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10

About Hydro

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

About Hydro

Innovative and sustainable processing of natural resources has

defined Hydro since its establishment in 1905. It started in Notodden,

Telemark with the use of hydropower to extract nitrogen from the air

for production of mineral fertilizer needed to feed a growing population.

Today, Hydro mine and refine raw materials, produce renewable

energy to make low-carbon primary aluminium, and develop advanced

and sustainable aluminium solutions for customers. Hydro also

develops recycling technologies to bring as much as possible of the

infinitely recyclable aluminium back into the aluminium loop, after

serving a life in use.

Hydro’s history has always been about producing useful products that

the world needs, about human creativity and harnessing what nature

has to offer, about the ability to see possibilities and to realize

limitations. Hydro’s history is characterized by a vital drive, created by

people who care for each other and the world around them. More

information on Hydro’s history is available on Hydro’s website.

Hydro owns and operates its fully integrated global aluminium value

chain through its four business areas:

• Hydro Bauxite & Alumina represents the first two links of

the aluminium value chain through bauxite mining and

alumina refining.

• Hydro Energy is a major renewables producer, market

operator and developer of businesses for the energy

transition.

• Hydro Aluminium Metal is a leading supplier of extrusion

ingots, sheet ingots, foundry alloys, wire rods and high

purity aluminium with a global production network.

• Hydro Extrusions delivers tailored aluminium components

and solutions to customers around the world.

Uniting experts is the best way of creating innovation and developing

aluminium solutions for the future. Hydro is continuously striving to

bring out the best of our people and organization, and to add lasting

value through collaboration and partnerships with customers and

societies we are part of.

Our presence and values

Hydro owns and operates various businesses and has investments with a base in sustainable industries across the globe creating a safe

and secure workplace for 33,000 employees in more than 140 locations and 40 countries.

Hydro’s values of care, courage and collaboration, reflect how the company aims at interacting with its employees, local communities,

customers and suppliers.

Care

We act with respect for

people and the environment,

and place safety at the heart

of our operations.

Courage

We break new ground and

take measured risks with

agility, accountability, and

foresight.

Collaboration

We work as partners internally

and externally to unite

competencies and create win-win

opportunities.

36

Corporate

governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Corporate governance

Governing bodies

Group compliance

Reference: Business conduct

section

General Meeting of Shareholders

References: NUES section 6 and Hydro.com

Annual General Meeting held May 10 in 2023 and is scheduled May 7 in 2024

Approves Hydro's Articles of Association; Elects members to and resolves on

remuneration for the Board of Directors; Elects external auditor and approves

auditor remuneration; Elects members to and resolves on remuneration for the

Nomination Committee; Approves annual accounts and the report of the Board

of Directors; Approves dividend proposal; Deals with other matters listed in the

notice convening the meeting.

Approves rules of procedures for Board of Directors and sub-committees;

Ensure adherence to governance principles; Approves strategy, business

plans and budgets; Oversees operations, accounts, asset management;

Appoints Board sub-committees; Reviews and approves integrated annual

report. See Rules of Procedures for Board of Directors.

Board of Directors

References: NUES sections 6 and 9 and Hydro.com

18 meetings held in 2023 with 100 percent attendance

KPMG is Hydro’s responsible auditor.

External auditor

Reference: NUES section 14

Supports the Board in supervision of internal control, internal

audit, compliance and system of risk management;

Oversees integrity of financial statement, sustainability

statement, reporting processes, internal control and risk

management; Oversees qualification and independence of

external auditor; Oversee performance of internal audit

functions. See also the Board Audit Committee mandate.

Audit Committee

References: NUES section 9 and Hydro.com

9 meetings in 2023, 100 percent attendance

Prepare and recommend proposal for the compensation for

the President & CEO, and the other members of the

Corporate Management Board; Oversees strategic people

processes, including succession, leadership and talent, and

diversity and inclusion. See also the Board Compensation

and People committee mandate.

People and Compensation Committee

References: NUES section 9 and Hydro.com, 8 meetings in

2023 97 percent attendance

Recommends members for the Board of Directors to be

elected by shareholders at general meeting of shareholders;

Recommends members of the Nomination Committee;

Recommends remuneration of the board members and

nomination committee. The Nomination Commitee's

mandate is approved by the General Meeting of

Shareholders. See also the Nomination Committee mandate.

Nomination Committee

References: NUES section 7 and Hydro.com

28 meetings in 2023, 100 percent attendance

The Corporate Management Board (CMB), including the President &

CEO, has a shared responsibility for promoting Hydro's objectives and

securing the company's property, organization and reputation.

Corporate Management Board

Reference: Hydro.com

21 meetings held in 2023

Internal Audit provides independent assurance to

management and the Board of Directors by evaluating

whether Hydro’s risk management, control, and governance

processes are adequate and contribute to the achievement

of the company’s objectives.

Internal audit

References: NUES section 9 and Business conduct section

Supports the organization in developing compliance

awareness and skills to comply with the requirements set out

by relevant rules and regulations as well as Hydro's

governance documents.

Group compliance

Reference: Business conduct section

37

Corporate

governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

General information

Hydro is a public limited liability company organized with a governance

structure based on Norwegian corporate law. Hydro’s corporate

governance provides a foundation for value creation and good control

mechanisms in the form of global directives that describe mandatory

requirements for all parts of our organization.

Hydro follows the most recent Norwegian Code of Practice for

Corporate Governance (NUES) dated October 14, 2021. The Board of

Directors’ report in relation to the Code can be found in the appendix.

Information regarding shareholder policy can be found in the Hydro

Share section of the Our Performance chapter. Hydro’s strategic

direction is described in the Our business chapter.

Global directives and Code of Conduct

Hydro’s governance structure is based on applicable laws and

regulations, and Hydro’s corporate directives, with delegation of

responsibility to the business areas and to corporate functions whose

duties include finance, tax and accounting, social responsibility,

environment, governance, legal and compliance. To maintain

uniformly high standards, Hydro sets common requirements in the

form of constituting documents and global directives. Constituting

documents are approved by Hydro’s Board of Directors or the general

meeting of shareholders, while global directives are approved by the

President & CEO. This information is made available to all employees.

Hydro’s governing documents and global directives help ensure that

all employees carry out their activities in an ethical manner and in

accordance with current legislation and Hydro standards. The Code of

Conduct addresses compliance with laws and matters, such as

handling of conflicts of interest and a commitment to equal

opportunities for all employees. The defined programs contribute to

compliance with anti-corruption and basic human rights, and other

relevant governance areas. Hydro’s Code of Conduct is a constituting

document and applies to all Hydro employees throughout the world, as

well as to board members of Hydro and its subsidiaries. For legal

entities where Hydro holds less than 100 percent of the voting rights,

Hydro’s representatives in the boards of directors or in other governing

bodies, shall act in compliance with Hydro’s Code of Conduct and

endeavor to implement the principles as laid down therein.

For information about Hydro’s Code of Conduct, other constituting

documents and global directives see Hydro.com/principles. For

information about Hydro’s whistleblowing procedures, see Business

Conduct in the sustainability statement.

Governing bodies

General Meeting of Shareholders

Hydro’s shareholders exercise ultimate authority through the general

meeting. Persons who own shares on the fifth business day prior to

the general meeting are entitled to attend and vote at the general

meeting, either in person or by proxy.

