#1Hydro Fourth quarter 2023 Investor presentation February 14, 2024#2Table of contents Fourth quarter results 2023 Appendix Additional information Next event & Contact info 3 27 46 60 60 Hydro 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. 2#3Hydro Changing the aluminium game: Strengthening position in challenging markets Pål Kildemo Chief Financial Officer February 14, 2024#4Q4 2023 Adjusted EBITDA NOK 3,737 billion Free cash flow NOK (1.5) billion, adjusted RoaCE 7.1% Weaker results in challenging markets, managing short term volatility and freeing up cash Exceeding 2023 improvement targets and commercial ambitions Growing in recycling by increasing capacity and post- consumer scrap upscaling Delivering on decarbonization roadmap across the value chain, pushing boundaries with low-carbon Hydro CIRCAL Proposed cash dividend of 59 percent of adjusted net income (NOK 2.5 per share) and NOK 2 billion share buyback program#5Challenging alumina markets in Q4 Tightening at year-end on industry curtailments Three key events impacting alumina market dynamics 01 Chinese bauxite sourcing USD/t Platts alumina index (PAX) Million mt 20% 1,0 450 Domestic bauxite sourcing constraints causing temporary alumina capacity curtailments 18% Q4 400 02 Explosion & fire at fuel depot in Guinea 350 • Uncertainties over Guinean bauxite shipments to China in the wake of extensive fire damage to the main oil depot in Guinea 03 Industry curtailments Announced industry curtailment affects the global alumina balance and tightens the market Source: CRU, Hydro Analysis, Platts, Bloomberg 300 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Regional alumina market balances 0,5 16% 14% 12% 0,6 0,7 W 10% -0,6 -0,7 0,0 -0,2 PAX Shanxi ex-works (ex-VAT) % LME 3m (rhs) 2022 2023 -0,9 2024e World ex China China World LO 5 Hydro#6Rangebound aluminium prices, slower decline in demand Expected improved market balance in 2024 Hydro Rangebound all-in metal prices LME USD/t 4.000 Growing Russian % of metal in LME warehouses Share of Russian metal, % NOK/t 100% Tightening estimated global balance Primary production, million tonnes 1.6 1.4 Large demand drop in B&C drives down billet demand Extrusion growth YoY, % 6% 35 000 90% 3 500 80% - 30 000 70% 3 000 25 000 60% 2 500 50% 20 000 40% 2 000 1 500 01/01/2020 01/01/2022 30% 15 000 20% 10 000 10% Лим 01/01/2024 - LME 3M LME 3M (NOK) Source: CRU, Bloomberg, LME, Hydro analysis 0% Feb-20 Apr-20 Oct-20 Dec-20 Feb-21 Apr-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Aug-23 Oct-23 Dec-23 -1.2 -1.3 2023 2024 World ex. China China -16% -15% H1-2023 o EU and NA -7% 6#70 2010 2011 Source: Fastmarkets, Hydro analysis 2012 Margin pressure USD/mt, Europe 1 600 1 500 Standard ingot duty paid 1 400 Extrusion ingot duty paid 1 300 Extrusion ingot over standard ingot 1 200 Extrusion ingot over standard ingot, average 2010-2023 1 100 Extrusion ingot over standard ingot, average "normalized" 2010-2020+2023 1 000 900 800 700 600 500 400 300 200 100 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Margin pressure and challenging demand impact recycling profitability Capacity utilization % production vs capacity, recyclers in Metal Markets 1 500 Dec-22 HH Jan-23 Feb-23- Mar-23 Apr-23- 2 000 Jun-23 - May-23 Jul-23 - Aug-23 - 2 500 Sep-23- Oct-23- Nov-23 Dec-23 7 110 100 90 80 2654 50 40 70 60 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Scrap price development USD/mt 3.000 Old rolled scrap Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 LME + Billet premium Clear trader scrap Monthly CU Average CU#8Managing short-term volatility, freeing up cash Large NOC release in Q4 Hydro Short and medium-term mitigation Aluminium Metal • Electrolysis production curtailed (~130kt Norwegian smelters) Volumes shifted between product segments • Utilizing short-term flexibility in recyclers • Strong margin management, and optimizing metal input and cost in recyclers NOK 7 billion cash effective NOC release in 2023 Net operating capital, NOK billion 34 NOC other CO2 comp 3 31 30 2 2 27 2024 guiding NOK 1 billion build 1 28 803 Extrusions Strong margin management • Product portfolio and workforce flexibility • Utilizing short-term flexibility in recyclers 20 27 3 NOC release in Q4-23 of NOK 3 billion Seasonal effect from lower quarter-end revenues Positive impact from inventory Hedging program to secure margins • B&A: hedges for most of exposure to coal, electricity and gas in 2024 • MM & Extrusions: hedges for gas and power for 50% of exposure in 2024 • Integrated margin hedge in place for 2024 and 2025 • USD/BRL hedges in place for Alunorte and Albras 13 0 19 13 31 29 29 28 28 24 Q4-20 Q4-21 Q3-22 Q4-22 Q3-23 Q4-23 reductions, transitional divestment effects, and high project activity, partly offset by increase in CO2 compensation. 25 Q4-24E 8#9Exceeding 2023 improvement targets 2030 ambitions strengthened through greener premiums and digitalization Hydro Improvement program Ambitions extended with additional NOK 1 billion until 2030 +0.4 Digitalization initiatives 12.0 13.0 8.4 8.8 9.5 10.5 New digitalization ~1.0 5.2 BNOK → Fixed cost 0.2 1.4 Procurement 2023 2023 2024 2025 2027 2030 target actual Commercial initiatives Ambition increased in 2025 and 2027, and extended with additional NOK 0.4 billion until 2030 2.6 Operational excellence Energy Product mix and margins O Key achievements 2023: • 2023 NOK 0.4 billion above target for improvement program Added Energy commercial initiative with a NOK 0.4 billion impact Fixed cost and procurement strongest drivers for achievement in improvement program B&A commercial achievements key contributor in commercial ambitions ~2 0.7 3.3 BNOK → Key levers 2024: '0.41) 2.42) 2.6 3.0 3.4 2023 actual 2025 2027 2030 Market share Green premiums growth • Improving operational and commercial excellence, enabled by digitalization Expanding new products and corresponding margin contributions 1) Added scope on top of initial target, Energy commercial improvements 2) Including greener premiums Note: Estimated NOK 1.5 billion in annual average CAPEX to meet remaining improvement and commercial ambitions. Leveraging on greener premiums 9#10Hydro 2030: Pioneering the green aluminium transition, powered by renewable energy Key priorities towards 2030 1 3 Step up growth investments in Recycling and Extrusions to take lead in the market opportunities emerging from the green transition 2 Step up ambitions within renewable power generation Execute on ambitious decarbonization and technology road map and step up to contribute to nature positive and a just transition 4 Shape the market for greener aluminium in partnership with customers Hydro 10#11Growing recycling capacity, and securing scrap, supports 2030 targets Recycling targets 2030¹) Increasing green field capacity Re-born in the USA dro Growing and extracting value from post-consumer scrap You don't need a desk to be a be Always crushing PCS usage capacity Tonnes ('000) 520-670 560 Just ents an't live without people. • Production start at Cassopolis, U.S. Increasing annual recycling capacity with 120 kt, and post-consumer scrap use with 40 kt Investing in Torija, Spain recycler Increasing annual recycling capacity with 120 kt, and post-consumer scrap use with 70 kt Padnos joint venture Industrializing HySort in the U.S., enabling more upcycling of 20 kt annual post-consumer scrap Alumetal integration Implementing identified synergies of EUR 10-15 million by 2027 - Recycled ingot to Norwegian smelters and combining sorting capabilities 280 2020 Recycling EBITDA NOK billion 850-1,200 2023 2025 2030 2.9 2.6-3.0 1.4 5-8 2020 2023 2025 2030 Realized Target Installed capacity ramping up 11 1) Range based on capex. High-range include ~70% of further potential capex given market and M&A. Including Alumetal for July 2023#12Executing on ambitious decarbonization roadmap Hydro 2018 2025 10% carbon emission reduction 2030 30% carbon emission reduction 2050 (or earlier) Zero carbon emissions • Alunorte fuel switch Only days before FSRU is expected to arrive at Barcarena • Minimal financial impact of delay HalZero test facility at Herøya, Norway approved Next step in developing emission-free electrolysis technology for new smelter capacity Testing emission-free plasma technology Decarbonization pilot with global potential at casthouse in Sunndal • Hydro CIRCAL, from 2.3 to 1.9 kg CO2/kg Al Documented lower-carbon footprint through advances in sourcing, sorting and traceability of post-consumer scrap Founded on renewable energy REIN Hydro Пока 12#13Shaping the market for greener aluminium Joining the First Movers Coalition (FMC) United Nations Clete Change COP28UAE Un Joining forces with Volvo Group First Movers Coalition The First Suppliers Hub is a global repository of innovative final products and value chain suppliers. It draws forward the emerging technologies needed to decarbonize the world by 2050. 