Norsk Hydro ASA

Quarterly Report • Apr 24, 2024

First quarter 2024 April 23, 2024

Financial review

Summary of financial and operating results and liquidity

	Fir st q ter uar	Firs t qu arte r	Ch rior ang e p	Fou rth rter qua	Ch rior ang e p	Ye ar
NO K m illio har e d pt p ata n, e xce er s	202 4	202 3	arte yea r qu r	202 3	rter qua	202 3
Re ven ue	47, 545	48, 534	( 2) %	46, 754	2 %	193 ,61 9
2) Ea rnin bef fin ial item de cia tion d a rtiz atio n (E BIT DA ) s, t gs ore anc ax, pre an mo	5,5 11	6,3 93	( 14) %	4,6 73	18 %	23, 291
A 1 ) Adj ust nts to EB ITD me	( 100 )	1,1 32	>( 100 ) %	( 936 )	89 %	( 1,0 33)
A 1 ) Adj ust ed EB ITD	5,4 11	25 7,5	( 28) %	3,7 37	% 45	22, 258
Ad jus ted EB ITD A
Hyd ro B ite & A lum ina aux	804	437	84 %	48 1	67 %	1,8 28
Hyd ro E ner gy	1,1 52	726	% 59	805	% 43	3,1 46
Hyd ro A lum iniu m M eta l	1,9 65	3,9 72	(5 1) %	1,9 37	1 %	10, 502
Hyd ro M eta l M ark ets	269	669	( 60) %	( 38)	>10 0 %	1,5 33
Hyd ro E xtru sio ns	1,4 37	2,2 23	( 35) %	923	% 56	6,4 80
Oth nd elim ina tion er a s	( 216 )	(5 01)	57 %	( 370 )	42 %	( 1,2 31)
A 1 ) Adj ust ed EB ITD	5,4 11	7,5 25	( 28) %	3,7 37	45 %	22, 258
2) Ea rnin bef fin ial item nd tax (E BIT ) gs ore anc s a	3,0 66	4,2 33	( 28) %	( 2,2 56)	>10 0 %	9,5 92
IT 1 ) Adj ust ed EB	2,9 66	5,3 64	(45 ) %	1,2 31	>10 0 %	12, 983
Ne t in e (l ) com oss	428	1,1 44	( 63) %	( 2,7 71)	>10 0 %	2,8 04
1) Adj ust ed net inc e (l ) om oss	1,4 98	3,3 26	(55 ) %	754	99 %	7,8 35
Ea rnin sh fro gs per are m	0.4 7	0.6 2	( 24) %	( 1.2 6)	>10 0 %	1.7 7
1) Adj ed nin sh ust ear gs per are	0.9 3	1.7 0	(45 ) %	0.5 0	85 %	4.2 6
Fin ial dat anc a
1) 2 ) Inv est nts me	3,1 50	4,8 81	( 35) %	7,6 28	(5 9) %	25, 647
bt 1 ) Ne t de	( 13, 893 )	( 1,7 49)	>( 100 ) %	( 8,1 91)	(7 0) %	( 8,1 91)
bt 1 ) Adj ust ed net de	( ) 22, 488	( 01) 8,5	>( ) % 100	( ) 18, 022	( 25) %	( ) 18, 022

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

2) EBIT, EBITDA and investments per segment are specified in note 2: Operating segment information.

Key developments

Resilient in weak markets, positioned for growth

Hydro's adjusted EBITDA for the first quarter of 2024 was NOK 5,411 million, down from NOK 7,525 million for the same quarter last year. Lower aluminium sales prices, Extrusions volumes and recycling margins, and higher fixed costs negatively impacted results, partly offset by lower raw material costs. This resulted in an adjusted RoaCE of 5.6 percent over the last twelve months.

Health and safety remain Hydro's top priority for both employees and the communities where the company operates. The total recordable injury rate (TRI) continues a positive trend, reaching 2.3 by the end of first quarter.

The economic outlook improved during the first quarter, reducing the risk of recessions and central banks are re-considering rate cuts amid easing inflation. Primary aluminium demand outside China slowed and was down 2 percent year-on-year, while Chinese demand remained robust in renewables and electric vehicles (EV), supporting overall growth in global primary demand of 5 percent year-on-year.

Residential and industrial building construction demand remained muted through the quarter, especially in Europe. The weak building and construction market continues the pressure on billet premiums. Decreased construction and demolition activity also leads to lower aluminium scrap generation. Coupled with rising scrap exports to Asia, this supports elevated scrap prices, squeezing recycling margins in both Metal Markets and Hydro Extrusions.

Despite continued growth in EV and hybrid demand, projections were tempered due to subsidy cuts in Germany and heightened competition from China. Reduced EV production in Europe had an adverse effect in Hydro Extrusions during the first quarter, being exposed to the EV segment. The North American transport segment faced constraints from low trailer build rates.

Positive indicators emerged during the first quarter with revenue drivers like LME, premiums and alumina prices showing signs of improvement. LME aluminium prices increased at the end of the quarter and into April, rising above USD 2,500 per tonne mid-April. European and the U.S. ingot premiums rose, indicating market optimism. Alumina prices trended upward, reaching USD 378 per tonne mid-April, influenced by Chinese production challenges. On April 12, the U.S. and UK sanctions restricted trade of Russian aluminium, banning imports of metal produced after April 13. Hydro ceased purchasing Russian aluminium after the Ukraine invasion in 2022, and urges the EU to sanction Russian aluminium in the forthcoming fourteenth package, expected in May.

Through ongoing improvement programs and commercial initiatives, Hydro continues to reinforce robustness and remains on track to deliver additional improvements of NOK 8.5 billion by 2030.

Hydro continues to safeguard recycling margins and secure scrap in the short term, while securing long-term growth through expanding scrap sourcing and utilization. Recent milestones, including the inauguration of new recycling units at Hydro Årdal and Hydro Høyanger, will increase annual recycled aluminium capacity by more than 60,000 tonnes, supporting the Hydro REDUXA 3.0 offering. Hydro also entered a multi-year agreement with Sims Alumisource in North America to secure access to 36,000 tonnes of post-consumer aluminium scrap. Plans to build a scrap sorting plant at the Wrexham casthouse in the UK, with 30,000 tonnes of scrap sorting capacity, will enable Hydro to process and recycle a wider range of post-consumer aluminium scrap. These initiatives reinforce Hydro's market presence within recycling, fostering growth and resilience in alignment with the 2030 recycling targets.

Hydro Extrusions is committed to expanding its market presence through strategic investments aimed at lifting profitability and sustainability. Hydro Extrusions is growing with the customers and four new OEM contracts were signed since Capital Market Day in November, accumulating contracts

worth EUR 1.9-2.0 billion since the beginning of 2023. Additional EUR 0.9-1.0 billion worth of contracts are in process, promising solid EBITDA contributions with attractive margins. Through ongoing partnerships, invested capacity expansions and sustainability focus, Hydro Extrusions is positioned to deliver on the 2025 EBITDA target of NOK 8 billion when markets recover.

Securing access to renewable power is crucial for growing in low-carbon aluminium. In Energy, Hydro has secured two new long-term power purchase agreements (PPAs) during the first quarter. Statkraft will supply 1.28 TWh from 2024 to 2027, and Alpiq will provide 0.54 TWh from 2025 to 2033. Hydro Rein has started commercial operations in the Brazilian solar plants Mendubim and Boa Sorte, providing approximately 1.55 TWh of renewable power to Hydro Alunorte and the Albras smelter. Both projects were delivered on time and cost. The transaction with Macquarie Asset Management is progressing as planned and is expected to be completed by the end of the second quarter.

During the first quarter, Hydro executed on its ambitious decarbonization roadmap, aiming for a 30 percent reduction in carbon emissions by 2030. At Alunorte, fuel switching and boiler electrification are driving this effort, enabling the production of low-carbon smelter grade alumina. Hydro Alunorte started producing alumina with natural gas in March and this is expected to cut annual emissions by 700,000 tonnes of CO2, yielding substantial cost savings estimated at USD 160 to 190 million annually based on current spot and forward price spreads when fully implemented by the second half of this year. This is supporting the ongoing work to lift profitability above 10 percent adjusted RoaCE in Bauxite & Alumina.

Regulatory advancements include the agreement on the CO2 compensation scheme in Norway, effective from 2024 to 2030, setting an annual maximum compensation of NOK 7 billion, eliminating the CO2 quota price floor, and requiring participating industries to implement emission reduction measures equivalent to 40 percent of the compensation received.

The revised CO2 compensation scheme will be subject to approval by EFTA Surveillance Authority (ESA), as well as the Norwegian parliament's annual approval as part of the ordinary state budget process.

Results and market development per business area

First quarter adjusted EBITDA for Bauxite & Alumina increased compared to the first quarter of last year, from NOK 437 million to NOK 804 million, driven by decreased raw material prices partly offset by lower sales volume from lower production. PAX started the quarter at USD 350 per tonne and increased to USD 372 per tonne in mid-January, driven by higher Chinese alumina prices on the back of refinery curtailments in China and concerns around bauxite shipments from Guinea following an explosion at the main fuel depot of the country in December 2023. PAX traded in a narrow range throughout the quarter, ending the quarter at USD 365 per tonne.

Adjusted EBITDA for Energy in the first quarter increased compared to the same period last year, from NOK 726 million to NOK 1,152 million. Lower prices, lower gain on price area differences, and lower trading and hedging results were more than offset by the expiry of a 12-month internal fixed price purchase contract from Aluminium Metal at a significant loss in the same period last year. Average Nordic power prices in the first quarter ended below prices in the same quarter last year and slightly higher compared to the previous quarter. Price area differences between the south and the north of the Nordic market region declined compared to the previous quarter and were significantly lower than the same quarter last year. The decline was primarily a result of lower prices in the south due to weather and hydrology as well as lower continental spot prices.

Adjusted EBITDA for Aluminium Metal decreased in the first quarter of 2024 compared to the first quarter of 2023, from NOK 3,972 million to NOK 1,965 million, mainly due to lower all-in metal prices, reduced contribution from power sales, and increased fixed cost, partly offset by reduced

carbon cost and positive currency effects. Global primary aluminium consumption was up 5 percent compared to the first quarter of 2023, driven by an 8 percent increase in China. The three-month aluminium price decreased slightly throughout the first quarter of 2024, starting at USD 2,384 per tonne and ending the quarter at USD 2,337 per tonne.

