NHY: Announced restart of Slovalco

研报英文原文证据摘录

NHY: Announced restart of Slovalco

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Marina Calero (Analyst)

Laura Chan (Analyst)

July 1, 2026

Norsk Hydro ASA

Announced restart of Slovalco

OSLO: NHY | NOK 89.80 | Outperform | Price Target NOK 120.00

Sentiment: Positive

Event

NHY has announced the restart of its Slovalco JV (55% ownership) with production expected to begin in Q4 26.

Our view

Re-starting Slovaco adds capacity into a tight European market. With most of Slovalco product mix in extrusion ingots, this

will increase NHY's exposure to higher premium markets. Although full details on the smelter's current cost structure and CO2

compensation have yet to be announced, we estimate the restart will increase consensus FY27 EBITDA by NOK0.5-0.8bn (1.4-2.2%

from FY27e) and attributable NAV (8% WACC) by NOK1.6bn (no consensus available).

NHY shares have underperformed peers by -10% over the last month driven by a correction in aluminium prices following the Iran/

US MoU. We continue to see risk/reward attractive and expect shares to re-rate in the second half as aluminium prices recover

Key Details

• NHY has announced the restart of its Slovalco JV (55% ownership) after reaching a long-term power supply contract with the

state-owned utility. The agreement which includes compensation for indirect carbon emissions under the EU ETS enables the

restart of the first 75mt of a total 175mt of annual production capacity NHY is currently ramping up capacity at its Norwegian

smelters taking 2026e primary production to ~2.0mt.

• Slovalco will invest EUR100m (~NOK1.1bn) to restart production in Q4 26.

• The smelter was curtailed in 2022 due to high energy prices and inability to secure a long-term power contract without the