Norsk Hydro: Integrated Annual Report 2025: Increasing resilience to reach 2030 ambitions

2025 was another year marked by geopolitical instability. Hydro’s geographic diversification and integrated value chain strengthens the resilience in navigating these challenges. Throughout 2025,Hydro implemented measures to increase agility and accelerate growth to achievethe strategic goals for 2030. 

Aluminium is classified as a critical raw material by EU, the U.S., and NATO, and Hydro’s low-carbon aluminium is therefore well positioned to play a key role in the green transition and the growing need for critical materials in the years ahead.  

“We know that what we produce, where we produce it and how we produce it is more important than ever,” says Eivind Kallevik, President and CEO of Hydro, in his Letter to Stakeholders in the Integrated Annual Report 2025. 

Adjusted EBITDA for 2025 was NOK 28.9 billion, up from NOK 26,3 billion in 2024. The adjusted RoaCE was 10.2 percent, slightly above the target of 10 percent over the cycle. These results reflect the company’s resilience in a challenging market environment.  

To enhance agility, several capital discipline measures were implemented in 2025, including a strategic workforce reduction in white collar positions and a proposed restructuring process in Hydro Extrusions. In addition, the improvement program launched in late 2024 has delivered NOK 1.4 billion in improvements and the capex guiding was reduced during the year.  

Improved earnings allow for competitive shareholder returns. Since 2021, Hydro has distributed NOK 37.6 billion to shareholders, with a proposal to pay out another NOK 5.9 billion for 2025, representing 60 percent of adjusted net income.    

Delivering on Hydro’s strategy

In 2025, Hydro continued to advance its 2030 ambition of pioneering the green aluminium transition, powered by renewable energy. Despite pressured markets in both Recycling and Extrusions, initiatives in these areas are driving profitable growth. Multiple new long-term power contracts have been signed to secure the energy needed to meet future demand. Decarbonization and technology roadmaps are guiding initiatives across the value chain to reduce emissions, while commercial partnerships are enabling investments in low-carbon solutions. 

Hydro’s position as a robust and transparent supplier of low-carbon aluminium is increasingly valued in a more challenging geopolitical landscape. Going forward Hydro will continue to build on this foundation and grow with the right structure to reach its ambitions for 2030.  

Investor contact:
Baard Erik Haugen  
+47 92497191 
Erik.Haugen@hydro.com 

 Elitsa Blessi 
+47 91775472  
Elitsa.Blessi@hydro.com   

Media contact:
Halvor Molland   
+47 92979797  
Halvor.Molland@hydro.com  

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act 

Attachments

• NHY Remuneration report 2025
• Integrated Annual Report 2025