Investor Presentaiton

Managing short-term volatility, freeing up cash Large NOC release in Q4 Hydro Short and medium-term mitigation Aluminium Metal • Electrolysis production curtailed (~130kt Norwegian smelters) Volumes shifted between product segments • Utilizing short-term flexibility in recyclers • Strong margin management, and optimizing metal input and cost in recyclers NOK 7 billion cash effective NOC release in 2023 Net operating capital, NOK billion 34 NOC other CO2 comp 3 31 30 2 2 27 2024 guiding NOK 1 billion build 1 28 803 Extrusions Strong margin management • Product portfolio and workforce flexibility • Utilizing short-term flexibility in recyclers 20 27 3 NOC release in Q4-23 of NOK 3 billion Seasonal effect from lower quarter-end revenues Positive impact from inventory Hedging program to secure margins • B&A: hedges for most of exposure to coal, electricity and gas in 2024 • MM & Extrusions: hedges for gas and power for 50% of exposure in 2024 • Integrated margin hedge in place for 2024 and 2025 • USD/BRL hedges in place for Alunorte and Albras 13 0 19 13 31 29 29 28 28 24 Q4-20 Q4-21 Q3-22 Q4-22 Q3-23 Q4-23 reductions, transitional divestment effects, and high project activity, partly offset by increase in CO2 compensation. 25 Q4-24E 8

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