The General Meeting of Shareholders elects the shareholders

representatives of the Board and determines the remuneration of the

Board. It elects the company’s external auditor and approves the

auditor’s remuneration. It also approves the integrated annual report

and the statutory report according to Norwegian requirements,

including the dividend proposed by the Board. It elects the Nomination

Committee and determines their remuneration and deals with any

other matters listed in the notice convening the meeting. Shareholders

may, at least four weeks before an ordinary general meeting, request

in writing that proposals for resolutions are submitted to the general

meeting, or that items are added to the agenda.

Nomination Committee

The Nomination Committee consists of three to four members who

shall be shareholders or shareholder’s representatives. The members

and its chairperson are elected by the general meeting of shareholders

for periods of up to two years at a time. The committee makes its

recommendation to the general meeting of shareholders regarding the

election of shareholder elected members on the board of directors,

remuneration to the members and deputies of the Board, the election

of the members and chairperson of the committee, and remuneration

to the members of the committee. The guidelines for the Nomination

Committee are adopted by the general meeting of shareholders and

include Hydro’s requirements for independence, shareholder interests,

competence, capacity and diversity.

Board of Directors

The Board held 11 members as of December 31, 2023. Seven are

elected by the general meeting of shareholders, four are elected by

and among the company’s employees in Norway. All shareholder

elected board members are elected for a period of up to two years.

The employee representatives on the Board each have a personal

deputy. In accordance with Norwegian law, the Board assumes the

overall governance of the company, ensures that appropriate

management and control systems are in place, and supervises the

day-to-day management as carried out by the President & CEO.

The Board works to ensure that sustainability is considered in the

company’s activities and value creation. The Board oversees that

Hydro has appropriate global directives for issues including risk

management, health and safety, people management, social

Hydro board competency

Level of competency

Industry relevant experience

Industry experience GICS 1510

Materials: upstream related

1)

●●●●●●●

Industry experience GICS 1510

Materials: downstream related

1)

●●●●●●●

Industry experience GICS 5510

Materials: utilities

1)

●●●●●●●

Supply chain

●●●●●●●

Customer and markets

●●●●●●●

General experience

CEO / large scale leadership

●●●●●●●

CFO, finance and audit

committee

●●●●●●●

Corporate governance / legal and

public affairs

●●●●●●●

Mergers and acquisitions

●●●●●●●

Risk management

●●●●●●●

Strategy

●●●●●●●

HR / remuneration

1)

●●●●●●●

Workers and human rights

1)

●●●●●●●

IT and cybersecurity

●●●●●●●

Digitalization

●●●●●●●

Environment and climate

1)

●●●●●●●

● Practiced competence

● Familiarity

The Board has asked the consultancy Spencer Stuart to assist them in evaluating the

competency within certain competence areas for all shareholder-elected board members.

The definitions used are:

• Practiced competence: experience from executive career

• Familiarity: expertise from non-executive career (boards, other)

1) Employee representatives bring significant experience

38

Corporate

governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

responsibility and human rights. Sustainability, including environment

and climate change, social responsibility, diversity, health, safety and

compliance, are integrated into the group’s risk management and

strategy processes and are at the center of the Board’s considerations

and decision making throughout the year.

All shareholder elected members were in 2023, deemed to be

independent according to the Norwegian standards. None of the

company’s non-employee board members had any other service

contractual agreements with the company. No members elected by

and among the employees, are part of the company’s executive

management. Employee elected directors have no other service

contractual agreements with the company outside of their employee

contracts, though they are subject to their duties as board members.

All new board members receive introduction to Hydro to understand its

industries, operating model, risk management and sustainability

approach, including its Code of Conduct- Regular orientations and

discussions are performed in the board on the same topics.

The Board normally conducts an annual self-assessment of its work,

competence, and cooperation with management. This assessment

normally also includes an assessment of the chairperson.

Board People and Compensation Committee

The committee consists of four members of the Board of Directors.

The committee shall assist the Board in exercising its oversight

responsibility in relation to compensation matters pertaining to the

President & CEO and other members of the Corporate Management

Board (CMB), other compensation issues of principal importance, and

strategic people processes in the company such as succession

planning, leadership and talent, and diversity and inclusion.

The committee shall regularly consider the appropriateness and

competitiveness of the remuneration arrangements for the President &

CEO and other members of the CMB.

Board Audit Committee

The Board Audit committee consists of four of the Board members and

meets the Norwegian requirements for independence and

competence. The committee assists the Board in exercising its

oversight responsibility with respect to the integrity of the company’s

financial statements and sustainability reporting, the financial and

sustainability reporting processes, internal controls, systems of risk

management, and the compliance system. In addition, the committee

oversees qualifications, independence and performance of the

external auditor and Hydro’s internal audit function. As part of

overseeing the external auditor’s independence and performance, the

audit committee maintains a pre-approval policy governing the

external auditor’s engagement.

The Board Audit Committee performs an annual self-assessment. To

ensure the independence of the internal audit function, the Chief Audit

Executive reports to the Board through the audit committee, and

meets with the Board of Directors for approval of the audit plan and

annual report. The Chief Compliance Officer has a dotted reporting

line too, and meets regularly with the audit committee.

President & CEO and the Corporate Management Board (CMB)

According to Norwegian corporate law, the President & CEO

constitutes a formal governing body responsible for the day-to-day

management of the company. The President & CEO leads Hydro with

the assistance of the Corporate Management Board. The division of

functions and responsibilities between the President & CEO and the

Board is defined in greater detail in the rules of procedures for the

Board of Directors, which is a governing document established and

approved by the Board.

The CMB, including the President & CEO, has a shared responsibility

for promoting Hydro’s objectives and securing the company’s property,

organization, and reputation. Members of the CMB are also Executive

Vice Presidents (EVPs) with responsibility for the respective business

areas and corporate staffs.

The CMB oversees the management of Hydro, including governance

processes, controls and procedures to monitor sustainability related

impacts, risks and opportunities. Sustainability related impacts and

risks are considered in all major business decisions, including new

projects and major changes to existing facilities. Hydro’s corporate

directives and procedures delegate responsibility for sustainability due

diligence, and managing sustainability related impacts, risks, and

opportunities to corporate staff and line management in the business

areas. Corporate staff and business areas report on Hydro’s

performance against targets and KPIs on a quarterly basis.

Management and Board remuneration

Please refer to the Remuneration report for information concerning

remuneration and remuneration policies, share ownership, loans

outstanding and loan policy relating to Hydro’s Board of Directors and

Corporate Management Board.

