Norsk Hydro ASA

Investor Presentation • Nov 27, 2024

Capital Markets Day 2024

London, United Kingdom November 27, 2024

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.

Capital Markets Day 2024

Accelerating the green aluminium transition

Eivind Kallevik President & Chief Executive Officer

#1 priority: Health and safety

TRI1) per million hours worked

HRI2) per million hours worked

12 months rolling average

1) Total Recordable Injuries includes own employees and contractors 2) High Risk Incidents included own employees and contractors 3) Average over period

2024 | Delivering on our key strategic priorities

Delivering on improvement program and commercial initiatives
Deliver on Recycling, Extrusions and Renewable growth ambitions
• Finalize Hydro Rein transaction with Macquarie Asset Management
• Executing on Recycling and Extrusions growth projects
• NOK 8 billion adjusted EBITDA in Extrusions by 2025
• NOK 3 billion adjusted EBITDA in Recycling by 2025
Execute on decarbonization and technology roadmap
• Delivering 10% reduction by 2025
• Progressing on 30% reduction by 2030 and net-zero by 2050
Seize opportunities in greener aluminium at premium pricing
Achieve 10% adjusted RoaCE over the cycle
2024 shareholder distribution in line with policy

Improvement program 2024 NOK 9.9 billion vs 2024 target NOK 9.5 billion Commercial initiatives 2024 NOK 3.0 billion vs 2025 target NOK 3.9 billion RoaCE over the cycle 11.8 percent Last 5-year avg. per Q3 2024

Delivering on the Hydro 2030 strategy

Bio-methane in casting

The global race for greener positions continues

Persistent climate commitments

Industrial competitiveness

Security of supply and strategic resilience

Indexed 2015 = 100 October 1, January 1, Reporting start Global aluminium demand outlook - BNEF Million tonnes 200 200

Aluminium -A critical raw material for the green transition

Challenging end-markets impacting short-term, but long-term remains

North American extrusion demand volume Indexed 2015 = 100

CBAM challenges and solutions to secure level playing field

Source: BNEF Transition Metals Outlook 2024, IEA, CRU

Energy transition related

demand key driver of growth

1) Economic Transition Scenario: Base-case assessment as a result of cost-based technology change towards 2050, does not necessarily assume that climate objectives are met 2) Net Zero Scenario: Evolution of energy sector to achieve net-zero emissions in 2050, showing a plausible global pathway to achieve main goals of Paris Agreement and remain below 2 degrees of planetary warming

It's time to accelerate

The world needs more low-carbon aluminium

2030 material decarbonization targets growing in number across industries

There is limited aluminium below 4 tonne CO² e per tonneAl available

By 2030 primary production above 4 tonnes CO2e/tonne Al will grow by ~7 million tonnes, while below 4 tonnes CO2e/ tonne Al will grow by less than 1 million tonnes

Hydro's low-carbon product suite as the preferred solution

Market outreach, customer closeness

Clear roadmap to net-zero established in execution mode

Certified, traceable and lowcarbon aluminium offering

Hydro REDUXA and Hydro CIRCAL in the market

Our value chain is a unique opportunity

Traceability in own value chain ensures certified, traceable and low-carbon aluminium

Strong global presence

The complete aluminium and renewable energy company

Key features

• Market leader in low-carbon aluminium with clear roadmap to net-zero
• High-quality bauxite and alumina production in Brazil
• Second largest aluminium (primary and recycling) producer outside China
• Primary production capacity in Norway, Qatar, Slovakia, Brazil, Canada, Australia
• 9.4 TWh captive hydropower production in the Nordics
• World leader in aluminium extruded profiles
• Broad recycling and remelt network in Europe and the U.S., including extrusion ingot and scrap-based foundry alloys
• Unparalleled technology and R&D organization

Greener earnings uplift potential of NOK 2 billion1) by 2030 progressing

Hydro CIRCAL

Hydro REDUXA

Sales volumes, tonnes ('000)

Executing in 2024 Building capabilities for future contributions

Production

• Fuel switch and el-boilers at Alunorte enabling lower primary footprint
• Growing Hydro CIRCAL capabilities, also in U.S.
• Hydro REDUXA 3.0 in industrial batches for automotive

Commercial

• Industry first capacity booking agreement with Porsche
• New partnership with Siemens Trains for closed loop recycling

Nature & Social

• Demonstrating the value of nature through collaboration with Mercedes-Benz on Bauxite Corridor Program

Greener product capability from total aluminium portfolio1)

Million tonnes capacity potential

Hydro 2030:

Pioneering the green aluminium transition, powered by renewable energy

Key priorities towards 2030

Step up growth investments in Recycling and Extrusions to take lead in the market opportunities emerging from the green transition

Step up ambitions within renewable power generation

Execute on ambitious decarbonization and technology road map, and step up to contribute to nature positive and a just transition

Shape the market for greener aluminium in partnership with customers

Executing on Recycling growth ambitions

Recycling EBITDA potential

PCS capacity

• Improving hot metal cost by USD 20-30 per tonne1)
• Delivering Alumetal synergies of EUR 10-15 million2)

3) Range based on capex. High-range based on ~70% of further potential capex (the NOK 2 billion annually) directed towards recycling. 4) Market normalization assuming historical margins 2013-2021 USD 100 per tonne for existing capacity, new growth assuming USD 200 per tonne, NOK per USD 10.6. Normalized volumes assuming 100% utilization MM and 70% utilization Extrusions. 5) Based on invested capacity which in practice require a certain ramp-up period not considered here, i.e., capturing full invested capacity and not implemented capacity.

• Realizing full value from completed investments

  • Strengthen scrap sorting capabilities, secure scrap
  • Expand global asset base, execute on time and cost
• Diversify product portfolio, grow Hydro CIRCAL offering
• Shape market for recycled products in partnership with customers

Positioning for growth in Extrusions

• Stepping up improvement efforts through NOK billion automation, operational improvements, procurement, recycling and commercial

• Investing in press and fabrication consolidation and capacity, value added services, and recycling

• Investments to support capabilities and ability to compete through high service levels

• Growing in non-commoditized segments and market share growth in high-growth, profitable and attractive segments

Hydro Extrusions EBITDA ambitions

14

Executing on renewable power generation ambitions

Hydro Energy

Secure access to renewable power through hydropower, solar and wind

• Upgrading and expanding hydropower assets
  • Hydro and Lyse collaborating to upgrade and expand existing facilities in Røldal-Suldal
  • Investing in Illvatn pumped storage plant in Luster
• Developing wind and solar projects close to the Hydro smelters in Norway
• Sourcing from external suppliers

Batteries and Havrand

Strengthening the focus on Hydro's 2030 strategy, addressing challenging market conditions in the batteries and green hydrogen sectors

Hydro Rein

Pursue profitable projects through JV owned by Hydro and MAM1)

• 1.7 GW of renewable projects in operations by 2024
  • 8.4 GW gross capacity in development across core markets

• Contributing to secure power for Hydro's portfolio

• Battery materials and green hydrogen will no longer be strategic growth areas for Hydro and no further capital will be allocated

• Battery and Havrand businesses to be phased out
• Hydro will continue to support Hydrovolt as an industrial owner in close link with the recycling business and strategic partners
• Hydro will continue to test green hydrogen technology at the recycling unit at Høyanger, for internal decarbonization

Progressing on the roadmap towards net-zero

GHG emissions – ownership equity1)

Million tonnes CO2e (% of 2018 baseline emissions2))

