Norsk Hydro ASA

Quarterly Report • Oct 24, 2023

Third quarter 2023 Investor presentation

October 24, 2023

Table of contents

Second quarter results 2023	3
Appendix	38
Additional information	51
Next event & Contact info	66

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.

Positioning for the long-term, navigating challenging markets

Hilde Merete Aasheim Chief Executive Officer

October 24, 2023

Safety a key priority

1) Total Recordable Injuries includes own employees and contractors

2) High Risk Incidents included own employees and contractors

3) Average over period

4

Q3 2023 Adjusted EBITDA NOK 3.9 billion

Free cash flow NOK (1.4) billion, adjusted RoaCE 8.5%

Weaker results in challenging and uncertain markets, firm mitigating actions in place

Delivering on strategic growth agenda in Extrusions and recycling, capturing value from Alumetal

Executing on decarbonization roadmap across the value chain, delivered first Hydro REDUXA 3.0 to Mercedes-Benz

EU regulatory framework supporting strategy, disappointing Norwegian national budget

Hydro Rein capital raise finalized, partnering with Macquarie Asset Management for renewables growth

5

Strong mitigating measures in challenging markets

Adjusting to market demand, releasing cash and accelerating improvement efforts

Short-term mitigation

Aluminium Metal

• Volumes shifted between product segments
• Utilizing short-term flexibility in recyclers

Extrusions

• Strong margin management
• Shifting volumes between product segments
• Continuous adaption of extrusion capacity to demand through reduced number of shifts
• Manning reductions in Europe to manage cost in challenging market
• Utilizing short-term flexibility in recyclers

Continued efforts to reduce working capital

• Year to date cash release of more than NOK 4 billion

Medium-term robustness initiatives

Ambitious improvement program and commercial ambitions

• Ahead of target in 2023

Hedging program securing margins in challenging market

• 2024: 440,000 tonnes hedged at USD 2,500 per tonne LME
• 2025: 300,000 tonnes hedged at USD 2,400 per tonne LME

Making progress on Hydro's 2025 strategy

1 Strengthen position in low-carbon aluminium 2 Diversify and grow in new energy

Develop a more robust, higher earnings and more sustainable company

Leading the way: A groundbreaking partnership to accelerate net-zero transition for industries

Transaction details

• Macquarie Asset Management has signed an agreement with Hydro relating to the future acquisition of 49.9 percent of Hydro's renewable energy company Hydro Rein.
• Hydro and Macquarie Asset Management will form a joint venture (JV) where Hydro will own the remaining 50.1 percent of the company.
• The transaction values Hydro Rein at USD 333 million per June 30, 2023.
• Macquarie Asset Management intends to invest equity of USD 332 million over the coming years.
• No further equity injections from Hydro are planned for, with the ambition to be selffunded for growth.
• Onshore wind projects located close to Hydro's smelters in Norway are not part of the JV.
• The JV will be accounted for as non-controlled investment using the equity method.
• The transaction is subject to standard regulatory approvals and transaction terms required by both sides. This includes several conditions precedents (CPs) on both Hydro and Macquarie Asset Management which need to be satisfied, including related to funding of the transaction. Subject to satisfaction, closing of the transaction is expected in second quarter 2024.

Hydro Rein: A preferred supplier of renewable energy solutions to industrials

Hydro Rein is on track to deliver on its 2026 targets

Targets communicated at Hydro's Capital Markets Day 2022

3 GW Gross portfolio in operation and construction

>500 MW added gross capacity to pipeline on average annually

400 -450 MNOK1) Estimated EBITDA contribution from projects in construction

Key numbers1): portfolio under construction – as of Q3 2023

Delivering sustainable & attractive risk adjusted returns

Key value creation levers

• Identifying, developing, constructing and operating attractive assets, utilizing core strengths of the two companies
• Financial optimization and farmdowns
• Scaling and synergies
• Operational platform, project execution
• Leveraging from the Hydro context; Markets competence, large power consumer, decarbonization strategy
• Targeting eIRR of 10-20 % (total platform value)

PPAs as a driver for industrial competitiveness

price area

PPA volume gross (TWh) – projects in construction and secured

A key contributor to securing power for Hydro's portfolio

Long-term renewable power contracts ensure robustness Smelter business operating cost curve 2022, USD/tonne

Consumption, TWh

Brazil: Power sourcing for Hydro JV smelters2) and B&A3)

Source: CRU, Hydro analysis

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

Norway: Power sourcing for Hydro smelters1)

Uniquely positioned for long term value creation

1

Become the preferred supplier of renewable energy solutions to industrial customers in core markets – key enabler for decarbonization of Hydro

21

Focus on growing in the Nordics and develop in selected markets in Europe, strong foothold in Brazil established

Safe and sustainable project execution in close collaboration with partners

Drive performance through organizational excellence and commercial expertise in renewables markets

The green transition drives aluminium demand

EVs and solar segments providing strong growth platform

Source: Eurometaux, Ducker, IHS Global Insight, Goldman Sachs Research, WoodMac, CRU, McKinsey market analysis (high level estimate)

1) Greener aluminium includes "near-zero" tCO2/t, <2 tCO2/t and 50%+ PCS-aluminium

2) Based on Europe

Extrusions growing in high-margin segments

Contributing to NOK 8 billion EBITDA target

Adapting and growing with the market

• Strong focus on selected segments where Extrusions has competitive advantage
• Targeted capacity expansion and sustainability agenda provide for business resilience going forward

Sales segment split based on tonnes sold

Well underway on recyling growth and earnings targets

Strengthening our recycling position in Europe and North America

New HyForge casting line

• EUR 40 million investment
• Significantly increasing the use of recycled PCS
• Enables Hydro to further develop our strategic partnerships

• Capacity of 25 000 tonnes per year

• Commissioning ongoing

• Getting ready for first metal in November
• Opening on November 16
• Ramp up by end Q1

Closing Alumetal transaction

• 100% ownership, delisting process ongoing
• Integration process underway, executing on identified synergies
• NOK 200 million investment in the modernization and expansion of the Hydro Kęty

opens in Rackwitz Close to start up Cassopolis Recycling 2025 and 2027 targets Project pipeline for Metal Markets and Extrusions

Capturing value from Alumetal transaction

Strategic rationale for transaction

Adding 275,000 tonnes capacity, whereof 150,000 tonnes postconsumer scrap

Sorting capacity and capabilities, access to more advanced scrap

Strengthening recycling position in Europe

Diversifying product portfolio to automotive

Realizing mutual synergies – operational, commercial, safety and growth

Aiming to realize EUR 10-15 million in annual synergies from 2027

Hydro Kęty growth and modernization*

• Expanding capacity at Hydro Kety, Poland plant by 30 kt of foundry alloys towards automotive
• Modernizing the plant to improve safety and operational efficiency

Value creation from sorting capacity and capabilities

• Combine Alumetal state-of-the-art sorting line with Hydro's LIBS sorting technology
• Consume more scrap types and convert them to broader product range in the portfolio

Replacing standard ingot with recycled ingot to Norwegian smelters

• Utilize excess melting and casting capacity at Alumetal to produce RSI inhouse, reducing standard ingot consumption and improving the footprint of the final products

Insourcing aluminium recovery from dross from Hydro recycling plants

• Replace third-parties with Alumetal to process by-products from aluminium melting process (dross) and retain margins in the internal value chain

Other commercial and operational synergies

• Utilizing high-share of PCS to progress on greener products, diversification and optimization across portfolio, procurement savings etc.

