 2.28 1.02 0.70 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 6.0 6.0 5.6 2.0 8.7 7.1 8.9 11.6 9.1 8.7 +0.4 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 50.5 47.2 50.4 56.5 52.1 +3% 1.4 NOK billion (Q3 26) Free cash flow Adjusted net debt 21.9 NOK billion (Q3 26) Adjusted Reported Alternative performance measures (APMs) are described in the corresponding section in the back of the quarterly report. 2.21
Slide 16 — Adj. EBITDA up on higher all-in aluminium prices and lower
Adj. EBITDA up on higher all-in aluminium prices and lower fixed costs, partially offset by raw material costs 16 1) 0.3 BNOK realized alumina price, 0.6 BNOK realized aluminium and premium 2) -0.2 BNOK HE volume impact, -0.1 BNOK HE margin impact, -0.02 BNOK Recycling impact NOK billion 1.0 Realized aluminium and alumina price1) -0.1 Upstream volumes Raw material cost Extrusion and recycling margins and volumes2) -0.2 Adj. EBITDA Q3 2026 CO2 compensation, other & eliminations 0.0 0.4 0.1 FX Fixed cost Energy price and volume 8.9 0.5 9.1 -1.1 -0.4 0.4 0.1 Adj. EBITDA Q2 2026 +0.2 CO2 compensation Other Eliminations Q3 2026 vs Q2 2026
Slide 17 — Net debt decrease NOK 0.8 billion during Q3
Other Net debt Q2-26 Net debt Q3-26 Adjustments Adj. net debt Q3-26 Shareholder distributions Adj. EBITDA Change in NOC Other operating cash flow Net investments (16.3) (15.4) (6.5) (21.9) 9.1 (3.7) (2.0) (2.0) (0.0) (0.4) (1.3) 1.5 (6.7) (25) (20) (15) (10) (5) 0 Net debt decrease NOK 0.8 billion during Q3 Positive free cash flow of NOK 1.4 billion on high LME, impacted by NOC build, other operating cash flow and investments 17 NOK billion Free cash flow NOK 1.4 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
Slide 18 — Strong focus on capital discipline
Updated guiding Updated guiding Strong focus on capital discipline 18 Updated year-end Net Operating Capital and Capex guidance reflecting market developments and project phasing 35 2 29 27 3 3 Q3-26 -5 Forecasted improvements Q4-26 Q4-26E -2 2026 price/ premium impact Q4-26E 37 32 30 Net Operating Capital 1) NOK billion 1) Net Operating Capital end of period CO2 comp NOC other Previous guiding CAPEX NOK billion Q4-26E -1.0 Adjustments Q4-26E 13.5 12.5 Previous guiding
Slide 19 — Hydro Bauxite & Alumina
19 Results down YoY, reflecting lower alumina prices and the adverse effects of natural gas supply disruptions 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 5 135 747 1 521 522 1 290 283 1 392 9 339 1 552 2025 2026 Results Q3 26 vs Q3 25 • Lower alumina prices • Natural gas supply disruptions and higher LNG sourcing costs • Adverse BRL to USD exchange rate effects Outlook Q4 26 vs Q3 26 • Higher sales volumes from production recovery • Improved alumina prices • Higher energy costs Key figures Q3 2026 Q3 2025 Q2 2026 Alumina production, kmt 1 493 1 488 1 508 Total alumina sales, kmt 2 836 2 823 2 820 Realized alumina price, USD/mt 365 392 350 Implied alumina cost, USD/mt 354 346 331 All-in EBITDA margin per USD/mt 10 45 20 Bauxite production, kmt 2 410 2 550 2 648 Adjusted EBITDA, NOK million 283 1 290 522 Adjusted EBIT, NOK million (521) 560 (365) Adjusted RoaCE, % LTM1) -1.2% 29.3% 1.8%
Slide 20 — Hydro Aluminium Metal
20 Results up YoY on higher all-in metal prices, partly offset by lower sales volume, higher energy and carbon cost, and 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 64% 67% 65% % value add products6) Implied liquid cost, per mt 5) Implied all-in metal cost, per mt2) All-in EBITDA margin per mt 6) % of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes 7) Bookings, also including pricing effects from LME strategic hedging program All-in implied primary cost and margin USD/mt1,4) Q3 26 Q3 25 Q2 26 2 425 1 700 2 300 1 925 2 436 1 875 Results Q3 26 vs Q3 25 • Higher all-in metal prices • Lower sales volume • Higher energy and carbon cost • Negative currency effect from stronger NOK to USD Outlook Q4 26 vs Q3 26 • ~59% of primary production for Q4 2026 priced at USD 3 148 per mt7) • ~49% of premiums affecting Q4 2026 booked at USD ~ 742 per mt • Realized premium expected in the range of USD 550 and 600 per mt • Lower all-in metal prices, higher raw material cost, higher sales volume Adjusted EBITDA NOK million 1 500 550 1 350 Key figures Q3 2026 Q3 2025 Q2 2026 Primary aluminium production, kmt 503 522 497 Total sales, kmt 516 571 508 Realized LME price, USD/mt1) 3 240 2 539 3 268 Realized LME price, NOK/mt1) 30 817 25 634 30 812 Realized premium, USD/mt 673 336 563 Implied all-in primary cost, USD/mt 2,4) 2 425 2 300 2 436 Adjusted EBITDA, NOK million 7 031 2 732 6 421 Adjusted EBITDA including Qatalum 50% pro rata, NOK million 7 376 3 269 6 687 Adjusted EBIT, NOK million 6 170 2 007 5 637 Adjusted RoaCE, % LTM3) 31.0% 11.4% 24.8% 11 409 18 486 2025 2026 2 546 2 423 2 732 3 707 5 034 6 421 7 031
