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ADITYA BIRLA NOVELIS Novelis Q1 Fiscal Year 2027 Earnings Presentation August 5 , 2026 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer Novelis
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 2 Safe Harbor Statement Novelis Q1FY27 Earnings Forward-looking statements Statements made in this presentation which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward-looking statements in this presentation are statements about: the demand and market trends for aluminum products; the anticipated cost savings, timing, results and benefits associated with our structural cost efficiency program; the commissioning, startup timing, cost, operational performance and expected benefits of the Bay Minette plant; anticipated insurance recoveries and the impacts of the Oswego fires; future shipments and our expectations regarding future financial results, including related to our capital expenditures for FY2027 and return to positive free cash flow at the end of FY2027; and our anticipation of potential deleveraging following the commissioning of the Bay Minette plant. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and Novelis' actual results could differ materially from those expressed or implied in such statements. We do not intend, and we disclaim any obligation, to update any forward- looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: disruptions or changes in the business or financial condition of our significant customers or the loss of their business or reduction in their requirements; impact of changes in trade policies, new tariffs, duties and other trade measures; price and other forms of competition from other aluminum rolled products producers and potential new market entrants; the competitiveness of our end-markets, and the willingness of our customers to accept substitutes for our products, including steel, plastics, composite materials and glass; our failure to realize the anticipated benefits of strategic investments; increases in the cost or volatility in the availability of primary aluminum, scrap aluminum, sheet ingot, or other raw materials used in the production of our products; risks related to the energy-intensive nature of our operations, including increases to energy costs or disruptions to our energy supplies; downturns in the automotive and ground transportation industries or changes in consumer demand; union disputes and other employee relations issues; the impact of labor disputes and strikes on our customers; loss of our key management and other personnel, or an inability to attract and retain such management and other personnel; unplanned disruptions at our operating facilities, including as a result of adverse weather phenomena, fires or other force majeure events; economic uncertainty, capital markets disruption and supply chain interruptions; unexpected impact of public health crises on our business, suppliers, and customers; risks relating to certain joint ventures, subsidiaries and assets that we do not entirely control; risks related to fluctuations in freight costs; risks related to rising inflation and prolonged periods of elevated interest rates; risks related to timing differences between the prices we pay under purchase contracts and metal prices we charge our customers; a deterioration of our financial condition, a downgrade of our ratings by a credit rating agency or other factors which could limit our ability to enter into, or increase our costs of, financing and hedging transactions; risk of rising debt service obligations related to variable rate indebtedness; adverse changes in currency exchange rates; our inability to transact in derivative instruments, or our inability to adequately hedge our exposure to price fluctuations under derivative instruments, or a failure of counterparties to our derivative instruments to honor their agreement; an adverse decline in the liability discount rate, or a lower-than-expected investment return on pension assets; impairments to our goodwill, other intangible assets, and other long-lived assets; tax expense, tax liabilities or tax compliance costs; risks related to the operating and financial restrictions imposed on us by the covenants in our credit facilities and the indentures governing our Senior Notes; cybersecurity attacks against, disruptions, failures or security breaches and other disruptions to our information technology networks and systems; risks of failing to comply with federal, state and foreign laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection; our inability to protect our intellectual property, the confidentiality of our know-how, trade secrets, technology, and other proprietary information; risks related to our global operations, including the impact of complex and stringent laws and government regulations; risks related to global climate change, including legal, regulatory or market responses to such change; risks related to a broad range of environmental, health and safety laws and regulations; and risks related to potential legal proceedings or investigations. The above list of factors is not exhaustive. Other important factors are discussed under the captions "Risk Factors" and “Management’s Discussion and Analysis” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026 and as the same may be updated from time to time in our quarterly reports on Form 10-Q, or in other reports which we from time to time file with the SEC.
