Sandvika, 26 November 2025 (OSE: NORCO): Norconsult has been contracted by Norsk
Hydro (Hydro) to perform the detail design and technical support for Illvatn
pumped storage hydropower plant. The hydropower plant in Luster, Vestland
County, Norway, includes design of a new 12 km 132 kV overhead line. In
addition, Norconsult will assist Hydro with project execution.

The project enables Hydro, a leading aluminium and renewable energy company in
Norway, to optimize water use in the Fortun hydropower system. The pumped
storage power plant will reduce water loss in the system in the summer months
and provide additional power generation capacity during periods of high demand
during the winter season. Once commissioned, the project will pump water up to
360 meters in height from the Fivlemyrane reservoir to the Illvatn reservoir and
generate net 107 GWh renewable power annually.

"I am proud that Hydro has chosen to continue collaborating with Norconsult on
this significant project. By partnering with Norconsult, Hydro has access to the
best capacity and expertise in pumped storage hydropower in Norway. We look
forward to the execution phase and to contribute to a successful project for
Hydro," says Håkon Bergsodden, EVP Renewable energy at Norconsult.

The four and a half-year construction period began late 2025 and will be
completed first half of 2030.

***

For further information, please contact:

Investors: Christian Salbu Aasland, SVP Investor Relations & Business
Intelligence, IR@norconsult.com

Media: Henrik Charlesen, Senior Communication Advisor,
henrik.charlesen@norconsult.com

About Norconsult

Norconsult is a leading pan-Nordic interdisciplinary consulting firm, combining
engineering, architecture and digital expertise across projects of all sizes,
for private and public customers in infrastructure, energy and industry,
buildings and architecture. Headquartered in Sandvika, Norway, Norconsult's
delivery model is centred around knowledge hubs and local presence through
approximately 7,000 employees across more than 140 offices in Norway, Sweden,
Denmark, Iceland, Poland and Finland.