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Business Update February 2026
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2High Yield Investor Presentation © Kaiser Aluminum All Rights Reserved Forward Looking Statements 2 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 include statements regarding the company’s anticipated financial and operating performance, relate to future events and expectations and involve known and unknown risks and uncertainties, including but not limited to (i) effectiveness of management’s strategies and decisions, including strategic investments, countermeasures to address operational and supply chain challenges and the execution of those strategies, (ii) the successful integration of the acquired operations and technologies, and (iii) the impact of extraordinary external events, such as the COVID-19 pandemic and supply chain disruptions, and their collateral consequences. The company cautions that such forward-looking statements are not guarantees of future performance or events and involve significant risks and uncertainties and actual events may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to the company’s reports filed with the Securities and Exchange Commission, including the company’s most recent Forms 10-Q and 10–K. All information in this presentation is as of the date of the presentation. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectationsexcept as may be required by law.
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3High Yield Investor Presentation © Kaiser Aluminum All Rights Reserved Non-Run-Rate Items 3 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.
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4High Yield Investor Presentation © Kaiser Aluminum All Rights Reserved Non-GAAP Financial Measures 4 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.
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5 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Commonly Used or Defined Terms and Measures 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 December 31, 2025. 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.
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6© Kaiser Aluminum All Rights Reserved II. Company Overview
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7 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Leading North American Specialty Aluminum Mill Products Company Strong Diversified Portfolio Leading Position in Strategic End Markets Long-Term Earnings Growth Potential Financial Strength and Operational Flexibility Sustainability Driven Products and Solutions ~$1.9B Market Capitalization1 1 As of 12/31/25 per FactSet ~$2.9B Enterprise Value1 ~$1.4B 2025 Conversion Revenue ~21% 2025 Adj. EBITDA Margin At A Glance INVESTMENT HIGHLIGHTS – POSITIONED FOR LONG-TERM PROFITABLE GROWTH
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8 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Strategic Footprint Of North American Production Facilities Richland, WA Tube Products Spokane Valley, WA (Trentwood) Flat Rolled Products Los Angeles, CA Soft Alloy Extrusions Chandler, AZ Tube Products Chandler, AZ (Alexco) Hard Alloy Extrusions Florence, AL Wire and Rod Products Jackson, TN (Tennalum) Hard Alloy Extrusions Franklin, TN Corporate Headquarters Newburgh, IN (Warrick) Flat Rolled Products Richmond, VA (Bellwood) Soft Alloy Extrusions Tube Products Columbia, NJ (Imperial) Additive Manufacturing Heath, OH Extrusion Billet and Redraw Rod Kalamazoo, MI Soft Alloy Extrusions London, ON Soft Alloy Extrusions 100% North American Footprint 13 Facilities
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9 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering FOCUS DIFFERENTIATION VALUE CREATION Consistent, Competitive Strategy Demanding Applications with Barriers to Entry Product Quality, Service and KaiserSelect® Attributes Operating Leverage and Manufacturing Efficiency
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10 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering High-Barrier Market Positions Create Defensive Moats ~15% OF TOTAL FLAT ROLLED PRODUCTS MARKET ~20% OF TOTAL EXTRUSION MARKET Defensible Niche Footprint, Strong Customer Relationships & Demanding Applications Source: Typical market size estimates from CRU, Aluminum Association (as of January 1, 2025) Other Sheet and Plate Foil Auto Body Sheet Can Stock Rest Of World Market Size >65B# Market Size >6.0B# Kaiser Aluminum Focus North American Extrusion MarketGlobal Flat Rolled Products Market Truck, Bus, and Trailer Industrial HEAT-TREAT NON-AUTO CAN STOCK N.A. GENERAL ENGINEERING AUTO AND AEROSPACE Building and Construction Heat-treat Non-auto Can Stock N.A. General Engineering Auto and Aerospace
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11 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Diversified Revenue Streams Across Four Value-Added End Markets Secular growth in global commercial air travel and continued momentum in business jet, defense and space Sustainability-driven conversion from plastic to aluminum beverage and food cans Vehicle light weighting to achieve increased energy efficiency in both ICE and EVs North American industrial demand and continued trend to re-shoring for domestic supply Aero / HS Packaging General Engineering Automotive Extrusions 32% 37% 23% 8% 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
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12 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering 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 Significant Demand Tailwinds Across All End Market Segments Aero / High Strength Packaging General Engineering Automotive Long-Term Demand Growth Rate1 3-4% Long-term CAGR 3-5% N.A. growth next 5+ years 2% Long-term demand growth 5% N.A. demand growth next 10 years Source: 1 CAGR industry data % of LTM Conversion Revenue 32% 37% 23% 8%
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13 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Focused on Execution to Drive Profitable Growth ⚫ 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 $208 $209 $151 $185 $142 $236 $241 $310 25.1% 24.5% 21.7% 16.6% 10.3% 16.1% 16.6% 21.3% 2018 2019 2020 2021 2022¹ 2023 2024 2025 EBITDA EBITDA margin 455 511 369 315 356 533 530 457 389 555 503 490 544 256 251 245 311 376 314 317 331 117 93 83 97 96 116 120 122 2018 2019 2020 2021 2022 2023 2024 2025 Aero / HS Packaging General engineering Automotive PERFORMANCE HIGHLIGHTS CONVERSION REVENUE ($MM) EBITDA ($MM)
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14 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Summary End Market Outlook and Growth Potential Note: CAGR industry data Investing to Support Strong and Recovering End Market Growth Well-positioned to Deliver Over the Longer-term: Conversion Revenue ~ $2 BILLION EBITDA Margin Mid to High 20% Margin Planned Investment For Growth Initiatives End Market Outlook¹ Long-term post recovery rate3-4% AEROSPACE / HIGH STRENGTH N.A. growth next 5+ years3-5%PACKAGING Long term demand growth2% GENERAL ENGINEERING N.A. demand growth next 10 years 5% AUTOMOTIVE EXTRUSIONS Expansion project at Trentwood to support Aero/HS recovery and general engineering plate demand; improve quality and efficiencies Ramp up of new roll coat line at Warrick to meet growing demand for coated products in the food and beverage can markets Capital spending to occur over the next several years funded by operations and our strong balance sheet Other investments to support automotive growth and general engineering long products demand Source: 1 CAGR industry data
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15© Kaiser Aluminum All Rights Reserved IV. Financial Overview
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16 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Organic Investment > 1.5x depreciation since 2007 Inorganic Growth Opportunistic investment for strategic value creation Regular Dividends Maintain regular scheduled dividends to shareholders Share Repurchases Deploy excess cash beyond recession contingency needs Balanced Capital Allocation Priorities Disciplined Capital Allocation Organic Investment 45% Inorganic Growth 23% Dividends 18% Share Repurchases 14% ~$3.4B Capital Allocation 2007 – 2025
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17 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Mix of Sustaining vs. Growth Capital Organic Investments Since 2007 ~$1.52 Billion, > 1.5x Depreciation Organic Investment Strategy Capacity & Capability Quality, Efficiency, Sustaining $62 $93 $59 $39 $33 $44 $70 $59 $63 $76 $76 $74 $60 $52 $83 $143 $143 $181 $137 $12 $15 $16 $20 $23 $25 $26 $30 $31 $35 $38 $42 $46 $49 $58 $98 $103 $112 $118 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CapEx Depreciation Capacity & Capability Quality, Efficiency, Sustaining Organic Investment 45% Inorganic Growth 23% Dividends 18% Share Repurchases 14%
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18 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering General engineering extruded rod, bar, seamless tube & drawn tube Aerospace drawn tube Aerospace extruded shapes Can stock for food & beverage packaging Aerospace small diameter RBW Aerospace, defense, auto, high-tech additive & subtractive manufacturing ✓ Businesses that expand or diversify our product offering ✓ Businesses that we understand ✓ Culturally compatible and shared winning strategy Acquisitions Must Have a Clear Strategic Rationale and Pass a Strategic Filter Inorganic Investment Strategy Organic Investment 45% Inorganic Growth 23% Dividends 18% Share Repurchases 14% 1997 2018 2000 2011 2021 Alcoa WarrickHistorical Bolt-on Acquisitions BELLWOOD CHANDLER IMTALEXCO FLORENCE
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19 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering > $1 Billion Returned To Shareholders Since 20071 Value Returned to Shareholders Organic Investment 45% Inorganic Growth 23% Dividends 18% Share Repurchases 14% 1 Return to shareholdersfrom January 1, 2007 through December 31, 2025 $615 Million Dividends ($millions except $/share) $474 Million Share Repurchases ($millions) $7 $17 $20 $19 $19 $20 $23 $25 $28 $32 $35 $38 $39 $43 $47 $50 $50 $51 $51 $0.36 $0.84 $0.96 $0.96 $0.96 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 $2.20 $2.40 $2.68 $2.88 $3.08 $3.08 $3.08 $3.08 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Per Share $28 $44 $78 $44 $49 $33 $80 $61 $44 $13 $28 $44 $78 $44 $49 $33 $80 $61 $44 $13 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Repurchases
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20 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Growth Investments Nearing Completion Driving Cash Generation 10.3% 16.1% 16.6% 21.3% 2022 2023 2024 2025 $143 $143 $181 $137 2022 2023 2024 2025 Capital Expenditures ($MM) Adjusted EBITDA Margin (% of Conversion Revenue) 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 Key Updates on Growth Projects 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 Warrick New Roll Coat Line ⚫ Actively ramping to run-rate ⚫ Converting ~25% of capacity to coated products Commissioned in 2025 Long-term target of Mid 20% Adj. EBITDA MarginLong-term target of sustaining capex of $60-80M Long-term target of total capex in the $125M area
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21 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Strong Liquidity Position Provides Financial Flexibility Net Debt Leverage Liquidity Summary ($MM) $696 $1,032 $670 $615 $599 $572 $547 2019 2020 2021 2022 2023 2024 2025 Cash and Equivalents ST Investments Borrowing Availability¹ 0.7x 0.5x 3.9x 7.0x 4.1x 4.3x 3.4x 2019 2020 2021 2022 2023 2024 2025 Steadily Reducing Net Debt Leverage Toward 2.0x – 2.5x Target While Maintaining Strong Liquidity 1 Comprised primarily of availability under ABL facility
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22© Kaiser Aluminum All Rights Reserved Thank You kaiseraluminum.com © Kaiser Aluminum All Rights Reserved
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23© Kaiser Aluminum All Rights Reserved V. Appendix
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24 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering 24 31 29 19 30 20 32 21 18 17 22 23 6 8 35 16 9 10 25 2 1 26 24 34 37 3 11 12 36 7 4 5 28 15 33 27 13 40 39 14 38 Aero / HS Product Offerings KaiserSelect® Aerospace Plate Aerospace Sheet & Coil HA Cold Finished Rod & Bar Hot Rolled Redraw Rod Small & Intermediate HA Extruded Shapes HA Drawn Seamless Tube Wire HA Extruded Forge Stock 1 Wing Ribs 2 Wing Spars 3 Leading Edge Ribs 6 Winglet Attach Structure 7 Trailing Edge Ribs 8 Wing Skins 12 Fuselage Frames 13 Bulkheads 14 Tailcone Components 15 Cargo Floor Beam 21 Door Components 25 Wing to Body Fairing Components 26 Engine Support Structure 27 Baggage Bin Structure 28 Seat Legs 39 Vertical Tail Ribs & Spars 40 Horizontal Tail Fittings 4 Leading Edge Skins 11 Fuselage Stringers 12 Fuselage Frames 16 Fuselage Brackets 17 Fuselage Skins 21 Door Components 22 Engine Inlet Lip Skins 23 Engine Cowl Skins 32 Seat Pans 18 Rivet Fastener Stock 5 Wing Stringers 9 Floor Beams 10 Seat Tracks 11 Fuselage Stringers 12 Fuselage Frames 14 Tailcone Components 15 Cargo Floor Beam 20 Cargo Door Hinge 25 Wing to Body Fairing Components 36 Actuator Components 41 Hydraulic Manifolds 19 Windows Attach Structure 24 Landing Gear Components 36 Actuator Components 37 Brake Components 28 Seat Legs 29 Seat Backs 30 Seat Beams 31 Seat Baggage Bars 33 Air Ducts 34 Hydraulic Tubing 35 Fuel Lines 38 Torque Tubes HARD ALLOY EXTRUDED SHAPES SHEETHARD ALLOY EXTRUSIONS FORGE STOCK SOFT ALLOY EXTRUSIONS REDRAW ROD HARD ALLOY DRAWN TUBE PLATE Aero / HS Applications
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25 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering General Engineering Product Offerings Plate & Sheet Rod & Bar Seamless & Structural Extruded Tube Cold Finished Rod & Bar Standard Shapes Applications Tooling Plate Semi-conductor Vacuum Chambers Armored Vehicles Parts from KaiserSelect® Precision Rod Air Cylinder Tubes Machine Tool Parts Performance Attributes Machinability Mechanical Properties Ballistics Properties Structural Strength Parts from KaiserSelect® Precision Rod General Engineering Applications & Performance Attributes
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26 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Automotive Extrusions Product Offerings ABS Block Driveshaft Tubes Bumper Extrusion Crash Management High Strength, Safety Critical High Strength, Structural High Strength, Crush Quality Recommended Aluminum Grade Rear Header Roof Rail Front Header Shock Tower Reinforcement ABS Block Roof X-members A-Pillar Side Panel X-member Rear Bumper Beam Rear Frame Rail Floorpan X-member B-Pillar Rocker Panel Floor X-member support Side Door Intrusion Beam IP Beam Front Frame Rail Upper Rail Upper Rad Support Front Bumper Beam Radiator X-member Subframe Upper Rails (Shotgun) Shotgun Under Support ABS Block Shotgun IP Beam A-Pillar Header Door Rear Support Pillar Roof Bows B-Pillar Rear Bed Bottom Cross Member Frame Rail Cross Member Tailgate Inner Support Bed Bottom Cross Member Frame Rail Cross MemberDoor Hinge Support Driveshaft Middle Floor Support Rocker Belt Reinforcement Front RailEngine Cradle Anti Sub Bar Radiator Support Automotive Extrusions Product Offerings Apron Tube ABS Block
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27 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Sales Analysis by Application 1 Starting in 2025 Other Applications will be combined with General Engineering Totals may not sum due to rounding 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Shipments (lbs, mm) Aero/HS 155.0 158.0 144.8 158.9 192.0 223.9 224.3 236.9 243.5 243.2 233.0 248.8 273.6 173.3 161.6 186.5 254.3 245.2 204.8 Packaging - - - - - - - - - - - - - - 541.7 655.3 612.4 592.7 560.5 General Engineering¹ 246.0 258.4 189.0 217.4 220.2 232.7 222.5 223.4 231.4 249.9 264.7 266.9 236.3 235.6 298.2 303.9 215.6 228.7 247.5 Automotive Extrusions 54.0 50.0 36.2 54.2 62.8 62.8 64.1 78.5 93.5 92.9 101.0 104.4 94.3 84.1 94.0 96.5 104.5 101.4 95.4 Other Applications¹ 93.0 92.5 58.5 83.7 85.9 66.5 52.8 50.0 47.0 28.3 27.0 32.3 20.8 9.4 26.1 12.0 9.6 4.3 - Total 548.0 558.9 428.5 514.2 560.9 585.9 563.7 588.8 615.4 614.3 625.7 652.4 625.0 502.4 1,121.6 1,254.2 1,196.4 1,172.3 1,108.2 Conversion Revenue ($mm) Aero/HS $297.0 $324.0 $278.0 $295.4 $376.5 $450.5 $449.2 $430.2 $449.1 $466.9 $430.3 $455.0 $511.2 $369.3 $314.7 $356.3 $532.9 $529.5 $456.6 Packaging - - - - - - - - - - - - - - 389.3 554.7 503.2 490.0 543.6 General Engineering¹ 225.0 249.0 164.7 174.0 175.2 192.0 186.1 181.9 200.0 211.2 215.0 232.5 232.0 238.6 297.1 366.6 305.1 312.8 330.8 Automotive Extrusions 51.0 42.0 31.3 45.6 51.6 59.0 66.3 90.9 110.5 111.8 117.7 116.7 93.3 83.0 96.6 95.8 116.2 119.7 122.2 Other Applications¹ 66.0 58.0 39.4 40.9 40.9 34.7 32.0 29.5 30.3 23.1 23.3 23.7 19.0 6.2 13.5 9.3 8.5 4.2 - Total $639.0 $673.0 $513.4 $555.9 $644.2 $736.2 $733.6 $732.5 $789.9 $813.0 $786.3 $827.9 $855.5 $697.1 $1,111.2 $1,382.7 $1,465.9 $1,456.2 $1,453.2 Conversion Revenue ($/lb.) Aero/HS $1.92 $2.05 $1.92 $1.86 $1.96 $2.01 $2.00 $1.82 $1.84 $1.92 $1.85 $1.83 $1.87 $2.13 $1.95 $1.91 $2.10 $2.16 $2.23 Packaging - - - - - - - - - - - - - - 0.72 0.85 0.82 0.83 0.97 General Engineering¹ 0.91 0.96 0.87 0.80 0.80 0.83 0.84 0.81 0.86 0.85 0.81 0.87 0.98 1.01 1.00 1.21 1.42 1.37 1.34 Automotive Extrusions 0.94 0.84 0.86 0.84 0.82 0.94 1.03 1.16 1.18 1.20 1.17 1.12 0.99 0.99 1.03 0.99 1.11 1.18 1.28 Other Applications¹ 0.71 0.63 0.67 0.49 0.48 0.52 0.61 0.59 0.64 0.82 0.86 0.73 0.91 0.66 0.52 0.78 0.89 0.98 - Overall $1.17 $1.20 $1.20 $1.08 $1.15 $1.26 $1.30 $1.24 $1.28 $1.32 $1.26 $1.27 $1.37 $1.39 $0.99 $1.10 $1.23 $1.24 $1.31
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28 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Reconciliation of Net Sales to Conversion Revenue 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net sales ($mm) Aero/HS $603.5 $643.6 $485.8 $467.3 $596.3 $695.1 $677.0 $686.3 $695.5 $675.4 $653.7 $739.4 $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 457.1 494.6 287.8 409.3 447.0 441.4 411.0 419.5 426.1 420.1 476.2 546.0 480.1 458.8 706.1 883.8 596.5 618.1 759.2 AutomotiveExtrusions 103.6 83.4 54.7 103.0 126.9 125.5 129.5 173.5 199.2 188.8 217.3 239.3 190.5 161.4 225.0 254.8 254.9 251.9 286.4 Other Applications¹ 134.1 115.2 68.8 99.2 131.1 98.1 80.0 76.8 71.1 46.3 50.3 61.2 40.3 14.6 37.9 27.9 21.1 10.1 - Total $1,298.3 $1,336.8 $897.1 $1,078.8 $1,301.3 $1,360.1 $1,297.5 $1,356.1 $1,391.9 $1,330.6 $1,397.5 $1,585.9 $1,514.1 $1,172.7 $2,622.0 $3,427.9 $3,087.0 $3,024.0 $3,373.0 Hedged Cost of Alloyed Metal ($mm) Aero/HS $306.5 $319.6 $207.8 $171.9 $219.8 $244.6 $227.8 $256.1 $246.4 $208.5 $223.4 $284.4 $292.0 $168.6 $219.0 $319.8 $366.4 $353.5 $381.2 Packaging - - - - - - - - - - - - - - 730.0 1,030.6 812.0 770.9 946.0 General Engineering¹ 232.1 245.6 123.1 235.3 271.8 249.4 224.9 237.6 226.1 208.9 261.2 313.5 248.1 220.2 409.0 517.2 291.4 305.3 428.4 AutomotiveExtrusions 52.6 41.4 23.4 57.4 75.3 66.5 63.2 82.6 88.7 77.0 99.6 122.6 97.2 78.4 128.4 159.0 138.7 132.2 164.2 Other Applications¹ 68.1 57.2 29.4 58.3 90.2 63.4 48.0 47.3 40.8 23.2 27.0 37.5 21.3 8.4 24.4 18.6 12.6 5.9 - Total $659.3 $663.8 $383.7 $522.9 $657.1 $623.9 $563.9 $623.6 $602.0 $517.6 $611.2 $758.0 $658.6 $475.6 $1,510.8 $2,045.2 $1,621.1 $1,567.8 $1,919.8 Conversion Revenue ($mm) Aero/HS $297.0 $324.0 $278.0 $295.4 $376.5 $450.5 $449.2 $430.2 $449.1 $466.9 $430.3 $455.0 $511.2 $369.3 $314.7 $356.3 $532.9 $529.5 $456.6 Packaging - - - - - - - - - - - - - - 389.3 554.7 503.2 490.0 543.6 General Engineering¹ 225.0 249.0 164.7 174.0 175.2 192.0 186.1 181.9 200.0 211.2 215.0 232.5 232.0 238.6 297.1 366.6 305.1 312.8 330.8 AutomotiveExtrusions 51.0 42.0 31.3 45.6 51.6 59.0 66.3 90.9 110.5 111.8 117.7 116.7 93.3 83.0 96.6 95.8 116.2 119.7 122.2 Other Applications¹ 66.0 58.0 39.4 40.9 40.9 34.7 32.0 29.5 30.3 23.1 23.3 23.7 19.0 6.2 13.5 9.3 8.5 4.2 - Overall $639.0 $673.0 $513.4 $555.9 $644.2 $736.2 $733.6 $732.5 $789.9 $813.0 $786.3 $827.9 $855.5 $697.1 $1,111.2 $1,382.7 $1,465.9 $1,456.2 $1,453.2 1 Starting in 2025 Other Applications will be combined with General Engineering. Totals may not sum due to rounding
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29 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Reconciliation of Reported Net Income to EBITDA (in $ millions) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consolidated - Reported Net (Loss) Income $101.0 ($68.5) $70.5 $12.0 $25.1 $85.8 $104.8 $71.8 ($236.6) $91.7 $45.4 $91.7 $62.0 $28.8 ($18.5) ($29.6) $67.8 $65.7 $112.5 Interest Expense 4.3 1.0 - 11.8 18.0 29.1 35.7 37.5 24.1 20.3 22.2 22.7 24.6 40.9 49.5 48.3 46.9 43.7 50.1 Other Income (Expense)2 (4.7) (0.7) 0.1 4.2 (4.3) (2.8) (5.6) (6.7) 1.8 13.6 - 0.9 20.7 1.4 38.9 (6.4) (7.4) (19.5) (11.3) Income Tax Provision (Benefit) 81.4 (22.8) 48.1 13.1 16.2 53.8 38.4 35.3 (135.2) 55.5 87.6 28.3 18.4 10.0 (5.5) (8.3) 15.2 22.3 37.5 Consolidated - Reported Operating Income (Loss)1,2 $182.0 ($91.0) $118.7 $41.1 $55.0 $165.9 $173.3 $137.9 ($345.9) $181.1 $155.2 $143.6 $125.7 $81.1 $64.4 $4.0 $122.5 $112.2 $188.8 Operating NRR items: Mark-to-Market Loss (Gain)4 (9.7) 87.1 (80.5) 0.7 29.9 (15.2) (0.7) 10.4 3.4 (18.7) (19.4) 17.7 5.8 (2.6) 1.4 1.4 - - - Lower of Cost or Market Write-down - 65.5 9.3 - - - - - 2.6 4.9 - - - - - - - - - Workers' Compensation Discount Rate Effect - - - - 3.8 0.2 (1.3) - 0.2 (0.3) - (0.5) 0.8 1.8 - - - - - Goodwill Impairment - - - - - - - - - - 18.4 - 25.2 - - 20.5 - - - Impairment Losses - - - - 4.4 - 1.5 0.1 2.8 0.8 1.4 0.9 0.5 - 3.2 - 0.4 - Legacy Environmental 0.9 5.5 2.4 13.9 3.9 1.3 4.5 0.8 1.3 0.1 0.3 1.7 1.7 5.3 0.2 3.2 0.2 4.4 0.3 Restructuring Charges (Benefits) - 8.8 5.4 3.6 (0.3) - - - - - - - - 7.5 (0.8) 2.2 5.0 7.6 1.9 VEBA Net Periodic Benefit Cost (Income)2,3 (2.6) (0.6) 5.3 5.1 (6.0) (11.9) (22.5) (23.7) 2.4 - - 0.1 0.1 0.1 0.1 0.1 - - - Loss on Removal of Union VEBA Net Assets2,3 - - - - - - - - 493.4 - - - - - - - - - - Loss on disposition of operating PP&E - - - - - - - - - - - - - - - - - - (3.3) Anglesey Impairment - 37.8 - - - - - - - - - - - - - - - - - Acquisition Costs (Credits)5 - - - - - - - - - - - - - 5.5 28.0 0.4 - - - Other Operating Charges (Benefits) (13.6) (1.4) (0.9) 0.1 (0.3) - - - - - - - - - - - - - - Total Operating NRR Items (25.0) 202.7 (59.0) 23.4 31.0 (21.2) (20.0) (11.0) 503.4 (11.2) 0.1 20.4 34.5 18.1 28.9 31.0 5.2 12.4 (1.1) Consolidated Operating Income before operating NRR 157.0 111.7 59.7 64.5 86.0 144.7 153.3 126.9 157.5 169.9 155.3 164.0 160.2 99.2 93.3 35.0 127.7 124.6 187.7 Depreciation & Amortization – Consolidated 11.9 14.7 16.4 19.8 25.2 26.5 28.1 31.1 32.4 36.0 39.7 43.9 49.1 52.2 91.5 106.9 108.6 116.4 122.5 Consolidated - Adjusted EBITDA $168.9 $126.4 $76.1 $84.3 $111.2 $171.2 $181.4 $158.0 $189.9 $205.9 $195.0 $207.9 $209.3 $151.3 $184.8 $141.9 $236.3 $241.0 $310.2
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30 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Reconciliation of Reported Net Debt Leverage 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash & Short-Term Investments $69 $- $30 $136 $50 $358 $299 $292 $103 $286 $235 $162 $343 $780 $303 $57 $82 $18 $7 Total Debt $- $36 $- $175 $175 $400 $400 $400 $198 $375 $375 $375 $500 $850 $1,050 $1,050 $1,050 $1,050 $1,072 Total Net Debt $(69) $36 $(30) $39 $125 $42 $101 $108 $95 $89 $140 $213 $157 $70 $747 $993 $968 $ 1,032 $ 1,065 Consolidated Adjusted EBITDA $129 $111 $70 $85 $111 $174 $174 $162 $183 $207 $199 $208 $209 $151 $185 $142 $236 $241 $310 Net Debt Leverage to EBITDA NM 0.3x NM 0.5x 1.1x 0.2x 0.6x 0.7x 0.5x 0.4x 0.7x 1.0x 0.8x 0.5x 4.0x 7.0x 4.1x 4.3x 3.4x
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