Norsk Hydro Q3 Adjusted EBITDA Climbs to NOK 9.1 Billion as HalZero Produces First Metal

Norsk Hydro reported third-quarter 2026 adjusted EBITDA of NOK 9,089 million, up from NOK 5,996 million in the same quarter last year, with adjusted earnings per share rising to NOK 2.3 from NOK 1.0. The company said free cash flow was NOK 1.4 billion and it lowered its year-end capex guidance to around NOK 12.5 billion from NOK 13.5 billion.

Hydro's Q3 Earnings and HalZero Milestone

Hydro is a Norwegian integrated aluminium and renewable energy producer that mines bauxite, refines alumina, and makes smelted aluminium and extrusions for automotive, construction, marine, solar and HVAC customers, according to company records. Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions, the company said. The strong performance was partly offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina from gas supply disruptions, a stronger NOK against the USD, and negative price area differences in Energy.

"Hydro's third quarter results reflect strong operational performance amplified by market tailwinds," said Eivind Kallevik, President and CEO of Hydro. "Record high liquid metal production from our Norwegian smelter system, combined with strong pricing throughout the quarter drove solid earnings and strong profitability."

Hydro produced aluminium for the first time at its HalZero test facility, demonstrating the core electrolysis technology beyond laboratory scale, the company said. Enova awarded NOK 82 million in funding to support concept development and planning of an industrial concept pilot. Slovalco began restarting primary aluminium production in late August, with the first phase targeting annual capacity of 75,000 tonnes by the end of February 2027.

Hydro's Funding and Scale Figures

Hydro's funding records list four rounds, including a $2.4 billion post-IPO debt round in November 2025, a $571.9 million post-IPO debt round in June 2025, a $515 million post-IPO debt round in January 2025, and a $13.5 million grant led by Enova in March 2023, according to akta.pro funding records. The same records list full-year 2025 adjusted EBITDA of NOK 28.9 billion, an 8 percent increase from NOK 26.3 billion in 2024, and first-quarter 2026 adjusted EBITDA of NOK 8,668 million, down from NOK 9,516 million in the first quarter of 2025.

Alunorte Disruption and Wind Farm Sale

On October 5, 2026, Stock Titan reported that Hydro estimated a fourth-quarter Alunorte gas cost impact of $90 million to $110 million after CELBA disruptions, with a third-quarter production loss of 100,000 to 120,000 tonnes and a $75 million to $100 million financial impact. On September 28, 2026, Stock Titan reported that Hydro expected to receive approximately EUR 28 million in compensation after selling its stake in the Swedish wind farm Cloud Snurran AB. On September 15, 2026, Stock Titan reported that Hydro will hold an Investor Day on November 25, 2026, in London, with registration due by November 3.

Hydro's November Investor Day in London

Hydro's Investor Day 2026 will be held in London on November 25, 2026, from 09:00 to 15:00 GMT, with options for both in-person and virtual attendance, according to akta.pro company records.