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governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Board of Directors

Dag Mejdell

Chair

Rune Bjerke

Deputy Chair

Arve Baade

Director

Petra Einarsson

Director

Kristin Fejerskov Kragseth

Director

Position

Non-executive director

Adjunct Executive in Residence,

Norwegian School of Economics

Employee representative representing

the Norwegian union Industri Energi

Non-executive director

CEO of Petoro

Education

MSc in Economics and

Business Administration

(siviløkonom), Norwegian

School of Economics (NHH)

Exam. Oecon., University

of Oslo; Master of Public

Administration (MPA), Harvard

University, Massachusetts USA

Certificate of Apprenticeship

in Process Studies

BSc in Business Administration and

Economics with Specialization in

Managerial Economics, Uppsala

University

M. Eng, Ocean Engineering,

Texas A&M University, USA; Engineer

Marine, Høgskulen på Vestlandet;

ExxonMobil Management Program;

INSEAD Management Program

Current directorships

Chair of SpareBank 1 SR Bank ASA,

Chair of Mestergruppen AS, Chair of

Elopak ASA

Chair of Reitan Retail AS, Chair

of Merkantilbygg Holding AS; Chair of

Dinnergruppen Holding AS; Deputy

Chair of Schibstedt ASA; Board

member of Kronprinsparets Fond;

Chair of Wallenius Wilhelmsen ASA

Chair of Sunndal Chemical Union

Board member and Chair of the Audit

Committe of Biokraft, Board member

and member of the Remuneration

Committee Alimak Group AB, Board

member, Chair of the Audit Committe

and member of the Remuneration

Committe of SSAB

Chair of Stavanger Sandnes

Skøyteklubb, Deputy Board

member of ONS (Offshore

Nothern Seas)

40

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governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Peter Kukielski

Director

Philip Graham New

Director

Marianne Wiinholt

Director

Bjørn Petter Moxnes

Director

Torleif Sand

Director

Margunn Sundve

Director

Position

CEO of Hudbay Minerals

Inc.

Non-executive director

Chief Financial Officer,

WS Audiology, Denmark

Employee representative

representing the Norwegian

union Industri Energi

Union representative

representing the Norwegian

union Industri Energi

Education

MSc Civil Engineering,

Stanford University, USA

MA PPE, University of Oxford,

UK

State-Authorized Public

Accountant, Copenhagen

Business School, Cand. Merc.

Aud, Copenhagen

Business School, Bachelor

communication, Copenhagen

Business School

MSc in Chemical Engineering,

NTH, Trondheim, Norway; MSc

Technology management,

NTNU, Trondheim and MIT,

USA

Upper secondary school

with vocational subjects

Certificate of Apprenticeship

in Process Studies,

Vocational School in HSE

Current directorships

Board member Hudbay

Minerals Inc.

Non-executive Director ReNew

Energy Global PLC; Non-

executive Director Fotowatio

Renewable Ventures S.L.; Non-

executive Director, Almar Water

Solutions BV; Fellow, Institute of

Energy; Council member, World

Economic Forum Global Future

Council; Advisory Board, UK

Faraday Battery Challenge;

Council Member, UK Auto

Council. Chair Trustmark

Research and Innovation Ltd.

Board member and Chair of the

Audit Committee of Coloplast

A/S

Group leader

(konserngruppeleder)

Tekna-P Norsk Hydro, SSR

leader Norsk Hydro (Tekna,

Nito, Negotia, Lederne)

Chair, Årdal Chemical

Union; Board member,

Aluminiumsindustriens

Miljøsekreteriat; Member of the

National Board of Industri Energi

Chair of Alnor Chemical

Union (AKF); Chair of AKF

Hydroklubben; Member

of the National Board of Industri

Energi

41

Corporate

governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Name

Place of residence

Year of birth

Position

Board committee

Meetings

attended

Number of

Hydro

Shares

1)

Director

since

Term

expires

2)

Dag Mejdell

Oslo, Norway

1957

Chairperson

Chairperson, compensation and

people committee

18

45,000

3)

2012

2024

Rune Bjerke

Oslo, Norway

1960

Deputy Chair

Compensation and people

committee

18

4)

20,500

2020

2024

Arve Baade

Sunndalsøra, Norway

1967

Employee representative

Compensation and people

committee

18

6,506

2018

2025

Petra Einarsson

Torsåker, Sweden

1967

Director

Audit committee

18

0

2022

2024

Kristin Fejerskov Kragseth

Stavanger, Norway

1967

Director

Compensation and people

committee

18

1,200

2022

2024

Peter Kukielski

Vancouver, Canada

1956

Director

Audit committee

5)

18

8,000

6)

2019

2024

Philip Graham New

Oxford, United Kingdom

1962

Director

Audit committee

7)

18

799

8)

2022

2024

Marianne Wiinholt

Klampenborg, Denmark

1965

Director

Chairperson Audit committee

18

9)

0

2016

2024

Bjørn Petter Moxnes

Sunndalsøra, Norway

1960

Employee representative

Audit committee

18

728

2022

2025

Torleif Sand

Øvre Årdal, Norway

1967

Employee representative

18

1

2022

2025

Margunn Sundve

Haugesund, Norway

1971

Employee representative

18

997

2022

2025

The number of board meetings were 18.

1) As per December 31, 2023.

2) Following decision from the Norwegian Labor Inspection Authority (“Tvisteløsningsnemda”), all employee elected board members will be on election in 2025. Norsk Hydro, in agreement with the employee elected board members, applied for an extension of the current elective period of one (1)

year. Following the election in 2025, the employee elected members will – in line with applicable regulation – be on election every second year. This one-time prolongation of the election period will cater for diverging election years of shareholder elected board members and employee elected

board members, respectively, going forward.

3) Including shares owned by Nobel Partners, a private equity investment firm.

4) Absent four hours in BoD meeting April 27.

5) Member of Audit Committee until June 14.

6) American Depositary Shares purchased via OTCQX. Includes ADRs purchased via Cynthia Kukielski Spousal Trust.

7) Appointed new member of Audit Committee from June 15.

8) Including shares owned by a holding in XLOM.

9) Absent two hours in BoD meeting April 27.

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1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Corporate Management Board

Hilde Merete Aasheim

President and Chief Executive Officer

Pål Kildemo

EVP and Chief Financial Officer

Responsible for performance management, capital

deployment, tax, risk management, accounting and

ESG reporting, IT and cybersecurity, procurement,

insurance.

Hilde Vestheim Nordh

EVP People & HSE

Responsible for people strategy, including health,

safety, security, and environment

John Thuestad

EVP Hydro Bauxite & Alumina

Eivind Kallevik

EVP Hydro Aluminium Metal

Key experience

Ten years of experience as Executive

Vice President Hydro Primary Metal

from 2008-2019, previously Head of

Staff Functions and Corporate

Services in StatoilHydro. Head of the

integration between Statoil and

Hydro’s oil and gas activities in 2007.

Head of Leadership and Culture in

Hydro in 2005. Senior positions in

Elkem from 1986-2005. In 2002 she

was Head of the Silicon Division in

Elkem and member of the Corporate

Management Board. Aasheim also

has work experience from Arthur

Andersen & Co.

Executive Vice President and Chief

Financial Officer (CFO) of Norsk

Hydro ASA and as a member of the

Corporate Management Board since

May 2019. Kildemo has held several

key positions in the company,

including Head of Investor Relations

and Head of Finance in Primary

Metal. Kildemo also served as acting

Executive Vice President of Primary

Metal just prior to becoming Chief

Financial Officer.

Executive Vice President People and

HSE since 2019. Hilde joined Hydro in

1995 and has held roles of Head of

HSE & HR in Energy, HSE manager

Karmøy, and casthouse manager at

Karmøy.

Executive Vice President, Hydro

Bauxite & Alumina. Senior Vice

President, Hydro Extruded Solutions;

Executive Vice President, SAPA; EVP

Group President Primary Metals,

Alcoa; CEO, Elkem; CEO/EVP

Primary Aluminium, Elkem Aluminium.

