NHYKF - Norsk Hydro ASA (NHYDY) Q1 2024 Earnings Call Transcript
2024-04-24 14:13:09 ET
Norsk Hydro ASA (NHYDY)
Q1 2024 Results Conference Call
April 24, 2024 02:30 AM ET
Company Participants
Martine Rambol Hagen - Head of Investor Relations
Hilde Merete Aasheim - President and CEO
Trond Olaf Christophersen - Acting CFO
Presentation
Martine Rambol Hagen
Good morning, and welcome to Hydro's First Quarter 2024 Presentation and Q&A. We will start off with our President and CEO, Hilde Merete Aasheim, taking you through our presentation before our acting CFO, Trond Olaf Christophersen, will take you through the financial update. Then we will finish off with the Q&A session. [Operator Instructions]. But before that, we have a presentation, and I leave the microphone over to you, Hilde.
Hilde Merete Aasheim
Thank you, Martine, and good morning, and welcome from me as well. I will talk about the highlights for the quarter, but also reflect on where we are in terms of executing on our long-term strategic direction of pioneering the green aluminum transition. But as always, let me begin with what is the most important in Hydro, the health, safety and wellbeing of our employees. A safe working environment is a cornerstone for the way we operate.
In the past years, we have had a consistent improvement in our safety performance. With the exception of last year, where we had 2 fatal incidents involving contractors working on our sites. We have a particular focus on high-risk incidents, incidents with fatality potential in areas such as traffic, molten metal and working in heights. I'm happy to report that also in this area, we have seen a positive development over the past years. Still, our target is 0 incidents. And that is why this topic has to be our highest priority at all times.
Now let's move to the key highlights for the quarter. For the first quarter, we reported an EBITDA of NOK 5.4 billion. The financial results for the quarter reflect a continued weak aluminum market as well as squeezed recycling margins. However, some positive indicators have emerged during the quarter, and revenue drivers are trending upwards. More on that later. In this quarter, we have increased our capacity to use more post-consumer scrap as well as securing access to more scrap. On the energy side, I'm happy to report that Hydro Rein together with partners have completed construction and commenced commercial operations at the solar parks, Mendubim and Boa Sorte in Brazil, providing Hydro Alunorte as well as Albras with affordable renewable power supporting our decarbonization agenda....
Norsk Hydro ASA (NHYDY) Q1 2024 Earnings Call Transcript