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Why 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

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