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Recent highlights Novelis Q1FY27 Earnings • Underlying business continues to perform well - Q1FY27 Adj. EBITDA/tonne $563, up 30% YoY • Excluding the net positive impact from Oswego fires & insurance recovery, Q1FY27 Adj. EBITDA per tonne $525 - Demand for aluminum products remains resilient - High-recycled-content business model benefitting from favorable metal markets - Over $225 million in run-rate cost savings achieved to date under global efficiency program; continue to target $350-400 million in total savings by end of FY28 • Restarted Oswego hot mill in early June • Bay Minette project remains on track with commissioning process underway 3
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 4 Novelis Q1FY27 Earnings Oswego, NY, U.S. plant restart • Our Oswego, NY , plant in the U.S. experienced two separate, significant fires, in late 2025 • Operations at Oswego restarted in June and production is ramping up • Majority of expected cost impact already realized • Recognized $300 million of insurance recoveries through end of Q1FY27; expect additional insurance recoveries in future periods • Enhancing our global standard operating system, based on principles of world-class manufacturing
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Financial Highlights 5
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 6 Q1 Financial Highlights Q 1 F Y 2 7 v s Q 1 F Y 2 6 • Net Sales up 23% YoY to $5.8 billion • Total FRP shipments down 5% YoY to 916kt – Estimated 33kt lower than expected shipments due to Oswego fires • Adjusted EBITDA up 24% YoY to $516 million – Q1FY27 includes an estimated $18 million net positive impact from the Oswego fires, inclusive of $47 million business interruption insurance proceeds • Adjusted EBITDA per tonne up 30% to $563 – Excluding the impact from Oswego fires & insurance to shipments and Adj. EBITDA, Q1FY27 Adj. EBITDA per tonne $525 • Net income attributable to our common shareholder up 71% YoY to $164 million – Net income attributable to common shareholder, excluding special items, was $265 million, up 128% YoY Novelis Q1FY27 Earnings Notes: 1. Special items includes loss on extinguishment of debt, metal price lag, restructuring and impairment expenses, Sierre floodin g, September and November Oswego fires, start-up costs, and tax effect on special items . See appendix for a reconciliation of special items. ($ millions) FRP Shipments (kt) Adjusted EBITDA 963 941 809 844 916 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 $416 $422 $348 $459 $516 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 ($/FRP tonne) Adjusted EBITDA per tonne $432 $448 $430 $544 $563 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 7 Q1 Adjusted EBITDA Bridge vs. prior year $ m i l l i o n s 416 (58) 5 86 12 55 516 Q1FY26 Volume Price/Mix Operating Cost SG&A FX & Other Q1FY27 Novelis Q1FY27 Earnings Includes $47M of Oswego insurance proceeds
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 North America 8 Q1 Segment Results $133 $111 0 50 100 150 200 250 300 350 400 $0 $50 $100 $150 Q1FY26 Q1FY27 Total FRP Shipments (kts) Adjusted EBITDA ($ millions) Europe Q1 Shipments -3%, Adjusted EBITDA -17% • Lower shipments and unfavorable product mix due to Oswego fires • Higher net negative tariffs and lower scrap consumption • Favorable scrap prices and product prices • $47 million business interruption insurance benefit related to Oswego fires Q1 Shipments +5%, Adjusted EBITDA +44% • Higher beverage packaging & automotive shipments to support North America • Favorable product price & mix • Favorable metal benefit $70 $101 0 50 100 150 200 250 300 $0 $50 $100 $150 Q1FY26 Q1FY27 Novelis Q1FY27 Earnings
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Asia 9 Q1 Segment Results South America $93 $121 0 50 100 150 200 250 $0 $50 $100 $150 Q1FY26 Q1FY27 $119 $186 0 50 100 150 200 $0 $50 $100 $150 $200 $250 Q1FY26 Q1FY27 Total FRP Shipments (kts) Adjusted EBITDA ($ millions) Q1 Shipments +8%, Adjusted EBITDA +30% • Higher beverage packaging, specialties and aerospace shipments • Favorable metal benefit • Unfavorable product mix Q1 Shipments +7%, Adjusted EBITDA +56% • Higher beverage packaging shipments to support North America • Favorable metal benefit Novelis Q1FY27 Earnings
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 10 Novelis Q1FY27 Earnings Structural cost -efficiency initiative driving results • Over $225 million in run rate savings through Q1FY27 • Anticipate ~$300 million run rate savings by end of FY27 • Target ~$350-400 million in total savings by end of FY28, compared to initial estimate $300+ million • SG&A, operational and footprint efficiencies: – Leaner organizational structure with SG&A COEs lowers cost and drives process streamlining – Leveraging technology for higher efficiencies – Labor productivity increases – Energy and variable cost consumption optimization – Procurement savings – Enhance asset effectiveness with throughput increase and recovery improvement Current & Targeted exit run rate savings ($ millions) ~400 0 50 100 150 200 250 300 350 400 450 Actuals through Q1FY27 FY27 Target FY28 & Beyond Target >$225M ~$300M ~$350M- $400M