Adjusted EBITDA for Metal Markets decreased in the first quarter compared to the first quarter of 2023, from NOK 669 million to NOK 269 million, due to lower results from recyclers and reduced results from sourcing and trading activities. Lower results from recyclers are due to reduced sales premiums in a weakening extrusion ingot market.

Adjusted EBITDA for Extrusions decreased in the first quarter compared to the first quarter of 2023, from NOK 2,223 million to NOK 1,437 million, driven by lower extrusion sales volumes and decreased margins from recyclers. General inflation pressured fixed and variable costs, partly offset by cost measures and currency effects. European extrusion demand is estimated to have decreased 10 percent in the first quarter of 2024 compared to the same quarter last year, but increasing 7 percent compared to the fourth quarter of 2023 partly driven by seasonality. Annual demand growth for residential building and construction, and industrial segments remains negative, but to a lesser extent than previous quarters as demand has started to stabilize. Automotive demand has been challenged by weaker production of electric vehicles, negatively impacting order intakes. North American extrusion demand is estimated to have decreased 9 percent during the first quarter of 2024 compared to the same quarter last year, but increasing 10 percent compared to the fourth quarter of 2023 partly driven by seasonality. The transport segment has been particularly weak, driven by lower trailer build rates. Demand continues to be moderate in

the residential building and construction, and industrial segments.

Other key financials

Compared to the fourth quarter 2023, Hydro's adjusted EBITDA increased from NOK 3,737 million to NOK 5,411 million in the first quarter 2024. Higher realized aluminium and alumina prices combined with higher Extrusions and recycling volumes and reduced fixed costs, were partly offset by lower production in Bauxite & Alumina and negative currency effects.

Net income (loss) amounted to NOK 428 million in the first quarter of 2024. Net income (loss) included a NOK 50 million unrealized derivative loss on LME related contracts, a net foreign exchange gain of NOK 135 million, a NOK 24 million gain from unrealized derivative power and raw material contracts, and NOK 32 million in rationalization charges and closure costs.

Hydro's net debt increased from NOK 8.2 billion to NOK 13.9 billion during the first quarter of 2024. The net debt increase was mainly driven by tax payments, performance based renumerations, investments of NOK 3.7 billion and net operating capital build, partly offset by EBITDA contribution.

Adjusted net debt increased from NOK 18.0 billion to NOK 22.5 billion, mainly due to the increase in net debt of NOK 5.7 billion, which was partially offset by a decrease in pension liabilities and financial liabilities.

Hydro's existing share buyback program, initiated in September 2023, completed its purchases in the market on January 31, 2024. The redemption and cancellation of shares held by the Norwegian state is subject to approval by the Annual General Meeting on May 7, 2024.

Adjusting items to EBITDA, EBIT and net income1)

In addition to the factors discussed above, reported earnings before financial items and tax (EBIT) and net income include effects that are disclosed in the below table. Adjusting items to EBITDA, EBIT and net income (loss) are defined and described as part of the APM section in the back of this report.

	Fir st q ter uar	Firs t qu arte r	Fou rth rter qua	Ye ar
NO K m illio n	202 4	202 3	202 3	202 3
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	50	708	( 1,2 27)	( 1,5 30)
Un lize d d eriv ativ ffec nd ial ts o ter trac ts rea e e n p ow er a raw ma con	( 24)	458	172	887
Sig nifi t ra tion aliz atio har d c los sts can n c ges an ure co	32	51	171	265
Co uni ty c ont ribu tion s B il mm raz	-	-	-	25
Tra ctio late d e ffec ts nsa n re	( 24)	70	35	120
t fo e (g ) lo Ne reig xch ain n e ang ss	( ) 135	( ) 156	( ) 250	( ) 883
Oth ffec ts er e	-	-	164	83
) A 2 Ad jus tin g it s to EB ITD em	( 100 )	1,1 32	( 936 )	( 1,0 33)
Imp airm ch ent arg es	-	-	4,4 24	4,4 24
IT 2 ) Ad jus tin g it s to EB em	( 100 )	1,1 32	3,4 87	3,3 91
Ne t fo reig xch e (g ain ) /los n e ang s	1,6 33	1,9 85	( 152 )	2,0 84
Ca lcu late d in ffec e ta t com x e	(4 63)	( 935 )	190	(44 5)
Ad jus tin g it s to t in em ne com e	1,0 70	2,1 82	3,5 25	5,0 31
e (l ) ta Inc te om oss x ra	63%	43%	( 10) %	57%
e (l ) ta Adj ust ed inc te om oss x ra	44%	35%	8%	35%

1) Negative figures indicate reversal of a gain and positive figures indicate reversal of a loss.

2) The various effects are described in the APM section in the back of the report.

Market development and outlook

Global macroeconomic developments

First quarter 2024 has seen improved economic outlook, with the risk of recession in major economies now seen as lower than last year. Headline inflation continues to trend downwards while core inflation has proven stickier, driven by the services sector and tight labor markets. Economic growth is showing signs of recovery and external sources estimate GDP growth of around 2.5 percent in 2024. The Fed and the ECB are now indicating that peak interest rates have been reached and have guided the market on rate cuts to start later in the year, given that inflation continues to moderate in line with central banks' targets.

Uncertainty remains surrounding the stickiness of inflation, policy support measures and the strength of Chinese economic growth, the continuing conflict in Ukraine and the Middle East, and the overall geopolitical situation.

Bauxite and alumina

The average Platts alumina index (PAX) in the first quarter of 2024 increased to USD 367 per mt, compared to USD 333 per mt in the fourth quarter of 2023. PAX started the quarter at USD 350 per mt and increased to USD 372 per mt in mid-January driven by higher Chinese alumina prices on the back of refinery curtailments in China and concerns around bauxite shipments from Guinea following an explosion at the main fuel depot of the country in December 2023. PAX traded in narrow range throughout the quarter, ending the quarter at USD 365 per mt. Compared to the first quarter of 2023, the average Platts alumina index was USD 7 per mt higher.

In the first two months of 2024, China imported 644kt of alumina mainly from Australia, Indonesia and Vietnam; alumina imports more than tripled from the same period last year

Hydro First quarter 2024 (212kt). Alumina exports from China to Russia continued, reaching 262kt in the first two months of 2024, compared to 114kt in the corresponding period last year.

In the first two months of 2024, China imported 24 million mt of bauxite, 4 percent higher than the corresponding period a year ago. Imports from Guinea and Australia increased 6 percent and 28 percent compared to the same period last year, respectively, accounting for 97 percent of total imports. An explosion and fire at Guinea largest fuel import terminal in December had no material impact on the country's bauxite export volumes in the period under review. Bauxite imports from Brazil continued with a total of 163kt in the period.

The average Chinese bauxite import price was USD 63 per mt CIF in the first two months of 2024, unchanged compared to the same period a year ago.

Energy

Average Nordic power prices in the first quarter ended below prices in the same quarter last year and slightly higher compared to the previous quarter. Price area differences between the south and the north of the Nordic market region declined compared to the previous quarter and were significantly lower than the same quarter last year. The decline was primarily a result of lower prices in the south due to weather and hydrology as well as lower continental spot prices.

The Nordic hydrological balance ended the quarter at 5 TWh below normal, compared to around 8,2 TWh below normal at the end of the previous quarter and around 1,1 TWh below normal at the end of the same quarter last year. Hydropower reservoirs in Norway were at 25,9 percent of full capacity at the end of the quarter, which is 8,3 percentage points below the normal level. In Southwestern Norway (NO2) the reservoirs were 37,6 percent full at

the end of the quarter, which is 6,2 percentage points below normal.

Primary aluminium

The three-month aluminium price decreased slightly throughout the first quarter of 2024, starting at USD 2,384 per mt and ending the quarter at USD 2,337 per mt.

European duty paid standard ingot premiums ended the first quarter at USD 282,5 per mt, up from USD 202,5 per mt at the end of the fourth quarter. The US Midwest premium increased from USD 414,5 per mt at the beginning of the quarter to USD 424,4 per mt at the end of the quarter on more optimism in the market.

Shanghai Futures Exchange (SHFE) prices decreased by USD 20 per mt ex. VAT from start of the quarter to the end, ending at USD 2,364 per mt ex VAT. Average for the quarter was up USD 29 per mt ex. VAT compared to the fourth quarter 2023.

Global primary aluminium consumption was up 5 percent compared to the first quarter of 2023, driven by an 8 percent increase in China.

For 2024 external sources1 are estimating a global deficit of primary aluminium between 0.2 million mt and a surplus of 2.1 million mt.

European consumption of sheet ingot increased slightly in the first quarter of 2024 compared to the same period in 2023, while demand for primary foundry alloys remained stable. Extrusion ingot consumption was down in the first quarter of 2024 compared to same quarter last year.

Total global stocks at the end of the first quarter of 2024 were estimated to be 10.2 million mt, up 0.6 million mt compared to the fourth quarter 2023 and up 0.4 million mt compared to the first quarter 2023.

¹ CRU and HARBOR

Extruded products

European extrusion demand is estimated to have decreased 10 percent in the first quarter of 2024 compared to the same quarter last year, but increasing 7 percent compared to the fourth quarter of 2023 partly driven by seasonality. Annual demand growth for residential building and construction and industrial segments remains negative, but to a lesser extent than previous quarters as demand has started to stabilize. Demand from automotive has been challenged by weaker production of electric vehicles, negatively impacting order intakes.

CRU estimates that the European demand for extruded products will decrease 2 percent in the second quarter of 2024 compared to the same quarter last year as macro conditions are expected to moderate compared to the first quarter. Overall, extrusion demand is estimated to decrease by 1 percent in 2024 compared to 2023.

North American extrusion demand is estimated to have decreased 9 percent during the first quarter of 2024 compared to the same quarter last year, but increasing 10 percent compared to the fourth quarter of 2023 partly driven by seasonality. The transport segment has been particularly weak, driven by lower trailer build rates. Demand continues to be moderate in the residential building and construction and industrial segments.

CRU estimates that the North American demand for extruded products will decrease 5 percent in the second quarter of 2024 compared to the same quarter last. Overall, extrusion demand is estimated to decrease by 1 percent in 2024 compared to 2023.