Decarbonizing across the value chain

Forcefully adressing all sources of GHG emissions in the value chain

Delivering first REDUXA 3.0 to Mercedes-Benz

Strategic partnerships

• Important to deliver on the roadmap to zero
• Working with several partners to shape the market with regards to sustainability

Hydro and Mercedes-Benz

• Joint technology roadmap working together on the road to zero
• Common mission to increase recycled material content
• First deliveries of Hydro REDUXA 3.0 to Mercedes-Benz

More than climate

• Overall focus on sustainability including nature and social of high importance to Hydro and our customers

"Together with our strategic partner Hydro we are bringing lowcarbon aluminiuminto our series models as early as this summer. Thereby we are reducing the CO₂ footprint of the aluminiumby as much as 70 percent compared with the European average."

Markus Schäfer, Member of the Board of Management of Mercedes-Benz Group AG. Chief Technology Officer, Development & Procurement in press release from Mercedes-Benz May 9, 2023

Greener is more than low-carbon

• On track to meet 30% CO2e reduction by 2030; fuel switch to deliver 1st gas in 2023 and el-boilers operational by 2024
• Net-zero by 2050 or earlier; three pathways; recycling, HalZero and CCS
• On track to reduce specific scope 3 emissions by 30% by 2030

• 1:1 reforestation on track
• No net-loss biodiversity ambition for new projects
• Tailings dry backfill technology reducing the need for permanent landfilling
• Continued focus on waste elimination, including new project on recycling bauxite residue
• Hydro in conformance with the Global Industry Standard on Tailings Management

• On track to deliver on target of empowering 500,000 people with skills and education by 2030
• Significant social projects ongoing in Brazil i.e TerPaz Program
• Transparency and traceability of key product sustainability data by 2025 or earlier

Being a good neighbor is our license to operate

• Hydro is determined to contribute to economic and social development in all communities where we operate
• Our social ambition for 2050 is to improve the lives and livelihoods wherever we operate through local engagement and support

Hydro in Brazil

• Hydro has more than 10 community development programs in the state of Pará, with more than 700 employees involved in volunteer actions
• The programs support education and skills, value chain, quality of life and biodiversity

The TerPaz program

• A project by the government of Pará building community centers for health care, social inclusion and opportunities
• Hydro contributed to TerPaz in three communities in the state capital Belém as an initial test, and the results in the communities are good
• Over the next 3 years, Hydro will contribute with 6 more community centers in Barcarena, Paragominas and four communities along the bauxite pipeline, to the amount of approximately NOK 500 million

EU agenda supporting Hydro's strategy

Regulatory framework supporting strategic direction

Critical Raw Material Act

• Aluminium expected to be defined as a Strategic Raw Material upon final adoption
• Important recognition of aluminum's role for EU strategic autonomy and the green transition

Sustainability legislation

• Stricter regulations on Green Claims and Corporate Sustainability Due Diligence favor sustainability frontrunners
• End-of-life vehicles regulation supports Hydro's recycling ambitions

Renewable energy

• High ambitions for renewable energy production in EU
• Supports Hydro's internal decarbonization and strengthens
• demand for aluminum from renewables market segment

Regulatory changes needed to support green transition

CBAM – Carbon Border Adjustment Mechanism

• Labelling remelted industrial scrap as zero carbon material on import creates a large loophole in CBAM
• Unless changed it will undermine intention of CBAM on climate and competetiveness

Financial update

Pål Kildemo, Executive Vice President and CFO

Market balance weakening

Stronger than expected demand in China driven by green transition

Estimated global balance

*Smelter based on Germany 1Y power and spot alumina Source: CRU, HARBOR, Bloomberg, MacroMicro, Fastmarkets, CM, Hydro analysis, China National Energy Administration

Chinese demand surprisingly strong

B&C and industrial segments drives weak development

Stable automotive demand

External market forecasts*

Year over Year

Extrusion market growth per quarter Growth in %

Extrusion sales volumes

Q3 2023 vs Q3 2022

Hydro Extrusions segment sales volume Growth in %

Share of Q3 2023 Hydro Extrusions sales

Adj. EBITDA down on lower prices and volumes, partly offset by lower raw material cost

Q3 2023 vs Q2 2023

Key financials

NOK million	Q3 2023	Q3 2022	Q2 2023	Year 2022
Revenue	44 702	52 445	53 630	207 929
Reported EBITDA	1 975	9 828	10 249	39 536
Adjusting items to EBITDA	1 923	(108)	(3 152)	128
Adjusted EBITDA	3 899	9 721	7 098	39 664
Reported EBIT	(323)	7 670	7 939	30 715
Adjusted EBIT	1 600	7 611	4 788	31 179
Financial income (expense)	378	496	(953)	1 649
Reported Income (loss) before tax	55	8 166	6 986	32 365
Income taxes	(680)	(1 489)	(1 930)	(7 984)
Reported Net income (loss) from continuing operations	(625)	6 676	5 056	24 381
Adjusted net income (loss) from continuing operations	345	6 258	3 410	23 145
Earnings per share from continuing operations	(0.18)	3.34	2.56	11.76
Adjusted earnings per share from continuing operations	0.27	2.91	1.77	10.70
from discontinued operations 1) Income (loss)	-	-	-	36

1) Income and expenses in the business to be sold are excluded from such income and expenses in continuing operations and reported separately as losses for discontinued operations. For further information and a specification of the result in the discontinued operations, see Note 4 Discontinued operations and assets held for sale to the interim financial statements

Hydro Bauxite& Alumina

Results down driven by provision for multi-year social donation in Brazil, currency, and lower alumina sales price, partly offset by lower raw material costs

Key figures	Q3 2023	Q3 2022	Q2 2023
Alumina production, kmt	1 522	1 579	1 542
Total alumina sales, kmt	2 229	2 344	2 153
Realized alumina price, USD/mt	349	364	373
Implied alumina cost, USD/mt1)	345	337	336
Bauxite production, kmt	2 848	2 814	2 630
Adjusted EBITDA, NOK million	93	633	817
Adjusted EBIT, NOK million	-610	10	88
Adjusted RoaCE, % LTM2)	-3.2 %	9.4 %	-1.8 %

NOK million

1) Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales

2) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters

3) Realized alumina price

Implied alumina cost and margin USD/mt1)

Implied EBITDA cost per mt1) All-in EBITDA margin per mt

Results Q3 23 vs Q3 22

• Lower energy and bauxite costs
• ~380 MNOK provision for multi-year social donations
• Lower alumina sales price
• Stronger BRL against USD

Outlook Q4 23 vs Q3 23

• Alunorte production around nameplate capacity
• Lower raw materials costs
• Higher fixed costs

Hydro Aluminium Metal

Results down on lower all-in metal prices, reduced CO2 compensation and lower contribution from power sales, partly offset by reduced alumina and carbon cost

Key figures	Q3 2023	Q3 2022	Q2 2023
Primary aluminium production, kmt	512	543	506
Total sales, kmt	539	533	577
Realized LME price, USD/mt1)	2 146	2 497	2 273
Realized LME price, NOK/mt1)	22 456	24 706	24 417
Realized premium, USD/mt	432	801	456
Implied all-in primary cost, USD/mt 2)	2 250	2 350	2 250
Adjusted EBITDA, NOK million	1 379	6 463	3 215
Adjusted EBITDA including Qatalum 50% pro rata (NOK million)	1 896	7 016	3 761
Adjusted EBIT, NOK million	727	5 837	2 550
Adjusted RoaCE, % LTM3)	18.5 %	37.8 %	25.9%

