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Norsk Hydro: Strong results reflect solid operational performance

NHYDY
  • Hydro's Q1 2026 adjusted EBITDA fell to NOK 8,668 million from NOK 9,516 million in Q1 2025 due to lower alumina prices, a stronger NOK, & reduced power production offsetting lower raw material costs, higher metal prices, & increased sales volumes.
  • Adjusted earnings per share rose to NOK 2.07 from NOK 1.63 in the prior year quarter.
  • Operating capital increased, resulting in a negative free cash flow of NOK 4 billion, while twelve-month adjusted RoaCE ended at 10.1 percent.
  • Upstream segments showed strong performance with increased alumina & aluminium production, including a 2.7 percent year-on-year rise in Aluminium Metal output driven by Norwegian smelter ramp-ups.
  • Recycling operations achieved their highest results since 2023, driven by strong North American margins from increasing product premiums.
  • Hydro secured three new renewable power contracts totaling 14 TWh to support its green aluminium strategy, including agreements with Alpiq & Statkraft.
  • The HalZero test facility was successfully commissioned to advance new aluminium production technology without incidents.
  • A contractor at the Alunorte refinery in Brazil died following a medical emergency; an internal review & external investigation are underway.
  • Bauxite & Alumina adjusted EBITDA dropped to NOK 747 million due to lower alumina prices & adverse currency effects.
  • Energy adjusted EBITDA declined to NOK 787 million due to lower production & losses on price area differences.
  • Aluminium Metal adjusted EBITDA increased to NOK 5,034 million, supported by higher all-in metal prices & lower alumina costs amid Middle East curtailments.
  • Metal Markets adjusted EBITDA rose due to improved recycling margins in the U.S. & trading activities.
  • Extrusions adjusted EBITDA increased to NOK 1,299 million driven by higher margins in the U.S. & lower costs, despite weaker demand in North America & Europe.
  • Net income for Q1 2026 was NOK 4,341 million, while adjusted net income was NOK 4,062 million.
  • Net debt increased to NOK 12.9 billion from NOK 9.7 billion, & adjusted net debt rose to NOK 21.6 billion.