Norsk Hydro stock reports higher Q2 earnings per share

Norsk Hydro stock was trading at NOK 84.30 on Oslo Bors on September 24, 2026 at 1:29 p.m. CEST, down 0.05 percent from the previous close. The Q2 2026 report delivered adjusted earnings per share of NOK 2.21, up from NOK 1.68 in Q2 2025, according to ScanX.

Q2 revenue reaches NOK 56.49 billion

Norsk Hydro generated revenue of NOK 56,490,000,000 in Q2 2026, compared with NOK 50,388,000,000 in Q1 2026. The sequential increase of NOK 6,102,000,000 places the latest quarter at the center of the stock story, because higher aluminum prices supported the result.

Adjusted EBITDA reached NOK 8.9 billion, compared with NOK 8.7 billion in Q1 2026. Free cash flow was NOK 4.0 billion, while the company also reported adjusted net income of NOK 4.6 billion, up from NOK 3.6 billion in Q2 2025, according to ScanX.

Analyst target stays above the market

JPMorgan cut Norsk Hydro to Neutral from Overweight on September 11, 2026, while setting a NOK 97 price target, as MarketScreener reported. The target is NOK 12.70 above the September 24 intraday price, leaving the analyst view more constructive than the rating change alone suggests.

The Q2 figures show a company benefiting from metal pricing while still facing an uneven operating backdrop. That combination helps explain why earnings improved even as the share price remained below its yearly high.

Stock remains below its yearly high

Norsk Hydro stock was trading at NOK 84.30 on Oslo Bors on September 24, 2026 at 1:29 p.m. CEST. Its 52-week range was NOK 65.34 to NOK 120.40, and its market capitalization stood at NOK 165,673,036,054 on the same date.