Valuation Result

Final Brand Value

Hydro — Mining, Iron & Steel

Valuation date: 10/30/2026

Total Brand Value

NOK 3.9B

This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.

Brand Strength

66/100

Royalty Rate

0.2%

Discount Rate

10.0%

Benchmark recommendation not unlocked for this result

Sensitivity snapshot

Quick decision check for discount rate, royalty rate and long-term growth.

Variable

Lower input

Current

Higher input

WACC (Discount Rate)

10.0%

-1.0%

NOK 4.4B

10.0%

NOK 3.9B

+1.0%

NOK 3.5B

Royalty Rate

0.2%

-0.5%

N/A

0.2%

NOK 3.9B

+0.5%

NOK 13.8B

Terminal Growth

1.0%

-0.5%

NOK 3.8B

1.0%

NOK 3.9B

+0.5%

NOK 4.1B

Brand Strength changes can also be explored to show their potential effect on brand value. Contact info@brandvaluator.se if you want to explore this for strategy, planning and budgeting.

Revenue Base

NOK 208.0B

Legal Protection

76/100

Long-term Growth

1.0%

Recommendation basis

Brand-strength range • Pro

This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.

This valuation uses benchmark support informed by external market references and curated internal calibration.

Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.

Forecast profile

5 years explicit forecast

High growth: 2.0%

Base growth: 1.5%

Long-term growth: 1.0%

Value build

Value for planning period: NOK 1.3B

Terminal value: NOK 2.6B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	NOK 212,130,420,000	NOK 420,018,232	NOK 327,614,221	NOK 312,367,903
Y2	NOK 216,373,028,400	NOK 428,418,596	NOK 334,166,505	NOK 289,650,237
Y3	NOK 220,700,488,968	NOK 436,986,968	NOK 340,849,835	NOK 268,584,766
Y4	NOK 224,010,996,303	NOK 443,541,773	NOK 345,962,583	NOK 247,830,488
Y5	NOK 227,371,161,247	NOK 450,194,899	NOK 351,152,021	NOK 228,679,951
Explicit PV (Y1–Y5)				NOK 1,347,113,345
Terminal Value (undiscounted)				NOK 3,940,706,018
Terminal PV (discounted)				NOK 2,566,297,223
Total Brand Value				NOK 3,913,410,568

Supporting context

This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.

Reference case

Hydro

Prepared reference case

Indicative value of the Hydro corporate and master name across aluminium, extrusions and energy. WICONA, Technal and Domal, smelters, mines, power contracts, technology and enterprise value are excluded.

Extrusions earned only NOK 329m adjusted EBIT in 2025 and a loss after restructuring, so a segment-only base would fail a 25% capacity test; the group-wide low-ceiling scenario is used instead. Metal Markets revenue is largely trading turnover. The 0.30% name-only ceiling and 0.198% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of NOK 411.8m is about 2.2% of NOK 18.663bn FY2025 group adjusted EBIT. Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.

Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.

Key inputs

Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice

Revenue base

NOK 207.971bn FY2025 group revenueinferred

Planning growth

2.00% for 3 years, then 1.50%estimated

Long-term growth

1.00%estimated

Royalty rate selected

0.20%estimated

Discount rate

10.00%estimated

Brand Strength

66/100 (B-)estimated

Legal analysis

76/100estimated

Company disclosures

These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.

Norsk Hydro Fourth quarter report 2025 - key figures and Note 2 operating segment information

Legal Protection

trademark Status85

scope Of Rights80

risk Profile72

litigation72

contractual Rights76

goodwill Evidence78

regulatory Compliance72

Brand Strength

marketing Investment60

quality78

availability78

distinctive Brand Codes68

mental Availability70

consideration70

trust70

choice Share68

penetration65

price Elasticity50

revenue Premium55

margin Premium55

stability62