Author: Ravi Shankar

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank Plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	SThree Plc
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to SThree Plc
(d)        Date dealing undertaken:	22nd October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Purchase	31,255	297.5	290.5
Ordinary shares	Sales	31,255	297.5	290.5

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	23rd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at ssssssswwww.thetakeoverpanel.org.uk.

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Gamma Communications Plc
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to Gamma Communications Plc
(d)        Date dealing undertaken:	22nd October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Sales	100,000	1089.5	1089

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION
        
(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	23rd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank Plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Advanced Medical Solutions Group Plc
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Advisor & Joint Broker to Advanced Medical Solutions Group plc
(d)        Date dealing undertaken:	22nd October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Purchase	118,491	282.27	282.1

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	23rd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at ssssssswwww.thetakeoverpanel.org.uk.

Following a proposal by the Nomination Committee for Supervisory Board Members of State-Owned Companies, Kristi Purtsak, Head of Legal and Regulatory Affairs at the Eesti Energia Group, will become a new member of the Supervisory Board of Elektrilevi OÜ. The change will take effect on 23 October 2026.

Kristi Purtsak has extensive management experience in the public sector and broad expertise in legislation, public administration, national defence, security and crisis management. Prior to joining Eesti Energia, she served as Director of Legal Affairs at the Government Office and, before that, as Head of the Legal Department at the Ministry of Defence.

Purtsak joined the Eesti Energia Group in September 2026 and leads the Group’s legal and regulatory affairs function.

Kristi Purtsak replaces former Supervisory Board member Ville Paltsep, who resigned from the Supervisory Board at his own request on 8 September 2026.

The Supervisory Board of Elektrilevi OÜ consists of Chair Siiri Odrats-Koni and members Kadri Land, Sven Kirsipuu and Kristi Purtsak.

Elektrilevi OÜ is a distribution network operator belonging to the Eesti Energia Group and is wholly owned by Eesti Energia AS.

Danel Freiberg
Head of Treasury and Financial Risk Management
Eesti Energia AS
Tel: +372 5594 3838
Email: danel.freiberg@enefit.com

NEW YORK, Oct. 23, 2026 (GLOBE NEWSWIRE) — WeShop Holdings Limited (“WeShop” or the “Company”) (NASDAQ: WSHP), the community-owned shopping app on a mission to make shopping more rewarding, today announced that eligible UK members participating in the WeShop ShareBack^™ Rewards Plan (the “ShareBack Plan”) will be able to begin claiming the Company’s Class A ordinary shares on November 23, marking one year since WeShop’s Nasdaq listing.

Members earn WePoints every time they shop with WeShop’s retail partners. Under the ShareBack Plan, eligible members can now turn those WePoints into the Company’s Class A ordinary shares. Everyday shopping can now build ownership in the business members help grow, not just a conventional loyalty reward.

WeShop’s listing on the Nasdaq in November 2025 made the community ownership model a reality, giving members a path from points they earn from shopping to an equity stake in the platform they help build.

“In November 2025, we listed on Nasdaq so our community could own a piece of WeShop. Now we are delivering on that promise,” said Maria Weaver, CEO of WeShop. “Our members built this company with every purchase, and opening share claims puts ownership in their hands. We invite every eligible UK member to verify their identity in the app starting November 3, so they are ready on November 23.”

How to Claim Your Shares

Eligible UK members should take the following steps:

1. Verify (from November 3)
   1. Open the WeShop app and follow the prompts to verify your identity through Yoti, a secure digital identity service used worldwide.
2. Claim (from November 23)
   1. Once verified, request to redeem your WePoints for Class A ordinary shares in the app.
3. Meet the deadline (December 21)
   1. Submit your request by 5 p.m. ET / 10 p.m. UK time on December 21. WeShop will work with its transfer agent, Computershare, to deposit shares into members’ accounts by January 12, 2027.

Share redemption is subject to eligibility requirements and the terms of the ShareBack Plan.

