Norsk Hydro stock: Deutsche Bank cuts target for Norsk Hydro stock from NOK 100 to NOK 90

Published on 10/24/2026 at 01:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted EBITDA reached NOK 9.09 billion in Q3 2026, up from NOK 6.00 billion. For Norsk Hydro stock, free cash flow was NOK 1.4 billion.

Quarterly earnings and targets

Deutsche Bank lowered its target from NOK 100 to NOK 90 on October 23, 2026.
Adjusted EBITDA reached NOK 9.09 billion in the third quarter of 2026, up from NOK 6.00 billion.
Hydro plans a Capital Markets Day for November 25, 2026.

Norsk Hydro, NO0005052605, Illustration mit AI erstellt.

Norsk Hydro (ISIN NO0005052605) reported adjusted EBITDA of NOK 9.09 billion for the third quarter of 2026, up from NOK 6.00 billion in the same quarter of 2025, according to Hydro on October 23, 2026. The result came with weaker cash generation and renewed attention on costs.

Target cut follows results

Zonebourse reported on October 23, 2026 that Deutsche Bank cut its Norsk Hydro target to NOK 90 from NOK 100 and kept a hold recommendation. The lower target came as the quarterly release showed solid operating earnings but pressure on cash flow and energy costs.

Hydro generated NOK 1.4 billion in free cash flow in the third quarter of 2026. The company said higher metal prices increased working capital needs and prepayments, limiting the conversion of adjusted EBITDA into cash.

What does cash flow mean?

The comparison with earnings is central: adjusted EBITDA rose by NOK 3.09 billion year over year, while free cash flow remained at NOK 1.4 billion. Hydro also reduced full-year 2026 capital expenditure guidance to NOK 12.5 billion from NOK 13.5 billion and raised year-end net working capital guidance to NOK 32 billion from NOK 30 billion, according to Hydro.

The operating picture was mixed across the group. Aluminium Metal adjusted EBITDA increased to NOK 7.03 billion from NOK 2.73 billion in the third quarter of 2025, while Bauxite and Alumina adjusted EBITDA fell to NOK 283 million from NOK 1.29 billion. The Alunorte refinery resumed regular operations after a temporary gas supply disruption, but the episode increased energy and LNG sourcing costs.

Next date is November 25

Investing.com reported that Hydro plans a Capital Markets Day on November 25, 2026, with further detail on Alunorte gas negotiations, 2027 capital expenditure and longer-term strategy.

Hydro balances earnings and costs

Hydro's third-quarter figures show why the target cut matters for the stock: stronger aluminum prices lifted operating profit, while working capital and energy expenses limited cash flow. The next strategic update will therefore be measured against both the NOK 12.5 billion capital expenditure plan and the NOK 32 billion working capital outlook.

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