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Norsk Hydro
Norsk Hydro (NHY) investor relations material
Norsk Hydro Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved Q4 2025 adjusted EBITDA of NOK 5.6 billion, with free cash flow of NOK 4.6 billion and adjusted RoaCE for the year at 10.2%, surpassing the 10% target.
Solid upstream performance and cost control drove results, while strategic workforce reduction of 850 employees and closure of five European extrusion plants were completed.
Board proposed a dividend of NOK 3.0 per share, representing 60% of adjusted net income, totaling NOK 5.9 billion.
Two new long-term power contracts and a major hydropower investment in Norway secured energy supply for smelters.
No fatalities or life-changing injuries in 2025; record low injury rates maintained.
Financial highlights
Q4 2025 revenue was NOK 47.2 billion, down 14% year-over-year, mainly due to lower alumina prices.
Adjusted EBITDA was NOK 5.6 billion, down from NOK 7.7 billion in Q4 2024; reported EBITDA was NOK 2 billion, with NOK 3.6 billion in adjusting items.
Adjusted net income for Q4 2025 was NOK 1.7 billion, down from NOK 2.6 billion in Q4 2024; reported net income was negative NOK 2.2 billion due to significant non-recurring items.
Adjusted EPS for Q4 2025 was NOK 0.70.
Net debt decreased by NOK 3.9 billion during Q4 2025, ending at NOK 18.2 billion.
Outlook and guidance
Bauxite and Alumina: Q1 production volumes expected to decline seasonally due to fewer operating days and maintenance; realized prices to continue correcting.
Aluminum Metal: 70% of Q1 2026 production hedged at $2,803/ton; raw material and fixed costs expected to rise.
Extrusions: European sales stable, North American sales to decrease slightly more than market; margins stable, some improvement in North America.
Energy: Q1 production to decrease due to maintenance; prices expected to rise seasonally, but price area gains to decline.
Capital expenditure guidance for 2026 remains conservative amid market uncertainty.
Extrusions restructuring: expected cost savings
Long-term power strategy: cost stability impact
Upstream EBITDA divergence: key drivers
Extrusions 2025 metal effect drivers
Timeline for NOK 1B workforce savings realization
Alunorte 2026 production target beyond Q1
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Next Norsk Hydro earnings date
Q1 202629 Apr, 2026
Norsk Hydro
Next Norsk Hydro earnings date
Q1 202629 Apr, 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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