Novelis — Q3 FY2026 Earnings Presentation
33 slides from Novelis's earnings presentation, Feb 11, 2026
Slide 1: Hindalco cover letter to exchanges: Novelis Q3FY26 results
February 11, 2026 BSE Limited National Stock Exchange of India Limited Luxembourg Stock Exchange Scrip Code: 500440 Scrip Code: HINDALCO Scrip Code: US4330641022 Sub: Q3FY26 Financial Results of Novelis Inc. a wholly owned subsidiary of Hindalco Industries Limited [“Company”]. Ref: a. Regulation 30
Slide 2: News Release: Novelis Reports Third Quarter Fiscal Year 2026 Results
News Release Novelis Reports Third Quarter Fiscal Year 2026 Results Q3 Fiscal Year 2026 Highlights • Net loss attributable to our common shareholder of $160 million, compared to a net income of $110 million in the prior year, significantly impacted by Oswego, US, plant fires in September and Novembe
Slide 3: Free cash flow, leverage and Oswego fire update
Adjusted free cash flow was an outflow of $1,641 million in the first nine months of fiscal year 2026, compared to the prior year period outflow of $915 million, impacted by an estimated negative $485 million related to the Oswego fires. The decrease in free cash flow was also partially due to a 34%
Slide 4: Non-GAAP measures and Forward-Looking Statements
can be found at novelis.com/investors. In addition, the Form 8-K includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures. Attached to this news release are tables showing the condensed consolidated s
Slide 5: Media and Investor Contacts
ended March 31, 2025 and as the same may be updated from time to time in our quarterly reports on Form 10-Q, or in other reports which we from time to time file with the SEC. Media Contact: Investor Contact: Julie Groover Megan Cochard +1 404 316 7525 +1 404 760 4170 julie.groover@novelis.adityabirl
Slide 6: Condensed Consolidated Statements of Operations
Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Nine Months Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Net sales $ 4,186 $ 4,080 $ 13,647 $ 12,562 Cost of goods sold (exclusive of depreciation and amortization) 3,513 3,516 11,617 10,
Slide 7: Condensed Consolidated Balance Sheets
Novelis Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, March 31, (in millions, except number of shares) 2025 2025 ASSETS Current assets: Cash and cash equivalents $ 825 $ 1,036 Accounts receivable, net — third parties (net of allowance for uncollectible accounts of $7 as of Dece
Slide 8: Condensed Consolidated Statements of Cash Flows
Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended December 31, (in millions) 2025 2024 OPERATING ACTIVITIES Net (loss) income $ 100 $ 389 Adjustments to determine net cash provided by operating activities: Depreciation and amortization 455 423 Loss (gain) on
Slide 9: Reconciliation of Adjusted EBITDA to Net Income
Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder (unaudited) The following table reconciles Adjusted EBITDA, a non-GAAP financial measure, to net income attributable to our common shareholder. Three Months Ended Nine Months Ended December 31, December 31, Year E
Slide 10: Adjusted EBITDA per Tonne and Adjusted Free Cash Flow
The following table presents the calculation of Adjusted EBITDA per tonne. Three Months Ended December 31, 2025 2024 Adjusted EBITDA (in millions) (numerator) $ 348 $ 367 Rolled product shipments (in kt) (denominator) 809 904 Adjusted EBITDA per tonne $ 430 $ 406 Adjusted Free Cash Flow (unaudited)
Slide 11: Net Income Excluding Special Items Reconciliation
Reconciliation of Net Income Attributable to our Common Shareholder, Excluding Special Items to Net Income Attributable to our Common Shareholder (unaudited) The following table presents net income attributable to our common shareholder excluding special items, a non- GAAP financial measure. We adju
Slide 12: Segment Information
Segment Information (unaudited) The following tables present selected segment financial information (in millions, except shipments which are in kilotonnes). Selected Operating Results North South Eliminations Three Months Ended December 31, 2025 America Europe Asia America and Other Total Adjusted E
Slide 13: Novelis Q3 Fiscal Year 2026 Earnings Presentation
Novelis Q3 Fiscal Year 2026 Earnings Presentation February 11, 2026 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer
Slide 14: Safe Harbor Statement
Safe Harbor Statement Forward-looking statements Statements made in this presentation which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or incl
Slide 15: Q3FY26 Highlights
Q3FY26 Highlights • Intensely focused on safely restoring the Oswego hot mill to return system to full capacity • Underlying business is performing well - Q3FY26 Adj EBITDA/tonne grew 6% YoY to $430 - Q3 Adj. EBITDA down 5% YoY; up significantly excluding negative impact from Oswego fires & tariffs
Slide 16: Production Disruption at Oswego, NY, U.S.