	10
	Achieved reductions		Reduction targets
	since 2018	10% by 2025	30% by 2030	100% by 2050	Status
Bauxite &	~25%			• Fuel switch from heavy fuel oil to natural gas at Alunorte (~434,000 tonnes CO2e reduction at Alunorte3))	Completion Q4 2024
Alumina		~9		• Three x 60MW electrical boilers installed of CO2e reduction at Alunorte3)) . (~248,000 tonnes	Completion Q4 2024
		~20%		• 2030: Potential for additional four electrical boilers to be installed and coal to be substituted with Biomass, achieving a 70% reduction at Alunorte	Verification ongoing
				• Renewable PPAs	Ongoing
Casting, recycling,			~7	• Smelter process improvements • Casting, recycling, extrusion and other improvements	Ongoing Ongoing
extrusions and anode production	~10%	~10%	~10% ~10%	• Biomethane in casting and anode production (at Sunndal) • Emission-free plasma technology for remelting (at Sunndal) • Green hydrogen in casting (at Høyanger)	Implementation Pilot testing Pilot testing
Electricity generation	~35%			• Exploring technology to decarbonize calcination in B&A	Exploring
(scope 2)		~35%	~40%	• CO2 -free PPAs across portfolio	Continuous
Electrolysis	~30%	~35%	~40%	• Develop HalZero technology with implementation towards 2050 • Develop carbon capture and storage solution to decarbonize existing smelters	Industrial scale pilots by 2030
process emissions				• Develop anodes with biomaterial mix • Implement carbon removal to cover any residual emissions 0	R&D R&D
	2018 baseline	2025	2030	2050

1) Scope 1 and scope 2. 2) 2018 rebased baseline post-Alunorte transaction as of December 1, 2023 3) Hydro equity share Alunorte. 16

Contributing to the global Nature Positive goal

Ambition for no net loss (NNL) of biodiversity

Paragominas bauxite mine:

• Developing KPIs for NNL target, review, and advance current rehabilitation methods and support the development of biodiversity offsets "beyond the fence"

New projects:

• Illvatn pumped storage project to be developed with a NNL biodiversity ambition

Partnering to contribute to nature positive outcomes

Teaming up with Mercedes-Benz:

• Mercedes to join the Corridor project with Hydro, Imazon, IPAM and CEA
• Project ambition to deliver social, nature and climate benefits in the region
• Stretching over 244 km along the bauxite pipeline between Paragominas and Alunorte

Value chain emissions

Direct emissions

• Hydro will significantly reduce its total emissions of SO² , NOx and dust, supporting Hydro's 2030 target to reduce material non-GHG emissions by 50%

Indirect emissions

• Hydro will publish its first estimation of non-GHG emissions linked to its electricity consumption in AR2024

Improving lives and livelihoods wherever we operate, supporting a Just Transition

Respect and promote human rights

Fundament

Strengthening of the human rights' due diligence processes for own operations, value chain and affected communities

Areas of impact

Support positive local development

Strengthening local engagement in 2024 by launching the Just Transition program

Invest in education

More than 200,000 people reached with enhanced skills and education since 20181). On track to reach the goal of 500,000 people by 2030

Responsible supply chain

New CEO KPI related to human rights due diligence in the supply chain

Partnerships are advancing to the next stage

Some of the world's most ambitious companies rely on Hydro to future-proof their businesses

Partnership agreement Piloting /Qualification Long-term offtake agreements In production Beyond commercial

Business areas at the forefront

• Execute on 2030 decarbonization targets and position as sustainability leader
• Develop low-carbon offering
• Strengthen profitability through podium position and optimized capex

• Pursue profitable captive hydropower growth options
• Hydro Rein JV with Macquarie enables further development of renewable power production

Aluminium Metal

• Step up growth and be an industry leader within recycling
• Partner with customers to shape markets for low-carbon aluminium
• Deliver on roadmap to net-zero with technology leadership

• Step up growth investments aiming to increase market share in attractive, high-growth segments
• Utilize market leader position to shape the markets for greener aluminium and partner with customers on new greener solutions

Alumina business operating cost curve (2024)

Resource spend Norwegian hydropower players 2023 NOK per MWh

Smelter business operating cost curve 
(2024)
USD per tonne Aluminium

Launching new improvement program

17,4

Drive profitability towards 2030

Strong track record of delivering improvements

NOK billion

NEW: 2030 improvement program

Capital Markets Day 2024

Extrusions: Strengthening improvements and accelerating growth

Paul Warton

Executive Vice President, Hydro Extrusions

Extrusions demand significantly down over last years, long-term growth prospects remain attractive

Lower demand compared to base case for NOK 8 billion target

Extrusion demand estimates (CRU)

('000 tonnes)

Extrusion demand CAGR 2024 - 30

Solid EBITDA per tonne generation despite weak markets

Segment position and margin management as key drivers

Hydro Extrusions realizing solid EBITDA per tonne in weak markets Hydro Extrusions EBITDA per tonne, NOK

Extrusion demand CAGR 2024 - 30

Hydro Extrusions leveraging opportunities from greener transition and substitution towards aluminium

Growing automotive exposure through long-term contracts

Slower transition to EV growth short-term, long-term potential remains attractive

term business

3.5 – 3.8

Customers from all industries collaborating with Hydro Extrusions to make greener products

• Global customer, served on two continents, supporting VELUX decarbonization also in the U.S.
• Currently delivering prototypes made with lowcarbon aluminium
• VELUX has a target to shift entire supply to lowcarbon aluminium in near future
• Target locations: Low-carbon extrusion ingots from Monett, MO, extrusion in Gainesville, GA

Extrusions Europe Partnership program creating value by moving customers "up the sustainability ladder"

Hydro Partner

Better than average

More and more businesses are starting their sustainability journey. Sooner or later, the use of more sustainable materials will become a topic. As a Hydro partner we can help you to make your products more sustainable.

Hydro Innovative Partner

Frontrunner in the market You are a frontrunner in the market when it comes to sustainability, and this is what you expect from your partners. As a Hydro Innovative Partner we will collaborate as a team and give you our full support to innovate and lead in sustainability.

Take the next step We want to help our customers progress in their sustainability journey. As a Hydro Plus Partner, we make it easier for you to take the next steps. Join us in our mission to offer more sustainable solutions to

the market!

Hydro Plus Partner

Future-proofing customers

Greener sourcing and production

Hydro Extrusions sustainability targets 2030

Reduce own emissions Help customers realize their sustainability ambitions and positions

Extrusions is acting as market leader to reach 2030 sustainability targets across all Business Units

Second wind turbine installed in Ghlin, Belgium and exploring opportunities for fuel switch to decarbonize the recycling facility.

Holistic sustainability approach in Trzianka, Poland. Heat pumps and other equipment.

Setting the standard for transparency and documentation in North America with Environmental Product Declarations published.

Hydro and Siemens Mobility to close the loop for aluminium in trains.

Building Systems recycling facility in Atessa, Italy to produce own Hydro CIRCAL recycled aluminium.

Electricity sourcing. More renewable electricity for the sites, both on-site and PPA's. Europe and North America.

Installation of AMR1) sensors across plants in Hydro Extrustions with real-time tracking of energy, water, gas consumption and vibration at machines in plants.