Slide 21 — Metal Markets
21 1) 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 Q3 2026 Q3 2025 Q2 2026 Recycling production, kmt 195 174 225 Metal products sales, kmt 1) 509 645 608 Adjusted EBITDA Recycling (NOK million) 269 93 286 Adjusted EBITDA Commercial (NOK million) (143) 60 (254) Adjusted EBITDA Metal Markets (NOK million) 125 154 32 Adjusted EBITDA excl. currency and inventory valuation effects 175 174 (171) Adjusted EBIT (NOK million) (29) (7) (124) Adjusted RoaCE, % LTM2) -0.2% 0.5% 0.0% 21 Results Q3 26 vs Q3 25 • Lower results from sourcing and trading activities • Higher recycling margins Outlook Q4 26 vs Q3 26 • Weaker recycling margins into year-end • Continued lower results from sourcing and trading activities • Q4 2026 Commercial guidance revised to NOK -150 to -250 million • 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 2026 2025 360 698 276 154 -56 541 125 -14 32
Slide 22 — Hydro Extrusions
Key figures Q3 2026 Q3 2025 Q2 2026 External sales volumes, kmt 250 242 262 Adjusted EBITDA, NOK million 1 189 1 107 1 463 of which recycling Adjusted EBITDA 698 46 634 Adjusted EBIT, NOK million 417 336 722 Adjusted RoaCE, % LTM1) 2.2 % 1.6 % 2.0 % 22 Results up YoY on improved recycling margins and higher volumes, partially offset by LY positive metal effect, higher fixed costs and negative currency translation effect Hydro Extrusions NOK million Adjusted EBITDA Results Q3 26 vs Q3 25 • Solid recycling margins • Negative metal effect • Negative FX translation effect due to stronger NOK vs USD and EUR • Higher sales volumes Outlook Q4 26 vs Q4 25 • Higher sales volumes • Continued strong recycling margins in the U.S. • Partial reversion of metal effect 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters. 3 951 3 479 2026 2025 1 174 1 299 1 260 1 463 1 107 1 189 -62 5 -4 12 7 15 2 Distribution B&C Transport Automotive HVAC&R Industrial Q3 QTD 2026 vs Q3 QTD 2025 (%) 11% 30% 19% 2% 19% 19% Share of revenue
Slide 23 — Hydro Energy
Key figures Q3 2026 Q3 2025 Q2 2026 Power production, GWh 1965 2019 2 009 Net spot sales, GWh (88) (62) 2 Southwest Norway spot price (NO2), NOK/MWh 1326 791 1 058 Adjusted EBITDA, NOK million 411 828 499 Adjusted EBIT, NOK million 339 761 430 Adjusted RoaCE, % LTM1),2) 9.8% 17,6% 12.1% 23 Result down YoY mainly due to 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 1 286 4 152 2026 2025 23 Results Q3 26 vs Q3 25 • Loss on price area differences • Stable production and net spot purchase • Higher prices Outlook Q4 26 vs Q3 26 • Seasonally higher prices • Higher production to prepare for maintenance in 2027 • Continued loss on price area differences • Volume and price uncertainty 1 180 787 1 069 499 828 411 1 075 NOK million Adjusted EBITDA
Slide 24 — Our priorities
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
Slide 25 — Additional information
Additional information
Slide 26 — Adj. EBITDA increase due to higher aluminium prices,
26 Fixed cost -1.0 FX 0.0 0.1 0.0 Adj. EBITDA Q3 2025 Adj. EBITDA Q3 2026 5.7 Realized aluminium and alumina price1) -0.3 Upstream volumes Raw material cost 0.4 Extrusion and recycling margins and volumes2) -0.6 Energy price and volume 6.0 0.1 9.1 -1.1 -0.1 CO2 compensation, other & eliminations Adj. EBITDA increase due to higher aluminium prices, partially offset by raw material cost, Energy and FX 1) -0.6 BNOK realized alumina price, 6.3 BNOK realized aluminium price and premium. 2) 0.2 BNOK HE volume impact, 0.02 BNOK HE margin impact, 0.2 BNOK Recycling impact Q3 2026 vs Q3 2025 CO2 compensation Other Eliminations NOK billion
Slide 27 — Hedging status
Hedging status • 2026: 115 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: 221 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 27 • 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 September 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 89 million remaining hedged at avg. rate 5.93. USD 380 million sold forward in 2027 hedged at avg. rate 5.91. • 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 -8.2 2.4 0.6 -0.7 1.7 -4.2 -1.4 0.0 0.2 0.2 -5.1 Strategic hedging status1) NOK billion Settlements since 2021 MtM MtM active hedges BNOK -0.9 Utilizing Hydro’s hedging policy to deliver on strategic ambitions
Slide 28 — Pre-quarter information
Pre-quarter information Q4 2026 Hydro Investor Relations October 2026
Slide 29 — Pre-quarter information
Pre-quarter information • Ahead of its pre-quarter presentations, Hydro publishes an information package on its website, providing equal and simultaneous access to all stakeholders. • Consistent with Hydro’s non-guidance policy, no earnings forecasts or new forward looking information are provided. 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.