Adjusted EBITDA

• 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

All-in implied primary cost and margin USD/mt1,4)

Results Q3 23 vs Q3 22

• Lower all-in metal prices
• Reduced CO2 compensation
• Lower contribution from power sales
• Positive FX effects
• Reduced raw material cost
• Higher fixed cost

Outlook Q4 23 vs Q3 23

• ~69% of primary production for Q4 2023 priced at USD 2 084 per mt 8)
• ~49% of premiums affecting Q4 2023 booked at USD ~422 per mt 8)
  • Q4 realized premium expected in the range of USD 325-375 per ton
• Lower raw material cost
• Higher fixed cost
• 6) Realized LME plus realized premiums, including Qatalum
• 7) % of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes
• 8) Bookings, also including pricing effects from LME strategic hedging program as per 31.12.2023
• 9) Excluding power sales Slovalco and Norwegian smelters and CO2 catch-up Q3 2022 and Q3 2023

Metal Markets

Increased results from sourcing and trading activities, partly offset by lower results from recyclers and negative inventory valuation and currency effects

Key figures	Q3 2023	Q3 2022	Q2 2023
Recycling production, kmt	176	124	146
Metal products sales, kmt 1)	652	635	691
Adjusted EBITDA Recycling (NOK million)	274	401	299
Adjusted EBITDA Commercial (NOK million)	294	133	35
Adjusted EBITDA Metal Markets (NOK million)	568	534	334
Adjusted EBITDA excl. currency and inventory valuation effects	566	398	265
Adjusted EBIT (NOK million)	482	494	290
Adjusted RoaCE, % LTM2)	13.6 %	43.8 %	17.8%

Adjusted EBITDA

NOK million

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

33

Results Q3 23 vs Q3 22

• Results Q1 23 vs Q1 22 • Lower recycling results on weaker EI premiums and volumes
• Higher results from sourcing and trading • Negative inventory valuation and currency effects
• Positive currency and inventory valuation effects • Higher results from sourcing and trading activities

Outlook Q2 23 vs Q1 23 • Volatile trading and currency effects Outlook Q4 23 vs Q3 23

• Lower recycling margins • Continued volatile trading and currency effects
• Higher recycling volumes • Lower recycling margins and volumes

• Lower recycling results

Hydro Extrusions

Results slightly down on lower sales volume and higher costs, partly offset by higher sales margins and currency

Key figures	Q3 2023	Q3 2022	Q2 2023
External sales volumes, kmt	260	301	293
Adjusted EBITDA, NOK million	1 322	1 385	2 013
Adjusted EBIT, NOK million	548	640	1 228
Adjusted RoaCE, % LTM1)	9.1%	10.9%	9.4%

1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters. Previous periods have been restated following a change to the capital employed definition.

Results Q3 23 vs Q3 22

• Lower sales volumes
• Higher sales margins
• Higher fixed and variable costs
• Positive currency effects
• Positive metal effects

Outlook Q4 23 vs Q4 22

• Stronger margins
• Positive currency effects
• Lower sales volumes
• Higher fixed and variable costs
• Market uncertainty remains and recycling margins under pressure

Hydro Energy

Higher results due to higher production offset mainly by lower gain on price area differences, lower prices and loss on internal contract

Key figures	Q3 2023	Q3 2022	Q2 2023
Power production, GWh	2 216	1 330	2 431
Net spot sales, GWh 3)	24	-703	333
Southwest Norway spot price (NO2), NOK/MWh	664	3 519	958
Adjusted EBITDA, NOK million	762	321	854
Adjusted EBIT, NOK million	712	275	805
Adjusted RoaCE, % LTM1),2)	20.2 %	35.7 %	18.9 %

35

Results Q3 23 vs Q3 22

• Higher production volumes and net spot sales
• Lower prices
• Lower gain on area price differences

Outlook Q4 23 vs Q3 23

• No losses from Aluminium Metal buy-back contract
• Seasonaly higher prices
• Continued volume and price uncertainty

Adjusted EBITDA

• 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less tax/ Average capital employed last 4 quarters 2) 40% tax rate applied for 2022 and 2023
• 3) Volume affected by disrupted delivery from a long-term power purchase agreement in the northern part of the Nord Pool area. The non-delivered volume were 0.3 TWh in the quarter

NOK 2.6 billion increase in net debt driven by investments

Negative free cash flow due to increasing investments partially offset by positive earnings and NOC release

Priorities

• 1. Health and safety first
• 1. Maintain robustness and mitigate weaker markets
• 1. Enable and seize opportunities in greener aluminium at premium pricing
• 1. Deliver on Recycling and Extrusions growth ambitions
• 1. Develop and grow renewable energy portfolio

Appendix

Key figures – Outlook

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

Bauxite and Alumina	Aluminium Metal	Metal Markets
• Expect cost release of around 150 MMOK • Fixed and other costs is expected to increase around 300 MNOK • Based on current rates currency is expected to impact the result positively	• 69% of production for Q3 booked at 2084 USD/mt • 49% of the premiums affecting Q3 booked at 422 USD/mt • Expected range for premiums for Q3: 325 – 375 USD/mt	• Guidance for YE Adjusted EBITDA excl. currency and inventory of 1.3 - 1.5 BNOK. The guidance does not include effects of Alumetal acquisition.
Extrusions	• Lower raw material cost of ~400-500 MNOK • Higher fixed cost of ~150 MNOK • Power sales: ~400MWh will be sold on spot.	Energy
• Expect a year over year development similar to as we saw for Q3 when we adjust for one-offs. • Expect around NOK 50-100 million lower YoY metal effect than Q3 YoY	Estimated value ~300 MNOK based on the current NO2 price of ~700 NOK/MWh	• No losses on the AM buyback contract. The Q3 realized loss was ~130 MNOK • Price area difference estimate for Q4 as of Q3 is between 375 and 450 MNOK

Revenue drivers through Q3 2023

Source: Metal Bulletin, Platts, Reuters Ecowin, Hydro analysis

Market raw material costs in Q3 2023

1,8

Caustic soda (indexed) Fuel oil A1 (Indexed) Steam coal (indexed)

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 Q2-22 Q4-20 Q1-23 Q3-21 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q1-21 Q2-21 Q4-21 Q1-22 Q3-23 Q3-22 Q4-22 Q2-23

Alumina PAX index (indexed)

Indication of current market prices

Source: Thomson Reuters, PACE, IHS Markit, Platts, ANP, CRU 41

Key performance metrics Q3 2023

Adjusted EBITDA NOK million

Upstream costs3,4) USD per tonne

Extrusion volumes Thousand tonnes

Improvement program status5) NOK millions

• 1. Free cash flow is defined as net cash provided by (used in) operating activities of continuing operations, adjusted for changes in collateral and net purchases of money market funds, plus net cash provided by (used in) investing activities of continuing operations, adjusted for purchases of / proceeds from sales of short-term investments
• 1. Adj. RoaCE calculated as adjusted EBIT last 4 quarters less underlying tax expense adjusted for 30% tax on financial items / average capital employed last 4 quarters
• 1. Realized alumina price minus adjusted EBITDA for B&A, excluding insurance proceeds relating to decommissioned crane (NOK ~500 million), per mt alumina sales
• 1. Realized all-in aluminium price (incl. strategic hedge program) less adjusted EBITDA margin excluding indirect CO² compensation catch-up effect (NOK ~1.4 billion) and power sales Slovalco, Albras and Norwegian smelters, incl Qatalum, per mt aluminium sold. Implied primary cost and margin rounded to nearest USD 25
• 1. 2018 baseline on accumulated improvements until 2021, 2021 baseline from 2022

