Norsk Hydro stock reports strong Q2 EBITDA ahead of October results

Published on 09/29/2026 at 14:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Norsk Hydro stock generated NOK 8.9 billion in adjusted EBITDA in Q2 2026, while adjusted EPS rose 31.5 percent year over year. Q3 results are due October 23, 2026.

Norsk Hydro, NO0005052605, Illustration mit AI erstellt.

Norsk Hydro stock was trading at EUR 7.63 at Lang & Schwarz on September 29, 2026 at 2:36 p.m. CEST. The aluminum producer entered the final weeks before its next results after reporting NOK 8.9 billion in adjusted EBITDA for Q2 2026, with higher metal prices supporting the quarter.

Q2 earnings show stronger operating leverage

According to ScanX on September 21, 2026, Q2 revenue rose 6 percent year over year to NOK 56.5 billion and adjusted EBITDA increased 2 percent to NOK 8.9 billion. Adjusted net income reached NOK 4.6 billion, compared with NOK 3.6 billion in Q2 2025.

The earnings quality was mixed across the business. Aluminium Metal segment EBITDA reached NOK 6.4 billion, up from NOK 2.4 billion a year earlier, while Energy adjusted EBITDA fell to NOK 0.5 billion from NOK 1.1 billion because of lower production and unfavorable price-area differences.

EPS growth meets aluminum price exposure

Adjusted earnings per share rose to NOK 2.21 from NOK 1.68 in Q2 2025, a 31.5 percent increase, according to Yahoo Finance. Free cash flow was NOK 4.0 billion, although the company also paid NOK 6.0 billion in dividends during the quarter.

The operating picture leaves Norsk Hydro exposed to both metal prices and energy costs. Management commentary carried in the Q2 call said realized all-in metal prices were 14 percent higher than in Q1 2026, while Energy remained a drag on the group result.

Analyst caution has focused on the cost side. MarketScreener reported on September 11, 2026 that JP Morgan cut Norsk Hydro to Neutral from Overweight and reduced its price target to NOK 97 from NOK 116, citing risks to Q4 EBITDA from gas supply and refinery costs. On September 16, 2026, the same outlet reported that RBC lowered its target to NOK 100 from NOK 120 and cut its rating to Sector Perform.

October 23 sets the next checkpoint

Norsk Hydro will release its Q3 2026 report at 7:00 a.m. CEST on October 23, 2026, according to Finanznachrichten. For investors, the key comparison will be whether aluminum pricing can offset weaker energy and trading contributions.

At Lang & Schwarz, the share price stood at EUR 7.63 on September 29, 2026 at 2:36 p.m. CEST. Norsk Hydro's market capitalization was NOK 163.2 billion on the same date, while its 52-week range was NOK 52.24 to NOK 120.40.