Adjusted earnings before interest, tax, depreciation and amortisation fell to 7.1 billion crowns ($706 million) for April-June from 11.6 billion a year earlier, in line with an average analyst forecast of 7.0 billion crowns.
Hydro guided for capital expenditure of 20.5 billion crowns, up from 16.5 billion seen previously.
This was partly due to inflation and currency conversion effects but also because it had offered 1.5 billion crowns more for its acquisition of Poland's Alumetal, among other investments.
"No further increased capital allocation is planned for 2023," Hydro said in a statement.
Hydro said it was on track with its multi-year cost-cutting programme, including the 8.4 billion crowns expected to be delivered this year and was "making progress" towards the combined 14 billion crowns to be cut by 2027.
Separately, Hydro said on Friday it had written this week to the London Metal Exchange to reconsider a decision not to ban Russian aluminium from its warehouse network as large volumes are jeopardising the benchmark status of its aluminium contract.
($1 = 10.0508 Norwegian crowns)
(Reporting by Gwladys Fouche, editing by Anna Ringstrom)
By Gwladys Fouche
