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Third Quarter 2026 Earnings Conference Call October 22, 2026
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2 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 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 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 pandemics 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 expectations except as may be required by law. 2
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3 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 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. 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. 3
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4 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 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 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. 4
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5 Commonly Used or Defined Terms and Measures Term/Measure Description Adjusted EPS Reported net income per diluted share excluding non-run-rate items. Reported net income excluding non-run-rate items.Adjusted Net Income Conversion Revenue Net sales less the Hedged Cost of Alloyed Metal. Conversion Revenue ($/lb.) EBITDA or Adjusted EBITDA EBITDA Margin or Adjusted EBITDA Margin EPS Calculated as Conversion Revenue divided by total shipment pounds. Consolidated Operating Income before non-run-rate plus Depreciation and Amortization. EBITDA or Adjusted EBITDA as a percentage of Conversion Revenue. Reported net income per diluted share. Free Cash Flow Cash flow from operations less capital expenditures. 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 September 30, 2026. Net Debt Leverage Ratio Non-Operating NRR Items Calculated as Long-term debt less Cash and cash equivalents, divided by the LTM Adjusted EBITDA. Represents debt refinancing charges, gains (losses) recorded from the sale of land, and gains recorded from business interruption insurance recoveries. These items are excluded from reported Operating income (loss) as they do not contribute to our on-going operational results. NRR Represents non-run-rate items relating to on-going operations. NRR items are presented on a pre-tax basis. Metal Price Lag Metal price lag represents management’s estimate of the financial impact resulting from timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on MWTP, multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. 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. 5
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6© Kaiser Aluminum All Rights Reserved 3Q 2026 Highlights Keith A. Harvey Chairman, President & Chief Executive Officer
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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 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 capacity requirements Investments Position Kaiser for Continued Growth ⚫ Portfolio investments targeted at enhancing capabilities and supporting evolving customer requirements ⚫ Continued progress on coated Packaging strategy will drive operational cost efficiencies at Warrick ⚫ Evaluating opportunities to increase capacity in support of strong demand and future growth Underlying Business Performance Remained Strong ⚫ Adjusted EBITDA increased year-over-year despite a $29 million unfavorable swing in metal price lag ⚫ Higher shipments and improved price/mix drove ~25% year-over-year conversion revenue growth ⚫ Planned outages and near-term execution factors impacted 3Q results; expected to moderate in 2027
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8© Kaiser Aluminum All Rights Reserved Neal E. West Executive Vice President & Chief Financial Officer 3Q 2026 Financial Recap
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9 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering End Market Summary 9 ⚫ Aero/HS ⚫ Plate production improved following the prior-year outage for capacity investments ⚫ Strong business jet, defense and space demand supports continued momentum ⚫ Packaging ⚫ Conversion Revenue increased as mix shift to higher-value coated products continues to ramp ⚫ Strong customer demand and new coating qualifications ⚫ General Engineering ⚫ Higher shipments and restored plate production following capacity investments ⚫ Semiconductor demand, restocking and favorable market conditions supported volume and pricing ⚫ Automotive ⚫ Bellwood capacity investments temporarily impacted shipments; positions the business for future growth KEY HIGHLIGHTS CONVERSION REVENUE ($MM) SHIPMENTS (LBS MM)
