Impact GHG emissions: –Aluminium recycling only requires 5% of the energy used to produce primary aluminium. It also saves resources from the mine to the end-product. Recycling one tonne of aluminium saves six tonnes of bauxite and nine tonnes of CO2 emissions.31 –By using a minimum of 75% post-consumer scrap, Hydro delivers recycled aluminium with an average carbon footprint of 1.9 kg CO2eq per kg, about eight times less than the average in primary aluminium production. Hydro’s 100% recycled aluminium carbon footprint is less than 0.5 kilo CO2eq, though its output is only small-scale due to the complicated and time- consuming production process. Resilience: –As Hydro tailors its recycling solutions to meet the specific needs of OEMs, both parties enter long-term partnerships that secure consistent demand for recycled materials, driving financial stability and strengthening resilience. –Due to a shortage of aluminium scrap, coupled with rising scrap exports to Asia, scrap prices in Europe have been rising, negatively affecting Hydro’s resilience. Hydro is reducing its dependency on external scrap sources through long-term contracts for stable scrap access and expanding sorting capacity to process a wider range of scrap. Revenue: –Hydro’s recycled aluminium products command premium prices and demand for recycled aluminium is expected to grow at double the rate for virgin aluminium, with annual growth of 5.4%. –By 2030, Hydro therefore expects to almost double its annual post-consumer scrap usage to 850-1,200 kt by 2030, resulting in EBITDA in the range of approximately $470-750 million in 2030, depending on market developments and capital availability. Cost: –Achieving an EBITDA of approximately $470- 750 million by 2030 requires significant investments in recycling facilities, securing access to scrap and developing advanced sorting capabilities. For example, Hydro opened a $150 million greenfield recycler in 2023 and approved an approximately $200 million investment into another in 2024. –Furthermore, processing circular feedstock alters the cost structure with new cost components such as collection, sorting and transportation. This is partly offset by lower energy consumption in the production process versus primary aluminium. Circular Transformation of Industries: Unlocking Economic Value 24

Circular Transformation of Industries 2025