Income increased in the second quarter for Norwegian aluminium and renewable energy company Norsk Hydro, the company reported on Tuesday.
Quarterly net income increased to 2.45 billion kroner ($240 million) from 1.421 billion kroner in the prior year.
However, second quarter net income attributable to shareholders declined to 2 billion Norwegian kroner or 1.04 kroner per share from 2.14 billion kroner or 1.07 kroner per share last year.
The company said it is taking down its 2025 capital expenditure guiding by 1.5 billion kroner.
The company has also implemented an external hiring freeze for white collar workers.
Adjusted earnings per share for the second quarter were 1.68 kroner, up from 0.97 kroner in the previous year.
Hydro's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2025 was 7.790 billion kroner, up from 5.839 billion kroner in the same quarter last year.
The results increased from higher aluminium and energy prices, and realization of previously eliminated internal profits.
This was partly offset by negative currency effects and higher raw material costs, mainly driven by higher alumina cost.
Total revenue and income for the second quarter was 53.961 billion kroner up from 52.449 billion kroner last year.
Hydro targets 6.5 billion kroner in accumulated improvements by 2030, with 70% of the 2025 estimate of 600 million kroner achieved year to date, driven by operational, procurement and commercial initiatives.
Hydro Extrusions targets to reduce more than 100 full time equivalents by 2025 through automation to further boost productivity, safety, ergonomics and quality.
