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4 4 Hydro Bauxite & Alumina Results up, mainly driven by lower raw material prices, partly offset by currency effects, lower bauxite production and higher fixed costs Implied alumina cost and margin USD/mt¹) 18 331 337 345 Q4 2023 Q4 2022 Q3 2023 Key figures Alumina production, kmt Q4 23 Q4 22 Q3 23 1 571 1 559 1 522 349 342 349 Price³) Total alumina sales, kmt 2 487 2 220 2 229 Realized alumina price, USD/mt 349 342 349 Implied alumina cost, USD/mt¹) 331 337 345 Bauxite production, kmt 2 771 2 824 2 848 Implied EBITDA cost per mt¹) All-in EBITDA margin per mt Adjusted EBITDA, NOK million 481 101 93 Adjusted EBIT, NOK million -269 -586 -610 Results Q4 23 vs Q4 22 Adjusted RoaCE, % LTM²) -2.5% 1.8 % -3.2 % • Lower raw material prices • Stronger BRL against USD . Lower bauxite production Adjusted EBITDA NOK million 1 270 1 117 817 633 101 437 93 93 481 3 122 2022 1) Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales 123 2) 3) 1 828 2023 Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters Realized alumina price Higher fixed costs Outlook Q1 24 vs Q4 23 Alunorte production around nameplate capacity Higher alumina price • Stable raw materials development 18

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