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BASIC INDUSTRIES: Norsk Hydro (NHYNO Baa2/BBB/NR): 4Q24 Results

BASIC INDUSTRIES
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No credit impact.

  • Norsk Hydro reported revenue 6% ahead of consensus, on strong pricing.
  • Adj. EBITDA missed by 6%, driven by higher-than-expected negative adjustments including derivatives; we would look past that.
  • Company defined FCF was NOK1.7bn. We see NOK2.2bn versus 1.8bn expected. Net leverage stood at 0.9x, little changed YoY and QoQ.
  • It sees limited tariff impacts, with significant domestic sourcing; it also expects pass through to pricing in the US.
  • Webcast 07.30 GMT https://app.livestorm.co/norsk-hydro/hydro-q4-2024-results.
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No credit impact.

  • Norsk Hydro reported revenue 6% ahead of consensus, on strong pricing.
  • Adj. EBITDA missed by 6%, driven by higher-than-expected negative adjustments including derivatives; we would look past that.
  • Company defined FCF was NOK1.7bn. We see NOK2.2bn versus 1.8bn expected. Net leverage stood at 0.9x, little changed YoY and QoQ.
  • It sees limited tariff impacts, with significant domestic sourcing; it also expects pass through to pricing in the US.
  • Webcast 07.30 GMT https://app.livestorm.co/norsk-hydro/hydro-q4-2024-results.