About WeShop
WeShop Holdings Limited (NASDAQ: WSHP) is a community-owned shopping platform that turns everyday purchases into ownership. Through its proprietary ShareBack^™ program, members earn shares in WeShop when they shop and refer others to the platform, giving the people who help grow the company the opportunity to own a piece of it. With access to hundreds of leading retailers and more than a billion products, WeShop brings shopping, rewards and ownership together in one experience. By putting consumers at the center, WeShop is building a community where members are more than shoppers; they are shareholders.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including statements regarding the timing and availability of identity verification and share claims for eligible UK members under the ShareBack Plan; the ability of members to redeem WePoints for WeShop’s Class A ordinary shares; the expected timing of the deposit of shares into members’ accounts by Computershare; the expected benefits of WeShop’s community-owned shopping model; and the potential for community-led growth. These forward-looking statements are based on current expectations and WeShop assumes no obligation to update such statements. In addition, the events described in these forward-looking statements may not actually arise or may occur in a different manner than anticipated as a result of various factors, including market conditions and such other factors and risks described from time to time in WeShop’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 30, 2026, and its Report on Form 6-K filed with the SEC on August 24, 2026, which includes WeShop’s financials as of and for the period ended June 30, 2026. WeShop’s filings with the SEC are available at www.sec.gov.

ShareBack^™ rewards, or WePoints, redeemable for WeShop Class A ordinary shares carry risks. Users may be able to earn WePoints for their purchases subject to applicable terms and conditions. Users may obtain a copy of the ShareBack^™ program prospectus on WeShop’s website at https://investors.we.shop/shareback and can register on the app through the app store on Apple iOS or Google Play. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer is being made only pursuant to the ShareBack^™ program prospectus.

Press: weshop@skyya.com
Corporate: corporate@we.shop
Commercial: partnerships@we.shop
IR: weshop@kcsa.com

MAHIA, New Zealand, Oct. 23, 2026 (GLOBE NEWSWIRE) — Rocket Lab Corporation (Nasdaq: RKLB), a global leader in launch services and space systems, today launched its Electron rocket to deliver a dedicated mission to space for HawkEye 360, a signals intelligence data and analytics company.

The ‘We’re Not Hawking Around’ mission launched from Rocket Lab Launch Complex 1 in New Zealand at 8:11 p.m. NZDT on 23 October 2026, to deliver three HAWK satellites to a 520km low Earth orbit. Operating in tri-satellite formation, HawkEye 360’s satellites collect signal data from across the radio frequency (RF) spectrum for maritime tracking, GNSS jamming detection, radar monitoring, communications mapping, and space defense.

Today’s mission was Rocket Lab’s 98th Electron launch and 19^th launch this year, further extending the vehicle’s record as the most prolific launcher globally dedicated to small satellites.

Mission Highlights:

• Proven Constellation Partnership: Today’s launch success marks the third Electron launch dedicated to deploying HawkEye 360’s RF-sensing satellites, underscoring Rocket Lab’s trusted role in scaling commercial constellations for its customers.
• Rapid Launch Cadence: Now at 19 successful missions in 2026 alone, Rocket Lab continues to demonstrate the turnaround speed, high production rate, and schedule assurance demanded by modern commercial satellite companies and defense operators.
• Milestone Small Launch Leadership: This 98^th Electron flight moves Rocket Lab closer to a record 100 launches, solidifying the launch vehicle’s position as the world’s premier, most frequently launched dedicated small orbital rocket.

‘We’re Not Hawking Around’ launch images: click here

‘We’re Not Hawking Around’ launch broadcast: click here

Rocket Lab Media Contact
Murielle Baker
media@rocketlabusa.com

About Rocket Lab
Rocket Lab (Nasdaq: RKLB) is an end-to-end space company delivering rockets, satellites, and spacecraft components for commercial, government, and defense missions. Driven by its industry-leading small-lift rockets Electron and HASTE and its upcoming reusable Neutron medium-lift rocket, Rocket Lab delivers reliable and responsive launch for the world’s most important missions from constellation deployment to missile defense. Rocket Lab’s satellites and components have powered more than 1,700 missions in Earth orbit, as well as deep-space exploration of the Moon, Mars, and beyond. Learn more at www.rocketlabcorp.com.

Forward Looking Statements 
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at  https://investors.rocketlabcorp.com which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

MAHIA, New Zealand, Oct. 23, 2026 (GLOBE NEWSWIRE) — Rocket Lab Corporation (Nasdaq: RKLB), a global leader in launch services and space systems, today launched its Electron rocket to deliver a dedicated mission to space for HawkEye 360, a signals intelligence data and analytics company.

The ‘We’re Not Hawking Around’ mission launched from Rocket Lab Launch Complex 1 in New Zealand at 8:11 p.m. NZDT on 23 October 2026, to deliver three HAWK satellites to a 520km low Earth orbit. Operating in tri-satellite formation, HawkEye 360’s satellites collect signal data from across the radio frequency (RF) spectrum for maritime tracking, GNSS jamming detection, radar monitoring, communications mapping, and space defense.

