Financial Performance and Targets - Hydro achieved an adjusted RoaCE of 13.5% over the last 5 years [13, 183] - The company aims to deliver NOK 6.5 billion in annual improvements by 2030 through its improvement program [188, 246] - Hydro's capital allocation targets for 2025 and 2026 are reduced to NOK 13.5 billion [249] - The company targets an adjusted net debt to adjusted EBITDA ratio well below 2.0x over the cycle, with the LTM Q3-2025 ratio at 0.7x [186] - Total shareholder distributions since 2021 amount to NOK 41.0 billion [186] Extrusion Business - Hydro Extrusions is targeting an EBITDA uplift of NOK 8.0 - 10.0 billion by 2030 [68] - The company intends to reduce extrusion capacity by approximately 80 kt annually in Europe [134] - Hydro Building Systems experienced a 54% increase in EBITDA YTD 2025 in the Middle East [159] Recycling Business - The company estimates EUR 9 million out of EUR 10-15 million of Alumetal synergies will be delivered in 2025 [80] - Hydro is targeting an extrusion ingot recycling EBITDA margin of approximately USD 95/tonne in Q3 2025 [72] - Recycling adjusted EBITDA roadmap 2030 potential is NOK ~ 5 - 6 billion [83] Low-Carbon Transition and Sustainability - Hydro is projecting to deliver a CO2 reduction of 15% by year-end 2025 [14] - The company has a target to reduce CO2 emissions by 30% by 2030 [92] - Hydro has secured a new long-term power contract with Hafslund Kraft AS for 3.5 TWh of renewable energy supply from 2031 to 2040 [90]