Norsk Hydro ASA posted a 52% rise in third-quarter adjusted EBITDA, while higher metal prices increased working-capital demands and left the Norwegian aluminum and energy producer with weaker free cash flow.
Adjusted EBITDA reached NOK 9.089 billion, compared with NOK 5.996 billion in the third quarter of 2025. Net income increased to NOK 5.263 billion from NOK 2.149 billion, and adjusted earnings per share were NOK 2.28, up from NOK 1.02. Free cash flow declined to NOK 1.369 billion from NOK 2.185 billion. Hydro linked the drop mainly to metal-price-related working-capital needs and prepayments.
Hydro said stronger all-in metal prices and improved earnings in Recycling and Extrusions supported results. In Aluminium Metal, higher anode and energy expenses tempered the rise, though adjusted EBITDA still climbed to NOK 7.031 billion from NOK 2.732 billion. Bauxite & Alumina fell to NOK 283 million from NOK 1.290 billion; Hydro cited lower alumina sales prices and higher gas costs. Energy posted NOK 411 million, compared with NOK 828 million, after losses from differences between regional power prices. A stronger Norwegian krone against the U.S. dollar also weighed on results.
Hydro cut its 2026 capital-spending guidance to about NOK 12.5 billion from NOK 13.5 billion, while raising its year-end net working-capital estimate to about NOK 32 billion from NOK 30 billion.
At Alunorte, a gas supply disruption reduced refinery output. Hydro said Alunorte returned to regular production after it secured alternative liquefied natural gas supplies. The company estimated the third-quarter impact from reduced production and gas bought above contract prices at about US$85 million. It put the fourth-quarter gas-arbitrage impact at US$90 million to US$110 million and said that estimate remained uncertain.
Hydro said Slovalco began restarting primary aluminum production in late August. The first phase targets annual capacity of 75,000 tonnes by the end of February 2027, restoring capacity curtailed during Europe’s 2022 energy crisis.
Investing.com reported that the average adjusted EBITDA forecast from 14 Q3 analyst estimates was NOK 9.53 billion, above the reported result. The company lists an Investor Day on Nov. 25 as its next scheduled event.
