#1Hydro Fourth quarter 2022 Investor presentation February 14, 2023#2Table of contents Hydro Fourth quarter results 2022 3 Market 23 Position 34 Strategy & Ambitions 42 Business overview 60 Hydro Group 61 Bauxite & Alumina 70 Energy 79 Aluminium Metal 96 Metal Markets 105 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. Extrusions 113 Additional information 124 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. Next event & Contact info 140 2#32022 Record results, Q4 down on lower prices ~62% proposed shareholder distribution Pål Kildemo Chief Financial Officer February 14, 2023#4Q42022 Adjusted EBITDA NOK 7184 million Free cash flow NOK 5.8 billion (NOK 14 billion 2022) Adj. RoaCE 22% Strong results and aluminium margins, lower upstream prices and higher costs Focus on cash release and margin management in weaker markets Improvement program and commercial ambition delivered above target for 2022 Good progress on decarbonization agenda 53% cash dividend payment and new NOK 2 billion share buyback program 1880S 40 Hydro 4#5Source: Metal Bulletin, MW/MJP: Platts, Thomson Reuters, Hydro analysis Stronger upstream prices on Chinese reopening and curtailments All-in metal prices Platts alumina index (PAX) The Economist Chaos Congress and its costs Asia's new super-region Catholicism after Benedict EXIT WAVE USD/mt NOK/mt USD/mt % LME 4 600 38 000 A murmuration of Starlinks 600 20% 36 000 JANUARY 7TH-15TH 32 4 200 34 000 550 32 000 18% 3 800 500 30 000 3 400 28 000 450 How China's reopening will disrupt the world economy 16% 26 000 3 000 24 000 400 22 000 14% 2 600 20 000 350 18 000 2 200 300 16 000 12% 1 800 14 000 250 12 000 1 400 10 000 200 10% Jan-13 Jul-13 Jan-14 LME cash Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 LME cash + Europe duty paid LME cash + US Midwest LME Cash Europe dutypaid NOK (RHS) Jul-21 Jan-22 Jul-22 Jan-23 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 PAX Sep-21 Nov-21 Jan-22 Mar-22 Mar-22 Mlay-22 Shanxi ex-work (ex-VAT) % LME 3m LO 5 Jul-22 Sep-22 Nov-22 Jan-23 Hydro#6Largely balanced markets, curtailment risk still present Improved smelter margins still not seen as attractive for non-subsidized restarts Estimated global primary balance in 2023 200 0 ('000 t) -200 -400 -600 -800 -1 000 -1 200 World ex. China China balance balance Balance all medium and high risk smelters curtailment ■Balance all high risk smelters curtailment ■Base case balance 1) Smelter based on German 1Y power and spot alumina 350 300 250 200 150 100 50 0 European and US Gas prices (EUR/MWh & USD/mbtu) Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 TTF -Henry hub (rhs) Oct-22 Jan-23 9 2 8 0 7 -2 00 6 -4 5 -6 4 -8 3 -10 2 1 -12 0 -14 Jan-19 European smelter margin¹) per VAP ('000 USD/t) -Margin El -Margin PFA Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 ➤ Apr-22 Jul-22 Oct-22 Jan-23 CO 6#7Declining Nordic spot prices and tightening area price differences . • Nordic spot power prices have declined from the peak in third quarter 2022 Declining Continental spot power prices following lower production costs in coal and gas power plants • Nordic hydrology remained negative in the fourth quarter • Price area differences in the Nordic region have narrowed in the fourth quarter as producers in Northern parts have regained more control, following weaker hydrology and seasonally higher consumption Monthly Average Power Price Nord Pool System price NO2 NO3 EPEX Germany Average Power Price in Q4 2022 [€/MWh] 136 SYS 165 EUR/MWh NO5 250 200 150 100 £169 50 UK 90 52 NO4 115 SE1 NO3 116 SE2 185 165 NO2 165 176 NO1 DK1 177 DK2 193 147 SE3 219 EE 149 SE4 227 227 227 LT FI Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan MTD 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21 21 21 21 21 21 21 21 22 Feb 22 Source: Nordpool, EEX 0 214 FR 198 203 BE NL DE#8Automotive volumes improving in Extrusions, weaker markets in B&C and industrial Extrusion sales volumes Q4 2022 vs Q4 2021 Hydro Extrusions segment sales volume Growth in % -15 -11 2 21 21 -12 External market forecasts Year over Year Extrusion market growth per quarter Growth in % 11 (8) 0 (16) -23 -27 (18) Distribution B&C Industrial HVAC&R 11% 33% 21% 1% Transport Automotive 19% 15% Total Q4 22 Q1 23 2023 Share of Q4 2022 Hydro Extrusions sales Source. CRU North America Europe (6) Hydro 8#9Hydro's strategic direction toward 2025 Seizing opportunities where our capabilities match megatrends 1 Strengthen position in low-carbon aluminium 2 Diversify and grow in new energy Lifting profitability, driving sustainability H2 4 Hydro 9#10NOK 9.6 billion delivered in improvement program and commercial ambition by end-2022 Improvement program and commercial ambition 2018 vs. 2022 vs. 2025 and 2027 target NOK billion 1) 2) 3) 15.0 2018 AEBITDA¹) 19.0 11.0 15.4 Hydro Improvement program Commercial ambition Targeting NOK 14.0 billion in improvements by 20272),³) 3.3 4.6 7.8 3.6 1.8 1.5 2.9 1.0 0.5 0.7 39.7 2.2 1.8 Additional improvements of NOK 4.4 billion by 2027 Realized aluminium FX Raw and alumina Downstream Energy price Fixed cost material cost volume and and volume margins Other Improvement Commercial program ambition 2022 AEBITDA 2025 target 2027 target price Calculated as Hydro Group AEBITDA excluding Rolled Products AEBITDA Compared to 2018 AEBITDA Gross uplift not including effects of inflation 10#11Strong demand for greener products Greener demand growth is outpacing the rest of the market '22-'30 CAGR Total EU / North 7 ~3% America market Ambition to more than double sales of greener products Hydro CIRCAL¹) Sales volume, tonnes (000s) ~3X ~140 100 40 50 55 20 Low-carbon primary (<4 t/t¹)) ↑ -20% 2020 2021 2022 2023e 2025e Mid-term capacity ~2X Hydro Hydro REDUXA2) Recycled²) (71) -5% Sales volume, tonnes (000s) ~1000 650 420 450 250 No carbon requirement -0% 75 2020 2021 2022 2023e 2025e Mid-term capacity 11 1) Post-consumer scrap > 75%. 2) Footprint < 4.0#12Adj. EBITDA down from Q3 on upstream prices and CO2 compensation, partly offset by power sales and energy prices Q4-2022 vs Q3-2022 9.7 2.3 1.3 0.7 1.3 0.4 0.6 0.3 0.7 7.2 1.4 -0.8 Other & eliminations CO2 compensation Power sales Slovalco, Karmøy & Husnes Adj. EBITDA Q3 2022 Realized aluminium Raw materials Downstream margin Downstream volume and alumina price Energy price and volume Fixed cost Hydro Power sales, CO2 Adj. EBITDA Q4 2022 compensation and other & eliminations 12#13Key financials NOK million Revenue Reported EBITDA Adjustment to EBITDA Adjusted EBITDA Reported EBIT Adjusted EBIT Financial income (expense) Reported Income (loss) before tax Income taxes Reported Net income (loss) from continuing operations Adjusted net income (loss) from continuing operations Q4 2022 Q4 2021 Q3 2022 Year 2021 44 075 46 433 52 445 3 930 12 462 9 828 3 254 (3451) (108) 1 959 7 184 9 011 9 721 28 010 Hydro 149 654 26 050 Year 2022 207 929 39 536 128 39 664 1 405 10 086 7 670 17 887 4 946 7 026 7 611 20 786 30 715 31 179 271 644 496 510 1 649 1 676 10 730 8166 18 397 32 365 (1519) (2 205) (1489) (4 467) (7 984) 158 8 525 6 676 13 930 24 381 2 371 5 810 6 258 14 905 23 145 Earnings per share from continuing operations Adjusted earnings per share from continuing operations 0.12 3.47 3.34 5.92 11.76 0.99 2.57 2.91 6.77 10.70 Income (loss) from discontinued operations 1) 36 4 12 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 13#14Hydro Bauxite & Alumina Results down on lower alumina prices and high raw material costs, partly offset by positive currency effects Implied alumina cost and margin USD/mt1) 4 83 Key figures Alumina production, kmt Total alumina sales, kmt Realized alumina price, USD/mt Implied alumina cost, USD/mt¹) Bauxite production, kmt Adjusted EBITDA, NOK million Adjusted EBIT, NOK million Adjusted RoaCE, % LTM²) Adjusted EBITDA NOK million 27 27 337 3104) 337 Q4 2022 Q4 2021 Q3 2022 Q4 22 Q4 21 Q3 22 1 559 1 600 1 579 342 393 364 Price³) 2 220 2 655 2,344 342 393 364 337 310 337 Implied EBITDA cost per mt¹) All-in EBITDA margin per mt 2 824 2 696 101 2 426 2,814 633 (586) 1 913 10 Results Q4 22 vs Q4 21 1.8% 12.0% 9.4% Lower alumina prices • Higher caustic and energy costs Positive currency effects Q4 21 was positvely impacted by insurance compensation of NOK ~500 million 2 426 999 855 1 055 1 270 1 117 633 101 5 336 3 122 2021 2022 Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters Realized alumina price 7234 1) 2) 3) 4) Excluding insurance proceeds relating to decommissioned crane (NOK ~500 million) Outlook Q1 23 vs Q4 22 Alunorte production at nameplate capacity Higher alumina prices compared to Q4 22 Lower raw material cost Higher fixed costs 14#15Hydro Aluminium Metal Results slightly up from power sales and positive currency effects, partly offset by lower all-in-metal prices, lower volume and higher costs Key figures Primary aluminium production, kmt 522 All-in implied primary cost and margin USD/mt1,4) 575 1075 950 2 25010) 2 175 2 3509,10) 1 650 1 600 1 550 Q4 2022 Q4 2021 Q3 2022 Q4 22 Q4 21 Q3 22 571 543 2 823 3 240 3 298 All-in6) Total sales, kmt 542 572 533 2 246 2 675 2 497 LME Realized LME price, USD/mt¹) 2 246 2 675 2 497 67% 70% 69% % value add products7) Realized LME price, NOK/mt¹) 22 813 23 087 24 706 Implied all-in primary cost, per mt 2) Implied LME cost, per mt 5) All-in EBITDA margin per mt Realized premium, USD/mt 577 565 801 Implied all-in primary cost, USD/mt 2) 2 250 2 175 2 350 Adjusted EBITDA, NOK million 4 756 4 676 6 463 Results Q4 22 vs Q4 21 Adjusted EBITDA including Qatalum 50% pro rata (NOK 5 256 5 264 7 016 million) • Positive power sales Adjusted EBIT, NOK million Adjusted RoaCE, % LTM³) 4 097 4 111 5,837 35.4% 28.3% 37.8% • Adjusted EBITDA NOK million 6 977 6 463 4 263 4 676 4 765 4 756 1 754 2 807 13 500 2021 1) Includes pricing effects from LME strategic hedge program 22 963 2022 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 • Positive currency effects Lower all-in-metal prices and volumes Higher raw material and fixed costs Outlook Q1 23 vs Q4 22 • • ~75% of primary production for Q1 2023 priced at USD 2 239 per mt 8) ~40% of premiums affecting Q1 2023 booked at USD -643 per mt 8) • Q1 realized premium expected in the range of USD 475-525 per ton Lower result on power sales and higher indirect CO2 compensation Continued lower production volume from curtailments Lower fixed cost Realized LME plus realized premiums, including Qatalum 6) 7) % of volumes extrusion ingot, foundry alloy, sheet ingot, wire rod of total sales volumes 8) 9) Bookings, also including pricing effects from LME strategic hedging program as per 31.12.2022 Excluding Indirect CO2 compensation catch-up effect (NOK ~1.4 billion) 15 10) Excluding power sales Slovalco and Norwegian smelters#16Metal Markets Results down on lower results from sourcing and trading activities, negative currency and inventory effects, partly offset by higher recycling results Key figures Recycling production, kmt Metal products sales, kmt 1) Q4 2022 Q4 2021 Q3 2022 115 144 124 614 681 635 Adjusted EBITDA Recycling (NOK million) 342 290 401 Adjusted EBITDA Commercial (NOK million) (434) (6) 133 Adjusted EBITDA Metal Markets (NOK million) (91) 284 534 Adjusted EBITDA excl. currency and inventory valuation effects 160 315 398 Adjusted EBIT (NOK million) (134) 245 494 Adjusted RoaCE, % LTM²) 31.0% 23.9% 43.8% Adjusted EBITDA NOK million 705 525 534 78 335 284 170 867 2021 1 673 2022 -91 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 Results Q4 22 vs Q4 21 Lower results from sourcing and trading activities Negative currency and inventory effects Higher recycling results Negative inventory impairment of ~100 MNOK Outlook Q1 23 vs Q4 22 Volatile trading and currency effects Lower recycling margins 16#17Hydro Extrusions Results up on higher margins and sales premiums in recyclers, partly offset by lower sales volumes and higher costs Key figures External sales volumes, kmt Adjusted EBITDA, NOK million Adjusted EBIT, NOK million Adjusted RoaCE, % LTM1) Q4 2022 Q4 2021 Q3 2022 265 301 301 939 665 1,385 168 (122) 640 11.4% 10.3% 10.9% Adjusted EBITDA NOK million 2 331 2 365 1 744 1 830 1 457 1 385 665 939 5 695 2021 7 020 2022 1) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters • Results Q4 22 vs Q4 21 • Increased results from the recyclers, driven by increased sales premiums Strong contributions from strategic segments Lower sales volumes Higher fixed and variable costs Q4 21 was negatively impacted by non-recurring cost of NOK ~330 million Outlook Q1 23 Continued strong margins Continued market uncertainty, and softening extrusions markets Lower recycling volumes and premiums 17#18Hydro Energy Results down on internal contract, partly offset by higher prices Key figures Q4 2022 Q4 2021 Q3 2022 Power production, GWh 2 002 2 136 1 330 Net spot sales, GWh 511 305 (703) Southwest Norway spot price (NO2), NOK/MWh 1 719 1 271 3 519 Adjusted EBITDA, NOK million 1 542 1 723 321 Adjusted EBIT, NOK million 1 493 1 674 275 Adjusted RoaCE, % LTM1).2) 29.5% 25.4% 35.7% Adjusted EBITDA NOK million 2) 723 1) 3) 2 239 1 723 465 1 542 321 841 761 824 3 790 4 926 2021 2022 Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less tax/ Average capital employed last 4 quarters 80% tax rate applied for 2019 and 2020, 40% tax rate applied in 2021 and 2022 01.1.2022 19.02.2022 Results Q4 22 vs Q4 21 • • Negative results on Aluminium Metal buy-back contract NOK -0.25 billion Lower production Lower gain on price area differences Higher prices Outlook Q1 23 Improved Nordic hydrological balance, but remains below normal • Lower expected NO2-NO3 spread compared Q4 Increased loss on Aluminium Metal buy-back contract vs fourth quarter Volume and price uncertainty 18#19From net debt in third quarter to net cash in fourth quarter Continued strong earnings and release of NOC contributed a net cash position before adjustments in Q4 Hydro NOK billion (3.1) 7.2 2.6 Free cash flow NOK 5.8 billion 0.2 (4.2) (0.6) (0.7) 1.3 Hedging collateral and other Pension assets/(liabilities) Other assets/(liabilities) (2.6) (0.3) (4.5) (7.3) (6.0) Net cash (debt) Q3-22 adj. EBITDA Change in NOC Other operating Investments (net) cash flow Shareholder distributions Other Net cash Adjustments Adj. net cash (debt) Q4-22 (debt) Q4-22 Free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds NOC: BAS: Change in book value excl currency translation. "Other": Account differences (e.g., ST income tax receivables, long-term VAT accounts), agio & portfolio effects Investments: BAs: Investments adjusted for lease and ARO. "Other": Changes in prepayments/payables, reversal of capitalized interest, divestments Other: "Other": Unrealized gains (losses) on STI, lease additions Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity 19#20Freeing up cash for strategic investments Working capital development • • NOK 2.6 billion cash effective NOC release in Q4 NOK 1.7 billion in expected receivables delayed into Q1-23 • • • Inventory levels coming down, despite market headwinds Decline in trade receivables and payables due to lower activity Received CO2 compensation payment contributed positively Expect around NOK 4 billion in NOC release in 2023 • Down from CMD guiding on higher prices Capex 2022 and 2023E • The full year 2022 capex came in at NOK 11.5 billion including Hydro Rein ⚫. The capex estimate for 2023 is NOK 13.6 billion, roughly in line with guidance at Capital Markets Day. NOK 100 million is carried over from 2022 1) M&A transactions, including Hueck and Alumetal, pending competition clearance, and Havrand capex comes in addition NOC release Q4 2.6 Build (-) release (+) Q4-22 