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Investor Presentaiton

Proposing 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
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