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Norsk Hydro (NHY) investor relations material
Norsk Hydro Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary27 Nov, 2025
Strategic direction and market outlook
Strategic focus is on profitable growth in Recycling and Extrusions, with a clear roadmap to net-zero by 2030 and adaptable pace to reflect market realities.
Geopolitical tensions, trade barriers, and climate change are shaping the aluminium market, increasing emphasis on regional supply chains and decarbonization.
Demand for low-carbon aluminium is rising, with supply constrained for products under 4 tons CO2 per ton and a 50%+ increase in greener product earnings year-to-date.
Key growth drivers include electrification, infrastructure investment, and regulatory support for greener materials.
Partnerships with major customers and commercial offtake agreements reinforce the market for greener aluminium.
Financial performance and guidance
Adjusted RoaCE over the cycle is 13.5%, with strong upstream earnings and cash flow supporting a solid financial position.
Adjusted EBITDA for the last 12 months is NOK 31 billion, with free cash flow above NOK 10 billion.
CapEx guidance for 2025 and 2026 reduced to NOK 13.5 billion, prioritizing value-creating projects and removing NOK 1-2 billion annual flexibility.
Improvement program is ahead of plan, with NOK 1.2 billion delivered in 2025 and a NOK 6.5 billion annual target by 2030.
Dividend policy remains stable, with a five-year average payout ratio of 67% and total shareholder distributions since 2021 at NOK 41 billion.
Operational adjustments and business developments
Major restructuring in European extrusions: closure of five plants, reduction of 730 FTEs, and 11% extrusion capacity cut, targeting NOK 1.9 billion in restructuring costs and NOK 0.5 billion annual savings from 2027.
Recycling and Extrusions divisions are ramping up investments and operational improvements, with margin recovery and expanded product offerings such as Hydro CIRCAL in North America.
Automation and press replacement projects in Extrusions to drive efficiency, safety, and FTE savings, with targeted payback periods of 2-8 years.
Alumetal integration and new investments in recycling and sorting technology are progressing, with synergy targets on track.
Energy business is focused on renewable generation, with a EUR 2.5 billion investment in the Illvatn pumped power project and new long-term power agreements.
Quantify Extrusions Europe restructuring benefits
Impact of EU scrap export limitations on Hydro
Update on HalZero and carbon capture development
Extrusions restructuring: What is the payback?
Scrap export restrictions: Impact on recycling?
Alunorte: How to mitigate bauxite quality impact?
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Next Norsk Hydro earnings date
Q4 202513 Feb, 2026
Next Norsk Hydro earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Norwegian Aluminum and Renewable Energy
Norsk Hydro is a Norwegian multinational corporation primarily engaged in aluminum production and related activities. The company operates across the entire aluminum value chain, from bauxite extraction to the production of primary aluminum, rolled and extruded products, and aluminum recycling. Norsk Hydro is one of the largest aluminum companies worldwide, with operations in more than 50 countries. In addition to its aluminum business, the company has a significant presence in the renewable energy sector, particularly in hydroelectric power generation. The company is headquartered in Oslo, Norway, and its shares are listed on OSE.
Nitrogen-based Fertilizers
The company was founded in 1905 and initially focused on utilizing a new technique to produce nitrogen-based fertilizers. However, Hydro expanded into other sectors over the decades and has grown into a truly global company. The 1960s marked a significant shift as Hydro ventured into oil and gas, becoming a key player in the North Sea oil fields. Later, in the 1980s, Hydro started focusing on light metals, particularly aluminum, evolving into one of the largest aluminum producers worldwide. Today, the company is focused on the production of both aluminum and generating renewable energy. Some companies operating in the same industry include Alcoa and Kaiser Aluminum.
Hydro Aluminum
Norsk Hydro is a prominent figure in the global aluminum industry, with its involvement dating back to the 1980s. The company operates across the entire value chain, from bauxite extraction to the production of primary aluminum and rolled products. Notably, Hydro has mining operations in Brazil (acquired by Vale in the early 2010s), where it extracts bauxite, the primary raw material for aluminum production. These are then processed into alumina before being transformed into primary aluminum. The company is known for its extensive recycling efforts, emphasizing sustainability in its production processes. Norsk Hydro also uses renewable energy in its aluminum production, further reducing its environmental impact
Hydro Energy
While aluminum and metal markets represent the bulk of the company’s revenue, it’s also active in power generation. Norsk Hydro's renewable energy segment extends beyond its internal use, as the company also supplies renewable energy to other businesses. Hydro's energy division, Hydro Energi, plays a crucial role in this aspect. It manages numerous hydroelectric power plants, primarily in Norway, and the energy generated is not only used for Hydro's aluminum production but also sold to other companies.
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