NOK billion 0.4 0.3 1.9 Inventory Trade receivables Other / payables Cash effective NOC release Capex overview NOK billion ~1.2 REIN 10,3 1,5 2,1 ~2.5 REIN 13,6 0,5 2,0 3,0 Batteries Recycling 8,1 6,7 Return-seeking Sustaining 2022 actuals 2023E 1)#21Proposing dividend of NOK 5.650 per share for 2022 and share buyback program of NOK 2 billion Hydro • Strong cash generation and a robust balance sheet enables another year of solid shareholder distribution Dividend yield4) 3.2 % 3.8 % 3.1 % 9.9 % 240% Shareholder distribution proposal • NOK 5.65 cash dividend per share Representing payout of NOK -11.5 billion • ~53% of adjusted net income • NOK 2 billion for new share buyback program In total ~62% of adjusted net income and NOK ~13.5 billion • In line with CMD guidance of 50-70% total distribution • Average five-year payout ratio²) of ~74% • ~83% including share buy-backs³) • Payment conditional upon AGM approval May 10, 2023 To be paid in 20231) 7.7 % 116% 95% 45% 101% 62% 53% 0.98 0.98 3.45 5.65 1.25 1.25 1.25 3.40 2018 2019 2020 2021 2022 Dividend pay-out ratio²) Share buy-back (NOK) Extraordinary dividend per share (NOK) 5) Ordinary dividend per share (NOK) Total pay-out ratio³) 72375 1) Pending approval from the AGM on May 10, 2023 2) 3) 4) Average dividend per share (NOK) divided by average adjusted earnings per share from continuing operations Average dividend and share buy-back per share (NOK) divided by average adjusted earnings per share from continuing operations Based on share price at year end 5) 2021 extraordinary dividend of NOK 2 per share May 11, 2022 and NOK 1.45 per share September 21, 2022 21#22Capital return dashboard 2022 Hydro Capital employed 1) 9% 23% ~106 BNOK 4% 24% 40 % Bauxite & Alumina Aluminium Metal Metal Markets Extrusions Energy Capital returns adj. RoaCE 22.2%²) 10% target over the cycle Balance sheet adj. ND/EBITDA 0.23) adj. ND/EBITDA < 2x target over the cycle Free cash flow 2022 14.0 BNOK 4) Improvements 9.6 BNOK realized by end-2022 Improvement Program NOK 7.8 billion Commercial ambitions NOK 1.8 billion Net operating capital 8.8 BNOK cash build 2022 Capex 11.5 BNOK spent 2022 NOK 4 billion to be released by end of 2023 2023 guiding 13.6 BNOK (excl. Hydro Rein) Proposed distribution: 2022 NOK 13.5 billion 5.65 NOK/share ordinary dividend NOK 2 billion share buyback 1) 2) 3) 4) 5) Graph excludes (3.9) 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 Pending approval from the AGM on May 10th, 2022 22 22#23Hydro Market#24Macro trends and favorable properties drive aluminium demand Hydro's strategic direction aims to realize full potential of aluminium's strong qualities and versatility Hydro Aluminium Steel Copper Lightness and strength Strength and durability Recyclability Conductivity Durability and formability Corrosion resistance Conductivity Recyclability × Energy-intensity Price × Weight × Corrosion Corrosion resistance Recyclability × Price Composites Lightness Strength × Price × Recyclability X Climate footprint × Weight × Energy-intensity × Energy-intensity × Energy-intensity PVC Lightness and formability Corrosion resistance Price × Climate footprint × Recyclability × Durability For illustrative purposes only 24 24#25Product qualities and roadmap to zero make aluminium key for green transition Importance of aluminium within key green transition technologies¹ PV Key properties of aluminium match requirements - lightweight, conductive, corrosion resistance Infinitely recyclable with very low energy need and high resource efficiency Aluminium based on renewables has lower footprint than global average Electric vehicles Wind power Electricity networks Concentrated solar Hydropower Bio-energy Aluminium has a clear roadmap to zero emissions 1) The raw-materials challenge: How the metals and mining sector will be at the core of enabling the energy transition | McKinsey 2022 Hydrogen H₂ Nuclear Geo-thermal 25 25#26Transport & construction key semis demand segments 6% 14% Per segment 11% 6% 9% 9% Transport Construction 24% 22% -------- 14% Extrusions per segment Packaging 3% Foil stock 13% Electrical 54% Consumer durables 4% Machinery & Equipment 12% Other Source: CRU, Hydro Analysis Global semis demand 2022: ~96 million tonnes Per product form Per region 2% 1% 22% 9% 14% 1% 2% 34% 32% 15% 18% 2% Rolled products Extrusions Castings Wire & Cable Forgings Powder & paste, other China Asia ex. China Europe North America Central & South America Africa Australasia 48% Hydro 26#27Green transition drives aluminium consumption Semis demand growth driven by transport and electrical Global semis demand 2022-2030 In million tonnes -96 10 10 6 3 ~122 3 8 Transport Additional aluminium demand from green transition 1) 3 Construction In million tons +24 2 Packaging 2 Foil stock 2022 Africa China Asia Austral- C&S Europe North 2030 ex. asia America China America CAGR '22-30% 4.8 2.5 3.9 2.1 2.8 2.4 2.8 2.8 Source: Hydro analysis, CRU, Goldman Sachs 4 Electrical Consumer durables 2 Machinery & 2 Equipment Other 1) Electrical vehicles (EV), hybrid electrical vehicle (HEV), plug-in hybrid electrical vehicle (PHEV) 16 14 13 12 11 10 8 7 6 Wind farms Solar panels HEV EV PHEV 2022 2023 2024 2025 2026 2027 2028 2029 2030 27#28Future consumption growth increasingly met with recycling New primary capacity still necessary to balance markets Global aluminium consumption In million tonnes Majority of announced primary growth based on high carbon energy sources In million tons t CO2e per t Al 1.7 29.1 35.2 12.1 6.2 2.1 0.5 1.8 CAGR CAGR 140 2011-22 2022-30 3.9% 2.7% 120 4.1% 5.4% 100 3.5% 1.4% 80 60 60 40 40 20 0 World. Ex China Creep/ Likely restarts/ projects Production disruptions Probable projects Additional production China net needed World ex. consumption 2022 2030 Largely balanced markets Expected likely and probable projects are developed In million tons 100 16 3 124 ~3-4 whereof ~1.2 Mt China Recycled 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Total metal requirement Primary Total aluminium demand Recycling China primary growth World ex. China Primary gap incl. China growth 2022 (likely and Source: CRU probable) Total aluminium demand 2030 28#29Demand for greener aluminium accelerates Low-carbon and recycled aluminium to make up majority of EU and North America market by 2030 Greener demand growth is outpacing the rest of the market Estimated demand from currently stated company emissions reduction targets demand upside as new targets are expected '22-'30 CAGR Total EU / North 7 ~3% America market Low-carbon ↑ -20% primary (<4 t/t¹)) Recycled²) 7 ~5% No carbon requirement ~0% 13 Low-carbon 16 2022 2030 Recycled No carbon requirement Estimate based on currently 13 stated company emissions reduction targets Additional upside from companies announcing new targets 1) Tonnes of CO2e per ton of primary aluminium produced, including full value chain emissions. 2) Does not distinguish between post-consumer scrap and process scrap 18 2022 2030 Hydro 29 29#30Carbon reduction targets growing across market segments Hydro Estimated demand based on currently stated ambitions Europe and North America low-carbon ¹) and recycled aluminium demand by sector (million tonnes) - estimate GAGR ('22-'30) Share of low-carbon¹) and recycled 18 ~6% 50-60% Vestas. Other -3% 35-45% lightsource bp Scope 3 reduction targets CO2e neutral value chain 45% per MWh generated 52% per MW constructed Examples of front runners with ambitious 2030 targets Specific aluminium commitments 10% of primary at <3 t/t Consumer dur. ~5% 70-80% Electrical -9% 30-40% PEPSICO 10% of primary at <3 t/t Ball Packaging ~3% 60-70% 11 and foil stock VELUX 10% of primary at <3 t/t Max. 2.0 kg carbon emitted / kg 2022 Construction -6% 60-70% VINCI BOUYGUES CONSTRUCTION の 50% for absolute emissions 30% for absolute emissions 20% for absolute emissions CO2e neutral balance sheet PORSCHE Mercedes-Benz CO2e neutral (2039) Transport -10% 40-50% VOLVO 25% per vehicle (2025) 10% of primary at <3 t/t 22% per vehicle 2030 RENAULT 30% per vehicle 1) <4 tons of CO2e emissions per ton of primary aluminium produced, including full value chain emissions 30#314000 3500 3000 2500 2000 1500 1000 2016 2017 Revenue drivers through Q4 2022 LME and SHFE aluminium prices USD/mt NOK/mt 2018 2019 2020 LME 3m USD — SHFE* ex. VAT in USD LME 3m NOK (RHS) Source: Metal Bulletin, Platts, Reuters Ecowin, Hydro analysis 2021 2022 Hydro Regional standard ingot premiums Platts alumina index (PAX) USD/mt USD/mt % LME 3M 35000 1 000 600 900 550 30000 800 500 700 450 25000 600 500 400 20000 400 350 300 300 15000 200 250 100 10000 0 200 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 US Mid West Japan Europe (duty-paid) Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 PAX Jul-21 Oct-21 % LME 3M (RHS) Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 31 20% 18% 16% 14% 12% 10%#322.0 1.5 1.0 0.5 0.0 Q4-18 Q1-19 Q2-19 Q3-19 2.5 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Indication of current market prices Source: Thomson Reuters, PACE, IHS Markit, Platts, ANP, CRU 2.5 2.0 1.5 1.0 0.5 0.0 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Caustic soda (indexed) Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Market raw material costs in Q4 Petroleum coke FOB USG (indexed) Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 0.2 0.0 Q4-18 Q1-19 Q2-19 Q3-19 Pitch FOB USG (indexed) 1.0 1.6 1.8 0.8- 1.4 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Fuel oil A1 (Indexed) Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 0.0 0.4- 0.2- 0.6- Alumina PAX index (indexed) Q4-18 Q4-18 Q1-19 Q1-19 Q2-19 Q2-19 Q3-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Steam coal (indexed) Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q4-21 Q1-22 Q1-22 Q2-22 Q2-22 Q3-22 Q3-22 Q4-22 Q4-22 32 32 ម Hydro#33Large and concentrated bauxite resources Guinea stands out as a long-term source Bauxite resources billion mt Big-league (Top 4) Mid-league (each > 1 Bt) Less significant bauxite resources Total bauxite resources Source: CRU Jamaica 2.0- Guinea 40.0 Brazil 4.3 India 3.5 Cameroon 1.1 Atlantic Pacific China 3.1 Vietnam 5.8 Australia 8.8 Indonesia Hydro 33#34Hydro Position#35. Strong global presence throughout the aluminium value chain Built on market understanding, customer closeness and competence The complete aluminium company • • • • High-quality bauxite and alumina production in Brazil Primary production in Norway, Germany, Qatar, Slovakia, Brazil, Canada, Australia 9.4 TWh captive hydropower production World leader in aluminium North America #1 position extrusion ingot #1 position extruded solutions Europe extruded profiles Remelting in the US, European recycling network Unparalleled technology and Globally R&D organization Top 3 positions in 3rd-party #1 position precision 1) Outside China 2) Extrusion ingot, sheet ingot, primary foundry alloys and wire rod 3) Primary Foundry Alloys alumina market Globally¹) tubing globally Hydro 9.4 TWh in the Nordic power market #1 position extruded solutions Aluminium Metal Energy Bauxite & Alumina Extrusions Recycling #1 position in value added metal products²) #2 position building systems Asia Top 3 positions in extrusion ingot and PFA³) 55 35#36Steeper cost curve, low-carbon demand and robust position drive margin potential Bauxite & Alumina Alumina Business Operating Cost curve (2022) 750 Alunorte back in 1st quartile after fuel switch 500 ~200 USD/mt, ~245 USD/mt 250 post fuel switch Distance 90th percentile Aluminium Metal Smelter Business Operating Cost curve¹) (2022) 5000 4000 3000 ~2300 USD/t ~115 USD/t, 2000 ~140 USD/t post fuel switch Hydro B&A post fuel switch 1000 Hydro B&A 90th percentile Global CO2 price 100 USD/t CO2e Status quo Competitively positioned on the global cost curve at the 30th percentile Fuel switch & electrical boilers project reduce carbon emissions by 30% by 2025 Global carbon price would improve relative competitive position in Hydro B&A 1) Assumptions: LME 3m 2,458 USD/t, Alumina 293 USD/t, SHFE cash 2,909 USD/t, NOK/USD 8.79 Source: CRU cost model Distance 90th percentile 0 Hydro ~1000 USD/t Hydro AM 90th percentile Status quo Global CO2 price 100 USD/t CO2e • Competitive relative position on the global cost curve at the 17th percentile • Strong portfolio of low-carbon smelters Global carbon price would improve relative competitive position in Aluminium Metal 36#37Long term renewable power contracts ensure robustness Smelter business operating cost curve 2022 USD/tonne 3 200 3.000 Power sourcing for smelters in Europe Power sourcing for Hydro smelters in Norway1) TWh 18 16 14 12 10 86 4 2 0 Total consumption 2 800 2 600 2 400 Spot/Short-term Long-term Captive Medium-term 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Wind power Hydropower Current captive 2 200 2 000 1 800 Power sourcing for Hydro JV smelters 2) Power sourcing for Hydro B&A³) TWh TWh 1 600 1 400 12 10 Total consumption 3.0 Total consumption 2.5 1 200 1 000 8 2.0 800 6 00 1.5 600 4 St 1.0 400 2 0.5 200 0 0 0.0 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 2022 2024 2026 2028 2030 2032 2022 2024 2026 2028 2030 2032 Coal Gas Mix Renewables Hydro Tomago Alouette Albras (other) Albras (Rein) Albras (long-term) Qatalum captive Paragominas - Rein Paragominas (short-term) Alunorte - Rein Alunorte (short-term) Source: CRU, Hydro analysis 1) Net -8 TWh captive assumed available for smelters. 2) Hydro Share: Qatalum captive (50%), Alouette (20%), Tomago (12.4%), Albras (51%). 3) Total Alunorte and Paragominas - all consumption sourced through Hydro 37#38Safe and responsible operations is a top priority Leadership in health and safety, social responsibility and compliance as a license to operate TRI Rate 1) . Continuing efforts to further increase transparency Hydro • • Transparent and consistent reporting approach for more than three decades Sustainability is fully integrated in Hydro's strategy Further improvements on several ratings in 2022 Sustainalytics: From Medium risk to low risk (20.6 -> 19.7) Dow Jones Sustainability Indices: From 65% to 67% Ecovadis: From 68/100 to 73/100 10.3 7.0 SUSTAINALYTICS 19.7 (Low risk) #3 in sector (3/180) MSCI AA rating "Leading initiatives to achieve carbon-free aluminum" 6.0 5.4 4.0 4.1 3.9 2.9 3.7 3.8 3.4 3.4 3.2 3.0 3.1 3,5 3.1 3.3 2.6 2.7 2.