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Norsk Hydro
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, market outlook, and priorities
Execution of the 2030 strategy focuses on disciplined growth, value creation, and adaptability to market realities, with a clear roadmap to net-zero by 2030 and net-zero by 2050.
Geopolitical tensions, trade barriers, and climate change are shaping investment and customer decisions, increasing the importance of regionalization and supply security.
Demand for low-carbon and recycled aluminum is rising, driven by electrification, infrastructure, defense, and regulatory support, with CBAM and scrap export policies expected to further boost demand.
Supply of low-carbon aluminum remains limited, with most new capacity globally being high-carbon.
Social and environmental initiatives include biodiversity restoration, just transition frameworks, and over 300 community projects supporting local communities.
Financial performance, guidance, and capital allocation
Adjusted ROAC over the cycle is 13.5%, with adjusted EBITDA for the last 12 months at NOK 31 billion and free cash flow above NOK 10 billion.
CapEx guidance for 2025 and 2026 is reduced to NOK 13.5 billion, prioritizing value-creating projects and maintaining flexibility.
Improvement program is ahead of plan, targeting NOK 1.2 billion in 2025 and NOK 6.5 billion in annual improvements by 2030.
Shareholder distributions since 2021 total NOK 41 billion, with a five-year average payout ratio of 67% and a dividend yield of 5.9%.
Net operating capital guidance is set at NOK 30 billion for 2026, with a continued focus on inventory management and supply chain flexibility.
Business area developments and operational adjustments
Recycling and Extrusions divisions are undergoing restructuring, including closure of five European plants and eight presses, reducing capacity by 11% in extrusions and 29% in cast house, with expected annual savings of EUR 45 million and NOK 0.5–1 billion.
Margin recovery and growth in Recycling and Extrusions are driven by improvement initiatives, market normalization, and expanded greener product offerings.
Energy business is focused on renewable generation, with a major EUR 2.5 billion investment in the Illvatn pumped power project and new long-term power agreements.
Bauxite & Alumina maintains a first quartile cost position, with ongoing decarbonization and nature-positive initiatives.
Automation and press replacement projects in Extrusions are improving efficiency, safety, and FTE savings, with targeted payback periods of 2–8 years.
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
Norsk Hydro
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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