80+ Projects from 40+ Suppliers Carbon Dioxide Removal dimeworks Eion CHARM drax PACIFIC BIOCHAR Cement/Concrete Sublime Systems CARBONBUILT CemVision BRIMSTONE CEMEX ecoom Saferock chement HOLCIM FORTERA Aluminum Aluminum cba Hydra Trucks KEE Avi G Synthelon Azzera AMPAIRE CO 25 cba Hydro JA VERNE AIR COMPANY -twelve AMOGY Hydro and Volvo Group will work together to accelerate net-zero transportation through establishment of roadmap towards 2030, enabling greater use of low-carbon aluminium Joining the Hydro has qualified as a supplier of REDUXA 3.0 — Hydro as one of two FMC's new "green" supplier database suppliers of products below 3.0 tonne CO2e per tonne Al in the world Greener product capability from total aluminium portfolio¹) Million tonnes capacity potential 4 3 Tonnes CO₂e per tonne Al. in product High-potential -pending capital allocation Hydro CIRCAL <2.3t/t product potential <2t/t 2 <3t/t <4t/t Hydro REDUXA 1 Renewable based primary product potential 0 Non-renewable based primary 2023 2024 2025 2026 2027 2028 2029 2030 3-4 mill mt recycled aluminium 1) Based on 2030 EU ETS cost and relative CO2 reduction vs Hydro REDUXA 4.0 at current industry traded upcharge. Hydro REDUXA and CIRCAL potential based on estimated certification capacity. Primary capacity based on equity share renewable power. Hydro CIRCAL products have post-consumer scrap content > 75% 2 mill mt primary aluminium 13#14Powering the green aluminium transition Project portfolio with robust return potential Hydro Positive development on resource rent tax onshore wind The Norwegian Parliament has reached an agreement on the implementation of a resource rent tax on onshore wind power: 25 percent, effect from January 1, 2024 Concession application for new hydropower plants Hydro and Lyse have applied for concession for five new hydropower stations in Røldal-Suldal An upgrade and expansion of the current plants could increase capacity by: 800 GWh, gross 650 MW Hydro Rein and Årdal Energi collaboration Hydro Rein has signed a cooperation agreement with Årdal Energi to develop renewable projects in Årdal 14#15Adj. EBITDA down on lower upstream prices Marginally offset by FX, lower raw material cost and Extrusions margins 2023 vs 2022 39.7 16.2 1.6 3.1 2.1 3.5 1.6 0.70.3 3.4 Adj. EBITDA 2022 Realized aluminium and alumina price Raw material cost Extrusion and recycling margins Extrusion and recycling volumes Fixed cost FX Note: 1) Power sales including Energy loss on buy-back contract with AM -3.8 Slovalco effects Power sales Other & eliminations Slovalco, power sales, other & eliminations¹) 22.3 Hydro Adj. EBITDA 2023 15#16Adj. EBITDA down on lower prices and Extrusions results Partially offset by lower raw material cost, CO2 compensation adjustment and TerPaz Hydro Q4 2023 vs Q3 2023 3.9 0.7 0.5 0.6 0.7 0.3 0.9 0.5 3.7 0.8 0.4 CO2 compensation TerPaz program Other & eliminations Adj. EBITDA Q3 2023 Realized aluminium and alumina price Raw material cost Extrusion and recycling volumes Fixed cost FX CO2 compensation, TerPaz, other & eliminations Adj. EBITDA Q4 2023 Note: 1) Excluding Energy loss on buy-back contract with AM 16#17Key financials NOK million Revenue Reported EBITDA Adjusting items to EBITDA Adjusted EBITDA Reported EBIT Adjusted EBIT Hydro Q4 2023 Q4 2022 Q3 2023 Year 2022 46 754 44 075 4 673 3 930 44 702 1975 207 929 Year 2023 193 619 39 536 23 291 (936) 3 254 1 923 128 (1 033) 3 737 7 184 3 899 39 664 22 258 (2 256) 1 405 (323) 30 715 9 592 1 231 4 946 1 600 31 179 12 983 Financial income (expense) Reported Income (loss) before tax Income taxes (259) 271 378 1 649 (3 046) (2 516) 1 676 55 32 365 6 546 (256) (1519) (680) (7 984) (3 742) Reported Net income (loss) from continuing operations (2 771) 158 (625) 24 381 2 804 Adjusted net income (loss) from continuing operations 754 2 371 345 23 145 7 835 Earnings per share from continuing operations Adjusted earnings per share from continuing operations (1.26) 0.50 0.12 0.99 (0.18) 0.27 11.76 10.70 1.77 4.26 Income (loss) from discontinued operations 1) 36 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 17#184 4 Hydro Bauxite & Alumina Results up, mainly driven by lower raw material prices, partly offset by currency effects, lower bauxite production and higher fixed costs Implied alumina cost and margin USD/mt¹) 18 331 337 345 Q4 2023 Q4 2022 Q3 2023 Key figures Alumina production, kmt Q4 23 Q4 22 Q3 23 1 571 1 559 1 522 349 342 349 Price³) Total alumina sales, kmt 2 487 2 220 2 229 Realized alumina price, USD/mt 349 342 349 Implied alumina cost, USD/mt¹) 331 337 345 Bauxite production, kmt 2 771 2 824 2 848 Implied EBITDA cost per mt¹) All-in EBITDA margin per mt Adjusted EBITDA, NOK million 481 101 93 Adjusted EBIT, NOK million -269 -586 -610 Results Q4 23 vs Q4 22 Adjusted RoaCE, % LTM²) -2.5% 1.8 % -3.2 % • Lower raw material prices • Stronger BRL against USD . Lower bauxite production Adjusted EBITDA NOK million 1 270 1 117 817 633 101 437 93 93 481 3 122 2022 1) Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales 123 2) 3) 1 828 2023 Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters Realized alumina price Higher fixed costs Outlook Q1 24 vs Q4 23 Alunorte production around nameplate capacity Higher alumina price • Stable raw materials development 18#19Hydro Aluminium Metal Results down on lower all-in metal prices, reduced contribution from power sales and lower sales volume, partly offset by reduced raw material cost, adjusted CO2 compensation and positive currency effects Key figures Primary aluminium production, kmt Q4 2023 Q4 2022 Q3 2023 All-in implied primary cost and margin USD/mt1,4) 350 2 1259) 575 350 2 2509) 2 2259) 1 775 1 650 1 775 4Q23 4Q22 3Q23 Total sales, kmt 514 541 522 512 2 477 2 823 2 578 All-in6) 542 539 2 129 2 246 2 146 LME Realized LME price, USD/mt¹) 2 129 2 246 2 146 Realized LME price, NOK/mt¹) 63% 67% 69% % value add products?) Realized premium, USD/mt Implied all-in primary cost, USD/mt 2) 23 143 348 2,125 22 813 22 456 577 2,250 432 2,225 Implied all-in primary cost, per mt 2) Implied LME cost, per mt 5) All-in EBITDA margin per mt Adjusted EBITDA, NOK million 1 937 4 756 1 379 Adjusted EBITDA including Qatalum 50% pro rata (NOK million) 2 487 5 256 1 896 • Adjusted EBIT, NOK million 1 264 4 097 Adjusted RoaCE, % LTM³) 13.8 % 35.4 % 727 18.5 % Results Q4 23 vs Q4 22 Lower all-in metal prices Adjusted CO2 compensation Reduced raw material cost Adjusted EBITDA NOK million • Positive currency effects . Reduced contribution from power sales • Lower sales volume 6 977 6 463 Outlook Q1 24 vs Q4 23 4 765 4 756 3 972 3215 1 379 1 937 • 67% of primary production for Q1 2024 priced at USD 2255 per mt. 8) 22 963 2022 10 502 2023 • ~46% of premiums affecting Q1 2024 booked at USD -373 per mt. Q1 realized premium expected in the range of USD 275 - 325 per mt. 