In Hydro since 1998 and held several

senior positions in the corporate

center and in Business areas, in

Norway and internationally. Head of

Aluminium Metal since 2019. CFO

and Executive Vice President (2013-

2019). CFO for the Business areas

Bauxite and Alumina and Aluminium

Products. Head of Corporate

Financial Reporting, Performance and

Tax, Assistant VP and Relationship

Manager, Christiania Bank &

Kredittkasse (1993-1998).

Education

MSc in Business Administration

(Siviløkonom), the Norwegian School

of Economics (NHH); State-

authorized public accountant, certified

from NHH.

Master’s degree in Economics and

Finance from Heriot-Watt University,

Edinburgh, Scotland.

MSc in Materials Technology,

Rheinisch Westfälische Technische

Hochschule (RWTH), Aachen,

Germany.

MSc in Metallurgy (Sivilingeniør),

Norwegian University of Science and

Technology (NTNU) Trondheim,

Norway; MBA Carnegie Mellon

University, Pittsburgh, USA.

Master of Business Administration

from University of San Francisco,

USA; Bachelor of Business

Administration from Norwegian

Business School, Norway.

External directorships

Member of ERT (European Round

Table) and member of ICMM

(International Council of Metal and

Mining).

Board position in Future Leaders

Global since 2020; Board member,

ZNL Energy since 2023.

None.

Member of the Executive Committee

of International Aluminum Association

(IAI) on behalf of Hydro. Board

member Yara International ASA since

2014.

Board Member Norsk Industri.

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2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Anne-Lene Midseim

EVP Compliance, IP & General

Counsel

Responsible for Hydro’s governance system and

compliance processes.

Arvid Moss

EVP Energy

Trond Olaf Christophersen

EVP Corporate Development

Responsible for strategy, sustainability,

technology, and shaping and safeguarding

portfolio.

Paul Warton

EVP Hydro Extrusions

Therese Rød Holm

EVP communication & public Affairs

Key experience

Executive Vice President Hydro

Energy since 2010. Acting Head of

Corporate Strategy and Business

Development from 2019 to 2021.

Moss joined Hydro in 1991 and has

held several senior management

positions including project leader for

the oil and gas merger agreement

with Statoil, Head of Metal Products

(2004-2006) and Head of Automotive

Structures (1996- 2001). Previously

State Secretary and Chief of Staff in

the Norwegian Prime Minister’s office.

Extensive and broad experience in

Hydro since joining in 1997.

Head of Business Unit Recycling,

Head of Commercial, and Plant

Manager at the Karmøy smelter

(Aluminium Metal, 2013 – 2022)

Senior positions in the business area,

including Head of Energy Markets

(Energy, 2007-2013) Several

management positions in the former

Oil & Energy Business Area and the

Aluminium Business Area including

asset management and business

development (1997-2007).

Executive Vice President for Hydro

Extrusions. Warton previously served

as global president Automotive

Structures & Industry for Constellium.

Prior to that, he worked for 17 years in

the global aluminium extrusion

industry with leadership positions in

Sapa, Alcoa and Luxfer Group. He

also worked for 10 years in

manufacturing and commercial

leadership positions in Tier 1

automotive companies at Federal

Mogul and GKN.

Extensive experience, including

several senior positions in Hydro and

other large companies across all main

disciplines of communication and

public affairs. She joined Hydro in

2014 and has held several leadership

roles, both in Hydro Group and in

Hydro Extrusions. Prior to Hydro,

Holm was communication manager in

Marine Harvest, now Mowi, from

2003-2011. Later she worked for

Posten Norge, as responsible for

internal communication in the Mail

division.

Executive Vice President Compliance, IP

& General Counsel since 2019. EVP

CSR, Legal and Compliance, since

2015. Midseim has worked in Hydro

since 1998, with senior positions as

Company Secretary, and as Head of

Non-Financial Staffs in Bauxite &

Alumina. Midseim was Resident Legal

Advisor in East-Timor, Oil for

development program (2006-2007),

Associate Lawyer in Norwegian law firm

Vogt & co (1996-1998), and Executive

Officer in the Ministry of Oil and Energy

(1994-1996).

Education

Candidate in Jurisprudence (Cand.

Jur.), University of Oslo.

MSc in Economics and Business

Administration (Siviløkonom),

Norwegian School of Economics

(NHH).

Master of Management, BI Norwegian

Business School; MSc Mechanical

Engineering, University of Bath, UK /

MSc Mechanical Engineering, NTNU,

Trondheim, Norway.

BSc in Production Engineering,

University of Birmingham, UK; MBA in

Finance, London Business School,

UK.

MSc in Economics and Business

Administration (Siviløkonom),

Norwegian School of Economics

(NHH).

External directorships

Board member Gassco AS since

2019, Chair of the Board of

Industriforsikring AS.

Chair of the Board in National Export

Strategy Council since 2021. Board

Member in NEL ASA since May,

2023.

Member of Eurometaux, Management

Committee.

Member (Treasurer) of the Executive

Committee of European Aluminum on

behalf of Hydro.

None.

44

Corporate

governance

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Name

Place of residence

Year of birth

Position

Employed in

Hydro since

Current position

since

Number of

Hydro Shares

1)

Hilde Merete Aasheim

Oslo, Norway

1958

President and Chief Executive Officer

2008

2019

141,292

Pål Kildemo

Bærum, Norway

1984

EVP and Chief Financial Officer

2008

2019

24,472

Hilde Vestheim Nordh

Asker, Norway

1969

EVP People & HSE

1995

2019

35,367

2)

John Thuestad

Asker, Norway

1960

EVP Hydro Bauxite and Alumina

2017

2018

75,423

3)

Eivind Kallevik

Oslo, Norway

1967

EVP Hydro Aluminium Metal

1998

2019

85,382

Anne-Lene Midseim

Oslo, Norway

1968

EVP Compliance, IP & General Counsel

1998

2015

42,419

Arvid Moss

Oslo, Norway

1958

EVP Energy

1991

2010

184,357

Trond Olaf Christophersen

Oslo, Norway

1972

EVP Corporate Development

1997

2022

5,772

Paul Warton

Tibshelf, United Kingdom

1961

EVP Hydro Extrusions

2021

16,431

Therese Rød Holm

Bærum, Norway

1975

EVP Communication & Public Affairs

2014

2022

1,277

EVP: Executive Vice President. All EVPs are members of the company’s Corporate Management Board (CMB)

1) As per December 31, 2023.

2) Including shares owned by spouse

3) Including shares owned through Jothur AS, a private equity investment firm.

170

Consolidated

financial

statements

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Section 1 – General information

Note 1.1 Reporting entity, basis of presentation, significant accounting

estimates and judgment

The reporting entity reflected in these financial statements comprises Norsk Hydro ASA and consolidated

subsidiaries (Hydro). Hydro is headquartered in Drammensveien 264, Oslo, Norway, and the group employs

around 33,000 people in about 40 countries. Hydro is a global supplier of aluminium with operations

throughout the industry value chain and engages in development and production of renewable energy.

Operations include power production, bauxite extraction, alumina refining, aluminium smelting, recycling,

and extruded solutions. The Board of Directors and the President and CEO authorized these financial

statements for issue on February 13, 2024. Hydro is listed on the Oslo stock exchange, Oslo Børs.

Basis of presentation

The consolidated financial statements of Norsk Hydro ASA and its subsidiaries are prepared in accordance

with IFRS ® Accounting Standards as adopted by the European Union (EU) and Norwegian authorities,

effective as of December 31, 2023. Hydro also provides the disclosures as specified under the Norwegian

Accounting Act (Regnskapsloven).

