olivLaw · European equity research
Norsk Hydro ASA NHY.OL
Norway · Euronext Oslo Børs · ISIN NO0005052605 · Vertical: Listed companies from Norway
Norsk Hydro is a Norwegian integrated aluminium group spanning bauxite and alumina, primary aluminium, energy and extruded products. It reported revenue above 207 billion NOK in 2025, in a year when recycling and emissions reduction became central to its strategy.
At the close of 06 Nov 2026, Norsk Hydro ASA (NHY.OL) stock was 68.38 NOK (−0.55% on the day), with market capitalisation 134.7 bn NOK, P/E 20.1 on diluted EPS of 3.41 NOK over the last 12 months, dividend yield 3.40%, beta 0.62, 52-week range 65.32–119.45 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.5
- weak (30–45)
- Bollinger (20, 2)
- 62.61 – 79.73
- in the lower half of the band · %B 0.34 · band width 24.1%
- SMA 50 / 200
- 80.04 / 91.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.70 / -3.99
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.2% | −0.6% | −11.5 pp | — |
| 3 months | −24.6% | −4.2% | −20.4 pp | — |
| 6 months | −34.3% | +4.3% | −38.6 pp | — |
| Year to date | −12.6% | +7.5% | −20.1 pp | — |
| 1 year | −0.7% | +9.9% | −10.6 pp | −4.7% |
| 3 years | +10.8% | +49.8% | −39.1 pp | +12.7% |
| 5 years | +12.2% | +42.8% | −30.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 21.6, median 22.9, max 38.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 193.6 bn | 203.6 bn | 208.0 bn |
| Revenue YoY | unavailable | +5.2% | +2.1% |
| Net income | 3.6 bn | 5.8 bn | 6.7 bn |
| Net income YoY | unavailable | +61.6% | +16.0% |
| Diluted EPS | 1.77 | 2.90 | 3.41 |
| Diluted EPS YoY | unavailable | +63.8% | +17.6% |
| net % | 1.9% | 2.8% | 3.2% |
| Free cash flow | 8.6 bn | 1.8 bn | 11.7 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.1 bn NOK
- Financial debt
- 36.6 bn NOK
- Net debt
- 20.5 bn NOK
- Equity
- 107.1 bn NOK
- Total assets
- 208.3 bn NOK
- Debt / equity
- 0.34x
- Current ratio
- 1.73x
- ROE
- 6.3%
- ROA
- 3.2%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 193.6 bn | 203.6 bn | 208.0 bn | esef· 21 Oct 2026verified |
| Operating income | 9.6 bn | 16.5 bn | 14.4 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 9.4 bn | 10.1 bn | 10.3 bn | esef· 21 Oct 2026verified |
| EBITDA | 19.0 bn ≈ | 26.6 bn ≈ | 24.7 bn ≈ | esef· 21 Oct 2026derived |
| Interest expense | 2.3 bn | 3.6 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 6.5 bn | 8.9 bn | 13.7 bn | esef· 21 Oct 2026verified |
| Income tax | 3.7 bn | 3.8 bn | 5.4 bn | esef· 21 Oct 2026verified |
| Net income | 3.6 bn | 5.8 bn | 6.7 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 1.77 | 2.90 | 3.41 | esef· 21 Oct 2026verified |
| Dividend per share | 6.21 | 2.51 | 2.33 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.6 bn | 15.0 bn | 16.1 bn | esef· 21 Oct 2026verified |
| Receivables | 25.4 bn | 28.5 bn | 25.9 bn | esef· 21 Oct 2026verified |
| Inventories | 25.4 bn | 28.2 bn | 27.8 bn | esef· 21 Oct 2026verified |
| Current assets | 80.0 bn | 75.6 bn | 81.5 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 75.0 bn | 77.9 bn | 78.1 bn | esef· 21 Oct 2026verified |
| Total assets | 206.5 bn | 207.4 bn | 208.3 bn | esef· 21 Oct 2026verified |
| Accounts payable | 26.2 bn | 27.0 bn | 26.4 bn | esef· 21 Oct 2026verified |
| Short-term debt | 7.1 bn | 11.6 bn | 8.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 29.0 bn | 23.1 bn | 28.4 bn | esef· 21 Oct 2026verified |
| Current liabilities | 43.9 bn | 49.4 bn | 47.1 bn | esef· 21 Oct 2026verified |
| Total liabilities | 99.3 bn | 99.9 bn | 101.2 bn | esef· 21 Oct 2026verified |