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 • Lower raw material cost 180 6) Realized LME plus realized premiums, including Qatalum 7) 8) 9) % of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes Bookings, also including pricing effects from LME strategic hedging program as per 31.12.2023 Excluding power sales Slovalco and Norwegian smelters and CO2 catch-up Q3 2022 and Q4 2023 19#20Metal Markets Increased results from sourcing and trading activities, and positive inventory valuation and currency effects, partly offset by lower results from recyclers Key figures Recycling production, kmt Metal products sales, kmt 1) Q4 2023 Q4 2022 Q3 2023 LE 166 115 176 645 614 652 Adjusted EBITDA Recycling (NOK million) 58 342 274 Adjusted EBITDA Commercial (NOK million) -97 -434 294 Adjusted EBITDA Metal Markets (NOK million) -38 -91 568 Adjusted EBITDA excl. currency and inventory valuation effects -36 160 566 Adjusted EBIT (NOK million) -229 -134 482 Results Q4 23 vs Q4 22 Adjusted RoaCE, % LTM²) 10.7 % 31.0 % 13.6 % • Increased results from sourcing and trading activities Adjusted EBITDA NOK million 525 705 534 -91 669 568 334 -38 1 673 2022 1 533 2023 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 Positive inventory valuation and currency effects Lower results from recyclers on lower margins and Cassopolis ramp-up Outlook Q1 24 vs Q4 23 . Increased results from sourcing and trading activities Positive currency effects Continued margin pressure in the recyclers Cassopolis ramp up 20 20#21Softer extrusion demand in industrial and transport segments Expected demand improvement in second half of 2024 in both Europe and North America External market forecasts Year over Year * Extrusion market growth per quarter and annually Growth in % Extrusion sales volumes Q4 2023 vs Q4 2022 Hydro Extrusions segment sales volume Growth in % 9 -10-10 -4 ရာ 9 9 3 -2 -5 -12 14 -5 Hydro -11 -13 -14 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -17 2023 -20 Distribution -20 B&C 2024 10% 30% Industrial 18% HVAC&R 2% Transport Automotive 19% 22% Total *Source: CRU North America Europe Share of Q4 2023 Hydro Extrusions sales 21#22Hydro Extrusions Stable results, lower sales volume and higher costs, offset by higher sales margins and currency Key figures External sales volumes, kmt Adjusted EBITDA, NOK million Adjusted EBIT, NOK million Adjusted RoaCE, % LTM1) Adjusted EBITDA NOK million Q4 2023 Q4 2022 Q3 2023 236 265 260 923 939 1 322 90 168 548 8.8% 11.4 % 9.1 % 2 331 2 365 2 223 2013 1 385 1 322 939 923 • 7 020 2022 6 480 2023 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 Q4 23 vs Q4 22 • Lower sales volumes • Higher sales margins . Higher variable costs Positive currency and metal effects Outlook Q1 24 vs Q1 23 . Continued strong margins Lower sales volumes Higher fixed and variable costs • Market uncertainty remains C 01 22#23Hydro Energy Lower results due to lower prices and lower gain on price area differences, partly offset by higher production and no loss from internal contract Key figures Power production, GWh Net spot sales, GWh 3) Southwest Norway spot price (NO2), NOK/MWh Adjusted EBITDA, NOK million Adjusted EBIT, NOK million Adjusted RoaCE, % LTM1),2) Adjusted EBITDA NOK million 323 1) 2) 3) Q4 2023 Q4 2022 Q3 2023 2 440 2 002 2216 101 511 24 818 1 719 664 805 1 542 762 755 1 493 712 13.0 % 29.5 % 20.2 % 2 239 1 542 321 • 824 726 854 762 805 4 926 3 146 2022 2023 Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less tax/ Average capital employed last 4 quarters 40% tax rate applied for 2022 and 50% for 2023 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 0.5 TWh in the quarter Results Q4 23 vs Q4 22 • Higher production Lower net spot sales mainly due to no purchase volumes from Aluminium Metal buy-back contract and Markbygden PPA delivery disruption³ Lower prices and lower gain on area price differences • Lower trading and hedging results Outlook Q1 24 vs Q4 23 Lower prices and lower gain on area price differences Continued price and volume uncertainty 23#24Net debt decrease driven by sale of shares in Alunorte Negative FCF due to taxes and investments offsetting EBITDA contribution and NOC release NOK billion Free cash flow NOK (1.5) billion Hydro (13.8) 3.7 2.7 (3.1) 8.4 BNOK in proceeds from sale of shares in Alunorte to Glencore (4.8) (0.9) 8.0 (8.2) (1.6) (0.9) (7.3) (9.8) (18.0) Hedging collateral and other Pension assets/(liabilities) Other assets/(liabilities) Net cash (debt) Adj. EBITDA Change in NOC Q3-23 Other operating Investments (net) Shareholder cash flow distributions Other Net cash (debt) Q4-23 Adjustments Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity Adj. net cash (debt) Q4-23 24 24#25Board of Directors propose higher distribution than guided, on large NOC release in Q4 Hydro Dividend yield¹) 3.2% 3.8% 3.1% 9.9% 7.7% 3.7% Healthy working capital release and a robust balance sheet enables another year of solid shareholder distribution Shareholder distribution proposal NOK 2.5 cash dividend per share • Representing payout of NOK ~5 billion ~59% of adjusted net income ⚫ NOK 2 billion for new share buyback program • In total -81.5% of adjusted net income and NOK ~7 billion Average five-year payout ratio4) of ~74% Total distribution per share, • ~87% including share buy-backs5) NOK • Payment conditional upon AGM approval May 7, 2023 2) 4) 72345 Based on share price at year end Dividend per share divided by adjusted earnings per share from continuing operations. Distributed share of underlying net income including share buy-backs Average dividend per share divided by average adjusted earnings per share from continuing operations for last five years. Average total distribution per share divided by average adjusted earnings per share from continuing operations for last five years. 45% 2018 240% 2019 116% 95% 62% 82% .59% 101% 53% 0.98 0.98 3.45 5.65 0.99 3.40 2.50 2020 2021 2022 2023 Dividend pay-out ratio²) · Total pay-out ratio³) Share buy-back (NOK) Extraordinary dividend per share (NOK) Ordinary dividend per share (NOK) 25 25#26Our priorities 1 2 Maintain 3 Deliver on Recycling, Health and safety first robustness and mitigate weaker markets Extrusions, and Renewable growth ambitions Pioneering the green aluminium transition, powered by renewable energy 4 5 Seize Execute on decarbonization and technology opportunities in greener aluminium at road map premium pricing Lifting profitability Driving sustainability 26#27Hydro Appendix#28Key figures - Outlook Q1 2024 Hydro 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 Raw materials development is expected to be largely stable Fixed and other costs is expected to be largely stable Higher alumina price will have a positive impact on the results Extrusions Expect margin development YoY to be lower compared to what we have seen in the previous quarters YoY Remelt margins continue to be under pressure Compared to the market we expect slightly lower volume development for our North American extrusion business and largely in line with the Market in Europe Aluminium Metal 67% of production for Q1 booked at 2255 USD/mt 46% of the premiums affecting Q1 booked at 373 USD/mt Expected range for premiums for Q1: 275 - 325 USD/mt Lower raw material cost of ~100 MNOK Total CO2 compensation booking for 2024 of around NOK 3.2 billion which implies NOK 750- 850 million per quarter Do not forsee any restarts of the curtailed primary volumes next quarter Metal Markets Expected positive contribution from sourcing and trading activities and a reversal of impairments from the fourth quarter, as we account for positive hedging effects. Continued margin pressure in the recyclers Adjusted EBITDA for Commercial excl. currency and inventory valuation effects for 2024 expected in the range of 250MNOK to 400MNOK Energy Expect lower price area differences result of about NOK 50-150 million. Last quarter results were at NOK 308 million#29Key performance metrics | Q4 2023 Adjusted EBITDA NOK million 7 184 Free cash flow¹) NOK billion 5.8 4Q22 3 899 3 737 3Q23 4Q23 Upstream costs 3,4) USD per tonne 1. 2 250 2 300 2 200 337 345 331 4Q22 3Q23 4Q23 Bauxite & Alumina Aluminium Metal 4Q22 Adjusted RoaCE2) 12-month rolling % 22.2% -1.4 3Q23 -1.5 4Q23 4Q22 Extrusion volumes Thousand tonnes 265 260 236 4Q22 3Q23 4Q23 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 3. 