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Investor Presentaiton

Delivering on recycling strategy at high speed, increasing ambition Key investment decisions made PCS usage and ambition Tonnes ('000) Hydro 620-770 520-670 100 GROUNDBRE KING 150 80 120 40 Cassopolis Greenfield Recycler Szekesfehervar Greenfield Recycler 280 20202) 2022 Creep Growth/ Alumetal 2025 new Growth 2027 other EBITDA uplift NOK million alumetal alumetal Alumetal M&A Process!) Årdal/Høyanger Recycling investment decisions 15 100% PC -2.8 3.0 3.1-3.5 2.6-3.0 0.5 0.4 0.2 0.8 1.4 Clervaux: First near-zero CO2e aluminium-100R Commerce & Henderson CIRCAL sales US 2020 2022 2022 market Creep normalization Growth/ Alumetal 2025 other Growth 2027 1) Currently undergoing Phase Il merger control review by the European Commission 2) Baseline 2020 PCS volume reduced from 290 to 280 kt due to reclassification. +300-450 +1.5-1.9 109
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