| Equity | 107.2 bn | 107.5 bn | 107.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 2.0 bn | 2.0 bn | 2.0 bn | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 22.2 bn | 15.4 bn | 23.3 bn | esef· 21 Oct 2026verified |
| Capex | 13.6 bn | 13.6 bn | 11.6 bn | esef· 21 Oct 2026verified |
| Free cash flow | 8.6 bn ≈ | 1.8 bn ≈ | 11.7 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -20.8 bn | -12.9 bn | -17.9 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -6.7 bn | -12.6 bn | -3.7 bn | esef· 21 Oct 2026verified |
| Dividends paid | 12.6 bn | 5.0 bn | 4.6 bn | esef· 21 Oct 2026verified |
| Share repurchases | 2.2 bn | 2.3 bn | 856.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 134.7 bn NOK
Key indicators
Coverage and freshness
Score by group
- Quality62
- Balance sheet65
- Valuation72
- Returns75
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.8% | 45 (vs peers) | 13% |
| Net margin · Quality | 3.2% | 50 (vs peers) | 8% |
| FCF conversion · Quality | 174.6% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 60 (vs peers) | 13% |
| Interest coverage · Balance sheet | 5.7x | 65 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.7x | 77 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.1x | 50 (vs peers) | 13% |
| EV/EBITDA · Valuation | 6.3x | 71 (vs peers) | 13% |
| FCF yield · Valuation | 8.7% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 4.0% | 58 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 39.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 3/3 factors with a value
- Returns75/100 · 2/2 factors with a value
- Valuation72/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Norsk Hydro ASA (NHY.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 208.0 bn NOK in 2025; YoY growth 2.1%; net margin 3.2%; ROE 6.7%; net debt/EBITDA 0.8x.
The estimated value range is 47.25–101.12 NOK per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 71.66 NOK, the price of 68.38 NOK leaves a potential of 4.8% (value / price − 1) and a margin of safety of 4.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 174.6%
- Current ratio: 1.7x
- EV/EBITDA: 6.3x
- FCF yield: 8.7%
- Payout ratio (FCF): 39.1%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NHY.OLNorsk Hydro ASA | 134.7 bn | 20.1 | 6.7% | 3.2% | +2.1% | −6% / +9% |
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for NHY.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 39.46 Total return -40% · Per year -40% | 69.84 Total return 6% · Per year 6% | 105.30 Total return 58% · Per year 58% |
| 3 years | 36.49 Total return -39% · Per year -15% | 72.84 Total return 17% · Per year 5% | 120.85 Total return 90% · Per year 24% |
| 5 years | 33.75 Total return -39% · Per year -9% | 75.97 Total return 29% · Per year 5% | 138.70 Total return 127% · Per year 18% |
- Exit P/E± 18.21
- Net margin± 12.75
- Annual revenue growth± 10.71
- Annual dilution± 1.07
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Norsk Hydro is a Norwegian integrated aluminium group spanning bauxite and alumina, primary aluminium, energy and extruded products. It reported revenue above 207 billion NOK 1 in 2025, in a year when recycling and emissions reduction became central to its strategy.
SWOT
Strengths
- Integrated chain from bauxite to extruded products, giving control over costs and operational flexibility.
- Strong position in recycling and low-emission products, supported by growing volumes of recycled materials.
- Good ESG ratings from several agencies, which can support access to investors and customers focused on sustainability.