Today’s mission was Rocket Lab’s 98th Electron launch and 19^th launch this year, further extending the vehicle’s record as the most prolific launcher globally dedicated to small satellites.

Mission Highlights:

• Proven Constellation Partnership: Today’s launch success marks the third Electron launch dedicated to deploying HawkEye 360’s RF-sensing satellites, underscoring Rocket Lab’s trusted role in scaling commercial constellations for its customers.
• Rapid Launch Cadence: Now at 19 successful missions in 2026 alone, Rocket Lab continues to demonstrate the turnaround speed, high production rate, and schedule assurance demanded by modern commercial satellite companies and defense operators.
• Milestone Small Launch Leadership: This 98^th Electron flight moves Rocket Lab closer to a record 100 launches, solidifying the launch vehicle’s position as the world’s premier, most frequently launched dedicated small orbital rocket.

‘We’re Not Hawking Around’ launch images: click here

‘We’re Not Hawking Around’ launch broadcast: click here

Rocket Lab Media Contact
Murielle Baker
media@rocketlabusa.com

About Rocket Lab
Rocket Lab (Nasdaq: RKLB) is an end-to-end space company delivering rockets, satellites, and spacecraft components for commercial, government, and defense missions. Driven by its industry-leading small-lift rockets Electron and HASTE and its upcoming reusable Neutron medium-lift rocket, Rocket Lab delivers reliable and responsive launch for the world’s most important missions from constellation deployment to missile defense. Rocket Lab’s satellites and components have powered more than 1,700 missions in Earth orbit, as well as deep-space exploration of the Moon, Mars, and beyond. Learn more at www.rocketlabcorp.com.

Forward Looking Statements 
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at  https://investors.rocketlabcorp.com which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Hydro’s adjusted EBITDA for the third quarter of 2026 was NOK 9,089 million, up from NOK 5,996 million in the same quarter last year. Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina due to gas supply disruptions, a stronger NOK vs USD, and negative price area differences in Energy.

• Alunorte resumed regular operations following temporary gas supply disruptions 

• Free cash flow of NOK 1.4 billion impacted by higher metal prices and associated working capital requirements and prepayments

• First metal produced at HalZero test facility, marking important milestone for carbon-free technology track

• Commercial momentum continues for Hydro’s low-carbon and recycled aluminium portfolio

• New PPAs secured, further strengthening Hydro’s long-term power position

Hydro delivered strong profitability in the quarter, with adjusted earnings per share increasing from NOK 1.0 in the third quarter of 2025, to NOK 2.3 in the third quarter of 2026. Free cash flow was NOK 1.4 billion, as strong adjusted EBITDA was partly offset by higher net operating capital, primarily driven by increased metal prices and associated working capital requirements and prepayments. While this development reflects the current market environment, improving cash conversion and working capital efficiency remains a clear priority going forward. Consequently, Hydro has updated its year-end capex guiding to around NOK 12.5 billion, down from NOK 13.5 billion, and net working capital guiding to around NOK 32 billion, up from NOK 30 billion. The twelve month adjusted RoaCE ended at 12.5 percent.

“Hydro’s third quarter results reflect strong operational performance amplified by market tailwinds. Record high liquid metal production from our Norwegian smelter system, combined with strong pricing throughout the quarter drove solid earnings and strong profitability. Operational excellence enables us to capture more of the upside when markets are strong and, more importantly, builds resilience when markets turn,” says Eivind Kallevik, President and CEO of Hydro. 

During the third quarter, disruption in natural gas supplies to Alunorte temporarily reduced production at the refinery. Through mitigating actions, including securing alternative LNG supply, Hydro maintained operational continuity and successfully restored alumina production.

Aluminium Metal benefited from higher all-in metal prices and strong operational performance, while Recycling and Extrusions delivered improved earnings supported by strong recycling margins. Hydro’s Norwegian smelters increased liquid metal production to record levels, reinforcing Hydro’s position as a reliable supplier of low-carbon aluminium to European customers.

In parallel, Hydro experienced continued momentum for its low-carbon and recycled products, with leading brands like CHANEL Fragrances and Beauty, General Motors, and Mercedes-Benz integrating Hydro’s solutions in their product lines.

