Investor Presentaiton

Rangebound aluminium prices, slower decline in demand Expected improved market balance in 2024 Hydro Rangebound all-in metal prices LME USD/t 4.000 Growing Russian % of metal in LME warehouses Share of Russian metal, % NOK/t 100% Tightening estimated global balance Primary production, million tonnes 1.6 1.4 Large demand drop in B&C drives down billet demand Extrusion growth YoY, % 6% 35 000 90% 3 500 80% - 30 000 70% 3 000 25 000 60% 2 500 50% 20 000 40% 2 000 1 500 01/01/2020 01/01/2022 30% 15 000 20% 10 000 10% Лим 01/01/2024 - LME 3M LME 3M (NOK) Source: CRU, Bloomberg, LME, Hydro analysis 0% Feb-20 Apr-20 Oct-20 Dec-20 Feb-21 Apr-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Aug-23 Oct-23 Dec-23 -1.2 -1.3 2023 2024 World ex. China China -16% -15% H1-2023 o EU and NA -7% 6

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