Kaiser Aluminum Corporation · NASDAQ:KALU
Kaiser Aluminum — Q1 2026 Earnings Presentation
25 slides from Kaiser Aluminum's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 Earnings Conference Call April 23, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements The information contained in this presentation includes statements based on management’s current expectations, estimates and projections that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements
Slide 3: Non-Run-Rate Items
Non-Run-Rate Items Non-run-rate items to us are items that, while they may recur from period to period, (1) are particularly material to results, (2) impact costs as a result of external market factors and (3) may not recur in future periods if the same level of underlying performance were to occur.
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures This information contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculate
Slide 5: Commonly Used or Defined Terms and Measures
Commonly Used or Defined Terms and Measures Term/Measure Description Adjusted EPS Reported net income per diluted share excluding non-run-rate items. Adjusted Net Income Reported net income excluding non-run-rate items. Conversion Revenue Net sales less the Hedged Cost of Alloyed Metal. Conversion R
Slide 6: 1Q 2026 Highlights
1Q 2026 Highlights Keith A. Harvey Chairman, President & Chief Executive Officer
Slide 7: 1Q 2026 Highlights
1Q 2026 Highlights Financial Performance • Record results on key metrics: Conversion Revenue, EBITDA, EBITDA margin and Net Income • EBITDA of $129 million, 31.8% margin driven by: aerospace demand recovery, rising prices, favorable metal (including metal lag and scrap spreads) and coated packaging
Slide 8: 1Q 2026 Financial Recap
1Q 2026 Financial Recap Neal E. West Executive Vice President & Chief Financial Officer
Slide 9: End Market Summary
End Market Summary SHIPMENTS (LBS MM) KEY HIGHLIGHTS • Aero/HS reflects improving OEM production rates; destocking ending soon, with certain products already complete; Defense applications very strong • Packaging mix shift on track for 2026 expectations; consistency on quality and delivery are main
Slide 10: Consolidated Financial Highlights
Consolidated Financial Highlights Quarterly Full Year (in $millions except Shipments & EPS) 1Q26 4Q25 3Q25 2Q25 1Q25 LTM 2025 Shipments (in millions of lbs.) 294 274 270 288 276 1,127 1,108 Net Sales $ 1,107 $ 929 $ 844 $ 823 $ 777 $ 3,702 $ 3,373 Conversion Revenue $ 404 $ 365 $ 351 $ 374 $ 363 $ 1
Slide 11: EBITDA & EBITDA Margin Summary
EBITDA & EBITDA Margin Summary KEY HIGHLIGHTS • Record 1Q results driven primarily by: • Increased shipment volumes and pricing • Favorable metal tailwinds including widened scrap spreads • Capital investment driving enhanced results: • Mix shift in packaging • Increased capacity at Trentwood • EBIT
Slide 12: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow NET DEBT LEVERAGE ($MM) FREE CASH FLOW ($MM) LIQUIDITY ($MM) HIGHLIGHTS • Working capital control and moderating CAPEX led to $69M of Free Cash Flow • 1Q26 Interest Expense of $14.4M, projected at ~$56 to $58M • Cash Taxes of $1.0M in 1Q26, projected between $10 to $13M • C
Slide 13: 2026 Outlook Update
2026 Outlook Update Keith A. Harvey Chairman, President & Chief Executive Officer 13
Slide 14: 2026 Outlook by End Market