Extrusions earnings drivers

Adjusted EBITDA per tonne1), NOK

• Contract structure
  • Margin business based on conversion price
    • LME element passed on to customers
  • Mostly short-term contract, typically ranging from spot to 12 months, few longer term contracts with floating price or hedging in place
• High share of variable costs high level of flexibility
• Annual seasonality driven by maintenance and customer activity
  • Stronger Q1 and Q2, weaker Q3 and Q4
• Strong focus on increasing value add to customers
• Preferred supplier market position in high-end products

Metal Markets earnings drivers

• Recyclers

• Revenue impact volume and product premiums above LME
• Cost impact
  • Scrap and standard ingot premiums above LME
  • Raw material mix
  • Freight cost proximity to market
  • Energy consumption and prices
• Other main businesses
  • Physical ingot and LME trading
  • Third-party casthouse products
• Results influenced by currency fluctuations and inventory valuation effects
• Adjusted EBITDA for 2023 expected in the range of 1.3BNOK to 1.5BNOK

Adjusted EBITDA excluding currency effects and inventory valuation effect, NOK million1)

1) Amounts are as disclosed for the individual years reflecting the accounting policies applied for those years and Hydro's definition of APMs applied for the relevant years.

Energy EBITDA development

Adjusted EBITDA and NO2 spot price

Adjusted EBITDA and NO2 spot price

Adjusted EBITDA Spot price

• Production and market prices strongly linked to hydrological conditions
• Seasonal market variations in demand and supply. Gains or losses may occur from delink between area prices arising due to transmission capacity limitations in the Nordic area
• Power portfolio optimized versus market
• Lift in annual EBITDA contribution from 2021
  • Positive impact from expiry of legacy supply contract from 2021
  • 8 TWh internal contract for power sales to Aluminium Metal in Norway effective from 2021-30
• Stable and competitive production cost base:
  • Mainly fixed costs
  • Volume-related transmission costs
• Maturing portfolio growth options; emphasis on flexible production & selected geographies

Significant exposure to commodity and currency fluctuations

Other commodity prices, sensitivity +10% NOK million

Sustainable effect:

NOK million	USD	BRL	EUR
Adj. EBITDA	3860	-930	10
One-off reevaluation effect:
Financial items	-1040	1220	-3820

• Annual adjusted sensitivities based on normal annual business volumes. LME USD 2,150 per mt, standard ingot premium 230 USD/mt, PAX 350 USD/mt, fuel oil USD 860 per mt, petroleum coke USD 505 per mt, pitch 1,110 EUR/t, caustic soda USD 355 per mt, coal USD 105 per mt, USD/NOK 10.47, BRL/NOK 2.15, EUR/NOK 11.41
• Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging
• BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated
• Excludes effects of priced contracts in currencies different from adjusted currency exposure (transaction exposure)
• Currency sensitivity on financial items includes effects from intercompany positions
• 2023 Platts alumina index (PAX) exposure used
• Adjusted Net Income sensitivity calculated as AEBITDA sensitivity after 30% tax
• Sensitivities include strategic hedges for 2023 (remaining volumes for 2023, annualized)

Bauxite & Alumina sensitivities

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

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 USD 2,150 per mt, standard ingot premium 230 USD/mt, PAX 350 USD/mt, fuel oil USD 860 per mt, caustic soda USD 355 per mt, coal USD 105 per mt, USD/NOK 10.47, BRL/NOK 2.15, EUR/NOK 11.41 BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated. 2023 Platts alumina index (PAX) exposure used

Alumimum 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

440 kt / 300 kt aluminium hedged in 2024 / 2025

Aluminium hedges of 300-460 kt/yr 2023-25 in place

• 2023: 230 kt remaining at a price of ~2000 USD/t
  • 19 kt call-options as liquidity measure
• 2024: 440 kt hedged at a price of ~2500 USD/t
• 2025: 300 kt hedged at a price of ~2400 USD/t
• Pricing mainly in NOK, with USD hedges converted to NOK via USD/NOK derivatives
• Corresponding raw material exposure partially secured using financial derivatives or physical contracts

B&A and AM USD/BRL Hedge

• USD 794 million sold forward for 2023-2025
  • USD 82 million remaining for 2023 at rate 6.03
  • USD 335 million 2024 at rate 6.19
  • USD 131 million 2025 at rate 5.40
• Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions

Strategic hedging status

NOK Billions

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 RoaCE target
  • Larger investments

Safe and responsible operations is a top priority

Leadership in health and safety, social responsibility and compliance as a license to operate

TRI Rate1)

Continuing efforts within ESG performance

• Transparent and consistent reporting approach for more than three decades
• Sustainability is fully integrated in Hydro's strategy
• Work in progress to prepare for implementation of the EU Corporate Sustainability Reporting Directive (CSRD)
• Further improved scores on Moody's ESG Solutions and S&P Global CSA

Additional information

Adj. EBITDA down on lower prices, CO2 compensation and Slovalco effects, partly offset by lower raw material cost

Q3 2023 vs Q3 2022

Assumptions behind scenarios in profitability roadmaps

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

• Starting point AEBITDA Q3-22 LTM
• Improvement potential in real 2021 terms, upstream margins based on 2021 average
• Cash flow calculated as AEBITDA less EBIT tax and long-term sustaining capex, less lease payments and interest expenses for the Hydro Group
  • Tax rates: 25% for business areas, 34% for Energy, 19% (LTM) for Hydro Group
• ARoaCE calculated as AEBIT after tax divided by average capital employed
  • Average capital employed assumed to increase with growth capex and sustaining capex above LT sustaining CAPEX 2023-2026
• 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
• Energy market scenarios for 2027 excludes gains from price area differences and commercial effects

Price and FX assumptions

Assumptions used in	Q3 2022	2023	2027
scenarios LTM		forward real	Forward real 2022	Last 5 year average	CRU real 2022
LME, USD/mt	2,880	2461 (deflated by 2%)	2,560 2,130 (deflated by 2%)		2,400 (deflated by 2%)
Realized premium, USD/mt	755	4131)	4131)	385	4964) (deflated by 2%)
PAX, USD/mt	390	325 (deflated by 2%)	3402) (deflated by 2%)	330	360 (deflated by 2%)
Caustic soda, USD/mt	600	9001)	9001)	406	403 (deflated by 2%)
Coal, USD/mt	270	255 (deflated by 2%)	2003) (deflated by 2%)	110	2007) (deflated by 2%)
Pitch, EUR/mt	1,020	13001)	1,3001)	730	7705) (deflated by 2%)
Pet coke, USD/mt	630	7171)	7201)	410	4305) (deflated by 2%)
NO2, NOK/MWh Nordic system, NOK/MWh	2,010 1,260	2,0106) 1,2606)	1,2506) 690 570 540 (deflated by 2%)		1,2507) 5707) (deflated by 2%)
USDNOK EURNOK BRLNOK	9.25 10.00 1.77	9.69 10.30 1.86	9.50 10.68 1.84	8.87 10.10 1.99	8.88 8.34 1.66

1)Spot price 2) % of LME forward price deflated by 2% 3) 2026 nominal forward price deflated by 2% 4) Realized premium based on CRU product premiums Q4-2024 5) Historic average % of LME, using CRU LME price deflated by 2% 6) Based on Nordic system forward price and constant NO2-Nordic system area price 7) Based on price from forward case 8) Based on LTM power prices Source: Republished under license from CRU International Ltd.