Ke Op tio l in for tio y era na ma n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ch rior ang e p arte yea r qu r	Fou rth rter qua 202 3	Ch rior ang e p rter qua	Ye ar 202 3
1) Ba uxi te p rod uct ion (km t)	2,6 00	2,6 48	( 2) %	2,7 71	( 6) %	10, 897
(km t) Alu min rod uct ion a p	1,5 03	1,5 50	( 3) %	1,5 71	(4 ) %	6,1 85
2) Re aliz ed alu min rice (U SD /mt ) a p	366	367	-	349	5 %	359
Pow rod uct ion ( GW h) er p	2,8 43	2,6 10	9 %	2,4 40	17 %	9,6 97
(km t) Pri lum iniu rod uct ion ma ry a m p	505	499	1 %	514	( 2) %	2,0 31
Re aliz ed alu min ium ice LM E ( US D/m t) pr	2,2 48	2,2 91	( 2) %	2,1 29	6 %	2,2 18
Re aliz ed US D/N OK cha rat ex nge e	10. 50	10. 29	2 %	10. 87	( 3) %	10. 37
Hyd ro E xtru sio sal vol to e xte l m ark et ( km t) ns es um es rna	266	301	( 11) %	236	13 %	1,0 90

1) Paragominas production on wet basis.

2) Weighted average of own production and third party contracts. The majority of the alumina is sold linked to the alumina index with a one month delay.

Cu ate rre nc y r s	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ch rior ang e p arte yea r qu r	Fou rth rter qua 202 3	Ch rior ang e p rter qua	Ye ar 202 3
US D/N OK Av han rate era ge exc ge	10. 51	10. 24	3 %	10. 85	( 3) %	10. 56
US D/N OK Pe riod d e xch te en ang e ra	10. 80	10. 48	3 %	10. 17	6 %	10. 17
BR L/N OK Av han rate era ge exc ge	2.1 2	1.9 7	8 %	2.1 9	( 3) %	2.1 2
BR L/N OK Pe riod d e xch te en ang e ra	2.1 6	2.0 7	5 %	2.1 0	3 %	2.1 0
US D/B RL Av han rate era ge exc ge	4.9 5	5.2 0	(5 ) %	4.9 6	-	5.0 0
US D/B RL Pe riod d e xch te en ang e ra	4.9 9	5.0 7	( 2) %	4.8 5	3 %	4.8 5
EU R/N OK Av han rate era ge exc ge	11. 41	10. 99	4 %	11. 66	( 2) %	11. 42
EU R/N OK Pe riod d e xch te en ang e ra	11. 68	11. 39	3 %	11. 24	4 %	11. 24

Co nte nt	Ma rke t d lop nt eve me
	and tloo k ou

	Fir st q ter uar	Firs t qu arte r 202	Ch rior ang e p	Fou rth rter qua	Ch rior ang e p	Ye ar 202
1) Ma rke ist ics t s tat	202 4	3	yea arte r qu r	202 3	qua rter	3
Ba uxi nd alu min te a a
Av alu min rice - P latt s P AX FO B A rali a ( US D/t ) ust era ge a p	367	360	2 %	333	10 %	344
2) Ch e (U SD /mt CI F C a) ina ba uxi te i ort pric hin mp	63	63	-	62	2 %	61
Glo bal duc tion of alu min a (k mt) pro	36, 272	34, 880	4 %	37, 144	( 2) %	144 ,89 4
Glo bal duc tion of alu min a (e x. C hin a) (km t) pro	14, 336	13, 968	3 %	14, 618	( 2) %	146 57,
En erg y
(N O2 ) (N OK /MW h) Av the rn N t pr ice era ge sou orw ay spo	736	1,1 82	( 38) %	818	( 10) %	904
Av mid No pot ice (N O3 ) (N OK /MW h) era ge rwa y s pr	588	612	(4 ) %	535	10 %	439
Av No rdic ice (N OK /MW h) ste pot era ge sy m s pr	667	934	( 29) %	515	30 %	642
Pri lum iniu ma ry a m
LM E c ash (U SD /mt ) av era ge	2,2 03	2,4 00	( 8) %	2,1 96	-	2,2 55
LM E t hre ont h a (U SD /mt ) e-m ver age	2,2 45	2,4 39	( 8) %	2,2 29	1 %	2,2 89
Sta nda rd i t pr ium (E U D P C ash ) ngo em	247	302	( 18) %	202	22 %	276
(E P) Ext ion ing ot p ium U D rus rem	381	533	( 29) %	336	% 13	457
Ch ine duc tion of prim alu min ium (km t) se pro ary	10, 383	9,9 97	4 %	10, 653	( 3) %	41, 492
Ch ine ptio f pr ima lum iniu m ( km t) se con sum n o ry a	10, 245	9,4 94	8 %	11, 159	( 8) %	42, 795
Glo of (ex . C a) (km t) bal duc tion prim alu min ium hin pro ary	7,2 75	7,0 66	3 %	7,4 30	( 2) %	29, 104
Glo bal tion of prim alu min (ex . C hin a) (km t) co nsu mp ary um	6,8 19	6,8 22	-	6,6 91	2 %	27, 285
Glo bal duc tion of prim alu min ium (km t) pro ary	17, 658	17, 063	3 %	18, 082	( 2) %	70, 596
Glo bal tion of prim alu min (km t) co nsu mp ary um	17, 064	16, 316	5 %	17, 850	(4 ) %	70, 080
Re ted ima lum iniu m i nto ries (ex . C hin a) (km t) por pr ry a nve	2,2 10	2,1 88	1 %	2,2 16	-	2,2 16
Re ted ima lum iniu m i ries ( Ch ina ) (km t) nto por pr ry a nve	1,4 75	1,6 81	( 12) %	961	53 %	961
Ext rud ed du cts pro
Co e (k mt) tion trud ed duc ts - Eu nsu mp ex pro rop	774	858	( 10) %	720	8 %	3,1 66
Co tion trud ed duc ts - US A & Ca nad a (k mt) nsu mp ex pro	531	585	( 9) %	485	9 %	2,1 85

1) Industry statistics have been derived from analyst reports, trade associations and other public sources unless otherwise indicated. These statistics do not have any direct relationship

to the reported figures of Norsk Hydro. Amounts presented in prior reports may have been restated based on updated information.

2) The quarterly China bauxite import price is an estimate based on the average of the first 2 months of the quarter.

Additional factors impacting Hydro

The accumulated LME hedge in Hydro as of March 31, 2024 amounted to 330 thousand tonnes for the remainder of 2024 and 320 thousand tonnes for 2025. This has been achieved using both commodity derivatives and currency derivatives. Parts of the raw material exposure is also hedged, using both fixed price physical contracts and financial derivatives.

The total USD/BRL hedge in place at Alunorte and Albras amounts to approximately USD 251 million for the remainder of 2024, USD 272 million for 2025 and USD 175 million for 2026.

Aluminium Metal has sold forward 73 percent of its expected primary aluminium production for the second quarter 2024 at an average LME price of USD 2,272 per mt.

External power sourcing volumes were affected by disrupted delivery of volume from a long-term power purchase agreement with Markbygden Ett AB. Non-delivered volumes were 0.5 TWh in the first quarter of 2024 and 1.95 TWh accumulated.

Business area performance

Hydro Bauxite & Alumina financial and operational information

	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
1) EB ITD A ( NO K m illio n)	842	260	>10 0 %	300	>10 0 %	1,3 92
1) Adj ust ed EB ITD A ( NO K m illio n)	804	437	84 %	48 1	67 %	1,8 28
1) Adj ed EB IT ( NO K m illio n) ust	43	( 221 )	>10 0 %	( 269 )	>10 0 %	( 1,0 13)
Alu min rod uct ion (km t) a p	1,5 03	1,5 50	( 3) %	1,5 71	(4 ) %	6,1 85
So ed alu min a (k mt) urc	1,0 80	686	% 57	909	19 %	2,8 40
Tot al a lum ina les (km t) sa	2,5 74	2,1 71	19 %	2,4 87	3 %	9,0 40
2) (U SD /mt ) Re aliz ed alu min rice a p	366	367	-	349	5 %	359
3) Ba uxi te p rod uct ion (km t)	2,6 00	2,6 48	( 2) %	2,7 71	( 6) %	10, 897
4) So (km t) ed bau xite urc	1,2 00	1,0 78	11 %	2,0 01	(4 0) %	5,3 83

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

2) Weighted average of own production and third party contracts. The majority of the alumina is sold linked to the alumina index with a one month delay.

3) Paragominas on wet basis.

4) 40 percent MRN off take from Vale and 5 percent Hydro share on wet basis.

Adjusted EBITDA for Bauxite & Alumina increased compared to the first quarter of last year, driven by decreased raw material prices partly offset by lower sales volume from lower production.

Compared to the fourth quarter of 2023 the adjusted EBITDA increased driven by higher Alumina sales prices partly offset by lower sales volume from lower production.

11

Hydro First quarter 2024

Hydro Energy financial and operating information

	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
1)
(EB ITD A) (N OK mi llio n)	1,0 96	515	>10 0 %	684	60 %	2,6 02
1) Adj ust ed EB ITD A ( NO K m illio n)	1,1 52	726	59 %	805	43 %	3,1 46
1) IT ( NO n) Adj ust ed EB K m illio	1,1 03	677	% 63	755	% 46	2,9 50
Pow rod uct ion ( GW h) er p	2,8 43	2,6 10	9 %	2,4 40	17 %	9,6 97
( GW h) Ext al p cin ern ow er s our g	2,7 56	2,5 42	8 %	2,4 76	% 11	9,5 94
Inte l co ale s ( GW h) ntra ct s rna	4,4 71	4,0 89	9 %	4,5 50	( 2) %	17, 127
Ext al c ont t sa les ( GW h) ern rac	284	246	15 %	264	8 %	888
Ne ale s/(p has e) ( GW h) t sp ot s urc	844	817	3 %	101	>10 0 %	1,2 75

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

Adjusted EBITDA for Energy in the first quarter increased compared to the same period last year. Lower prices, lower gain on price area differences and lower trading and hedging results were more than offset by the expiry of a 12-month internal fixed price purchase contract from Aluminium Metal at a significant loss in the same period last year.

Compared to the previous quarter, adjusted EBITDA increased mainly due to higher production, higher results from trading and hedging and a shift from contract sales to spot sales at higher prices due to the interruption of one of our internal sales contract following a delivery disruption in one of our purchase contracts; partly offset by lower prices and gain on price area differences.

