EarningsQ2 2026 Earnings Report
DE:NOHA Q2 2026 EPS Results
Actual EPS€0.20
Consensus EPS€0.19
Beat/MissBeat by +€0.02
One Year Ago EPS€0.15
DE:NOHA Q2 2026 Revenue Results
Actual Revenue€5.63B
Expected Revenue€5.12B
Beat/MissBeat by +€515.90M
YoY Revenue Growth+23.42%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeBefore Open
Conference CallWednesday, July 22, 2026
DE:NOHA Upcoming Earnings
Norsk Hydro's next earnings date is estimated for October 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:NOHA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented several strong operational and financial achievements — notably robust adjusted EBITDA (NOK 8.9bn), solid free cash flow (NOK 4bn), RoaCE above target (10.9%), significant aluminum price/premium support, record Norwegian casthouse output, stronger recycling and strategic power agreements (securing ~85% of smelter power needs). These positives were balanced by meaningful headwinds in specific areas: Middle East related Qatalum curtailments and limited sales, a weaker Bauxite & Alumina segment due to low alumina prices, a materially weaker Energy performance driven by dry hydrology, significant weakness in Metal Markets trading, and currency impacts. Overall, the company demonstrated resilient core performance and delivered on strategic milestones, while facing pronounced, partly external, challenges in several segments.Company Guidance
Strong overall earnings and cash generation
Adjusted EBITDA of NOK 8.9 billion in Q2 and free cash flow of NOK 4.0 billion; reported EBITDA NOK 11.6 billion. Revenues rose ~6% year-over-year to NOK 56.5 billion.
Returns above target (RoaCE)
Adjusted RoaCE of 10.9% (last 12 months), above Hydro's target of 10% over the cycle.
Improved profitability and EPS
Adjusted net income increased to NOK 4.6 billion (from NOK 3.6 billion YoY, +27.8%); adjusted earnings per share NOK 2.21 versus NOK 1.68 in Q2 2025 (+31.6%).
Aluminum market and premiums supported earnings
Quarterly average 3‑month aluminum price rose from $3,188 in Q1 to $3,519 in Q2 (+10.3%), and management notes realized all‑in metal prices were ~14% higher than Q1. European standard ingot premium averaged $582 in Q2 versus $391 in Q1 (+48.9%); U.S. Midwest premium averaged $2,518 vs $2,292 (+9.9%).
Aluminum Metal segment strong performance
Aluminum Metal adjusted EBITDA increased year‑over‑year from NOK 2.4 billion to NOK 6.4 billion (+166.7%), driven by higher all‑in metal prices and lower alumina costs (partly offset by currency headwinds).
Record Norwegian casthouse production and higher smelter output
Norwegian casthouses delivered all‑time high production; smelter production increased ~6% versus the same period last year and operated near full capacity after ramp‑ups from prior curtailments.
Recycling and Extrusions momentum
Recycling strengthened with adjusted EBITDA reaching around NOK 0.9 billion in the quarter and Metal Markets recycling delivering NOK 290 million. Extrusions adjusted EBITDA increased YoY from NOK 1.2 billion to NOK 1.5 billion (+25%), helped by strong recycling margins and seasonally higher volumes.
Strategic power agreements and supply security
Signed long‑term PPA with Eviny securing 0.5 TWh annually (5 TWh total) 2031–2040; combined with other agreements Hydro has secured ~85% of Norwegian smelter portfolio power needs through the 2030s — strengthening competitiveness for low‑carbon production.
Slovalco restart agreement — strategic industrial milestone
Reached a framework agreement to restart 75,000 tonnes at Slovalco (pending EU approval). Management expects ~NOK 400 million restart capex and views the restart as important for European industrial resiliency and Hydro's integrated platform.
DE:NOHA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed