Kaiser Aluminum Corporation · NASDAQ:KALU
Kaiser Aluminum — Q2 2025 Earnings Presentation
27 slides from Kaiser Aluminum's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
Second Quarter 2025 Earnings Conference Call July 24, 2025 © Kaiser Aluminum All Rights Reserved
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. Annualized Quarterly Average Calculated as the four-quarter average for prior ye
Slide 6: 2Q 2025 Highlights
2Q 2025 Highlights Keith A. Harvey Chairman, President & Chief Executive Officer © Kaiser Aluminum All Rights Reserved 6
Slide 7: 2Q 2025 Highlights
2Q 2025 Highlights Financial Results Exceeded Expectations • 2Q EBITDA was $68 million, an EBITDA margin of 18.1% • Strong pricing and improved product mix, coupled with a metal tailwind • Making progress toward margin targets of mid-to-high 20% Raising Full Year EBITDA Expectations • 2025 EBITDA to
Slide 8: 2Q 2025 Financial Recap
2Q 2025 Financial Recap Neal E. West Executive Vice President & Chief Financial Officer © Kaiser Aluminum All Rights Reserved 8
Slide 9: End Market Summary
End Market Summary Shipments Conversion Revenue Up Year-Over-Year 3 297 2 4 5 288 • Aero/HS reflects commercial aircraft OEM aluminum supply chain destocking period (4%) (3%) +5% (15%) • Packaging shipments reflect continued qualifications 2Q24 Aero/HS Packaging General Automotive 2Q25 Engineering a
Slide 10: Consolidated Financial Highlights
Consolidated Financial Highlights Quarterly Six Months Full Year (in $millions except Shipments & EPS) 2Q25 1Q25 4Q24 3Q24 2Q24 1H25 1H24 LTM 2024 Shipments (in millions of lbs.) 288 276 292 292 297 564 588 1,148 1,172 Net Sales $823 $777 $765 $748 $773 $1,601 $1,511 $3,114 $3,024 Conversion Revenue
Slide 11: EBITDA & EBITDA Margin Summary
EBITDA & EBITDA Margin Summary EBITDA and EBITDA Margin 1H 2025 YoY EBITDA Margin Improvement $millions EBITDA Margin • 2Q25 EBITDA benefitted from positive sales momentum and increased price and mix $74 $73 $67 $68 • Includes approximately $17 million higher operating $54 costs associated with new
Slide 12: 2025 Outlook Update
2025 Outlook Update Keith A. Harvey Chairman, President & Chief Executive Officer © Kaiser Aluminum All Rights Reserved 12
Slide 13: 2025 Outlook – Aero/HS
2025 Outlook – Aero/HS Aero/HS Conversion Revenue Aero/HS 2025 Outlook • No Change: Aero/HS shipments and Conversion $millions Shipments in millions lbs. Revenue expected to decline 5% to 7% year-over-year $533 $530 $511 $507 • Supply chain stresses easing; aluminum inventories right sizing but stil
Slide 14: 2025 Outlook – Packaging
2025 Outlook – Packaging Packaging Conversion Revenue Packaging 2025 Outlook • Revised: Packaging shipments to decrease 3% to $millions Shipments in millions lbs. 5% and Conversion Revenue to increase by 15% to 20% year-over-year $555 $503 $510 $490 • Driven by commissioning delays of new coating li
Slide 15: 2025 Outlook – General Engineering
2025 Outlook – General Engineering General Engineering & Other Applications1 Conversion Revenue General Engineering 2025 Outlook • No Change: GE shipments and Conversion Revenue $millions Shipments in millions lbs. to increase 5% to 10% year-over-year $376 $317 $321 • Strength in shipments and favor
Slide 16: 2025 Outlook – Automotive Extrusions
2025 Outlook – Automotive Extrusions Automotive Extrusions Conversion Revenue Automotive Extrusions 2025 Outlook • No Change: Automotive Conversion Revenue to $millions Shipments in millions lbs. increase 3% to 5% year-over-year on 5% to 7% lower shipments $116 $120 $119 • Build rates impacting ship