“We continue to see strong demand for our low-carbon and recycled offerings from some of the world’s leading consumer brands. When brands like CHANEL Fragrances and Beauty and Mercedes-Benz choose Hydro, they place their trust in our quality, reliability, and ability to help them achieve their ambitions. That trust has commercial value and reinforces our confidence in the long-term opportunities for low-carbon and recycled aluminium,” says Kallevik.

Hydro reached an important milestone in the development of its HalZero technology by producing aluminium for the first time, demonstrating the core electrolysis technology beyond laboratory scale. The achievement marks an important step toward Hydro’s long-term ambition of eliminating emissions from electrolysis and anode production. Further testing, piloting and technology development remain before any potential industrial application. Enova awarded NOK 82 million in funding to support the concept development and planning of an industrial concept pilot.

“This is an important milestone and a significant step forward in the development of HalZero. Producing the first metal demonstrates that the electrolysis technology works and paves the way for the continued development of a game changing technology with the potential to enable emission-free aluminium production in the future,” says Kallevik.

During the quarter, Slovalco began the restart of primary aluminium production following the agreement announced in July on long-term framework conditions with the Slovak government. The restart commenced in late August, marking the return of capacity curtailed during the European energy crisis in 2022. The first phase targets an annual production capacity of 75,000 tonnes by the end of February 2027. The restart reflects the importance of competitive power, predictable regulatory frameworks, and effective industrial policy in maintaining and rebuilding Europe’s industrial base.

Results and market development per business area

Adjusted EBITDA for Bauxite & Alumina decreased compared to the third quarter of last year, to NOK 283 million from NOK 1,290 million, mainly driven by lower alumina sales prices, natural gas supply disruptions resulting in higher LNG sourcing costs and unfavourable BRL/USD exchange rate effects.This was partly offset by lower raw material costs and lower fixed costs.

PAX traded up throughout the third quarter 2026 to USD 370 per mt at the end on the quarter, diverging from Chinese alumina prices moving down. Despite lower alumina production at certain refineries in Indonesia because of raw material supply challenges, the World ex-China alumina market was oversupplied in the quarter. China’s alumina market became increasingly oversupplied during the quarter as new refinery capacity came on line.  Chinese alumina prices were close to the marginal cash production cost. Approximately half of China’s alumina production depends on bauxite imported from Guinea. The government of Guinea is considering the possibility of restricting annual bauxite exports volume, but no formal announcement has been made.

Adjusted EBITDA for Energy decreased in the third quarter compared to the same period last year, to NOK 411 million from NOK 828 million. The decrease is mainly due to a loss on price area differences compared to a gain in the same period last year.

Average Nordic power prices increased in the third quarter compared with both the previous quarter and the same quarter last year. The increase was mainly driven by weak hydrological conditions and higher power prices in Continental Europe. Price area differences between the south and north of the Nordic market were above the previous quarter and below the same period last year. The price difference between central Norway and northern Sweden widened significantly compared with both the previous quarter and the same quarter last year.

The Nordic hydrological balance at the end of the quarter was 13 TWh below normal, compared to 15 TWh below normal at the end of last quarter and 1 TWh below normal at the same time last year. Norwegian hydropower reservoirs were around 67.8 percent of full capacity at the end of the quarter, which is below the normal for this time of year of 82.8 percent. The distribution was uneven, with lower than normal levels in the southern and central Norway, and higher than normal levels in the north.

Adjusted EBITDA for Aluminium Metal increased in the third quarter of 2026 compared to the third quarter of 2025, to NOK 7,031 million from NOK 2,732 million, due to higher all-in metal prices, partly offset by lower sales volume, higher energy and carbon cost, and weaker USD to NOK. Global primary aluminium consumption was slightly higher compared to the third quarter of 2025, driven by a 3.0 percent increase in Asia. Primary consumption in the World ex. China is estimated to be down compared to the third quarter of 2025. The Middle East crisis continued to affect the aluminium market and prices during the third quarter. Following indications that the conflict might be nearing an end at the end of the second quarter, tensions increased again in the third quarter, directly contributing to higher aluminium prices. Throughout the quarter the market traded in a range between USD 3,100 per mt and USD 3,300 per mt. Consequently, the three month aluminium price increased slightly throughout the third quarter of 2026, starting the quarter at USD 3,076 per mt and ending at USD 3,170 per mt. 

