Investor Presentaiton

Sustainable financing initiatives increase access to capital and provide cost of capital advantage Green and Sustainability Linked Financing Framework • Framework published to facilitate issuance of green and sustainability linked bonds Linked to Hydro's sustainability ambitions CICERO Shades of Green provided Second Party Opinion allocating medium green shading and governance assessment at excellent Updated capital structure policy and EMTN Program • Revised capital structure targets over the cycle EMTN program established to streamline bond issuance in line with capital structure policy Linked to Hydro sustainability ambitions 10% carbon 660 000 emission mt PCS reduction by 2025 by 2025 Revised capital structure in 2022 Adj. net debt/adj. EBITDA < 2x Adj. net debt around NOK 25 billion Sustainability linked bonds (SLBs) NOK 3 billion SLBS (2022-2028) issued under framework and EMTN programme • First SLB issue in the Norwegian corporate investment grade market SLB feature increased access to capital in challenging market conditions NOK 3 billion SLBs 1st corp IG SLB in Norway 68

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