Investor Presentaiton

First 2025 hedge position established during the quarter Hydro Aluminium hedges of 100-460 kt/yr 2023-25 in place • 2023: 460 kt hedged at a price of ~2200 USD/t • 75 kt call-options as liquidity measure • 2024: 440 kt hedged at a price of ~2500 USD/t • 2025: 100 kt hedged at a price of ~2550 USD/t • • Pricing mainly in NOK, with USD hedges converted to NOK via USD/NOK derivatives Corresponding raw material exposure partially secured using financial derivatives or physical contracts B&A and AM BRL/USD Hedge • USD 714 million sold forward for 2022-2024 • USD 330 million 2023 at rate 6.03 • USD 335 million 2024 at rate 6.19 • Aim to reduce volatility and uncertainty in Alunorte and Albras cash flows, as well as support robust cost curve positions 22 Hydro P Hydro Utilizing Hydro's hedging policy to deliver on strategic ambitions Flexibility to hedge in certain cases - Support strong cost position - Strong margins in historical perspective, e.g., supporting RoaCE target - Larger investments 39

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