Delivering on growth projects, re-shaping investment agenda towards press replacements and automation

Hydro Extrusions CAPEX agenda – short- and long-term

Complete	Ramping up	Under execution	Project pipeline
Hueck M&A	The Dalles cast (U.S.)	Hungary automotive press	Press replacements
Navarra recycling	Nenzing press	Tønder automotive press
Sjunnen recycling	Rackwitz press	Atessa Recycling	Automation projects
Poland greener press	City of Industry press (U.S.)
Precision Tubing China	Phoenix press and fabrication
Automotive press	Cressona recycling and presses (U.S.)
	Hungary recycling – ramp up Q4 2024
		• Installing advanced automotive

• Focus on improving capabilities and productivity

(Albi & Gainesville in progress)

presses meeting medium-term

Atessa to strengthen internal supply

• Hydro CIRCAL production in

demand

• Strong benefits for operational performance with clear savings

Total capacity and added capabilities:

• 250,000 tonnes of recycling capacity
• 45,000 tonnes of automotive capacity (half under execution)
• 70,000 of press capacity for other segments

Press consolidations giving new capabilities and cost savings, automation project providing strong returns

Press consolidation example: Cressona (U.S.) Automated Fabrication cells Two old presses One new press Manning 2x7 FTEs per shift 4 FTEs per shift Maintenance cost p.a. USD 3-4 million USD ~2 million Downtime 25-30% <10% Scrap rate 25-30% 15-18% Annual production 2x10K tonnes 35K tonnes

Based on cost savings alone

IRR: 20-25%

Automation Example – Fabrication Plant: One AGV1) = 3 FTEs2) saved (~1 year payback) Simple automation of a fabrication machine = 3 FTEs (< 2 years payback)

Complex automation of material flow and process steps (Payback ~4 to 5 years)

Extrusions stepping up ambitions on operational and commercial improvements

Ambitious improvement targets 2030 supported by dedicated value streams

Category Improvement ambition towards 2030 Description Hot metal cost Automation EBS1) / Operational improvements Procurement Commercial ambitions • Reducing labor through automizing key process steps • Improves productivity, quality and safety • Downtime reductions • Labor productivity improvements • Scrap rate and metal improvements • Hydro Extrusions wide initiative covering procurement savings on all categories, including CAPEX • Increase market share in key, dedicated segments through solution offerings and high service level • Greener offerings supporting market share growth • Reduction in hot metal cost in Hydro Extrusions recyclers through using more PCS and less ingot • Improving operational performance & energy efficiency

(2024 baseline, real terms)

NOK 8 billion target in 2025 challenged by weak shortterm demand – Strengthened improvement agenda

Underlying extrusion demand in key regions and segments not sufficient to deliver NOK 8 billion

Hydro Extrusions EBITDA ambitions

• Lower recycling and extrusion volumes

Roadmap to 2030 target underpinned by stronger improvement agenda and structural demand recovery

Cyclical improvement in extrusions demand and improvement program supporting long-term targets

Hydro Extrusions 2030

• Growing in non-commoditized segments fitting with Hydro Extrusions' capabilities + Market share growth ambition in high-growth, profitable segments
• Investments to support capabilities and ability to compete through high service levels
• Press and fabrication capacity, value added services and recycling
• Sustainability giving commercial opportunities
• Segmentation and improved greener offerings as key levers
• Increased digitalization throughout all processes
• Standardization generating value across extrusion value chain – from understanding profit to driving procurement and reducing energy consumption

Capital Markets Day 2024

Aluminium Metal: Accelerating through innovation, collaboration and growth

Hanne Simensen

Executive Vice President, Hydro Aluminium Metal

Long-term outlook remains strong

Solid growth in demand for low-carbon recycled and primary aluminium expected towards 2030 and beyond

Global aluminium consumption

In million tonnes

Greener demand growth outpacing rest of the market CAGR 2024-30

Source: CRU

1) Tonnes of CO2e per ton 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

Low-carbon aluminium expected to be in limited supply – Hydro well positioned

Total supply of aluminium with mine to metal emissions below 4 kg CO2e / kg Al is ~8 million tonnes

Cradle-to-gate emissions curve 2023 (tonnes CO² e per tonneAl)

4

Hydro has a unique value proposition in aluminium

One-stop-shop for high-quality, low-carbon aluminium: Going to market with a combined offering of primary and recycled aluminium, and transparency in the value chain

High-quality aluminium products and alloy development

World class R&D supporting our partners with low-carbon aluminium

Two complementary business models allow flexibility to pursue opportunities in fluctuating markets

	Primary value chain	Characteristic	Primary Production	Recycling
Full market offering	Bauxite mining Alumina refining Primary smelting	Operations	• Larger units • Stable raw material value chain • Distance to customers • High productivity • Export based	• Smaller units • Complex, regional & fragmented raw material value chain • Close to the customer • Flexible • Conversion offering
	Recycling value chain	Financial	• Sensitive to LME	• LME neutral • Margin based
	Collection Processing & sorting Melting		• Cost curve based
		One offering	• Low-carbon • Greener offering	• Circular economy with low-carbon • Greener offering

Capital Markets Day 2024

Primary production: Accelerating competitiveness to maintain leading position

Hanne Simensen

Executive Vice President, Hydro Aluminium Metal

Leveraging our competitive advantage to further strengthen our position

Strategic priorities to protect and develop the unique position of Hydro's Primary portfolio

Safeguard strong cash flow

• Long-term renewable power and raw material diversification – Albras power secured, active in the Nordic power market
• Maintain and improve asset integrity through infrastructure investments

• Product and segment adjustment, and portfolio flexibility
• Operational debottlenecking, digitalization, robotization and automation

1)Fully owned smelters + Albras and Alouette, 2) Q3 2024 last 12 months rolling

Sustainability as a competitive advantage

• Breakthrough technologies and operational levers towards net-zero
• Enhancing local lives and livelihoods, and contribute towards Nature Positive

CO² e <4kg1) vs 15.1 kg global average

High share of Value added products

ROACE avg 21-24 2) 23%

Strengthen competitiveness through cutting edge technology, debottlenecking, digitalization and robotization

Category	Description	Improvement Program NOK billion
Creep Organic production increases	• Maximizing asset utilization at competitive capex levels • Track record of ~100kt since 2014 – up to ~80kt further potential	Commercial excellence
Technology Upgrades to enhance performance	• Leveraging technology advancements to further enhance performance • Improving energy and raw material efficiency, and CO 2 footprint	0.8 Procurement
Digitalization Leveraging advanced digital technologies	• Taking operational efficiency to the next level with new technology • Equipping a forward thinking organization	0,3 improvement program Operational 0,5
Robotics and Automation Optimizing productivity and enhancing safety	• Protecting workforce by automizing hazardous tasks • Improving productivity, minimizing human error and reducing variability	improvement program 2030 target

Roadmap to net-zero – Milestones in 2024

Pursuing sustainability strategy to differentiate Hydro on climate, nature and social aspects to capitalize on low-carbon market growth

• Alunorte fuel switch to reduce carbon footprint of primary portfolio
• Decarbonizing casthouses
  • Hydrogen pilot Høyanger under construction
  • Plasma pilot Sunndal passed DG3
  • Bio-gas switch in Sunndal casthouse to commence by year-end 2024

• CCS and bio-materials in anode production to decarbonize existing portfolio
  • Working with portfolio of companies to find technical solutions on CCS
  • Promising test of bio-based packing coke
• HalZero new process technology
  • Construction of test facility in Porsgrunn on plan
• Ambition to reach industrial scale pilot volumes by 2030

Fuel switch Decarbonized processes Post consumer scrap (PCS) in primary production

• Opened recycling units at Høyanger and Årdal to use PCS to lower footprint of primary metal
• Working with customers to ensure quality and qualification of products

Capital Markets Day 2024

Recycling: Accelerating through improved margins and execution on growth

Hanne Simensen

Executive Vice President, Hydro Aluminium Metal

Hydro meeting customer needs with unique capabilities within recycling

Scrap procurement excellence

Advanced scrap sorting capabilities

Material management and metallurgical expertise

Multiple product outlets

1) Recycling in Metal Markets and Hydro Extrusions, Alumetal included from July 2023. PCS share in 2030 indicative, dependent on the portfolio mix. 2) Simplified example based on the average input mix above conversion for a European recycling plant, irrespective of the conversion share and plant size. Weighted average cost above LME calculated using market references and painted scrap price as a proxy for mixed scrap types. There are large regional and plant differences in scrap composition, usage and pricing.

