Kaiser Aluminum Corporation · NASDAQ:KALU

Kaiser Aluminum — Q4 2025 Earnings Presentation

24 slides from Kaiser Aluminum's earnings presentation, Feb 19, 2026

  1. Slide 1: Fourth Quarter 2025 Earnings Conference Call

    Fourth Quarter 2025 Earnings Conference Call February 19, 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: 2025 Highlights

    2025 Highlights Keith A. Harvey Chairman, President & Chief Executive Officer

  7. Slide 7: 2025 Highlights

    2025 Highlights Financial Performance  Record $310 million EBITDA; more than 25% growth  EBITDA margins expanded to nearly 24% in the second half  Strong results inclusive of $47 million in non-recurring costs Strategic Execution  Packaging roll coat expansion complete and operational  Phase VI

  8. Slide 8: 2025 Financial Recap

    2025 Financial Recap Neal E. West Executive Vice President & Chief Financial Officer

  9. Slide 9: End Market Summary

    End Market Summary SHIPMENTS (LBS MM) KEY HIGHLIGHTS • Aero/HS shipments reflect OEM destocking of plate and planned outage for Phase VII • Packaging conversion revenue growth outpaced shipments due to increase in value-added coated mix • General Engineering benefited from trade policy driving volum

  10. Slide 10: Consolidated Financial Highlights

    Consolidated Financial Highlights Quarterly Full Year (in $millions except Shipments & EPS) 4Q25 3Q25 2Q25 1Q25 4Q24 2025 2024 Shipments (in millions of lbs.) 274 270 288 276 292 1,108 1,172 Net Sales $ 929 $ 844 $ 823 $ 777 $ 765 $ 3,373 $ 3,024 Conversion Revenue $ 365 $ 351 $ 374 $ 363 $ 358 $ 1,

  11. Slide 11: EBITDA & EBITDA Margin Summary

    EBITDA & EBITDA Margin Summary KEY HIGHLIGHTS • Strong 2025 EBITDA result driven by: • Favorable Price/Mix in Packaging and Automotive • Metal lag gain from rising prices • Inclusive of $47M in non-recurring costs • EBITDA margin continued to improve +470bps 11

  12. Slide 12: 2026 Outlook Update

    2026 Outlook Update Keith A. Harvey Chairman, President & Chief Executive Officer

  13. Slide 13: 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 +10% — 15% +5% — 10% +5% — 10% +15% — 20% GENERAL ENGINEERING1 AUTOMOTIVE EXTRUSIONS CONVERSION REVENUE 2026 OUTLOOK CONVERSION REVEN

  14. Slide 14: FY 2026 Summary Outlook

    FY 2026 Summary Outlook 2026: Converting Investment to Efficiency, Margin Growth and Cash Generation Conversion Revenue to increase 5%-10%; EBITDA to improve 5%-15% year-over-year • Key assumptions • Improving key economic indicators • Restore discipline in operational execution and cost management

  15. Slide 15: Appendix

    KAISER © kaiser Auminumall Rights Reserved

  16. Slide 16: Sales Analysis by Application - Quarterly

    Sales Analysis by Application - Quarterly 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Shipments (lbs, mm) Aero/HS 58.2 63.9 64.2 68.0 62.9 62.2 59.5 60.6 56.3 59.9 41.8 46.8 Packaging 153.7 163.3 154.4 141.0 142.4 145.9 150.9 153.5 130.2 141.1 144.1 145.1 General Engineering¹ 56.9 56

  17. Slide 17: Sales Analysis by Application - Annual

    Sales Analysis by Application - Annual 2019 2020 2021 2022 2023 2024 2025 Shipments (lbs, mm) Aero/HS 273.6 173.3 161.6 186.5 254.3 245.2 204.8 Packaging - - 541.7 655.3 612.4 592.7 560.5 General Engineering¹ 236.3 235.6 298.2 303.9 215.6 228.7 247.5 Automotive Extrusions 94.3 84.1 94.0 96.5 104.5 1

  18. Slide 18: Reconciliation of Net Sales to Conversion Revenue – Quarterly

    Reconciliation of Net Sales to Conversion Revenue – Quarterly 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net Sales ($mm) Aero/HS $ 214.0 $ 225.1 $ 223.3 $ 236.9 $ 220.5 $ 226.1 $ 213.1 $ 223.3 $ 214.7 $ 227.9 $ 182.2 $ 213.0 Packaging 354.2 354.7 312.2 294.1 298.1 312.4 319.5 330.9

  19. Slide 19: Reconciliation of Net Sales to Conversion Revenue – Annual

    Reconciliation of Net Sales to Conversion Revenue – Annual 2019 2020 2021 2022 2023 2024 2025 Net Sales ($mm) Aero/HS $ 803.2 $ 537.9 $ 533.7 $ 676.1 $ 899.3 $ 883.0 $ 837.8 Packaging - - 1,119.3 1,585.3 1,315.2 1,260.9 1,489.6 General Engineering¹ 480.1 458.8 706.1 883.8 596.5 618.1 759.2 Automotiv

  20. Slide 20: Adjusted Net Income and EPS - Quarterly

    Adjusted Net Income and EPS - Quarterly (in $ millions except EPS) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Reported Net Income (Loss) $ 40.7 $ 21.8 $ (3.1) $ 8.4 $ 18.2 $ 18.9 $ 8.8 $ 19.8 $ 21.6 $ 23.2 $ 39.5 $ 28.2 Operating NRR Items 1.3 1.4 1.3 1.2 0.9 9.0 4.0 (1.5) 2.0 0.1 0

  21. Slide 21: Adjusted Net Income and EPS - Annual

    Adjusted Net Income and EPS - Annual (in $ millions except EPS) 2020 2021 2022 2023 2024 2025 Reported Net Income (Loss) $ 28.8 $ (18.5) $ (29.6) $ 67.8 $ 65.7 $ 112.5 Operating NRR Items 18.1 28.9 31.0 5.2 12.4 (1.1) Non-Operating NRR Items 4.7 38.1 (4.6) (8.9) (19.6) (14.3) Tax impact of above NRR

  22. Slide 22: Reconciliation of Reported Net Income to Adjusted EBITDA – Quarterly

    Reconciliation of Reported Net Income to Adjusted EBITDA – Quarterly (in $ millions) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Consolidated - Reported Net Income (Loss) $ 40.7 $ 21.8 $ (3.1) $ 8.4 $ 18.2 $ 18.9 $ 8.8 $ 19.8 $ 21.6 $ 23.2 $ 39.5 $ 28.2 Interest Expense 11.9 12.1 11.

  23. Slide 23: 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 Consolidated - Reported Net Income (Loss) $ 28.8 $ (18.5) $ (29.6) $ 67.8 $ 65.7 $ 112.5 Interest Expense 40.9 49.5 48.3 46.9 43.7 50.1 Other Expense (Income) 1.4 38.9 (6.4) (7.4) (19.5) (

  24. Slide 24: luminum.com

    luminum.com

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