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1) Total recordable incidents (TRI) rate defined as cases per 1 million hours worked, for own employees and contractors Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 67% Europe Index inclusion DJSI inclusion since 1999 MOODY'S ESG Solutions 71/100 #1 rank in sector (1/43) #23 rank in universe (23/4826) ecovadis 73/100 96th percentile ISS ESG‣ B rating Corporate Rating: Prime Status Sustainability leader in our industry#39First 2025 hedge position established during the quarter Hydro Aluminium hedges of 100-460 kt/yr 2023-25 in place • 2023: 460 kt hedged at a price of ~2200 USD/t • 75 kt call-options as liquidity measure • 2024: 440 kt hedged at a price of ~2500 USD/t • 2025: 100 kt hedged at a price of ~2550 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 714 million sold forward for 2022-2024 • USD 330 million 2023 at rate 6.03 • USD 335 million 2024 at rate 6.19 • Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions 22 Hydro P Hydro Utilizing Hydro's hedging policy to deliver on strategic ambitions Flexibility to hedge in certain cases - Support strong cost position - Strong margins in historical perspective, e.g., supporting RoaCE target - Larger investments 39#40Hydro- the fourth largest aluminium producer outside China Hydro Equity production in 2022 in aluminium equivalents, thousand tonnes 10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 China Hongqiao Group Ltd Aluminum Corporation of China Ltd (CHALCO) Source: CRU Hydro with Alunorte at 6.3 million mt Ala to Al conversion factor: 1.925 Ltd. Xinfa Group Co., United Company Rio Tinto PLC RUSAL IPJSC Alcoa Corp Norsk Hydro ASA Alumina ■Aluminium State Power Investment Corporation Ltd (SPIC) H Yunnan Emirates Global East Hope Aluminium PJSC Group Co., Ltd. Aluminium Co., Ltd. (EGA) Vedanta Ltd Hindalco Jiuquan Iron and Industries Ltd Steel Group Co., Ltd. Qinghai Provincial Investment Group Co., Ltd. 40#41Well positioned for future value creation Hydro People • Global, highly skilled workforce Strong focus on development, diversity, inclusion and belonging Technology Leading innovation throughout value chain Product development in collaboration with customers Clear decarbonization roadmap . • • • -0 S.MB 2472 Hydro Market position Close customer collaboration and partnerships Integrated value chain Strong positions with Europe and North America Value added products Sustainability Comprehensive low- carbon aluminium offerings Renewable energy foundation Leading post-consumer scrap competence 41#42Hydro Strategy and Ambitions#43% Profitability ROACE > 10% о Sustainability CO2 -30% 43 33 Hydro#44Hydro's strategic direction toward 2025 Seizing opportunities where our capabilities match megatrends 1 Strengthen position in low-carbon aluminium 2 Diversify and grow in new energy Hydro REDUXAⓇ Low-Carbon Aluminium Hydro CIRCAL Recycled Aluminium Lifting profitability, driving sustainability H2 4 Hydro 44#45Increased improvement ambitions Strengthening future competitiveness and positioning with additional NOK 0.8 and 1.5 billion in 2023 and 2025. Further stretched with additional NOK 1.5 billion by 2027 Improvement program Ambitions increased in 2023 and 2025, and extended with additional NOK 1 billion until 2027 7.8 8.4 0.8 10.0 1.5 Fixed cost 11.0 NOK 3.2 billion Procurement Operational excellence 2022 2023 2025 2027 Commercial initiatives Ambition extended with additional NOK 0.5 billion until 2027 2.5 1.8 3.0 Greener products Market share growth 15 NOK 1.2 billion 2022 2025 2027 Product mix and margins 2018 baseline on accumulated improvements until 2021, 2021 baseline from 2022. Rebase effect of NOK 0.7 billion for improvement program. NOK 2 billion in annual average CAPEX to meet remaining improvement and commercial ambitions. PV: 10 CAL/CM RISCO 2 CA 435M 100% POST CONSUMER SAMSUNG Hi Hydro Hydro 45#46Growing in energy Leveraging strong platform and capabilities Energy Operations & Energy Markets REIN HYDRO Hydro . • • • • Approx 3.5 BNOK earnings "platform" (LTM adjusted to normal production and no area price gain) In addition, commercial contribution of approx. 400 MNOK average last 3 years USD 2.7 billion contracted revenues¹) NOK 400 450 million estimated EBITDA contribution from projects in construction in 2026 NOK 2.5 billion remaining capex for projects in construction Adjusted EBITDA Energy 2019-2022 NOK million HAVRAND Hydro • Batteries . • Establishing as developer, owner and operator of green hydrogen production facilities Large fuel switch potential next decade internally, enabling hub development for external customers NOK 3 billion capital allocated 2020-2025 Targeting 3x value uplift on equity invested by 2025 1) Projects in construction: Stor-Skälsjön, Mendubim, Boa Sorte, Feijão 1 509 1 245 4 926 3 790 2019 2020 2021 2022 46#47Increasing PCS recycling ambitions by 140kt • Delivering on our recycling ambition - several investment decisions made, IRR 15-30% Increasing ambitions to use PCS by 140kt, lifting EBITDA ambitions by NOK 1 billion Attractive RoaCE in our AM recycling portfolio Seizing the market opportunity 26% 23% 22% 18% 41% 2018 2019 2020 2021 2022 1) Baseline 2020 PCS volume reduced from 290 to 280 kt due to reclassification Hydro CIRCAL Recycled Aluminium Recycling 2025 and 2027 targets All approved project pipeline PCS usage and ambition Tonnes (000s) EBITDA BNOK +1.7-2.1 x2 620-770 520-670 4.4 I 3.1-3.5 2022 2.6-3.0 New +40 320 2801) Old target Coc -7% 480-630 market 2.8 New I 1+0.5 1.4 Old 1.6 target 2.1-2.5 2020 2022 2025 2027 2020 2022 2025 2027 47#48Extrusions on track to deliver NOK 8 billion EBITDA 2025 EBS اتا Portfolio restructuring Cost reductions Growth projects • Automotive, systems business and commercial transport • Exited non-attractive operations and segments • . Dedicated improvement program for procurement and operational excellence (EBS) Capacity and capabilities in attractive segments such as E-mobility and recycling Strengthening flagship plants in the portfolio Extrusions 2025 growth target Extrusions EBITDA NOK billions 14% RoaCE 11% RoaCE 8.0 1.0 Sustainability • Improvements in margins and market share from greener products • Creating "closed-loops" with customers Actual 2022 EBITDA Adj. EBITDA target 2025 48#49Improvements and growth drive higher profitability Growth and strategic initatives Major changes in business portfolio and/or strategic direction Commercial • . ambition²) Pursing market and customer- . Profitability roadmap AEBITDA Q3-2022 LTM-2027 BNOK, excluding new energy RoaCE 27% 41.5 Recycling: Double PCS and EBITDA by 20251) increased • By 40 kt PCS by 2025 and additional 100 kt PCS by 2027 • Lifting EBITDA by additional NOK 1 billion Extrusion: Increase EBITDA to NOK 8 billion by 2025 on track Energy: Grow in new energy solutions Rein, Havrand and Batteries 2022 2025 2027 1.8 2.5 3.0 BNOK BNOK BNOK New: +0.5 BNOK V RoaCE 16% incl. market -30 1.7 1.4-1.8 1.2 3.8 0.5 3.2 Q4-22 0.6 2.2 Q4-22 driven growth opportunities Improvement program²) 2022 7.8 2023 8.4 2025 2027 10 11 BNOK BNOK Maximizing value-creation from New: BNOK New: BNOK New: current assets/operations 10.8 BNOK 11.5 BNOK +1 BNOK AEBITDA Q3-22 LTM³) Market sensitivity Energy Improvement Commercial Recycling volume AEBITDA program initatives growth potential after (forward)3) and other³) improvements 1) 2020 baseline 2) 2018 baseline on accumulated improvements until 2021, 2021 baseline from 2022.-2 BNOK in annual average CAPEX to meet remaining improvement and commercial ambitions 3) Based on a forward case presented at CMD 2022 Dec 15. Assumptions to be found in the CMD 2022 presentation 49#50Driving sustainability: Future-proofing our company Climate Environment Society Hydro VOLUNTARIO DP Hydro • On track to meet 30 percent reduction in scope 1 and 2 CO₂e by 2030 Net-zero by 2050 or earlier Reduce specific scope 3 emissions • by 30% by 2030 • 1:1 reforestation on track No net-loss biodiversity ambition for new projects Tailings dry backfill technology reducing the need for permanent landfilling Continued focus on waste elimination, including new project on recycling bauxite residue On track to deliver on target of empowering 500,000 people with skills and education by 2030 Significant social projects completed in Brazil Transparency and traceability of key product sustainability data by 2025 or earlier 50 50#51Net-zero Hydro: The roadmap On track to achieve 30% carbon emissions reduction by 2030 and net-zero by 2050 or earlier GHG emissions - ownership equity Million tonnes CO2e (% of 2018 baseline emissions) Hydro 2018 11.3 (100%) Alunorte heavy fuel oil and coal -30% 2025 2030 Fuel switch, electrical boilers, other initiatives Electrifying coal boilers, grid mix improvements, smelter process improvements Renewable power, green hydrogen, smelter emissions 2050 or earlier 10.2 1.1 (90%) Incl. pilot volumes HalZero, CCS and Hydrogen 7.9 (70%) Decarbonizing electricity generation Green hydrogen substitution Electricity generation (scope 2) -30% Natural gas in casthouse, recycling extrusions and anode production -10% Alunorte & casthouse natural gas Electrolysis process emissions -30% 2018 2025 2030 HalZero H₂ and CCS Parallel technology development to reach net-zero by 2050 0 2050 51#52Hydro Decarbonization ambition: Three paths to net-zero Clear technology roadmap to deliver industrial volumes of zero carbon aluminium by 2030 HalZero process New process technology for decarbonizing new capacity Carbon capture and storage Technologies for decarbonizing existing smelters Recycling and Casting Technologies for more PCS-use and casthouse decarbonization CO₂e emissions per year 3.2 ~1.4 ~1.8 0.0 Average Decarbonizing: HalZero Zero carbon Norwegian Alunorte Process product smelters (liquid metal) 3.2 ~1.4 ~1.5 Average Decarbonizing Off-gas Norwegian Alunorte capture smelters (liquid metal) -6.9 4.8 0.3 1.3 ~0.3 ~0.3-0.5 0 0 Direct air Zero carbon capture product Example Hydro recycled 75% PCS 80% PCS 100% PCS Hydrogen or (Hydro electrification CIRCAL) Zero carbon in recycler product product 52 42#53Hydro uniquely positioned in the low-carbon aluminium market Business Hydro's control of integrated value chain drives key decarbonization capabilities A Bauxite & Alumina Strong starting point 1st quartile CO2e emissions Ambitious roadmap 1st decile by 2025 Aluminium Metal Recycling Energy Extrusions Hydro Primary production with CO₂e content 75% lower than global average Advanced HalZero and CCS technology to further reduce smelting emissions Leading in PCS recycling for extrusion ingots Advanced sorting technology Increasing PCS recycling up to 770kt by 2027 Captive renewable power Leader in industrial PPAs Renewables developer, including batteries and hydrogen World's largest extrusion company with integrated recycling capacity EcoDesign driving circularity Greener local energy sourcing Increased recycling Certified, traceable, low-carbon aluminium 53 53#54Hydro provides products with low emissions Kilos of CO2e emissions per kilo aluminium Primary aluminium produced on renewable energy 4-6 times lower than the world global primary average Recycled aluminium from Hydro More than 7 times for 75R, and 33 times for 100R lower than the world global primary average Sources: EAA, IAI, Hydro internal analysis Hydro CIRCAL Recycled Aluminium Hydro REDUXAⓇ Low-Carbon Aluminium 6.7 8.6 16.6 Hydro 20.3 5.7 4.0 3.0 2.3 0.5 Hydro Hydro CIRCAL CIRCAL 100R 75R Hydro REDUXA 3.0 Hydro REDUXA 4.0 Hydro Primary Extrusion Primary produced in Europe in Europe ingots average average Primary Primary Primary consumed world China global average average Europe 54#55Ambition to more than double sales of greener products to meet market demand Hydro 1) Post-consumer scrap > 75%. 2) Footprint < 4.0 Hydro CIRCAL¹) Sales volume, tonnes (000s) ~3X ~140 100 40 50 55 20 2020 2021 2022 2023e 2025e Mid-term capacity Hydro REDUXA2) Sales volume, tonnes (000s) ~2X ~1000 650 420 450 250 75 2020 2021 2022 2023e 2025e Mid-term capacity 55#56Hydro offers the leading low-carbon product portfolio Near-zero aluminium e.g., 100% PCS Advanced low-carbon e.g., REDUXA 3.0, 75% PCS Hydro CIRCAL Recycled Aluminum Hydro REDUXA Low-C Aluminium Hydro CIRCAL Carbon Recycled Aluminium Certified low-carbon aluminium e.g., REDUXA 4.0 Hydro REDUXA Low-Carbon Aluminium Hydro's high quality aluminium products Increasing uniqueness/ pricing • Leading low-carbon aluminium offering and capabilities Strong scale position within recycling and low carbon. aluminium • Ambitious, yet concrete, decarbonization roadmap across entire value chain Delivering pilot volumes of ultra low carbon and 100% PCS to frontrunner partners Differentiated suite of low-carbon products enables adaptable pathway to net-zero - unique to Hydro Scale with high ambition players Unique pilot volumes for front runners 56#57Ambitious product roadmap driving industry frontiers Capitalize on market demand through circularity while decarbonizing primary value chain 2.3 XX t CO2e/t in progress / achieved XX t CO2e/t spearheads Current emission levels Hydro CIRCAL Recycled Aluminium CIRCAL 100R <0.5 XX t CO2e/t first commercially available volumes XX t CO2e/t pilot volumes Further use of PCS and green sourcing Further implement pilot for use of hydrogen/electrification in recyclers Hydrogen pilot in Høyanger 0.0 2022 2025 Fuel switch Alunorte 4.0 Current emission levels Hydro REDUXAⓇ Low-Carbon Aluminium 3.0 Partnering with Mercedez-Benz 2030 Implement CCS and DAC for existing smelters Decarbonize casthouses 2040 Install HalZero pilot for primary production ~2.0 <2.0 REDUXA 3.0 First HalZero metal Spearhead volumes <1.0 Utilize hydrogen in - From testing alumina calcination Hydro Decarbonization of remaining emissions 2050 Decarbonization of remaining emissions 57 57#58Hydro a preferred partner on journey to net-zero Hydro Utilizing integrated value chain and trusted partner position to deliver decarbonization to industry front runners Hydro CIRCAL 100R Innovationsbogen - Augsburg, Germany D Hydro Decarbonize the building market with Hydro CIRCAL 100R Innovationsbogen is the first development of the Augsburg Innovation k. A futuristic office building, designed to match the needs of modem companies Sustainability, efficiency and flexibility are at the heart of the project and using Hydro CIRCAL 100R was a great opportunity for both the owner and the architect In total, Hydro Building Systems will deliver 100 tons of Hydro CIRCAL 100R, which represents a reduction of more than 600 tons of CO2e CIRCAL ALUMINIUM CIRCAL 100R Owner Water AG Fabricator SCHINDLER FENSTER FASSADEN GMBH Architect Hadi Teherani Unlocking commercial and technological solutions Enabling decarbonization journey transition Driving demand Access to full suite of greener aluminium solutions Support in making the right decarbonization steps Hydro as R&D partner Delivery date: 01/2023 Hydro Every step matters on the path to zero ath to o Polestar O Project OtCO₂e ALUMINIUM PRODUCED AT EUROPE AVERAGE 50 670-95% tons of CO2e tons of CO2e Hydro Lifting profitability, driving sustainability Hydro REDUXA Low-Carbon Aluminium VELUX® 58#59Why invest in Hydro? Good track record on relative shareholder value creation Stock price index / TSR 400 350 300 250 200- 150- 100 50 0 & Peer range NHY Pathway to net-zero aluminium products 11.3 (100%) 10.2 (90%) Alunorte heavy fuel-30% oil and coal Electricity generation -30% (scope 2) Natural gas in casthouse, recycling -10% extrusions and anode production Electrolysis process-30% emissions 7.9 (70%) Decarbonizing electricity generation Green hydrogen substitution HalZero and CCS 0 2018 2025 2030 2050 From CMD 2022, figures based on Q3 2022 Near zero aluminium e.g., 100% PCS Advanced low-carbon e.g., REDUXA 3.0, 75% PCS Certified low-carbon aluminium e.g., REDUXA 4.0 Hydro's high quality aluminium products Increasing uniqueness/pricing Low and robust cost position with ambition to improve 1st quartile cost position AM Low carbon footprint Long-term renewable power contracts Increased improvement ambitions Hydro Hydro Positive demand outlook for greener aluminium Hydro REDUXAⓇ Low-Carbon Aluminium Hydro CIRCAL Recycled Aluminium Portfolio of profitable growth projects Solid financial framework and competitive shareholder distribution cial strength and flexib Robust shareholder payout ustainability position enabling profitable growth and cost of capital advantage Improvement program and commercial ambition Operating capital ambitions Profitability roadmaps Strategic Lifting cash flows towards 2027 growth initiatives Capex optimization Strategic hedging & contingency measures Minciples for capital alloca Dividend yield vs peers Downstream 2022, based on 2021 results Peer 0.8% Peer H 0.0% Peer G 0.0% Peer F 3.7% Peer E 3.3% Hydro 9.9% Peer D 0.7% Peer C 0.5% Upstream Peer B 0.0% Peer A 0.0% 59#60Hydro Business overview#61Hydro-Group vdro#62The aluminium value chain World class assets, high-end products and leading market positions Raw materials processing and energy Primary aluminium production, marketing and recycling Aluminium in products Bauxite & Alumina • High quality Gibsite bauxite • Bauxite capacity 10.8 million tonnes (100% Paragominas and 5% MRN) World's largest alumina refinery outside China with capacity of 6.3 million tonnes Long-term sourcing contracts for bauxite and alumina Energy • Long-term power supply secured in Norway • Norway's third largest operator of hydropower with 13.0 TWh Norway's fifth largest hydropower producer - ~9.4 TWh normal renewable energy production Ownership in Lyse Kraft DA, the third largest hydro power producer New business opportunities within renewable and batteries/storage solutions Aluminium Metal 2.3 million tonnes primary capacity Leading in technology for energy efficiency and CO2-emissions Significant initiatives to decarbonize value chain for net zero aluminium production: fuel switch / renewables, carbon capture, new process technology, HalZero ⚫ High LME and USD sensitivity Improving cost position 100% of volumes for assets that are fully consolidated and pro rata volumes for other assets. Metal Markets Hydro • • Extrusions 1.3 million tonnes of extrusion shipments No. 1 position in extrusion market in North America and Europe Leading European player in building systems business with multi-brand portfolio . ~2,7 million tonnes sales . 