4. 2. 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 Hydro 8.5% 7.1% 3Q23 Improvement program status NOK millions 4Q23 14,000 12,000 10,500 8,800 2023 achieved 2025 2027 overall overall target target 2030 overall target Realized alumina price minus adjusted EBITDA for B&A, excluding insurance proceeds relating to decommissioned crane (NOK -500 million), per mt alumina sales 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 29#301) 2) 3) 4) 5) 6) 7) Capital return dashboard 2023 Capital employed 1) 11 % 23% ~115 BNOK 8% 22 % 36 % Hydro Bauxite & Alumina Aluminium Metal Metal Markets Extrusions Energy Capital returns adj. RoaCE 7.1%²) 11% last 5 years vs 10% target over the cycle Balance sheet adj. ND/EBITDA 0.73) adj. ND/EBITDA < 2x target over the cycle Free cash flow 2023 (0.2) BNOK* excludes BNOK 8.4 proceeds from Alunorte shares sale Improvements NOK 11.6 billion realized by end-2023 Improvement Program NOK 8.8 billion Commercial ambitions NOK 2.8 billion 5) Net operating capital NOK 6.9 billion cash effective release 2023 NOK 1 billion build by end of 2024 Capex NOK 21.1 billion spent 2023 2024 guiding NOK 15 billion 6) Proposed distribution: For 2023 NOK 7 billion" 7) 2.50 NOK/share ordinary dividend NOK 2 billion share buyback Graph excludes (2.7) BNOK in capital employed in Other & Eliminations 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 Average adjusted net debt last 4 quarters / total adjusted EBITDA last 4 quarters Free cash flow-operating cash flow excl. collateral and net purchases of money market funds, less investing cash flow excl. sales/purchases of short-term investments Including Energy commercial in scope, NOK 0.4 billion 2023 Excluding Hydro Rein. Potential for additional NOK ~1 billion accelerated organic growth depending on market development. Potential NOK -1 billion cash effective capex payables from 2023 on top, pending payables by YE 2024 Pending approval from the AGM on May 7th, 2024 30 30#31Revenue drivers through Q4 2023 Source: Bloomberg, Norges Bank, LME, Fastmarkets, Platts LME aluminium price USD/mt 4,000 3,500 3,000 2,500 2,000 1,500 01/18 01/19 01/20 01/21 01/22 01/23 01/24 LME 3M LME 3M (NOK) Hydro Regional standard ingot premiums Platts alumina index (PAX) USD/mt USD/mt % of LME 35,000 1,600 600 24,0 550 1,400 22,0 30,000 500 1,200 20,0 450 1,000 18,0 400 25,000 800 350 16,0 300 20,000 600 14,0 250 400 12,0 200 15,000 200 150 10,0 100 0 8,0 01/18 01/19 01/20 01/21 01/22 01/23 01/24 01/19 01/20 01/21 01/22 01/23 01/24 US Mid West Japan Europe (duty-paid) PAX Shanxi ex-works (ex-VAT) - % LME 3m (rhs) - Extrusion ingot 31#323.0 2.5 2.0 1.5 1.0 0.5 0.0 Q4-19 Q1-20 3.5 Q2-20 Q3-201 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Indication of current market prices Source: Thomson Reuters, PACE, IHS Markit, Platts, ANP, CRU 0.0 2.0 1.5 1.0 0.5 Q4-19 Q1-20 Q2-20 Q3-20 2.5 3.0 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Caustic soda (indexed) Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 0.0 Petroleum coke FOB USG (indexed) Q2-22 Q3-22 Q4-22 Market raw material costs in Q4 2023 Q1-23 Q2-23 Q3-23 Q4-23 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Pitch FOB USG (indexed) 2.5 1.6 1.4 2.0 1.2 1.0 1.5 0.8 1.0 0.6 0.4 0.5 0.2 0.0 0.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Fuel oil A1 and Henry Hub NG spot price (Indexed) Fuel Oil A1 (indexed) Henry Hub Natural Gas Spot Price (indexed) Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q2-23 Q3-23 Q4-23 7 896543210 Alumina PAX index (indexed) Q4-19 Q4-19 Q1-20 Q1-20 Q2-20 Q2-20 Q3-201 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Steam coal (indexed) Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q4-22 Q1-23| Q1-23 Q2-23 Q2-23 Q3-23 Q3-23 Q4-23 Q4-23 32 32 Hydro#332025 hedge position increased by 20 kt during the quarter Aluminium hedges of 320-460 kt/yr 2024-25 in place • 2024: 440 kt hedged at a price of ~2500 USD/t • • • 2025: 320 kt hedged at a price of ~2500 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 BRL/USD Hedge • USD 772 million sold forward for 2024-2026 • USD 335 million 2024 at rate 6.19 • USD 267 million 2025 at rate 5.33 Strategic hedging status NOK Billions MtM Settlements Aluminium -6.1 Power 2.4 Coal, fuel oil and other 0.9 USD/NOK -0.8 USD/BRL 1.0 Total settlement -2.6 Aluminium 0.0 Coal, fuel oil and other -0.2 MtM active hedges BNOK 0.6 USD/NOK -0.1 USD/BRL 0.9 Total settlement and MtM -1.9 • USD 170 million 2026 at rate 5.48 • Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions Utilizing Hydro's hedging policy to deliver on strategic ambitions Flexibility to hedge in certain cases - Support strong cost position - Strong margins in historical perspective, e.g., supporting ARoaCE target - Larger investments Hydro 33#34Significant exposure to commodity and currency fluctuations Aluminium price sensitivity +10% NOK million 3 220 AEBITDA Currency sensitivities +10% Sustainable effect: NOK million 2 250 AEBITDA Hydro USD BRL EUR 4,250 (1,020) (100) One-off reevaluation effect: Adjusted Net Income Financial items (590) Other commodity prices, sensitivity +10% NOK million 890 420 1,390 (4,370) Gas2) . Annual adjusted sensitivities based on normal annual business volumes. LME 2,120 USD/mt, standard ingot premium (Europe duty paid) 190 USD/mt, PAX 355 USD/mt, fuel oil 820 USD/mt, petroleum coke 440 USD/mt, pitch 965 EUR/mt, caustic soda 360 USD/mt, coal 105 USD/mt, gas (Henry Hub) 2.74 USD/MMBtu, USDNOK 10.91, BRLNOK 2.19, EURNOK 11.66 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 underlying currency exposure (transaction exposure) Currency sensitivity on financial items includes effects from intercompany positions (220) (400) (270) (180) (70) (60) Standard Realized Pet coke Fuel oil ingot PAX premium1) Caustic soda Pitch Coal 1) Europe duty paid. 2) Henry Hub • 2023 Platts alumina index (PAX) exposure used • Adjusted Net Income sensitivity calculated as AEBITDA sensitivity after 30% tax Sensitivities include strategic hedges for 2024 (remaining volumes for 2024, annualized) 34#35Bauxite & Alumina sensitivities Annual sensitivities on adjusted EBITDA if +10% in price NOK million 1 900 • 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 (10) (70) (60) • ~0.1 tonnes per tonne alumina (220) (270) . Aluminium Realized PAX Fuel oil Caustic soda Coal Gas Currency sensitivities +10% NOK million AEBITDA USD BRL EUR 1,150 (750) Hydro Prices based on IHS Chemical, pricing mainly monthly per shipment Energy • • ~0.12 tonnes coal per tonne alumina, Platts prices, one year volume contracts, weekly per shipment pricing ~0.11 tonnes heavy fuel oil per tonne alumina, prices set by ANP/Petrobras in Brazil, weekly pricing (ANP) or anytime (Petrobras) Annual adjusted sensitivities based on normal annual business volumes. LME 2,120 USD/mt, standard ingot premium (Europe duty paid) 190 USD/mt, PAX 355 USD/mt, fuel oil 820 USD/mt, petroleum coke 440 USD/mt, pitch 965 EUR/mt, caustic soda 360 USD/mt, coal 105 USD/mt, gas (Henry Hub) 2.74 USD/MMBtu, USDNOK 10.91, BRLNOK 2.19, EURNOK 11.66 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 35 55#36Aluminium Metal sensitivities Annual sensitivities on adjusted EBITDA if +10% in price NOK million 3 230 420 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 (400) (180) • Mainly priced on Platts index Aluminium Standard ingot premium (1020) Realized PAX Pet coke Pitch Currency sensitivities +10% NOK million AEBITDA USD BRL EUR 2,990 (290) (640) Hydro Carbon ~0.40 tonnes petroleum coke per tonne aluminium, Pace Jacobs Consultancy, 2-3 year volume contracts, quarterly or half yearly pricing ~0.08 tonnes pitch per tonne aluminium, CRU, 2-3 year volume contracts, quarterly pricing Power 14.0 MWh per tonne aluminium Long-term power contracts with indexations Annual adjusted sensitivities based on normal annual business volumes. LME 2,120 USD/mt, standard ingot premium (Europe duty paid) 190 USD/mt, PAX 355 USD/mt, fuel oil 820 USD/mt, petroleum coke 440 USD/mt, pitch 