Adjusting items to EBITDA, EBIT and net income

NOK million (+=loss/()=gain)		Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2022
Unrealized derivative effects on raw material contracts	Hydro Bauxite & Alumina	(376)	(173)	157	353	177	94	(41)	(40)
Community contributions Brazil	Hydro Bauxite & Alumina	-	-	-	32	-	25	-	32
Other effects	Hydro Bauxite & Alumina	-	-	-	162	-	-	-	162
Total impact	Hydro Bauxite & Alumina	(376)	(173)	157	547	177	118	(41)	155
Unrealized derivative effects on LME related contracts	Hydro Aluminium Metal	4 715	(6 374)	(1 538)	207	709	(2 836)	1 414	(2 990)
Unrealized derivative effects on power contracts	Hydro Aluminium Metal	(766)	1 056	1 291	1 638	62	(106)	113	3 218
Significant rationalization charges and closure costs	Hydro Aluminium Metal	-	(18)	-	64	-	-	-	46
Net foreign exchange (gain)/loss	Hydro Aluminium Metal	(19)	(23)	(26)	(40)	(37)	(114)	(79)	(108)
Other effects	Hydro Aluminium Metal	-	(69)	-	-	-	-	-	(69)
Total impact	Hydro Aluminium Metal	3 929	(5 428)	(273)	1 868	733	(3 055)	1 448	97
Unrealized derivative effects on LME related contracts	Hydro Metal Markets	190	(850)	195	358	34	(146)	448	(107)
Transaction related effects	Hydro Metal Markets	-	-	-	-	50	4	35	-
Total impact	Hydro Metal Markets	190	(850)	195	358	84	(142)	483	(107)
Unrealized derivative effects on LME related contracts	Hydro Extrusions	(442)	543	84	(126)	(19)	6	113	59
Unrealized derivative effects on power contracts	Hydro Extrusions	(39)	58	50	(67)	5	(24)	(2)	3
Significant rationalization charges and closure costs	Hydro Extrusions	2	13	-	91	51	27	17	106
(Gains)/losses on divestments and other transaction related effects	Hydro Extrusions	(49)	1	(2)	(4)	20	-	1	(54)
Other effects	Hydro Extrusions	-	(74)	(2)	-	-	(107)	-	(76)
Total impact	Hydro Extrusions	(527)	541	130	(106)	57	(98)	128	38
Unrealized derivative effects on power contracts	Hydro Energy	(236)	46	(254)	615	214	184	41	170
(Gains)/losses on divestments	Hydro Energy	-	(65)	-	-	-	-	-	(65)
Net foreign exchange (gain)/loss	Hydro Energy	4	2	3	1	(3)	(7)	(5)	11
Total impact	Hydro Energy	(232)	(16)	(251)	616	211	177	36	116
Unrealized derivative effects on LME related contracts	Other and eliminations	(15)	(15)	19	47	(15)	(35)	25	36
(Gains)/losses on divestments	Other and eliminations	-	-	-	-	-	-	(25)	-
Net foreign exchange (gain)/loss	Other and eliminations	(21)	(26)	(83)	(91)	(115)	(143)	(130)	(221)
Other effects	Other and eliminations	-	-	-	15	-	26	-	15
Total impact	Other and eliminations	(36)	(41)	(65)	(29)	(131)	(151)	(130)	(170)
Adjusting items to EBITDA	Hydro	2 948	(5 966)	(108)	3 254	1 132	(3 152)	1 923	128
Impairment charges	Hydro Aluminium Metal	-	-	49	28	-	-	-	77
Impairment charges	Hydro Extrusions	-	-	-	258	-	-	-	258
Adjusting items to EBIT	Hydro	2 948	(5 966)	(59)	3 541	1 132	(3 152)	1 923	464
Net foreign exchange (gain)/loss	Hydro	(2 392)	1 129	(572)	(356)	1 985	789	(538)	(2 192)
Adjusting items to income (loss) before tax	Hydro	556	(4 838)	(631)	3 185	3 177	(2 362)	1 385	(1 728)
Calculated income tax effect	Hydro	(181)	1 432	213	(972)	(935)	716	(416)	492	54
Adjusting items to net income (loss)	Hydro	374	(3 406)	(418)	2 213	2 182	(1 646)	970	(1 236)

Adjusted EBIT

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	556	383	466	1 913	718	484	10	(586)	(221)	88	(610)	3 318	626
Hydro Aluminium Metal	1 185	2 246	3 684	4 111	4 183	6 349	5 837	4 097	3 328	2 550	727	11 225	20 467
Hydro Metal Markets	43	301	133	245	487	666	494	(134)	628	290	482	721	1 514
Hydro Extrusions	1 244	1 266	828	(122)	1 587	1 600	640	168	1 485	1 228	548	3 217	3 995
Hydro Energy	792	713	417	1 674	2 192	777	275	1 493	677	805	712	3 596	4 737
Other and Eliminations	(261)	(17)	(219)	(793)	3	(425)	356	(93)	(532)	(173)	(259)	(1 291)	(159)
Total	3 559	4 891	5 309	7 026	9 170	9 452	7 611	4 946	5 364	4 788	1 600	20 786	31 179

Adjusted EBITDA

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	999	855	1 055	2 426	1 270	1 117	633	101	437	817	93	5 336	3 122
Hydro Aluminium Metal	1 754	2 807	4 263	4 676	4 765	6 977	6 463	4 756	3 972	3 215	1 379	13 500	22 963
Hydro Metal Markets	78	335	170	284	525	705	534	(91)	669	334	568	867	1 673
Hydro Extrusions	1 744	1 830	1 457	665	2 331	2 365	1 385	939	2 223	2 013	1 322	5 695	7 020
Hydro Energy	841	761	465	1 723	2 239	824	321	1 542	726	854	762	3 790	4 926
Other and Eliminations	(234)	10	(192)	(762)	35	(395)	384	(63)	(501)	(134)	(225)	(1 178)	(39)
Total	5 182	6 598	7 219	9 011	11 165	11 594	9 721	7 184	7 525	7 098	3 899	28 010	39 664

EBIT

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	583	467	407	1 830	1 094	657	(147)	(1 133)	(399)	(30)	(570)	3 288	471
Hydro Aluminium Metal	(171)	325	909	7 311	254	11 777	6 061	2 200	2 595	5 605	(721)	8 376	20 292
Hydro Metal Markets	19	299	(93)	500	297	1 516	300	(492)	544	432	(1)	725	1 621
Hydro Extrusions	1 220	1 269	852	(412)	2 114	1 059	510	16	1 427	1 326	420	2 929	3 699
Hydro Energy	851	716	435	1 724	2 424	793	526	878	466	628	677	3 727	4 621
Other and Eliminations	(271)	(43)	23	(868)	39	(385)	420	(63)	(402)	(21)	(128)	(1 158)	11
Total	2 233	3 034	2 533	10 086	6 222	15 418	7 670	1 405	4 233	7 939	(323)	17 887	30 715
EBITDA
NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	1 026	940	996	2 344	1 647	1 290	477	(446)	260	698	134	5 306	2 967

