Investor Presentaiton

Hydro Energy Lower results due to lower prices and lower gain on price area differences, partly offset by higher production and no loss from internal contract Key figures Power production, GWh Net spot sales, GWh 3) Southwest Norway spot price (NO2), NOK/MWh Adjusted EBITDA, NOK million Adjusted EBIT, NOK million Adjusted RoaCE, % LTM1),2) Adjusted EBITDA NOK million 323 1) 2) 3) Q4 2023 Q4 2022 Q3 2023 2 440 2 002 2216 101 511 24 818 1 719 664 805 1 542 762 755 1 493 712 13.0 % 29.5 % 20.2 % 2 239 1 542 321 • 824 726 854 762 805 4 926 3 146 2022 2023 Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less tax/ Average capital employed last 4 quarters 40% tax rate applied for 2022 and 50% for 2023 Volume affected by disrupted delivery from a long-term power purchase agreement in the northern part of the Nord Pool area. The non-delivered volume were 0.5 TWh in the quarter Results Q4 23 vs Q4 22 • Higher production Lower net spot sales mainly due to no purchase volumes from Aluminium Metal buy-back contract and Markbygden PPA delivery disruption³ Lower prices and lower gain on area price differences • Lower trading and hedging results Outlook Q1 24 vs Q4 23 Lower prices and lower gain on area price differences Continued price and volume uncertainty 23

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