Investor Presentaiton

1 Tonnes CO₂e per tonne Al. in 5 product Why invest in Hydro Greener earnings uplift potential 2030 2030: NOK 2 billion Greener product capability from total aluminium portfolio Million tonnes capacity potential Portfolio of profitable growth projects as key enablers for the green transition Refurbishment of buildings Hydro Pathway to net-zero aluminium products supported by partnerships GHG emissions - ownership equity Million tonnes CO₂e (% of 2018 baseline emissions) 4 <4t/t Hydro CIRCAL (2.31 product potential Renewable based primary Non-renewable based primary 2023 2024 2025 2026 2027 2028 2029 2030 3-4 mill mt recycled aluminium <2u/t Hydro REDUXA product potential 2 mill mt primary aluminium Robust positioning with ambition to strengthen competitiveness 1st quartile cost position AM and B&A 1st quartile emission position AM and B&A Long-term renewable power contracts Increased improvement ambitions Electrical vehicle transition Copper substitution 10 Electrolysis (100% 9 (90%) process -30% emissions Natural gas in casthouse, recycling 10% extrusions and anode production Electricity generation -35% (scope 2) 7 (30%) HalZero and CCS Natural gas substitution Decarbonizing electricity generation Alunorte heavy Renewable power transition -35% fuel oil and coal 2018 2025 2030 0 2050 Resilient financial framework and competitive shareholder distribution ancial strength and flexibili Robust shareholder payout Sustainability position enabling profitable growth and cost of capital advantage Improvement program and commercial ambition Operating capital ambitions Profitability roadmaps Lifting cash flows towards 2030 Strategic growth initiatives: Strategic hedging & contingency Capex optimization measures principles for capital allocat Dividend yield vs peers Downstream Upstream Peer I 0.6% Peer H 0.0% Peer G 0.0% Peer F 4.3% Peer E 1.0% Hydro Peer D 0.2% Peer C 3.9% Peer B 1.2% Peer A 0.6% Good track record on relative shareholder value creation Stock price index / TSR 550 500 450 400 350 300 250 200 7.7% 150 100 50 Jan-20+ Apr-20- Jul-20- Oct-20- Jan-21- Jul-21- Apr-21- Oct-21- Peer range Jan-22- Jul-22- Apr-22- Oct-22- Jan-23- Apr-23- Jul-23- Oct-23- NHY 45

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