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StocksMediumUpdated•Originally published 29 April 2026•Updated 30 April 2026•

1 min read

Norsk Hydro Reports Mixed Q1 2026 Results as EPS Rises Despite Lower EBITDA

Key Facts

1Adjusted EBITDA for Q1 2026 was NOK 8,668 million, down from NOK 9,516 million in the same quarter last year.

2Adjusted earnings per share increased to NOK 2.07 from NOK 1.63 in the first quarter of 2025.

about 1 month ago

Version History

Version 1about 1 month ago

What changed: Added Q1 results for Elkem showing a significant EBITDA decline driven by production curtailments in Norway.

Norsk Hydro reported mixed financial results for the first quarter of 2026, with adjusted EBITDA reaching NOK 8,668 million, down from NOK 9,516 million in the prior year. Despite the decline in core earnings, adjusted earnings per share (EPS) saw an uptick to NOK 2.07, supported by solid sales volumes and lower raw material costs. Adding to the broader context of the Norwegian industrial sector, Elkem reported a significant EBITDA decline to NOK 249 million from NOK 710 million in the same period last year. Elkem attributed its earnings reduction primarily to production curtailments at multiple plants across Norway. These combined results highlight a complex operating environment characterized by production adjustments and fluctuating industrial metal prices. Furthermore, Norsk Hydro recorded a negative free cash flow of NOK 4 billion due to increased operating capital requirements.