0,6 million tonnes recycling capacity • Leading provider of low-carbon aluminium (Hydro REDUXA and Hydro CIRCAL) • • Strong marketing organization Expertise in materials with significant R&D capabilities • Flexible system • High share value-add products • Risk management • Strong market positions in Europe, • Leading global player in precision tubing segment 1.2 million tonnes of recycling capacity Asia and the US 62 62#63Key performance metrics | Q4 2022 Adjusted EBITDA NOK million 9 011 9 721 7 184 Free cash flow¹) NOK billion 4.7 2.0 Hydro Adjusted RoaCE2) 12-month rolling % 5.8 26.9% 22.2% 18.6% 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 4Q21 Upstream costs 3,4) USD per tonne 1) 2) 310 2 350 2 175 2 250 337 337 4Q21 3Q22 4Q22 Bauxite & Alumina Aluminium Metal Extrusion volumes Thousand tonnes 301 301 265 4Q21 3Q22 4Q22 3Q22 Improvement program status5) NOK millions 11,000 10,000 8,400 7,800 2022 achieved 2023 2025 2027 overall overall overall target target target 4Q22 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 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 5) 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 2018 baseline on accumulated improvements until 2021, 2021 baseline from 2022 63#64Managing short-term risk and long-term opportunities Short term improvement and mitigation Increasing improvement program target for 2025 and extending program to 2027 • Setting ambitious operating capital ambitions for 2023 • Contingency measures in place Integrated aluminium margin hedge in place for 2023, 2024, and partly 2025 Solid framework for lifting returns and cash flow and managing uncertainty cial strength and flexibility Robust shareholder payout Sustainability position enabling profitable growth and cost of capital advantage Improvement program and commercial ambition Strategic growth initiatives Operating capital ambitions Lifting cash flows towards 2027 Strategic hedging & contingency measures Long-term opportunities and measures • . Clear principles for capital allocation Continue to deliver on strategic capex roadmap Sustainability driving cost of capital advantage Clear profitability roadmaps • Robust shareholder payout bility roadmaps Capex optimization Clear principles for capital alloc 64#65Capital allocated according to strategic modes Strategic modes reflect global megatrends and high-return opportunities Businesses Safe, compliant and efficient operations - The Hydro Way Bauxite & Alumina Aluminium Metal Recycling Energy Extrusions Hydro Strategic mode Sustain and improve Sustain and improve Selective growth Selective growth Selective growth Towards 2025 Reduce risk, improve sustainability footprint, improve cost position Robustness and greener, increase product flexibility, improve cost position Substantial shift in conversion of post- consumer scrap Grow in renewables, hydrogen and batteries Platform strategy executed, selective growth 65#66Strong profitability in return-seeking and growth capex portfolio Indicative profitability in current return-seeking and growth portfolio Batteries Other return-seeking Decarbonization Recycling Extrusion Hydro Rein COC: -7% IRR 15- 30% IRR 20-35% elRR 10-12% • IRR 10-20% COC: -8% IRR 10%+ COC: 7-9-% Recycling Increase proportion of post consumer scrap (PCS), lowering metal cost Improved economies of scale in brownfield expansions Sorting technology and equipment standardization Extrusions • • New presses with improved capabilities and commercial value, capturing market share Press replacements with significant cost reductions and increased productivity Focus on high growth segments including automotive, systems business and commercial transportation Hydro Rein • USD 2.7 billion contracted revenues, 3.6 TWh signed under long-term EUR & USD PPAS 1.7 GW gross capacity in operation or construction Focus on early phase projects opportunities and strategic partnerships Batteries • Focused strategy within sustainable battery materials, leveraging Hydro capabilities Establish positions in attractive growth segments in core markets Core investments: Hydrovolt (recycling) and Vianode (anode material) Decarbonization • Alunorte Fuel switch project (IRR 10-20%) Carbon capture technology pilots in mid-term, industrial scale pilot volumes by 2030 HalZero as technology pilots in mid-term, industrial scale pilot volumes by 2030 66 99 Hydro#67Shareholder and financial policy . • Aiming for competitive shareholder returns and dividend yield compared to alternative investments in peers Dividend policy • • • Average ordinary payout ratio: 50% of adjusted net income over the cycle • 1.25 NOK/share to be considered as a floor • Share buybacks and extraordinary dividends as supplement in periods with strong financials and outlook Five-year average ordinary pay-out ratio 2018-2022 of ~74% Maintain investment-grade credit rating • Currently: BBB stable (S&P) & Baa3 stable (Moody's) Competitive access to capital is important for Hydro's business model (counterparty risk and partnerships) Financial ratio target over the business cycle • Adjusted net debt to adjusted EBITDA < 2x Hedging policy Hydro . • Overall risk policy • Remain exposed to the inherent cash flow volatility related to Hydro's business . Fluctuating with the market - volatility mitigated by strong balance sheet Diversified business . Vertical integrated value chain reducing risk and volatility • Strengthening relative position to ensure competitiveness Upstream margin risk • Currency exposure, mainly USD and BRL Exposed to LME and Platts alumina index prices Strategic and operational hedging with perspective of mitigating downside risk and securing margins (not opportunistic) • Operational LME hedging - one-month forward sale Downstream margin risk Spread between customer prices and the underlying production cost As such exposed to commodity prices, exchange rates, other costs, market conditions and negotiating power • Risk is managed through operational hedging programs 67#68Sustainable financing initiatives increase access to capital and provide cost of capital advantage Green and Sustainability Linked Financing Framework • Framework published to facilitate issuance of green and sustainability linked bonds Linked to Hydro's sustainability ambitions CICERO Shades of Green provided Second Party Opinion allocating medium green shading and governance assessment at excellent Updated capital structure policy and EMTN Program • Revised capital structure targets over the cycle EMTN program established to streamline bond issuance in line with capital structure policy Linked to Hydro sustainability ambitions 10% carbon 660 000 emission mt PCS reduction by 2025 by 2025 Revised capital structure in 2022 Adj. net debt/adj. EBITDA < 2x Adj. net debt around NOK 25 billion Sustainability linked bonds (SLBs) NOK 3 billion SLBS (2022-2028) issued under framework and EMTN programme • First SLB issue in the Norwegian corporate investment grade market SLB feature increased access to capital in challenging market conditions NOK 3 billion SLBs 1st corp IG SLB in Norway 68#69Significant exposure to commodity and currency fluctuations Aluminium price sensitivity +10% NOK million 3 110 2 180 Currency sensitivities +10% Sustainable effect: NOK million Adj. EBITDA Hydro USD BRL EUR 3,740 (840) 10 One-off reevaluation effect: Adjusted Net Income Financial items (990) Adj EBITDA Other commodity prices, sensitivity +10% NOK million 980 530 (250) (230) (150) (580) Standard Realized Pet coke Fuel oil ingot premium¹) PAX (630) Caustic soda Pitch Coal 1) Europe duty paid 1,040 (4,050) Annual adjusted sensitivities based on normal annual business volumes. LME USD 2,250 per mt, standard ingot premium 260 USD/mt, PAX 325 USD/mt, fuel oil USD 830 per mt, petroleum coke USD 685 per mt, pitch 1,340 EUR/t, caustic soda USD 930 per mt, coal USD 230 per mt, USD/NOK 10.16, BRL/NOK 1.94, EUR/NOK 10.39 Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated Excludes effects of priced contracts in currencies different from adjusted currency exposure (transaction exposure) Currency sensitivity on financial items includes effects from intercompany positions • 2022 Platts alumina index (PAX) exposure used • Adjusted Net Income sensitivity calculated as UEBITDA sensitivity after 30% tax Sensitivities include strategic hedges for 2022 (remaining volumes for 2022, annualized) 69#70Bauxite & Alumina Hydro#71Bauxite and alumina cluster in Para, Brazil MRN bauxite mine Top 3 bauxite mine in the world 5% ownership Volume off-take agreement for Vale's 40% stake • • 2020 production 12.9 mill tonnes • 2021 production 12.6 mill tonnes 2022 production 12.3 mill tonens Bauxite licenses Paragominas bauxite mine Alunorte alumina refinery Hydro • • 100% ownership Nameplate capacity of 9.9 million tonnes 2017 production 11.4 million tonnes ⚫ 2018 production 6.2 million tonnes* • 2019 production 7.4 million tonnes* • 92% ownership • World's largest alumina • • 2020 production 8.6 million tonnes • 2021 production 10.9 million tonnes • • 2022 production 11.0 million tonnes . Long-life resource . • refinery outside China Nameplate capacity of 6.3 million tonnes 2017 production • . 6.4 million tonnes • 3.7 million tonnes* 2018 production 2019 production 4.5 million tonnes* 2020 production 5.5 million tonnes • 2021 production 6.3 million tonnes 2022 production 6.2 million tonnes Bauxite supplied from Paragominas and MRN World-class conversion cost position Utilizing state-of-the-art press filter technology to process bauxite residue Enhancing plant robustness to prepare for extreme weather events Refining and mining competencies External supply contracts * Alunorte and Paragominas produced at 50% capacity from March 2018 to May 2019 due to a 50% production embargo on the Alunorte refinery. The production embargo was lifted in May 2019. Sales contract portfolio 71#72Bauxite operational mining costs in Paragominas . Indicative Paragominas bauxite mining costs Energy cost - Power and fuel Large fixed cost base Labor cost Influenced by Brazilian wage level Maintenance and consumables Mainly influenced by Brazilian inflation 20% 16% 25% 15% 25% Hydro ■Labor ■ Energy ■Support & infrastructure ■Maintenance/consumables Other costs 72#73• Favorable integrated alumina cost position • Implied alumina cost 2022 - USD 345 per mt¹) . Alunorte, Paragominas and external alumina sourcing for resale . Bauxite Internal bauxite from Paragominas at cost, sourced bauxite from MRN . External bauxite sales • Energy • Energy mix of heavy fuel oil, coal and electric power • Caustic soda Competitive caustic soda consumption due to bauxite quality Competitive caustic soda sourcing contracts Other costs Maintenance, labor and services 1) Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales Indicative implied alumina cost composition 11% 17% 13% 41% 18% ■Bauxite Caustic soda Energy (oil/coal/power) ■Other costs Ext. sourced alumina Hydro 73 73#74Strong commercial organization maximizing the value of B&A assets External alumina sourcing • 2.0-2.5 million mt of external alumina sourced annually • Long term off-take agreement with Rio Tinto • ~900 000 mt annually from Yarwun refinery Short and medium-term contracts • To balance and optimize position geographically Various pricing mechanisms • • Older contracts linked to LME New medium to long term contracts mostly index Fixed USD per mt for spot contracts on index Long positions in bauxite and alumina Pricing should reflect bauxite and alumina market fundamentals • Selling surplus MRN bauxite externally • Premium for high bauxite product quality Mostly term contracts based on % of PAX and/or fixed USD/mt element Selling 3-4 million mt/yr of alumina externally • • Index pricing 1) (the new norm) and short to medium-term contracts New contracts: 100% sold on index, except Hydrate and short-term contracts, normal terms 1-3 years Legacy LME-linked contracts: priced at ~14% of LME 3M 85% 88% 93% 65% 75% 75% 50% 35% Hydro 2015 2016 2017 2018 2019 2020 2021 2022 External LME External index Internal LME Internal index Index exposure 74 1) Rounded figures. Indicating volumes available for index pricing. Includes minority sales priced at % of LME with floor. Based on annual sourced volumes of around 2.5 mill t, assuming normal production at Alunorte.