Norsk Hydro (NHY) Q3 2026 earnings summary

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.