Norsk Hydro reports third-quarter 2026 adjusted EBITDA of NOK 9.1 billion
Norsk Hydro's adjusted EBITDA rose to NOK 9,089 million in Q3 2026 from NOK 5,996 million a year earlier, per the company.
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what happened
According to Norsk Hydro, adjusted EBITDA for the third quarter of 2026 reached NOK 9,089 million, compared with NOK 5,996 million in the same quarter of 2025. Higher all-in metal and alumina prices were the main positives, along with better results in Recycling and Extrusions.
The gains were partly offset by higher anode and energy costs, gas supply disruptions at Alunorte and a firmer NOK against the USD. Free cash flow came in at NOK 1.4 billion as working capital rose. The company raised its year-end net working capital guidance to about NOK 32 billion and lowered its capex guidance to about NOK 12.5 billion.
Adjusted earnings per share increased from NOK 1.0 to NOK 2.3. The company also said its HalZero test facility produced first metal.
why it matters
For the aluminium market, high metal prices support producer margins, while rising working capital limits free cash flow. The restart of Slovalco's smelter in Slovakia adds European supply.
market impact
Aluminium: high prices support producer margins; NOK/USD: affects cost base for Norwegian producers
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instruments
sources
- Correction: Norsk Hydro: Solid results and strong performance — globenewswire.com, 23 October 2026 at 08:22 UTC
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