#75Bauxite & Alumina sensitivities Annual sensitivities on adjusted EBITDA if +10% in price NOK million (30) 1 720 • 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 (150) • ~0.1 tonnes per tonne alumina • Prices based on IHS Chemical, pricing mainly monthly per shipment (250) (630) Aluminium Realized PAX Fuel oil Caustic soda Coal Currency sensitivities +10% NOK million Adj. EBITDA USD BRL EUR 850 (610) Hydro • Energy ~0.12 tonnes coal per tonne alumina, Platts prices, one year volume contracts, weekly per shipment pricing • ~0.11 tonnes heavy fuel oil per tonne alumina, prices set by ANP/Petrobras in Brazil, weekly pricing (ANP) or anytime (Petrobras) Annual adjusted sensitivities based on normal annual business volumes. LME USD 2,250 per mt, standard ingot premium 260 USD/mt, PAX 325 USD/mt, fuel oil USD 830 per mt, petroleum coke USD 685 per mt, pitch 1,340 EUR/t, caustic soda USD 930 per mt, coal USD 230 per mt, USD/NOK 10.16, BRL/NOK 1.94, EUR/NOK 10.39 BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated. 2022 Platts alumina index (PAX) exposure used 75#76Decarbonization ambition: Alunorte is 1st quartile in CO₂e with a clear plan to 1st decile by 2025 CO2e per ton of Alumina (scope 1 and 2) CRU Global Alumina 2022 Source: CRU, Hydro Alunorte today Fuel Switch Electrical boilers 1st quartile on CO₂e (0.65t CO2e) 46% below the industry average • • Alunorte 2022 Alunorte by 2025 1st decile on CO₂e Reduce 25%, 0.45t CO₂e by 2025 63% below the industry average Hydro 2022 Industry avg: 1.20 Alunorte 0.65 2022 0.45 2025 76#77Decarbonization ambition: Significant progress on decarbonization of Alunorte alumina Tonnes CO₂e/tonne aluminium Towards lowest CO2e per tonne alumina relative to peers by 2025 Scope 1 and 2 emissions Fuel switch project 3,2 ~1.4 Average Alunorte ~1.8 Carbon Norwegian decarbonization Capture or smelters (liquid metal) HalZero Replacing heavy fuel oil with natural gas • Reducing annual CO₂e emissions by 700,000 tonnes 2025: Fuel Switch • Cost BRL ~1.3 billion (NOK ~2 billion) & elBoilers • 2030: Coal Replacement First gas consumption in Q2 2023 and all oil assets converted to gas by 1H 2024 Electrical boiler - Hydro Rein supports decarbonization First electrical boilers in operation in first half 2022 • Two more electrical boilers in operation by 2024 Hydro 2040: Gas Replacement • 2 times 20-year PPA's were signed with Hydro Rein (255 MW) to power boilers, from the Mendubim and Feijao projects and providing competitive terms for Alunorte Coal replacement by 2030 Coal only as a secondary energy source for security of supply by 2025 Multiple paths to replace coal and targeting stand-alone business cases Bauxite Alunorte decarbonization • Ambition to fully replace coal by 2030 Gas replacement by 2040 • Gas will be replaced in Calcination by either Hydrogen or Renewable energy Bauxite Replacement of diesel with biofuel and electric equipment 77#78Capital 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.22) 24% 9% 6% 6% 3% 2% 3.1 BNOK 10-11% 2017 2018 2019 2020 2021 2022 Adjusted EBITDA FY 2022 Return requirement ~6% 2017-2022 average ARoaCE 0.8 BNOK 2023-2027 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 5.0 4.0 3.0 2.0 1.0 0.0 2022 actual 2023 guiding 2024-26 guiding Growth and return-seeking Sustaining Sustain and improve Strategic theme 78#79Energy#80Energy is a key differentiator in the aluminium industry Center of energy excellence in Hydro Energy cost 1) Bauxite Alumina Primary Extrusion -25% -35% -35% -8% Energy business area's • Power sourcing -50% Power sourcing contribution to Hydro Power sourcing and production Power sourcing • Fuel switch project (LNG) Gas sourcing Gas sourcing Energy mix long term, renewables, storage Market understanding. Framework advocacy. <<Greener>> support & energy efficiency support. Security of supply 1) Share of Business Operating Cash Cost over the cycle 88 80 Hydro#81Hydro's global primary energy demand Spanning the entire aluminium value chain, all global regions and energy carriers Hydro's total energy portfolio amounts to ~210 million GJ per year based on ownership equity North America Power 2.2 TWh Power Natural gas Power Natural gas 6.4 million MMBtu Natural gas South America Power 4.9 TWh Power Coal Fuel oil Coal 420 thousand tonnes Fuel oil 3.8 million BOE Europe Power 18.3 TWh Natural gas 4.5 million MMBtu Middle East Natural gas Natural gas 41.0 million MMBtu Australia/Asia Power 1.0 TWh Power Primary energy is defined as energy production plus energy imports, minus energy exports. Values are listed in its conventional trading unit. Electrical energy: 1 MWh = 3.6 GJ, MMBtu = Million British thermal units = 1.06 GJ, ton-metric ton thermal coal = 28 GJ, BOE= Barrel of Oil Equivalent = 6.12 GJ. Bar charts are represented in the equivalent primary energy size for each category. Based on equity-adjusted 2021 values for Norsk Hydro's bauxite mines, alumina refineries, smelters, casthouses, remelters, and extrusion plants. Hydro#82Market pricing principle applied to internal contracts Based on external price references Sourcing side TWh Revenue side TWh • • Market pricing Duration varies • Different indexation parameters Long-term contract 9.4 (7-11) 1) • Market pricing Fixed annual pricing adjustments 8-104) Normal production Sourcing on long-term contracts Spot price 0-33) 1 16-182) Mainly Back-to-back Norway post 2020 1) Depending on the precipitation level, hydropower production may vary from 7 TWh in a dry year to 11 TWh in a wet year 2) Consumption in AM at current production levels and at full installed capacity 3) Net spot sales vary depending on the power production level and internal consumption in AM 4) Depending on status of sourcing Regulated price Net spot sales Concession power Consumption in Aluminum Metal Hydro 82 42#83Energy EBITDA development Adjusted EBITDA and NO2 spot price NOK million NOK/MWh 5 500 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Adjusted EBITDA and NO2 spot price NOK million 2400 2000 1600 1200 800 400 0 Hydro • 2500 • 2000 1500 1000 Production and market prices strongly linked to hydrological conditions Seasonal market variations in demand and supply. Gains or losses may occur from delink between area prices arising due to transmission capacity limitations in the Nordic area • Power portfolio optimized versus market • Lift in annual EBITDA contribution from 2021 Positive impact from expiry of legacy supply contract from 2021 8 TWh internal contract for power sales to Aluminium Metal in Norway effective from 2021-30 • Stable and competitive production cost base: NOK/MWh 4000 3500 3000 2500 • 2000 Mainly fixed costs 1500 • Volume-related transmission costs 1000 500 • 0 Maturing portfolio growth options; emphasis on flexible production & selected geographies 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Adjusted EBITDA Spot price 1) Adjusted EBIT 2006 based on USGAAP 2) Compared to 2020 83#84Pursuing growth opportunities at different stages Realizing value potential in Batteries, Hydro Rein & Hydro Havrand 2020: Hydro 2025 Strategy 1905 1991 2016 - 2019 2017 2021 Energy markets operations Market operations in the Nordics from 1991, Energia established in 2015 Power operations & projects Wind power PPAs Hydro Rein Developer, owner and operator of solar and wind assets. Minority in SPVs. Capital light Hydro First battery investment Batteries unit established 2020 Industrial owner organization Exploring opportunities in value chain Selected assets where Hydro can contribute Minority/balanced Latest growth asset Hydro Havrand established 2021 In build up phase. Concept to be developer, owner and operator of hydrogen assets from majority positions. Partner with external investors 84#85Strong production platform, market performance and growth opportunities Excellent hydropower operations & growth projects 14.0 TWh Operations of power assets in Norway. 9.4 TWh equity owned hydropower. Karmøy 4 TWh smelter control room service NOK 1 billion Potential Hydro investments in Lyse Kraft DA giving 150 MW and 60 GWh supporting green shift and high-end volatile market 200 GWh Potential increased production in Fortun by building pumping power station at Illvatn and Øyane Leading power market player Top 5 in Europe on PPAs Among the largest PPA buyers in Europe, measured in MW over the last 6 years Market analysis, market operations, sourcing, trading & portfolio management Hydro Among the top 10% largest energy trading companies and managing the 2nd largest power consumption portfolio in Brazil Industry leader on cost and operational performance Resource spend Norwegian hydropower players 2020 NOK/MWh Cost of labor Other OPEX 80 60 40 20 0 Hydro Peer Peer Peer Peer Peer Peer 1) Based on a normal production of 9.4 TWh with a 2021 seasonal profile at last 12 months prices of NOK 2 / kWh Sources: THEMA, Schneider Electric: Neo Network PPA Deal Tracker 2017-2022 Strong platform for value creation • . EBITDA "platform" from operations: • 8 TWh on long term contracts (predictable prices) + 2 TWh (avg.) net long spot volume in merchant market: App. NOK 3.5 billion LTM adjusted with normal production and no area price gain¹) Commercial contribution in addition of app. NOK 400 million average last 3 years Well positioned portfolio to benefit from area price differences Maturing portfolio growth options; emphasis on flexible production & selected geographies 55 85#86Energy assets and unique competence drive value creation across Hydro Strong platform for production, sourcing and advisory Operations and projects: HSE excellence, operating 40 power plants across Norway (hydropower and wind). Large scale project execution across new units and Hydro • • 妻 Commercialize positions: PPA originator, from "as produced" to PPA profile, highly competitive sourcing and optimal energy solutions Market, grid & regulatory insight: Strong market presence and insight, monitoring regulatory initiatives. across Norway, the EU and Brazil. Grid and infrastructure development Decarbonizing Hydro and external industries . . Decarbonizing Hydro Power sourcing, managing and matching profiles and consumptions Hydro Rein offering renewable power and energy solutions Hydro Hydro Havrand replacing fossil fuels with green hydrogen Hydrovolt delivering post consumer aluminium scrap from used EV batteries Decarbonizing industries Investing in renewables in the Nordics, Europe and Brazil and PPAs to external customers Battery materials investments focused on reduced CO2- footprint from LCA1) perspective Green hydrogen to fuel switch industries and transport 1) LCA = Life Cycle Assessment 86#87Position and capabilities across entire value chain Major renewable energy producer, market player and offtaker In Operation Hydropower in Norway (equity): 9.4 TWh Hydropower in Norway (operator): 13 TWh Wind power in Norway (operator): 0.7 TWh Sourcing Hydropower in the Nordics: 4.8 TWh Wind power in the Nordics: 4.3 TWh Hydro Rein projects under development Wind power in the Nordics: 2.8 TWh¹) Solar power in the Nordics: 0.4 TWh Пов 00 Ly Thin 00 Που 00 Offtake Aluminium Metal Norwegian smelters: 17 TWh Offtake Extrusions Selected Extrusion plants: 0.1 TWh Potential offtake Batteries Potential sites portfolio companies: 1 TWh Potential offtake green Hydrogen Hydrogen hubs at selected strategic sites Equity power Sourcing Hydro Rein projects Hydrogen hub Industrial offtake Market operations 100 87 1) Sørlige Nordsjø II not included#88Hydro Rein: Delivering on Hydro's ambitions in renewable growth. Active capitalization process ongoing Significant progress last 24 months 3.6 TWh signed under long-term EUR & USD PPAs USD 2.7 billion contracted revenues 20 numbers of renewable projects in portfolio NOK 2.5 billion Remaining capex for projects in construction, incl. 2.1 BNOK in 2023 1.7 GW gross capacity in operation or construction 30 sites identified for Energy Solutions Hydro Rein EBITDA estimates 2026/27. CAPEX 21-26 3.0 GW 1.3 GW 1.7 GW Hydro Rein in 2026 3 GW Gross portfolio in operation and construction >500 MW added gross capacity to pipeline on average annually NOK 400-450 million¹) Estimated EBITDA contribution from projects in construction 2026 Gross Installed Capacity in construction or operation (GW) Hydro -5,000-6,500 MNOK -750-900 MNOK (ex. corp. cost) 3,000 Hydro Rein equity capex (MNOK) -100-200 Hydro Rein pro- rata EBITDA Corporate cost Projects to reach 2026 target Secured projects All financial figures in MNOK has been converted by using fixed FX of 9.7 on EUR/NOK and USD/NOK Capex and EBITDA figures for indicative/pipeline projects to secure the additional 1.3 GW are based on high-level multiples for targeted wind and solar project in Nordics and Brazil, based on an assumed technology mix, targeted ownership share and leverage. All figures exclude Energy Solutions and Offshore wind. 88#89Hydro Rein: Focus on early-stage development portfolio in the Nordics Nordic portfolio Sørlige Nordsjø II, offshore wind, phase I: 1,500 MW Stor-Skälsjön, wind: 260 MW Southern Sweden, 9 early wind development projects: 672 MW Jylland in Denmark, 2 solar projects: 362 MW Developing renewable power to fuel greener industries 0 ° Focus on early phase opportunities Development model based on strategic partnerships with relevant stakeholders, from landowners to customers Portfolio based on complementary technologies, including growing position in solar PV Increasing share of services, from development to operations Large portfolio of complementary "inside the fence" projects (storage, onsite generation, efficiency) Operation Construction Pipeline Hydro 89#90Focused battery strategy: Grow within sustainable battery materials by leveraging Hydro's capabilities Hydro STRATEGIC GROWTH Anode materials Vianode targeting substantial market share for synthetic graphite in Europe and North America Vianode 30% owner share Circular solutions Hydrovolt targeting 25% market share within EV battery recycling in Europe. Work to integrate downstream. hydrovolt 50% owner share Industrialize sustainable battery material businesses Battery materials Selectively explore Build technology platform through R&D and selected emerging technology investments supporting strategic growth Active industrial owner in marine systems segment leader Corvus 24.1% owner share PORTFOLIO HOLDINGS Financial holding in European emerging cell manufacturing leader northvolt 0.6% owner share Active industrial ownership leveraging capabilities: Industrial scaling of innovative technologies, energy expertise, automotive experience, battery investor Hydro foundation: Mission, values, and group finance, M&A, HSE, and sustainability 90 90#91Vianode targeting the largest undersupply in the battery value chain. First full-scale production line underway • Description All process steps Status Capacity Enabling near zero emissions • Small size industrial Emissions reduction compared to the production process in today's market Pilot equipment In operation • Located in Kristiansand, Norway R&D Samples Industrial pilot • All process steps Industrial environment New R&D center In operation Customer samples Located at Kristiansand, Norway Vianode Phase 1 Full scale production lines Located at Herøya, Norway Vianode Phase 2 • Modular design for rapid expansion based upon phase 1 Vianode by 2030 1) CO₂e footprint reduction based on data from NVE and IEA Operational from 2024 Operational from 2026 ~20,000 EVs per year Emissions Renewable power Vianode's cleaner processing Hydro Revolutionary technology ~1 million EVs per year Emissions from conventional production Emissions from Vianode production - 90% Reduction¹) ~2 million EVs per year 91#92Batteries delivering on strategy and stated value creation potential Significant progress last 24 months 10,000 2x Value uplift on equity invested EV batteries secured by Hydrovolt 20,000 EVs with Vianode graphite from plant under construction NOK 0.9 billion Equity invested 90% Roadmap to reduced CO2e in battery materials NOK 3 billion Capital allocated 2020- 2025 Batteries in 2027 3x Value uplift on equity invested by 2025 150,000 EV batteries recycling capacity in Hydrovolt 1,000,000 EVs with Vianode graphite capacity Key capabilities 00 Scaling capability, energy expertise and automotive experience m Working in strong partnerships to build scale and accelerate growth Leading sustainability expertise - driving and implementing sustainability ambitions Hydro 92 92#93Hydro Havrand: Creating a competitive green hydrogen player First mover position from industrial consumption in Hydro Multi-GW potential internal Hydro offtake 30% reduction of Hydro emissions by 2030 70+ potential Hydro locations worldwide > 1 GW Working with partners on large scale 1st pilot for zero carbon aluminium in Høyanger Hydro Havrand in 2027 International Plants in operation in several markets Fuel switch Proven for key industrial processes Hydro ~30 FTEs Multinational and diverse team Partnerships Both capital and projects Strategic approach and overview 00 SSS wa Establishing as a developer, owner and operator of green hydrogen production facilities. Initiating first-mover projects to decarbonize Hydro with green hydrogen. Scaling and exploring next steps in partnerships Ongoing technology qualification of hydrogen for decarbonization of aluminium value chain, through laboratory and full industrial scale tests Maturing projects in Norway and internationally, working in strong partnerships to build scale and accelerate growth Incentives for scaling the market is emerging, and will unlock demand REPower EU and US IRA act demonstrate that political ambitions for green hydrogen are increasingly supported by financial mechanisms 93#94Value creation across the energy space going forward 1 Expanded footprint in the Nordics in terms of power and market operations, projects and sourcing 2❘ Sourcing and management of power and fuels for Hydro operating assets across geographies 3 | Hydro Rein successfully established as separate company with external capital and partners. Hydro Havrand developing portfolio, with external 4 capital and partners delivering speed in green fuel 5 switch in industries and transport Preferred partner for industrializing sustainable battery material businesses in Europe 94#95Capital return dashboard for Energy Returns above the cost of capital reflecting the depreciated asset base Capital employed in Energy 9% ~10 BNOK (31 Dec.22) 30% 25% 18 % 19% 13 % 9% 4.9 BNOK 2017 2018 2019 2020 2021 2022 Adjusted EBITDA FY 2022 -19% 2017-2022 average ARoaCE Lower realized unit costs over time following Lyse Kraft DA transaction synergies Potential listing of REIN and Havrand Capex, BNOK 4.0 3.0 2.0 1.0 0.0 2022 actual REIN Batteries 2023 guiding 2024-26 guiding Growth and return-seeking Sustaining 6-7% Return requirement Selective growth Strategic theme Hydro 95 95#96Aluminium Metal#97World-wide primary aluminium production network Aluminium Metal and Metal Markets 7 stand-alone recyclers • 2 in the US . 