The financial statements have been prepared on a historical cost basis except for certain assets, liabilities

and financial instruments, which are measured at fair value. Preparation of financial statements including

note disclosures requires management to make estimates and assumptions that affect amounts reported.

Actual results may differ.

The functional currency of Norsk Hydro ASA is the Norwegian krone (NOK). The Hydro group financial

statements are presented in NOK.

As a result of rounding adjustments, the figures in one or more columns included in the financial statements

may not add up to the total of that column.

Interest rates used for calculating net present values are rounded to the nearest 10 basis points for post-

employment benefits, and to the nearest 25 basis points for other non-financial assets and liabilities.

Significant judgment and estimates

Judgment is applied in assessing how to account for some business transactions and events. The more

judgmental accounting policies include:

• New business models for developing projects or businesses in co-operation with others are applied

for such business activities as renewable energy projects and technology development. Contracts

used in such projects may introduce complexity related to how to assess control and influence for

part-owned companies, including whether Hydro has control, joint control or significant influence over

such companies as further discussed in note 3.1 Investments in joint arrangements and associates.

• Renewable energy projects introduce complex accounting judgment related to contract structures

including which of these contracts that represent financial instruments to be recognized at fair value

and how to measure such contracts with entity specific features as further discussed in note 8.2

Financial instruments.

Estimation risks in determining the amounts to recognize or disclose are associated with different phases

of operation and sources of uncertainty. We have identified the following important sources of estimation

risks, which impacts accounting estimates in different ways:

• Changing business environment, including changes driven by the green shift and physical climate

changes already present or expected in the near future, impacting such estimates as remaining

useful life for existing assets and whether assets are impaired due to shorter useful life, higher cost,

or regulatory constraints of operations. These aspects of estimation are further discussed below and

in note 2.4 Depreciation and amortization expense and note 2.5 Impairment of non-current assets.

• Exiting and remediating sites used for historic activities represent both risks of costs and liabilities,

and opportunity for value creation, and involves estimation of extent and cost of remediation effort as

well as assessment of the value of land, building and other assets historically used for industrial

purposes.

The following areas of accounting involve a significant degree of estimation uncertainty and complexity

and may result in significant variation in amounts. Estimation uncertainty in these areas are partly related

to the sources of uncertainty identified above and partly related to other sources of uncertainty discussed

in the individual notes.

• Impairment of non-current assets, discussed in note 2.5 Impairment of non-current assets

• Uncertain assets and liabilities, discussed in section 4 Uncertain assets and liabilities

• Uncertain tax positions, discussed in note 10.1 Income taxes

• Business combinations and transactions with non-controlling shareholders, impacting such items as

long-lived assets and uncertain assets and liabilities, discussed in note 1.5 Significant subsidiaries

and changes to the consolidated group

• Financial instruments, discussed in section 8 Financial risk and financial instruments

Climate risk and opportunities

Aluminium is widely acknowledged as an enabler for the transition away from fossil fuels and other

activities that generate greenhouse gases, to which companies, states and society at large are committed,

among other through the Paris agreement. However, production of aluminium is resource intensive and

requires significant quantities of energy. The production process itself also results in direct emission of

CO

2

.

Hydro is well positioned to benefit from the transition to net zero GHG emissions. Hydro generates

significantly lower GHG emissions than the industry average, and the average carbon intensity of Hydro’s

aluminium production is below the 2030 and 2035 targets in the 1.5 degree scenario that the International

Aluminium Institute has defined for the aluminium industry. The carbon footprint of aluminium production

is highly dependent on the source of energy used to produce the metal. Hydro’s footprint reflects the fact

that the majority of our primary production facilities use renewable energy.

252

Country

by country

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Further country by country information for all consolidated legal entities

Jurisdiction

Legal entity

Description of the entity's activity

Ownership

31. dec

Number of

permanent

employees

Number of

temporary

employees

Interest paid to

Hydro legal

entities in

another

jurisdiction,

NOK million

Revenue,

NOK million

Income

before tax,

NOK million

Income

taxes,

NOK million

Income

taxes paid,

NOK million

Retained

earnings,

NOK million

Argentina

Hydro Extrusion Argentina SA

Extrusion Production

100%

98

-

2,439

473

32

-

9

46

Hydro Building Systems France SARL (Branch)

Building Systems Production

-

(1)

-

(2)

Total Argentina

98

-

2,439

473

31

-

9

44

Australia

Hydro Aluminium Australia Pty. Limited

7)

Holding Company

100%

-

1,836

(611)

18

-

57

Hydro Aluminium Kurri Kurri Pty. Limited

Real Estate

100%

5

-

2

6

(17)

-

(1,895)

Total Australia

5

-

1,839

(605)

1

-

(1,839)

Austria

Hydro Building Systems Austria GmbH

Sales and Marketing

100%

31

-

304

6

1

-

13

Hydro Extrusion Nenzing GmbH

Extrusion Production

100%

442

6

5

2,298

181

42

-

519

Hydro Holding Austria GmbH

Holding Company

100%

-

114

-

102

247

Hueck Aluminium GmbH

Sales and Marketing

100%

18

-

0.04

98

1

2

-

47

Total Austria

491

6

5

2,701

302

45

103

826

Bahrain

Hydro Building Systems Middle East WLL

Building Systems Production

100%

75

-

0

469

183

-

245

Total Bahrain

75

-

469

183

-

245

Belgium

Norsk Hydro EU Sprl

Public Affairs

100%

3

1

-

5

-

1

Hydro Extrusion Lichtervelde NV

Extrusion Production and Remelt

100%

225

-

2,163

42

8

31

287

Hydro Allease NV

Business Management

100%

-

4

1

197

Hydro Building Systems Belgium NV

Building Systems Production

100%

147

8

1,551

537

(93)

1

-

(363)

Hydro Extrusion Eupen SA

Dies Production

100%

42

2

41

73

(9)

(7)

-

(44)

Hydro Extrusion Raeren S.A.

Extrusion Production

100%

218

10

-

1,038

40

13

12

137

Total Belgium

635

21

1,592

3,817

(16)

16

45

215

Bosnia-Herzegovina

Hueck Service d.o.o.

Sales and Marketing

100%

17

-

1

Total Bosnia-Herzegovina

17

-

1

Brazil

ALBRAS - Alumínio Brasileiro SA

Primary Aluminium Production

51%

1,297

92

-

11,834

(843)

(258)

92

3,031

ALUNORTE - Alumina do Norte do Brasil S.A.

Alumina Refinery

62%

2,205

192

-

22,073

(4,924)

(247)

34

(6,149)

Hydro Alumina Holdings Ltda

Holding Company

100%

-

38

(13)

-

11

(8)

Ananke Alumina SA

Holding Company

0%

-

52

58

21

22

(1)

Atlas Alumínio SA

Holding Company

100%

-

1,094

310

106

117

644

CAP - Companhia de Alumina do Pará SA

Planned Alumina Refinery

100%

-

(32)

-

(663)

Hydro Extrusion Brasil S.A.

Extrusion and Precision Tubing

Production

100%

799

40

20,645

2,082

255

(9)

1

(283)

Mineração Paragominas SA

Bauxite Mining

100%

1,633

150

-

4,354

459

44

259

2,675

Norsk Hydro Brasil Ltda.

