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Adj. EBITDA Q4 down on upstream prices and raw material cost, partly offset by power sales and FX effects Q4-2022 vs Q4-2021 Hydro 9.0 3.6 2.7 7.2 0.4 Other & eliminations 0.3 CO2 compensation Power sales Slovalco, Karmøy & Husnes 1.9 2.0 0.6 0.6 1.7 0.6 Adj. EBITDA Q4 2021 Realized aluminium Raw material cost Downstream margin Downstream volume Fixed cost FX and alumina price Power sales, CO2 Adj. EBITDA Q4 2022 compensation and other & eliminations 125

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