Norsk Hydro A S - NHYDY STOCK NEWS

Norsk Hydro ASA announced the election of new Board members on May 10, 2022. Kristin Fejerskov Kragseth, Petra Einarsson, and Philip Graham New were elected, while Dag Mejdell, Marianne Wiinholt, Rune Bjerke, and Peter Kukielski were re-elected for up to two years. The Board's new leadership includes Dag Mejdell as Chair and Rune Bjerke as Deputy Chair. The Board now comprises 11 members, including four employee representatives, and all shareholder-elected members will serve until the Annual General Meeting in 2024.

Norsk Hydro ASA held its Annual General Meeting (AGM) on May 10, 2022, where all proposed agenda items were adopted. Key decisions included a dividend distribution of NOK 5.40 per share, effective May 20, 2022, for shareholders as of May 10, 2022. The AGM also saw the dissolution of the Corporate Assembly and an increase in the number of employee representatives on the Board from three to four. Ex-dividend trading begins on May 11, 2022. The minutes from the meeting are available on the company’s website.

Norsk Hydro ASA announced its Long-Term Incentive (LTI) program, which offers up to 30% of the annual base salary for key executives, contingent on performance metrics. The metrics include a three-year average adjusted Return on Capital Employed (RoaCE) relative to targets and Total Shareholder Return (TSR) compared to peers. To qualify, Hydro must have a positive adjusted EBITDA from the previous year. Participants must reinvest their net payment into Hydro shares, holding them for at least three years. Allocated shares include 1,528 for Helena Nonka and 3,838 for Paul Warton at a price of NOK 88.03.

Hydro reported a strong first quarter in 2022 with adjusted EBITDA of NOK 11,165 million, up from NOK 5,182 million year-over-year. The growth was driven by high metal and alumina prices along with record results in Hydro Energy and Hydro Extrusions, despite rising fixed and raw material costs. The company noted strong demand for low-carbon products and plans to double recycling volumes by 2025. Hydro also announced the acquisition of Alumetal S.A. for PLN 1.066 billion to enhance recycling capabilities, with a significant expansion in green energy projects underway.

Hydro's Q1 2022 results will be released on May 3, 2022, at 07:00 CET. The report and presentation slides will be available on hydro.com. A presentation will occur at 08:30 CET at Hydro's headquarters, featuring the President and CEO.

A virtual Q&A session will be conducted at 11:00 CET. Registration details for both events are provided in the press release.

Norsk Hydro has announced a tender offer to acquire 100% of Alumetal S.A. for 68.4 PLN per share, totaling approximately 1.066 billion PLN (EUR 232 million). This acquisition aims to enhance Hydro's recycling capacity in Europe and broaden its product range in low-carbon and scrap-based alloys.

The transaction, valued at around 1.332 billion PLN (EUR 290 million), hinges on obtaining clearance and securing at least 66% of shares. Hydro anticipates an annual EBITDA increase of EUR 47 million from Alumetal's 2021 figures, supporting its 2025 goal of doubling post-consumer scrap recycling.

Norsk Hydro ASA has signed a USD 1,300 million short-term revolving multi-currency credit facility on April 27, 2022. This facility, intended for general corporate purposes, has a 12-month maturity with two optional six-month extensions. It also includes a sub-facility swingline for short-term liquidity needs. The transaction was coordinated by BNP Paribas, Danske Bank, and DNB as lead arrangers, with several banks participating. DNB will serve as the Facility Agent and Documentation Agent for the credit facility.

Hydro will release its first quarter 2022 results on May 3, 2022, at 07:00 CET, alongside a presentation at its headquarters in Oslo. The report and slides will be accessible on hydro.com. The in-person presentation at 08:30 CET will feature President and CEO Hilde Merete Aasheim and CFO Pål Kildemo, with a webcast available for remote viewers. A virtual Q&A session will follow at 11:00 CET. Interested participants should register via the provided links to attend in-person or virtually.

The Annual General Meeting (AGM) of Norsk Hydro ASA is scheduled for May 10, 2022, at 10:00 (CEST). This hybrid meeting allows shareholders to participate in-person at the company’s Oslo offices or digitally.

Shareholders can vote in advance or by proxy. Detailed documents, including financial statements and reports, can be accessed via the provided links and on www.hydro.com/generalmeeting.

For inquiries, contact Line Haugetraa at +47 41406376.