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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 Consolidated Financial Highlights 10 (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 Revenue $439 $437 $404 $365 $1,281 $1,088 $1,646 $1,453 As Reported: Operating Income $55 $134 $98 $61 $287 $128 $347 $189 Net Income $31 $97 $63 $28 $190 $84 $219 $113 EPS $1.84 $5.72 $3.71 $1.68 $11.26 $5.10 $12.95 $6.77 Adjusted: Operating Income $56 $137 $98 $57 $291 $131 $348 $188 EBITDA $84 $166 $129 $88 $379 $222 $467 $310 EBITDA margin 19.1% 38.1% 31.8% 24.1% 29.6% 20.4% 28.4% 21.3% Net Income $32 $94 $63 $26 $188 $75 $214 $100 EPS $1.89 $5.53 $3.74 $1.53 $11.15 $4.51 $12.69 $6.03 Nine Months Full YearQuarterly
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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 EBITDA & EBITDA Margin Summary 11 KEY HIGHLIGHTS ⚫ Strong underlying EBITDA performance ⚫ EBITDA of $84 million was up $3 million year-over year ⚫ Year over year operational performance inclusive of $29 million unfavorable swing in metal price lag ⚫ Underlying operational performance effectively replaced the prior year metal price lag benefit ⚫ Metal and Operating Costs Impacted 3Q Margins ⚫ Significant first-half metal price lag tailwinds did not repeat, as anticipated ⚫ Lower scrap utilization, the planned Bellwood outage and Roll Coat 4 start-up costs impacted results ⚫ Anticipated incremental costs represented ~640 bps of 3Q margin impact
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12 Headings: Arial Black Body: Helvetica COLOR PALETTE Text 52 63 73 Title bar/Bullets 196 18 48 ACCENTS 1 0 115 119 99 250 255 2 104 200 198 195 233 232 3 253 183 28 254 226 164 4 101 29 50 221 137 161 5 52 63 73 165 179 191 6 123 135 142 202 207 210 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 52 63 73 Highlights 196 18 48 TABLE © Kaiser Aluminum All Rights Reserved Native PPT numbering Balance Sheet Review PACKAGING 2026 OUTLOOK 2026 OUTLOOK Conversion RevenueShipments Shipments +15% — 20% +10% — 15% +10% — 15% +20% — 25% GENERAL ENGINEERING1 AUTOMOTIVE EXTRUSIONS 2026 OUTLOOK 2026 OUTLOOK Conversion Revenue Conversion RevenueShipments +5% — 10% Shipments +5% — 10% (0% — 5%) (0% — 5%) 13 FREE CASH FLOW ($MM) HIGHLIGHTSLIQUIDITY ($MM) NET DEBT LEVERAGE ($MM) • Cash Generation And EBITDA Growth Drive Deleveraging • $176 million of free cash flow YTD, demonstrating strong cash flow performance • Stabilizing metal driving working capital release and stronger free cash flow; 2026 FCF now expected to exceed $200 million • Net leverage improved to 2.0x, within 2.0x – 2.5x targeted range
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13© Kaiser Aluminum All Rights Reserved 2026 Outlook Update Keith A. Harvey Chairman, President & Chief Executive Officer
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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 End Market Summary PACKAGING CONVERSION REVENUE 2026 OUTLOOK CONVERSION REVENUE 2026 OUTLOOK Conversion Revenue Conversion RevenueShipments Shipments +15% — 20% +10% — 15% +10% — 15% +20% — 25% GENERAL ENGINEERING1 AUTOMOTIVE EXTRUSIONS CONVERSION REVENUE 2026 OUTLOOK CONVERSION REVENUE 2026 OUTLOOK Conversion Revenue Conversion RevenueShipments +5% — 10% Shipments +5% — 10% (0% — 5%) (0% — 5%) 13 PACKAGING AUTOMOTIVE EXTRUSIONSGENERAL ENGINEERING AERO/HS • Commercial Aero destocking complete • Focus shifting toward rate readiness and future requirements • 2027 visibility continues to improve and demand signals remain strong • Customers increasingly focused on long-term supply • Customer demand remains intact despite near-term shipment disruption due to outage • Equipment upgrades expected to improve operating performance as production rates normalize • Well positioned to support customer growth and attractive long-term opportunities • Underlying demand remains robust; supported by long-term customer commitments • Coated strategy continues to advance through qualification and high run rates • Focus on operational performance and customer service improvements • Market conditions remain very strong across plate and extrusion applications • Extrusion markets remain exceptionally tight as service center inventories remain lean • Strong demand supporting favorable market pricing
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15 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 FY 2026 Summary 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 (previously $150M to $175M) ⚫ Revised: Capital Expenditures expected to be ~$130M ⚫ Demand remains robust with customer visibility continuing to improve through 2027 ⚫ Customer discussions increasingly focused on future growth, long-term supply and capacity requirements ⚫ Near-term execution factors do not alter confidence in the long-term growth opportunity ⚫ Strong free cash flow generation driving continued deleveraging and balance sheet improvement Updated Outlook Key Takeaways