12

Hydro First quarter 2024

Hydro Aluminium Metal financial and operational information1

	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
2) EB ITD A ( NO K m illio n) 2) Adj ed EB ITD A ( NO K m illio n) ust	2,0 35 1,9 65	3,2 39 3,9 72	( 37) % (5 1) %	2,9 46 1,9 37	( 31) % 1 %	12, 386 10, 502
1)3) Adj ed EB ITD A i ncl udi Qa talu 0% ta ( NO K m illio n) ust m 5 ng pr o ra 2) IT ( NO n) Adj ust ed EB K m illio	2,4 70 1,3 06	4,4 45 3,3 28	(44 ) % ( 61) %	2,4 87 1,2 64	( 1) % 3 %	12, 589 7,8 69
4) Re aliz ed alu min ium ice LM E ( US D/m t) pr	2,2 48	2,2 91	( 2) %	2,1 29	6 %	2,2 18
4) Re aliz ed alu min ium ice LM E ( NO K/m t) pr	23, 609	23, 566	-	23, 143	2 %	22, 995
5) Re aliz ed miu bov e L ME (U SD /mt ) pre m a	358	503	( 29) %	348	3 %	435
5) OK Re aliz ed miu bov e L ME (N /mt ) pre m a	3,7 58	5,1 69	( 27) %	3,7 78	( 1) %	4,5 11
Re aliz ed US D/N OK cha rat ex nge e	10. 50	10. 29	2 %	10. 87	( 3) %	10. 37
Pri lum iniu rod uct ion (km t) ma ry a m p	505	499	1 %	514	( 2) %	2,0 31
Ca sth rod ion (km t) uct ous e p	519	513	1 %	512	1 %	2,0 67
Tot al s ale s (k mt)	540	559	( 3) %	541	-	2,2 17

1) Operating and financial information includes Hydro's proportionate share of underlying income (loss), production and sales volumes in equity accounted investments. Realized prices, premiums and exchange rates include equity accounted investments.

2) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

3) Adjustment to illustrate Aluminium Metal adjusted EBITDA as if Qatalum were proportionally consolidated, in which Share of the profit (loss) in equity accounted investments is substituted with share of the company's EBITDA.

4) Realized aluminium prices lag the LME price developments by approximately 1.5 - 2 months. Includes pricing effects from LME strategic hedging program, which are included in both the realized price and volumes.

5) Average realized premium above LME for casthouse sales from Aluminium Metal.

Adjusted EBITDA for Aluminium Metal decreased in the first quarter of 2024 compared to the first quarter of 2023 mainly due to lower all-in metal prices, reduced contribution from power sales and increased fixed cost, partly offset by reduced carbon cost and positive currency effects.

Compared to the fourth quarter of 2023, adjusted EBITDA for Aluminium Metal increased slightly due to higher all-in metal prices and reduced carbon cost, partly offset by negative currency effects and higher alumina cost.

13

Qatalum financial information (50 percent)

	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
1) Re (N OK mi llio n) ven ue	1,8 58	2,0 69	( 10) %	2,1 63	( 14) %	9,1 64
1) Adj ust ed EB ITD A ( NO K m illio n)	636	627	1 %	682	(7 ) %	2,8 12
1) IT ( NO n) Adj ust ed EB K m illio	298	320	(7 ) %	302	( 1) %	1,5 00
Ne t in e (l ) (N OK mi llio n) com oss	132	154	( 14) %	131	1 %	725
1) Adj ed Ne t in e (l ) (N OK mi llio n) ust com oss	132	154	( 14) %	131	1 %	725
Pri lum iniu rod uct ion (km t) ma ry a m p	81	79	3 %	82	( 1) %	322
Ca sth ale s (k mt) ous e s	72	75	(4 ) %	80	( 10) %	330

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

Hydro Metal Markets financial and operating information

	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
1) EB ITD A ( NO K m illio n)	267	586	(54 ) %	51	>10 0 %	1,1 98
1) Adj ust ed EB ITD A R clin (N OK mi llio n) ecy g	58	284	( 80) %	58	( 1) %	916
1) Adj ust ed EB ITD A C rcia l (N OK mi llio n) om me	211	385	(45 ) %	( 97)	>10 0 %	617
1) Adj ust ed EB ITD A M eta l M ark ets (N OK mi llio n)	269	669	( 60) %	( 38)	>10 0 %	1,5 33
Cu eff ect s (N OK mi llio n) rre ncy	43	77	(4 3) %	( 34)	>10 0 %	165
eff s (N OK n) Inv ent lua tion ect mi llio ory va	1	1	% 39	32	( 96) %	( 19)
Adj ust ed EB ITD A e xcl d in tory lua tion eff ect . cu rre ncy an ven va s 1) (N OK mi llio n)	224	592	( 62) %	( 36)	>10 0 %	1,3 87
1) Adj ust ed EB IT ( NO K m illio n)	68	628	( 89) %	( 229 )	>10 0 %	1,1 70
Re ling odu ctio n (k mt) cyc pr	179	132	36 %	166	8 %	620
2) (km t) Me tal duc ts s ale xcl udi ing ot t rad ing pro s e ng	622	674	( 8) %	645	(4 ) %	2,6 62
He f ex tern al s ale s (k mt) reo	540	566	(5 ) %	567	(5 ) %	2,2 90

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

2) Includes external and internal sales from primary casthouse operations, recyclers and third party metal sources.

Adjusted EBITDA for Metal Markets decreased in the first quarter compared to the same period last year due to lower results from recyclers and reduced results from sourcing and trading activities. Lower results from recyclers are due to reduced sales premiums in a weakening extrusion ingot market.

Compared to the fourth quarter of 2023, adjusted EBITDA for Metal Markets increased due to stronger results from sourcing and trading activities while results from the recyclers remained stable.

15

Hydro First quarter 2024

Hydro Extrusion financial and operational information

	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
EB ITD A ( NO K m illio n)	1,4 36	2,1 65	( 34) %	888	62 %	6,3 59
1) Adj ed EB ITD A ( NO K m illio n) ust	1,4 37	2,2 23	( 35) %	923	56 %	6,4 80
1) Adj ust ed EB IT ( NO K m illio n)	690	1,4 85	(54 ) %	90	>10 0 %	3,3 51
Sa les lum to e xte l m ark ets (km t) vo es rna	266	301	( 11) %	236	% 13	1,0 90
Sa (k mt) les lum to ext al m ark ets - B usi vo es ern nes	nits s u
Ext ion Eu rus rop e	108	124	( 13) %	92	17 %	436
Ext ion No rth Am eric rus a	108	126	( 14) %	95	14 %	455
Bu ildi Sys tem ng s	19	19	( 1) %	19	3 %	75
Pre cis ion Tu bin g	31	31	-	29	6 %	124
Hyd ro E xtru sio ns	266	301	( 11) %	236	13 %	1,0 90

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

Adjusted EBITDA for Extrusions decreased in the first quarter compared to the first quarter of 2023, driven by lower extrusion sales volumes and decreased margins from recyclers. General inflation pressured fixed and variable costs, partly offset by cost measures and currency effects.

Compared to the fourth quarter of 2023 adjusted EBITDA for Extrusions increased due to seasonally higher sales volumes and lower costs, partly offset by a seasonal shift to increased sale of a lower margin product mix.

Other and eliminations financial information

NO K m illio n	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
bef fin Ea rnin ial item s, t gs ore anc ax, dep iati and orti zat ion (E BIT DA ) rec on am	( ) 164	( ) 371	% 56	( ) 197	% 16	( ) 645
Oth er	( 219 )	( 322 )	32 %	( 347 )	37 %	( 1,2 28)
Elim ina tion s	3	( 179 )	>10 0 %	( 24)	>10 0 %	( 3)
A 1 ) Adj ust ed EB ITD	( 216 )	(5 01)	57 %	( 370 )	42 %	( 1,2 31)

1) Alternative performance measures (APMs) are described in the corresponding section in the back of the report.

Other is mainly comprised of head office costs, and costs related to holding companies, earnings from Hydro's industrial insurance company as well as realized currency effects of hedge volumes from the strategic hedge program.

Eliminations are comprised mainly of unrealized gains and losses on inventories purchased from group companies which fluctuate with product flows, volumes, and margin developments throughout Hydro's value chain.

Finance

NO K m illio n	Fir st art qu er 202 4	Firs t rter qua 202 3	Ch ang e prio r ye ar rter qua	Fou rth rter qua 202 3	Ch ang e prio r rter qua	Ye ar 202 3
Inte t in res com e	426	310	% 38	263	% 62	1,2 67
Ne t ga in ( los s) o ritie n s ecu s	36	35	5 %	( 6)	>10 0 %	35
r fin Inte t an d o the e in res anc com e	463	344	% 34	257	% 80	1,3 02
For eig cha in ( los s) n c urre ncy ex nge ga	( 1,6 33)	( 1,9 85)	18 %	152	>( 100 ) %	( 2,0 84)
Inte t ex res pen se	(5 97)	(47 6)	( 25) %	(5 93)	( 1) %	( 2,0 54)
Oth er f ina nci al i (ex se) t nco me pen , ne	( 151 )	( 95)	(5 9) %	(75 )	>( 100 ) %	( 210 )
Inte t an d o the r fin res anc e e xpe nse	(7 48)	(57 1)	( 31) %	( 668 )	( 12) %	( 2,2 64)
Fin e in e (e ), n et anc com xpe nse	( 1,9 19)	( 2,2 12)	13 %	( 259 )	>( 100 ) %	( 3,0 46)

For the first quarter, the net foreign exchange loss of NOK 1,633 million primarily reflects a loss from a weaker NOK versus EUR affecting EUR embedded energy contracts and other liabilities denominated in EUR.

Tax

Income tax expense amounted to NOK 720 million for the first quarter of 2024, about 63 percent of income before tax. The quarter was mainly impacted by a high power surtax, and losses in areas where deferred tax assets are not recognized.

