Investor Presentaiton

Hydro Energy Results down on internal contract, partly offset by higher prices Key figures Q4 2022 Q4 2021 Q3 2022 Power production, GWh 2 002 2 136 1 330 Net spot sales, GWh 511 305 (703) Southwest Norway spot price (NO2), NOK/MWh 1 719 1 271 3 519 Adjusted EBITDA, NOK million 1 542 1 723 321 Adjusted EBIT, NOK million 1 493 1 674 275 Adjusted RoaCE, % LTM1).2) 29.5% 25.4% 35.7% Adjusted EBITDA NOK million 2) 723 1) 3) 2 239 1 723 465 1 542 321 841 761 824 3 790 4 926 2021 2022 Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less tax/ Average capital employed last 4 quarters 80% tax rate applied for 2019 and 2020, 40% tax rate applied in 2021 and 2022 01.1.2022 19.02.2022 Results Q4 22 vs Q4 21 • • Negative results on Aluminium Metal buy-back contract NOK -0.25 billion Lower production Lower gain on price area differences Higher prices Outlook Q1 23 Improved Nordic hydrological balance, but remains below normal • Lower expected NO2-NO3 spread compared Q4 Increased loss on Aluminium Metal buy-back contract vs fourth quarter Volume and price uncertainty 18

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