965 EUR/mt, caustic soda 360 USD/mt, coal 105 USD/mt, gas (Henry Hub) 2.74 USD/MMBtu, USDNOK 10.91, BRLNOK 2.19, EURNOK 11.66 36#37Energy EBITDA development Hydro . Adjusted EBITDA and NO2 spot price NOK million 5 000 4 000 4 926 NOK/MWh 2 500 3 791 2 000 3 146 3.000 1 500 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 2012 2 085 2 000 1 545 1 803 1 588 1 359 1 300 1553 1754 1 496 1 000 1 234 ⚫ Power portfolio optimized versus market 1 000 500 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Adjusted EBITDA and NO2 spot price NOK million 2 500 2 000 1 500 1 000 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 - NO2 spot price Adjusted EBITDA 1) Adjusted EBIT 2006 based on USGAAP 2) Compared to 2020 NOK/MWh 4 000 3 500 - 3 000 . - 2 500 2 000 • 1 500 1 000 • 500 0 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 37#38• • • . Metal Markets earnings drivers Recyclers . Revenue impact - volume, LME and product premiums Cost impact • Scrap and standard ingot premiums above LME • Raw material mix • Freight cost - proximity to market • Energy consumption and prices 750 700 650 600 550 500 Other main businesses 450 400 • Physical ingot and LME trading 350 Third-party casthouse products 300 250 Results influenced by currency fluctuations and inventory valuation effects 200 150 100 Adjusted EBITDA for Commercial excl. currency and inventory valuation effects for 2024 expected in the range of 250MNOK to 400MNOK 50 ul. 0 -50 -100 Q2 2014 Q3 2014 Adjusted EBITDA excluding currency effects and inventory valuation effect, NOK million 1) 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. Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 38 Hydro#397,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Q1 2016 Q2 2016 1) Pro-forma figures Extrusions earnings drivers Adjusted EBITDA per tonne 1), NOK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 • • 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 39 Hydro#40Capital return dashboard for Bauxite & Alumina Returns below the cost of capital reflecting challenging markets, embargo and operational issues during the early years Capital employed in B&A 12% Hydro ~26 BNOK (31 Dec '23) 22% 6% 6% 3% 2% 1.8 BNOK 10-11% 2018 2019 2020 2021 2022 -2% 2023 Adjusted EBITDA FY 2023 Return requirement ~4% 2018-2023 average ARoaCE 1.0 BNOK 2024-2030 incremental EBITDA from improvement potential and commercial ambitions. Reduce 25% of CO₂e by 2025. 1:1 reforestation target. Fuel switch project improving Alunorte's competitiveness and sustainability Capex, BNOK 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2023 actual 2024 guiding 2025-28 guiding Growth and return-seeking Sustaining Sustain and improve Strategic theme 40#41Capital return dashboard for Energy Returns above the cost of capital reflecting the depreciated asset base Capital employed in Energy 11 % 30% 25% 19% 13 % 9% 12% 3.1 BNOK -13 BNOK (31 Dec '23) 2018 2019 2020 2021 2022 2023 Adjusted EBITDA FY 2023 ~18% 2018-2023 average ARoaCE Increase Energy commercial impact from NOK 0.4 billion to NOK 0.7 billion Hydro Rein partnership with Macquarie Asset Management secures USD 300 million capital raise to accelerate and finance project pipeline Capex, BNOK 4.0 3.0 2.0 1.0 0.0 2023 actual REIN Batteries 2024 guiding 2025-28 guiding Growth and return-seeking Sustaining 6-7% Return requirement Selective growth Strategic theme Hydro 41#42Capital return dashboard for Aluminium Metal & Metal Markets Investments in recycling capacity to support growth Capital employed in AM (MM) 35% 28 % ~43 (9) BNOK (31 Dec '23) 8% 36 % 14% 5% 3% 2018 -3 % 2019 2020 2021 2022 2023 -14%(-22%) 2018-2023 average ARoaCE 1.5 +0.2 BNOK 2024-2030 incremental EBITDA from improvement potential and commercial ambitions Investments in recycling capacity to support growth 1) Strategic theme for Recycling is growth 10.5 (1.5) BNOK Adjusted EBITDA FY 2023 10%-11% (7-8%) Return requirement Capex, BNOK 8.0 6.0 4.0 2.0 0.0 2023 actual 2024 guiding 2025-28 guiding Growth and return-seeking Sustaining Sustain and improve (Growth)1) Strategic theme Hydro 42#43Capital return dashboard for Extrusions Returns in line with the cost of capital reflecting leading market positions in high value segments and portfolio optimization Capital employed in Extrusions Hydro 11 % 10% 9% 7% 6% 6% 6.5 BNOK 7-8% 23 % ~27 BNOK 2018 2019 2020 2021 2022 2023 (31 Dec '23) Adjusted EBITDA FY 2023 Return requirement 1.7 +1.0 BNOK 2024-2030 incremental EBITDA from improvement potential and commercial ambitions ~8% 2018-2023 average ARoaCE Capex, BNOK 5.0 4.0 Investments in new 3.0 presses and recycling projects to support growth 2.0 1.0 0.0 2023 actual 2024 guiding 2025-28 guiding Growth and return-seeking Sustaining HV Growth Strategic theme 43#44Safe and responsible operations Continuing efforts within ESG performance?) is a top priority Leadership in health and safety, social responsibility and compliance as a license to operate Hydro 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 TRI Rate¹) 10.3 SUSTAINALYTICS 17.8 (Low risk) #3 in sector (3/224) MSCI AA rating "Leading initiatives to achieve carbon-free aluminium" 7.0 6.0 5.4 4.0 4.1 3.9 3.7 3.8 3.4 3.4 3.2 2.9 3.0 3.1 3,5 3.1 3.3 2.6 2.7 2.4 2.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 69% Europe Index inclusion DJSI inclusion since 1999 MOODY'S ESG Solutions 73/100 ecovadis 72/100 95th percentile ISS ESG‣ B rating Corporate Rating: Prime Status 1) 2) Total recordable incidents (TRI) rate defined as cases per 1 million hours worked, for own employees and contractors ESG performance as of 31.12.2023 44#451 Tonnes CO₂e per tonne Al. in 5 product Why invest in Hydro Greener earnings uplift potential 2030 2030: NOK 2 billion Greener product capability from total aluminium portfolio Million tonnes capacity potential Portfolio of profitable growth projects as key enablers for the green transition Refurbishment of buildings Hydro Pathway to net-zero aluminium products supported by partnerships GHG emissions - ownership equity Million tonnes CO₂e (% of 2018 baseline emissions) 4 <4t/t Hydro CIRCAL (2.31 product potential Renewable based primary Non-renewable based primary 2023 2024 2025 2026 2027 2028 2029 2030 3-4 mill mt recycled aluminium <2u/t Hydro REDUXA product potential 2 mill mt primary aluminium Robust positioning with ambition to strengthen competitiveness 1st quartile cost position AM and B&A 1st quartile emission position AM and B&A Long-term renewable power contracts Increased improvement ambitions Electrical vehicle transition Copper substitution 10 Electrolysis (100% 9 (90%) process -30% emissions Natural gas in casthouse, recycling 10% extrusions and anode production Electricity generation -35% (scope 2) 7 (30%) HalZero and CCS Natural gas substitution Decarbonizing electricity generation Alunorte heavy Renewable power transition -35% fuel oil and coal 2018 2025 2030 0 2050 Resilient financial framework and competitive shareholder distribution ancial strength and flexibili Robust shareholder payout Sustainability position enabling profitable growth and cost of capital advantage Improvement program and commercial ambition Operating capital ambitions Profitability roadmaps Lifting cash flows towards 2030 Strategic growth initiatives: Strategic hedging & contingency Capex optimization measures principles for capital allocat Dividend yield vs peers Downstream Upstream Peer I 0.6% Peer H 0.0% Peer G 0.0% Peer F 4.3% Peer E 1.0% Hydro Peer D 0.2% Peer C 3.9% Peer B 1.2% Peer A 0.6% Good track record on relative shareholder value creation Stock price index / TSR 550 500 450 400 350 300 250 200 7.7% 150 100 50 Jan-20+ Apr-20- Jul-20- Oct-20- Jan-21- Jul-21- Apr-21- Oct-21- Peer range Jan-22- Jul-22- Apr-22- Oct-22- Jan-23- Apr-23- Jul-23- Oct-23- NHY 45#46Hydro Additional information#47Adj. EBITDA down on lower prices, Extrusion results and Slovalco effects, partly offset by lower raw material cost Q4 2023 vs Q4 2022 7.2 1.6 1.5 0.2 0.6 0.8 0.5 0.1 1.2 1.4 3.7 -2.1 CO2 