Investor Presentaiton

Significant exposure to commodity and currency fluctuations Aluminium price sensitivity +10% NOK million 3 110 2 180 Currency sensitivities +10% Sustainable effect: NOK million Adj. EBITDA Hydro USD BRL EUR 3,740 (840) 10 One-off reevaluation effect: Adjusted Net Income Financial items (990) Adj EBITDA Other commodity prices, sensitivity +10% NOK million 980 530 (250) (230) (150) (580) Standard Realized Pet coke Fuel oil ingot premium¹) PAX (630) Caustic soda Pitch Coal 1) Europe duty paid 1,040 (4,050) Annual adjusted sensitivities based on normal annual business volumes. LME USD 2,250 per mt, standard ingot premium 260 USD/mt, PAX 325 USD/mt, fuel oil USD 830 per mt, petroleum coke USD 685 per mt, pitch 1,340 EUR/t, caustic soda USD 930 per mt, coal USD 230 per mt, USD/NOK 10.16, BRL/NOK 1.94, EUR/NOK 10.39 Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated Excludes effects of priced contracts in currencies different from adjusted currency exposure (transaction exposure) Currency sensitivity on financial items includes effects from intercompany positions • 2022 Platts alumina index (PAX) exposure used • Adjusted Net Income sensitivity calculated as UEBITDA sensitivity after 30% tax Sensitivities include strategic hedges for 2022 (remaining volumes for 2022, annualized) 69

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