Adjusted EBITDA for Metal Markets decreased in the third quarter of 2026 compared to the same period last year, to NOK 125 million from NOK 154 million, due to lower results from sourcing and trading activities, partly offset by higher results from recyclers.

Adjusted EBITDA for Extrusions increased in the third quarter of 2026 compared to the same quarter last year, to NOK 1,189 million from NOK 1,107 million, driven by higher recycling margins in combination with increased sales volume, partly offset by higher maintenance cost, higher SG&A cost and negative currency effects mainly from stronger NOK/USD.

CRU estimates that European extrusion demand increased by 1 percent in the third quarter of 2026 compared to the same quarter last year, following weaker market conditions in the first half of the year. Automotive demand remained positive, supported by continued growth in battery electric vehicle production. Non-automotive transportation also turned positive after a weak start to the year, while building and construction remained broadly stable in the quarter.

CRU estimates that North American extrusion demand remained broadly unchanged in the third quarter of 2026 compared to the same quarter last year, following a decline in the first half of the year. Commercial transportation continued to grow, supported by improving truckload rates, with further growth expected going forward. The industrial segment also remained solid, supported in part by continued datacenter investments. Automotive demand remained subdued, reflecting persistent headwinds in electric vehicle production.

Other key financials

Compared to the second quarter of 2026, Hydro’s adjusted EBITDA increased to NOK 9,089 million from NOK 8,923 million, mainly due to higher all-in metal and alumina prices and lower fixed costs in the third quarter of the year. This was partially offset by higher energy costs in Bauxite & Alumina due to gas supply disruptions and seasonally lower Extrusion volumes and margins.

Net income (loss) amounted to NOK 5,263 million in the third quarter of 2026. Net income (loss) included unrealized derivative losses, mainly on LME related contracts of NOK 204 million, environmental cost of NOK 111 million, rationalization charges and closure costs of NOK 81 million, and impairment charges on fixed assets of NOK 70 million. The tax effect on these adjustments reflected a standardized tax rate for taxable gains and tax deductible losses. Adjusted net income (loss) for the first quarter ended at NOK 4,372 million.

Hydro’s net debt decreased from NOK 16.3 billion to NOK 15.4 billion during the third quarter of 2026. The net debt decrease was mainly due to positive EBITDA contributions, partially offset by net operating capital build, investments and negative other operating cash flow.

Adjusted net debt decreased from NOK 22.8 billion to NOK 21.9 billion, mainly driven by the decrease in net debt.

Reported earnings before financial items and tax (EBIT), and net income include effects that are disclosed in the quarterly report. Adjustments to EBITDA, EBIT, and net income (loss) are defined and described as part of the alternative performance measures (APM) section in the quarterly report.

Investor contact: 

Gerd Aalborg Aas

+47 91305534

gerd.aalborg.aas@hydro.com

Valentina Gandolfi

+47 95882355

Valentina.Gandolfi@hydro.com 

Media contact: 

Halvor Molland 

+47 92979797

Halvor.Molland@hydro.com

The information was submitted for publication from Hydro Investor Relations and the contact persons set out above. Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty.  

Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro’s key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Except where required by law, Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Attachments

• Third Quarter Report 2026
• NHY presentation Q3 2026

Hydro’s adjusted EBITDA for the third quarter of 2026 was NOK 9,089 million, up from NOK 5,996 million in the same quarter last year. Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina due to gas supply disruptions, a stronger NOK vs USD, and negative price area differences in Energy.

• Alunorte resumed regular operations following temporary gas supply disruptions 

• Free cash flow of NOK 1.4 billion impacted by higher metal prices and associated working capital requirements and prepayments

• First metal produced at HalZero test facility, marking important milestone for carbon-free technology track

• Commercial momentum continues for Hydro’s low-carbon and recycled aluminium portfolio

• New PPAs secured, further strengthening Hydro’s long-term power position

Hydro delivered strong profitability in the quarter, with adjusted earnings per share increasing from NOK 1.0 in the third quarter of 2025, to NOK 2.3 in the third quarter of 2026. Free cash flow was NOK 1.4 billion, as strong adjusted EBITDA was partly offset by higher net operating capital, primarily driven by increased metal prices and associated working capital requirements and prepayments. While this development reflects the current market environment, improving cash conversion and working capital efficiency remains a clear priority going forward. Consequently, Hydro has updated its year-end capex guiding to around NOK 12.5 billion, down from NOK 13.5 billion, and net working capital guiding to around NOK 32 billion, up from NOK 30 billion. The twelve month adjusted RoaCE ended at 12.5 percent.