Proven track record in realizing value from scrap

Increasing post-consumer scrap (PCS) share in production

Extrusion ingot recycling + recycled foundry alloy,

Improving relative cost position

Average metal input cost above LME, depending on PCS share2)

0% PCS 15% PCS 35% PCS

Meeting growing customer demand for Hydro CIRCAL

Current cyclical downturn, strong long-term fundamentals

Average EBITDA margin improving over time, high volatility post-covid tracking building & construction demand

MM extrusion ingot recycling EBITDA margin in USD/tonne, indexed to 2013

Global megatrends support recycling

Increasing focus on circular economy and decarbonization from key stakeholders

Along with growing scrap generation and recovery rates

Global estimated recovery of post-consumer scrap, mill tonnes

Scrap exports expected to decrease from ~2030 as China is becoming more scrap self-sufficient

Critical to keep low-grade scrap in Europe/U.S. through regulation, sorting and domestic applications

Scrap generation increasing at higher rates in China vs Europe/ U.S. in line

with the economic maturity curve

PCS generation in key markets, million tonnes and CAGR

2020 2030 2040

Hydro aiming to keep more low-grade scrap in Europe/ U.S. through sorting and upcycling

Mixed scrap exported to Asia either due to push (limited local use) or pull (higher value) drivers

Roadmap to 2030 ambitions

Strengthening margin robustness and growing through the cycle

Improving recycling margins in weak markets

2

Realizing full value potential from completed investments

Driving profitable growth, positioning for the future

Accelerating hot-metal cost improvements as key competitive advantage in Aluminium Metal Recycling

Controlling the controllables – exercising discipline and pushing the boundaries in weak markets

• Azuqueca has demonstrated significant HMC improvements through scrap optimization and complex cross-functional optimization system from daily operations to advanced analytics and technology

Improving relative cost position and strengthening recycling margins through ambitious hot metal cost (HMC) improvements

USD/mt by 20301) average across the recycling portfolio

Executing on strategic growth projects in recycling

Progressing on key strategic priorities, positioning for the future

Customer centric approach

Partnership with Brompton bikes on 100R fully recycled aluminium

First commercial sale of CIRCAL in the U.S.

Building Systems developing Circularity

concept (Window-to-Window), collecting end-of-life scrap from customers

started in Alusort JV in the U.S., first

Høyanger recycler to supply RSI1) to the Norwegian primary casthouses

Multi-year agreement with Sims Alumisource to sort PCS scrap to ENA casthouses

Cassopolis advanced casthouse, ongoing qualifications with automotive customers in the U.S.

Szekesfehervar new recycling plant to serve the nearby extrusion plant, mainly towards the automotive market

HyForge Rackwitz with horizontal casting line producing forging stock for automotive applications

RFA2) integration and synergies

On track to realizing synergy potential from the Alumetal acquisition

Alumetal becoming an integral part of the Aluminium Metal metal network

On track to realize EUR 10-15 million1) in annual EBITDA uplift by 2027

RFA2) –Critical contributor to realizing the recycling strategy

Enabling synergies in the AM portfolio along the identified improvement clusters

Kęty expansion and modernization

Value creation from sorting capacity & capabilities

Low-carbon product development and commercialization

Insourcing aluminium recovery from dross from Hydro recycling plants

Replacing standard ingot with recycled ingot to Norwegian smelters

Other commercial and operational synergies

Progress made on multiple initiatives in 2024 -selected examples

Kety project nearing completion, comissioning expected in Q1'25

Construction in Nowa Sol ongoing, two Hydro HySort machines procured. Comissioning expected in Q2'25

Environmental product Declaration (EPD) in place for recycled foundry alloy aluminium products

~8 kmt of dross from the European recyclers purchased or processed in Alumetal

Approved projects delivering on the 2030 PCS target

Recycling post-consumer scrap (PCS) capacity roadmap

Million tonnes PCS

1) Based on invested capacity which in practice require a certain ramp-up period and market support not considered here, i.e. capturing full invested capacity and not implemented capacity.

Approved creep / growth projects

Torija greenfield Kety upgrade, Alumetal HyForge Henderson Atessa

Luce upgrade Wrexham HySort NowaSol HySort

Installed new capacity

Navarra recycling +5 kt PCS

Sjunnen recycling +5 kt PCS

HyForge Rackwitz +13 kt PCS

Alumetal transaction +155 kt PCS

Cassopolis greenfield +40 kt PCS

+25 kt PCS

+16 kt PCS

Alusort JV +20 kt sorting capacity

53

Årdal PFA line

+28 kt PCS

Approved projects to deliver on the 2030 EBITDA target in normalized market

NOK billion

1) Using 2024 YTD NOK to USD of 10.6, new/growth capacity using USD 200 per tonne margins. 2) Based on invested capacity which in practice require a certain ramp-up period not considered here, i.e. capturing full invested capacity and not implemented capacity. 3) By 2030, USD 20 per tonne in Extrusions and USD 30 per tonne in AM Recycling, on average across all assets, real 2024 figures 4) Range based on capex. High-range based on ~70% of further potential capex (the NOK 2 billion annually) directed towards recycling.

Aluminium Metal's leading market offering is enabled by value chain transparency and flexibility in two business models

Capital Markets Day 2024

Bauxite & Alumina: Accelerating through profitability and sustainability

John Thuestad

Executive Vice President, Hydro Bauxite & Alumina

Alumina refineries profitable in 2024, tightness to persist into 2025

Alumina business operating cost 2024 Alumina raw material prices World alumina balance

0 550 750 700 650 600 500 450 400 350 300 250 200 150 100 50 Australia India & SE Asia Americas Europe China Other PAX current: ~USD 730 per tonne PAX YTD 2024: ~USD 460 per tonne

USD per tonne USD per tonne Tonnes ('000)

Significant position enhancement since last year

Several initiatives executed to boost robustness and stability, enabling full market advantage

Strong financial results

• USD 25 per tonne lower cost from fuel switching, increased productivity

Energy transition on track

Supporting Hydro's decarbonization target by switching from fuel oil to natural gas conversion and installation of 180 MW of electrical boilers

Tailing safety

In 2024, Hydro will complete a 3rd party audit of GISTM1) to attest conformance of our Bauxite & Alumina assets, delivering on the ICMM2) commitment

2024

Operational improvements on track

• The fuel switch considerably reduces maintenance requirements, thus increasing uptime at Alunorte

• Electrical boiler installation improves productivity and reduces energy waste

Optimizing asset management

• World's only Bauxite Mine and Alumina Refinery with ISO 55001 accreditation
• Capex avoided from AI and prescriptive maintenance – estimated cost saving of NOK 200 million in 2024

Improvements and commercial initiatives at the core

Hydro Bauxite & Alumina successfully improved its operations through the entire value chain in 2024

Paragominas

• Bauxite trucking to refinery: 17 percent decrease of total haulage cost per tonne, despite 21 percent increase in haulage distance
• Overburden removal cost per tonne decreased by 28 percent, mitigating increase in volume removed per tonne of bauxite by 28 percent

Alunorte

• Fuel switching from heavy fuel oil to natural gas is expected to have a continuous and long-term financial impact (USD 25 per tonne, USD 160- 200 million annually)
• The coming 2025 renewable power PPA's with Hydro Rein will continue to drive down total energy costs.

