Hydro announces first quarter 2026 results

29 Apr Hydro announces first quarter 2026 results

(Oilandgaspress) -–Hydro’s adjusted EBITDA for the first quarter of 2026 was NOK 8,668 million, down from NOK 9,516 million in the same quarter last year. Lower raw material costs, higher all in metal prices, and increased alumina and metal sales volumes, were partly offset by lower alumina prices, a stronger NOK, and reduced power production. Hydro delivered strong profitability in the quarter, with adjusted earnings per share increasing from NOK 1.63 in the first quarter 2025 to NOK 2.07 in the first quarter 2026. Operating capital increased due to higher metal prices and sales, giving a free cash flow of negative NOK 4 billion. The twelve month adjusted RoaCE ended at 10.1 percent.

Continued strong upstream operational performance, increased alumina and aluminium production compared to same quarter last year
Highest recycling results since 2023, driven by increasing product premiums and stable scrap prices
Continuing power sourcing to the Norwegian smelters, three new contracts
Successfully commissioned HalZero test facility

The first quarter demonstrated continued strong operational performance in the upstream segments. Alumina production at Alunorte improved compared to the same quarter last year due to improved yield and stable equipment availability. In Aluminium Metal the continued ramp up of the previously curtailed capacity at the Norwegian smelters more than offset the production curtailments in the Middle East, driving a 2.7 percent year on year production increase.

The recycling operations delivered strong results in the first quarter, primarily driven by the North American operations. Increasing value add product premiums compared to aluminium scrap and standard ingot premiums result in very strong margins for the U.S. recyclers.

“Strong operational performance across our upstream and recycling businesses, combined with favorable metal prices, drove a strong first quarter. It underlines the strength of our portfolio and our ability to convert operational excellence into financial results,” says Eivind Kallevik, President and CEO of Hydro.

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