Kaiser Aluminum Corporation · NASDAQ:KALU
Kaiser Aluminum — Q3 2026 Earnings Presentation
25 slides from Kaiser Aluminum's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Earnings Conference Call
Third Quarter 2026 Earnings Conference Call October 22, 2026
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
5 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. Conversion Revenue Net sales less the Hedged Cost of Alloyed Metal. Conversion
Slide 6: 3Q 2026 Highlights
3Q 2026 Highlights Keith A. Harvey Chairman, President & Chief Executive Officer © Kaiser Aluminum All Rights Reserved 6
Slide 7: 3Q 2026 Highlights
3Q 2026 Highlights Demand and Customer Visibility Continue to Strengthen ⚫ Customer activity remained robust, with strength across key end markets ⚫ Extended lead times and bookings into 2027 provide increased demand visibility ⚫ Customers increasingly focused on future growth, long-term supply and
Slide 8: 3Q 2026 Financial Recap
3Q 2026 Financial Recap Neal E. West Executive Vice President & Chief Financial Officer © Kaiser Aluminum All Rights Reserved 8
Slide 9: End Market Summary
9 End Market Summary SHIPMENTS (LBS MM) KEY HIGHLIGHTS ⚫ Aero/HS ⚫ Plate production improved following the prior-year outage for capacity investments ⚫ Strong business jet, defense and space demand supports continued momentum ⚫ Packaging ⚫ Conversion Revenue increased as mix shift to higher-value co
Slide 10: Consolidated Financial Highlights
Consolidated Financial Highlights Quarterly Nine Months Full Year (in $millions except Shipments & EPS) 3Q26 2Q26 1Q26 4Q25 9 Mos 26' 9 Mos 25' LTM 2025 Shipments (in millions of lbs.) 300 306 294 274 900 834 1,174 1,108 Net Sales $1,215 $1,257 $1,107 $929 $3,578 $2,444 $4,507 $3,373 Conversion Reve
Slide 11: EBITDA & EBITDA Margin Summary
1 EBITDA & EBITDA Margin Summary KEY HIGHLIGHTS ⚫ Strong underlying EBITDA performance ⚫ EBITDA of $84 million was up $3 million year-over year ⚫ Year over year operational performance inclusive of $29 million unfavorable swing in metal price lag ⚫ Underlying operational performance effectively repl
Slide 12: Balance Sheet Review
Balance Sheet Review NET DEBT LEVERAGE ($MM) FREE CASH FLOW ($MM) PACKAGING 2026 OUTLOOK 2026 OUTLOOK Conversion Shipments Revenue Shipments +15% — 20% +10% — 15% +10% — 15% +20% — 25% LIQUIDITY GENERAL ($MM) ENGINEERING 1 HIGHLIGHTS AUTOMOTIVE EXTRUSIONS 2026 OUTLOOK • Cash Generation And EBITDA Gr
Slide 13: 2026 Outlook Update
2026 Outlook Update Keith A. Harvey Chairman, President & Chief Executive Officer © Kaiser Aluminum All Rights Reserved 13
Slide 14: End Market Summary
End Market Summary AERO/HS PACKAGING PACKAGING CONVERSION REVENUE • Commercial 2026Aero OUTLOOK destocking CONVERSION REVENUE • Underlying 2026demand OUTLOOK remains robust; complete supported by long-term customer commitments • Focus shifting toward rate Conversion readiness Conversion Shipments an
Slide 15: FY 2026 Summary Outlook
FY 2026 Summary Outlook Updated Outlook ⚫ Maintained: EBITDA to increase 45% — 55% year-over-year; currently expected toward the low end of the range ⚫ Maintained: Conversion Revenue to improve to high end of 10% — 15% year-over-year range ⚫ Revised: Free Cash Flow expected to exceed $200M (previous
Slide 16: Appendix
Appendix © Kaiser Aluminum All Rights Reserved © Kaiser Aluminum All Rights Reserved 16
Slide 17: Sales Analysis by Application – Quarterly
Sales Analysis by Application – Quarterly 1 Starting in 2025 Other Applications is combined with General Engineering © Kaiser Aluminum All Rights Reserved 17
Slide 18: Sales Analysis by Application – Annual
Sales Analysis by Application – Annual 1 Starting in 2025 Other Applications is combined with General Engineering © Kaiser Aluminum All Rights Reserved 18
Slide 19: Reconciliation of Net Sales to Conversion Revenue – Quarterly
Reconciliation of Net Sales to Conversion Revenue – Quarterly 1 Starting in 2025 Other Applications is combined with General Engineering © Kaiser Aluminum All Rights Reserved 19
Slide 20: Reconciliation of Net Sales to Conversion Revenue – Annual
Reconciliation of Net Sales to Conversion Revenue – Annual 1 Starting in 2025 Other Applications is combined with General Engineering © Kaiser Aluminum All Rights Reserved 20
Slide 21: Adjusted Net Income and EPS – Quarterly
Adjusted Net Income and EPS – Quarterly © Kaiser Aluminum All Rights Reserved 21
Slide 22: Adjusted Net Income and EPS – Annual
Adjusted Net Income and EPS – Annual © Kaiser Aluminum All Rights Reserved 22
Slide 23: Reconciliation of Reported Net Income to Adjusted EBITDA – Quarterly
Reconciliation of Reported Net Income to Adjusted EBITDA – Quarterly (in $ millions) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Consolidated - Reported Net Income (Loss) $ (3.1) $ 8.4 $ 18.2 $ 18.9 $ 8.8 $ 19.8 $ 21.6 $ 23.2 $ 39.5 $ 28.2 $ 62.5 $ 96.8 $ 31.0 Interest Expense 1
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 $ 218.5 Interest Expense 40.9 49.5 48.3 46.9 43.7 50.1 57.1 Other Expense (Income) 1.4 38.9 (6.
Slide 25: Thank You
Thank You kaiseraluminum.com © Kaiser Aluminum All Rights Reserved