Norsk Hydro beats with Q4 profits, but extrusions demand still weak
By Benjamin Chiou
Date: Friday 13 Feb 2026
(Sharecast News) - Norwegian aluminium and renewable energy company Norsk Hydro reported a smaller-than-expected decline in fourth-quarter profits on Friday, but a disappointing outlook for the extrusions arm pushed shares lower.
The Oslo-based group reported adjusted EBITDA of NOK5.59bn for the final three months of 2025, down from NOK7.70bn the year before, mainly driven by lower alumina sales prices and a weaker krone. However, this was comfortably ahead of the NOK5.23bn consensus forecast.
Upstream operations performed strongly during the period, with alumina production helped by improved refinery flow and high equipment availability, while aluminium metal production increased 2.5% year-on-year.
The full-year dividend of NOK3.0 a share also came in ahead of the NOK2.72 expected by analysts, representing 60% of total adjusted net income and taking total shareholder distributions for 2025 to NOK5.9bn.
"Strong aluminium metal prices continued to provide tailwinds in the fourth quarter, driving near-record earnings in our primary aluminium business and offsetting weak downstream markets. This highlights the robustness of Hydro's financial position and diversified portfolio," said president and chief executive Eivind Kallevik.
However, the loss-making Extrusions business, which is currently undergoing a major restructuring, continues to experience subdued demand and weaker sales margins across both the European and North American operations. The division reported a loss of NOK62m for the quarter, compared with a NOK371m profit the year before.
Looking ahead, Hydro said that extrusion demand in Europe is likely to grow by 3% in 2026 after rising by just 1% in 2025, while North American demand is expected to grow 1% after falling 2% last year.
Norsk Hydro shares were down 3.1% on the Oslo Stock Exchange by mid-morning.
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