Investor Presentaiton

1) 2) 3) 4) 5) 6) 7) Capital return dashboard 2023 Capital employed 1) 11 % 23% ~115 BNOK 8% 22 % 36 % Hydro Bauxite & Alumina Aluminium Metal Metal Markets Extrusions Energy Capital returns adj. RoaCE 7.1%²) 11% last 5 years vs 10% target over the cycle Balance sheet adj. ND/EBITDA 0.73) adj. ND/EBITDA < 2x target over the cycle Free cash flow 2023 (0.2) BNOK* excludes BNOK 8.4 proceeds from Alunorte shares sale Improvements NOK 11.6 billion realized by end-2023 Improvement Program NOK 8.8 billion Commercial ambitions NOK 2.8 billion 5) Net operating capital NOK 6.9 billion cash effective release 2023 NOK 1 billion build by end of 2024 Capex NOK 21.1 billion spent 2023 2024 guiding NOK 15 billion 6) Proposed distribution: For 2023 NOK 7 billion" 7) 2.50 NOK/share ordinary dividend NOK 2 billion share buyback Graph excludes (2.7) BNOK in capital employed in Other & Eliminations Adj. RoaCE calculated as adjusted EBIT last 4 quarters less underlying tax expense adjusted for 30% tax on financial items / average capital employed last 4 quarters Average adjusted net debt last 4 quarters / total adjusted EBITDA last 4 quarters Free cash flow-operating cash flow excl. collateral and net purchases of money market funds, less investing cash flow excl. sales/purchases of short-term investments Including Energy commercial in scope, NOK 0.4 billion 2023 Excluding Hydro Rein. Potential for additional NOK ~1 billion accelerated organic growth depending on market development. Potential NOK -1 billion cash effective capex payables from 2023 on top, pending payables by YE 2024 Pending approval from the AGM on May 7th, 2024 30 30

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