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16© Kaiser Aluminum All Rights Reserved Appendix © Kaiser Aluminum All Rights Reserved
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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 Sales Analysis by Application – Quarterly 1 Starting in 2025 Other Applications is combined with General Engineering
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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 Sales Analysis by Application – Annual 1 Starting in 2025 Other Applications is combined with General Engineering
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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 Reconciliation of Net Sales to Conversion Revenue – Quarterly 1 Starting in 2025 Other Applications is combined with General Engineering
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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 Reconciliation of Net Sales to Conversion Revenue – Annual 1 Starting in 2025 Other Applications is combined with General Engineering
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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 Adjusted Net Income and EPS – Quarterly
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22 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 Adjusted Net Income and EPS – Annual
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23 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 Adjusted EBITDA – Quarterly 1Mark-to-market (gain) loss on derivative instruments primarily includes: (i) (gain) loss on non-designated commodity hedges and (ii) reclassifications out of Accumulated other comprehensive income on certain de-designated hedges (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 11.4 11.5 11.5 11.1 10.7 10.4 11.2 12.5 12.4 14.0 14.4 14.5 14.2 Other (Income) Expense 2.2 1.5 (10.9) 0.5 (8.7) (0.4) 1.4 (4.4) (11.4) 3.1 1.0 (7.1) 0.8 Income Tax Provision (Benefit) (2.5) 1.1 5.5 5.7 2.4 8.7 7.2 6.7 8.3 15.3 19.9 29.5 9.2 Consolidated - Reported Operating Income 8.0$ 22.5$ 24.3$ 36.2$ 13.2$ 38.5$ 41.4$ 38.0$ 48.8$ 60.6$ 97.8$ 133.7$ 55.2$ Operating NRR items: Mark-to-Market (Gain) Loss1 (0.3) 0.2 - 2.2 - (2.2) - - - - - - - Restructuring Charges 1.6 0.8 0.1 6.8 0.7 - 1.8 0.1 - - - - - Non-cash Asset Impairment Charge - - 0.4 - - - - - - - - - 0.5 Legacy Environmental - 0.2 0.4 - 3.3 0.7 0.2 - 0.1 - - 0.1 0.4 Loss (gain) on disposition of operating property, plant and equipment - - - - - - - - 0.4 (3.7) 0.3 2.9 - Total Operating NRR Items 1.3 1.2 0.9 9.0 4.0 (1.5) 2.0 0.1 0.5 (3.7) 0.3 3.0 0.9 Consolidated Operating Income before operating NRR 9.3 23.7 25.2 45.2 17.2 37.0 43.4 38.1 49.3 56.9 98.1 136.7 56.1 Depreciation & Amortization - Consolidated 27.2 28.7 28.8 29.0 29.0 29.6 30.0 29.6 32.0 30.9 30.4 29.6 27.9 Consolidated - Adjusted EBITDA 36.4$ 52.5$ 54.0$ 74.2$ 46.2$ 66.6$ 73.4$ 67.7$ 81.3$ 87.8$ 128.5$ 166.3$ 84.0$
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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 Reconciliation of Reported Net Income to Adjusted EBITDA – Annual 1Mark-to-market (gain) loss on derivative instruments primarily includes: (i) the reversal of mark-to-market loss (gain) on hedges entered into prior to the adoption of ASU 2017-12 and settled in the periods presented above; (ii) loss (gain) on non-designated commodity hedges; and (iii) reclassifications out of Accumulated other comprehensive income on certain de-designated hedges 2NRR acquisition costs are acquisition-related transaction costs, which include professional fees, as well as non-cash hedging charges recorded in connection with our Warrick acquisition (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 (6.4) (7.4) (19.5) (11.3) (2.2) Income Tax Provision (Benefit) 10.0 (5.5) (8.3) 15.2 22.3 37.5 73.9 Consolidated - Reported Operating Income 81.1$ 64.4$ 4.0$ 122.5$ 112.2$ 188.8$ 347.3$ Operating NRR items: Mark-to-Market (Gain) Loss1 (2.6) 1.4 1.4 - - - - Workers' Compensation Discount Rate Effect 1.8 - - - - - - Goodwill Impairment - - 20.5 - - - - Restructuring Charges 7.5 (0.8) 2.2 5.0 7.6 1.9 - Non-cash Asset Impairment Charge 0.5 - 3.2 - 0.4 - 0.5 Legacy Environmental 5.3 0.2 3.2 0.2 4.4 0.3 0.5 Loss (gain) on disposition of operating property, plant and equipment - - - - - (3.3) (0.5) Acquisition Costs2 5.5 28.0 0.4 - - - - VEBA Net Periodic Benefit Cost 0.1 0.1 0.1 - - - - Total Operating NRR Items 18.1 28.9 31.0 5.2 12.4 (1.1) 0.5 Consolidated Operating Income before operating NRR 99.2 93.3 35.0 127.7 124.6 187.7 347.8 Depreciation & Amortization - Consolidated 52.2 91.5 106.9 108.6 116.4 122.5 118.8 Consolidated - Adjusted EBITDA 151.3$ 184.8$ 141.9$ 236.3$ 241.0$ 310.2$ 466.6$
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