Norsk Hydro ASA (NHY.OL): Q2‘26 results - inline earnings and cash flow, Slovalco restart on competitive terms

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Norsk Hydro ASA (NHY.OL): Q2‘26 results - inline earnings and cash flow, Slovalco restart on competitive terms

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22 Jul 2026 02:56:13 ET │ 13 pages

Norsk Hydro ASA (NHY.OL)

Q2'26 results - inline earnings and cash flow, Slovalco restart on

competitive terms

CITI'S TAKE Neutral

Price (21 Jul 26 17:30) NKr83.70 Q2'26 results for NHY came in broadly inline to VA consensus with

Target price NKr98.00 reported EBITDA at 8.9 billion NOK, +3% q/q and +15% y/y. Primary metal

continued to be the key driver for solid earnings, while EBITDA in extrusion Expected share price return 17.1%

business came ahead of expectations for the quarter, mostly led by better Expected dividend yield 5.3%

recycling margins. All-in primary metal spreads at c$1,400/t are at record Expected total return 22.3%

high, which we believe are likely to reflect a near term peak for the Market Cap NKr165,600M

company. Operationally, the company has delivered a steady US$17,178M

performance across aluminium value chain, while energy production in the

quarter came in below expectations. Net debt at 22.8 billion NOK came in

largely inline to expectations, although the operating cash flow was better

than expectations. NHY has announced the restart of Slovalco aluminium Ephrem RaviAC

smelter, where the terms of agreement includes carbon compensations +44-20-7986-2462

and long term power sourcing. ephrem.ravi@citi.com

Krishan M Agarwal

Implications — inline earnings and net debt with better than expected cash flow are +44-020-7986-4092

likely to be well received by the market. However, we flag that aluminium spreads for krishan.agarwal@citi.com

the company at c$1,400/t are at record high and could be the near term peak.

Aluminium prices since have come down and should reflect in lower spreads in Ijeoma Ihuegbu