Investor Presentaiton

0 2010 2011 Source: Fastmarkets, Hydro analysis 2012 Margin pressure USD/mt, Europe 1 600 1 500 Standard ingot duty paid 1 400 Extrusion ingot duty paid 1 300 Extrusion ingot over standard ingot 1 200 Extrusion ingot over standard ingot, average 2010-2023 1 100 Extrusion ingot over standard ingot, average "normalized" 2010-2020+2023 1 000 900 800 700 600 500 400 300 200 100 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Margin pressure and challenging demand impact recycling profitability Capacity utilization % production vs capacity, recyclers in Metal Markets 1 500 Dec-22 HH Jan-23 Feb-23- Mar-23 Apr-23- 2 000 Jun-23 - May-23 Jul-23 - Aug-23 - 2 500 Sep-23- Oct-23- Nov-23 Dec-23 7 110 100 90 80 2654 50 40 70 60 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Scrap price development USD/mt 3.000 Old rolled scrap Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 LME + Billet premium Clear trader scrap Monthly CU Average CU

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