Production Disruption at Oswego, NY, U.S. • Our Oswego, NY, plant in the U.S. experienced two Estimated Impact & Outlook separate, significant fires, one on September 16 • Estimated timeline to restart Oswego hot mill late Q2 and the other on November 20, 2025 calendar 2026 • All employees were safe
Slide 17: Financial Highlights
Financial Highlights 5
Slide 18: Q3 Financial Highlights
Q3 Financial Highlights Q3FY26 vs Q3FY25 • Net Sales up 3% YoY to $4.2 billion • Total FRP shipments down 11% to 809kt – Estimated 72kt lower than expected shipments due to Oswego fires • Adjusted EBITDA down 5% YoY to $348 million – Impacted by estimated negative $54 million from Oswego fires and $
Slide 19: Q3 Adjusted EBITDA Bridge vs. prior year
Q3 Adjusted EBITDA Bridge vs. prior year $ millions 367 18 91 (24) 348 8 (112) Q3FY25 Volume Price/Mix Operating Cost SG&A FX & Other Q3FY26 Q3FY26 Adj. EBITDA impacted by an estimated negative $54 million impact from Oswego fires and $34 million from tariffs 7 Novelis Q3FY26 Earnings
Slide 20: Q3 Segment Results
Q3 Segment Results Adjusted EBITDA Total FRP Shipments ($ millions) (kts) $250 400 Q3 Shipments -21%, Adjusted EBITDA -23% 350 $200 300 • Lower shipments across end markets (beverage packaging, automotive, $150 250 specialties) mainly due to September and November fires at Oswego North America $122
Slide 21: Q3 Segment Results
Q3 Segment Results Adjusted EBITDA Total FRP Shipments ($ millions) (kts) $125 200 Q3 Shipments +2%, Adjusted EBITDA -36% $100 $75 $75 150 • Higher total beverage packaging and aerospace shipments, Asia partially offset by lower automotive shipments $48 100 $50 • Lower metal benefit due to higher sc
Slide 22: Adj Free Cash Flow and Net Leverage
Adj Free Cash Flow and Net Leverage $ millions Adjusted free cash flow Net leverage ratio (Adj. Net debt/TTM Adj. EBITDA) YTD YTD 5.0 Fiscal year end Recent quarter trend FY26 FY25 Adjusted EBITDA 1,186 1,329 4.0 3.7 3.4 Interest paid (136) (185) 3.2 2.9 2.9 2.9 Taxes paid (134) (199) 3.0 2.3 2.4 2.
Slide 23: Structural cost-reduction initiative
Structural cost-reduction initiative • With cost optimization efforts matured, now anticipate exiting Targeted savings FY26 at an upwardly revised run-rate savings over $150 million ($ millions) (vs $125+ million last estimate and $75+ million initial estimate) – Streamlining SG&A 350 ~300 – Operati
Slide 24: Strategic Updates & Outlook
Strategic Updates & Outlook
Slide 25: End Market Trends
End Market Trends ` Long-term growth rates & trends (1) Near-term market demand trends BEVERAGE • FY2026-2031 CAGR ~4% (excluding China) PACKAGING • Global beverage packaging demand remains strong across • Sustainability preferences driving package mix shift (60% of FY25 Shipments) regions favoring
Slide 26: Bay Minette Project Update
Bay Minette Project Update • Construction progressing at greenfield rolling & recycling facility in Bay Minette, Alabama, in the US • 600kt total finished goods capacity upon completion – 420kt targeted to beverage packaging, with capacity contracted – 180kt capacity targeted primarily for automotiv
Slide 27: Summary
Summary • Underlying market fundamentals remain positive – Strong growth expected to continue in beverage packaging – Favorable trends in scrap market • Controllable actions yielding improved Adjusted EBITDA per tonne – Cost efficiency program yielding positive results with raised outlook for FY26 s
Slide 28: Thank You
Thank You www.novelis.com finx @ Novelis
Slide 29: Appendix
Appendix
Slide 30: Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder
Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder Q1 Q2 Q3 (in $ millions) Q1 Q2 Q3 Q4 FY25 FY26 FY26 FY26 Net income attributable to our common shareholder 151 128 110 294 683 96 163 (160) Noncontrolling interests (1) 1 - - - - - 1 Income tax provision 60 51 39
Slide 31: Cash provided by operating activities reconciliation to Adjusted free cash flow
Cash provided by operating activities reconciliation to Adjusted free cash flow Q1 Q2 Q3 (in $ m) Q1 Q2 Q3 Q4 FY25 FY26 FY26 FY26 Net cash provided by operating activities (1) 74 300 (111) 688 951 105 306 (501) Net cash used in investing activities (1) (354) (365) (459) (512) (1,690) (400) (510) (64
Slide 32: Adjusted Net debt and Liquidity
Adjusted Net debt and Liquidity Q1 Q2 Q3 (in $ m) Q1 Q2 Q3 Q4 FY25 FY26 FY26 FY26 Long-term debt, net of current portion 4,859 4,889 4,997 5,773 5,773 6,230 6,324 6,317 Current portion of long-term debt 33 30 29 32 32 33 35 52 Short-term borrowings 623 868 1,019 348 348 320 527 592 Unamortized carry
Slide 33: Reconciliation of Net income excluding special items
Reconciliation of Net income attributable to our common shareholder, excluding special items Q1 Q2 Q3 (in $ m) Q1 Q2 Q3 Q4 FY25 FY26 FY26 FY26 Net income attributable to our common shareholder $151 $128 $110 $294 $683 $96 $163 $(160) Special Items: Loss on extinguishment of debt, net - - - 7 7 - 3 -