Norsk Hydro's Q2 profit rises to 8.9 billion kroner on higher aluminum prices

Norsk Hydro's second-quarter results show a robust performance, with adjusted operating profit reaching 8.9 billion kroner, an increase from 7.8 billion kroner in the prior year's second quarter. This growth was driven by higher aluminum prices and product premiums, as well as enhanced earnings from the company's recycling operations. Revenue also saw a rise to 56.5 billion kroner from 53.1 billion kroner.

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This quarter reflects both good operation in Hydro and opportunities for European industry.

Despite the positive financial figures, a stronger Norwegian krone and lower energy production due to hydrological conditions presented headwinds. Aluminum prices, though higher than the previous year, experienced a decline throughout the second quarter of 2026, influenced by geopolitical factors including the ceasefire between the US and Iran and a partial opening of the Strait of Hormuz.

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Lower energy production due to hydrological conditions and a stronger Norwegian krone contributed negatively.

CEO Eivind Kallevik highlighted the quarter as reflective of both strong operational performance within Hydro and opportunities for European industry. He also pointed to the agreement to restart the Slovalco plant in Slovakia as a crucial step in rebuilding European aluminum capacity. The facility, majority-owned by Hydro, is set to resume production of 75,000 tons in the latter half of 2026, having been closed during Europe's energy crisis.

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In addition to good financial results from solid operations and good market conditions, the agreement for a framework for the restart of Slovalco is an important step towards rebuilding European aluminum capacity.