Commercial

• By actively executing 3 rd party contracts, swaps and trades, B&A Commercial rebuilt its book back to 2023 profitability level from 2025, offsetting the reduced equity offtake as a result of the Alunorte transaction

Strengthening robustness

– a solid starting point

Improvement initiatives

Mine fleet optimization

Increased steam generation with electrical boilers

Bauxite silica control program

Port logistics optimization

Asset availability increase - Advanced

Competitive cost position 2030 improvement program

Executing on greener alumina roadmap

Alunorte will reduce emissions by 70 percent by 2030

Decarbonization roadmap for Bauxite & Alumina Lowering the position on the emission curve

Tonnes CO2e per tonne Alumina

from the first quartile to the first decile

CO2e per tonne Alumina (scope 1 and 2)1)

Sustainability is more than low-carbon

Contributing to Nature Positive and supporting a Just Transition in Brazil

Social: Effectively supporting communities

• In 2022, Hydro delivered three TerPaz community centers to vulnerable communities in Belem.
• Each TerPaz center services 1,500 people a day. Offering administrative, health, educational and recreational services.
• By creating safe spaces and developing community identities, they helped reaching a major crime drop of over 70 percent in their respective communities.
• Four more centers are to be delivered in 2025, in Barcarena and Paragominas (around Hydro's mine and refinery) as well as Moju and Tomé-Açu (along the pipeline).

Nature:

Ensuring optimal footprint

• Hydro is a world leader in:
  • Reforestation through its deforestationmining reforestation 3-years cycle.
  • Tailings and residue management through tailings dry backfill, which removes the need to create any new tailings dams going forward.
  • Residue press filters/ dry stacking allows residue storage at up to 80% solid content, reducing the storage area needed and greatly improving the geotechnical stability of the storage area.
• In 2024, Hydro will complete a 3rd party audit of GISTM1) to attest conformance of its Bauxite & Alumina assets, delivering on the ICMM2) commitment

Hydro Bauxite & Alumina sustainability agenda enabling strategic partnerships

Long-term development program in the Amazon region

• Mercedes-Benz has joined Hydro in the long-term Corridor program, together with the Brazilian NGOs IPAM, Imazon, CEA, Boston Consulting Group and other partners.
• It is committed to promote positive impact to people and nature in the Amazon along the bauxite slurry pipeline operated by Hydro, stretching 244km, from Paragominas to Alunorte.
• The aim is to protect human rights, the generation of income for local communities, restoration of nature and the development of low-carbon value chains in the region.

Turning bauxite residue from waste to marketable products

• Hydro has one of the most advanced portfolio of pilot projects in the industry, with the aim to remove residue storage by 2040.
• The most progressive and scalable in the portfolio of pilot projects is Hydro's partnership with New Wave Aluminium.
• Together we are building a solution in Alunorte capable of processing ~50,000 tonne residue per year and extracting lowcarbon iron from the residue.
• Converting all of Hydro's residue through this process could deliver over 1.1 million tons of low-carbon iron.

Sustainability efforts in alumina production is a key enabler to enhance Hydro's offering of low-carbon aluminium -Achieving this relies on collaboration with customers and industry partners

Capital Markets Day 2024

Energy: Accelerating the green aluminium transition

Kari Ekelund Thørud

Executive Vice President, Hydro Energy

Global renewable investments have surged, driven by China, U.S. and EU

IEA: The world invests almost twice as much in clean energy as it does in fossil fuels

billion USD (2023)

Solar and wind power development in China

Solar and wind power development in the U.S.

Solar and wind power development in the EU

Lower Norwegian power surplus

Wind and hydropower interplay is key in the future energy system

Norwegian Power Balance TWh 0 50 100 150 200 250 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040Hydro Onshore wind PV Offshore wind Demand

Hourly power production by source in price area NO2, Week 6 2024 MWh/h

12 000

Hydro power production

1 400

Volatility increasesthe need and value of flexibility

Norwegian hydropower adds flexibility at lower costs than alternatives, with lower degree of cannibalization

Pumped storage hydropower: Opportunity to shift energy production between hours and seasons

Commercial opportunities analyzing, optimizing and acting on hydropower and onshore wind interplay

Focus on core business and key strategic priorities towards 2030, building on strong production platform

Industry leader on cost and operational performance

Shaping portfolio and organization

NOK 200 million in EBITDA improvements – Combination of restructuring and organizational cost

Portfolio positioned for internal sourcing and increased value of flexibility

Shape organization to fit agenda in renewable power generation

Operational improvement program NOK 200 million by 2030 baseline year 2024

Commercial ambition: NOK 200 million by 2030 baseline year 2024

Active sourcing agenda

Portfolio of equity power and PPAs

Norway: Power sourcing for Hydro smelters 1)

Brazil: Power sourcing for B&A and Albras 2)3)

1) Net ~8 TWh captive assumed available for smelters. 2) Albras (51%) 3) Total Alunorte and Paragominas – all consumption sourced through Hydro 69

Several routes to secure power at competitive prices

Upgrading and expanding hydropower assets

Røldal-Suldal Illvatn

Developing wind and solar projectsincluding JVs

Wind power projects close to smelters Hydro Rein JV

Sourcing from external suppliers

10 TWh long-term contract portfolio Signficant player in the PPA market

Hydro Rein contributing to renewable growth ambitions

1.7 GW of renewables projects reaching COD1) in 2024

Projects delivered on time, on budget, and with high safety and sustainability standards

Pioneering the green aluminium transition, powered by renewable energy

Snøheia & Høyanger

Renewable electricity to supply the smelter and fuel switch from natural gas to green hydrogen in recycler

Mendubim & Alunorte

Renewable electricity to support new electric boilers at the alumina refinery

Pursuing value creation opportunities towards 2030

An industry leader on HSE, performance and sustainability

2

1

High performance and profitability ambitions: Energy Classic ROACE > 15% average Hydro Rein JV platform eIRR 10 – 20 % Commercial ambition NOK 550 million

Active sourcing agenda and robust portfolio supporting all BAs. Grow Nordic captive portfolio with new renewable energy projects within hydropower, wind and solar power

Upgrading existing hydropower assets to capture increasing value of flexibility

Continue to develop innovative energy solutions and contribute to decarbonize the aluminium value chain

Capital Markets Day 2024

Accelerating through focused growth and strong performance drive

Trond Olaf Christophersen

Executive Vice President & Chief Financial Officer

Upstream value drivers supporting 2024 financials

Adjusted net debt (cash)

1) Free cash flow defined as net cash provided by operating activities less net cash used in investing activities, adjusted for purchases of short-term investments, sales of short-term investments and net cash received or paid for short- and long-term collateral.

