Hydro, an aluminum producer in Norway, achieved strong results in the second quarter of 2025, with adjusted EBITDA reaching NOK 7.79 billion, up by 33.4% compared to the same period last year. This performance was driven by higher aluminum and energy prices. However, these gains were partially offset by negative currency effects and increased raw material costs, mainly due to higher alumina costs.

Prioritizing capital discipline, Hydro has reduced its 2025 capital expenditure target by NOK 1.5 billion to NOK 13.5 billion. This move responds to global market uncertainty, allowing the company to focus on financial flexibility. Its new investment strategy prioritizes projects that offer flexibility and mitigate risks from changing economic and policy conditions.

Although long-term growth is still a core part of its strategy, Hydro's immediate focus has shifted to operational efficiency, cost control, as well as maintaining optionality.