Norway · Delayed Price · Currency is NOK Norsk Hydro ASA Earnings Call Transcripts
Fiscal Year 2025
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Q4 saw strong upstream production, high metal prices, and robust cash flow, but revenues fell 14% year-over-year due to lower alumina prices. Strategic cost actions and new power contracts supported results, while market headwinds persisted in extrusions and trading.
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Strategic discipline and capital allocation are driving long-term value, with a focus on low-carbon aluminum, operational efficiency, and resilience amid market volatility. Cost-saving measures, capacity adjustments, and strong customer partnerships support growth, while decarbonization and sustainability targets are ahead of schedule.
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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.