Interim financial statements

Condensed consolidated statements of income (unaudited)

NO K m illio pt p har e d ata n, e xce er s	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ye ar 202 3
Re ven ue	47, 545	48, 534	193 ,61 9
Sh of the ofit (lo ss) in ity ted inv est nts are pr equ acc oun me	46	95	492
Oth er i t nco me , ne	1,0 00	1,3 57	4,1 52
Tot al r d in eve nue an com e	48, 591	49, 986	198 ,26 3
Raw ial and ter ma en erg y e xpe nse	30, 025	31, 295	123 ,53 8
nef Em plo be it e yee xpe nse	6,7 48	6,4 16	25, 931
De cia tion d a rtiz atio pre an mo n e xpe nse	2,4 72	2,1 89	9,3 94
Imp airm ent of nt a ts non -cu rre sse	-	( 3)	4,4 21
Oth er e xpe nse s	6,2 80	5,8 56	25, 387
Tot al e xpe nse s	45, 525	45, 753	188 ,67 1
Ea rnin bef fin ial item nd (E BIT ) tax gs ore anc s a	3,0 66	4,2 33	9,5 92
r fin Inte t an d o the e in res anc com e	463	344	1,3 02
For eig cha in ( los s) n c urre ncy ex nge ga	( 1,6 33)	( 1,9 85)	( 2,0 84)
Inte t an d o the r fin res anc e e xpe nse	(74 8)	(57 1)	( 2,2 64)
Fin e in e (e ), n et anc com xpe nse	( 1,9 19)	( 2,2 12)	( 3,0 46)
Inc e (l ) be fore tax om oss	1,1 48	2,0 21	6,5 46
Inc e ta om xes	(7 20)	( 877 )	( 3,7 42)
Ne t in e (l ) com oss	428	1,1 44	2,8 04
e (l ) at Ne t in trib uta ble to ntro lling int sts com oss non -co ere	(5 13)	( ) 121	(77 8)
Ne t in e (l ) at trib uta ble to Hyd har eho lde com oss ro s rs	941	1,2 65	3,5 83
1) Bas ic a nd dilu ted rnin sh att ribu tab le t o H ydr har eho lde rs ( in N OK ) ea gs per are o s	0.4 7	0.6 2	1.7 7
We igh ted ber of ndi sha (m illio n) out sta av era ge num ng res	2,0 06	2,0 38	2,0 29

1) Basic earnings per share are computed using the weighted average number of ordinary shares outstanding. There were no significant diluting elements.

Content	Interim financial
	statements

Condensed consolidated statements of comprehensive income (unaudited)

	Fir st art qu er	Firs t rter qua	Ye ar
NO K m illio n	202 4	202 3	202 3
e (l ) Ne t in com oss	428	1,1 44	2,8 04
Oth hen siv e in er com pre com e
Item s th ill n be las sifi ed to i at w ot st ate nt: rec nco me me
fits t of Re ent ste loy nt b tax me asu rem po mp me ene , ne	864	255	( ) 805
Un lize d g ain (lo ss) itie et o f ta rea on se cur s, n x	12	( 13)	( 135 )
Tot al	876	241	( 940 )
Item s th at w ill b ecl ifie d t o in tat ent e r ass com e s em :
Cu tra nsl atio n d iffe t of tax rre ncy ren ces , ne	3,9 07	5,4 01	5,1 38
Cu tra nsl atio n d iffe t of tax , di tme nt o f fo reig atio rre ncy ren ces , ne ves n o per n	( 14)	( 6)	(4 )
Ca flow f ta sh he dge et o s, n x	( ) 183	208	272
Sh of item s th at w ill b cla ssif ied to inc tate nt o f eq uity nte d in tme nts t of tax are e re om e s me ac cou ves , ne	(5 )	20	( 3)
Tot al	3,7 05	5,6 23	5,4 03
Oth hen siv e in er c om pre com e	4,5 81	5,8 65	4,4 63
To tal hen siv e in com pre com e	5,0 09	7,0 09	7,2 67
Tot al c hen siv e in ttrib uta ble to ntro lling int sts om pre com e a non -co ere	( ) 346	274	( ) 311
Tot al c hen siv e in ttrib uta ble to Hyd har eho lde om pre com e a ro s rs	5,3 54	6,7 35	7,5 78

Condensed balance sheets (unaudited)

	Ma rch 31	Ma rch 31	De ber 31 cem
NO K m illio pt n ber of sha n, e xce um res	202 4	202 3	202 3
As set s
Ca sh and sh iva len ts ca equ	19, 622	30, 873	24, 618
Sh m i ort- ter stm ent nve s	4,9 68	2,6 96	2,6 41
Tra de and oth iva ble er r ece s	28, 969	28, 350	25, 404
Inv ent orie s	25, 291	30, 216	25, 449
Oth ent fin ial ets er c urr anc ass	1,3 50	1,3 02	1,9 00
Tot al c nt a ts urre sse	80, 200	93, 438	80, 012
Ass he ld f ale ets or s	4,1 31	-	3,6 85
Pro pla nd ipm ty, nt a ent per equ	334 77,	67, 827	74, 981
Inta ngi ble set as s	8,7 41	9,8 39	8,4 47
Inv est nts nte d fo ing the uity tho d me ac cou r us eq me	22, 512	22, 566	21, 228
Pre pai d p ion ens	9,6 70	9,0 40	8,6 64
Oth t as set er n on- cur ren s	10, 545	8,6 84	9,4 44
Tot al n t as set on- cur ren s	128 ,80 2	117 ,95 6	122 ,76 4
To tal ets ass	213 ,13 3	211 ,39 5	206 ,46 2

NO K m illio ber of sha	Ma rch 31 202 4	Ma rch 31 202 3	De ber 31 cem 202 3
pt n n, e xce um res
Lia bili ties d e ity an qu
Ba nk loa and oth inte t-be arin hor t-te deb t ns er res g s rm	8,1 69	5,8 99	7,1 11
Tra de and oth ble er p aya s	26, 541	25, 702	26, 232
Oth nt l iab ilitie er c urre s	8,0 58	10, 741	10, 549
Tot al c ent lia bilit ies urr	42, 768	42, 342	43, 892
Lia bilit ies in d isp l gr osa oup	129	-	141
Lon g-te deb t rm	30, 996	29, 615	28, 978
Pro vis ion s	5,9 87	5,6 92	5,8 67
Pe nsi liab ilitie on s	9,0 71	8,6 69	9,2 22
fer De red tax lia bilit ies	5,0 79	5,2 89	17 4,7
Oth t lia bilit ies er n on- cur ren	7,3 53	5,4 29	6,4 62
Tot al n t lia bilit ies on- cur ren	58, 487	54, 693	55, 245
Tot al l iab ilitie s	101 ,38 4	97, 035	99, 279
Eq uity att ribu tab le t o H ydr har eho lde o s rs	105 ,50 2	108 ,58 2	100 ,57 9
No roll ing int ont sts n-c ere	6,2 47	5,7 77	6,6 04
Tot al e qui ty	111 ,74 9	114 ,35 9	107 ,18 2
To tal liab iliti and uity es eq	213 ,13 3	211 ,39 5	206 ,46 2
Tot al n ber of out sta ndi sha (m illio n) um ng res	2,0 05	2,0 34	2,0 12

Condensed consolidated statements of cash flows (unaudited)

NO K m illio n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ye ar 20 23
Op ting tivi ties era ac
Ne t in e (l ) com oss	428	1,1 44	2,8 04
De cia tion orti ion d im pai zat nt pre , am an rme	2,4 72	2,1 86	13, 815
Oth dju stm ent er a s	( 80) 2,9	374	5,6 01
Ne sh vid ed by (us ed in) rati ivit ies t ca act pro ope ng	( 80)	3,7 04	22, 220
Inv ing tivi ties est ac
Pu rch f pr rty, pla nt a nd ipm ent ase s o ope equ	( 3,0 78)	( 2,6 33)	( 13, 638 )
Pu rch f ot her lon g-te inv est nts ase s o rm me	( 648 )	( 1,2 74)	(7,5 35)
Pu rch f sh ort- ter m i stm ent ase s o nve s	( 2,5 20)	-	( 659 )
fro Pro ds m l -te inv est ing tivi ties cee ong rm ac	73	44	320
Pro ds fro ale f sh ort- ter m i stm ent cee m s s o nve s	520	750	753
Ne t ca sh d in inv est ing tivi ties use ac	(5, ) 653	( 13) 3,1	( ) 20, 759
Fin ing tivi ties anc ac
Loa eed n p roc s	2,8 97	1,8 12	9,2 42
Loa nts n re pay me	( 1,3 85)	( 1,7 51)	( 9,7 50)
Ne t de in oth hor deb t-te t cre ase er s rm	( 994 )	(4 )	( 393 )
of Re cha sha pur ses res	(44 2)	( ) 634	( 57) 2,1
Pro ds fro har iss ued cee m s es	12	192	568
Div ide nds id pa	-	-	( 12, 574 )
Oth ash nsf fro lling int tra tro sts er c ers m n on- con ere	-	-	8,3 64
Ne t ca sh vid ed by (us ed in) fina nci act ivit ies pro ng	88	( 385 )	( 6,7 00)
For eig eff ect ash n c urre ncy s o n c	652	862	240
Ne t in (d e) i ash d c ash uiv ale nts cre ase ecr eas n c an	(4, 993 )	1,0 68	(4, 999 )
eq
Ca sh and sh iva len ecl ifie d to As s h eld for le ts r set ca equ ass sa	( 3)	-	( 188 )
Ca sh and sh iva len ts a t b inn ing of rio d ca equ eg pe	24, 618	29, 805	29, 805
Ca sh and sh iva len nd of iod ts a t e ca equ per	19, 622	30, 873	24, 618

Condensed consolidated statements of changes in equity (unaudited)

NO K m illio n	Sh pita l are ca	Ad diti l ona pai d-in pita l ca	Tre asu ry sha res	Re tain ed nin ear gs	Ot her ent com pon s of e qui ty	Eq uity to Hyd ro sha reh old ers	No n tro lling con inte ts res	Tot al e qui ty
De ber 31 , 20 22 cem	2,2 72	29, 217	( 1,2 29)	70, 360	1,8 35	102 ,45 5	5,3 43	107 ,79 8
Ch in e ity for 20 23 ang es qu
Tre har iss ued to plo asu ry s es em yee s	-	66	45	-	-	111	-	111
Tre har uire d asu ry s es acq	-	-	( 1,5 12)	-	-	( 1,5 12)	-	( 1,5 12)
Ca llat ion tre har nce asu ry s es	( 20)	-	1,3 15	( 1,2 95)	-	-	-	-
Re dee d s har me es	( 10)	-	-	( 637 )	-	( 648 )	-	( 648 )
Div ide nds	-	-	-	( 11, 501 )	-	( 11, 501 )	( 1,0 73)	( 12, 574 )
Ca pita l co ntri but ion in sub sid iari es	-	-	-	( ) 131	147	15	503	519
Sa le o f sh s in bsi dia ry t tro lling sh hol der are su o n on- con are	-	-	-	1,7 87	2,2 93	4,0 80	2,1 41	6,2 21
Dis al o f eq uity itie t fa ir v alu e th gh oth hen siv e in pos se cur s a rou er c om pre com e	-	-	-	( 1,2 88)	1,2 88	-	-	-
e fo Tot al c hen siv e in r th erio d om pre com e p	-	-	-	3,5 83	3,9 96	7,5 78	( ) 311	7,2 67
De ber 31 , 20 23 cem	2, 24 1	29, 283	( 81) 1,3	60, 877	9,5 59	100 ,57 9	6,6 04	107 ,18 2
Ch in e ity for 20 24 ang es qu
Tre har uire d asu ry s es acq	-	-	(44 2)	-	-	(44 2)	-	(44 2)
of n Ac qui siti tro lling int st on on- con ere	-	-	-	213	( 201 )	11	( 11)	-
Tot al c hen siv e in e fo r th erio d om pre com e p	-	-	-	941	4,4 13	5,3 54	( 346 )	5,0 09
Ma rch 31 , 20 24	2,2 41	29, 283	( 1,8 23)	62, 030	13, 771	105 ,50 2	6,2 47	111 ,74 9

Notes to the condensed consolidated financial statements

Note 1: Accounting policies

All reported figures in the financial statements are based on International Financial Reporting Standards (IFRS). Hydro's accounting principles are presented in Hydro's 2023 Financial Statements. The interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated interim financial information should be read in conjunction with Hydro's 2023 Financial Statements, which are a part of Hydro's Integrated Annual Report 2023. As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.

