Core Insights - Hydro's adjusted EBITDA for Q3 2025 was NOK 5,996 million, a decrease from NOK 7,367 million in Q3 2024, attributed to lower alumina prices and a stronger NOK, partially offset by higher volumes and internal profit realization [1][20] - The company generated NOK 2.2 billion in free cash flow, with a twelve-month adjusted RoaCE of 11 percent [1] Financial Performance - Adjusted EBITDA for Bauxite & Alumina fell to NOK 1,290 million from NOK 3,410 million, primarily due to lower alumina sales prices and higher fixed costs, despite increased sales volume [11] - Adjusted EBITDA for Aluminium Metal decreased to NOK 2,732 million from NOK 3,234 million, driven by a weaker USD to NOK exchange rate, although higher sales volume and lower alumina costs provided some offset [15] - Adjusted EBITDA for Energy increased to NOK 828 million from NOK 626 million, mainly due to higher price area gains [13] - Adjusted EBITDA for Extrusions rose to NOK 1,107 million from NOK 879 million, supported by lower costs and higher volumes [17] Strategic Initiatives - Hydro launched a workforce and cost reduction program aiming to reduce approximately 750 white-collar positions, with expected gross redundancy costs of NOK 400 million and annual net savings of NOK 1 billion from 2026 [3][4] - The company signed an Agreement in Principle with the Government of Québec and Hydro-Québec to secure renewable power supply for its Alouette smelter from 2030 to 2045, enhancing energy resilience [6] Market Developments - European extrusion demand was flat year-over-year but decreased by 20 percent compared to Q2 2025, with stabilization in building & construction and industrial segments [18] - North American extrusion demand increased by 2 percent year-over-year but decreased by 2 percent compared to Q2 2025, with weak demand in commercial transport and automotive sectors [19] Legal and Regulatory Updates - A Dutch court dismissed all claims against Hydro related to pollution from Alunorte, confirming no environmental harm occurred [8]