“Hydro’s third quarter results reflect strong operational performance amplified by market tailwinds. Record high liquid metal production from our Norwegian smelter system, combined with strong pricing throughout the quarter drove solid earnings and strong profitability. Operational excellence enables us to capture more of the upside when markets are strong and, more importantly, builds resilience when markets turn,” says Eivind Kallevik, President and CEO of Hydro. 

During the third quarter, disruption in natural gas supplies to Alunorte temporarily reduced production at the refinery. Through mitigating actions, including securing alternative LNG supply, Hydro maintained operational continuity and successfully restored alumina production.

Aluminium Metal benefited from higher all-in metal prices and strong operational performance, while Recycling and Extrusions delivered improved earnings supported by strong recycling margins. Hydro’s Norwegian smelters increased liquid metal production to record levels, reinforcing Hydro’s position as a reliable supplier of low-carbon aluminium to European customers.

In parallel, Hydro experienced continued momentum for its low-carbon and recycled products, with leading brands like CHANEL Fragrances and Beauty, General Motors, and Mercedes-Benz integrating Hydro’s solutions in their product lines.

“We continue to see strong demand for our low-carbon and recycled offerings from some of the world’s leading consumer brands. When brands like CHANEL Fragrances and Beauty and Mercedes-Benz choose Hydro, they place their trust in our quality, reliability, and ability to help them achieve their ambitions. That trust has commercial value and reinforces our confidence in the long-term opportunities for low-carbon and recycled aluminium,” says Kallevik.

Hydro reached an important milestone in the development of its HalZero technology by producing aluminium for the first time, demonstrating the core electrolysis technology beyond laboratory scale. The achievement marks an important step toward Hydro’s long-term ambition of eliminating emissions from electrolysis and anode production. Further testing, piloting and technology development remain before any potential industrial application. Enova awarded NOK 82 million in funding to support the concept development and planning of an industrial concept pilot.

“This is an important milestone and a significant step forward in the development of HalZero. Producing the first metal demonstrates that the electrolysis technology works and paves the way for the continued development of a game changing technology with the potential to enable emission-free aluminium production in the future,” says Kallevik.

During the quarter, Slovalco began the restart of primary aluminium production following the agreement announced in July on long-term framework conditions with the Slovak government. The restart commenced in late August, marking the return of capacity curtailed during the European energy crisis in 2022. The first phase targets an annual production capacity of 75,000 tonnes by the end of February 2027. The restart reflects the importance of competitive power, predictable regulatory frameworks, and effective industrial policy in maintaining and rebuilding Europe’s industrial base.

Results and market development per business area

Adjusted EBITDA for Bauxite & Alumina decreased compared to the third quarter of last year, to NOK 283 million from NOK 1,290 million, mainly driven by lower alumina sales prices, natural gas supply disruptions resulting in higher LNG sourcing costs and unfavourable BRL/USD exchange rate effects.This was partly offset by lower raw material costs and lower fixed costs.

PAX traded up throughout the third quarter 2026 to USD 370 per mt at the end on the quarter, diverging from Chinese alumina prices moving down. Despite lower alumina production at certain refineries in Indonesia because of raw material supply challenges, the World ex-China alumina market was oversupplied in the quarter. China’s alumina market became increasingly oversupplied during the quarter as new refinery capacity came on line.  Chinese alumina prices were close to the marginal cash production cost. Approximately half of China’s alumina production depends on bauxite imported from Guinea. The government of Guinea is considering the possibility of restricting annual bauxite exports volume, but no formal announcement has been made.

Adjusted EBITDA for Energy decreased in the third quarter compared to the same period last year, to NOK 411 million from NOK 828 million. The decrease is mainly due to a loss on price area differences compared to a gain in the same period last year.

Average Nordic power prices increased in the third quarter compared with both the previous quarter and the same quarter last year. The increase was mainly driven by weak hydrological conditions and higher power prices in Continental Europe. Price area differences between the south and north of the Nordic market were above the previous quarter and below the same period last year. The price difference between central Norway and northern Sweden widened significantly compared with both the previous quarter and the same quarter last year.

The Nordic hydrological balance at the end of the quarter was 13 TWh below normal, compared to 15 TWh below normal at the end of last quarter and 1 TWh below normal at the same time last year. Norwegian hydropower reservoirs were around 67.8 percent of full capacity at the end of the quarter, which is below the normal for this time of year of 82.8 percent. The distribution was uneven, with lower than normal levels in the southern and central Norway, and higher than normal levels in the north.