Weaknesses
- Results are highly sensitive to the aluminium price and exchange rates, making profitability volatile from year to year.
- Rationalisation and impairment charges rose significantly, reflecting capacity issues in some operations.
- Large gaps between reported and adjusted results can make the underlying performance harder to assess.
Opportunities
- Rising demand for recycled and low-emission aluminium could bring price premiums for certified products.
- Expanding capacity to process post-consumer scrap could reduce reliance on primary raw material.
- Developing value-added extruded products could offset volatility in primary aluminium prices.
Threats
- A fall in global aluminium prices could quickly erode margins and planned investments.
- Fluctuations in USD/NOK and the Brazilian real could change reported earnings.
- Rising energy costs or emissions regulation could reduce the competitiveness of European production.
Risks
- Aluminium price exposurehigh
Earnings depend directly on the LME price, and a drop in price could significantly reduce adjusted EBITDA.
- Currency riskmedium
Exposure to USD, NOK, EUR and BRL can affect earnings in krone terms, even where hedging instruments are used.
- Rationalisation costsmedium
Capacity adjustments and plant closures generated large costs that could continue if the market stays weak.
- Energy costsmedium
Aluminium production is energy-intensive, and rising electricity prices could reduce margins.
- Climate regulationlow
Emissions reduction targets and related costs could increase if regulation becomes stricter.
Investment thesis
What would need to be true (bull case)
- If demand for recycled and low-emission aluminium keeps growing, Hydro could benefit from price premiums and a higher-value product mix.
- The integrated structure and extensive recycling could lower long-term costs and could support earnings even when prices fluctuate.
- If aluminium prices hold near recent levels, adjusted earnings could remain solid, with significant contributions from primary aluminium.
What would break the thesis
- A fall in aluminium prices could quickly reduce adjusted EBITDA and could slow planned investments.
- High rationalisation costs and recent impairments could point to structural issues in some operations that could persist.
- If energy cost pressure and climate regulation increase, competitiveness against producers in other regions could decline.
What to watch
- Development of adjusted EBITDA and adjusted earnings compared with 2025Q1 2027
- Progress on cutting Scope 3 emissions and on volumes of recycled post-consumer scrap2027
- Rationalisation costs and capacity adjustments in the aluminium segmentsnext 10-K
- Effect of the USD/NOK rate on reported earningsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hydro operates through integrated segments: bauxite mining and alumina production, energy production, primary aluminium production, metal markets and extrusions. The company reported adjusted EBITDA of 28 889 million NOK in 2025 and investments of 14 135 million NOK 1. The integrated structure lets it capture the full aluminium chain, from raw material to finished products. According to the annual report, Hydro also pursues recycling of post-consumer scrap, which rose to 496 thousand tonnes in 2025 1.
Reported EBIT was 14 401 million NOK in 2025, down from the prior year, while adjusted EBIT rose to 18 663 million NOK 1. The gap between reported and adjusted figures mainly reflects unrealised derivative effects on LME contracts, rationalisation costs and impairments. The report also notes that sensitivity to the aluminium price and the USD/NOK rate remains important for revenue.
Hydro manages exposure through sales contracts on the LME and with banks, to lock in margins on part of planned production for periods of up to about three years when considered favourable 1. The company also aims for a currency structure in its debt that reflects underlying exposures, to limit the effect of exchange-rate movements.
Segments
Primary aluminium and alumina
Primary aluminium output reached 2 065 thousand tonnes in 2025, and bauxite production was 10 516 thousand tonnes 1. The realised alumina price was 432 USD per tonne, down from 462 USD in 2024 1. The segment is most sensitive to international aluminium prices and energy costs.
Market context
The realised LME aluminium price averaged 2 573 USD per tonne in 2025 1, and the realised USD/NOK rate was 10.39 1. The market is responding to demand for low-carbon aluminium, and Hydro reports rising interest in products such as Hydro REDUXA and Hydro CIRCAL. Revenue from green products could keep growing if customer demand for recycled materials holds.
