Norsk Hydro : Presentation Q3 2021

Third quarter 2021 Investor presentation

October 26, 2021

Third quarter results 2021	3
Market	29
Business overview	42
Hydro - Group	43
Bauxite & Alumina	62
Energy	70
Aluminium Metal	82
Metal Markets	88
Extrusions	92
Additional information	102

Cautionary note

Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d)

various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.

No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2

Hilde Merete Aasheim Chief Executive Officer

October 26, 2021

Free cash flow NOK 2 773 million

Adj. RoaCE 12.7%

Strong markets and higher volumes driving record result in Aluminium Metal

Robust operations in Bauxite & Alumina

2021 improvement target achieved

Lower production volumes mitigated by price area differences in Energy

Investments in Recycling and Extrusions supporting

Hydro 2025 strategy

4

4

TRI1) per million hours worked

12 months rolling average

5
4		2019 avg: 3.20
					3.27
3					3.112)
2
1
0Q3'16	Q3'17	Q3'18	Q3'19	Q3'20	Q3'21

1. Total Recordable Injuries includes own employees and contractors
2. Average over period

5