Adjusted EBITDA for Aluminium Metal increased in the third quarter of 2026 compared to the third quarter of 2025, to NOK 7,031 million from NOK 2,732 million, due to higher all-in metal prices, partly offset by lower sales volume, higher energy and carbon cost, and weaker USD to NOK. Global primary aluminium consumption was slightly higher compared to the third quarter of 2025, driven by a 3.0 percent increase in Asia. Primary consumption in the World ex. China is estimated to be down compared to the third quarter of 2025. The Middle East crisis continued to affect the aluminium market and prices during the third quarter. Following indications that the conflict might be nearing an end at the end of the second quarter, tensions increased again in the third quarter, directly contributing to higher aluminium prices. Throughout the quarter the market traded in a range between USD 3,100 per mt and USD 3,300 per mt. Consequently, the three month aluminium price increased slightly throughout the third quarter of 2026, starting the quarter at USD 3,076 per mt and ending at USD 3,170 per mt. 

Adjusted EBITDA for Metal Markets decreased in the third quarter of 2026 compared to the same period last year, to NOK 125 million from NOK 154 million, due to lower results from sourcing and trading activities, partly offset by higher results from recyclers.

Adjusted EBITDA for Extrusions increased in the third quarter of 2026 compared to the same quarter last year, to NOK 1,189 million from NOK 1,107 million, driven by higher recycling margins in combination with increased sales volume, partly offset by higher maintenance cost, higher SG&A cost and negative currency effects mainly from stronger NOK/USD.

CRU estimates that European extrusion demand increased by 1 percent in the third quarter of 2026 compared to the same quarter last year, following weaker market conditions in the first half of the year. Automotive demand remained positive, supported by continued growth in battery electric vehicle production. Non-automotive transportation also turned positive after a weak start to the year, while building and construction remained broadly stable in the quarter.

CRU estimates that North American extrusion demand remained broadly unchanged in the third quarter of 2026 compared to the same quarter last year, following a decline in the first half of the year. Commercial transportation continued to grow, supported by improving truckload rates, with further growth expected going forward. The industrial segment also remained solid, supported in part by continued datacenter investments. Automotive demand remained subdued, reflecting persistent headwinds in electric vehicle production.

Other key financials

Compared to the second quarter of 2026, Hydro’s adjusted EBITDA increased to NOK 9,089 million from NOK 8,923 million, mainly due to higher all-in metal and alumina prices and lower fixed costs in the third quarter of the year. This was partially offset by higher energy costs in Bauxite & Alumina due to gas supply disruptions and seasonally lower Extrusion volumes and margins.

Net income (loss) amounted to NOK 5,263 million in the third quarter of 2026. Net income (loss) included unrealized derivative losses, mainly on LME related contracts of NOK 204 million, environmental cost of NOK 111 million, rationalization charges and closure costs of NOK 81 million, and impairment charges on fixed assets of NOK 70 million. The tax effect on these adjustments reflected a standardized tax rate for taxable gains and tax deductible losses. Adjusted net income (loss) for the first quarter ended at NOK 4,372 million.

Hydro’s net debt decreased from NOK 16.3 billion to NOK 15.4 billion during the third quarter of 2026. The net debt decrease was mainly due to positive EBITDA contributions, partially offset by net operating capital build, investments and negative other operating cash flow.

Adjusted net debt decreased from NOK 22.8 billion to NOK 21.9 billion, mainly driven by the decrease in net debt.

Reported earnings before financial items and tax (EBIT), and net income include effects that are disclosed in the quarterly report. Adjustments to EBITDA, EBIT, and net income (loss) are defined and described as part of the alternative performance measures (APM) section in the quarterly report.

Investor contact: 

Gerd Aalborg Aas

+47 91305534

gerd.aalborg.aas@hydro.com

Valentina Gandolfi

+47 95882355

Valentina.Gandolfi@hydro.com 

Media contact: 

Halvor Molland 

+47 92979797

Halvor.Molland@hydro.com

The information was submitted for publication from Hydro Investor Relations and the contact persons set out above. Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty.  

Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro’s key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Except where required by law, Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Attachments

• Third Quarter Report 2026
• NHY presentation Q3 2026

CERTIFICATE MATURITY	261028
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