Slide 17: FY 2025 Summary Outlook
FY 2025 Summary Outlook Kaiser remains well-positioned to deliver enhanced growth following the largest investment cycle in Company history • FY 2025 Conversion Revenue expected to increase 5% to 10% year-over-year • FY 2025 EBITDA expected to increase 10% to 15% year-over-year; raising full year ex
Slide 18: Appendix
Appendix © Kaiser Aluminum All Rights Reserved 18
Slide 19: Sales Analysis by Application - Quarterly
Sales Analysis by Application - Quarterly 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Shipments (lbs, mm) Aero/HS 42.1 42.6 45.5 48.3 38.0 54.7 58.2 63.9 64.2 68.0 62.9 62.2 59.5 60.6 56.3 59.9 Packaging 173.6 182.2 174.7 179.8 147.5 153.3 153.7 163.3 154.4 141.0
Slide 20: Sales Analysis by Application - Annual
Sales Analysis by Application - Annual 2019 2020 2021 2022 2023 2024 LTM Shipments (lbs, mm) Aero/HS 273.6 173.3 161.6 186.5 254.3 245.2 236.3 Packaging - - 541.7 655.3 612.4 592.7 575.7 General Engineering¹ 236.3 235.6 298.2 303.9 215.6 228.7 241.7 Automotive Extrusions 94.3 84.1 94.0 96.5 104.5 10
Slide 21: Reconciliation of Net Sales to Conversion Revenue - Quarterly
Reconciliation of Net Sales to Conversion Revenue - Quarterly 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Sales ($mm) Aero/HS $ 142.0 $ 146.1 $ 176.6 $ 175.4 $ 140.8 $ 183.3 $ 214.0 $ 225.1 $ 223.3 $ 236.9 $ 220.5 $ 226.1 $ 213.1 $ 223.3 $ 214.7 $ 227.9 Packag
Slide 22: Reconciliation of Net Sales to Conversion Revenue - Annual
Reconciliation of Net Sales to Conversion Revenue - Annual 2019 2020 2021 2022 2023 2024 LTM Net Sales ($mm) Aero/HS $ 803.2 $ 537.9 $ 533.7 $ 676.1 $ 899.3 $ 883.0 $ 879.0 Packaging - - 1,119.3 1,585.3 1,315.2 1,260.9 1,305.5 General Engineering¹ 480.1 458.8 706.1 883.8 596.5 618.1 674.5 Automotive
Slide 23: Adjusted Net Income and EPS – Quarterly
Adjusted Net Income and EPS – Quarterly (in $ millions except EPS) GOVERNANCE 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q231 2Q231 3Q231 4Q231 1Q241 2Q241 3Q241 4Q241 1Q25 2Q25 Reported Net Income (Loss) $ (2.3) $ 1.7 $ 8.1 $ (13.8) $ 2.5 $ (26.4) $ 40.7 $ 21.8 $ (3.1) $ 8.4 $ 18.2 $ 18.9 $ 8.8 $ 19.8 $ 21.6 $
Slide 24: Adjusted Net Income and EPS – Annual
Adjusted Net Income and EPS – Annual GOVERNANCE (in $ millions except EPS) 2019 2020 2021 2022 20231 20241 LTM Reported Net Income (Loss) $ 62.0 $ 28.8 $ (18.5) $ (29.6) $ 67.8 $ 65.7 $ 73.6 Operating NRR Items 34.5 18.1 28.9 31.0 5.2 12.4 4.5 Non-Operating NRR Items 26.9 4.7 38.1 (4.6) (8.9) (19.6)
Slide 25: Reconciliation of Reported Net Income to Adjusted EBITDA - Quarterly
Reconciliation of Reported Net Income to Adjusted EBITDA - Quarterly (in $ millions) 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q231 2Q231 3Q231 4Q231 1Q241 2Q241 3Q241 4Q241 1Q25 2Q25 Consolidated - Reported Net Income (Loss) $ (2.3) $ 1.7 $ 8.1 $ (13.8) $ 2.5 $ (26.4) $ 40.7 $ 21.8 $ (3.1) $ 8.4 $ 18.2 $ 18.9
Slide 26: Reconciliation of Reported Net Income to Adjusted EBITDA - Annual
Reconciliation of Reported Net Income to Adjusted EBITDA - Annual (in $ millions) 2019 2020 2021 2022 20231 20241 LTM Consolidated - Reported Net Income (Loss) $ 62.0 $ 28.8 $ (18.5) $ (29.6) $ 67.8 $ 65.7 $ 73.6 Interest Expense 24.6 40.9 49.5 48.3 46.9 43.7 44.8 Other Expense (Income) 20.7 1.4 38.
Slide 27: Thank You
Thank You kaiseraluminum.com © Kaiser Aluminum All Rights Reserved