NEWS

Hydro is shifting gear to capture opportunities created by increased demand for low-carbon aluminium. Towards 2030, Hydro will step up growth in aluminium recycling and extrusions, and in its ambitions within renewable power generation. Hydro will execute on its decarbonization roadmap, and contribute to nature positive and a just transition, while shaping the market for greener aluminium. These are key topics for Hydro’s Capital Markets Day 2023.

• Expecting up to NOK 2 billion greener earnings uplift by 2030
• Stepping up growth in Extrusions to NOK 10-12 billion EBITDA in 2030
• Stepping up growth in Recycling to NOK 5-8 billion EBITDA in 2030, partially driven by increasing post-consumer scrap to 850-1,200 kt by 2030
• Increasing CO2 reduction target until 2030, maintaining 30% target despite portfolio changes, and stepping up nature positive efforts through initiatives on biodiversity, waste handling and land use
• Increasing improvement program to NOK 14 billion in 2030, including additional potential from digitalization, and increasing commercial ambitions to NOK 6.1 billion in 2030, including the full potential for greener premium earnings uplift
• Updating 2024 and medium-term capex guiding to 15 billion annually from currency, inflation and 2023 carry-over, and adding annual flexibility up to NOK 1-2 billion, while estimating a NOK 2 billion net operating capital release in 2024
• Aiming to distribute 50-60 percent of adjusted net income to shareholders for 2023, in-line with capital structure target

“Based on our leading position we are now shifting gear. Towards 2030 we are stepping up growth ambitions in Extrusions, recycling and renewable power generation aimed at capturing market opportunities emerging from the green transition,” says President and CEO Hilde Merete Aasheim.

In 2020, Hydro set out a forceful agenda towards 2025 to develop a more robust, higher-earning and more sustainable company. Hydro has delivered on this strategy through improved earnings and sustainability performance, and a more robust portfolio, positioning the company for strategic resilience in a world in transition. 

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