Investor Presentaiton

Key performance metrics | Q4 2022 Adjusted EBITDA NOK million 9 011 9 721 7 184 Free cash flow¹) NOK billion 4.7 2.0 Hydro Adjusted RoaCE2) 12-month rolling % 5.8 26.9% 22.2% 18.6% 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 4Q21 Upstream costs 3,4) USD per tonne 1) 2) 310 2 350 2 175 2 250 337 337 4Q21 3Q22 4Q22 Bauxite & Alumina Aluminium Metal Extrusion volumes Thousand tonnes 301 301 265 4Q21 3Q22 4Q22 3Q22 Improvement program status5) NOK millions 11,000 10,000 8,400 7,800 2022 achieved 2023 2025 2027 overall overall overall target target target 4Q22 Free cash flow is defined as net cash provided by (used in) operating activities of continuing operations, adjusted for changes in collateral and net purchases of money market funds, plus net cash provided by (used in) investing activities of continuing operations, adjusted for purchases of proceeds from sales of short-term investments Adj. RoaCE calculated as adjusted EBIT last 4 quarters less underlying tax expense adjusted for 30% tax on financial items/ average capital employed last 4 quarters 5) Realized alumina price minus adjusted EBITDA for B&A, excluding insurance proceeds relating to decommissioned crane (NOK -500 million), per mt alumina sales Realized all-in aluminium price (incl. strategic hedge program) less adjusted EBITDA margin excluding indirect CO2 compensation catch-up effect (NOK -1.4 billion) and power sales Slovalco, Albras and Norwegian smelters, incl Qatalum, per mt aluminium sold. Implied primary cost and margin rounded to nearest USD 25 2018 baseline on accumulated improvements until 2021, 2021 baseline from 2022 63

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