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Edge31 Oct 2025
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Norsk Hydro (NHY) investor relations material
Norsk Hydro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Adjusted EBITDA for Q3 2025 was NOK 6.0 billion, with free cash flow of NOK 2.2 billion and adjusted ROCE at 11%, reflecting solid performance despite lower alumina prices and a stronger NOK.
Strategic workforce and cost reduction initiatives are underway, targeting 750 white-collar positions and NOK 1 billion in annual net run-rate savings from 2026.
Alouette secured a long-term power contract until 2045, reinforcing energy resilience, while the battery portfolio phase-out progressed with divestments in Corvus Energy and Lithium de France.
Legal claims in the Netherlands related to Alunorte were fully dismissed, confirming no environmental harm.
Advancements in low-carbon and circular solutions continued, including partnerships with Mercedes-Benz and infrastructure projects using recycled aluminium.
Financial highlights
Q3 2025 revenue was NOK 51 billion, up 1% year-over-year, with adjusted EBITDA of NOK 6.0 billion and adjusted EBIT of NOK 3.5 billion.
Adjusted net income was NOK 1.9 billion, down from NOK 3.5 billion year-over-year, and adjusted EPS was NOK 1.02.
Net debt decreased by NOK 1.9 billion during Q3, ending at NOK 13.6 billion, with adjusted net debt at NOK 21.1 billion.
Free cash flow for Q3 was NOK 2.2 billion.
Adjusted EBITDA margin for Bauxite & Alumina was 27.2%, Aluminium Metal 19.5%, and Extrusions 5.8%.
Outlook and guidance
CapEx guidance for 2025 remains at NOK 13.5 billion, with Q4 typically seeing the highest maintenance and sustaining capital.
Q4 working capital guidance is maintained at NOK 30 billion at year-end.
Market conditions remain challenging, especially in extrusions and recycling, with continued uncertainty in demand and pricing.
Metal Markets commercial EBITDA guidance for 2025 reduced to NOK 200–400 million.
Alouette's long-term power contract ensures energy resilience; Tomago smelter faces challenges securing renewable power post-2028.
Breakdown of 2026 NOK 1B cost savings?
Alouette power contract's cost competitiveness?
Impact of US Midwest premium on Extrusions?
Progress on NOK 1B annual cost savings?
Tomago smelter's future post-2028 energy?
Outlook for Extrusions market recovery?
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Next Norsk Hydro earnings date
Investor Day 202527 Nov, 2025
Next Norsk Hydro earnings date
Investor Day 202527 Nov, 2025
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Frequently asked questions
Norwegian Aluminum and Renewable Energy
Norsk Hydro is a Norwegian multinational corporation primarily engaged in aluminum production and related activities. The company operates across the entire aluminum value chain, from bauxite extraction to the production of primary aluminum, rolled and extruded products, and aluminum recycling. Norsk Hydro is one of the largest aluminum companies worldwide, with operations in more than 50 countries. In addition to its aluminum business, the company has a significant presence in the renewable energy sector, particularly in hydroelectric power generation. The company is headquartered in Oslo, Norway, and its shares are listed on OSE.
Nitrogen-based Fertilizers
The company was founded in 1905 and initially focused on utilizing a new technique to produce nitrogen-based fertilizers. However, Hydro expanded into other sectors over the decades and has grown into a truly global company. The 1960s marked a significant shift as Hydro ventured into oil and gas, becoming a key player in the North Sea oil fields. Later, in the 1980s, Hydro started focusing on light metals, particularly aluminum, evolving into one of the largest aluminum producers worldwide. Today, the company is focused on the production of both aluminum and generating renewable energy. Some companies operating in the same industry include Alcoa and Kaiser Aluminum.
Hydro Aluminum
Norsk Hydro is a prominent figure in the global aluminum industry, with its involvement dating back to the 1980s. The company operates across the entire value chain, from bauxite extraction to the production of primary aluminum and rolled products. Notably, Hydro has mining operations in Brazil (acquired by Vale in the early 2010s), where it extracts bauxite, the primary raw material for aluminum production. These are then processed into alumina before being transformed into primary aluminum. The company is known for its extensive recycling efforts, emphasizing sustainability in its production processes. Norsk Hydro also uses renewable energy in its aluminum production, further reducing its environmental impact
Hydro Energy
While aluminum and metal markets represent the bulk of the company’s revenue, it’s also active in power generation. Norsk Hydro's renewable energy segment extends beyond its internal use, as the company also supplies renewable energy to other businesses. Hydro's energy division, Hydro Energi, plays a crucial role in this aspect. It manages numerous hydroelectric power plants, primarily in Norway, and the energy generated is not only used for Hydro's aluminum production but also sold to other companies.
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