Investor Presentaiton

Significant exposure to commodity and currency fluctuations Aluminium price sensitivity +10% NOK million 3 220 AEBITDA Currency sensitivities +10% Sustainable effect: NOK million 2 250 AEBITDA Hydro USD BRL EUR 4,250 (1,020) (100) One-off reevaluation effect: Adjusted Net Income Financial items (590) Other commodity prices, sensitivity +10% NOK million 890 420 1,390 (4,370) Gas2) . Annual adjusted sensitivities based on normal annual business volumes. LME 2,120 USD/mt, standard ingot premium (Europe duty paid) 190 USD/mt, PAX 355 USD/mt, fuel oil 820 USD/mt, petroleum coke 440 USD/mt, pitch 965 EUR/mt, caustic soda 360 USD/mt, coal 105 USD/mt, gas (Henry Hub) 2.74 USD/MMBtu, USDNOK 10.91, BRLNOK 2.19, EURNOK 11.66 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 underlying currency exposure (transaction exposure) Currency sensitivity on financial items includes effects from intercompany positions (220) (400) (270) (180) (70) (60) Standard Realized Pet coke Fuel oil ingot PAX premium1) Caustic soda Pitch Coal 1) Europe duty paid. 2) Henry Hub • 2023 Platts alumina index (PAX) exposure used • Adjusted Net Income sensitivity calculated as AEBITDA sensitivity after 30% tax Sensitivities include strategic hedges for 2024 (remaining volumes for 2024, annualized) 34

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