Norway · Delayed Price · Currency is NOK Norsk Hydro ASA Earnings Call Transcripts
Fiscal Year 2026
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Adjusted EBITDA rose to NOK 8.7 billion, with strong upstream and recycling performance, but negative free cash flow due to higher operating capital. Geopolitical tensions and market volatility impacted operations, while new renewable power contracts and technology milestones support long-term strategy.
Fiscal Year 2025
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Q4 2025 saw strong upstream production, robust cash flow, and improved safety, despite lower revenues and continued market headwinds in Extrusions. Strategic actions included new power contracts, hydropower investment, and workforce restructuring, with a dividend proposal of NOK 3 per share.
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Strategic discipline and capital allocation are central as the company adapts to volatile markets, with strong progress in decarbonization, cost savings, and customer partnerships. Restructuring in Europe and flexible CapEx support resilience, while 2030 ambitions remain intact despite near-term headwinds.
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Q3 2025 saw improved safety, solid free cash flow, and an adjusted ROCE of 11%. Revenue rose 1% year-over-year, but adjusted EBITDA and net income declined. Strategic cost reductions, a new long-term power contract, and progress in low carbon aluminum were key highlights.
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Q2 2025 saw strong financial performance with adjusted EBITDA of NOK 7.8 billion and free cash flow of NOK 5 billion, despite volatile markets and geopolitical risks. CapEx was cut by NOK 1.5 billion, greener product sales rose 50% year-over-year, and key improvement programs remain on track.
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Record Q1 results with adjusted EBITDA of NOK 9.5 billion and strong safety performance. Market uncertainty and tariffs drive a cautious outlook, with revised 2025 guidance for Extrusions and continued focus on cost control, decarbonization, and strategic investments.
Fiscal Year 2024
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Q4 2024 saw strong financial performance with adjusted EBITDA of NOK 7.7 billion and revenue up 18% year-over-year, driven by record Bauxite & Alumina results and early achievement of CO2 reduction targets. Market volatility, restructuring, and new tariffs present ongoing challenges, but long-term growth and decarbonization strategies remain on track.
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The company is accelerating its green aluminum transition, focusing on recycling, extrusions, and renewables, while phasing out non-core projects. A new NOK 6.5 billion improvement program and disciplined capital allocation underpin financial guidance, with strong progress on decarbonization and green product premiums.
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Q3 2024 saw strong upstream results with adjusted EBITDA of NOK 7.4 billion and revenue up 23% year-over-year, driven by higher alumina and aluminum prices, while downstream and recycling margins remained under pressure. Strategic progress included renewable energy investments and a deepened partnership with Mercedes-Benz.
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Q2 2024 saw EBITDA of NOK 5.8 billion and free cash flow of NOK 2.8 billion, with strong upstream results offset by weak downstream demand and recycling margins. Strategic partnerships and decarbonization initiatives advanced, while market volatility and soft Extrusion demand persist.