Holding Company

100%

436

31

-

12

(115)

-

13

(583)

Norsk Hydro Energia Ltda.

Power Trading & Energy Services

100%

20

3

-

953

76

26

4

61

Hydro Enrein Ltda.

Power Trading & Energy Services

0%

0

-

2

3

-

2

Hydro Rein Brasil Soluções Renováveis Ltda

Renewable Energy

100%

17

-

67

14

18

-

(50)

Total Brazil

6,407

508

20,645

42,559

(4,753)

(299)

554

(1,324)

Canada

Hydro Aluminium Canada & Co. Ltd.

8)

Holding Company

100%

-

609

3,402

357

120

168

1,512

Hydro Aluminium Canada Inc.

Holding Company

100%

2

-

2

1

27

Hydro Extrusion Canada Inc.

Extrusion Production

100%

549

12

155

3,467

217

58

50

686

Hydro REIN Energy Solutions Canada Ltd.

Renewable Energy

100%

-

Total Canada

551

12

764

6,869

576

180

219

2,225

China & Hong Kong

Hydro Aluminium Beijing Ltd.

Sales and Marketing

100%

8

-

1,842

9

5

3

103

Hydro Building Systems (Beijing) Co. Ltd.

Sales and Marketing

100%

19

-

83

1

-

(122)

Hydro Aluminium Fabrication (Taicang) Ltd

Precision Tubing Production

100%

371

4

-

1,004

187

46

45

335

Hydro Precision Tubing (Suzhou) Co. Ltd.

Precision Tubing Production

100%

430

-

1,381

40

8

16

141

Sapa Extrusion (Jiangyin) Co. Ltd.

Extrusion Production

100%

-

(29)

Hycast Technology Shanghai Co., Ltd

Research & Development

100%

2

-

19

-

(1)

Total China & Hong Kong

830

4

-

4,330

236

59

64

427

253

Country

by country

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Croatia

Hydro Building Systems Croatia d.o.o.

Building Systems Production

100%

11

-

17

-

2

Total Croatia

11

-

17

-

2

Czech Republic

Hydro Building Systems Czechia sro

Sales and Marketing

100%

6

-

1

-

3

Hueck s.r.o

Sales and Marketing

100%

4

-

0.002

-

2

Total Czech Republic

10

-

0.002

-

1

-

6

Denmark

Hydro Extrusion Denmark A/S

Extrusion Production

100%

284

-

7,952

1,896

56

13

-

412

Hydro Holding Denmark A/S

Holding Company

100%

-

157

-

(3)

(6)

1,633

Hydro Precision Tubing Tønder A/S

Precision Tubing Production

100%

407

21

5,671

1,724

(157)

(37)

-

534

Hydro Rein Solar Holding DK 1 ApS

Holding Company

100%

-

Hydro Rein Solar BidCo DK 1 ApS

Renewable Energy

100%

-

Hydro Rein Solar General Partner DK 1 ApS

Renewable Energy

100%

-

Hydro Rein Solar 1 K/S

Renewable Energy

100%

-

(6)

(1)

-

(5)

Hydro Rein Solar Holding DK 2 ApS

Holding Company

100%

-

Hydro Rein Solar BidCo DK 2 ApS

Renewable Energy

100%

-

Hydro Rein Solar General Partner DK 2 ApS

Renewable Energy

100%

-

Hydro Rein Solar 2 K/S

Renewable Energy

100%

-

Total Denmark

691

21

13,781

3,620

(107)

(29)

(6)

2,574

Estonia

Hydro Extrusion Baltics AS

Sales and Marketing

100%

10

-

16

144

6

1

27

Total Estonia

10

-

16

144

6

1

27

Finland

Hydro Extrusion Finland Oy

Sales and Marketing

100%

11

-

137

4

1

34

Total Finland

11

-

137

4

1

34

France

Extrusion Services S.a.r.l

Recycling

100%

47

1

-

897

54

13

-

293

Hydro Building Systems France Sarl

Building Systems Production

100%

983

41

-

4,110

210

61

5

700

Hydro Extrusion Albi SAS

Extrusion Production

100%

250

10

-

1,197

85

18

2

146

Hydro Extrusion Lucé/Châteauroux SAS

Extrusion Production

100%

303

15

714

1,023

(65)

(3)

-

(101)

Hydro Extrusion Puget SAS

Extrusion Production

100%

159

11

69

854

(24)

6

-

34

Hydro Holding France SAS

Holding Company

100%

3

-

316

(25)

133

(400)

Hydro Tool Center SAS

Tool and Spare Parts Services

100%

5

-

1,335

40

(1)

-

5

Hydro Shared Services France

Shared Services

100%

11

-

1

-

4

Total France

1,761

78

2,119

8,121

577

71

140

682

Germany

Hydro Extrusion Deutschland GmbH

Extrusion Production

100%

426

49

-

2,241

42

(22)

-

141

Hydro Building Systems Extrusion GmbH

Building Systems Production

100%

109

5

-

842

38

-

1

Hydro Extrusion Offenburg GmbH

Extrusion Production

100%

258

2

-

947

55

(3)

-

101

Hueck Extrusion GmbH & Co. KG

Extrusion Production and Remelt

100%

225

-

691

(160)

(13)

-

(166)

Hydro Building Systems Germany GmbH

Building Systems Production

100%

341

17

2,370

1,881

(30)

4

-

158

Hydro Extrusion Lüdenscheid GmbH

Holding Company

100%

-

3

Eugen Notter GmbH

Building Systems Production

100%

27

1

-

29

-

1

11

Eduard Hueck GmbH & Co. KG

Parent Company

100%

-

23

(3)

(53)

-

50

Hydro Aluminium Deutschland GmbH

Holding Company

100%

77

-

(16)

172

(325)

105

3,604

Eduard Hueck Beteiligungs GmbH

Parent Company

100%

-

4

-

Hueck Geschäftsführungsgesellschaft mbH

Parent Company

100%

-

1

2

-

7

Hydro REIN Energy Solutions Germany Gmbh

Renewable Energy

100%

-

(3)

-

(3)

Hydro Holding Offenburg GmbH

Holding Company

100%

44

1

-

38

(35)

(11)

60

512

Hueck Service GmbH & Co. KG

Shared Services

100%

24

-

56

2

(3)

-

4

Hueck System GmbH & Co. KG

Sales and Marketing

100%

208

1

-

787

(145)

1

-

(172)

Hydro Building Systems Lüdenscheid GmbH

Parent Company

100%

0

-

Hydro Building Systems Coating GmbH

Building Systems Production

100%

91

3

-

98

(1)

-

30

SEGN Standort-Entwicklungs-Gesellschaft

Nabwerk mbH

Business Management

100%

-

Hydro Aluminium Gießerei Rackwitz GmbH

Recycling

100%

81

7

-

1,448

66

(4)

-

96

Hydro Aluminium High Purity GmbH

High-Purity Aluminium Production

100%

62

5

2,300

421

74

15

-

51

VAW-Innwerk Unterstützungs-Gesellschaft

GmbH

Pension Fund

78%

-

10

46

-

186

Hydro Aluminium Recycling Deutschland GmbH

Recycling

100%

27

4

-

385

(14)

1

-

90

Total Germany

2,000

95

4,670

9,872

73

(366)

166

4,704

Greece

Hydro Building Systems A.E.