Sustaining

Resilient financial framework driving LT shareholder value

1) Including share buy back programs 2) 32% repurchased as of 20th of November 3) Hydro group forward scenario 2030 ARoaCE

New improvement program

Drive profitability towards 2030

Hydro has a strong track record of delivering improvements

NOK 4.5 billion delivered through the USD 300 program and "from B to A" NOK 3.0 billion delivered through the better improvement ambition

Initial ambition to deliver NOK 7.3 billion achieved already in 2022

Estimated to deliver NOK 9.9 billion by end of 2024

More focused scope – targeting the key value buckets, will no longer track the tail of smaller improvements

Additional transparency – will give additional insight into the improvements and drivers

Clearer link to bottom-line – link between improvement impact and P&L impact

Redesigned 2030 improvement programs

Three main programs to drive improvements - measurement methodology tailored to each program

• Improvement in operational metrics through targeted initiatives and continuous improvement
• Cost reduction and efficiency improvements in support functions

• 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 and extrusions market share

NOK ~3 billion annual improvement

Digital enablement

• Enabling digital initiatives across improvement programs
• Predictive maintenance and production optimization

New operational improvement program

Hydro ambition of NOK ~2.5 billion

Mitigate structural cost pressure, drive efficiency for refinery & mining

• Increased mine plant and refinery productivity
• Increased asset availability
• Reduced cost or mitigation of cost pressure in mine, refinery and port

Improve operational efficiency

• Increased production volume
• Reduced raw material consumption
• Reduced energy consumption
• Reduced CO² emissions
• Improved downtime

Reduce hot metal cost in recycling

• Optimization of raw material mix, including PCS
• Scrap procurement and sorting capabilities
• Production optimization

Improve efficiency of support functions

• Process improvements and digitalization
• License optimization and systems integrations
• Centralization of business services

• Advanced Asset Monitoring - Digital Implementation

Main drivers

Key initiatives

• Energy mix optimization
• Bauxite Quality Control Program
• Mine Fleet Optimization
• Port logistics optimization
• Automation
• Productivity investments
• Digital initiatives
• Continuous improvement
• Optimization system based on advanced analytics
• Technology for scrap analysis
• Continued development of capabilities in scrap sourcing and production optimization
• Virtual accountant
• Merging local organizations with larger GBS ecosystem
• Optimization of specific service offerings
• Continuous improvement though GBS Business system

Procurement program to deliver NOK~1 billion by 2030

Measures procurement efforts to fight inflation, reduce the spend baseline and create value

• Addressing total Hydro spend
• Enabling increased productivity through improved specifications, quality and services
• Decentralized procurement close to businesses realities, with joint procurement activities to leverage Hydro purchasing scale and address common challenges in supply chain
• Increased spend management and synergies through better cross plant and cross functional cooperation, best practice sharing and technology enhancements

Bauxite & Alumina procurement Potential enabled by implementation of new digital procurement solutions. Main projects addressing logistics and raw material categories

Aluminium Metal procurement Raw Materials contract optimization and opportunities within Services, relining, waste management and maintenance

Extrusions procurement Invest in resources and competences to lead strategic category management and total cost of ownership

81

Commercial excellence program

NOK ~3 billion commercial potential across portfolio, including remaining potential from the greener uplift ambition

	Greener products	Increasing uplift from greener products
	New products offerings	New aluminium product offerings (HyForge, automotive, etc) and strategic partnerships	billion
	Hydropower flexibility & trading	Driving increased commercial value from flexibility of hydropower portfolio and deep power market expertise	NOK ~ 3
	Commercial alumina portfolio	Increasing commercial impact from alumina portfolio leveraging strong market capabilities
	Market share	Increase market share in key segments through solution offerings and high service level

2025: Capitalizing on improvements

Market volatility persists into 2025

• Annual adjusted sensitivities based on normal annual business volumes. LME 2,300 USD/mt, realized premium 370 USD/mt, PAX 400 USD/mt, petroleum coke 400 USD/mt, pitch 900 EUR/mt, caustic soda 390 USD/mt, coal 90 USD/mt, USDNOK 10.72, BRLNOK 2.08, EURNOK 11.60
• Assumptions and sources behind the scenarios can be found in Additional information
• Cautionary note: PAX sensitivity refers to consolidated EBITDA impact

Capital allocation reflecting strategic modes

Strategic modes reflect global megatrends and high-return opportunities

			Safe, compliant and efficient operations The Hydro Way
Businesses	Bauxite & Alumina	Aluminium Metal	Recycling	Energy	Extrusions
Strategic mode	Sustain and improve	Sustain and improve	Growth	Selective growth	Growth
Towards 2030	Strengthen reliability, improve sustainability footprint, improve cost position	Robustness and greener, increase product flexibility, improve cost position	Substantial shift in conversion of post consumer scrap	Growth in renewable power	Optimizing and renewing capacity and capabilities

Capital discipline and focused growth

Sustaining capex has peaked and will start to normalize

Growth & Return seeking investments 2)

Recycling

• Increase proportion of post consumer scrap (PCS), lowering metal cost
• Improved economies of scale in brownfield expansions
• Sorting technology and equipment standardization

Extrusions

• Press replacements with significant cost reductions and increased productivity, also giving fit for future capabilities.
• Focus on high growth segments including automotive, systems business and commercial transportation

Decarbonization

• Alunorte Fuel switch project (IRR 20+%) and electrical boilers
• CCS and HalZero
• Hydropower investments

1) Based on November 2024 forward rates

2) Growth and return seeking investments distribution for 2025-2027

3) Including Hydropower investments

Torija: Designed to be a high-margin recycler

Investing EUR 180 million in next generation extrusion ingot casthouse in strategic Iberian market

Superior product mix

• Strategically positioned to produce high share of lowcarbon advanced products
• Capability to serve strategic automotive partnerships

Competitive hot metal cost

• High PCS share including significant volumes of lowergrade scrap types available in Iberia
• Proven material optimization capabilities in Azuqueca

Synergies and scale effects

• Fixed costs synergies and optimization possibilities with Azuqueca in the Iberian portfolio

• CAPEX: EUR 180 million
• Annual capacity: 120 Kt
• PCS capacity: 70Kt
• CIRCAL capacity: 60Kt
• Commissioning end-2026

1) Using average assumed margins across the cycle. 2) «Standard remelter» modeled as a 70 kmt plant with standard casthouse equipments and product mix (i.e. no greener or automotive/ advanced product capabilities). Raw material input consisting mostly of standard ingot, conversion and clean market scrap with some furnace-ready PCS.

Greener investments drive value creation

Hydro's largest prioritized investment areas combine sustainability and profitability

Several large recycling projects completed or near execution:

• Cassopolis✓
• Alumetal ✓
• Rackwitz ✓
• Hungary ✓
• Cressona ✓

IRR 15-30%

Targeting 850 -1200 ktonnes PCS consumption uplift by 2030

Recycling (PCS) B&A (El-Boilers)

Substantial decarbonization investments in B&A with positive business cases:

• Elboiler pilot ✓
• Alunorte Fuel Switch ✓
• Elboiler expansion: In execution

Bauxite and Alumina

excecution: ~700 000 tonnes per year

reductions under

CO²

IRR: 20%+

Electrolysis abatement

Technology roadmaps in Aluminium Metal to produce net-zero carbon primary metal

HalZero: Investment decision taken on Stage 2 facility ✓ CCS: Progressing towards first carbon capture

Creating a pathway to net-zero carbon primary aluminium

R&D

Other

• Energy savings initiatives with short payback time
• Hydropower growth
• Fully electric presses: Nenzing ✓
• Tønder
• Trzcianka Greener Press ✓

IRR 10-35%

Combining profitability with sustainability improvement

Greener investments / Total Investments

LTM Q3 2023

Net Operating Capital performance to improve in 2025

Higher upstream prices driving Net Operating Capital build up in 2025

Strong ambitions to reduce inventory levels and further improve Net Operating Capital days in 2025

