Hydro's Q3 2025 adjusted EBITDA falls amid lower alumina prices

Norsk Hydro ASA reported an adjusted EBITDA of NOK 5,996 million for Q3 2025, down from NOK 7,367 million in Q3 2024. This was primarily due to lower alumina prices and a stronger NOK, partially offset by increased primary and alumina volumes. The company generated NOK 2.2 billion in free cash flow. Net income for the quarter was NOK 2,149 million, including an unrealized derivative loss of NOK 206 million.

Key strategic developments include a workforce and cost reduction program targeting 750 white-collar positions by 2026, expected to yield NOK 1 billion in annual net run-rate savings from 2026. Hydro's Alouette smelter secured a long-term renewable power contract until 2045. Additionally, the Dutch court dismissed all claims against Hydro regarding the Alunorte incident, and the company is progressing its batteries phase-out, divesting stakes in Lithium de France and Corvus Energy.

Per segment, adjusted EBITDA for Bauxite & Alumina decreased to NOK 1,290 million (NOK 3,410 million in Q3 2024), while Energy saw an increase to NOK 828 million (NOK 626 million). Aluminium Metal’s adjusted EBITDA was NOK 2,732 million (NOK 3,234 million in Q3 2024), Metal Markets decreased to NOK 154 million (NOK 277 million), and Extrusions increased to NOK 1,107 million (NOK 879 million).