Investor Presentaiton

Hydro 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

View entire presentation