Earnings are highly sensitive to the aluminium price: a 10 USD per tonne increase could add about 4 900 million NOK to annual adjusted EBITDA, based on the report's assumptions 1. If the dollar strengthens against the krone, the effect on earnings could be smaller, since part of costs is also in NOK or BRL 1.
Trends
- Recycling and low-carbon aluminiumtailwind
Growth in recycling and low-emission volumes could support margins if customers pay premiums for green materials. Hydro reports growth of more than 50 % in revenue from greener products 1.
- Aluminium price and volatilitymixed
Results remain sensitive to the LME price, and short-term sales contracts only partly limit exposure. If prices fall, margins could be affected quickly.
- Energy costs and capacity reductionheadwind
Energy costs and capacity rationalisations generated significant charges, with rationalisation costs rising to 1 795 million NOK in 2025 1. Cost pressure could persist if energy prices do not ease.
- Climate policy and Scope 3mixed
The target to cut Scope 3 emissions by 30 % by 2030 and recycling capacity could help access carbon-sensitive markets, while the required investments are large.
Competitive position
Hydro competes in the global aluminium market with integrated producers from several regions, especially on energy costs and access to bauxite. The company's advantage lies in its integrated chain and relatively low-emission production, but competition on primary pricing is intense.
In value-added and extrusion products, Hydro faces European and Asian producers offering similar goods. Differentiation through recycled content and sustainability certifications could become an important criterion for customers.
- AlcoaAA
US-based integrated alumina and aluminium producer with comparable bauxite and primary product activities; the size of competition depends on energy costs.
- Rio TintoRIO
Diversified mining group with aluminium and bauxite operations that competes for the same industrial aluminium customers.
- Century AluminumCENX
US primary aluminium producer competing in the North American market, where energy and tariff costs play a major role.
- Constellium
European producer of rolled and extruded aluminium products, competing in the value-added segment.
News & filings
In the press
- Hydro-Quebec Forced to Import More Power After Deals With US UtilitiesBloomberg Markets · 03 Nov 2026 · EN
- Snowy Hydro 2.0 executives awarded bonuses totalling $751,925 despite cost blowoutThe Guardian World · 03 Nov 2026 · EN
- Snowy Hydro 2.0 has blown out to 12 times its original cost – but the CEO says it ‘could have been worse’The Guardian World · 22 Oct 2026 · EN
- Hydro One on Meeting Increased Electricity DemandBloomberg Markets · 29 Sept 2026 · EN
- Physics-Informed Inversion of Process Parameters and Electro-Hydro-Chemical Fields in Soil Electrokinetic RemediationEnvironmental Science & Technology · 25 Sept 2026 · EN
- Video: Workers rescued from hydro tunnel nine days after Nepal floodingAl Jazeera — World · 04 Sept 2026 · EN
- Norwegian Hydro Stocks Hit Record Low, Raising Power Price RisksBloomberg Markets · 02 Sept 2026 · EN
- Hydro-Quebec Reaches $36 Billion Energy Deal With NewfoundlandBloomberg Markets · 17 Aug 2026 · EN
- Norsk Hydro Sees Aluminum Supply Risks as Gulf Flows DeteriorateBloomberg Markets · 22 Jul 2026 · EN
- Canadian Electricity Provider London Hydro Discloses Data BreachSecurityWeek · 23 Jun 2026 · RO
- Breaking Afghanistan’s Hydro-Political TrapThe Diplomat (Asia geopolitics) · 15 Jun 2026 · RO
- Russia moves to cancel MAKS 2026 Air Show, postpone Hydro Aviation Exhibition to 2027TASS (RU, EN) · 11 Jun 2026 · RO
- Nepal, India, and the Paradox of Hydro-hegemonyThe Diplomat (Asia geopolitics) · 26 May 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Norsk Hydro ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.