Slide 30 — Overview: Market data
Overview: Market data 30 Key prices updated as of October 16, 2026 Source: LME3M: lme.com, Std Ingot: Fastmarket, Billet premium Rotterdam: Fastmarkets PAX: Platts Caustic: Caustic Soda US – Export Spot – Gulf - FOB Coal: Bloomberg Pitch: Europe FOB, CRU Coke: USD Gulf FOB, CRU Gas: Henry Hub front-month Power: Nordpool Currencies: Norges Bank Commodities Energy Currencies 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 (EUR/MWh) NO3 (EUR/MWh) NO5 (EUR/MWh) USDNOK BRLNOK EURNOK Oct-26 3 064 562 885 378 Only monthly data 150 Quarterly data only 3.15 142.8 93.4 128.8 9.5 1.89 10.7 Sep-26 3 274 519 971 355 385 146 860 570 2.95 130.7 99.2 122.6 9.4 1.83 10.8 Aug-26 3 253 485 1 084 352 390 131 860 570 2.77 129.6 92.2 114.2 9.4 1.82 10.9 Jul-26 3 153 523 1 109 337 415 130 860 570 2.94 103.8 66.4 100.1 9.7 1.89 11.1 Jun-26 3 422 564 1 148 310 415 144 878 585 3.20 95.6 54.4 62.5 9.6 1.87 11.0 May-26 3 598 596 1 140 307 455 133 878 585 2.94 100.3 73.0 101.6 9.3 1.86 10.8 Apr-26 3 545 586 1 022 307 498 135 795 525 2.68 93.3 93.2 110.7 9.5 1.88 11.1 Mar-26 3 342 470 686 307 530 135 795 525 3.04 103.9 70.0 107.2 9.7 1.85 11.2 Feb-26 3 092 359 506 307 400 116 795 525 3.13 100.6 105.5 108.9 9.6 1.84 11.3
Slide 31 — Bauxite & Alumina
Bauxite & Alumina 31 AEBITDA outlook Q4 2026 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 Q3 realized 344 397 135 2.89 9.50 1.85 -375 309 20 -13 18 -42 Fixed cost Realized PAX Caustic soda Coal Gas2) USD BRL 1 Mkt price Alumina 1) Caustic2),3) Coal2) Gas2) USDNOK BRLNOK Q4 QTD 369 385 135 3.02 9.54 1.89 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 Q4 outlook For Q4 we expect higher alumina sales and commercial margins. Realized alumina prices are estimated to increase due to time lag on Atlantic Differential • Raw material costs expected increase NOK 50 – 100 million • Energy costs are expected to remain flat, excluding the gas situation adding an estimated 90–110 MUSD in isolated Q4 cost, due to TTF sourcing • Fixed costs expected increase NOK 350-400 million • Remaining hedged alumina volumes for Q3-Q4 of 221k tons at price of ~443USD/mt +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +0.1 USD/MMBtu1) +1 USD/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 3) Only monthly data available, therefore sept price used for current Q4 QTD
Slide 32 — Aluminium Metal
Aluminium Metal 32 AEBITDA outlook Q4 2026 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 Aluminium Std.ingot Alumina3) Coke Pitch USD EUR BRL Q3 ACT. 3 240 673 312 555 866 9.5 10.9 1.85 -300 -124 -515 -312 -45 36 -11 34 Fixed cost Aluminium Standard ingot premium Realized PAX Pet coke Pitch USD BRL EUR -1 2026 Q4 outlook For Q3, Aluminium Metal has booked • ~59% of primary production for Q4 2026 priced at USD 3 148 per mt) • ~49% of premiums affecting Q4 2026 booked at USD ~ 742 per mt • Realized premium expected in the range of USD 550 and 600 per mt Sales volume development will depend on the Middle East situation • Carbon (coke/pitch) costs are expected to increase NOK 250 to 350 million • Alumina cost is expected to increase 100 to 200 million • Fixed cost is expected to increase by NOK 150 to 250 million after a seasonally low level in Q3 150 210 -280 -80 -20 -110 -600 Aluminium Standard ingot premium3) Realized PAX Pet coke Pitch USD BRL EUR 3,390 +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 USD/mt1) +10 EUR/mt2) +1 USD/NOK +0.10 BRL/NOK +1.0 EUR/NOK Mkt price Aluminium1) Std.ingot2) Alumina3) Coke4) Pitch4) USD EUR BRL Q4 QTD 3 207 575 356 577 869 9.6 10.7 1.89 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 market price 2) Mid/range from premium guiding given in Q3 3) Based on observed market prices 4) Based on 4.5 month lag the Q4 prices reflect mid- May to mid-Aug prices
