Kaiser Aluminum Corporation · NASDAQ:KALU

Kaiser Aluminum — Q2 2026 Earnings Presentation

31 slides from Kaiser Aluminum's earnings presentation, Jul 23, 2026

Slide 1: Business Update
{| Business Update April 2026 ; | \ ii KAISER => ALUMINUM , ae
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 Conversion Revenue Net sales less the Hedged Cost of Alloyed Metal. Conversion Revenue ($/lb.) Calculated as Conversion Revenue divided by total shipment pounds. EBITDA or Adjusted EBITDA Consolidated Operating Income before non-ru
Slide 7: Leading North American Specialty Aluminum Mill Products Company
Leading North American Specialty Aluminum Mill Products Company INVESTMENT HIGHLIGHTS – POSITIONED FOR LONG-TERM PROFITABLE GROWTH At A Glance Strong Diversified Portfolio ~$2.0B ~$3.0B Leading Position in Strategic End Markets Market Enterprise Capitalization1 Value1 Long-Term Earnings Growth Poten
Slide 8: Strategic Footprint Of North American Production Facilities
Strategic Footprint Of North American Production Facilities Spokane Valley, WA (Trentwood) Flat Rolled Products Richland, WA London, ON Tube Products Soft Alloy Extrusions Kalamazoo, MI 13 Soft Alloy Extrusions Facilities Columbia, NJ (Imperial) Additive Manufacturing Heath, OH Extrusion Billet and
Slide 9: Consistent, Competitive Strategy
Consistent, Competitive Strategy FOCUS DIFFERENTIATION VALUE CREATION Demanding Applications Product Quality, Service and Operating Leverage and with Barriers to Entry KaiserSelect® Attributes Manufacturing Efficiency © Kaiser Aluminum All Rights Reserved 9
Slide 10: High-Barrier Market Positions Create Defensive Moats
High-Barrier Market Positions Create Defensive Moats Global Flat Rolled Products Market Kaiser Aluminum Focus North American Extrusion Market ~15% ~20% OF TOTAL OF TOTAL FLAT ROLLED EXTRUSION MARKET Truck, Auto Body PRODUCTS MARKET Bus, and Sheet Trailer HEAT-TREAT GENERAL Foil Heat-treat NON-AUTO E
Slide 11: Diversified Revenue Streams Across Four Value-Added End Markets
Diversified Revenue Streams Across Four Value-Added End Markets Aero / HS Packaging General Engineering Automotive Extrusions Conversion Revenue LTM Contribution 31% 38% 23% 8% Secular growth in Sustainability-driven North American Vehicle light weighting global commercial air travel conversion from
Slide 12: Significant Demand Tailwinds Across All End Market Segments
Significant Demand Tailwinds Across All End Market Segments % of LTM Conversion Long-Term Demand Revenue Growth Rate1 Key Drivers Aero / 31% 3-4% ⚫ Growth in commercial aerospace demand, supported by rising passenger traffic High Strength Long-term CAGR ⚫ Strong long-term fundamentals for the aerosp
Slide 13: Focused on Execution to Drive Profitable Growth
Focused on Execution to Drive Profitable Growth PERFORMANCE HIGHLIGHTS CONVERSION REVENUE ($MM) Aero / HS Packaging General engineering Automotive ⚫ Growing trend of conversion revenue from 116 120 122 120 96 314 317 331 335 97 376 selected end Markets from volume and price 311 117 93 503 490 544 57
Slide 14: Summary End Market Outlook and Growth Potential
Summary End Market Outlook and Growth Potential End Market Outlook¹ Planned Investment For Growth Initiatives AEROSPACE / Expansion project at Trentwood to support Aero/HS Long-term post HIGH STRENGTH 3-4% recovery rate recovery and general engineering plate demand; improve quality and efficiencies
Slide 16: Balanced Capital Allocation Priorities
Balanced Capital Allocation Priorities Disciplined Capital Allocation Organic Investment > 1.5x depreciation since 2007 Share Repurchases 14% Inorganic Growth Opportunistic investment for strategic value creation Dividends ~$3.4B Organic 19% Capital Allocation Investment Regular Dividends 2007 – 202
Slide 17: Organic Investment Strategy
Organic Investment Strategy Share Repurchases 14% Organic Investment Organic Investments Since 2007 ~$1.54 Billion, > 1.5x Depreciation Dividends 19% 45% Mix of Sustaining vs. Growth Capital Inorganic Growth 22% CapEx Depreciation $181 $143 $143 Capacity & Capability Capacity $137 & Capability $118
Slide 18: Inorganic Investment Strategy
Inorganic Investment Strategy Share Repurchases 14% Organic Investment Acquisitions Must Have a Clear Strategic Rationale and Pass a Strategic Filter Dividends 19% 45% ✓ Businesses that expand or diversify our product offering ✓ Businesses that we understand Inorganic Growth 22% ✓ Culturally compati
Slide 19: Value Returned to Shareholders
Value Returned to Shareholders Share Repurchases 14% Organic Investment Dividends 45% 19% > $1 Billion Returned To Shareholders Since 20071 Inorganic Growth 22% $629 Million Dividends ($millions except $/share) $474 Million Share Repurchases ($millions) Dividends Per Share Repurchases $51 $52 $50 $5
Slide 20: Growth Investments Nearing Completion Driving Cash Generation
Growth Investments Nearing Completion Driving Cash Generation Adjusted EBITDA Margin Key Updates on Growth Projects Capital Expenditures ($MM) (% of Conversion Revenue) Warrick Long-term target of New Roll Coat Line $181 Mid 20% Long-term target of Adj. EBITDA Margin sustaining capex of ⚫ Actively r
Slide 21: Strong Liquidity Position Provides Financial Flexibility
Strong Liquidity Position Provides Financial Flexibility Net Debt Leverage Liquidity Summary ($MM) 7.0x Cash and Equivalents ST Investments Borrowing Availability¹ $1,032 4.3x 4.1x $696 3.9x $670 3.4x $615 $599 $596 $572 $573 2.8x 0.7x 0.5x 2019 2020 2021 2022 2023 2024 2025 LTM 2019 2020 2021 2022
Slide 24: Aero / HS Applications
Aero / HS Applications 6 PLATE HARD ALLOY EXTRUDED SHAPES 8 HARD ALLOY EXTRUSIONS SHEET 1 Wing Ribs 5 Wing Stringers 36 Actuator Components 4 Leading Edge Skins 2 Wing Spars 9 Floor Beams 41 Hydraulic Manifolds 11 Fuselage Stringers 3 Leading Edge Ribs 10 Seat Tracks 12 Fuselage Frames 6 Winglet Att
Slide 25: General Engineering Applications & Performance Attributes
General Engineering Applications & Performance Attributes Applications Performance Attributes Tooling Plate Machinability Semi-conductor Vacuum Chambers Mechanical Properties Armored Vehicles Ballistics Properties Parts from KaiserSelect® Structural Strength Precision Rod Air Cylinder Tubes Parts fr
Slide 26: Automotive Extrusions Product Offerings
Automotive Extrusions Product Offerings Recommended Aluminum Grade Roof Rail Front Header Shock Tower B-Pillar Rear Reinforcement ABS Block Door Rear Roof Bows Rear Header Frame Rail Support Pillar High Strength, Side Panel Roof X-members Bed Bottom Cross Member Cross Member Tailgate Inner Support H
Slide 27: Sales Analysis by Application
Sales Analysis by Application 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Shipments (lbs, mm) Aero/HS 155.0 158.0 144.8 158.9 192.0 223.9 224.3 236.9 243.5 243.2 233.0 248.8 273.6 173.3 161.6 186.5 254.3 245.2 204.8 210.0 Packaging - - - - - - -
Slide 28: Reconciliation of Net Sales to Conversion Revenue
Reconciliation of Net Sales to Conversion Revenue 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Net sales ($mm) Aero/HS $603.5 $643.6 $485.8 $467.3 $596.3 $695.1 $677.0 $686.3 $695.5 $675.4 $653.7 $739.4 $803.2 $537.9 $533.7 $676.1 $899.3 $883.0 $
Slide 29: Reconciliation of Reported Net Income to EBITDA
Reconciliation of Reported Net Income to EBITDA (in $ millions) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Consolidated - Reported Net (Loss) Income $101.0 ($68.5) $70.5 $12.0 $25.1 $85.8 $104.8 $71.8 ($236.6) $91.7 $45.4 $91.7 $62.0 $28.8 ($18
Slide 30: Reconciliation of Reported Net Debt Leverage
Reconciliation of Reported Net Debt Leverage 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Cash & Short-Term Investments $69 $- $30 $136 $50 $358 $299 $292 $103 $286 $235 $162 $343 $780 $303 $57 $82 $18 $7 $30 Total Debt $- $36 $- $175 $175 $400 $