Note 2: Operating segment information

Hydro identifies its reportable segments and discloses segment information under IFRS 8 Operating Segments. This standard requires Hydro to identify its segments according to the organization and reporting structure used by management. See Hydro's 2023 Financial statements note 1.4 "Operating and geographic segment information" for a description of Hydro's management model and segments, including a description of Hydro's segment measures and accounting principles used for segment reporting.

The following tables include information about Hydro's operating segments:

NO K m illio n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ye ar 202 3
To tal rev enu e
& A Hyd ro B ite lum ina aux	10, 200	8,3 20	35, 521
Hyd ro E ner gy	2,8 82	3,4 52	11, 557
Hyd ro A lum iniu m M eta l	13, 170	15, 236	58, 375
Hyd ro M eta l M ark ets	18, 677	20, 873	81, 314
Hyd ro E xtru sio ns	19, 306	22, 717	82, 645
Oth nd elim ina tion er a s	( 16, 690 )	( 22, 065 )	(75 ,79 4)
Tot al	47, 545	48, 534	193 ,61 9
Ext al r ern eve nue
& A Hyd ro B ite lum ina aux	6,9 63	5,2 89	23, 069
Hyd ro E ner gy	1,2 17	1,6 34	4,5 64
Hyd ro A lum iniu m M eta l	3,6 00	1,5 28	12, 649
Hyd ro M eta l M ark ets	16, 500	17, 308	70, 690
Hyd ro E xtru sio ns	19, 262	22, 765	82, 635
Oth nd elim ina tion er a s	4	10	13
Tot al	47, 545	48, 534	193 ,61 9

NO K m illio n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ye ar 202 3
Inte l re rna ven ue
Hyd ro B ite & A lum ina aux	3,2 38	3,0 31	12, 452
Hyd ro E ner gy	1,6 65	1,8 18	6,9 93
Hyd ro A lum iniu m M l eta	9,5 70	13, 709	45, 726
Hyd ro M l M ark eta ets	2,1 77	3,5 65	10, 625
Hyd ro E sio xtru ns	44	(4 8)	10
Oth nd elim ina tion er a s	( 16, 694 )	( 22, 075 )	(75 ,80 6)
Tot al	-	-	-
Sh of th rof it ( los s) in e ity are e p qu
nte d i stm ent acc ou nve s
& A Hyd ro B ite lum ina aux	-	-	-
Hyd ro E ner gy	( 106 )	( 67)	( 293 )
Hyd ro A lum iniu m M l eta	126	154	733
Hyd ro M eta l M ark ets	-	-	-
Hyd ro E xtru sio ns	-	-	5
Oth nd elim ina tion er a s	25	8	47
Tot al	46	95	492
De cia tio rtiz atio nd pre n, a mo n a
imp air nt me
Hyd ro B ite & A lum ina aux	761	659	6,6 14
Hyd ro E ner gy	49	48	196
Hyd ro A lum iniu m M eta l	682	666	3,3 53
Hyd ro M eta l M ark ets	202	42	368
Hyd ro E xtru sio ns	750	741	3,1 71
Oth nd elim ina tion er a s	28	31	113
Tot al	2,4 72	2,1 86	13, 815
Ea rni be for e f ina nci al i tem nd ngs s a 1) (E BIT ) tax
Hyd ro B ite & A lum ina aux	81	( 399 )	(5, 222 )
Hyd ro E ner gy	1,0 47	466	2,4 06
Hyd ro A lum iniu m M eta l	1,3 76	2,5 95	9,1 25
Hyd ro M eta l M ark ets	65	544	835
Hyd ro E xtru sio ns	689	1,4 27	3,2 06
Oth nd elim ina tion er a s	( 192 )	(4 02)	(75 8)
Tot al	3,0 66	4,2 33	9,5 92

1) Total segment EBIT is the same as Hydro group's total EBIT. Financial income and expense are not allocated to the segments. There are no reconciling items between segment EBIT to Hydro EBIT. Therefore, a separate reconciliation table is not presented.

NO K m illio n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ye ar 202 3
for e f Ea rni be ina nci al i tem s, t ngs ax, dep iati and ort iza tio rec on am n (EB ITD A)
& A Hyd ro B ite lum ina aux	842	260	1,3 92
Hyd ro E ner gy	1,0 96	515	2,6 02
Hyd ro A lum iniu m M eta l	2,0 35	3,2 39	12, 386
Hyd ro M eta l M ark ets	267	586	1,1 98
Hyd ro E xtru sio ns	1,4 36	2,1 65	6,3 59
Oth nd elim ina tion er a s	( 164 )	( 371 )	( 645 )
Tot al	11 5,5	6,3 93	23, 291
1) Inv est nts me
Hyd ro B ite & A lum ina aux	1,2 83	1,9 20	8,3 45
Hyd ro E ner gy	383	755	3,3 51
Hyd ro A lum iniu m M eta l	791	835	4,4 13
2) Hyd ro M eta l M ark ets	133	359	4,4 51
3) Hyd ro E xtru sio ns	544	979	5,0 11
Oth nd elim ina tion er a s	17	34	78
Tot al	3,1 50	4,8 81	25, 647

1) Additions to property, plant and equipment (capital expenditures) plus long-term securities, intangible assets, long-term advances

and investments in equity accounted investments, including amounts recognized in business combinations.

2) Amount includes acquisition of Alumetal impacting investments in the amount of NOK 2,932 million in third quarter 2023. 3) Amount includes acquisition of Hueck impacting investments in the amount of NOK 345 million in the first quarter 2023.

NO K m illio n	EB IT	De pr., and am or. imp airm ent	Inv est nt me nts gra	EB ITD A
EB IT - EB ITD A F irst 202 4 art qu er
Hyd ro B ite & A lum ina aux	81	761	-	842
Hyd ro E ner gy	1,0 47	49	-	1,0 96
Hyd ro A lum iniu m M eta l	1,3 76	682	( 23)	2,0 35
Hyd ro M eta l M ark ets	65	202	-	267
Hyd ro E xtru sio ns	689	750	(4 )	1,4 36
Oth nd elim ina tion er a s	( 192 )	28	-	( 164 )
Tot al	3,0 66	2,4 72	( 27)	11 5,5

Note 3: Assets held for sale

In October 2023, Hydro entered into an agreement with Macquarie Asset Management who will acquire 49.9 percent of Hydro's renewable energy company, Hydro Rein. Hydro will own 50.1 percent of the company, which is determined to be a joint venture based on the governance structure. The transaction is subject to customary regulatory approvals and some other conditions, including that Macquarie Asset Management may withdraw from the transaction should it not be able to fund the transaction. Closing of the transaction is expected in the second quarter of 2024. Hydro Rein is part of Hydro Energy. See note 1.5 Significant subsidiaries and changes to the group in Hydro's 2023 Financial Statements, which are a part of Hydro's Integrated Annual Report 2023 for further information.

Assets held for sale

NO K m illio n	Ma rch 31 , 202 4	De ber 31 cem , 202 3
Cu nt a ts rre sse	277	263
Inv est nts nte d fo ing the uity tho d me ac cou r us eq me	3,5 16	3,0 89
Oth t as set er n on- cur ren s	338	333
ld f Ass ets he ale or s	4,1 31	3,6 85
Lia bilit ies in d isp l gr osa oup	( ) 129	( ) 141
Oth f eq uity iate d w ith he ld f ale ent ets er c om pon s o as soc ass or s	( 257 )	28

Note 4: Share buy-back program

On May 10, 2023, Hydro's Annual General Meeting approved a share buy-back program where the Board of Directors was granted power of attorney to acquire shares in Norsk Hydro ASA with the intention to cancel the shares. In total, the Board of Directors could purchase up to 100 million shares, including redemption of shares held by the Ministry of Trade, Industry and Fisheries, retaining the relative ownership share of the Ministry at 34.26 percent. A total of 21,163,019 shares were bought back under this program at a total cost, including transaction costs, of NOK 1,320 million. The cancellation of these shares and the redemption of shares held by the Ministry of Trade, Industry and Fisheries is subject for approval by the Annual General Meeting on May 7, 2024.

Note 5: Significant judgement

In addition to the significant estimates and judgment described in the 2023 financial statements and summarized in note 1.1 Reporting entity, basis of presentation, significant accounting estimates and judgment, the following specific issues of a judgmental nature is important for this set of interim financial statements.

CO2 compensation in Norway

Hydro is entitled to apply for compensation for indirect costs associated with CO2 emittance. The compensation scheme in Norway for the period 2024 to 2030 is undergoing changes not yet implemented in the regulatory framework. The main changes compared to the regulation governing the period 2021 to 2023 are a cap on the total cost for the government and a requirement to spend the equivalent of 40 percent of the grant for purposes aimed at reducing CO2 emission and/or improving energy efficiency. Complying with the additional condition can be achieved over multiple years, not exceeding 2034, however, detailed regulation is currently in process.

Hydro has recognized an amount of expected CO2 compensation related to production in the Norwegian aluminium plants based on Hydro's estimate for compensation level, and assuming that Hydro's planned projects to reduce CO2 emissions and increase energy efficiency will be in compliance with the requirements. Hydro has recognized an amount of NOK 790 million for the first quarter of 2024.

Alternative performance measures (APMs)

Alternative performance measures, i.e. financial performance measures not within the applicable financial reporting framework, are used by Hydro to provide supplemental information, by adjusting for items that, in Hydro's view, does not give an indication of the periodic operating results or cash flows of Hydro, or should be assessed in a different context than its classification according to its nature.

