Investor Presentaiton

Key performance metrics | Q4 2023 Adjusted EBITDA NOK million 7 184 Free cash flow¹) NOK billion 5.8 4Q22 3 899 3 737 3Q23 4Q23 Upstream costs 3,4) USD per tonne 1. 2 250 2 300 2 200 337 345 331 4Q22 3Q23 4Q23 Bauxite & Alumina Aluminium Metal 4Q22 Adjusted RoaCE2) 12-month rolling % 22.2% -1.4 3Q23 -1.5 4Q23 4Q22 Extrusion volumes Thousand tonnes 265 260 236 4Q22 3Q23 4Q23 Free cash flow is defined as net cash provided by (used in) operating activities of continuing operations, adjusted for changes in collateral and net purchases of money market funds, plus net cash provided by (used in) investing activities of continuing operations, adjusted for purchases of / proceeds from sales of short-term investments 3. 4. 2. 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 Hydro 8.5% 7.1% 3Q23 Improvement program status NOK millions 4Q23 14,000 12,000 10,500 8,800 2023 achieved 2025 2027 overall overall target target 2030 overall target Realized alumina price minus adjusted EBITDA for B&A, excluding insurance proceeds relating to decommissioned crane (NOK -500 million), per mt alumina sales Realized all-in aluminium price (incl. strategic hedge program) less adjusted EBITDA margin excluding indirect CO2 compensation catch-up effect (NOK ~1.4 billion) and power sales Slovalco, Albras and Norwegian smelters, incl Qatalum, per mt aluminium sold. Implied primary cost and margin rounded to nearest USD 25 29

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