Targeted stock reductions expected to have a positive impact on Net Operating Capital of NOK ~0.5 billion in 2025

• Upstream segments will seek to optimize inventory volumes through tight internal cooperation, contingency planning and improved IT systems
• Downstream segments will continue efforts to reduce inventory volumes, with a special focus on reductions of scrap and WIP
• These efforts are expected to bring Net Operating Capital days down by two days in 2025
• 29,7 • The positive market outlook for 2025 is anticipated to result in an overall Net Operating Capital increase of NOK 1-2 billion

Focused efforts on optimizing and reducing inventory levels have resulted in a significant reduction in Net Operating Capital days since 2023

Hydro profitability growth roadmap

Main drivers: Improvement efforts, growth and market development

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

Sources: External scenario is based on CRU price and premium assumptions and S&P Global FX assumptions, with adjustments as specified in the footnotes Note: Refers to consolidated EBITDA and cash flow impact

Bauxite & Alumina profitability growth roadmap

Main drivers: Fuel switch, commercial differentiation and market development

Cash flow potential after sustaining CAPEX1) 2030 NOK billion

CF @ last 5 year average CF @ external real '24

real '242)

Main upside drivers

• Positive market and macro developments
• Further commercial differentiation, incl. greener alumina
• Fleet optimization at the mine
• Sustaining CAPEX optimization

Main downside risks

• Operational disruptions
• Negative market and macro developments
• Regulatory, CSR and country risk
• Supply chain disruptions
• Value chain concentration in Brazil

1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX. 2) 17% of LME forward price deflated by 2.5%. Assumptions and sources behind the scenarios can be found in Additional information

Sources: External scenario is based on CRU price and premium assumptions and S&P Global FX assumptions, with adjustments as specified in the footnotes Note: Refers to consolidated EBITDA and cash flow impact

Aluminium Metal profitability growth roadmap

Main drivers: Improvement efforts, commercial differentiation and market development

1) Cash flow calculated as EBITDA + tax + long-term sustaining CAPEX

Assumptions and sources behind the scenarios can be found in Additional information

Sources: External scenario is based on CRU price and premium assumptions and S&P Global FX assumptions, with adjustments as specified in the footnotes

Metal Markets profitability growth roadmap

Main drivers: Recycling growth, commercial differentiation and market development

Extrusions profitability growth roadmap

Main drivers: Improvement program and commercial ambition

Energy profitability growth roadmap

Main drivers: Net spot sales volume and market development

Resilience and optionality through full value chain presence

Integration brings resilient financial results, broader access to attractive growth and superior customer offering

Hydro quarterly AEBITDA per BA (indexed per BA – Q1 2018 = 100) Enabling financial resilience…… 1)

Resilience in financial results in spite of volatility in business cycles and performance of individual business areas

Capital allocation directed towards the most attractive opportunities across value chain at any given time and ability to stage according to market needs

….and unique value creation opportunities

Preferred and trusted supplier and sustainability partner on the way to net-zero

Integrated value chain enables traceability "under one roof" in unique customer offering

Partnerships with customers along the value chain unlock innovative business opportunities driven by green transition

Aiming for competitive returns to shareholders

• Aiming for competitive shareholder returns compared to alternative investments in comparable companies
• Distribution proposal to be communicated at Q4 release
• Five-year average payout ratio 2019-2023 of 74%2), excluding share buy-backs
• Hydro's capital structure policy to maintain an adjusted net debt target over the cycle around NOK 25 billion remains unchanged
• The target includes current year shareholder distribution

• Share buybacks ongoing, approximately 32% of the program repurchased as of November 20, 2024

• 1) Based on share price at year end

• 2) Average dividend per share divided by average adjusted earnings per share from continuing operations for last five years.
• 3) Distributed share of underlying net income including share buy-backs

Solid dividend track record

Hydro's Dividend Policy

• Pay out minimum 50 percent of adjusted net income as ordinary dividend over the cycle
• The dividend policy has a floor of NOK 1.25 per share
• Share buybacks or extraordinary dividends will supplement dividends during periods of strong financials, due consideration being given to the commodity cycle and capital requirements for future growth
• The pay out should reflect Hydro's aim to give its shareholders competitive returns, benchmarked against alternative investments in comparable companies

Key messages

Financial strength and flexibility

• Investment grade credit rating

Robust shareholder payout

• Aiming for competitive returns to shareholders aligned with dividend policy and capital structure targets

Strong performance drive, increasing resilience

• New improvement program of NOK 6.5 billion by 2030, to focus scope, add transparency and clarify link to bottom -line
• Lifting NOC performance, partially offsetting market effects
• Solid profitability roadmaps for Hydro and business areas

Capital discipline with clear allocation priorities

• 85% of growth & return seeking capex allocated to strategic growth areas 2024 -27

Key takeaways from today

Accelerating growth, value creation and sustainability – Supported by resilient financial framework driving long-term shareholder value

New improvement program Executing on Recycling, Extrusions and renewable growth ambitions

• Recycling and Extrusions executions towards 2030 ambitions strengthened by improvements, market recovery expected

Progressing on pathway to net-zero

• Delivering on 10% reduction by 2025 from fuel switching and el-boilers at Alunorte
• Executing on initiatives in all steps towards 2030 and 2050

• Robust position across business areas, with ambition to strengthen further
• New improvement program to focus scope, add transparency and clarify link to bottom-line

Capital discipline and focused growth guiding capital allocation

• 85% share on non-sustaining capex allocated to strategic growth areas
• Expected profitable returns from growth projects in the range of 10-35% IRR

Shaping the market for greener in partnership with customers

• Progressing on greener earnings uplift potential in 2024
• Partnerships advancing and building capabilities for contributions towards 2030

Aiming for competitive returns to shareholders

• Solid dividend track record
• Expecting distribution in accordance with dividend policy, to be announced in Q4 release

Capital Markets Day 2024

Appendix

Guidance: Year-end adjusted net debt

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

Adjusted net debt YE - moving parts to keep in mind:

• Q4 EBITDA guiding as per Q3 2024 below
• 2024 capex guiding NOK 15 billion
• Updated YE NOC guidance at NOK 29 billion
• SBB ongoing
• No shareholder distribution from Alunorte affecting 2024 YE adjusted net debt

Bauxite &Alumina Aluminium Metal Metal Markets

• Higher production volume
• Higher alumina price
• Higher fixed costs of between NOK 400 and 500 million

• Flat raw material cost

• Lower sales margins

• Lower sales volumes and recycling margins
• Higher variable costs

• Continued soft extrusions markets

• ~71% of primary production for Q4 2024 priced at USD 2 445 per mt.

