Norway's Norsk Hydro Q2 adjusted core profit rises on higher aluminium prices

Norsk Hydro ASA

22/07/2026 06:12

    

    Overview
  
Norway aluminium producer's Q2 adjusted EBITDA rose yr/yr on higher prices and recycling gains
Adjusted EPS for Q2 increased to NOK 2.2 from NOK 1.7 a yr earlier
Company announced restart of 75,000 tonnes capacity at Slovalco smelter in H2 2026

    

    Outlook
  
Company plans to restart 75,000 tonnes capacity at Slovalco smelter in second half 2026
Hydro has secured 85% of power sourcing needs in Norway for the 2030s

    

    Result Drivers
  
HIGHER ALUMINIUM PRICES - Co said increased all-in aluminium prices and product premiums boosted Q2 results
RECYCLING GAINS - Improved recycling margins and volumes, especially in North America, supported Q2 earnings
OPERATIONAL PERFORMANCE - Ramp up of previously curtailed capacity at Norwegian smelters led to higher production volumes

    
Company press release: ID:nGNEc5nvGH

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Adjusted EPS
 
NOK 2.20
 
Q2 Net Income
 
NOK 5.97 bln
 
Q2 Adjusted EBITDA
 
NOK 8.92 bln
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 10 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the aluminum peer group is "buy."
Wall Street's median 12-month price target for Norsk Hydro ASA is NOK95.00, about 13.5% above its July 21 closing price of NOK83.70
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 15 three months ago

    

    Reuters Recommended Reads
  
July 20 - Global aluminium output falls 1.5% year-on-year in June, IAI says
July 20 - Trump says he signed proclamation to adjust tariffs on aluminum imports
July 21 - Norway's Statkraft posts stronger Q2 earnings on higher power prices

    
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)