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Norsk Hydro Asa ( (GB:0Q11) ) has provided an update.
Norsk Hydro reported adjusted EBITDA of NOK 8.67 billion for the first quarter of 2026, down year on year despite higher metal prices and volumes, as weaker alumina prices, a stronger krone and lower power production weighed on results. Profitability remained robust, with adjusted EPS rising to NOK 2.07 and Aluminium Metal, recycling and Extrusions delivering stronger earnings even as working capital swings pushed free cash flow to negative NOK 4 billion.
Operationally the company lifted alumina and aluminium output, resumed curtailed Norwegian smelter capacity and achieved its best recycling performance since 2023 on strong U.S. margins. At the same time, Hydro faced a fatal incident involving a contractor at its Alunorte refinery in Brazil, which is under investigation by authorities and the company.
Strategically, Hydro continued to lock in its low-carbon positioning by signing three long-term Norwegian renewable power contracts totalling 14 TWh and advancing its own renewable project development and plant upgrades. The start-up of the HalZero test plant at Herøya marked a key milestone in next-generation aluminium production technology, providing a controlled environment to refine processes and support the group’s green-transition ambitions.
Across business areas, Bauxite & Alumina earnings fell sharply on weaker prices and adverse currency effects, while Energy profits declined on lower production and unfavourable price area differences despite higher Nordic power prices. By contrast, Aluminium Metal nearly doubled EBITDA on higher all-in prices and lower alumina costs, Metal Markets benefited from strong recycling and trading, and Extrusions improved margins and earnings, particularly in the U.S., amid stabilising but still subdued demand in Europe and North America.
The most recent analyst rating on (GB:0Q11) stock is a Buy with a NOK95.00 price target. To see the full list of analyst forecasts on Norsk Hydro Asa stock, see the GB:0Q11 Stock Forecast page.
More about Norsk Hydro Asa
Norsk Hydro ASA is a global aluminium and energy company with operations spanning bauxite mining, alumina refining, primary aluminium production, recycling and extruded products. The group focuses on low-carbon aluminium solutions supported by access to renewable power, with significant industrial footprints in Norway, Brazil, North America, Europe and the Middle East.
Average Trading Volume: 4,829,898
Current Market Cap: NOK207.2B
Learn more about 0Q11 stock on TipRanks’ Stock Analysis page.