• ~42% of premiums affecting Q4 2024 booked at USD ~ 507 per mt.
• Q4 realized premium expected in the range of USD 380 and 430 per mt.
• Higher raw material cost between NOK 850 and 950 million driven by alumina

• Positive effect of alumina hedge of approximately NOK 300 million QoQ Extrusions Energy

  • Seasonally lower fixed costs in Q3 are projected to return to normal levels in Q4, resulting in a negative quarter-over-quarter impact of NOK 100 million

• Seasonally lower volumes and continued margin pressure in the recyclers

• Lower results from sourcing and trading activities
• Continued volatile trading and currency effects

• Guidance for YE Commercial Adjusted EBITDA excl. currency and inventory of NOK 700 - 900 million

• Stable production

• Seasonally higher prices and price area differences
• Price and volume uncertainty

Raw material costs development

Indication of current market prices Fuel Oil A1 (indexed) Henry Hub Natural Gas Spot Price (indexed)

NO2 (indexed)

Steam coal (indexed) Q3-20 Q4-20 Q1-21 Q2-21 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

2026 hedging mandate completed in October

460 kt aluminium hedged at ~2,600 USD/t

Aluminium hedges of 110-460 kt/yr 2024-2026 in place

• 2024: 73 kt remaining at a price of ~2400 USD/t
• 2025: 450 kt hedged at a price of ~2400 USD/t
• 2026: 460 kt hedged at a price of ~2600 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

B&A and AM BRL/USD Hedge

• USD 860 million sold forward for 2024-2026
  • 2024: USD 56 million remaining at avg. rate 6.19
  • 2025: USD 350 million hedged at avg. rate 5.33
  • 2026: USD 175 million hedged at avg. rate 5.48
• Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions

Strategic hedging status1)

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

Significant exposure to commodity and currency fluctuations

Aluminium price sensitivity +10% Currency sensitivities +10%

Other commodity prices, sensitivity +10%

NOK million

Sustainable effect: NOK million USD BRL EUR AEBITDA 5,070 (1,050) (150) One-off reevaluation effect: Financial items (1,320) 1,450 (3,730)

• Annual adjusted sensitivities based on normal annual business volumes. LME 2,300 USD/mt, realized premium 370 USD/mt, PAX 400 USD/mt, petroleum coke 400 USD/mt, pitch 900 EUR/mt, caustic soda 390 USD/mt, coal 90 USD/mt, gas (Henry Hub) 2.34 USD/MMBtu, USDNOK 10.72, BRLNOK 2.08, EURNOK 11.60
• 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
• 2025 Platts alumina index (PAX) exposure used
• Adjusted Net Income sensitivity calculated as AEBITDA sensitivity after 30% tax
• Sensitivities include strategic hedges for 2025 (remaining volumes for 2025, annualized)

Bauxite & Alumina sensitivities

Annual sensitivities on adjusted EBITDA if +10% in price

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)

Annual adjusted sensitivities based on normal annual business volumes. LME 2,300 USD/mt, realized premium 370 USD/mt, PAX 400 USD/mt, petroleum coke 400 USD/mt, pitch 900 EUR/mt, caustic soda 390 USD/mt, coal 90 USD/mt, gas (Henry Hub) 2.34 USD/MMBtu, USDNOK 10.72, BRLNOK 2.08, EURNOK 11.60 2025 Platts alumina index (PAX) exposure used Note: Refers to consolidated EBITDA impact

Aluminium Metal sensitivities

Annual sensitivities on adjusted EBITDA if +10% in price NOK million

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

Power

• 14.0 MWh per tonne aluminium
• Long-term power contracts with indexations

Annual adjusted sensitivities based on normal annual business volumes. LME 2,300 USD/mt, realized premium 370 USD/mt, PAX 400 USD/mt, petroleum coke 400 USD/mt, pitch 900 EUR/mt, caustic soda 390 USD/mt, coal 90 USD/mt, gas (Henry Hub) 2.34 USD/MMBtu, USDNOK 10.72, BRLNOK 2.08, EURNOK 11.60 Note: Refers to consolidated EBITDA impact

CAPEX sensitivity to FX

Annual sensitivities on CAPEX if +10% in currency 1) NOK million

Capex currency exposure 3)

• BRL ~35%
• USD ~20%
• EUR ~20%
• NOK and other ~25%

The estimates for the different currencies exposures for capex are based on the 2025-2027 allocation guidance.

The annual sensitivity estimates are based on the 2025 allocation guidance of NOK 15 billion

There is possible underlying FX exposure in the Norwegian smelters for the EUR and for the USD

3) Based on 25-27 allocation

Scenario assumptions

Scenarios are not forecasts, but illustrative earnings, cash flow and return potential based on sensitivities

• Starting point AEBITDA Q3 2024 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, 33% (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 2025- 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
• External scenario is based on CRU price and premium assumptions and S&P Global FX assumptions, with adjustments as specified in the footnotes
• EBITDA sensitivities refers to consolidated impact. From a cash perspective exposures may be smaller due to minority interests
• Full operational and commercial improvement targets included in roadmaps, while 40% of Procurement target is included, reflecting that part of target is mitigation of cost pressure and CAPEX reduction

	Q3 2024 LTM	2025		2030
Assumptions used in scenarios		Forward real 2024	Last 5 year average	CRU / S&P Global real 2024	Forward real 2024	Last 5 year average	CRU / S&P Global real 2024
LME, USD/mt	2,300	2,550 (deflated by 2.5%)	2,260	2,520 (deflated by 2.5%)	2,370 (deflated by 2.5%)	2,260	2,690 (deflated by 2.5%)
Realized premium, USD/mt	370	4201)	430	4304) (deflated by 2.5%)	4201)	430	5704) (deflated by 2.5%)
PAX, USD/mt	400	4402) (deflated by 2.5%)	340	390 (deflated by 2.5%)	4002) (deflated by 2.5%)	340	360 (deflated by 2.5%)
Gas, USD/MMBtu	2.34	3.17 (deflated by 2.5%)	3.46	3.15 (deflated by 2.5%)	2.96 (deflated by 2.5%)	3.46	3.25 (deflated by 2.5%)
Caustic soda, USD/mt	390	3701)	430	420 (deflated by 2.5%)	3701)	430	420 (deflated by 2.5%)
Coal, USD/mt	90	120 (deflated by 2.5%)	140	150 (deflated by 2.5%)	1203) (deflated by 2.5%)	140	130 (deflated by 2.5%)
Pitch, EUR/mt	900	8501)	870	9705) (deflated by 2.5%)	8501)	870	1,0405) (deflated by 2.5%)
Pet coke, USD/mt	400	3301)	450	4905) (deflated by 2.5%)	3301)	450	5305) (deflated by 2.5%)
NO2, NOK/MWh Nordic system, NOK/MWh	630 500	5806) 450 (deflated by 2.5%)	900 650	5807) 4507) (deflated by 2.5%)	6406) 520 (deflated by 2.5%)	900 650	6407) 5207) (deflated by 2.5%)
USDNOK EURNOK BRLNOK	10.72 11.60 2.08	11.00 12.06 1.91	9.69 10.73 1.90	10.328) 11.438) 1.928)	10.91 12.87 1.91	9.69 10.73 1.90	8.588) 10.108) 1.568)

1) Spot price 2) 17% of LME forward price deflated by 2.5%. 3) 2026 nominal forward price deflated by 2.5% 4) Realized premium based on CRU standard ingot premium 5) Historic average % of LME, using CRU LME price deflated by 2.5% 6) Based on Nordic system forward price and constant NO2-Nordic system area price difference 7) Based on price from forward case 8) Based on S&P Global Source: Republished under license from CRU International Ltd. and S&P Global

Next event Fourth quarter results and 2024 Annual Report February 14, 2025

For more information see www.hydro.com/ir

Investor Relationsin Hydro

Martine Rambøl Hagen Head of Investor Relations

t: +47 91708918 e: martine.rambol.hagen@hydro.com

Elitsa Blessi Investor Relations Officer t: +47 91775472 e: elitsa.blessi@hydro.com

• Mathias Gautier Investor Relations Officer
• t: +47 94861597 e: mathias.gautier@hydro.com

• Kirsten Margrethe Hovi ESG Advisor
• t: +47 90524874 e: kirsten.m.hovi@hydro.com

Camilla Gihle Management Assistant

t: +47 92637820 e: camilla.gihle@hydro.com