5 in Europe (UK, Luxembourg, France, Spain and Germany) 1 sorting plant (Germany) Hydro Norway, 1 155 000 tonnes • • Sunndal (100%): 425,000 tonnes Årdal (100%): 200,000 tonnes Karmøy (100%): 270,000 tonnes 50% Høyanger (100%): 65,000 tonnes Husnes (100%): 195,000 tonnes Slovakia, 175 000 tonnes 8% • Slovalco (100%): 175,000 tonnes . Hydro owns 55% • 100% primary production curtailed Qatar, 325 000 tonnes 14% • Qatalum (50%): 305,000 tonnes Recycling Primary Canada, 127 000 tonnes 5% Alouette (20%): 127,000 tonnes 2.3 0.6 million tonnes million tonnes Brazil 460 000 tonnes 20% Albras (100%): 460,000 tonnes Hydro owns 51% 2.3 million mt is consolidated electrolysis capacity, Slovalco and Albras are fully consolidated, Tomago and Alouette are proportionally consolidated and Qatalum is equity accounted. Slovalco based on primary capacity, not production (currently 100% primary production curtailed and lower remelt). 0.6 million mt includes stand-alone recyclers, excluding additional remelt capacity in Primary casthouses. Australia, 75 000 tonnes Tomago (12%): 75,000 tonnes 3% 97 97#98Low carbon footprint due to renewable energy base and industry lowest energy consumption Total emissions, in tonne CO2/t al 18 16 14 12 10 10 8 6 4 2 0 Source: CRU and Hydro analysis 1) Hydro's consolidated share Energy consumption in Hydro smelters¹), kwh/kg al 17.5 Hydro 18 16 15.0 14.8 14.4 14.1 13.9. 13.5 14 12.5 12.3 11.5-11.8 12 10.0 10 8 6 4 2 0 Hydro Karmøy Hydro Hydro Hydro Hydro Hydro HAL300HAL4E HAL4e HAL4e 1967 1993 1998 2003 2018 2020 Ultra Hydro 2012 vision Peers -World average (2022) World average (2022) 98#99Competitive primary aluminium cash cost . Primary aluminium cash cost 2022 • All-in implied primary aluminium cash cost 1,2) USD 2 375 per mt . • • LME implied primary aluminium cash cost 1,3) USD 1 575 per mt Alumina . Purchases based on alumina index ~93% Purchased based on LME link ~7% (only for Qatalum) Power Long-term contracts • 3/4 of power need from renewable power • Contracts with a mix of indexations; inflation, LME, coal, fixed Liquid aluminium cash cost 20223) • Carbon Majority of contracts are based on 1-2 years, quarterly pricing 23% • Fixed costs Maintenance, labor, services and other • Other • Other direct costs and relining 6% 10% 1) Adjusted EBITDA margin excluding indirect CO2 compensation catch-up effect (NOK -1.4 billion) and power sales Slovalco, Albras and Norwegian smelters 2) Realized LME aluminium price (incl.strategic hedges) plus premiums minus adjusted EBITDA margin, including Qatalum, per mt primary aluminium sold 3) Realized LME aluminium price (incl. strategic hedges) minus adjusted EBITDA margin, including Qatalum, per mt primary aluminium produced 4) Pie chart based on cost of producing liquid aluminium, not directly comparable to the LME or All-in implied primary aluminium cash cost 25% Alumina Power Carbon 36% ■Fixed cost Other Hydro 99#100Alumimum Metal sensitivities Annual sensitivities on adjusted EBITDA if +10% in price NOK million 3 130 530 (730) 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 • (580) (230) • Mainly priced on Platts index Aluminium Standard ingot premium Realized PAX Pet coke Pitch Currency sensitivities +10% NOK million Adj. EBITDA USD BRL EUR • 2,870 (230) (340) 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 USD 2,250 per mt, standard ingot premium 260 USD/mt, PAX 325 USD/mt, fuel oil USD 830 per mt, petroleum coke USD 685 per mt, pitch 1,340 EUR/t, caustic soda USD 930 per mt, coal USD 230 per mt, USD/NOK 10.16, BRL/NOK 1.94, EUR/NOK 10.39 100#101HalZero: Technology ready for testing at scale On track to deliver first metal by 2025 and industrial scale pilot volumes by 2030 Promising technology basis confirmed Funding received Norwegian Research Council and Gassnova Test site chosen Hydro Porsgrunn Technology Center Final engineering of test facility close to completion Construction planned to start in 2023, pending soft funding Timeline HalZero process Studies First metal 2022 Concept prioritization Testing 2025 Proven concepts & first volumes HalZero ALUMINA - 4 = 70 EL CHLORINE CARBON Industrial scale pilot volumes ALUMINIUM Hydro Industrial scale pilot Full industrial capacity 2030 2035 Tested market & industrial pilot volumes Realized market value 101#102Carbon capture and storage: First test completed On track to deliver first metal by 2025 and industrial scale pilot volumes by 2030 Hydro Successfully completed first test at the Sunndal smelter Further testing in progress for 2023 Second test planned for early 2023, received funding from Gassnova Location of industrial scale pilot to be decided Verdox DAC capabilities maturing towards industrialization Hydro in dialogue with potential storage providers CO₂ 00 Verdox Timeline First metal CCS- Testing ready cells Carbon Studies Industrial scale pilot Testing Industrial Industrial scale pilot volumes scale capacity Industrial scale pilot Full industrial capacity capture 2022 Concept prioritization 2025 Proven concepts & 2030 2035 first volumes Tested market & industrial pilot volumes Realized market value 102#103Recycling: The fastest route to full decarbonization Advanced sorting technology ready. Progress on casthouse decarbonization technology Advanced sorting technology for more PCS use HySort technology ready for industrialization Enabling further growth in Hydro CIRCAL and scaling production of 100R Casthouse decarbonization technology to reach net-zero Program to test viable technologies in progress Green hydrogen test pilot by Hydro Havrand to be built at Høyanger recycling plant Hydro FT Hydro 103#104Capital return dashboard for Aluminium Metal & Metal Markets Investments in recycling capacity to support growth Capital employed in AM (MM) 35% 28% 4% ~44 (4) BNOK (31 Dec.22) 40 % 13 % 5% 3% -3 % 2017 2018 2019 2020 2021 2022 ~14% (~24%) 2017-2022 average ARoaCE 1.4 +0.2 BNOK 2023-2027 incremental EBITDA from improvement potential and commercial ambitions Investments in recycling capacity to support growth 1) Creep and recycling with high profitability 23 (1.7) BNOK Adjusted EBITDA FY 2022 Capex, BNOK 5.0 4.0 3.0 2.0 1.0 0.0 2022 actual 2023 guiding 2024-26 guiding Growth and return-seeking Sustaining 10%-11% (7-8%) Return requirement Sustain and improve¹) Strategic theme Hydro 104#105Metal Markets Hydro#106Strong position in value-added casthouse products • Capitalizing on value-added casthouse. products portfolio • Extensive multi-sourcing system including fully- and part-owned primary casthouses and stand-alone remelters • Flexible sourcing system enabling rapid and cost effective volume adjustments • Value creation from margin management based on commercial expertise and risk management competence • Strong market positions in Europe, US and Asia Numbers are based on 2022 Metal Markets sales, including Sales activities of Qatalum, casthouse and remelter production, standard ingot and external sources Hydro Extrusion ingot 1.6 million mt Leading global position Unique primary and recycling capacity network Foundry alloys 0.5 million mt Leading global position Strong capabilities in all automotive segments Sheet ingot 0.3 million mt Leading European position Well positioned to capture automotive growth Casthouse production Primary production Remelting & recycling Commercial agreements Wire rod 0.1 million mt Standard ingot 0.3 million mt Leading European position Market attractively supported by copper substitution Leading global position Global flow optimization through key positions 106#107Pricing of value-added products ՏՈ Asia Europe Smelter Intermediate product Aluminium Standard ingot Casthouse Extrusion ingot Value added products Foundry alloy Sheet ingot Wire rod Traded on LME • US Midwest - 1020 (in cent per pound) Traded on LME Traded on LME • & SHFE • Duty paid IW Rotterdam Duty unpaid IW Rotterdam CIF Japan Premium (MJP) Singapore In Warehouse • CIF South Korea • Extrusion Ingot - Priced above standard ingot Foundry Alloy - Priced above standard ingot Sheet ingot Priced above standard ingot • Wire rod - Priced above standard ingot Extrusion ingot - Priced above LME Foundry Alloy - Priced partly above standard ingot and partly above LME Sheet ingot - Priced above standard ingot • Wire rod - Priced partly above standard ingot and partly above LME • Extrusion ingot - Priced partly above standard ingot and partly above LME Foundry Alloy - Priced partly above standard ingot and partly above LME Sheet ingot - Priced partly above standard ingot and partly above LME Hydro 107#108Metal Markets earnings drivers • Recyclers Hydro Adjusted EBITDA excluding currency effects and inventory valuation effect, NOK million 1) • Revenue impact - volume and product premiums above LME 800 Cost impact 700 • Scrap and standard ingot premiums above LME • Raw material mix 600 • Freight cost - proximity to market 500 • Energy consumption and prices 400 • Other main businesses 300 • Physical ingot and LME trading 200 Third-party casthouse products 100 • Results influenced by currency fluctuations and inventory valuation effects 0 -100 -200 • Adjusted EBITDA at around 200-300 MNOK per quarter www.m. ... Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 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. 108#109Delivering on recycling strategy at high speed, increasing ambition Key investment decisions made PCS usage and ambition Tonnes ('000) Hydro 620-770 520-670 100 GROUNDBRE KING 150 80 120 40 Cassopolis Greenfield Recycler Szekesfehervar Greenfield Recycler 280 20202) 2022 Creep Growth/ Alumetal 2025 new Growth 2027 other EBITDA uplift NOK million alumetal alumetal Alumetal M&A Process!) Årdal/Høyanger Recycling investment decisions 15 100% PC -2.8 3.0 3.1-3.5 2.6-3.0 0.5 0.4 0.2 0.8 1.4 Clervaux: First near-zero CO2e aluminium-100R Commerce & Henderson CIRCAL sales US 2020 2022 2022 market Creep normalization Growth/ Alumetal 2025 other Growth 2027 1) Currently undergoing Phase Il merger control review by the European Commission 2) Baseline 2020 PCS volume reduced from 290 to 280 kt due to reclassification. +300-450 +1.5-1.9 109#110Recycling: A profitable business case strengthening the sustainability positioning of Hydro and industry Global estimated recovery from post-consumer scrap collected increases Million tons Price spread LME vs. complex post-consumer scrap increased USD/tonne Large scrap volumes leaving Europe, ~1 million tons - an untapped potential 70 60 50 40 NW 20 30 10 3800 Forecast 3300 2800 2300 1800 1300 800 300 0 2000 2010 2020 2030 2040 2050 -200 ■Transport Packaging & foil ■ Electrical ■Building & construction ■Consumer durables ■Machinery & equipment Other Source: IAI GARC 2021, UNComtrade, Hydro analysis Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Old rolled discount to LME LME 3m Old rolled scrap Hydro 0.0 0,0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5,0 EBITDA Margin Ave 2008-2013 Ave 2014-2018 Ave 2019-2022E 4,0 3,0 2,0 1,0 AM Recycling indexed EBITDA margin USD/tonne (2008 set at 1) 2018 2019 2020 2021 2022E 110#111Growing in recycling by 'digging deeper in the scrap pile' is not straight forward - strong focus throughout value chain required Hydro Scrap sourcing and partnering Market scrap - increased share of complex PCS Scrap shredding and sorting Large Recycling asset base Multiple product segments Shredding and sorting Product and market development Meeting customer needs - partnerships Scrap conversion for customers Primary ingots Customer scrap Extrusion Ingot Forging Stock Hydro CIRCAL Recycled Aluminium Remelt Ingot Recycling portfolio >2 mill tpy Advanced sorting, XRF, LIBS Primary smelters Primary Foundry Alloys Sheet Ingot (alumetal Secondary Foundry Alloys 111#112Hydro well positioned in recycling Utilizing our combined competencies, strong asset base, market position and value chain Hydro Hyd Scrap sourcing flexibility Integrated value chain Developing advanced sorting North America Aluminium Metal 3 Extrusions 9 Europe Aluminium Metal 5 Primary smelters 5 Extrusions 10 Hydro Hydro CIRCAL Recycled Aluminium REDUXA Low-Carbon Aluminium Innovative product portfolio Large & growing asset base Partnering with customers 112#113Extrusions 086 28#114Extrusions - #1 in the global aluminium extrusion industry Present in ~40 countries ~21 400 people 1) 1.3 Million mt sales²) Hydro 1) Permanent employees as of end-2022 2) Total sales in 2022 114#115Extrusions with unrivalled position as largest extruder globally with a strong and diversified segment footprint Unrivalled position as #1 extrusions provider globally Extrusion sales volume (2022), tonnes (000s) 1500 Four distinct Business Units, all with strong segment presence Total volume 2022: 1.3 million tonnes 1000 500 0 Hydro Extrusions Xingfa Aluminium Shandong Huajian Guangdong Fenglu Guangdong JMA Asia Aluminum Guangdong Weiye Aluminium Guangya Aluminium 1) HVACR: Heat, ventilation, air condition & refrigeration Source: Company filings, CRU Constellium Nanshan Building Systems 7% Distribution 11% Precision Tubing 9% Automotive 16% Extrusion Europe 42% Extrusion North America 42% Transport 20% Industrial & HVACR¹) 22% Building & Construction 31% 115 Hydro#116Organized in four business units to maximize synergies across 21,400 highly competent people across the world, total turnover of BNOK 91 Extrusion Europe Extrusion North America Precision Tubing Building Systems Market leader focusing on value-added products . 