Investor Presentaiton

Adj. 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

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