Q1 2026 Norsk Hydro ASA Earnings Call Transcript
Key Points
- Norsk Hydro ASA (NHYDY) reported an adjusted EBITDA of 8.7 billion NOK, driven by high aluminum prices and strong market activity.
- Recycling operations delivered their strongest results since 2023, supported by favorable market conditions and increased product premiums.
- The company successfully narrowed its power sourcing gap post-2030 by signing new long-term renewable energy contracts.
- The Hull Zero test facility has been successfully commissioned, marking progress towards Norsk Hydro ASA (NHYDY)'s goal of net-zero aluminum production by 2050.
- Despite geopolitical tensions in the Middle East, Norsk Hydro ASA (NHYDY) continues to progress on its 2030 strategy of pioneering the green aluminum transition.
- The company experienced a negative free cash flow of 4 billion NOK due to higher operating capital requirements.
- Power production and extrusion sales volumes decreased this quarter, impacted by maintenance and soft market conditions.
- Geopolitical tensions in the Middle East have led to a 40% curtailment in production capacity at the Catalum plant.
- The aluminum market is facing undersupply issues due to production curtailments and geopolitical disruptions, impacting global metal supply.
- The extrusion market outlook remains uncertain, with revised downwards demand growth in Europe and a market contraction in North America.
Good morning and welcome to Hydro's first quarter 2026 presentation and Q&A.
We will shortly begin with a presentation by President and CEO Ivan Kolovic, followed by a financial update from CFO Trun Ulavik-Jusopson.
We will then finish off with a Q&A session.
If you would like to ask questions in the Q&A, you can do so at any time during the presentation and you do it by typing your question into the chat box on your screen.
When we then get to the Q&A, I will read your questions on your behalf directly to Iwen and Tromurab.
And with that, I give the word to you, Iwen.
Thank you, Erik, and good morning and welcome from me as well.
As always, the first topic to cover is safety.
And I would like to begin by saying that we are deeply saddened by the passing of a contractor at the Alunotta aluminum refinery in Brazil on March 30.
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