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Norsk Hydro: Solid results and strong performance

NHYDY
  • Hydro's adjusted EBITDA for Q3 2026 rose to NOK 9,089 million from NOK 5,996 million in Q3 2025, driven by higher all-in metal & alumina prices, improved earnings in Recycling & Extrusions, & record liquid metal production from Norwegian smelters.
  • Adjusted earnings per share increased to NOK 2.3 from NOK 1.0 in the prior year quarter, while twelve-month adjusted RoaCE reached 12.5 percent.
  • Free cash flow was NOK 1.4 billion, impacted by higher metal prices & associated working capital requirements & prepayments.
  • Net debt decreased from NOK 16.3 billion to NOK 15.4 billion, & adjusted net debt fell from NOK 22.8 billion to NOK 21.9 billion.
  • Capex guidance was lowered to NOK 12.5 billion for year-end from NOK 13.5 billion, & net working capital guidance was raised to NOK 32 billion from NOK 30 billion.
  • Alunorte resumed regular operations after temporary gas supply disruptions were mitigated via alternative LNG supply.
  • HalZero test facility produced its first metal, marking a milestone for carbon-free technology development, with Enova awarding NOK 82 million in funding.
  • New power purchase agreements were secured to strengthen Hydro's long-term power position.
  • Commercial momentum grew for low-carbon & recycled aluminium, with brands like CHANEL, General Motors, & Mercedes-Benz integrating Hydro's solutions.
  • Slovalco restarted primary aluminium production targeting 75,000 tonnes annual capacity by February 2027.
  • Bauxite & Alumina adjusted EBITDA fell to NOK 283 million from NOK 1,290 million due to lower sales prices, gas disruptions, & unfavorable exchange rates.
  • Energy adjusted EBITDA dropped to NOK 411 million from NOK 828 million, primarily due to losses on price area differences.
  • Aluminium Metal adjusted EBITDA surged to NOK 7,031 million from NOK 2,732 million, despite higher energy & carbon costs & a stronger NOK vs USD.
  • Extrusions adjusted EBITDA increased to NOK 1,189 million from NOK 1,107 million, supported by higher recycling margins & sales volume.
  • Metal Markets adjusted EBITDA declined to NOK 125 million from NOK 154 million due to lower sourcing & trading results.
  • Nordic power prices increased due to weak hydrological conditions, with reservoirs at 67.8 percent of capacity compared to a normal of 82.8 percent.
  • Global aluminium prices traded between USD 3,100 & USD 3,300 per mt, influenced by Middle East tensions & rising demand in Asia.
  • Net income for the quarter was NOK 5,263 million, including unrealized derivative losses & various adjustment charges.