Hydro Posted Solid Upstream Results in Q2 2024

SEATTLE (Scrap Monster): Hydro announced solid upstream results during the second quarter of the current year.

The company’s adjusted EBITDA for the second quarter of 2024 was NOK 5,839 million, mainly driven by increasing revenue drivers during the quarter. However, it was down when compared with the adjusted EBITDA of NOK 7,098 million for the same quarter last year.

The negative impacts on account of lower extrusion volumes, recycling margins and higher fixed costs were partly offset by higher alumina prices and lower raw material costs. This resulted in a free cash flow of NOK 2.8 billion.

Commenting on the results, Eivind Kallevik, President & CEO of Hydro stated that the positive development in the company’s key revenue drivers from the first quarter continued into the second quarter. The company was able to maintain extrusion margins and strictly execute cost-saving measures, which helped it to mitigate the challenges of a weak downstream market, he added.

Hydro expects the downstream demand in the residential building and construction segments in Europe and North America to improve, mainly on account of anticipated lower interest rates and positive industrial outlook.

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