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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Norsk Hydro
Norsk Hydro (NHY) investor relations material
Norsk Hydro Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Adjusted EBITDA was NOK 9,089m, up 52% YoY from NOK 5,996m, as higher metal prices and strong operations offset energy, anode and currency pressures.
Free cash flow was NOK 1.4bn, pressured by metal-price-related working-capital needs and prepayments.
Record liquid-metal output at Norwegian smelters and restored Alunorte production supported operations; HalZero produced its first metal and Slovalco began restarting.
Financial highlights
Revenue rose 3% YoY to NOK 52.1bn; reported EBIT was NOK 5.9bn and net income NOK 5.3bn.
Adjusted EBIT was NOK 6.3bn versus reported EBIT of NOK 5.9bn; adjusted net income was NOK 4.4bn versus reported net income of NOK 5.3bn.
Adjusted EPS was NOK 2.28, up from NOK 1.02 YoY; reported EPS was NOK 2.73.
Adjusted EBITDA increased from NOK 8,923m in Q2; higher all-in metal and alumina prices and lower fixed costs supported the increase.
Q3 net income included NOK 204m of net adjusting items, including unrealized derivative losses, environmental costs, rationalization and closure costs, and fixed-asset impairments.
Outlook and guidance
FY 2026 capex guidance was reduced from NOK 13.5bn to ~NOK 12.5bn; year-end net operating capital guidance rose from ~NOK 30bn to ~NOK 32bn.
Alunorte’s estimated Q4 gas-price differential impact is USD 90–110m, subject to gas prices, production and supply arrangements.
Aluminium Metal expects Q4 carbon costs up NOK 250–350m, alumina costs up NOK 100–200m and fixed costs up NOK 150–250m; realized premiums are expected at USD 550–600/t.
Bauxite & Alumina expects Q4 sales volumes and alumina prices to rise, with raw-material costs up NOK 50–100m and fixed costs up NOK 350–400m.
Q4 outlook includes weaker Recycling margins, sourcing and trading losses of NOK 150–250m, and higher Extrusions sales volumes.
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Latest events from Norsk Hydro
- Operational curbs paired with environmental upgrades and expanded community support.NHY
Investor update - Agreements set substantial technical and community commitments, but no timetable for normal operations.NHYInvestor update
- Alunorte’s full shutdown plan will also halt Paragominas operations.NHYInvestor update
- Adjusted EBITDA rose to NOK 8.9bn, net income up, and Slovalco restart announced.NHYQ2 2026
- Strong aluminium and recycling margins, but negative free cash flow amid Middle East disruptions.NHYQ1 2026
- Strong upstream results and cash flow support NOK 3/share dividend despite market headwinds.NHYQ4 2025
- Disciplined strategy, cost savings, and decarbonization drive resilient long-term growth.NHYInvestor Day 2025
- Q2 2024 adjusted EBITDA was NOK 5.8bn, with strong upstream but weak downstream and recycling margins.NHYQ2 2024
- Q1 EBITDA hit NOK 9.5B on strong upstream, but outlook cautious amid market and tariff risks.NHYQ1 2025
Next Norsk Hydro earnings date
Investor Day 202625 Nov, 2026
Norsk Hydro
Next Norsk Hydro earnings date
Investor Day 202625 Nov, 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.