Kaiser Aluminum : Business Update April 2026

Published: 2026-05-01 18:53:07 ET KALU

Published on 05/01/2026 at 06:53 pm EDT

April 2026

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. These are part of our business and operating environment but are worthy of being highlighted for the benefit of the users of our financial statements.

Further, presentations including such terms as net income, operating income, or earnings before interest, tax, depreciation and amortization ("EBITDA") "before non-run-rate", "after adjustments" or "adjusted", are not intended to be (and should not be relied on) in lieu of the comparable caption under generally accepted accounting principles ("GAAP") to which it is reconciled. Such presentations are solely intended to provide greater clarity of the impact of certain material items on the GAAP measure and are not intended to imply such items should be excluded.

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 calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables.

The non-GAAP financial measures used within this presentation are Conversion Revenue, EBITDA, Adjusted EBITDA, Operating Income excluding non-run-rate items, Adjusted Net Income (Loss) and Net Income per diluted share, excluding non-run-rate items and ratios related thereto. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. Reconciliations of certain forward looking non-GAAP financial measures to comparable GAAP measures are not provided because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted or provided without unreasonable effort.

Term/Measure Description

Conversion Revenue Net sales less the Hedged Cost of Alloyed Metal.

Conversion Revenue ($/lb.) Calculated as Conversion Revenue divided by total shipment pounds.

EBITDA or Adjusted EBITDA Consolidated Operating Income before non-run-rate plus Depreciation and Amortization.

EBITDA Margin or Adjusted EBITDA Margin EBITDA or Adjusted EBITDA as a percentage of Conversion Revenue.

Hedged Cost of Alloyed Metal

Calculated as the Midwest transaction price of aluminum plus the price of alloying elements plus any realized gains and/or losses on settled hedges related to metal sold in the referenced period.

LTM Last twelve months ended March 31, 2026.

Net Debt Leverage Calculated as Long-term debt less Cash and cash equivalents, divided by the LTM Adjusted EBITDA.

NRR Represents non-run-rate items relating to on-going operations. NRR items are presented on a pre-tax basis.

Other Applications Includes custom industrial products and billet.

Additional Notes

Totals in the attached presentation may not sum due to rounding.

Warrick operations were acquired on March 31, 2021. As a result, our financial information reflects 9 months of Packaging operational results for 2021. Annual Conversion Revenue for 2020 inclusive of ~$15 million related to modifications to 2020 customer declarations.

Effective January 1, 2025, the Company changed its inventory valuation methodology from Last In First Out (LIFO) to Weighted Average Cost (WAC). The 2023 and 2024 results have been recast for comparison purposes.

~$2.0B

Market

Capitalization1

~$3.0B

Enterprise Value1

~$1.5B

LTM

Conversion Revenue

~24%

LTM

Adj. EBITDA Margin

At A Glance

Strong Diversified Portfolio

Leading Position in Strategic End Markets

INVESTMENT HIGHLIGHTS - POSITIONED FOR LONG-TERM PROFITABLE GROWTH

Long-Term Earnings Growth Potential

Financial Strength and Operational Flexibility

Sustainability Driven Products and Solutions

1 As of 3/31/26 per FactSet

Franklin, TN

Corporate Headquarters

Florence, AL

Wire and Rod Products

Chandler, AZ

Tube Products

Chandler, AZ (Alexco)

Hard Alloy Extrusions

Jackson, TN (Tennalum)

Hard Alloy Extrusions

Newburgh, IN (Warrick)

Flat Rolled Products

Los Angeles, CA

Soft Alloy Extrusions

Richmond, VA (Bellwood)

Soft Alloy Extrusions Tube Products

Heath, OH

Extrusion Billet and Redraw Rod

Columbia, NJ (Imperial)

Additive Manufacturing

Kalamazoo, MI

Soft Alloy Extrusions

London, ON

Soft Alloy Extrusions

Richland, WA

Tube Products

Spokane Valley, WA (Trentwood)

Flat Rolled Products

100%

North American Footprint

Facilities

FOCUS

DIFFERENTIATION

VALUE CREATION

Demanding Applications with Barriers to Entry

Product Quality, Service and KaiserSelect® Attributes

Operating Leverage and Manufacturing Efficiency

Global Flat Rolled Products Market

Kaiser Aluminum Focus

North American Extrusion Market

Foil

Auto Body Sheet

Market Size

>70B#

Other Sheet and Plate

Heat-treat Non-auto

Can Stock N.A.

Can Stock Rest Of World

~15%

OF TOTAL FLAT ROLLED

PRODUCTS MARKET

HEAT-TREAT NON-AUTO

CAN STOCK N.A.

~20%

OF TOTAL EXTRUSION MARKET

GENERAL ENGINEERING

AUTO AND AEROSPACE

General

Engineering

Auto and Aerospace

Truck, Bus, and Trailer

Market Size

>6.0B#

Building and

Construction

Industrial

Defensible Niche Footprint, Strong Customer Relationships & Demanding Applications

Source: Typical market size estimates from CRU, Aluminum Association (as of December 31, 2025)

Secular growth in global commercial air travel and continued momentum

in business jet,

defense and space

Aero / HS

Sustainability-driven conversion from plastic to aluminum

beverage and food cans

Packaging

North American industrial demand and continued trend to

re-shoring for

domestic supply

General Engineering

Vehicle light weighting to achieve increased energy efficiency

in both ICE and EVs

Automotive Extrusions

Conversion Revenue LTM Contribution

Kaiser Differentiators

Strong foothold in key end markets through decades of industry expertise, service and brand recognition

High quality products that meet technically challenging applications (i.e., KaiserSelect®)

Investments in highly-engineered

aluminum mill facilities and products

% of LTM Conversion Revenue

Aero / High Strength

Packaging

General

Engineering

Automotive

Long-Term Demand Growth Rate1

Long-term CAGR

N.A. growth next 5+ years

Long-term demand growth

N.A. demand growth next 10 years

Key Drivers

Growth in commercial aerospace demand, supported by rising passenger traffic

Strong long-term fundamentals for the aerospace sector

Shift toward sustainable packaging materials boosts aluminum demand

Aluminum's high recyclability and consumer recycling rates drive market preference

Planned investments and capacity expansions support continued growth

Re-shoring increases demand for domestic supply, reducing supply chain risks

Rising need for semiconductor chips in industrial and electronic products

Industry vehicle build rates expected to recover later in the decade

Consumer preference for larger vehicles increases aluminum content

Lightweighting of vehicle for efficiency drives further aluminum demand

Source: 1 CAGR industry data

CONVERSION REVENUE ($MM)

116

120

122

120

376

314

317

331

335

117

311

503

490

256

251

544

574

455

511

245

369

389

555

315

356

533

530

457

467

2018 2019 2020 2021 2022 2023 2024 2025 LTM

EBITDA ($MM)

21.7%

21.3%

16.6%

16.1%

16.6%

10.3%

$151

$142

$185

$209

$208

$241

$236

$310

$365

25.1% 24.5%

24.4%

2018 2019 2020 2021 2022 2023 2024 2025 LTM

PERFORMANCE HIGHLIGHTS

Growing trend of conversion revenue from selected end Markets from volume and price

Regaining pre-acquisition EBITDA margin on market recovery, price and strategic product mix shift

Significant investment across the business complete yet not fully reflected in performance

Renewed focus on managing costs, reestablishing operating efficiencies, and customer KPI metrics

N.A. growth next

5+ years

3-5%

PACKAGING

Long-term post

recovery rate

3-4%

Ramp up of new roll coat line at Warrick to meet growing demand for coated products in the food and beverage can markets

Expansion project at Trentwood to support Aero/HS recovery and general engineering plate demand; improve quality and efficiencies

End Market Outlook¹

Planned Investment For Growth Initiatives

AEROSPACE / HIGH STRENGTH

N.A. demand

growth next 10 years

AUTOMOTIVE EXTRUSIONS

Long term

demand growth

GENERAL

ENGINEERING

Well-positioned to Deliver Over

the Longer-term:

Conversion Revenue

~ $2 BILLION

EBITDA Margin

Mid to High 20% Margin

Other investments to support automotive growth and general engineering long products demand

Capital spending to occur over the next several years funded by operations and our strong balance sheet

Source: 1 CAGR industry data

Investing to Support Strong and Recovering End Market Growth

Note: CAGR industry data

Disciplined Capital Allocation

Organic Investment

> 1.5x depreciation since 2007

Inorganic Growth

Opportunistic investment for strategic value creation

Share Repurchases 14%

Regular Dividends

Maintain regular scheduled dividends to shareholders

Share Repurchases

Deploy excess cash beyond recession contingency needs

Dividends 19%

~$3.4B

Capital Allocation 2007 - 2026

Inorganic Growth 22%

Organic Investment 45%

Quality, Efficiency, Sustaining

Capacity

& Capability

Mix of Sustaining vs. Growth Capital

Inorganic Growth 22%

Organic Investment 45%

Dividends 19%

Organic Investments Since 2007 ~$1.54 Billion, > 1.5x Depreciation

Share Repurchases 14%

$181

$143 $143

$137

$93

$83

$70

$76 $76

$74

$59

$59 $63

$60

$112

$118

$52

$98

$103

$39

$44

$15

$16

$20

$33

$23

$49 $58

$25

$26

$30

$31

$35

$38

$42

$46

$12

$62

$118

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM

1997

2000

2011

2018

2021

Share Repurchases 14%

Acquisitions Must Have a Clear Strategic Rationale and Pass a Strategic Filter

Dividends 19%

Organic Investment 45%

Businesses that expand or diversify our product offering

Businesses that we understand

Culturally compatible and shared winning strategy

Inorganic Growth 22%

Aerospace, defense, auto, high-tech additive & subtractive manufacturing

IMT

Aerospace small diameter RBW

FLORENCE

Aerospace extruded shapes

ALEXCO

Aerospace drawn tube

CHANDLER

General engineering extruded rod, bar, seamless tube & drawn tube

BELLWOOD

Can stock for food & beverage packaging

Alcoa Warrick

Historical Bolt-on Acquisitions

Share Repurchases 14%

> $1 Billion Returned To Shareholders Since 20071

Dividends 19%

Organic Investment 45%

Inorganic Growth 22%

$629 Million Dividends ($millions except $/share) $474 Million Share Repurchases ($millions)

$20 $19 $19 $20

$0.36

$17

Dividends Per Share

$2.68

$38 $39

$35

$2.40

$32

$2.00

$2.20

$28

$25

$1.60

$1.80

$23

$43

$3.08

$47

$50 $50 $51 $51 $52

$28

$44

$2.88

$78

$49

$44

Repurchases

$80

$61

$33

$44

$0.84

$0.96

$1.00

$1.20

$1.40

$7 $13

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

LTM

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

LTM

1 Return to shareholders from January 1, 2007 through March 31, 2026

Adjusted EBITDA Margin (% of Conversion Revenue)

Capital Expenditures ($MM)

Key Updates on Growth Projects

$143 $143

$181

$137

$118

Long-term target of

sustaining capex of

$60-80M

Long-term target of total capex in the

$125M area

Long-term target of

Warrick

New Roll Coat Line

Actively ramping to run-rate

Converting ~25% of capacity to coated products

Commissioned in 2025

Mid 20%

Adj. EBITDA Margin

24.4%

21.3%

16.1%

16.6%

10.3%

Meaningful Margin Expansion Expected From Primary Growth Investments

Capital Spending Over The Next Several Years Will Be Funded By Operations And Our Strong Balance Sheet

Trentwood

Phase VII Expansion

Completed on schedule and on budget

Adding ~5%-6% plate capacity to support Aero HS recovery and GE plate demand

Commissioned in 2025

2022 2023 2024 2025 LTM 2022 2023 2024 2025 LTM

Disclaimer

Kaiser Aluminum Corporation published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 22:52 UTC.