In Liquidation / Under termination

100%

-

(44)

Total Greece

-

(44)

254

Country

by country

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Hungary

Hydro Extrusion Hungary Kft

Extrusion Production and Shared

Services

100%

1,752

21

30,111

3,501

187

75

87

286

Alumetal Group Hungary Kft

Recycling

100%

102

2

-

518

(75)

(3)

4

205

Total Hungary

1,854

23

30,111

4,019

112

71

91

492

India

Hydro BS India Private Limited

Shared Services and Building

Systems

100%

252

1

-

93

14

-

(369)

Total India

252

1

-

93

14

-

(369)

Italy

Hydro Aluminium Metal Products S.r.l.

Sales and Marketing

100%

2

-

5

1

-

22

Hydro Building Systems Italy S.P.A.

Building Systems Production

100%

169

3

-

1,236

156

18

12

(219)

Hydro Extrusion Italy S.r.l.

Extrusion Production

100%

269

8

19

1,941

130

43

23

217

Hydro Building Systems Atessa s.r.l.

Building Systems Production

100%

155

2

-

1,282

66

-

5

191

Total Italy

595

13

19

4,464

353

62

40

209

Japan

Hydro Aluminium Japan KK

Sales and Marketing

100%

4

-

142

6

2

7

73

Total Japan

4

-

142

6

2

7

73

Lithuania

Hydro Building Systems Lithuania UAB

Sales and Marketing

100%

10

-

3

1

32

Hydro Extrusion Lithuania UAB

Extrusion Production

100%

164

2

135

(6)

(1)

50

Total Lithuania

174

2

135

(3)

-

1

82

Luxembourg

Hydro Aluminium Clervaux S.A.

Recycling

100%

61

1

-

2,066

146

40

45

297

Total Luxembourg

61

1

-

2,066

146

40

45

297

Mexico

Hydro Aluminium Metals Mexico S. de R.L

Sales and Marketing

100%

-

Hydro Precision Tubing Monterrey S. de R.L. de

C.V.

Precision Tubing Production

100%

167

-

28

153

(1)

9

7

110

Hydro Precision Tubing Reynosa S. de R.L. de

C.V.

Extrusion and Precision Tubing

Production

100%

328

7

3,238

210

12

5

3

59

Total Mexico

495

7

3,266

362

10

14

10

169

Morocco

Hydro Building Systems France Sarl (Branch)

Building Systems Production

100%

-

0

-

(6)

Total Morocco

-

(6)

Netherlands

Hydro Alunorte B.V.

Holding Company

0%

-

0.1

-

(13,237)

-

(215)

Hydro Aluminium Brasil Investment B.V.

Holding Company

100%

-

(1,339)

(2)

-

(299)

Hydro Albras B.V.

Holding Company

100%

-

725

-

29

Hydro REIN Feijão Solar Holding B.V.

Holding Company

100%

-

(1)

-

(1)

Norsk Hydro Holland B.V.

Holding Company

100%

9

-

16

36

(13,830)

14

22

2,936

Hydro Aluminium Qatalum Holding B.V.

Holding Company

100%

-

1,039

(1)

-

1,859

Hydro REIN Feijão Holding B.V

Renewable Energy

100%

-

139

-

(5)

Hydro REIN Irupé Holding B.V.

Renewable Energy

100%

-

Hydro REIN Netherlands B.V.

Renewable Energy

100%

3

-

(20)

1

-

(23)

Hueck Aluminium Profieltechniek Benelux B.V.

Sales and Marketing

100%

3

-

(1)

-

4

Hydro Aluminium Investment B.V.

Holding Company

100%

-

15

2

1

13

Hydro Rein Vista Alegre Holding B.V.

Holding Company

100%

-

Hydro Paragominas B.V.

Holding Company

100%

-

272

-

5

Hydro Extrusion Holding Netherlands B.V.

Holding Company

100%

-

(1)

-

(1)

26

Hydro Extrusion Drunen B.V.

Extrusion Production

100%

412

21

-

2,315

145

38

28

1,165

Hydro Building Systems Netherlands B.V.

Building Systems Production

100%

9

-

8

2

-

6

Hydro Extrusion Hoogezand B.V.

Extrusion Production

100%

176

1

-

965

100

26

-

456

Hydro Aluminium Netherlands B.V.

Holding Company

100%

-

351

-

388

Hydro Aluminium Pará B.V.

Holding Company

100%

-

459

Hydro REIN Boa Sorte Holding B.V.

Holding Company

100%

-

7

-

(6)

Total Netherlands

612

22

16

3,316

(25,629)

79

50

6,798

Norway

Hycast AS

Research & Development

100%

65

5

-

463

16

2

-

191

Hydro Aluminium AS

Primary Aluminium Production

100%

2,440

662

564,395

70,472

16,946

2,351

2,484

30,865

Hydro Energi AS

Hydro Power Production

100%

357

10

6,243

11,073

682

1,052

1,227

8,443

Hydro Energi Invest AS

Holding Company

100%

-

619

2

(230)

(14)

-

(180)

Hydro Extruded Solutions AS

Holding Company

100%

45

2

394,429

-

1,084

45

27

84

Hydro Extrusion Norway AS

Extrusion Production

100%

104

4

-

538

27

6

5

113

Hydro Kapitalforvaltning AS

Holding Company

100%

-

13

-

1

Hydro Vigelands Brug AS

High-Purity Aluminium Production

100%

33

6

3,322

208

11

2

-

138

Hydro REIN AS

Renewable Energy

100%

52

1

63,550

187

9

25

47

286

Industriforsikring AS

Insurance

100%

5

-

194

164

24

32

836

255

Country

by country

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Norsk Hydro ASA

Parent Company

100%

368

18

-

153

15,214

150

(30)

21,139

Hydro REIN Invest AS

Renewable Energy

100%

-

393

34

(22)

(4)

-

47

Hydro Rein Offshore Wind AS

Renewable Energy

100%

-

(9)

(2)

-

Hydro REIN Energy Solutions AS

Renewable Energy

100%

-

117

2

(36)

(8)

-

Svelgfos AS

Power Trading & Energy Services

100%

-

1

Sør-Norge Aluminium AS

Primary Aluminium Production

100%

361

147

65,164

5,937

1,634

361

591

2,936

Hydro HAVRAND AS

Hydrogen

100%

-

22

4

(115)

(25)

-

Total Norway

3,830

855

1,098,254

89,281

35,375

3,965

4,383

64,900

Oman

Hydro Building Systems Middle East (FZC) LLC

Building Systems Production

99%

-

7

-

23

Total Oman

-

7

-

23

Poland

Hydro Building Systems Poland Sp. z o.o.

Building Systems Production

100%

44

-

2

85

3

1

-

(5)

Hydro Extrusion Poland Sp. z o.o.

Extrusion Production

100%

1,393

1

3

3,006

93

-

42

1,141

Alumetal Poland Sp. z o.

Recycling

100%

502

-

2,431

65

6

8

1,512

Alumetal S.A

Recycling

100%

-

21

(45)

(9)

-

1,585

T+S Sp. z o.o.

Recycling

100%

-

5

-

16

Total Poland

1,437

1

5

5,548

117

(1)

50

4,249

Portugal

Hydro Aluminium Extrusion Portugal HAEP S.A.