Kaiser Aluminum — Q2 2026 Earnings Presentation on 6ix

Kaiser Aluminum — Q2 2026 Earnings Presentation

Slide 1: Business Update

Slide 2: Forward Looking Statements

Slide 3: Non-Run-Rate Items

Slide 4: Non-GAAP Financial Measures

Slide 5: Commonly Used or Defined Terms and Measures

Slide 6: II. Company Overview

Slide 7: Leading North American Specialty Aluminum Mill Products Company

Slide 8: Strategic Footprint Of North American Production Facilities

Slide 9: Consistent, Competitive Strategy

Slide 10: High-Barrier Market Positions Create Defensive Moats

Slide 11: Diversified Revenue Streams Across Four Value-Added End Markets

Slide 12: Significant Demand Tailwinds Across All End Market Segments

Slide 13: Focused on Execution to Drive Profitable Growth

Slide 14: Summary End Market Outlook and Growth Potential

Slide 15: IV. Financial Overview

Slide 16: Balanced Capital Allocation Priorities

Slide 17: Organic Investment Strategy

Slide 18: Inorganic Investment Strategy

Slide 19: Value Returned to Shareholders

Slide 20: Growth Investments Nearing Completion Driving Cash Generation

Slide 21: Strong Liquidity Position Provides Financial Flexibility

Slide 22: Thank You

Slide 23: V. Appendix

Slide 24: Aero / HS Applications

Slide 25: General Engineering Applications & Performance Attributes

Slide 26: Automotive Extrusions Product Offerings

Slide 27: Sales Analysis by Application

Slide 28: Reconciliation of Net Sales to Conversion Revenue

Slide 29: Reconciliation of Reported Net Income to EBITDA

Slide 30: Reconciliation of Reported Net Debt Leverage

Slide 31: Thank You