Norsk Hydro (NHY.OL): JunQ‘26 First Take: Strong pricing and recycling drive earnings beat. Buy

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Norsk Hydro (NHY.OL): JunQ‘26 First Take: Strong pricing and recycling drive earnings beat. Buy

Equity Research

22 July 2026 | 7:04AM BST

Norsk Hydro (NHY.OL): JunQ’26 First Take: Strong pricing and recycling

drive earnings beat. Buy

NHY reported JunQ’26 EBITDA of NOK 8.9bn, 9% ahead of company compiled Matt Greene

+44(20)7051-0489 |

consensus at NOK 8.2bn (+3% vs GSe). The beat was driven by stronger matt.greene@gs.com

Goldman Sachs International

performance in Bauxite & Alumina, Aluminium Metal and Extrusions, partly offset by

Riccardo D’Agata

weaker contributions from Metal Markets and Energy. Metal Markets was impacted +44(20)7051-0958 |

by a c.NOK 0.3bn loss in the trading business, while Energy remained weighed down riccardo.dagata@gs.comGoldman Sachs International

by weak hydrology and unfavourable price area differences in the Nordic market.

Recycling earnings across Extrusions and Metal Markets rose to c.NOK 0.9bn from

c.NOK 0.6bn in Q1, with recycling strength expected to continue in Q3.

FCF (OCF less ICF) was materially ahead of both GSe and VA consensus, driven by

stronger operating cash flow and positive investing cash flow, driven by c.NOK 3bn of

net proceeds from sales of short term investments. Capex of NOK 2.6bn was also

below both GSe/consensus. On the company’s definition, FCF was ~5% ahead of

consensus. Unadjusted Net debt finished at NOK 20.4bn, down QoQ and lower

than GSe/Consensus.

Outlook: Q3 commentary is broadly constructive. B&A is expected to benefit from

higher volumes and realised pricing, with Atlantic premium lags supporting earnings

while costs remain broadly flat. In Aluminium Metal, 62% of Q3 production has been

priced at LME of $3,361/t, above our assumption of $3,073/t, although expected