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Capital 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

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