Norsk Hydro (NOHA) Q3 2026 Earnings Report
DE:NOHA Q3 2026 EPS Results
- Actual EPS
- EUR 0.22
- Consensus EPS
- EUR 0.21
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- EUR 0.09
DE:NOHA Q3 2026 Revenue Results
- Actual Revenue
- EUR 4.96B
- Expected Revenue
- EUR 5.15B
- Beat/Miss
- Missed by -EUR 181.60M
- YoY Revenue Growth
- +9.89%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/23/2026
- Time
- Before Open
- Conference Call
- Friday, October 23, 2026
Norsk Hydro's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by strong group earnings, higher aluminum prices, record Norwegian smelter production, improved recycling and extrusion volumes, strategic customer wins, long-term power procurement, the Slovalco restart, and the HalZero milestone. These positives were tempered by rising safety rates, the Alunorte gas disruption and associated $90 million to $110 million Q4 impact, weaker Bauxite & Alumina and Energy results, working-capital absorption, trading losses related to Middle East disruptions, softer North American demand, and expected aluminum market surplus in 2027. Overall, the highlights significantly outweighed the lowlights.
For Q4, Alunorte expects higher sales volumes as production is fully recovered, with a financial impact of USD 90 million to USD 110 million negative from gas price differentials, subject to changes in gas prices and other relevant factors; Aluminum Metal has booked 59% of primary production at USD 3,148 per metric tonne and 49% of premiums at USD 742 per tonne, expects realized premium in the range of USD 550 to USD 600 per tonne, carbon costs to increase NOK 250 million to NOK 350 million, alumina cost to increase NOK 100 million to NOK 200 million, and fixed costs to increase by NOK 150 million to NOK 250 million; Metal Markets expects somewhat weaker recycling results and sourcing and trading results in a range of minus NOK 150 million to minus NOK 250 million; Extrusions expects higher sales volumes, current strong recycling margins in the U.S. and Europe to continue into Q4, and overall margins to be stable; Energy expects the usual seasonal increase in production and power prices, while losses from price area differences could remain broadly in line with Q3; year-end net operating capital is expected to be around NOK 32 billion and full-year CapEx around NOK 12.5 billion.
- Strong Group Financial PerformanceQ3 revenue increased approximately 3% year-over-year to NOK 52.1 billion, while adjusted EBITDA reached NOK 9.1 billion and reported EBITDA was NOK 8.7 billion. Adjusted EBIT was NOK 6.3 billion, adjusted net income was NOK 4.4 billion, and adjusted EPS increased to NOK 2.28 from NOK 1.02 in Q3 2025.
- Higher Aluminum Metal EarningsAluminum Metal adjusted EBITDA increased to NOK 7.0 billion in Q3 from NOK 2.7 billion in Q3 2025 and increased NOK 600 million from Q2, driven by higher all-in metal prices and realized premiums.
- Record Norwegian Smelter ProductionNorwegian smelters achieved record liquid metal production, up 6% year-over-year.
- Positive Extrusions Volume DevelopmentExtrusions sales volumes increased 3% year-over-year. Q3 adjusted EBITDA increased to NOK 1.2 billion from NOK 1.1 billion in Q3 2025, supported by increased sales volumes and strong recycling margins, especially in the U.S.
- Strong Recycling ResultsRecycling delivered NOK 270 million of positive results in Q3, up from NOK 93 million in Q3 2025. Strong improvements in Europe compensated for weaker results in the U.S., and the company said current strong recycling margins in the U.S. and Europe are expected to continue into Q4.
- Alunorte Operations RestoredAfter the August gas supply disruption temporarily reduced alumina production to around 50% of capacity, Hydro secured approval to import gas, obtained temporary LNG terminal access, made spot LNG purchases, and began ramping production back toward full capacity. Q4 is expected to benefit from higher sales volumes as production is fully recovered.
- HalZero Reaches First-Aluminum MilestoneHydro produced its first aluminum at the HalZero test facility, demonstrating the core technology beyond prior lab-scale testing. The company also received NOK 82 million in soft funding from Enova for concept development and planning of an industrial pilot.