17% market share 32 locations, 9,100 people Revenue BNOK 36.1 UEBITDA BNOK 3.2 Financial figures for 2022, employee data as of end-2022 *Based on selection of countries/markets in Europe 2-4782 Hydro Hydro Uniquely positioned as the only coast-to-coast supplier 20% market share • 21 locations, 6, 100 people Global Technology market leader in Precision Tubing segment 35% market share Europe & the US • 10 locations, 2,800 people • Leading European player with multi-brand portfolio 17% market share in Europe* Presence in 26 countries, 3,100 people Revenue BNOK 36.5 UEBITDA BNOK 2.7 Revenue BNOK 8.3 UEBITDA BNOK 0.5 Revenue UEBITDA BNOK 11.3 BNOK 0.9 116#1171) Extrusions earnings drivers Adjusted EBITDA per tonne 1), NOK 8 000 7 000 6.000 5 000 4.000 3 000 2 000 1.000 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Pro-forma figures 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 • • • 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 117 Hydro#118Hydro Attractive value add Systems and Precision Tubing business ✓✓ in addition to strong EU & US extrusion positions Building Systems and Precision Tubing offering unique value added and specialty solutions growth opportunities Business Unit • Extrusion Europe Attractive growth and business development opportunities Increased penetration in E-mobility supported by substitution Recycling capacity to facilitate increased PCS usage • Grow in automotive and commercial transport Extrusion North America Building Systems Shape the market for greener products in North America Leverage CIRCAL, increase market share driven by sustainability and brand offerings Leverage strong European product and digital platforms in new geographies • Substitution away from copper towards aluminium in HVAC&R Precision Tubing Higher penetration of aluminium in E-mobility WICONA Hydro TECHNAL MA ONE WHAT SINEXT Aluminium battery cable Significant advantages in material, weight and cost 118#119Strategic initiatives continue to transform Extrusions into a more robust and customer driven business More competitive cost base, stronger customer interaction, targeted capacity expansion and sustainability agenda provide for business resilience going forward Key Initiatives Portfolio restructuring Cost reductions Key actions Strong focus on selected segments where Extrusions has competitive advantage Exited non-attractive operations and segments Several cost reduction initiatives, including procurement and operational improvements through Hydro Extrusions Business System (EBS) Customer partnerships and commercial focus Capacity growth in attractive regions and segments Increased customer interaction through value added activities and fabrication Focus on customer solutions and service to ensure value creation, long-term interaction and loyalty Increase in large press, state-of-the-art technology capacity Focus on growth in attractive geographies Sustainability platform Hydro Established competitive advantage in building systems area, leveraging Hydro CIRCAL Growth and enhanced position in recycling capacity to optimize value, scrap flows and PCS 119#120Extrusions has structurally improved EBITDA since 2018 mainly through cost improvements and restructuring Extrusions EBITDA NOK billions 0.3 4.1 2.0 0.6 EBITDA-margin per unit in Hydro Extrusion (%) >5% 5.7 -1.3 0-5% Adj. EBITDA Underlying 2018 market Core Commercial Inflation and Actual 2021 improvement ambitions growth levers other adjustments EBITDA <0% Hydro 2022 YTD Sep 2018 YTD Sep Total Hydro Extrusions portfolio (~100 sites) 0.99 million tonnes (YTD) 120#121Lifting Extrusions EBITDA towards 2025 through cost improvements and leveraging growth projects Extrusions EBITDA NOK billions Continued cost reduction programs, including procurement and EBS 5.7 0.8 1.3 Uplift from projects under execution 0.6 0.9 Customer partnerships and Commercial Excellence initiatives 8.0 -1.3 Hydro Actual 2021 EBITDA Underlying market growth Core improvement levers Commercial ambitions Uplift from growth projects Inflation and other adjustments Adj. EBITDA target 2025 121#122Critical growth projects in execution, further projects being matured to enable profitable growth Further strengthening flagship plants in the portfolio, leveraging key trends Key trends ⚫ Sustainable products with low-carbon footprint • Recyclability and keeping materials "in the loop" • Greener energy sourcing Project under execution Hungary recycling The Dalles upgrade Navarra recycling Sjunnen recycling Project pipeline Cressona Bay-Zero (recycling upgrade) • E-mobility • Light-weighting of vehicles PT China press Automotive presses in Europe: • Tønder PE coating line • Hungary • Customer collaboration: high level of service, tailored solutions, short lead times • Proximity as clear competitive advantage Nenzing press Cressona press Rackwitz press City of Industry press EV500 E Hydro 122#123Capital 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 23% ~26 BNOK (31 Dec.22) 1.0 +1.1 BNOK 2023-2027 incremental EBITDA from improvement potential and commercial ambitions 7% 7% 6% 6% 11 % 10% 7.0 BNOK 7-8% 2017 2018 2019 2020 2021 2022 Adjusted EBITDA FY 2022 Return requirement ~8% 2017-2022 average ARoaCE Capex, BNOK 4.0 3.0 Investments in new 2.0 presses and recycling projects to support growth 1.0 0.0 2022 actual 2023 guiding 2024-26 guiding Growth and return-seeking Sustaining HV Selective growth Strategic theme 123#124Hydro Additional information#125Adj. EBITDA Q4 down on upstream prices and raw material cost, partly offset by power sales and FX effects Q4-2022 vs Q4-2021 Hydro 9.0 3.6 2.7 7.2 0.4 Other & eliminations 0.3 CO2 compensation Power sales Slovalco, Karmøy & Husnes 1.9 2.0 0.6 0.6 1.7 0.6 Adj. EBITDA Q4 2021 Realized aluminium Raw material cost Downstream margin Downstream volume Fixed cost FX and alumina price Power sales, CO2 Adj. EBITDA Q4 2022 compensation and other & eliminations 125#126Increase in adj. EBITDA 2022 from higher prices, FX effects and power sales, partly offset by raw material and fixed costs FY 2022 vs FY 2021 Hydro 28.0 13.6 13.7 Other & eliminations CO2 compensation 5.5 39.7 0.4- Power sales Slovalco, Karmøy & Husnes 2.3 2.8 3.7 1.5 2.9 4.0 Adj. EBITDA 2021 Realized aluminium and alumina price Raw material cost Downstream margin and volume Energy price and volume Fixed cost FX Power sales, CO2 compensation and other & eliminations Adj. EBITDA 2022 126#127Strong earnings offset by NOC, taxes, CAPEX and dividends Still in a net cash position before adjustments due to strong earnings in 2022 Hydro NOK billion 3.2 39.7 (8.8) Free cash flow NOK 14.0 billion (6.1) (10.8) (14.7) Hedging collateral and other Pension assets/(liabilities) Other assets/(liabilities) 1.3 (1.2). (2.6) (0.3)- (4.5) (7.3) Net cash (debt) Q4-21 adj. EBITDA Change in NOC Other operating Investments (net) cash flow Shareholder distributions Other Net cash Adjustments (debt) Q4-22 Note on free cash flow: Excludes hedging collateral (LT/ST restricted cash) and net purchases of money market funds Note on NOC: BAS: Change in book value excl currency translation. "Other": Account differences (e.g., ST income tax receivables, long-term VAT accounts), agio & portfolio effects Note on investments: BAs: Investments adjusted for lease and ARO. "Other": Changes in prepayments/payables, reversal of capitalized interest, divestments Note on Other: "Other": Unrealized gains (losses) on STI, lease additions Note on Collateral: Includes collateral for short-term and long-term liabilities, mainly related to strategic hedges and the operational hedging activity (6.0) Adj. net debt Q4-22 127#128Hydro Bauxite & Alumina Hydro Bauxite & Alumina Hydro Bauxite & Alumina Hydro Bauxite & Alumina Hydro Aluminium Metal Hydro Aluminium Metal Hydro Aluminium Metal Hydro Metal Markets Hydro Metal Markets Hydro Metal Markets Hydro Extrusions Hydro Extrusions Hydro Extrusions Hydro Extrusions Hydro Extrusions Hydro Extrusions Unrealized derivative effects on power contracts Hydro Energy Hydro Energy Adjusting items to EBITDA, EBIT and net income NOK million (+=loss/()=gain) Unrealized derivative effects on raw material contracts Community contributions Brazil Other effects Total impact Unrealized derivative effects on LME related contracts Unrealized effects on power contracts Significant rationalization charges and closure costs Net foreign exchange (gain)/loss Other effects Total impact Unrealized derivative effects on LME related contracts Other effects Total impact Unrealized derivative effects on LME related contracts Unrealized derivative effects on power contracts Significant rationalization charges and closure costs (Gains) losses on divestments Other effects Total impact (Gains) losses on divestments Hydro Aluminium Metal Hydro Aluminium Metal Hydro Aluminium Metal (35) - (84) - - Q1 2022 (376) Q1 2021 (27) Q2 2021 (84) Q3 2021 (143) Q4 2021 113 Q2 2022 (173) Q3 2022 157 Q4 2022 Year 2021 Year 2022 Hydro 353 (141) (40) 202 15 32 217 32 (46) 162 (46) 162 (27) 59 82 (376) (173) 157 547 30 155 1 256 1 740 2 764 (849) 4715 (6 374) (1538) 207 4 912 (2.990) 34 104 (122) (2 779) (766) 1 056 1 291 1 638 (2 763) 3 218 - 184 13 66 (18) 64 263 46 (26) (35) (23) (19) (23) (26) (40) (120) (108) (232) (69) (232) (69) 1 254 1 770 2 621 (3 585) 3 929 (5 428) (273) 1 868 2 060 97 24 1 226 (210) 190 (850) 195 358 42 (107) (46) (46) 24 1 226 (256) 190 (850) 195 358 (4) (107) (98) (106) 20 306 (442) 543 84 (126) 122 59 (52) (20) (39) 58 50 (67) (72) 3 95 17 2 2 13 91 114 106 (23) (4) (49) 1 (2) (4) (27) (54) (74) (2) (76) (98) (10) (38) 283 (527) 541 130 (106) 137 38 (19) (9) (22) (57) (236) 46 (254) 615 (107) 170 (45) - (65) - (45) (65) Net foreign exchange (gain)/loss Hydro Energy 4 6 5 6 4 2 3 1 21 11 Total impact Hydro Energy (59) Unrealized derivative effects on LME related contracts Other and eliminations 1 379 (3) (18) (51) (232) (16) (251) 616 (131) 116 10 (6) 9 (15) (15) 19 47 13 36 (Gains) losses on divestments Other and eliminations - (231) (231) Net foreign exchange (gain)/loss Other effects Total impact Other and eliminations 9 16 (5) (21) (26) (83) (91) 20 (221) Other and eliminations - 66 - 15 66 15 Adjusting items to EBITDA Other and eliminations Hydro 10 25 (242) 74 (36) (41) (65) (29) (132) (170) 1 103 1 698 2 608 (3 451) 2 948 (5 966) (108) 3 254 1 959 128 Impairment charges Hydro Aluminium Metal 276 49 28 276 77 Impairment charges Hydro Extrusions 122 7 14 7 258 150 258 Depreciation Hydro Aluminium Metal 101 151 154 108 513 Adjusting items to EBIT Hydro 1 326 1 857 2 776 (3 060) 2 948 (5 966) (59) 3 541 2 899 464 Net foreign exchange (gain)/loss Hydro (653) (550) 622 (823) (2 392) 1 129 (572) (356) (1 404) (2 192) Adjusting items to income (loss) before tax Hydro 673 1 307 3 398 (3 883) 556 (4 838) (631) 3 185 1495 (1 728) Calculated income tax effect Hydro (106) (555) (1 027) 1 168 (181) 1 432 213 (972) (520) 492 Adjusting items to net income (loss) Hydro 567 752 2 371 (2 715) 374 (3406) (418) 2 213 976 (1 236) 128#129Operating segment information Adjusted EBIT Hydro NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 535 1 047 108 116 556 383 466 1 913 718 484 10 (586) 1 806 3 318 626 Hydro Aluminium Metal 573 (37) (156) 844 1 185 2 246 3 684 4 111 4 183 6 349 5 837 4 097 1 225 11 225 20 467 Hydro Metal Markets 261 21 198 248 43 301 133 245 487 666 494 (134) 728 721 1 514 Hydro Extrusions 702 89 894 511 1 244 1 266 828 (122) 1 587 1 600 640 168 2 196 3 217 3 995 Hydro Energy Other and Eliminations Total 437 53 132 352 792 713 417 1 674 2 192 777 275 1 493 974 3 596 4 737 (565) (173) 242 (393) (261) (17) (219) (793) 3 (425) 356 (93) (889) 1 943 1 000 1 419 1 678 3 559 4 891 5 309 7 026 9 170 9 452 7 611 4 946 6 040 (1 291) 20 786 (159) 31 179 Adjusted EBITDA NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 1 102 1 550 578 587 999 855 1 055 2 426 1 270 1 117 633 101 3 817 5 336 3 122 Hydro Aluminium Metal 1 197 560 404 1 432 1 754 2 807 4 263 4 676 4 765 6 977 6 463 4 756 3 593 13 500 22 963 Hydro Metal Markets 296 58 233 287 78 335 170 284 525 705 534 (91) 875 867 1 673 Hydro Extrusions 1 242 649 1 412 1 044 1 744 1 830 1 457 665 2 331 2 365 1 385 939 4 348 5 695 7 020 Hydro Energy 505 122 200 Other and Eliminations (532) (144) 272 419 (366) 841 (234) 761 465 1 723 2 239 824 321 1 542 1 245 3 790 4 926 10 (192) (762) 35 (395) 384 (63) (771) (1 178) Total 3 810 2 794 3 100 3 403 5 182 6 598 7 219 9 011 11 165 11 594 9 721 7 184 13 106 28 010 (39) 39 664 129#130Operating segment information EBIT Hydro NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 406 1 047 108 111 583 467 407 1 830 1 094 657 (147) (1133) 1 672 3 288 471 Hydro Aluminium Metal 784 (777) (93) 880 (171) 325 909 7 311 254 11 777 6 061 2 200 794 8 376 20 292 Hydro Metal Markets 485 (319) 385 216 19 299 (93) 500 297 1 516 300 (492) 766 725 1 621 Hydro Extrusions 628 (1548) 1 038 331 1 220 1 269 852 (412) 2 114 1 059 510 16 449 2 929 3 699 Hydro Energy 454 20 118 5 665 851 716 435 1 724 2 424 793 526 878 6 258 3 727 4 621 Other and Eliminations (530) (11) 337 (379) (271) (43) 23 (868) 39 (385) 420 (63) (582) Total 2 228 (1 588) 1 893 6 824 2 233 3 034 2 533 10 086 6 222 15 418 7 670 1 405 9 356 (1 158) 17 887 11 30 715 EBITDA NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 973 1 550 578 582 1 026 940 996 2 344 1 647 1 290 477 (446) 3 683 5 306 2 967 Hydro Aluminium Metal 1 408 324 467 1 468 500 1 037 1 642 8 260 836 12 405 6 736 2 888 3 667 11 440 22 866 Hydro Metal Markets 521 (282) 420 254 55 333 (56) 540 335 1 556 339 (449) 913 872 1 780 Hydro Extrusions 1 181 496 1 633 915 1 842 1 840 1 495 381 2 858 1 824 1 255 1 045 4 225 5 558 6 982 Hydro Energy 523 88 186 5 732 Other and Eliminations (497) (144) 367 (351) 900 (244) 764 483 1 774 2 471 840 572 926 6 529 3 921 4 810 (15) 50 (837) 71 (354) 449 (34) (625) (1 046) Total 4 107 2 032 3 651 8 601 4 079 4 899 4 610 12 462 8 217 17 561 9 828 3 930 18 390 26 050 132 39 536 130#131Operating segment information Total revenue Hydro NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 6 029 6 173 5 334 5 503 6 026 5 976 6 984 8 713 7 901 9 413 8 652 7 986 23 039 27 699 33 951 Hydro Aluminium Metal 9 753 7 720 8 228 8 702 8 953 9 467 9 964 14 164 11 094 24 583 16 678 13 129 34 404 42 548 65 483 Hydro Metal Markets 12 912 10 485 11 290 12 178 13 624 15 275 16 447 19 715 22 674 27 698 22 374 18 222 46 865 65 061 90 968 Hydro Extrusions 15 140 11 593 13 372 14 390 16 334 17 470 17 984 18 509 23 468 25 269 22 620 19 819 54 496 70 296 91 176 Hydro Energy 2 115 1 423 Other and Eliminations (14 340) (12 051) 1 539 (12 247) 1 890 2 343 2 213 2 116 3 477 4 268 2 456 2 854 3 037 6 967 10 149 12 614 Total 31 609 25 343 27 516 (12 842) 29 823 (15 327) 31 951 (15 843) 34 559 (16 784) 36 710 (18 146) 46 433 (22 788) 46 616 (24 626) 64 793 (20 733) 52 445 (18 118) 44 075 (51 479) 114 291 (66 099) (86 264) 149 654 207 929 External revenue NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 3 249 3 792 3 167 3 173 3 546 3 538 4 533 5 471 5 052 5 864 5 641 5 091 13 381 17 088 21 649 Hydro Aluminium Metal 1 968 1 393 1 632 2 046 762 621 310 3 681 (2 518) 8 640 4 327 2 638 7 039 5 373 13 087 Hydro Metal Markets 10 353 8 510 9 242 9 788 10 789 12 552 13 831 16 993 18 472 24 420 18 796 15 132 37 893 54 165 76 821 Hydro Extrusions 15 215 11 581 13 344 14 401 16 203 17 346 17 829 18 505 23 199 25 228 22 585 19 881 54 542 69 883 90 892 Hydro Energy 633 47 137 443 787 486 204 1 780 2415 646 1 082 1 324 1 261 3 257 5 467 Other and Eliminations 191 20 (7) (29) (136) 16 4 2 (5) (6) 15 9 175 (113) 13 Total 31 609 25 343 27 516 29 823 31 951 34 559 36 710 46 433 46 616 64 793 52 445 44 075 114 291 149 654 207 929 131#132Operating segment information Internal revenue Hydro NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 2 780 2 380 2 168 2 330 2 479 2 438 2 452 3 242 2 848 3 549 3 011 2 895 9 658 10 610 12 303 Hydro Aluminium Metal 7 785 6 328 6 596 6 656 8 191 8 846 9 654 10 484 13 611 15 943 12 352 10 491 27 365 37 175 52 396 Hydro Metal Markets 2 559 1 975 2 047 2 390 2 835 2 723 2616 2 722 4 201 3 277 3 578 3 091 8 972 10 896 14 147 Hydro Extrusions (76) 12 28 (11) 131 125 154 3 269 41 36 (62) (47) 413 284 Hydro Energy 1 482 1 376 1 402 1 447 1 556 1 727 1 912 1 697 1 853 1 810 1 772 1 713 5 706 6 891 7 148 Other and Eliminations (14 530) (12 070) (12 241) (12 813) (15 191) (15 858) (16 788) (18 148) (22 783) (24 620) (20 748) (18 126) (51 654) (65 986) (86 278) Total Share of profit /(loss) in equity accounted investments NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina Hydro Aluminium Metal 40 26 6 185 147 513 336 513 383 626 340 200 256 1 509 1 549 Hydro Metal Markets Hydro Extrusions Hydro Energy (12) (5) (16) (6) (23) (32) (25) (25) (28) (39) (32) (81) (39) (104) (180) Other and Eliminations (31) 28 34 (24) 1 (20) (31) (15) 22 (184) 118 12 7 (65) (32) Total (4) 48 24 155 125 462 280 473 377 403 426 131 223 1 340 1 337 132#133Operating segment information Return on average capital employed 1) (RoaCE) Hydro Reported RoaCE Adjusted RoaCE 2022 2021 2020 2019 2018 2017 2016 2022 2021 2020 2019 2018 2017 2016 Hydro Bauxite & Alumina 1.3% 11.9% 5.4% 1.9% 4.6% 8.5% 2.7% 1.8% 12.0% 5.9% 2.5% 6.0% 8.5% 2.8% Hydro Aluminium Metal 35.1% 21.6% 1.9% (3.9%) 5.6% 11.8% 5.2% 35.4% 28.3% 2.9% (2.6%) 4.7% 12.6% 5.2% Hydro Metal Markets 33.2% 24.0% 22.8% 20.7% 25.1% 18.6% 19.6% 31.0% 23.9% 21.6% 27.3% 19.4% 20.9% 15.9% Hydro Extrusions 2) 10.5% 9.4% 1.3% 3.8% 5.3% 13.4% 11.4% 10.3% 6.2% 5.7% 7.2% 6.6% Hydro Energy 3) 28.8% 26.5% 249.5% 13.4% 18.8% 17.5% 18.1% 29.5% 25.4% 8.7% 12.9% 18.8% 17.5% 18.1% Hydro Group 21.9% 16.3% 5.4% (0.9%) 6.0% 11.2% 6.5% 22.2% 18.6% 3.7% 1.3% 6.6% 9.6% 5.1% Capital employed - upstream focus NOK million Hydro Bauxite & Alumina Hydro Aluminium Metal Hydro Metal Markets Hydro Extrusions Hydro Energy Other and Eliminations Total Dec 31, 2022 26 013 43 903 4 308 25 831 Extrusions 23% 10 339 (3 906) 106 488 Metal Markets 4% Energy 9% Bauxite & Alumina 24% Graph excludes BNOK (3.9) in capital employed in Other and Eliminations 1) RoaCE at business area level is calculated using 25% tax rate (30% tax rate applied for years prior to 2017). For Hydro Energy, 40% tax rate is used for 2022 and 2021, 80% for 2020 and 2019, 70% for 2018, 65% for 2017 and 60% for 2016 2) Hydro Extrusions reflected as 50% equity accounted investment Q1-Q3 2017 and fully consolidated from Q4 2017 3) Hydro Energy reported RoaCE for 2020 higher than previous years due to the Lyse transaction Aluminium Metal 40% 133#134Operating segment information Depreciation, amortization and impairment Hydro NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Hydro Bauxite & Alumina 567 503 470 472 443 472 589 514 553 633 624 687 2011 2018 2 496 Hydro Aluminium Metal 655 1 130 589 618 694 736 756 972 605 651 698 711 2 992 3 158 2 664 Hydro Metal Markets 36 37 35 40 36 35 37 41 38 39 39 44 149 149 161 Hydro Extrusions 554 2 046 597 587 628 573 645 804 746 767 748 1 036 3 785 2 649 3 297 Hydro Energy 65 65 64 66 49 48 48 49 47 47 47 48 260 194 190 Other and Eliminations 32 (133) 30 27 27 28 27 31 32 31 28 30 (43) 113 121 Total 1 909 3 649 1 786 1 810 1 876 1 892 2 102 2 411 2 020 2 168 2 185 2 556 9 153 8 281 8 929 Indicative depreciation currency exposure by business area Depreciation by business area 2022, 8.9 BNOK Percent USD EUR BRL NOK & Other Hydro Bauxite & Alumina 100% Hydro Aluminium Metal 15% 20% 65% Hydro Metal Markets 30% 55% 15% 37% Hydro Extrusions 40% 30% 10% 20% Hydro Energy 100% Other and Eliminations 5% 30% 5% 60% 2% 2% 30% 28% Hydro Bauxite & Alumina Hydro Aluminium Metal Hydro Metal Markets Hydro Extrusions Hydro Energy Other and Eliminations 134#135Income statements NOK million Q4 2022 Hydro Q4 2021 Q3 2022 Year 2022 Year 2021 Revenue Share of the profit (loss) in equity accounted investments Other income, net Total revenue and income Raw material and energy expense Employee benefit expense 44 075 131 1 051 46 433 473 52 445 426 207 929 149 654 1 337 1 340 942 2 036 4 406 2 219 45 256 47 848 54 908 213 672 153 212 28 857 24 804 34 325 129 373 88 843 5 931 5 145 5 458 22 886 20 287 Depreciation and amortization expense 2 270 2117 2 136 8 593 7 844 Impairment of non-current assets 286 294 49 336 Other expenses 6 507 5 402 5 269 21 769 437 17 914 Earnings before financial items and tax (EBIT) 1 405 10 086 7 670 30 715 17 887 Interest and other finance income 268 104 181 619 Foreign currency exchange gain (loss) 356 823 572 2 192 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 (353) (283) (257) (1 161) 263 1 404 (1156) 1 676 10 730 8 166 32 365 18 397 (1 519) (2 205) (1 489) (7 984) (4 467) 158 8 525 6 676 24 381 36 4 36 194 8 529 6 676 24 417 13 930 12 13 942 (93) 1 404 (175) 263 1 782 287 7 125 6 851 24 154 12 160 0.12 3.47 3.34 11.76 5.92 Earnings per share from discontinued operations 0.02 0.00 0.02 0.01 Earnings per share attributable to Hydro shareholders 0.14 3.47 3.34 11.78 5.93 NOK million Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Income (loss) from continuing operations (1 743) (1 487) (111) 7 226 1 880 2 397 1 127 8 525 6 411 11 136 6 676 158 3 886 13 930 24 381 Net income (loss) (2 025) (1 471) (221) 5 377 1 500 2 805 1 108 8 529 6 411 11 136 6 676 194 1660 13 942 24 417 Adjusted net income (loss) from continuing operations Earnings per share from continuing operations 834 318 607 1 089 2 448 3 150 3 498 5 810 6 785 7 731 6 258 2 371 2 848 14 905 23 145 (0.75) (0.62) (0.05) 3.40 0.89 1.06 0.50 3.47 2.80 5.49 3.34 0.12 1.99 5.92 11.76 Earnings per share attributable to Hydro shareholders (0.88) (0.61) (0.11) 2.50 0.70 1.26 0.49 3.47 2.80 5.49 3.34 0.14 0.90 5.93 11.78 Adjusted earnings per share from continuing operations 0.39 0.17 0.28 0.47 1.15 1.45 1.60 2.57 3.17 3.63 2.91 0.99 1.32 6.77 10.70#136Balance sheet Hydro NOK million Cash and cash equivalents Short-term investments Trade and other receivables Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 29 805 25 852 24 507 21 161 22 923 18 792 20 147 15 011 4 173 2511 1 882 8 588 6 763 7 020 3 607 4 348 23 988 28 442 29 164 25 955 20 579 19 869 19 838 16 795 Inventories 30 035 31 394 29 415 25 237 21 791 18 966 16 454 14 316 Other current financial assets 1 127 4 887 6 543 4 719 3 656 854 659 328 Assets held for sale 17 069 Property, plant and equipment 62 656 62 369 58 920 56 599 54 605 54 642 56 353 53 890 Intangible assets 9 280 9 810 9 374 8 986 8 725 8 852 9 174 8 796 Investments accounted for using the equity method 21 222 22 613 20 055 18 257 17 942 17 661 17 426 17 227 Prepaid pension 8 573 9 352 9 814 9 837 8 894 8 268 7 976 7 812 Other non-current assets 7 759 9 598 8 400 12 398 8 633 10 010 8 793 6 634 Total assets 198 618 206 829 198 074 191 737 174 512 164 934 160 427 162 228 Bank loans and other interest-bearing short-term debt 6 746 11 085 7 796 7 072 6 428 4 186 4 183 4 701 Trade and other payables 24 374 26 703 29 156 25 130 22 710 20 219 20 302 17 462 Other current liabilities 11 688 11 653 10 724 12 536 10 430 7 058 5 191 4 036 Liabilities included in disposal group 12 266 Long-term debt 26 029 20 790 21 054 21 073 21 989 25 495 24 562 23 658 Provisions 5 289 5 779 5 539 5 164 4 772 4 270 4 475 4 132 Pension liabilities 8 252 8 064 7 882 8 409 9 621 9 489 9 550 9 341 Deferred tax liabilities 4 796 5 178 5 304 5 281 3 665 4 560 4 343 3 535 Other non-current liabilities 3 648 4 481 5 585 7 564 6516 8 701 6 276 5 393 Equity attributable to Hydro shareholders 102 455 107 129 99 347 93 906 84 064 77 535 77 908 74 745 Non-controlling interests 5 343 5 967 5 688 5 603 4 316 3 421 3 637 2 958 Total liabilities and equity 196 618 206 829 198 074 191 737 174 512 164 934 160 427 162 228 136#137Operational data Hydro Hydro Bauxite & Alumina Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Alumina production (kmt) 1 531 1 442 1 074 1 410 1 540 1 586 1 579 Sourced alumina (kmt) 664 667 940 783 698 737 806 1 600 765 1 519 1 536 741 758 1 579 764 1 559 5 457 6 305 593 3 053 3.006 6 193 2 856 Total alumina sales (kmt) 2 140 2 243 1 990 2 122 2 269 2 349 2 355 2 655 2 251 2 305 2 344 2 220 8 495 9 628 9 121 Realized alumina price (USD) 1) 278 261 260 272 287 310 284 393 391 430 364 342 268 313 382 Implied alumina cost (USD) 2) 226 192 228 241 235 244 233 310 327 378 337 337 221 254 345 Bauxite production (kmt) 3) 2 585 2 332 1 167 2 556 2 813 2 660 2 756 2 696 2 638 2 736 2 814 2 824 8 640 10 926 11 012 Sourced bauxite (kmt) 4) 1 514 1 315 2 051 1 351 1 103 1 676 1 472 1 427 Adjusted EBITDA margin 11) 18.3% 25.1% 10.8% 10.7% 16.6% 14.3% 15.1% 27.8% 856 16.1% 1 674 1 220 1 861 6 231 5 677 5611 11.9% 7.3% 1.3% 16.6% 19.3% 9.2% Hydro Aluminium Metal 5) Realized aluminium price LME, USD/mt Realized aluminium price LME, NOK/mt7) Realized premium above LME, USD/mt6) Realized premium above LME, NOK/mt6)7) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 1 758 1 579 16 658 15 689 1 596 14 712 1 792 16 364 1 994 17 008 2 210 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 1 685 15 870 2 317 19 819 2 599 24 739 234 212 211 224 264 332 449 565 786 870 801 577 220 400 756 2 212 2 106 1 946 2 042 2 253 2 780 3 878 4 873 6 954 8 167 7 920 5 857 2 077 3 420 7 197 Realized NOK/USD exchange rate 7) 9.47 9.93 9.22 9.13 8.53 8.38 8.64 8.63 8.84 9.39 9.89 10.16 9.42 8.55 9.52 Implied primary cost (USD) 8) 1 450 1 400 1 450 1 425 1 500 1 525 1 450 1 600 1 550 1 500 1 550 1 650 1 425 1 500 1 550 Implied all-in primary cost (USD) 9) 1 700 1 600 1 650 1 650 1 825 1.900 1 925 2 175 2 450 2 500 2 350 2 250 1 650 1 950 2 375 Hydro Aluminium Metal production, kmt 528 509 522 532 539 561 573 571 540 532 543 522 2 091 2 244 2 137 Casthouse production, kmt 504 478 508 523 534 553 560 568 555 542 547 522 2013 2 214 2 166 Total sales, kmt10) 577 510 548 547 599 594 583 572 600 581 533 542 2 182 2 347 2 256 Adjusted EBITDA margin 11) 12.3% 7.2% 4.9% 16.4% 19.6% 29.6% 42.8% 33.0% 43.0% 28.4% 38.8% 36.2% 10.4% 31.7% 35.1% 1) Weighted average of own production and third party contracts, excluding hedge results. The majority of the alumina is sold linked to either the LME prices or alumina index with a one month delay. Sourced alumina volumes have been re-calculated, with Q1 2018 being adjusted accordingly 2) Implied alumina cost (based on EBITDA and sales volume) replaces previous apparent alumina cash cost 3) Paragominas production, on wet basis 4) 40 percent MRN offtake from Vale and 5 percent Hydro share on wet basis 5) Operating and financial information includes Hydro's proportionate share of production and sales volumes in equity accounted investments. Realized prices, premiums and exchange rates exclude equity accounted investments 6) Average realized premium above LME for casthouse sales from Hydro Aluminium Metal 7) Including strategic hedges /hedge accounting applied 8) Realized LME price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium produced. Includes net earnings from primary casthouses 9) Realized all-in price minus Adjusted EBITDA margin (incl. Qatalum) per mt primary aluminium sold. Includes net earnings from primary casthouses 10) Total sales replaces previous casthouse sales due to change of definition 11) Adjusted EBITDA divided by total revenues 137#138Operational data Hydro Hydro Metal Markets Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Remelt production (1 000 mt) 137 88 124 140 143 154 132 144 151 158 124 115 488 572 548 Third-party sales (1 000 mt) 79 85 85 77 77 78 72 85 72 74 76 81 326 311 304 Hydro Metal Markets sales excl. ingot trading (1 000 mt) 1) 675 606 668 672 742 735 675 681 731 710 635 614 2 621 2 833 2 691 Hereof external sales excl. ingot trading (1 000 mt) External revenue (NOK million) 554 459 526 549 588 607 573 574 610 607 536 530 2 088 2 342 2 284 10 353 8 510 9 242 9 788 10 789 12 552 13 831 16 993 18 472 24 420 18 796 15 132 37 893 54 165 76 821 Hydro Extrusions Hydro Extrusions external shipments (1 000 mt) Hydro Extrusions - Pro-forma adjusted EBIT per mt, NOK Adjusted EBITDA margin 2) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 305 224 278 291 338 342 315 301 347 338 301 265 1 099 1 296 2 301 398 3 214 1 755 3 680 3 706 2 629 8.2% 5.6% 10.6% 7.2% 10.7% 10.5% 8.1% (404) 3.6% 4 568 4 740 2 123 636 1 999 9.9% 9.4% 6.1% 4.7% 8.0% 2 482 8.1% 1 251 3 194 7.7% Hydro Energy Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2020 Year 2021 Year 2022 Power production, GWh 2 868 2 097 3 161 3 396 2 857 2 374 1 688 2 136 2 730 1 602 1 330 2002 11 522 9 055 7 664 Net spot sales, GWh 1 169 444 1 401 1 595 1 126 334 (401) 305 986 (433) (703) 511 4 609 1 364 361 Nordic spot electricity price, NOK/MWh 158 62 95 148 435 423 704 969 1 090 1 211 1 757 1 414 116 634 1 370 Southern Norway spot electricity price (NO2), NOK/MWh 154 50 52 137 469 493 807 1 271 1 504 1 752 3 519 1 719 98 762 2 128 Adjusted EBITDA margin 2) 23.9% 8.5% 13.0% 22.2% 35.9% 34.4% 22.0% 49.5% 52.5% 33.6% 11.2% 50.8% 17.9% 37.3% 39.0% 1) Includes external and internal sales from primary casthouse operations, remelters and third party Metal sources 2) Adjusted EBITDA divided by total revenues 138#139Hydro Extrusions, information by business area Hydro Q1 Precision Tubing 2020 Q2 2020 Q3 2020 Q4 2020 Year 2020 Q1 Q2 2021 2021 Q3 2021 Q4 2021 Year Q1 Q2 Q3 2021 2022 2022 2022 Q4 2022 Year 2022 Q1 Q2 Q3 Extrusion Europe 2020 2020 2020 Q4 2020 Year 2020 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 Volume (kmt) 29 17 28 33 108 35 33 30 29 127 31 28 30 28 117 Volume (kmt) 127 94 113 118 451 144 147 129 130 550 151 144 119 106 520 Operating revenues (NOKm) 1 487 931 1 360 1 583 5 361 1 718 1 742 1 715 1 822 6 997 2 091 2 038 2 129 2 020 8 278 Operating revenues (NOKm) 5 804 4 440 5 068 5 531 20 843 6 529 6 916 6 827 7 527 27 799 9 532 10 147 8 696 7 787 36 162 Adjusted EBITDA (NOKM) 118 139 167 178 602 210 173 184 56 622 184 95 135 50 464 Adjusted EBITDA (NOKM) 436 142 478 466 1 523 705 716 563 471 2 456 1 035 1 025 669 480 3 209 Adjusted EBIT (NOKm) 57 74 113 115 359 157 103 115 (38) 337 82 (3) 35 (51) 63 Adjusted EBIT (NOKm) 228 (75) 283 266 703 501 502 318 203 1 525 782 767 415 231 2 196 Building Systems Q1 2020 Q2 2020 Q3 2020 Q4 2020 Year 2020 Q1 2021 Q2 2021 Q3 2021 Q4 Year 2021 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year 2022 Q1 Extrusion North America 2020 Q2 2020 Q3 2020 Q4 Year 2020 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2021 2022 2022 2022 2022 Year 2022 Volume (kmt) Operating revenues (NOKm) 2 199 Adjusted EBITDA (NOKm) Adjusted EBIT (NOKm) 19 17 19 20 74 21 22 20 22 85 24 24 19 18 85 Volume (kmt) 130 96 119 121 465 137 140 136 120 534 142 141 134 112 529 1 991 2 032 2211 8 432 2 315 2 434 2 268 2448 9 465 2 854 3 168 2 657 2 617 11 296 Operating revenues (NOKm) 5 885 4 554 5 067 5 288 20 794 5 904 6 501 7 319 7 002 26 726 9 096 10 263 9 412 7 750 36 522 156 206 260 171 792 245 299 212 161 918 264 287 152 171 873 Adjusted EBITDA (NOKm) 599 220 563 310 1 691 663 689 562 67 1 980 895 1 042 476 330 2 743 52 101 155 63 371 149 196 108 44 497 156 179 43 57 435 Adjusted EBIT (NOKm) 435 49 402 151 1 036 518 517 355 (238) 1 152 618 743 196 25 1 582 Other and eliminations Q1 2020 Q2 Q3 Q4 Year Q1 2020 2020 2020 2020 2021 Q2 2021 Q3 2021 Q4 2021 Year 2021 Q1 Q2 Q3 Q4 2022 2022 2022 2022 Year 2022 Adjusted EBITDA (NOKm) (67) (57) (56) (80) (260) (78) (47) (65) (90) (280) (47) (83) (47) (91) (268) Adjusted EBIT (NOKm) (71) (60) (59) (83) (273) (82) (51) (68) (94) (294) (50) (86) (50) (94) (281) 139#140Investor Relations in Hydro Next event First quarter results April 28, 2023 Line Haugetraa t: +47 41406376 e: [email protected] Martine Rambøl Hagen For more information see www.hydro.com/ir t: +47 91708918 e: [email protected] Camilla Gihle t: +47 92637820 e: [email protected] 140#141Hydro Industries that matter