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Investor Presentaiton

Long term renewable power contracts ensure robustness Smelter business operating cost curve 2022 USD/tonne 3 200 3.000 Power sourcing for smelters in Europe Power sourcing for Hydro smelters in Norway1) TWh 18 16 14 12 10 86 4 2 0 Total consumption 2 800 2 600 2 400 Spot/Short-term Long-term Captive Medium-term 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Wind power Hydropower Current captive 2 200 2 000 1 800 Power sourcing for Hydro JV smelters 2) Power sourcing for Hydro B&A³) TWh TWh 1 600 1 400 12 10 Total consumption 3.0 Total consumption 2.5 1 200 1 000 8 2.0 800 6 00 1.5 600 4 St 1.0 400 2 0.5 200 0 0 0.0 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 2022 2024 2026 2028 2030 2032 2022 2024 2026 2028 2030 2032 Coal Gas Mix Renewables Hydro Tomago Alouette Albras (other) Albras (Rein) Albras (long-term) Qatalum captive Paragominas - Rein Paragominas (short-term) Alunorte - Rein Alunorte (short-term) Source: CRU, Hydro analysis 1) Net -8 TWh captive assumed available for smelters. 2) Hydro Share: Qatalum captive (50%), Alouette (20%), Tomago (12.4%), Albras (51%). 3) Total Alunorte and Paragominas - all consumption sourced through Hydro 37
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