Financial APMs are intended to enhance comparability of the results and cash flows from period to period, and it is Hydro's experience that these are frequently used by analysts, investors and other parties. Management also uses these measures internally to drive performance in terms of long-term target setting and as basis for performance related pay. These measures are adjusted IFRS measures defined, calculated and used in a consistent and transparent manner over the years and across the company where relevant. Operational measures such as, but not limited to, volumes, prices per mt, production costs and improvement programs are not defined as financial APMs.

To provide a better understanding of the company's underlying financial performance for the relevant period, Hydro focuses on adjusted EBITDA in the discussions on periodic adjusted financial and operating results and liquidity from the business areas and the group, while adjusting effects excluded to EBITDA, EBIT and net income (loss) are discussed separately. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. Disclosures of APMs are subject to established internal control procedures.

Hydro's financial APMs

• EBIT: Income (loss) before tax, financial income and expense.
• Adjusted EBIT: EBIT +/- identified adjusting items to EBIT as described below.
• EBITDA: EBIT + depreciation, amortization and impairments, net of investment grants.
• Adjusted EBITDA: EBITDA +/- identified adjusting items to EBITDA as described below.
• Adjusted net income (loss) from continuing operations: Net income (loss) from continuing operations +/- adjusting items to net income (loss) as described below.
• Adjusted earnings per share: Adjusted net income (loss) attributable to Hydro shareholders divided by weighted average number of outstanding shares (ref.: the interim financial statements).
• Investments: Additions to property, plant and equipment (capital expenditures) plus long-term securities, intangible assets, long-term advances and investments in equity accounted investments, including amounts recognized in business combinations.
• Net debt: Short- and long-term interest-bearing debt and Hydro's liquidity positions.
• Adjusted net debt: Net debt adjusted for liquidity positions regarded unavailable for servicing debt, pension obligation and other obligations which are considered debt-like in nature.
• Adjusted RoaCE is defined as adjusted earnings after tax for the prior 12 months divided by average capital employed for the four most recent quarters. Adjusted earnings after tax is defined as adjusted EBIT less adjusted income tax expense. Since RoaCE represents the return to the capital providers before dividend and interest payments, adjusted income tax expense excludes the tax effects of items reported as finance income (expense), net and the tax effect of adjusting items.
• Capital employed is defined as Shareholders' Equity, including non-controlling interest plus longterm and short-term interest-bearing debt less cash and cash equivalents and short-term investments

Aluminium Metal specific adjustment to EBITDA

Qatalum 50% pro rata represent an adjustment to illustrate Hydro's share of EBITDA in Qatalum rather than Hydro's share of net income in Qatalum. The adjustment reflects the relevant elements of Qatalum's results as included in Hydro's income statement.

Metal Markets specific adjustments to EBITDA

• Currency effects include the effects of changes in currency rates on sales and purchase contracts denominated in foreign currencies (mainly US dollar and Euro for our European operations) and the effects of changes in currency rates on the fair valuation of derivative contracts (including LME futures) and inventories mainly translated into Norwegian kroner. Hydro manages its external currency exposure on a consolidated basis in order to take advantage of offsetting positions.
• Inventory valuation effects comprise hedging gains and losses relating to inventories.Increasing LME prices result in unrealized hedging losses, while the offsetting gains on physical inventories are not recognized until realized. In period of declining prices, unrealized hedging gains are offset by write-downs of physical inventories.

Adjusting items to EBITDA, EBIT, net income (loss) and earnings per share*

Hydro has defined two categories of items which are adjusted to results in all business areas, equity accounted investments and at group level. One category is the timing effects, which are unrealized changes to the market value of certain derivatives. When realized, effects of changes in the market values since the inception are included in adjusted EBITDA and adjusted EBIT. Changes in the market value of trading portfolios are included in adjusted results. The other category includes material items which are not regarded as part of underlying business performance for the period, such as major rationalization charges and closure costs, effects of disposals of businesses and operating assets, major impairments of property, plant and equipment, as well as other major effects of a special nature, and realized effects of currency derivatives entered into for risk management purposes. Materiality is defined as items with a value above NOK 20 million. All adjusting items to results are reflecting a reversal of transactions or other effects recognized in the financial statements for the current period. Part-owned entities have implemented similar adjustments.

• Unrealized derivative effects on LME related contracts include changes in unrealized gains and losses on contracts measured at market value, which are used for operational hedging purposes related to future expected sales and purchase transactions, both fixed-price customer and supplier contracts and transactions at not yet determined market prices. Also includes elimination of changes in fair value of certain internal physical aluminium contracts.
• Unrealized derivative effects on power and raw material contracts include changes in unrealized gains and losses on embedded derivatives in raw material and power contracts for Hydro's own use and in physical and financial power contracts used for managing price risks and volume changes. Changes in unrealized derivative effects on certain power contracts in a business model with the combined aim to manage hydrological risk in own power production, differences in power needs in existing and new business activities in Hydro as well as supporting development of new renewable energy projects are also adjusted for. Adjustments also comprise elimination of changes in fair value of embedded derivatives within certain internal power contracts.
• Significant rationalization charges and closure costs include costs related to specifically defined major projects, and not considered to reflect periodic performance in the individual plants or operations. Such costs involve termination benefits, dismantling of installations and buildings, clean-up activities that exceed legal liabilities, etc. Costs related to regular and continuous improvement initiatives are included in adjusted results.
• Significant community contributions Brazil refers to the provision recognized in relation to Alunorte's TAC and TC agreements with the Government of Parà and Ministèrio Pùblico made in September 2018, including later cost adjustments. Certain related agreements made later have also been adjusted for. Contributions made as part of Hydro's social programs in areas where we operate, including individual large donations announced and provided for as a single events, are considered closely related to the operations and therefore included in adjusted results.
• Other effects include insurance proceeds covering asset damage, legal settlements, etc. Insurance proceeds covering lost income or expenses incurred in the same or a prior period are included in adjusted results.
• Pension includes recognition of pension plan amendments and related curtailments and settlements.
• Transaction related effects reflect the (gains) losses on divestment of businesses and individual assets, the net remeasurement (gains) losses relating to previously owned shares in acquired business, inventory valuation expense related to acquisitions as well as acquisition costs.
• Adjusting items in equity accounted investments reflects Hydro's share of items excluded from adjusted net income in significant associates such as Qatalum, and are based on Hydro's definitions, including both timing effects and material items not regarded as part of underlying business performance for the period.
• Impairment charges (PP&E, intangible assets and equity accounted investments) relate to significant write-downs of assets or groups of assets to estimated recoverable amounts in the event of an identified loss in value. Gains from reversal of impairment charges are also adjusted for.
• Realized foreign exchange gain (loss) on risk management instruments represents such items as foreign currency derivatives entered into and managed to mitigate currency risk in the production margin, i.e. the difference between sales price for products such as aluminium or alumina versus the cost of raw materials and energy used in production. Realized embedded currency derivatives in certain power contracts in Norway denominated in Euro are also adjusted for. Such currency effects are included in currency gains and losses in finance expense in the income statement, and included in adjusted EBITDA and adjusted EBIT.
• Net foreign exchange (gain) loss: Realized and unrealized gains and losses on foreign currency denominated accounts receivable and payable, funding and deposits, embedded currency derivatives and forward currency contracts purchasing and selling currencies that hedge net future cash flows from operations, sales contracts and operating capital, with the exceptions of the realized foreign currency exchange gain (loss) on risk management instruments mentioned above.
• Calculated income tax effect: In order to present adjusted net income from continuing operations on a basis comparable with our adjusted operating performance, the adjusted income taxes include adjustments for the expected taxable effects on adjusting items to income before tax.

Other adjustments to net income from continuing operations include other major financial and tax related effects not regarded as part of the business performance of the period.

Adjusting items to EBITDA and EBIT per operating segment and for Other and eliminations 1)

	Fir st	Firs t	Fou rth
	art qu er	rter qua	rter qua	Ye ar
NO K m illio n	202 4	202 3	202 3	202 3
Un lize d d eriv ativ ffec n L ME late d ts o rea e e re	3	-	-	-
ffec Un lize d d eriv ativ ts o ate rial rea e e n ra w m	(4 1)	177	182	412
il 2) Co uni ribu tion s B ty c ont mm raz	-	-	-	25
Hy dro Ba uxi te & Al ina um	( 38)	177	182	437
ffec Un lize d d eriv ativ ts o rea e e n p ow er	61	214	( 37)	40 1
s 3) Ne t fo reig xch e (g ain ) /los n e ang	(5 )	( 3)	( 6)	( 20)
ts 4 ) Oth ffec er e	-	-	164	164
Hy dro En erg y	56	211	120	544
Un lize d d eriv ativ ffec ts o n L ME late d rea e e re	39	709	( 954 )	( 1,6 67)
Un lize d d eriv ativ ffec ts o rea e e n p ow er	( 31)	62	33	103
s 3) Ne t fo reig xch e (g ain ) /los n e ang	(7 8)	( 37)	( 89)	( 320 )
Hy dro Al iniu m M eta l um	( 69)	733	( 1,0 10)	( 1,8 84)
Un lize d d eriv ativ ffec ts o n L ME late d rea e e re	2	34	( ) 121	215
ts 5 ) Tra ctio late d e ffec nsa n re	-	50	31	120
Hy dro Me tal Ma rke ts	2	84	( 90)	335
Un lize d d eriv ativ ffec n L ME late d ts o rea e e re	( 9)	( 19)	( 134 )	( 34)
Un lize d d eriv ativ ffec ts o rea e e n p ow er	( 13)	5	( 6)	( 28)
Sig nifi t ra tion aliz atio har d c los can n c ges an ure	32	51	171	265
6) ( Ga ins ) /los div est nts d o the ses on me an r
) ts 7 tra ctio late d e ffec nsa n re	( 9)	20	4	25
ts 8 ) Oth ffec er e	-	-	-	( ) 107
Hy dro Ex tru sio ns	1	57	35	121
Un lize d d eriv ativ ffec ts o n L ME late d rea e e re	15	( 15)	( 18)	(4 3)
( Ga ins ) /los div est nts ses on me	( 14)	-	-	( 25)
s 3) Ne t fo reig xch e (g ain ) /los n e ang	(5 2)	( 115 )	( 155 )	(54 3)
ts 1 0) Oth ffec er e	-	-	-	26
Oth and eli min atio er ns	(5 2)	( 131 )	( 174 )	(5 85)
Ad jus tin g it s to EB ITD A em	( ) 100	1,1 32	( ) 936	( 33) 1,0
Imp air nt cha me rge s
11) Hyd ro B ite & A lum ina aux	-	-	3,7 73	3,7 73
l 12) Hyd ro A lum iniu m M eta	-	-	628	628
13) Hyd ro E sio xtru ns	-	-	23	23
Ad jus tin g it s to EB IT em	( 100 )	1,1 32	3,4 87	3,3 91

