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
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