Investor Presentaiton

Bauxite & Alumina sensitivities Annual sensitivities on adjusted EBITDA if +10% in price NOK million 1 900 • Revenue impact Realized alumina price lags PAX by one month Cost impact Bauxite • ~2.45 tonnes bauxite per tonne alumina Pricing partly LME-linked Caustic soda (10) (70) (60) • ~0.1 tonnes per tonne alumina (220) (270) . Aluminium Realized PAX Fuel oil Caustic soda Coal Gas Currency sensitivities +10% NOK million AEBITDA USD BRL EUR 1,150 (750) Hydro Prices based on IHS Chemical, pricing mainly monthly per shipment Energy • • ~0.12 tonnes coal per tonne alumina, Platts prices, one year volume contracts, weekly per shipment pricing ~0.11 tonnes heavy fuel oil per tonne alumina, prices set by ANP/Petrobras in Brazil, weekly pricing (ANP) or anytime (Petrobras) 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 BRL sensitivity calculated on a long-term basis with fuel oil assumed in USD. In the short-term, fuel oil is BRL-denominated. 2023 Platts alumina index (PAX) exposure used 35 55

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