compensation Slovalco effects Other & eliminations Adj. EBITDA Q4 2022 Realized aluminium Raw material cost and alumina price Extrusion and recycling margins Extrusion and recycling volumes Energy price and volume 1) Fixed cost CO2 compensation, Slovalco, other & eliminations Note: 1) Excluding Energy loss on buy-back contract with AM Adj. EBITDA Q4 2023 Hydro 47#48Revenue Share of the profit (loss) in equity accounted investments Other income, net Total revenue and income Raw material and energy expense Employee benefit expense Income statements NOK million Fourth quarter 2023 46 754 Fourth quarter Third quarter 2022 2023 Year 2022 Hydro Year 2023 46 44 075 131 44 702 207 929 193 619 171 1 337 1 272 1 051 348 4 406 492 4 152 48 072 45 256 45 220 213 672 198 263 29 633 28 857 30 501 129 373 123 538 6 673 5 931 6 238 22 886 25 931 Depreciation and amortization expense 2 539 2 270 2 327 8 593 9 394 Impairment of non-current assets 4 424 286 0 336 4 421 Other expenses 7 061 6 507 6 478 21 769 25 387 Earnings before financial items and tax (EBIT) (2 256) 1 405 (323) 30 715 9 592 Interest and other finance income 257 268 377 619 1 302 Foreign currency exchange gain (loss) 152 356 538 2 192 (2 084) Interest and other finance expense Income (loss) before tax Income taxes Income (loss) from continuing operations Income (loss) from discontinued operations Net income (loss) Net income (loss) attributable to non-controlling interests Net income (loss) attributable to Hydro shareholders Earnings per share from continuing operations (668) (353) (537) (1 161) (2 264) (2516) 1 676 55 32 365 6 546 (256) (1519) (680) (7 984) (3 742) (2 771) 158 (625) 24 381 2 804 36 36 (2 771) 194 (625) 24 417 2 804 (235) (93) (267) 263 (778) (2 537) 287 (358) 24 154 3 583 (1.26) 0.12 (0.18) 11.76 1.77 Earnings per share from discontinued operations 0.02 0.02 Earnings per share attributable to Hydro shareholders (1.26) 0.14 (0.18) 11.78 1.77 NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Year 2021 Year 2022 Year 2023 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) (2 771) 13 930 Net income (loss) 1 500 2 805 1 108 8 529 6411 11 136 6 676 194 1 144 5 056 (625) (2 771) 13 942 24 381 24 417 2 804 2 804 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 3 410 345 754 14 905 23 145 7 835 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) (1.26) 5.92 11.76 1.77 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) (1.26) 5.93 11.78 1.77 8 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 0.50 6.77 10.70 4.26#49Balance sheet Hydro NOK million December 31 2023 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 Short-term investments Trade and other receivables 24 618 19 105 22 453 30 873 29 805 25 852 24 507 21 161 2 641 2 101 1 158 2 696 4 173 2511 1 882 8 588 25 404 26 387 27 561 28 350 23 988 28 442 29 164 25 955 Inventories 25 449 27 648 28 808 30 216 30 035 31 394 29 415 25 237 Other current financial assets 1 900 1 726 2 722 1 302 1 127 4 887 6 543 4 719 Assets held for sale 3 685 Property, plant and equipment 74 981 74 367 72 985 67 827 62 656 62 369 58 920 56 599 Intangible assets 8 447 10 823 10 215 9 839 9 280 9810 9 374 8 986 Investments accounted for using the equity method 21 228 24 633 24 277 22 566 21 222 22 613 20 055 18 257 Prepaid pension 8 664 9 335 9 981 9 040 8 573 9 352 9 814 9 837 Other non-current assets 9 444 9 135 8 346 8 684 7 759 9 598 8 400 12 398 Total assets 206 462 205 260 208 506 211 395 198 618 206 829 198 074 191 737 Bank loans and other interest-bearing short-term debt 7 111 5 764 5 271 5 899 6 746 11 085 7 796 7 072 Trade and other payables 26 232 24 860 25 529 25 702 24 374 26 703 29 156 25 130 Other current liabilities 10 549 11 093 9 593 10 741 11 688 11 653 10 724 12 536 Liabilities in disposal group 141 Long-term debt Provisions 28 978 29 944 29 756 29 615 26 029 20 790 21 054 21 073 5 867 5 897 6 243 5 692 5 289 5 779 5 539 5 164 Pension liabilities 9 222 8 475 8 388 8 669 8 252 8 064 7 882 8 409 Deferred tax liabilities 4 717 6 153 6 197 5 289 4 796 5 178 5 304 5 281 Other non-current liabilities 6 462 5 325 5 687 5 429 3 648 4 481 5 585 7 564 Equity attributable to Hydro shareholders 100 579 103 062 106 873 108 582 102 455 107 129 99 347 93 906 Non-controlling interests 6 604 4 686 4 968 5 777 5 343 5 967 5 688 5 603 Total liabilities and equity 206 462 205 260 208 506 211 395 196 618 206 829 198 074 191 737 49#50Adjusting items to EBITDA, EBIT and net income NOK million (+=loss/()=gain) Q1 2023 Hydro Unrealized derivative effects on raw material contracts Hydro Bauxite & Alumina Q1 2022 (376) Q2 2022 (173) Q3 2022 157 Q4 2022 353 Q2 2023 177 94 Q3 2023 (41) Q4 2023 182 Year 2022 Year 2023 (40) 412 Community contributions Brazil Other effects Total impact Unrealized derivative effects on power contracts (Gains)/losses on divestments Net foreign exchange (gain)/loss Other effects Total impact Unrealized derivative effects on LME related contracts Unrealized derivative effects on power contracts Significant rationalization charges and closure costs Net foreign exchange (gain)/loss Other effects Total impact Hydro Bauxite & Alumina 32 25 32 25 Hydro Bauxite & Alumina 162 162 Hydro Bauxite & Alumina (376) (173) 157 547 177 118 (41) 182 155 437 Hydro Energy (236) 46 (254) 615 214 184 41 (37) 170 401 Hydro Energy - (65) - - (65) Hydro Energy 4 2 3 1 (3) (7) (5) (6) 11 (20) Hydro Energy - 164 164 Hydro Energy (232) (16) (251) 616 211 177 36 120 116 544 Hydro Aluminium Metal 4 715 (6 374) (1538) 207 709 (2 836) 1 414 Hydro Aluminium Metal (766) 1 056 1 291 1 638 62 (106) 113 (954) 33 (2 990) (1667) 3 218 103 Hydro Aluminium Metal (18) 64 46 Hydro Aluminium Metal (19) (23) (26) (40) (37) (114) (79) (89) (108) (320) Hydro Aluminium Metal (69) (69) Hydro Aluminium Metal 3 929 (5 428) (273) 1868 733 (3 055) 1 448 (1 010) 97 (1 884) Unrealized derivative effects on LME related contracts Transaction related effects Hydro Metal Markets 190 (850) 195 358 34 (146) 448 (121) (107) 215 Hydro Metal Markets 50 4 35 31 120 Total impact Hydro Metal Markets 190 (850) 195 358 84 (142) 483 (90) (107) 335 Unrealized derivative effects on LME related contracts Unrealized derivative effects on power contracts Hydro Extrusions (442) 543 84 (126) (19) 6 113 (134) 59 (34) Hydro Extrusions (39) 58 50 (67) 5 (24) (2) (6) 3 (28) Significant rationalization charges and closure costs Hydro Extrusions 2 13 91 51 27 17 171 106 265 (Gains)/losses on divestments and other transaction related effects Hydro Extrusions (49) 1 (2) (4) 20 1 4 (54) 25 Other effects Hydro Extrusions (74) Total impact Hydro Extrusions (527) 541 130 Unrealized derivative effects on LME related contracts Other and eliminations (15) (15) DN (2) - (107) - - (76) (107) (106) 19 47 (15) 1553 (98) 128 35 38 121 (35) 25 (18) 36 (43) (Gains)/losses on divestments Other and eliminations (25) (25) Net foreign exchange (gain)/loss Other and eliminations (21) (26) (83) (91) (115) (143) (130) (155) (221) (543) Other effects Other and eliminations 15 26 15 26 Total impact Adjusting items to EBITDA Other and eliminations Hydro (36) (41) (65) (29) (131) (151) (130) (174) (170) (585) 2948 (5 966) (108) 3 254 1 132 (3 152) 1 923 (936) 128 (1 033) Impairment charges Hydro Bauxite & Alumina 3 773 3 773 Impairment charges Hydro Aluminium Metal 49 Impairment charges Hydro Extrusions 28 258 628 77 628 23 258 23 Adjusting items to EBIT Hydro 2948 (5 966) (59) 3 541 1 132 (3 152) 1 923 3 487 464 3 391 Net foreign exchange (gain)/loss Hydro (2 392) 1 129 (572) (356) 1985 789 (538) (152) (2 192) 2 084 Adjusting items to income (loss) before tax Hydro 556 (4 838) (631) 3 185 3 177 (2 362) 1 385 3 336 (1 728) 5 475 Calculated income tax effect Hydro (181) 1 432 213 (972) (935) 716 (416) 190 492 (445) Adjusting items to net income (loss) Hydro 374 (3406) (418) 2 213 2 182 (1 646) 970 3 525 (1 236) 5 031 50 50#51Operating segment information Adjusted EBIT Hydro NOK million 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 Q4 2023 Year 2021 Year 2022 Year 2023 