The company's revenue was generated at NOK 47,545 million during Q1 2024, compared to NOK 48,534 million a year ago. That recorded a downfall of 2 per cent year-on-year. Adjusted EBITDA registered a slump of 28 per cent Y-o-Y from NOK 7,525 million to NOK 5,411 million. Besides the aforementioned factors, higher fixed costs also negatively impacted Hydro's fiscal results.
Adjusted EBITDA from Hydro Extrusions fell sharply by 35 per cent Y-o-Y from NOK 2,223 million to NOK 1,437 million, particularly owing to muted demand in the residential and industrial building construction sector throughout the quarter. Reduced EV production in Europe also had an adverse impact on Hydro Extrusions.
Hydro's recycling margins dropped during the said period as a result of decreased construction and demolition activity that led to lower aluminium scrap generation, in addition to elevated aluminium scrap prices due to increased exports to Asia.
Hydro's Adjusted EBITDA from aluminium metal also decreased significantly by 51 per cent Y-o-Y from NOK 3,972 million to NOK 1,965 million, mainly due to lower prices on the London Metal Exchange, reduced contribution from power sales, and increased fixed costs.
The company's net income (loss) amounted to NOK 428 million at the end of the quarter and its net debt totalled NOK 13,893 million. Earnings per share dropped 24 per cent over the year from NOK 0.62 to NOK 0.47.
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