Hydro’s strong EBITDA growth in Q2 2025 is toned down by cautious outlook and cost discipline
Amid an uncertain market trend across the globe, Norsk Hydro from Norway has managed to show resilience in its fiscal Q2 2025 performance, supported by firm aluminium and energy prices. The company reported a 33.41 per cent year-on-year increase in adjusted EBITDA, reaching NOK 7,790 million from NOK 5,839 million. However, beneath these headline numbers lies a more nuanced narrative that reveals both strengths and vulnerabilities shaping Hydro’s strategic trajectory.
Caution behind confidence
While Hydro’s annual EBITDA growth is noteworthy, the sequential figures suggest growing headwinds. Adjusted EBITDA declined 18.2 per cent quarter-on-quarter from NOK 9,516 million. Revenue followed a similar trend, contracting by7 per cent from Q1, although it still rose 4.26 per cent Y-o-Y to NOK 53,116 million. The most significant indicator of strain was the steep 58.2 per cent fall in net income to NOK 2,450 million from NOK 5,861 million in Q1, although it marked a 72 per cent surge from the prior year’s Q2 net of NOK 1,421 million.
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