Kaiser Aluminum Corporation · NASDAQ:KALU

Kaiser Aluminum — Q2 2026 Earnings Presentation

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

  1. Slide 1: Second Quarter 2026 Earnings Conference Call

    Second Quarter 2026 Earnings Conference Call July 23, 2026

  2. 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

  3. 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.

  4. 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

  5. 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

  6. Slide 6: 2Q 2026 Highlights

    2Q 2026 Highlights Keith A. Harvey Chairman, President & Chief Executive Officer © Kaiser Aluminum All Rights Reserved 6

  7. Slide 7: 2Q 2026 Highlights

    2Q 2026 Highlights Demand Exceeded Expectations ⚫ Demand accelerated beyond expectations across most key end markets ⚫ Conversion Revenue driven by favorable pricing and mix ⚫ Recovery increasingly transitioning to growth across the portfolio Strategic Investments Delivering Results ⚫ Trentwood and

  8. Slide 8: End Market Summary

    End Market Summary AERO/HS PACKAGING PACKAGING CONVERSION REVENUE • Commercial 2026Aero OUTLOOK recovery CONVERSION REVENUE • Roll Coat 2026 OUTLOOK 4 ramp performing ahead accelerating as supply chain mends of expectations • Demand remains robustConversion in defense, • Quality and customer service

  9. Slide 9: 2Q 2026 Financial Recap

    2Q 2026 Financial Recap Neal E. West Executive Vice President & Chief Financial Officer © Kaiser Aluminum All Rights Reserved 9

  10. Slide 10: End Market Summary

    0 End Market Summary SHIPMENTS (LBS MM) KEY HIGHLIGHTS ⚫ Aero/HS ⚫ Recovery continues to broaden as OEM production ramps and destocking moderates ⚫ Higher-value plate mix contributing to growth ⚫ Packaging ⚫ Conversion revenue outpacing volume advance as strategy midstream of execution ⚫ Quality and

  11. Slide 11: Consolidated Financial Highlights

    Consolidated Financial Highlights Quarterly Six Months Full Year (in $millions except Shipments & EPS) 2Q26 1Q26 4Q25 3Q25 2Q25 1H26 1H25 LTM 2025 Shipments (in millions of lbs.) 306 294 274 270 288 600 564 1,144 1,108 Net Sales $1,257 $1,107 $929 $844 $823 $2,363 $1,601 $4,136 $3,373 Conversion Rev

  12. Slide 12: EBITDA & EBITDA Margin Summary

    2 EBITDA & EBITDA Margin Summary KEY HIGHLIGHTS • Strong operational execution drove record results: • Price & mix drove results on a 6% volume advance • Unprecedented metal dynamics drove favorable inventory consumption tailwinds • Investments translating to earnings growth: • Packaging mix shift t

  13. Slide 13: Balance Sheet Review

    Balance Sheet Review NET DEBT LEVERAGE ($MM) FREE CASH FLOW ($MM) PACKAGING 2026 OUTLOOK 2026 OUTLOOK Conversion Conversion Shipments Revenue Shipments Revenue +15% — 20% +10% — 15% +10% — 15% +20% — 25% LIQUIDITY GENERAL ($MM) ENGINEERING 1 HIGHLIGHTS AUTOMOTIVE EXTRUSIONS 2026 OUTLOOK • Financial

  14. Slide 14: 2026 Outlook Update

    2026 Outlook Update Keith A. Harvey Chairman, President & Chief Executive Officer © Kaiser Aluminum All Rights Reserved 14

  15. Slide 15: FY 2026 Summary Outlook

    FY 2026 Summary Outlook Updated Outlook ⚫ Revised: EBITDA to increase 45% — 55% year-over-year (previously 20%-30%) ⚫ Revised: Conversion Revenue to improve at the high end of previously communicated range of 10% — 15% year-over-year increase ⚫ Revised: Free Cash Flow expected in a range of $150M to

  16. Slide 16: Appendix

    Appendix © Kaiser Aluminum All Rights Reserved © Kaiser Aluminum All Rights Reserved 16

  17. Slide 17: Sales Analysis by Application – Quarterly

    Sales Analysis by Application – Quarterly 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 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 60.8 Packaging 163.3 154.4 141.0 142.4 145.9 150.9 153.5 130.2 141.1 144.1 145.1 146.6 155.8 General Engi

  18. Slide 18: Sales Analysis by Application – Annual

    Sales Analysis by Application – Annual 2020 2021 2022 2023 2024 2025 LTM Shipments (lbs, mm) Aero/HS 173.3 161.6 186.5 254.3 245.2 204.8 210.9 Packaging - 541.7 655.3 612.4 592.7 560.5 591.6 General Engineering¹ 235.6 298.2 303.9 215.6 228.7 247.5 250.8 Automotive Extrusions 84.1 94.0 96.5 104.5 101

  19. 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 2Q26 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 $ 305.3 Packaging 354.7 312.2 294.1 298.1 312.4 319.5

  20. 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 $ 987.3 Packaging - 1,119.3 1,585.3 1,315.2 1,260.9 1,489.6 1,913.3 General Engineering¹ 458.8 706.1 883.8 596.5 618.1 759.2 913.2 Auto

  21. 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 2Q26 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 $ 96.8 Operating NRR Items 1.4 1.3 1.2 0.9 9.0 4.0 (1.5) 2

  22. 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 $ 227.0 Operating NRR Items 18.1 28.9 31.0 5.2 12.4 (1.1) 0.1 Non-Operating NRR Items 4.7 38.1 (4.6) (8.9) (19.6) (14.3) (17.5)

  23. 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 2Q26 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 $ 96.8 Interest Expense 1

  24. 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 $ 227.0 Interest Expense 40.9 49.5 48.3 46.9 43.7 50.1 55.3 Other Expense (Income) 1.4 38.9 (6.

  25. Slide 25: Thank You

    Thank You kaiseraluminum.com © Kaiser Aluminum All Rights Reserved

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