Norsk Hydro (NHY.OL): JunQ’26: Premiums remain firm as Hydro captures regional supply tightness; Buy

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Norsk Hydro (NHY.OL): JunQ’26: Premiums remain firm as Hydro captures regional supply tightness; Buy

Equity Research

23 July 2026 | 6:08AM BST

Norsk Hydro (NHY.OL): JunQ’26: Premiums remain firm as Hydro

captures regional supply tightness; Buy

NHY reported JunQ’26 EBITDA of NOK 8.9bn, +3% ahead of GSe and +9% above Matt Greene

+44(20)7051-0489 |

company-compiled consensus, driven by Aluminium Metal, B&A and Extrusions matt.greene@gs.com

Goldman Sachs International

(Exhibit 2). Aluminium Metal benefited from higher realised aluminium prices and

Riccardo D’Agata

premiums, while Extrusions continued to benefit from strong recycling margins, +44(20)7051-0958 |

particularly in the US. The main offset was Metal Markets, where a one-off (~NOK riccardo.dagata@gs.comGoldman Sachs International

0.3bn) trading loss (reversing the Q1 gain in trading) weighed on results despite

strong recycling performance, while Energy remained impacted by weak hydrology

and unfavourable regional prices. The beat was driven by the core operating

businesses, and the Q3 outlook on balance is constructive for prices and cost

control.

Cash generation was positive, NHY-defined FCF was ~5% ahead of consensus and

materially above GSe, on lower working capital and lower capex. Management

maintained its NOK 30bn year end working capital target, although acknowledged it

has become more challenging to achieve at current aluminium prices and premium

levels, with working capital still ~NOK 6bn above target. Reported net debt of NOK

16.3bn finished ~5% below GSe (+14% vs cons).

While LME prices weakened, regional premiums have remained supportive. LME

prices softened in late Q2 as Middle East supply concerns eased and Chinese

supply/export expectations increased, management highlighted that regional