Slide 33 — Metal Markets
33 Metal Markets 2026 Q4 outlook We expect somewhat weaker results in Recycling In the Commercial segment, sourcing and trading results are expected to remain under pressure, reflecting higher logistics and handling costs and the loss of the Qatar marketing and offtake fee Sourcing and trading results expected in a range of NOK -150 to -250 million Trading and currency effects remain volatile Key drivers: Recycling Month Std ingot DP (Europe) (USD/mt) Billet Premium Rotterdam (USD/mt) Spread 26-Oct MTD 557 899 342 26-Sep 519 971 452 26-Aug 485 1 084 599 26-Jul 523 1 109 586 26-Jun 564 1 148 583 26-May 596 1 140 544 26-Apr 586 1 022 436 26-Mar 470 686 216 26-Feb 359 506 147 26-Jan 330 451 121 Extrusion ingot vs Standard Ingot Spread development • Overall, a decline in spread between Std ingot and billet premium thoughtout Q3 Scrap price development • Overall flat development from end of Q3 and into Q4
Slide 34 — Extrusion
34 Extrusion 2026 Q4 outlook Higher sales volumes expected, with continued strong recycling margins and stable overall margins Q4 2025 included a positive metal effect and the year over year effect is estimated to be around NOK 210 million. Q4 metal effects remain dependent on Midwest Premium development Current FX rates imply negative currency translation effects, while restructuring efforts are expected to support profitability Quarterly result 2025 -62 255 264 242 217 Q1 25 Q2 25 Q3 25 Q4 25 1.174 1.260 1.107 EBITDA (MNOK) Volume (kt) North America: USD Europe and Building System: EUR Precision Tubing: USD, EUR and Other Note: all comparisons are year-over-year
Slide 35 — Energy
35 Energy 2026 Q4 outlook Weather remains a key uncertainty for prices and volumes Seasonally higher production and power prices expected, with Tyin drawdown supporting production Reservoir levels remain below normal Price-area losses could remain slightly lower than Q3, depending on weather developments Hydrologic condition YTD 2026 Prices EUR/MWh NO2 NO3 Spread 26 Oct MTD 139 89 49 26-Sep 131 98 33 26-Aug 131 94 37 26-Jul 104 66 38 26-Jun 95 55 41 26-May 102 74 28 26-Apr 92 92 0 Q4 2025 67 9 58 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
Slide 36 — Financials and Other & Eliminations
Financials and Other & Eliminations CAPEX • Full-Year 2026 CAPEX guidance of NOK 12.5 billions • Sustaining CAPEX: NOK ~8.5 billions • Growth & return-seeking CAPEX: NOK ~4.0 billions Net Operating Capital NOC target of NOK 32 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 • Q2 Net Debt: NOK 16.3 billions • Q2 Adj. Net Debt: NOK 22.8 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. Q4 2026: PAX have increased and this points at some higher eliminations compared to Q3 36 1) “Other”, including corporate costs, are to be accounted for in addition to eliminations. Financial items Other1) & Eliminations
Slide 37 — Investor Relations in Hydro
37 Investor Relations in Hydro Next event Investor Day 2026 November 25, 2026 For more information see www.hydro.com/ir Gerd Aalborg Aas SVP Finance and Investor Relations t: +47 913 05 534 e: [email protected] Camilla Gihle Management Assistant t: +47 926 37 820 e: [email protected] Valentina Gandolfi Investor Relations Manager t: +47 958 82 355 e: [email protected] 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