Norsk Hydro ASA
F:NOHA
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Norsk Hydro ASA
F:NOHA
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Norsk Hydro ASA
Norsk Hydro ASA is a Norwegian industrial company built around aluminum and power. It produces alumina, primary aluminum, rolled and extruded aluminum products, and it also develops and runs hydroelectric power plants. In simple terms, it takes bauxite and electricity, turns them into aluminum, and then processes that metal into shapes and products that other companies can use. Its main customers are manufacturers that need lightweight, durable metal for cars, buildings, packaging, power lines, and machinery. Hydro sells through long-term industrial supply relationships, and it earns money by selling aluminum, processed metal products, and energy. The business is tied to global industrial demand and to electricity costs, which are a major input in aluminum production. What makes Hydro different is that it sits at both the metal-making and power-supply parts of the chain. Own hydroelectric assets help support its aluminum operations, while its downstream plants turn basic metal into higher-value products for specific industrial uses. That mix gives the company a role not just as a raw-material producer, but also as a processor and supplier of finished aluminum solutions.
Norsk Hydro ASA is a Norwegian industrial company built around aluminum and power. It produces alumina, primary aluminum, rolled and extruded aluminum products, and it also develops and runs hydroelectric power plants. In simple terms, it takes bauxite and electricity, turns them into aluminum, and then processes that metal into shapes and products that other companies can use.
Its main customers are manufacturers that need lightweight, durable metal for cars, buildings, packaging, power lines, and machinery. Hydro sells through long-term industrial supply relationships, and it earns money by selling aluminum, processed metal products, and energy. The business is tied to global industrial demand and to electricity costs, which are a major input in aluminum production.
What makes Hydro different is that it sits at both the metal-making and power-supply parts of the chain. Own hydroelectric assets help support its aluminum operations, while its downstream plants turn basic metal into higher-value products for specific industrial uses. That mix gives the company a role not just as a raw-material producer, but also as a processor and supplier of finished aluminum solutions.
Strong quarter: Hydro reported adjusted EBITDA of NOK 8.7 billion and adjusted EPS of NOK 2.07, with adjusted RoaCE at 10.1%, above its 10% cycle target.
Cash flow hit: Free cash flow was negative NOK 4 billion, mainly because higher prices and strong activity pushed working capital up.
Middle East impact: The conflict disrupted operations, and Qatalum is running at around 40% curtailment while Hydro works to serve customers through its global casthouse network.
Recycling rebound: Recycling delivered its strongest results since 2023, helped by a wider spread between product premiums and input costs, especially in the U.S.
Power sourcing progress: Hydro signed new renewable power contracts, including 1.75 TWh with Alpiq and about 12.3 TWh with Statkraft, narrowing its post-2030 power gap.
HalZero milestone: The HalZero test facility has been commissioned and has already produced its first droplet of aluminum, with ramp-up toward full test capacity planned for Q3 2026.
