Hydro’s adjusted EBITDA for the first quarter of 2022 was NOK 11,165 million, up from NOK 5,182 million for the same quarter last year, resulting in a 12-month rolling Adjusted RoaCE of 23 percent.
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Higher all-in metal and alumina prices, record high quarterly results from Hydro Energy and Hydro Extrusions, contributed positively to earnings, but were partly offset by higher fixed costs and raw material costs upstream.
“Hydro is delivering both strong financial results and good progress on our strategic objectives of strengthening our position in low-carbon aluminium and growing in new energy.
"We see strong growth in demand for our low-carbon offerings, Hydro REDUXA and Hydro CIRCAL. This is strengthening our competitive position in a marketplace where we anticipate that aluminium, and especially greener aluminium, will be in high demand,†says President and CEO Hilde Merete Aasheim.
Hydro has made important progress on the 2025 strategy during the start of 2022, both strengthening position in low-carbon aluminium and growing in new energy areas.
Hydro’s sustainability ambitions are key drivers for future competitive positioning. The ambition to achieve net zero carbon emissions by 2050 or earlier is pursued through three decarbonization paths to reduce the carbon footprint of aluminium to net zero.
In line with Hydro’s target to double sales volumes for greener products over the next five years, Hydro has increased sales of Hydro CIRCAL and Hydro REDUXA by 83 percent compared to the first quarter last year, and continues to work closely with customers to create products with a smaller environmental impact.
Recycling is one of Hydro’s main growth areas towards 2025. On April 29, 2022, Hydro announced a tender offer for the acquisition of 100 percent of the shares of Alumetal S.A, a company listed on the Warsaw Stock Exchange, for PLN 68.4 per share in cash (the “offer priceâ€), representing an aggregate equity purchase price of approximately PLN 1.066 billion (approx. EUR 232 million). ■