• 1) Negative figures indicate reversal of a gain and positive figures indicate reversal of a loss.
• 2) Community agreements includes provisions for the TAC and TC agreements with the Government of Parà and Ministèrio Pùblico made in September 2018, including later adjustments for changes in cost estimates, and some similar agreements not considered parts of normal operations.
• 3) Realized currency gains and losses from risk management contracts and embedded currency derivatives in physical power and raw material prices.
• 4) Other effects in Energy includes a provision for potential project-related costs in relation to regulatory compliance.
• 5) Transaction effects in Metal Markets includes acquisition costs related to Alumetal and realization of revalued inventory in the third quarter 2023 with lower margin.
• 6) Significant rationalization and closure costs include provisions for costs related to reduction of overcapacity, closures and environmental clean-up activities in Hydro Extrusions.
  • 7) Divestments of Hydro Extrusions plants, including adjustments of sales price, as well as acquisition costs.
  • 8) Other effects in Hydro Extrusions relates to a tax related dispute concluded in 2023 for cost incurred prior to Hydro's acquisition of the business affected.
  • 9) Unrealized derivative effects on LME related contracts result from elimination of changes in the valuation of certain internal aluminium contracts.
  • 10) Other effects relates to environmental provision for closed sites in Norway.
  • 11) Impairment charges in Hydro Bauxite & Alumina in 2023 relates to impairment of goodwill and property, plant and equipment in the operating plants.
  • 12) Impairment charges in Hydro Aluminium Metal in 2023 reflects write down of Hydro's ownership interest in the Tomago smelter in Australia.
  • 13) Impairment charges in 2023 in Hydro Extrusions include impairments of various individual sites and assets.

Adjusted EBITDA

NO K m illio n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Fou rth rter qua 202 3	Ye ar 202 3
EB IT	3,0 66	4,2 33	( 2,2 56)	9,5 92
De cia tion orti zat ion d im pai nt pre , am an rme	2,4 72	2,1 86	6,9 62	13, 815
Inv est nt g ts me ran	( 27)	( 25)	( 33)	( 116 )
EB ITD A	5,5 11	6,3 93	4,6 73	23, 291
Adj ing ite EB ITD A ust to ms	( 100 )	1,1 32	( 936 )	( 1,0 33)
Ad jus ted EB ITD A	5,4 11	7,5 25	3,7 37	22, 258

Adjusted earnings per share

NO K m illio n	Fir st q ter uar 202 4	Firs t qu arte r 202 3	Ch rior ang e p arte yea r qu r	Fou rth rter qua 202 3	Ch rior ang e p rter qua	Ye ar 202 3
Ne t in e (l ) com oss	428	1,1 44	( 63) %	( 2,7 71)	>10 0 %	2,8 04
1) Adj ust ing ite to net inc e (l ) ms om oss	1,0 70	2,1 82	(5 1) %	3,5 25	(7 0) %	5,0 31
Adj ust ed net inc e (l ) om oss	1,4 98	3,3 26	(55 ) %	754	99 %	7,8 35
Adj ust ed net inc ttrib uta ble to ntro lling int sts om e a non -co ere	( 373 )	( 140 )	>( 100 ) %	( 263 )	(4 2) %	(7 99)
Adj ust ed net inc ttrib uta ble to Hyd har eho lde om e a ro s rs	1,8 71	3,4 66	(4 6) %	1,0 17	% 84	8,6 34
Nu mb f sh er o are s	2,0 06	2,0 38	( 2) %	2,0 17	( 1) %	2,0 29
Ad jus ted rni har ea ngs pe r s e	0.9 3	1.7 0	( 45) %	0.5 0	85 %	4.2 6

1) Adjusting items to net income (loss) consist of the Adjusting items to EBIT specified on the previous page and Hydro's realized and unrealized foreign exchange gains and losses. These items are net of calculated tax effects, for most items based on a 30 percent standardized tax rate.

Adjusted net debt

	Ma rch 31	De ber 31 cem	Ch rior ang e p	Ma rch 31	De ber 31 cem	Ch rior ang e p
NO K m illio n	202 4	202 3	rter qua	202 3	202 2	arte yea r qu r
Ca sh and sh iva len ts ca equ	19, 622	24, 618	(4, 996 )	30, 873	29, 805	1,0 68
s 1) Sh m i ort- ter stm ent nve	4,9 68	2,6 41	2,3 27	2,6 96	4,1 73	( 1,4 77)
Sh ort- ter m d ebt	( 69) 8,1	(7, ) 111	( 58) 1,0	(5, ) 899	( 46) 6,7	847
Lon g-te deb t rm	( 30, 996 )	( 28, 978 )	( 2,0 18)	( 29, 615 )	( 26, 029 )	( 3,5 86)
Co llat l fo r lo ter m l iab ilitie era ng- s	682	638	44	195	106	89
Ne t de bt	( 13, 893 )	( 8,1 91)	(5,7 02)	( 1,7 49)	1,3 10	( 3,0 59)
s 2) Co llat l fo r sh ort- ter nd lon g-te liab ilitie era m a rm	( 1,9 11)	( 1,6 10)	( 301 )	( 1,8 92)	( 2,5 63)	671
3) Ca sh and sh iv. and sh ort- ter m i stm . in ptiv e in ca equ nve ca sur anc e c om pan y	( 1,2 33)	( 1,1 42)	( 91)	( 1,0 73)	( 1,0 00)	(7 3)
fit 4 ) Ne nsi et ( obl iga tion ) at fai lue t of ted inc x b t pe e ta on ass r va , ne ex pec om ene	32	( 884 )	916	( 116 )	( 270 )	154
s 5) Sh d lo isio of ed inc x b fit, and oth er l iab ilitie ort- ter net ect e ta an ng- m p rov ns exp om ene	(5, 641 )	( 6,3 44)	703	( 3,6 71)	( 3,4 66)	( 205 )
6) Adj ust ed net de bt i ts h eld for le a nd liab ilitie s in dis al g n a sse sa pos rou ps	158	149	9	-	-	-
Ad jus ted t d ebt ne	( 22, 488 )	( 18, 022 )	( 4,4 66)	( 8,5 01)	(5, 989 )	( 2,5 12)

1) Hydro's policy is that the maximum maturity for cash deposits is 12 months. Cash flows relating to bank time deposits with original maturities beyond three months are classified as investing activities and included in short-term investments on the balance sheet.

2) Collateral provided as cash, mainly related to strategic and operational hedging activities

3) Cash and cash equivalents and short-term investments in Hydro's captive insurance company Industriforsikring AS are assumed to not be available to service or repay future Hydro debt, and are therefore excluded from the measure adjusted net debt.

4) The expected income tax liability related to the pension liability is NOK 566 million and NOK 325 million for March 2024 and December 2023, respectively.

5) Consists of Hydro's short and long-term provisions related to asset retirement obligations, net of an expected tax benefit estimated at 30 percent, and other non-current financial liabilities.

6) Adjustment to include Adjusted net debt related to Hydro Rein

Adjusted Return on average Capital Employed (RoaCE), last twelve months

						Tw elv e nth mo s end ing
NO K m illio n	Fir st q ter uar 202 4	Fou rth rter 20 23 qua	Th ird rter qua 202 3	Se d q ter con uar 202 3	Firs t qu arte r 202 3	Ma rch 31 202 4	Ye ar 202 3
IT 1 ) Adj ed EB ust	2,9 66	1,2 31	1,6 00	4,7 88	5,3 64	10, 585	12, 983
2) Adj ed Inc ust e ta om x e xpe nse	( 1,2 68)	( 190 )	( 1,1 43)	( 1,2 63)	( 1,8 80)	( 3,8 64)	(4,4 75)
Ad jus ted EB IT a fte r ta x	1,6 98	1,0 42	457	3,5 25	3,4 85	6,7 21	8,5 08
NO K m illio n			Ma rch 31 202 4	De ber 31 cem 202 3	Se pte mb er 3 0 202 3	Jun e 3 0 202 3	Ma rch 31 202 3
s 3) Cu ts i inu ing tion nt a ont rre sse n c op era			609 55,	52, 753	761 55,	59, 091	59, 869
Pro ty, pla nt a nd ipm ent per equ			77, 334	74, 981	74, 367	72, 985	67, 827
s 4) Oth t as set er n on- cur ren			50, 787	47, 145	53, 266	52, 697	49, 935
5) Cu nt l iab ilitie s in ntin uin atio rre co g o per ns			( 34, 599 )	( 36, 781 )	( 35, 954 )	( 35, 123 )	( 36, 443 )
s 5) No nt l iab ilitie n-c urre			( 27, 490 )	( 26, 267 )	( 25, 850 )	( 26, 516 )	( 25, 079 )
6) Adj ed for Ass he ld f ale ust ets or s			4,1 31	3,6 85
6) Adj ed for Lia bilit ies in dis al g ust pos rou p			( 129 )	( 141 )
Ca pit al E loy ed mp			125 ,64 2	115 ,37 4	121 ,59 1	123 ,13 5	116 ,10 8
						Fir st art qu er 202 4	Ye ar 202 3

Adjusted Return on average Capital Employed (RoaCE), last twelve months 7)

1) Adjusted EBIT for the second and third quarter of 2023 are reconciled in the third quarter report for 2023.

2) Adjusted Income tax expense is based on reported and adjusted tax expense adjusted for tax on financial items.

3) Excluding cash and cash equivalents and short-term investments.

4) Excluding long-term collateral related to strategic and operational hedging activities.

5) Excluding interest-bearing debt.

6) Adjusted to include assets and liabilities in Hydro Rein.

7) Average Capital Employed measured over the last 4 quarters to reflect the return for the full year.

5.5 % 7.1 %

Additional information

Financial calendar

2024

lts

Hydro reserves the right to revise these dates.

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.

Norsk Hydro ASA NO-0240 Oslo Norway

T +47 22 53 81 00 www.hydro.com

First quarter 2024

Hydro

Design and production: Hydro © Hydro 2024

Hydro is a leading industrial company committed to a sustainable future. Our purpose is to create more viable societies by developing natural resources into products and solutions in innovative and efficient ways.

Content Additional information 1. Financial review 2. Business area 3. Financials 4. APM's 5. Additional

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