- Expansion of Low-Carbon and Recycled Aluminum PartnershipsHydro signed or advanced partnerships with CHANEL Fragrances & Beauty, General Motors, Mercedes-Benz, Siemens Mobility, and other automotive and consumer brands. GM's Cadillac OPTIQ will use a front bumper system made with Hydro CIRCAL containing at least 75% post-consumer scrap, while Mercedes-Benz plans to integrate Hydro CIRCAL into series production for its next generation of large electric vehicles.
- New U.S. CIRCAL Offtake AgreementHydro secured new CIRCAL offtake in the U.S. with a large automotive supplier. The metal will be produced at the Cassopolis plant in Michigan and the Henderson plant in Kentucky.
- Additional Long-Term Power SecurityHydro signed two new power purchase agreements with Statkraft and Valborg Energy, securing an additional 8.9 terawatt hours through 2040. The agreements bring approximately 90% of Norwegian baseline power consumption in the 2030s under contract.
- Slovalco Restart UnderwaySlovalco began restarting primary capacity curtailed during the 2022 European energy crisis. The first phase targets 75,000 tonnes of annual capacity by the end of February next year, supported by a long-term power agreement and a more predictable framework for compensation of indirect carbon costs in Slovakia.
- Above-Target Return on CapitalAdjusted ROCE was 12.5%, above Hydro's target of 10% over the cycle.
- Aluminum Market Remained Tight in 2026The three-month aluminum price ended Q3 at $3,170 per tonne, up from $3,085 at the end of Q2. The 2026 global market is still expected to be undersupplied, with the estimated deficit at around 700,000 tonnes.
- Alumina Market Balance ImprovingThe estimated global alumina surplus for the full year narrowed to 1.3 million tonnes from 1.6 million tonnes previously presented. The surplus is expected to narrow further to around 200,000 tonnes in 2027, with a deficit of around 600,000 tonnes outside China.
- Capital Expenditure Guidance ReducedFull-year CapEx guidance was lowered from around NOK 13.5 billion to around NOK 12.5 billion, mainly due to timing effects and project execution phasing. Hydro said its strategic priorities and underlying investment plans remain unchanged.
- Lower Reported Net DebtNet debt decreased NOK 800 million during Q3, from NOK 16.3 billion to NOK 15.4 billion, supported by NOK 1.4 billion of free cash flow.
- Stable Qatalum Supply SetupQatalum was operating at approximately 60% of capacity, with stable arrangements for bringing in raw materials and beginning to move metal out of the plant. Sales volumes were roughly in line with current production, and Hydro said its long-term gas supply agreement means it does not expect changes to the cost base from gas or electricity prices.
DE:NOHA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 16, 2027 | 2026 (Q4) | 0.15- | 0.07 | ― | ― |
| Oct 23, 2026 | 2026 (Q3) | 0.210.22 | 0.09 | 141.18% (+0.13) | |
| Jul 22, 2026 | 2026 (Q2) | 0.190.21 | 0.15 | 37.95% (+0.06) | |
| Apr 29, 2026 | 2026 (Q1) | 0.150.20 | 0.14 | 42.04% (+0.06) | |
| Feb 13, 2026 | 2025 (Q4) | 0.070.07 | 0.09 | -24.00% (-0.02) | |
| Oct 24, 2025 | 2025 (Q3) | 0.110.09 | 0.12 | -24.44% (-0.03) | |
| Jul 22, 2025 | 2025 (Q2) | 0.130.15 | 0.08 | 82.42% (+0.07) | |
| Apr 29, 2025 | 2025 (Q1) | 0.180.14 | 0.08 | 84.71% (+0.06) | |
| Feb 14, 2025 | 2024 (Q4) | 0.140.09 | 0.04 | 112.77% (+0.05) | |
| Oct 24, 2024 | 2024 (Q3) | 0.130.12 | 0.02 | 462.50% (+0.10) |
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.