556 383 466 1 913 718 484 10 (586) Hydro Energy 792 713 417 1 674 2 192 777 275 1 493 (221) 677 88 (610) 805 712 (269) 755 3 318 626 (1 013) 3 596 4 737 2 950 Hydro Aluminium Metal 1 185 2 246 3 684 4 111 4 183 6 349 5 837 4 097 3 328 2 550 727 1 264 11 225 20 467 7 869 Hydro Metal Markets 43 301 133 245 487 666 494 (134) 628 290 482 (229) 721 1 514 1 170 Hydro Extrusions 1 244 1 266 828 Other and Eliminations Total (261) (17) (219) (122) (793) 1 587 1 600 640 168 1 485 1 228 548 90 3 217 3 995 3 351 3 (425) 356 (93) (532) (173) (259) (380) 3 559 4 891 5 309 7 026 9 170 9 452 7 611 4 946 5 364 4 788 1 600 1 231 (1 291) 20 786 (159) (1 343) 31 179 12 983 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 Q4 2023 Year 2021 Year 2022 Year 2023 Hydro Bauxite & Alumina 999 855 1 055 2 426 1 270 1 117 633 101 437 817 93 481 5 336 3 122 1 828 Hydro Energy 841 761 465 1 723 2 239 824 321 1 542 726 854 762 805 3 790 4 926 3 146 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 1 937 13 500 22 963 10 502 Hydro Metal Markets 78 335 170 284 525 705 534 (91) 669 334 568 (38) 867 1 673 1 533 Hydro Extrusions 1 744 1 830 1 457 665 2 331 2 365 1 385 939 2 223 2013 1 322 923 5 695 7 020 6 480 Other and Eliminations (234) 10 (192) (762) 35 (395) 384 (63) (501) (134) (225) (370) (1 178) (39) (1 231) Total 5 182 6 598 7 219 9 011 11 165 11 594 9 721 7 184 7 525 7 098 3 899 3 737 28 010 39 664 22 258 51#52Operating segment information EBIT Hydro NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 Hydro Bauxite & Alumina 583 467 407 1 830 1 094 657 Hydro Energy 851 716 435 1 724 2 424 793 (147) 526 (1133) 878 (399) 466 (30) 628 (570) 677 (4 223) 634 3 288 471 (5 222) 3 727 4 621 2 406 Hydro Aluminium Metal (171) 325 909 7 311 254 11 777 6 061 2 200 2 595 5 605 (721) 1 646 8 376 20 292 9 125 Hydro Metal Markets 19 299 (93) 500 297 1 516 300 (492) 544 432 (1) (139) 725 1 621 835 Hydro Extrusions 1 220 1 269 852 (412) 2 114 1 059 510 16 1 427 1 326 420 33 2 929 3 699 3 206 Other and Eliminations (271) (43) 23 (868) 39 (385) 420 (63) (402) (21) (128) (206) (1158) 11 (758) Total 2 233 3 034 2 533 10 086 6 222 15 418 7 670 1 405 4 233 7 939 (323) (2 256) 17 887 30 715 9 592 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 Q4 2023 Year 2021 Year 2022 Year 2023 Hydro Bauxite & Alumina 1 026 940 996 2 344 1 647 1 290 477 (446) 260 698 134 300 5 306 2 967 1 392 Hydro Energy 900 764 483 1 774 2 471 840 572 926 515 677 726 684 3 921 4 810 2 602 Hydro Aluminium Metal 500 1 037 1 642 8 260 836 12 405 6 736 2 888 3 239 6 270 (69) 2 946 11 440 22 866 12 386 Hydro Metal Markets 55 333 (56) 540 335 1 556 339 (449) 586 476 85 51 872 1 780 1 198 Hydro Extrusions 1 842 1 840 1 495 381 2 858 1 824 1 255 1 045 2 165 2 111 1 194 888 5 558 6 982 6 359 Other and Eliminations (244) (15) 50 (837) 71 (354) 449 (34) (371) 17 (95) (197) (1 046) 132 (645) Total 4 079 4 899 4 610 12 462 8 217 17 561 9 828 3 930 6 393 10 249 1 975 4 673 26 050 39 536 23 291 52 52#53Operating segment information Total revenue Hydro NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 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 9 948 27 699 33 951 35 521 Hydro Energy 2 343 2 213 2 116 3 477 4 268 2 456 2 854 3 037 3 452 2 162 3 299 2 644 10 149 12 614 11 557 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 13 562 42 548 65 483 58 375 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 18 629 65 061 90 968 81 314 Hydro Extrusions 16 334 Other and Eliminations (15 327) Total 31 951 17 470 (15 843) 34 559 17 984 18 509 23 468 25 269 22 620 19 819 22 717 22 608 19 142 18 178 70 296 91 176 82 645 (16 784) 36 710 (18 146) 46 433 (22 788) 46 616 (24 626) 64 793 (20 733) 52 445 (18 118) 44 075 (22 065) 48 534 (20 664) 53 630 (16 856) 44 702 (16 208) 46 754 (66 099) (86 264) (75 794) 149 654 207 929 193 619 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 Q4 2023 Year 2021 Year 2022 Year 2023 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 6 807 17 088 21 649 23 069 Hydro Energy 787 486 204 1 780 2 415 646 1 082 1 324 1 634 257 1 616 1 058 3 257 5 467 4 564 Hydro Aluminium Metal 762 621 310 3 681 (2 518) 8 640 4 327 2 638 1 528 5 444 1 741 3 936 5 373 13 087 12 649 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 16 829 54 165 76 821 70 690 Hydro Extrusions 16 203 17 346 17 829 18 505 23 199 25 228 22 585 19 881 22 765 22 527 19 221 18 122 69 883 90 892 82 635 Other and Eliminations (136) 16 4 2 (5) (6) 15 9 10 (4) 3 3 (113) 13 13 Total 31 951 34 559 36 710 46 433 46 616 64 793 52 445 44 075 48 534 53 630 44 702 46 754 149 654 207 929 193 619 53 53#54Operating segment information Internal revenue Hydro NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 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 3 141 10 610 12 303 12 542 Hydro Energy 1 556 1 727 1 912 1 697 1 853 1 810 1 772 1 713 1 818 1 905 1 683 1 586 6 891 7 148 6 993 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 9 626 37 175 52 396 45 726 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 1 801 10 896 14 147 10 625 Hydro Extrusions 131 125 154 3 269 41 36 (62) (48) 81 Other and Eliminations (15 191) (15 858) (16 788) (18 148) (22 783) (24 620) (20 748) (18 126) (22 075) (20 660) (80) (16 860) 56 413 284 10 (16 211) (65 986) (86 278) (75 806) 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 Q4 2023 Year 2021 Year 2022 Year 2023 Hydro Bauxite & Alumina Hydro Energy (23) (32) (25) (25) (28) (39) (32) (81) (67) (59) (57) (110) (104) (180) (293) Hydro Aluminium Metal 147 513 336 513 383 626 340 200 154 264 179 135 1 509 1 549 733 Hydro Metal Markets Hydro Extrusions 1 1 3 5 Other and Eliminations 1 (20) (31) (15) 22 (184) 118 12 8 (25) 47 17 (65) (32) 47 Total 125 462 280 473 377 403 426 131 95 181 171 46 1 340 1 337 492 54#55Operating segment information Return on average capital employed 1) (RoaCE) Hydro Reported RoaCE Adjusted RoaCE 2023 2022 2021 2020 2019 2018 2017 2023 2022 2021 2020 2019 2018 2017 Hydro Bauxite & Alumina (12.7%) 1.3% 11.9% 5.4% 1.9% 4.6% 8.5% (2.5%) 1.8% 12.0% 5.9% 2.5% 6.0% 8.5% Hydro Energy 2) 10.4% 28.8% 26.5% 249.5% 13.4% 18.8% 17.5% 13.0% 29.5% 25.4% 8.7% 12.9% 18.8% 17.5% Hydro Aluminium Metal 16.0% 35.1% 21.6% 1.9% (3.9%) 5.6% 11.8% 13.8% 35.4% 28.3% 2.9% (2.6%) 4.7% 12.6% Hydro Metal Markets 7.6% 33.2% 24.0% 22.8% 20.7% 25.1% 18.6% 10.7% 31.0% 23.9% 21.6% 27.3% 19.4% 20.9% Hydro Extrusions 3) 8.4% 10.5% 9.4% 1.3% 3.8% 5.3% 13.4% 8.8% 11.4% 10.3% 6.2% 5.7% 7.2% 6.6% Hydro Group 4.1% 21.9% 16.3% 5.4% (0.9%) 6.0% 11.2% 7.1% 22.2% 18.6% 3.7% 1.3% 6.6% 9.6% Capital employed - upstream focus NOK million Hydro Bauxite & Alumina Hydro Energy Hydro Aluminium Metal Hydro Metal Markets Hydro Extrusions Other and Eliminations Total Graph excludes BNOK (2.7) in capital employed in Other and Eliminations December 30 2023 Bauxite & Alumina 22% Extrusions 23% 25 812 12 910 42 647 9 282 27 439 Metal Markets 8% (2 717) 115 374 Aluminium Metal 36% 1) RoaCE at business area level is calculated using 25% tax rate. For Hydro Energy, 50% tax rate is used for 2023, 40% for 2022 and 2021, 80% for 2020 and 2019, 70% for 2018, and 65% for 2017 2) Hydro Energy reported RoaCE for 2020 higher than previous years due to the Lyse transaction 3) Hydro Extrusions reflected as 50% equity accounted investment Q1-Q3 2017 and fully consolidated from Q4 2017 Energy 11% 55#56Operating segment information Depreciation, amortization and impairment Hydro NOK million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 Hydro Bauxite & Alumina 443 472 589 514 553 633 624 687 659 729 703 4 523 2018 2 496 6 614 Hydro Energy 49 48 48 49 47 47 47 48 48 49 49 50 194 190 196 Hydro Aluminium Metal 694 736 756 972 605 651 698 711 666 687 674 1 326 3 158 2 664 3 353 Hydro Metal Markets 36 35 37 41 38 39 39 44 42 45 87 194 149 161 368 Hydro Extrusions 628 573 645 804 746 767 748 1 036 741 792 779 859 2 649 3 297 3 171 Other and Eliminations 27 28 27 31 32 31 28 30 31 38 34 10 113 121 113 Total 1 876 1 892 2 102 2 411 2 020 2 168 2 185 2 556 2 186 2 340 2 327 6 962 8 281 8 929 13 815 Indicative depreciation currency exposure by business area Depreciation by business area 2023, 13.8 BNOK Percent Hydro Bauxite & Alumina USD EUR BRL NOK & Other 100% Hydro Energy 100% Hydro Aluminium Metal 30% 20% 50% 3% Hydro Metal Markets 20% 30% 50% Hydro Extrusions 40% 35% 25% Other and Eliminations 15% 10% 75% 23% 24% 1% 48% Hydro Bauxite & Alumina Hydro Energy Hydro Aluminium Metal Hydro Metal Markets Hydro Extrusions Other and Eliminations 56#57Operational data Hydro 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 Q4 2023 Year 2021 Year 2022 Year 2023 Alumina production (kmt) Sourced alumina (kmt) Total alumina sales (kmt) Realized alumina price (USD) 1) Implied alumina cost (USD) 2) Bauxite production (kmt) 3) Sourced bauxite (kmt) 4) Adjusted EBITDA margin 5) 1 540 1 586 1 579 1 600 1519 698 737 806 765 741 1 536 758 1 579 1 559 1 550 1 542 1 522 1 571 6 305 6 193 6 185 764 593 686 553 692 909 3 006 2 856 2 840 2 269 2 349 2 355 2 655 2 251 2 305 2 344 2 220 2 171 2 153 2 229 2 487 9 628 9 121 9 040 287 287 284 393 391 430 364 342 367 373 349 349 313 382 359 235 244 233 310 327 378 337 337 347 336 345 331 254 345 340 2 813 2 660 2 756 2 696 2 638 2 736 2 814 2 824 2 648 2 630 2 848 2 771 10 926 11 012 10 897 1 103 1 676 1 472 1 427 856 1 674 1 220 1 861 1 078 1 100 1 204 2 001 5 677 5611 5 383 16.6% 14.3% 15.1% 27.8% 16.1% 11.9% 7.3% 1.3% 5.3% 9.2% 1.1% 4.8% 19.3% 9.2% 5.1% Hydro Energy Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 Power production, GWh 2 857 2 374 1688 2 136 2 730 1 602 1 330 2 002 2 610 2 431 2 216 2 440 9 055 7 664 9 697 Net spot sales, GWh 1 126 334 (401) 305 986 (433) (703) 511 817 333 24 101 1 364 361 1 275 Nordic spot electricity price, NOK/MWh 435 423 704 969 1 090 1211 1 757 1 414 934 647 949 515 634 1 370 642 Southern Norway spot electricity price (NO2), NOK/MWh Adjusted EBITDA margin 5) 469 493 807 1 271 1 504 1 752 3 519 1 719 1 182 958 664 818 762 2 128 904 35.9% 34.4% 22.0% 49.5% 52.5% 33.6% 11.2% 50.8% 21.0% 39.5% 23.1% 30.4% 37.3% 39.0% 27.2% 3) Paragominas production, on wet basis 4) 40 percent MRN offtake from Vale and 5 percent Hydro share on wet basis 5) Adjusted EBITDA divided by total revenues 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 2) Implied alumina cost (based on EBITDA and sales volume) replaces previous apparent alumina cash cost 57 57#58Operational data Hydro Hydro Aluminium Metal 1) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 Realized aluminium price LME, USD/mt Realized aluminium price LME, NOK/mt³) Realized premium above LME, USD/mt²) Realized premium above LME, NOK/mt2)3) 1 994 2210 17 008 18 528 2 419 20 910 2 675 23 087 2 662 23 542 3 031 28 461 2 497 24 706 2 246 22 813 2 291 2 273 23 566 24 417 2 146 22 456 2 129 23 143 2 317 19 819 2 599 24 739 2 218 22 995 264 332 449 565 786 870 801 577 503 456 432 348 400 756 435 2 253 2 780 3 878 4 873 6 954 8 167 7 920 5 857 5 169 4 894 4 521 3 778 3 420 7 197 4 511 Realized NOK/USD exchange rate ³) 8.53 8.38 8.64 8.63 8.84 9.39 9.89 10.16 10.29 10.74 10.47 10.87 8.55 9.52 10.37 Implied primary cost (USD) 4) 1 500 1525 1 450 1 600 1 550 1 500 1 550 1 650 1 700 1 725 1 750 1 775 1 500 1 550 1 750 Implied all-in primary cost (USD) 5) 1 825 1 900 1 925 2 175 2 450 2 500 2 350 2 250 2 275 2 250 2 200 2 125 1 950 2 375 2 225 Hydro Aluminium Metal production, kmt 539 561 573 571 540 532 543 522 499 506 512 514 2 244 2 137 2 031 Casthouse production, kmt 534 553 560 568 555 542 547 522 513 519 523 512 2 214 2 166 2 067 Total sales, kmt6) 599 594 583 572 600 581 533 542 559 577 539 541 2 347 2 256 2217 Adjusted EBITDA margin 8) 19.6% 29.6% 42.8% 33.0% 43.0% 28.4% 38.8% 36.2% 26.1% 17.7% 12.1% 14.3% 31.7% 35.1% 18.0% 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 Q4 2023 Year 2021 Year 2022 Year 2023 Remelt production (1 000 mt) 143 154 132 144 151 158 124 115 132 146 176 166 572 548 620 Third-party sales (1000 mt) 77 78 72 85 72 74 76 81 78 81 92 81 311 304 331 Hydro Metal Markets sales excl. ingot trading (1 000 mt) 7) 742 735 675 681 731 710 635 614 674 691 652 645 2 833 2 691 2 662 Hereof external sales excl. ingot trading (1 000 mt) 588 607 573 574 610 607 536 530 566 590 567 567 2 342 2 284 2 290 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 16 829 54 165 76 821 70 690 Hydro Extrusions Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Year 2021 Year 2022 Year 2023 Hydro Extrusions external shipments (1 000 mt) 338 342 315 301 347 338 301 265 301 293 260 236 1 296 1 251 1 090 Hydro Extrusions - Pro-forma adjusted EBIT per mt, NOK Adjusted EBITDA margin 2) 3 680 3 706 2 629 (404) 4 568 4 740 2 123 636 4 937 4 184 2 107 383 2 482 3 194 3 074 10.7% 10.5% 8.1% 3.6% 9.9% 9.4% 6.1% 4.7% 9.8% 8.9% 6.9% 5.1% 8.1% 7.7% 7.8% 1) 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 2) Average realized premium above LME for casthouse sales from Hydro Aluminium Metal 3) Including strategic hedges /hedge accounting applied 4) Realized LME price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium produced. Includes net earnings from primary casthouses 5) Realized all-in price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium sold. Includes net earnings from primary casthouses 6) Total sales replaces previous casthouse sales due to change of definition 7) Includes external and internal sales from primary casthouse operations, remelters and third-party Metal sources 8) Adjusted EBITDA divided by total revenues 58#59Hydro Extrusions, information by business area Hydro Q1 Q2 Precision Tubing 2021 2021 Q3 2021 Q4 2021 Year 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year Q1 Q2 Q3 2022 2023 2023 2023 Q4 2023 Year 2023 Q1 Q2 Q3 Extrusion Europe 2021 2021 2021 Q4 2021 Year 2021 Q1 Q2 Q3 2022 2022 2022 Q4 Year 2022 2022 Q1 Q2 Q3 2023 2023 2023 2023 Q4 Year 2023 Volume (kmt) 35 33 30 29 127 31 28 30 28 117 31 32 31 29 124 Volume (kmt) 144 147 129 130 550 151 144 119 106 520 124 121 99 92 436 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 2 204 9 256 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 6 625 31 450 Adjusted EBITDA (NOKm) 210 173 184 56 622 184 95 135 50 464 152 185 259 131 727 Adjusted EBITDA (NOKm) 705 716 563 471 2 456 1 035 1 025 669 480 3 209 867 819 327 305 2 318 Adjusted EBIT (NOKm). 157 103 115 39 (38) 337 82 (3) 35 (51) 63 61 87 161 37 346 Adjusted EBIT (NOKm) 501 502 318 203 1 525 782 767 415 231 2 196 623 564 79 26 1 291 Q1 Building Systems 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 Q4 2023 Year 2023 Q1 Extrusion North America 2021 Q2 2021 Q3 2021 Q4 2021 Year Q1 2021 2022 Q2 2022 Q3 2022 Q4 Year Q1 Q2 Q3 Q4 Year 2022 2022 2023 2023 2023 2023 2023 Volume (kmt) 21 22 20 22 85 24 24. 19 18 85 19 19 17 19 75 Volume (kmt) 137 140 136 120 534 142 141 134 112 529 126 121 113 95 455 Operating revenues (NOKm) 2 315 2 434 2 268 2 448 9 465 2 854 3 168 2 657 2617 11 296 3 056 3 208 2 736 2938 11 939 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 6622 31 146 Adjusted EBITDA (NOKM) 245 299 212 161 918 264 287 152 171 873 261 240 170 256 927 Adjusted EBITDA (NOKm) 663 689 562 67 1980 895 1 042 476 330 2 743 965 813 592 317 2 686 Adjusted EBIT (NOKm) 149 196 108 44 497 156 179 43 57 435 149 116 49 126 440 Adjusted EBIT (NOKm) 518 517 355 (238) 1152 618 743 196 25 1 582 677 508 288 11 1 484 Other and eliminations Q1 2021 Q2 Q3 2021 2021 Q4 Year 2021 2021 Q1 Q2 2022 2022 Q3 2022 Q4 Year Q1 Q2 Q3 Q4 Year 2022 2022 2023 2023 2023 2023 2023 Adjusted EBITDA (NOKm) Adjusted EBIT (NOKm) (78) (47) (82) (65) (90) (280) (47) (83) (47) (91) (268) (22) (44) (26) (86) (178) (51) (68) (94) (294) (50) (86) (50) (94) (281) (25) (48) (29) (109) (211) 59#60Next event First quarter results April 24, 2024 Investor Relations in Hydro Martine Rambøl Hagen t: +47 91708918 e: [email protected] Elitsa Boyadzhieva For more information see www.hydro.com/ir t: +47 91775472 e: [email protected] Frida Rongved Jacobsen t: +47 47860460 e: [email protected] Camilla Gihle t: +47 92637820 e: [email protected] 60 60#61Hydro Industries that matter