Hydro Aluminium Metal 500 1 037 1 642 8 260 836 12 405 6 736 2 888 3 239 6 270 (69) 11 440 22 866 Hydro Metal Markets 55 333 (56) 540 335 1 556 339 (449) 586 476 85 872 1 780 Hydro Extrusions 1 842 1 840 1 495 381 2 858 1 824 1 255 1 045 2 165 2 111 1 194 5 558 6 982 Hydro Energy 900 764 483 1 774 2 471 840 572 926 515 677 726 3 921 4 810 Other and Eliminations (244) (15) 50 (837) 71 (354) 449 (34) (371) 17 (95) (1 046) 132 Total 4 079 4 899 4 610 12 462 8 217 17 561 9 828 3 930 6 393 10 249 1 975 26 050 39 536

Total revenue

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	6 026	5 976	6 984	8 713	7 901	9 413	8 652	7 986	8 320	8 830	8 423	27 699	33 951
Hydro Aluminium Metal	8 953	9 467	9 964	14 164	11 094	24 583	16 678	13 129	15 236	18 211	11 366	42 548	65 483
Hydro Metal Markets	13 624	15 275	16 447	19 715	22 674	27 698	22 374	18 222	20 873	22 483	19 329	65 061	90 968
Hydro Extrusions	16 334	17 470	17 984	18 509	23 468	25 269	22 620	19 819	22 717	22 608	19 142	70 296	91 176
Hydro Energy	2 343	2 213	2 116	3 477	4 268	2 456	2 854	3 037	3 452	2 162	3 299	10 149	12 614
Other and Eliminations	(15 327)	(15 843)	(16 784)	(18 146)	(22 788)	(24 626)	(20 733)	(18 118)	(22 065)	(20 664)	(16 856)	(66 099)	(86 264)
Total	31 951	34 559	36 710	46 433	46 616	64 793	52 445	44 075	48 534	53 630	44 702	149 654	207 929

External revenue

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	3 546	3 538	4 533	5 471	5 052	5 864	5 641	5 091	5 289	5 570	5 404	17 088	21 649
Hydro Aluminium Metal	762	621	310	3 681	(2 518)	8 640	4 327	2 638	1 528	5 444	1 741	5 373	13 087
Hydro Metal Markets	10 789	12 552	13 831	16 993	18 472	24 420	18 796	15 132	17 308	19 837	16 716	54 165	76 821
Hydro Extrusions	16 203	17 346	17 829	18 505	23 199	25 228	22 585	19 881	22 765	22 527	19 221	69 883	90 892
Hydro Energy	787	486	204	1 780	2 415	646	1 082	1 324	1 634	257	1 616	3 257	5 467
Other and Eliminations	(136)	16	4	2	(5)	(6)	15	9	10	(4)	3	(113)	13
Total	31 951	34 559	36 710	46 433	46 616	64 793	52 445	44 075	48 534	53 630	44 702	149 654	207 929

Internal revenue

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	2 479	2 438	2 452	3 242	2 848	3 549	3 011	2 895	3 031	3 260	3 019	10 610	12 303
Hydro Aluminium Metal	8 191	8 846	9 654	10 484	13 611	15 943	12 352	10 491	13 709	12 767	9 624	37 175	52 396
Hydro Metal Markets	2 835	2 723	2 616	2 722	4 201	3 277	3 578	3 091	3 565	2 647	2 612	10 896	14 147
Hydro Extrusions	131	125	154	3	269	41	36	(62)	(48)	81	(80)	413	284
Hydro Energy	1 556	1 727	1 912	1 697	1 853	1 810	1 772	1 713	1 818	1 905	1 683	6 891	7 148
Other and Eliminations	(15 191)	(15 858)	(16 788)	(18 148)	(22 783)	(24 620)	(20 748)	(18 126)	(22 075)	(20 660)	(16 860)	(65 986)	(86 278)
Total	-	-	-	-	-	-	-	-	-	-	-	-	-

Share of profit /(loss) in equity accounted investments

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	-	-	-	-	-	-	-	-	-	-	-	-	-
Hydro Aluminium Metal	147	513	336	513	383	626	340	200	154	264	179	1 509	1 549
Hydro Metal Markets	-	-	-	-	-	-	-	-	-	-	-	-	-
Hydro Extrusions	-	-	-	-	-	-	-	-	-	1	1	-	-
Hydro Energy	(23)	(32)	(25)	(25)	(28)	(39)	(32)	(81)	(67)	(59)	(57)	(104)	(180)
Other and Eliminations	1	(20)	(31)	(15)	22	(184)	118	12	8	(25)	47	(65)	(32)
Total	125	462	280	473	377	403	426	131	95	181	171	1 340	1 337

Return on average capital employed 1) (RoaCE)

	Reported RoaCE								Adjusted RoaCE
	2022	2021	2020	2019	2018	2017	2016	2022	2021	2020	2019	2018	2017	2016
Hydro Bauxite & Alumina	1.3%	11.9%	5.4%	1.9%	4.6%	8.5%	2.7%	1.8%	12.0%	5.9%	2.5%	6.0%	8.5%	2.8%
Hydro Aluminium Metal	35.1%	21.6%	1.9%	(3.9%)	5.6%	11.8%	5.2%	35.4%	28.3%	2.9%	(2.6%)	4.7%	12.6%	5.2%
Hydro Metal Markets	33.2%	24.0%	22.8%	20.7%	25.1%	18.6%	19.6%	31.0%	23.9%	21.6%	27.3%	19.4%	20.9%	15.9%
2) Hydro Extrusions	10.5%	9.4%	1.3%	3.8%	5.3%	13.4%		11.4%	10.3%	6.2%	5.7%	7.2%	6.6%
Hydro Energy 3)	28.8%	26.5%	249.5%	13.4%	18.8%	17.5%	18.1%	29.5%	25.4%	8.7%	12.9%	18.8%	17.5%	18.1%
Hydro Group	21.9%	16.3%	5.4%	(0.9%)	6.0%	11.2%	6.5%	22.2%	18.6%	3.7%	1.3%	6.6%	9.6%	5.1%

Capital employed – upstream focus

NOK million	September 30 2023
Hydro Bauxite & Alumina	32 647
Hydro Aluminium Metal	43 141
Hydro Metal Markets	10 069
Hydro Extrusions	28 344
Hydro Energy	11 770
Other and Eliminations	(4 380)
Total	121 591

Graph excludes BNOK (4.4) in capital employed in Other and Eliminations

1) RoaCE at business area level is calculated using 25% tax rate (30% tax rate applied for years prior to 2017). For Hydro Energy, 40% tax rate is used for 2022 and 2021, 80% for 2020 and 2019, 70% for 2018, 65% for 2017 and 60% for 2016

2) Hydro Extrusions reflected as 50% equity accounted investment Q1-Q3 2017 and fully consolidated from Q4 2017

3) Hydro Energy reported RoaCE for 2020 higher than previous years due to the Lyse transaction

Depreciation, amortization and impairment

NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Bauxite & Alumina	443	472	589	514	553	633	624	687	659	729	703	2 018	2 496
Hydro Aluminium Metal	694	736	756	972	605	651	698	711	666	687	674	3 158	2 664
Hydro Metal Markets	36	35	37	41	38	39	39	44	42	45	87	149	161
Hydro Extrusions	628	573	645	804	746	767	748	1 036	741	792	779	2 649	3 297
Hydro Energy	49	48	48	49	47	47	47	48	48	49	49	194	190
Other and Eliminations	27	28	27	31	32	31	28	30	31	38	34	113	121
Total	1 876	1 892	2 102	2 411	2 020	2 168	2 185	2 556	2 186	2 340	2 327	8 281	8 929

Indicative depreciation currency exposure by business area Depreciation by business area 2022, 8.9 BNOK