Extrusion Production

100%

102

-

595

45

10

-

156

Hydro Building Systems Portugal (HBSPT) SA

Building Systems Production

100%

65

1

-

281

32

17

11

72

Total Portugal

669

1

-

876

77

27

11

228

Serbia

Hydro Building Systems Beograd d.o.o.

Sales and Marketing

100%

3

-

Total Serbia

3

-

Singapore

Hydro Aluminium Asia Pte. Ltd.

Trading

100%

18

-

12,153

96

12

9

326

Hydro Holding Singapore Pte. Ltd.

Holding Company

100%

28

-

460

57

183

-

(330)

Total Singapore

46

-

460

12,211

279

12

9

(4)

Slovakia

Hydro Extrusion Slovakia a.s.

Extrusion Production

100%

380

1

-

901

10

2

19

57

Slovalco a.s.

Recycling

55%

199

-

983

(93)

128

763

123

ZSNP DA, s.r.o.

Transportation

55%

-

2

-

1

Total Slovakia

579

1

-

1,887

(82)

130

782

181

South Africa

Technal Systems South Africa (Pty) Ltd.

In Liquidation / Under termination

100%

-

(1)

-

(13)

Total South Africa

-

(1)

-

(13)

Spain

Hydro Aluminium Iberia S.A.U

Recycling

100%

71

1

-

1,659

126

(116)

44

962

Hydro Building Systems Spain S.L.U.

Building Systems Production

100%

265

5

-

852

3

(1)

(2)

(9)

Hydro Extrusion Spain S.A.U.

Extrusion Production

100%

354

14

-

1,782

116

(122)

5

1,112

Hydro REIN Energy Solution Spain

Renewable Energy

100%

-

Total Spain

690

20

-

4,293

244

(240)

48

2,064

Sweden

Hydro Building Systems Sweden AB

Building Systems Production

100%

118

7

30

834

56

1

11

Hydro Extruded Solutions AB

Holding Company and R&D

100%

47

1

409

79

849

68

51

3,400

Hydro Extrusion Sweden AB

Extrusion production

100%

829

9

19

3,249

164

4

11

(490)

Hydro Rein Energy Services AB

Renewable Energy

100%

1

-

(3)

(1)

-

(3)

Hydro REIN Solar Holding AB

Holding Company

100%

0

-

Hydro REIN Solar 1 AB

Renewable Energy

100%

0

-

(7)

(1)

-

(6)

Hydro REIN Solar 2 AB

Renewable Energy

100%

0

-

(12)

(2)

-

(9)

Total Sweden

995

17

458

4,161

1,047

69

63

2,903

Switzerland

Hydro Aluminium International SA

Sales and Marketing

100%

15

-

7,298

24,532

1,500

170

(1)

1,325

Hydro Building Systems Switzerland AG

Sales and Marketing

100%

41

3

-

434

80

12

8

103

Hueck (swiss) AG

Sales and Marketing

50%

-

(1)

-

9

Total Switzerland

56

3

7,298

24,966

1,579

182

7

1,438

Turkey

Hydro Yapi Sistem Sanayi VE Ticaret AS

Sales and Marketing

100%

26

-

2,488

109

(6)

(1)

2

1

Total Turkey

26

-

2,488

109

(6)

(1)

2

1

United Arab Emirates

Hydro Building Systems Middle East FZE

Sales and Marketing

100%

-

1

-

Total United Arab Emirates

-

1

-

United Kingdom

Hydro Aluminium Deeside Ltd.

Recycling

100%

57

1

-

1,427

69

17

-

494

Hydro Building Systems UK Ltd.

Building Systems Production

100%

116

1

3,196

559

(11)

(3)

-

270

256

Country

by country

1. Introduction

2. Business

3. Performance

4. Governance

5. Sustainability

6. Financials

7. Appendices

Content

Hydro Components UK Ltd.

Dormant

100%

-

Hydro Aluminium UK Ltd.

Extrusion Production

100%

592

2

-

2,139

(104)

(28)

-

211

Hydro Holdings UK Ltd.

Holding Company

100%

1

-

1

2

1

18

(400)

Hueck UK Ltd.

Sales and Marketing

100%

5

-

1

-

(2)

Total United Kingdom

771

4

3,197

4,126

(44)

(12)

18

572

USA

EMC Ashtabula Inc

Dormant

100%

-

2

(1)

-

(2,844)

EMC Metals Inc

Dormant

100%

-

(22)

7

-

930

Hydro Aluminium Metals USA, LLC

Recycling and Sales

100%

210

-

8,728

287

64

-

(846)

Hydro Building Systems North America LLC

Sales and Marketing

100%

1

-

41

-

(40)

Hydro Extrusion Portland Inc.

Extrusion Production

100%

275

1

-

1,650

(90)

(31)

-

(313)

Hydro Extrusion USA LLC

Extrusion Production

100%

5,225

27

-

27,952

938

(168)

(8)

1,454

Hydro Holding North America Inc.

Holding Company

100%

-

1,148

-

354

318

294

3,471

Norsk Hydro USA LLC

Public Affairs

100%

-

Hydro Precision Tubing Louisville Inc.

Dormant

100%

-

(1)

1

-

(249)

Hydro Precision Tubing Monterrey LLC

Precision Tubing Production

100%

-

644

37

(9)

-

653

Hydro Precision Tubing USA LLC

Precision Tubing Production

100%

253

-

2,114

13

(20)

-

(563)

Total USA

5,964

28

1,148

41,129

1,519

162

286

1,653

Total Eliminations, non-controlling interests, goodwill and excess values not attributable to specific legal entities

(94,516)

(4,669)

(497)

(22)

(28,265)

Total joint operations and joint ventures

-

(416)

-

(5,604)

Total Hydro including discontinued operations

32,724

1,745

1,192,770

193,619

6,546

3,742

7,177

60,877

Discontinued operations

-

Total Hydro from continuing operations

193,619

6,546

3,742

7,177

60,877

1)

Number of employees is based on the legal entity each employee is employed by. This might differ from number of employees by country of work, which is reported in the Notes on Own workforce.

2)

Revenue consists of external and internal revenue from sales of products and services, and realized and unrealized results from derivatives related to sale of products. Elimination of sale to other Hydro companies is presented on a combined basis in “Eliminations”. Revenue in this report

equals revenue in Hydro’s consolidated financial statements payments include settlement of tax liabilities with tax credits generated from other payments to federal authorities

3)

For the composition of income before tax, please refer to consolidated income statements and related notes

4)

For a description and the composition of income taxes, please refer to consolidated income statements and related notes

5)

Income taxes paid represents the actual payments made during the year independent of which year the tax relates to. In some tax regimes including Brazil, tax payments include settlement of tax liabilities with tax credits generated from other payments to federal authorities

6)

Retained earnings consists of accumulated gains and losses, net of distributed profits from the point of view of the legal entity. Retained earnings existing in the companies at the time of Hydro’s acquisition is deducted in “Eliminations”. In addition, “Eliminations” consists of unrealized

gains in transactions between Hydro companies

7)

Hydro Aluminium Australia Pty Ltd is used to report Hydro portion of operations for Tomago Aluminium Company Pty Limited, a joint operation.

8)

Hydro Aluminium Canada & Co. Ltd. Is used to report Hydro portion of operations for Aluminerie Alouette Inc, a joint venture

9)

Extended table covering GRI 207 tax reporting requirement is published on www.hydro.com