2026 Outlook by End Market AERO/HS PACKAGING CONVERSION REVENUE 2026 OUTLOOK CONVERSION REVENUE 2026 OUTLOOK Conversion Conversion Shipments Revenue Shipments Revenue Current Current 15% — 20% 10% — 15% 10% — 15% 20% — 25% Previous Previous 10% — 15% 5% — 10% 5% — 10% 15% — 20% GENERAL ENGINEERING A
Slide 15: FY 2026 Summary Outlook
FY 2026 Summary Outlook Advancing Strategy, Expanding Margins & Accelerating Cash Flow • 2026 EBITDA expected to increase 20% — 30% year-over-year • 2026 Conversion Revenue to improve 10% — 15% year-over-year • Key assumptions • Strengthening demand, firmer pricing and higher-value packaging product
Slide 16: Appendix
Appendix
Slide 17: Sales Analysis by Application - Quarterly
Sales Analysis by Application - Quarterly 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Shipments (lbs, mm) Aero/HS 63.9 64.2 68.0 62.9 62.2 59.5 60.6 56.3 59.9 41.8 46.8 61.5 Packaging 163.3 154.4 141.0 142.4 145.9 150.9 153.5 130.2 141.1 144.1 145.1 146.6 General Engineering¹ 56.3 53
Slide 18: Sales Analysis by Application - Annual
Sales Analysis by Application - Annual 2020 2021 2022 2023 2024 2025 LTM Shipments (lbs, mm) Aero/HS 173.3 161.6 186.5 254.3 245.2 204.8 210.0 Packaging - 541.7 655.3 612.4 592.7 560.5 576.9 General Engineering¹ 235.6 298.2 303.9 215.6 228.7 247.5 246.5 Automotive Extrusions 84.1 94.0 96.5 104.5 101
Slide 19: Reconciliation of Net Sales to Conversion Revenue – Quarterly
Reconciliation of Net Sales to Conversion Revenue – Quarterly 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Net Sales ($mm) Aero/HS $ 225.1 $ 223.3 $ 236.9 $ 220.5 $ 226.1 $ 213.1 $ 223.3 $ 214.7 $ 227.9 $ 182.2 $ 213.0 $ 286.8 Packaging 354.7 312.2 294.1 298.1 312.4 319.5 330.9 314.2
Slide 20: Reconciliation of Net Sales to Conversion Revenue – Annual
Reconciliation of Net Sales to Conversion Revenue – Annual 2020 2021 2022 2023 2024 2025 LTM Net Sales ($mm) Aero/HS $ 537.9 $ 533.7 $ 676.1 $ 899.3 $ 883.0 $ 837.8 $ 909.9 Packaging - 1,119.3 1,585.3 1,315.2 1,260.9 1,489.6 1,673.8 General Engineering¹ 458.8 706.1 883.8 596.5 618.1 759.2 817.9 Auto
Slide 21: Adjusted Net Income and EPS - Quarterly
Adjusted Net Income and EPS - Quarterly (in $ millions except EPS) 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Reported Net Income (Loss) $ 21.8 $ (3.1) $ 8.4 $ 18.2 $ 18.9 $ 8.8 $ 19.8 $ 21.6 $ 23.2 $ 39.5 $ 28.2 $ 62.5 Operating NRR Items 1.4 1.3 1.2 0.9 9.0 4.0 (1.5) 2.0 0.1 0.5 (
Slide 22: Adjusted Net Income and EPS - Annual
Adjusted Net Income and EPS - Annual (in $ millions except EPS) 2020 2021 2022 2023 2024 2025 LTM Reported Net Income (Loss) $ 28.8 $ (18.5) $ (29.6) $ 67.8 $ 65.7 $ 112.5 $ 153.4 Operating NRR Items 18.1 28.9 31.0 5.2 12.4 (1.1) (2.8) Non-Operating NRR Items 4.7 38.1 (4.6) (8.9) (19.6) (14.3) (14.7
Slide 23: Reconciliation of Reported Net Income to Adjusted EBITDA – Quarterly
Reconciliation of Reported Net Income to Adjusted EBITDA – Quarterly (in $ millions) 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Consolidated - Reported Net Income (Loss) $ 21.8 $ (3.1) $ 8.4 $ 18.2 $ 18.9 $ 8.8 $ 19.8 $ 21.6 $ 23.2 $ 39.5 $ 28.2 $ 62.5 Interest Expense 12.1 11.4 11.
Slide 24: Reconciliation of Reported Net Income to Adjusted EBITDA – Annual
Reconciliation of Reported Net Income to Adjusted EBITDA – Annual (in $ millions) 2020 2021 2022 2023 2024 2025 LTM Consolidated - Reported Net Income (Loss) $ 28.8 $ (18.5) $ (29.6) $ 67.8 $ 65.7 $ 112.5 $ 153.4 Interest Expense 40.9 49.5 48.3 46.9 43.7 50.1 53.3 Other Expense (Income) 1.4 38.9 (6.
Slide 25: Kaiseraluminum.com
Kaiseraluminum.com