Percent	USD	EUR	BRL	NOK & Other
Hydro Bauxite & Alumina			100%
Hydro Aluminium Metal	15%		20%	65%
Hydro Metal Markets	30%	55%		15%
Hydro Extrusions	40%	30%	10%	20%
Hydro Energy				100%
Other and Eliminations	5%	30%	5%	60%

Income statements

NOK million				Third quarter 2023		Third quarter 2022	Second quarter	2023	First 9 months	2023	First 9 months 2022		Year 2022
Revenue				44 702		52 445		53 630	146 865		163 854		207 929
Share of the profit (loss) in equity accounted investments				171		426		181		446	1 207		1 337
Other income, net				348		2 036		1 175		2 879	3 355		4 406
Total revenue and income				45 220		54 908		54 985	150 151		168 416		213 672
Raw material and energy expense				30 501		34 325		32 109		93 905	100 516		129 373
Employee benefit expense				6 238		5 458		6 604		19 259	16 955		22 886
Depreciation and amortization expense				2 327		2 136		2 340		6 856	6 323		8 593
Impairment of non-current assets				0		49		0		(3)		49	336
Other expenses				6 478		5 269		5 992		18 326	15 263		21 769
Earnings before financial items and tax (EBIT)				(323)		7 670		7 939		11 849	29 310		30 715
Interest and other finance income				377		181		324		1 045	352		619
Foreign currency exchange gain (loss)				538		572		(789)		(2 236)	1 836		2 192
Interest and other finance expense				(537)		(257)		(488)		(1 596)	(809)		(1 161)
Income (loss) before tax				55		8 166		6 986		9 062	30 689		32 365
Income taxes				(680)		(1 489)		(1 930)		(3 486)	(6 465)		(7 984)
Income (loss) from continuing operations				(625)		6 676		5 056		5 576	24 223		24 381
Income (loss) from discontinued operations				-		-		-		-		-	36
Net income (loss)				(625)		6 676		5 056		5 576	24 223		24 417
Net income (loss) attributable to non-controlling interests				(267)		(175)		(156)		(543)	356		263
Net income (loss) attributable to Hydro shareholders				(358)		6 851		5 212		6 119	23 867		24 154
Earnings per share from continuing operations				(0.18)		3.34		2.56		3.01	11.63		11.76
Earnings per share from discontinued operations				-		-		-		-		-	0.02
Earnings per share attributable to Hydro shareholders				(0.18)		3.34		2.56	3.01		11.63		11.78
NOK million	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Income (loss) from continuing operations	1 880	2 397	1 127	8 525	6 411	11 136	6 676	158	1 144	5 056	(625)	13 930	24 381
Net income (loss)	1 500	2 805	1 108	8 529	6 411	11 136	6 676	194	1 144	5 056	(625)	13 942	24 417
Adjusted net income (loss) from continuing operations	2 448	3 150	3 498	5 810	6 785	7 731	6 258	2 371	3 326	3 410	345	14 905	23 145
Earnings per share from continuing operations	0.89	1.06	0.50	3.47	2.80	5.49	3.34	0.12	0.62	2.56	(0.18)	5.92	11.76
Earnings per share attributable to Hydro shareholders	0.70	1.26	0.49	3.47	2.80	5.49	3.34	0.14	0.62	2.56	(0.18)	5.93	11.78 61
Adjusted earnings per share from continuing operations	1.15	1.45	1.60	2.57	3.17	3.63	2.91	0.99	1.70	1.77	0.27	6.77	10.70

Balance sheet

NOK million	September 30 2023	June 30 2023	March 31 2023	December 31 2022	September 30 2022	June 30 2022	March 31 2022
Cash and cash equivalents	19 105	22 453	30 873	29 805	25 852	24 507	21 161
Short-term investments	2 101	1 158	2 696	4 173	2 511	1 882	8 588
Trade and other receivables	26 387	27 561	28 350	23 988	28 442	29 164	25 955
Inventories	27 648	28 808	30 216	30 035	31 394	29 415	25 237
Other current financial assets	1 726	2 722	1 302	1 127	4 887	6 543	4 719
Property, plant and equipment	74 367	72 985	67 827	62 656	62 369	58 920	56 599
Intangible assets	10 823	10 215	9 839	9 280	9 810	9 374	8 986
Investments accounted for using the equity method	24 633	24 277	22 566	21 222	22 613	20 055	18 257
Prepaid pension	9 335	9 981	9 040	8 573	9 352	9 814	9 837
Other non-current assets	9 135	8 346	8 684	7 759	9 598	8 400	12 398
Total assets	205 260	208 506	211 395	198 618	206 829	198 074	191 737
Bank loans and other interest-bearing short-term debt	5 764	5 271	5 899	6 746	11 085	7 796	7 072
Trade and other payables	24 860	25 529	25 702	24 374	26 703	29 156	25 130
Other current liabilities	11 093	9 593	10 741	11 688	11 653	10 724	12 536
Long-term debt	29 944	29 756	29 615	26 029	20 790	21 054	21 073
Provisions	5 897	6 243	5 692	5 289	5 779	5 539	5 164
Pension liabilities	8 475	8 388	8 669	8 252	8 064	7 882	8 409
Deferred tax liabilities	6 153	6 197	5 289	4 796	5 178	5 304	5 281
Other non-current liabilities	5 325	5 687	5 429	3 648	4 481	5 585	7 564
Equity attributable to Hydro shareholders	103 062	106 873	108 582	102 455	107 129	99 347	93 906
Non-controlling interests	4 686	4 968	5 777	5 343	5 967	5 688	5 603
Total liabilities and equity	205 260	208 506	211 395	196 618	206 829	198 074	191 737

Operational data

Hydro Bauxite & Alumina	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Alumina production (kmt)	1 540	1 586	1 579	1 600	1 519	1 536	1 579	1 559	1 550	1 542	1 522	6 305	6 193
Sourced alumina (kmt)	698	737	806	765	741	758	764	593	686	553	692	3 006	2 856
Total alumina sales (kmt)	2 269	2 349	2 355	2 655	2 251	2 305	2 344	2 220	2 171	2 153	2 229	9 628	9 121
Realized alumina price (USD) 1)	287	287	284	393	391	430	364	342	367	373	349	313	382
Implied alumina cost (USD) 2)	235	244	233	310	327	378	337	337	347	336	345	254	345
Bauxite production (kmt) 3)	2 813	2 660	2 756	2 696	2 638	2 736	2 814	2 824	2 648	2 630	2 848	10 926	11 012
Sourced bauxite (kmt) 4)	1 103	1 676	1 472	1 427	856	1 674	1 220	1 861	1 078	1 100	1 204	5 677	5 611
11) Adjusted EBITDA margin	16.6%	14.3%	15.1%	27.8%	16.1%	11.9%	7.3%	1.3%	5.3%	9.2%	1.1%	19.3%	9.2%
Hydro Aluminium Metal 5)	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Realized aluminium price LME, USD/mt	1 994	2 210	2 419	2 675	2 662	3 031	2 497	2 246	2 291	2 273	2 146	2 317	2 599
Realized aluminium price LME, NOK/mt7)	17 008	18 528	20 910	23 087	23 542	28 461	24 706	22 813	23 566	24 417	22 456	19 819	24 739
Realized premium above LME, USD/mt6)	264	332	449	565	786	870	801	577	503	456	432	400	756
Realized premium above LME, NOK/mt6)7)	2 253	2 780	3 878	4 873	6 954	8 167	7 920	5 857	5 169	4 894	4 521	3 420	7 197
Realized NOK/USD exchange rate 7)	8.53	8.38	8.64	8.63	8.84	9.39	9.89	10.16	10.29	10.74	10.47	8.55	9.52
Implied primary cost (USD) 8)	1 500	1 525	1 450	1 600	1 550	1 500	1 550	1 650	1 700	1 725	1 800	1 500	1 550
Implied all-in primary cost (USD) 9)	1 825	1 900	1 925	2 175	2 450	2 500	2 350	2 250	2 275	2 250	2 250	1 950	2 375
Hydro Aluminium Metal production, kmt	539	561	573	571	540	532	543	522	499	506	512	2 244	2 137
Casthouse production, kmt	534	553	560	568	555	542	547	522	513	519	523	2 214	2 166
Total sales, kmt10)	599	594	583	572	600	581	533	542	559	577	539	2 347	2 256
Adjusted EBITDA margin 11)	19.6%	29.6%	42.8%	33.0%	43.0%	28.4%	38.8%	36.2%	26.1%	17.7%	12.1%	31.7%	35.1%

