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Increase in adj. EBITDA 2022 from higher prices, FX effects and power sales, partly offset by raw material and fixed costs FY 2022 vs FY 2021 Hydro 28.0 13.6 13.7 Other & eliminations CO2 compensation 5.5 39.7 0.4- Power sales Slovalco, Karmøy & Husnes 2.3 2.8 3.7 1.5 2.9 4.0 Adj. EBITDA 2021 Realized aluminium and alumina price Raw material cost Downstream margin and volume Energy price and volume Fixed cost FX Power sales, CO2 compensation and other & eliminations Adj. EBITDA 2022 126

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