- Adjusted EBITDA (APM)9,089 NOK m from NOK 5,996m in Q3 2025
- Free cash flow, as Hydro defines it1,369 NOK m from NOK 2,185m in Q3 2025
- Adjusted net income4,372 NOK m from NOK 1,907m in Q3 2025
Capital expenditure Year-end guiding
Hydro says around NOK 12.5bn. It also moved its net working capital guiding to around NOK 32bn, up from NOK 30bn.
Source: Norsk Hydro ASA, Q3 2026 results announcement (Oslo Børs NewsWeb, message 684698), 23 October 2026.
Improving cash conversion and working capital efficiency "remains a clear priority going forward", Hydro said. Free cash flow, as the company defines it, was NOK 1,369 million, against NOK 2,185 million a year earlier, as adjusted EBITDA was partly offset by higher net operating capital, which Hydro ties to rising metal prices and the related working capital needs and prepayments. Investments rose to NOK 3,519 million in the third quarter of 2026 from NOK 3,107 million in the third quarter of 2025, while adjusted net debt eased to NOK 21.9 billion from NOK 22.8 billion over the quarter.
Adjusted net income was NOK 4,372 million, up from NOK 1,907 million a year earlier, according to the third-quarter report; reported net income included NOK 204 million of unrealised derivative losses, mainly on LME-related contracts.
| Business area | Q3 2026, NOK m | Q3 2025, NOK m | Main reasons given by Hydro |
|---|---|---|---|
| Aluminium Metal | 7,031 | 2,732 | All-in metal prices rose; lower sales volumes, dearer energy and carbon, and a weaker USD against NOK held it back |
| Extrusions | 1,189 | 1,107 | Higher recycling margins and sales volume, partly offset by maintenance, SG&A and currency |
| Energy | 411 | 828 | Loss on price area differences, against a gain a year earlier |
| Bauxite & Alumina | 283 | 1,290 | Lower alumina prices, higher LNG sourcing costs after gas supply disruptions, BRL/USD |
| Metal Markets | 125 | 154 | Lower sourcing and trading results, partly offset by recyclers |
| Other and eliminations | 50 | -115 | Not explained in the announcement |
Source: Norsk Hydro ASA, Third Quarter Report 2026 and results announcement, Q3 2026.
Disrupted natural gas deliveries from supplier CELBA temporarily cut output at the Alunorte alumina refinery from August. Hydro secured alternative LNG supply and says regular operations have resumed, but the report puts the "third quarter 2026 financial impact for Bauxite & Alumina from reduced production and gas purchased above the contract price" at approximately USD 85 million. The report says "Alunorte has not received contracted gas deliveries and is sourcing gas in the market at spot-based prices, while progressing a long-term gas supply solution on competitive terms".
In metal, the three-month aluminium price edged up from USD 3,076 per tonne at the start of the quarter to USD 3,170 at the end, and the company reports record liquid metal production from its Norwegian smelters.
The HalZero test facility produced its first metal, though Hydro notes further testing and piloting remain before any industrial use, and Enova awarded NOK 82 million towards an industrial concept pilot. Slovalco began restarting primary production in late August, and its first phase aims for 75,000 tonnes of annual capacity by the end of February 2027, Hydro said.
- Norsk Hydro ASA, Q3 2026 results announcement, corrected filing with report attached (Oslo Børs NewsWeb, message 684698), 23 Oct 2026, 10:22 CEST
- Norsk Hydro ASA, Third Quarter Report 2026 (PDF, attached to message 684698), 23 Oct 2026, 10:22 CEST