1) Weighted average of own production and third party contracts, excluding hedge results. The majority of the alumina is sold linked to either the LME prices or alumina index with a one month delay. Sourced alumina volumes have been re-calculated, with Q1 2018 being adjusted accordingly

2) Implied alumina cost (based on EBITDA and sales volume) replaces previous apparent alumina cash cost

3) Paragominas production, on wet basis

4) 40 percent MRN offtake from Vale and 5 percent Hydro share on wet basis

5) Operating and financial information includes Hydro's proportionate share of production and sales volumes in equity accounted investments. Realized prices, premiums and exchange rates exclude equity accounted investments

6) Average realized premium above LME for casthouse sales from Hydro Aluminium Metal

7) Including strategic hedges /hedge accounting applied

8) Realized LME price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium produced. Includes net earnings from primary casthouses

9) Realized all-in price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium sold. Includes net earnings from primary casthouses

10) Total sales replaces previous casthouse sales due to change of definition

11) Adjusted EBITDA divided by total revenues

Operational data

Hydro Metal Markets	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Remelt production (1 000 mt)	143	154	132	144	151	158	124	115	132	146	176	572	548
Third-party sales (1 000 mt)	77	78	72	85	72	74	76	81	78	81	92	311	304
Hydro Metal Markets sales excl. ingot trading (1 000 mt) 1)	742	735	675	681	731	710	635	614	674	691	652	2 833	2 691
Hereof external sales excl. ingot trading (1 000 mt)	588	607	573	574	610	607	536	530	566	590	567	2 342	2 284
External revenue (NOK million)	10 789	12 552	13 831	16 993	18 472	24 420	18 796	15 132	17 308	19 837	16 716	54 165	76 821
Hydro Extrusions	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Hydro Extrusions external shipments (1 000 mt)	338	342	315	301	347	338	301	265	301	293	260	1 296	1 251
Hydro Extrusions – Pro-forma adjusted EBIT per mt, NOK	3 680	3 706	2 629	(404)	4 568	4 740	2 123	636	4 937	4 184	2 107	2 482	3 194
margin 2) Adjusted EBITDA	10.7%	10.5%	8.1%	3.6%	9.9%	9.4%	6.1%	4.7%	9.8%	8.9%	6.9%	8.1%	7.7%
Hydro Energy	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Year 2021	Year 2022
Power production, GWh	2 857	2 374	1 688	2 136	2 730	1 602	1 330	2 002	2 610	2 431	2 216	9 055	7 664
Net spot sales, GWh	1 126	334	(401)	305	986	(433)	(703)	511	817	333	24	1 364	361
Nordic spot electricity price, NOK/MWh	435	423	704	969	1 090	1 211	1 757	1 414	934	647	949	634	1 370
Southern Norway spot electricity price (NO2), NOK/MWh	469	493	807	1 271	1 504	1 752	3 519	1 719	1 182	958	664	762	2 128
Adjusted EBITDA margin 2)	35.9%	34.4%	22.0%	49.5%	52.5%	33.6%	11.2%	50.8%	21.0%	39.5%	23.1%	37.3%	39.0%

64 1) Includes external and internal sales from primary casthouse operations, remelters and third party Metal sources

2) Adjusted EBITDA divided by total revenues

Hydro Extrusions, information by business area

Precision Tubing	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Year 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Year 2022	Q1 2023	Q2 2023	Q3 2023	Extrusion Europe	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Year 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Year 2022	Q1 2023	Q2 2023	Q3 2023
Volume (kmt)	35	33	30	29	127	31	28	30	28	117	31	32	31	Volume (kmt)	144	147	129	130	550	151	144	119	106	520	124	121	99
Operating revenues (NOKm)	1 718	1 742	1 715	1 822	6 997	2 091	2 038	2 129	2 020	8 278	2 279	2 429	2 344	Operating revenues (NOKm)	6 529	6 916	6 827		7 527 27 799		9 532 10 147	8 696		7 787 36 162	9 035	8 926	6 864
Adjusted EBITDA (NOKm)	210	173	184	56	622	184	95	135	50	464	152	185	259	Adjusted EBITDA (NOKm)	705	716	563	471	2 456	1 035	1 025	669	480	3 209	867	819	327
Adjusted EBIT (NOKm)	157	103	115	(38)	337	82	(3)	35	(51)	63	61	87	161	Adjusted EBIT (NOKm)	501	502	318	203	1 525	782	767	415	231	2 196	623	564	79
Building Systems	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Year 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Year 2022	Q1 2023	Q2 2023	Q3 2023	Extrusion North America	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Year 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Year 2022	Q1 2023	Q2 2023	Q3 2023
Volume (kmt)	21	22	20	22	85	24	24	19	18	85	19	19	17	Volume (kmt)	137	140	136	120	534	142	141	134	112	529	126	121	113
Operating revenues (NOKm)	2 315	2 434	2 268	2 448	9 465	2 854	3 168	2 657		2 617 11 296	3 056	3 208	2 736	Operating revenues (NOKm)	5 904	6 501	7 319		7 002 26 726		9 096 10 263	9 412		7 750 36 522	8 684	8 304	7 535
Adjusted EBITDA (NOKm)	245	299	212	161	918	264	287	152	171	873	261	240	170	Adjusted EBITDA (NOKm)	663	689	562	67	1 980	895	1 042	476	330	2 743	965	813	592
Adjusted EBIT (NOKm)	149	196	108	44	497	156	179	43	57	435	149	116	49	Adjusted EBIT (NOKm)	518	517	355	(238)	1 152	618	743	196	25	1 582	677	508	288
Other and eliminations	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Year 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Year 2022	Q1 2023	Q2 2023	Q3 2023
Adjusted EBITDA (NOKm)	(78)	(47)	(65)	(90)	(280)	(47)	(83)	(47)	(91)	(268)	(22)	(44)	(26)
Adjusted EBIT (NOKm)	(82)	(51)	(68)	(94)	(294)	(50)	(86)	(50)	(94)	(281)	(25)	(48)	(29)

Next event Capital Markets Day November 29-30, 2023

For more information see www.hydro.com/ir

Investor Relations in Hydro

Martine Rambøl Hagen

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

Elitsa Boyadzhieva

t: +47 91775472 e: elitsa.boyadzhieva@hydro.com

Frida Rongved Jacobsen

t: +47 47860460 e: frida.jacobsen@hydro.com

Camilla Gihle

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