Investor Presentaiton

4000 3500 3000 2500 2000 1500 1000 2016 2017 Revenue drivers through Q4 2022 LME and SHFE aluminium prices USD/mt NOK/mt 2018 2019 2020 LME 3m USD — SHFE* ex. VAT in USD LME 3m NOK (RHS) Source: Metal Bulletin, Platts, Reuters Ecowin, Hydro analysis 2021 2022 Hydro Regional standard ingot premiums Platts alumina index (PAX) USD/mt USD/mt % LME 3M 35000 1 000 600 900 550 30000 800 500 700 450 25000 600 500 400 20000 400 350 300 300 15000 200 250 100 10000 0 200 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 US Mid West Japan Europe (duty-paid) Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 PAX Jul-21 Oct-21 % LME 3M (RHS) Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 31 20% 18% 16% 14% 12% 10%

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