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 11 Adj Free Cash Flow and Net Leverage YTD FY27 YTD FY26 Adjusted EBITDA 516 416 Interest paid (50) (37) Taxes paid (51) (37) Capital expenditures (775) (386) Metal price lag 173 69 Working capital & other (947) (320) Adjusted free cash flow ($1,134) ($295) Adjusted free cash flow before capex ($359) $91 • Net leverage ratio elevated in the short-term from timing of Oswego fire impacts & Bay Minette capital spend • Liquidity of $2.1 billion at June 30, 2026 • Entered into a $500 million unsecured term loan facility in July 2026 which matures in July 2028 • FY27 capital expenditures expected to be in a range of $2.1 billion to $2.4 billion, including ~$350 million for maintenance capex • Continue to expect to return to a free cash flow positive position by the end of FY27 Adjusted free cash flow Novelis Q1FY27 Earnings $ m i l l i o n s Net leverage ratio (Adj. Net debt/TTM Adj. EBITDA) 2.2 2.3 2.3 2.9 3.2 3.4 3.7 4.1 4.5 FY22 FY23 FY24 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Fiscal year end Recent quarter trend
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Strategic Updates & Outlook
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 13 End Market Trends Source: management estimates Long-term growth rates & trends Near-term market demand trends • FY2026-2031 CAGR ~4% (excluding China) • Sustainability preferences driving package mix shift favoring aluminum • Energy drinks, CSDs and specialty cans remain key growth drivers, while beer is stabilizing in some markets • Softer beer consumption trends in South America, but beverage package mix favors aluminum • FY2026-2031 CAGR ~3-5% • Lightweighting and innovation for vehicle performance • Favorable vehicle mix in North America • Slower BEV adoption ex-China; lower aluminum adoption in China • Favorable vehicle mix and pent-up demand in North America as capacity constraints ease • Europe & Asia demand soft, reflecting weak European economic conditions and continued automotive market share gains by Chinese EV manufacturers • FY2026-2031 CAGR ~4% • Multi-year OEM order backlogs • Sustainability growing in importance • Ongoing demand for new aircraft • Global aerospace parts supply chain constraints continue to signal signs of easing • Long-term market growth at GDP+ rates • Undersupplied US housing market • Lightweighting & sustainability trends • Stable & seasonal Building & Construction demand • Signs of recovery in segments that had been challenged by economic & tariff uncertainty, including batteries, truck/trailer and light gauge markets AUTOMOTIVE BEVERAGE PACKAGING AEROSPACE SPECIALTY (62% of FY26 Shipments) (18% of FY26 Shipments) (3% of FY26 Shipments) (17% of FY26 Shipments) Novelis Q1FY27 Earnings
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 14 Bay Minette Project Update • Building a 600kt, state-of-the-art aluminum plant in capacity constrained U.S. market • Commissioning process is underway • Expect to commence commercial shipments in Q1 FY28 • Estimated total capital cost remains in the order of $5 billion – $3.8 billion capital expenditures spent through end of Q1FY27 • Low-carbon, greenfield rolling & recycling facility in Bay Minette, Alabama allows for continued growth in North America for decades to come Novelis Q1FY27 Earnings Exterior & interior images of Novelis Bay Minette, Alabama, plant
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 15 Novelis Q1FY27 Earnings Summary • Strong underlying performance driven by favorable market conditions combined with successful cost efficiency program • Oswego operations restarted in early June and ramping up to support customer demand • Bay Minette plant commissioning underway and poised to produce commercial shipments next fiscal year • Anticipate a return to positive free cash flow at the end of FY27
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www.novelis.com Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Thank You
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Appendix
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 18 Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder (in $ millions) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Net income attributable to our common shareholder 96 163 (160) (84) 15 164 Noncontrolling interests - - 1 (1) - - Income tax provision 50 61 4 (114) 1 64 Interest, net 62 63 62 58 245 64 Depreciation and amortization 148 152 155 161 616 150 EBITDA 356 439 62 20 877 442 Adjustment to reconcile proportional consolidation 14 13 12 16 55 14 Unrealized (gains) losses on change in fair value of derivative instruments, net 8 29 33 7 77 (78) Realized (gains) losses on derivative instruments not included in Adjusted EBITDA (3) (3) (1) (1) (8) (2) Gain on sale of business - - - (7) (7) - Loss on extinguishment of debt, net - 3 - - 3 - Restructuring and impairment expenses, net(1) 85 31 20 59 195 19 (Gain) loss on sale or disposal of assets, net 2 1 - (8) (5) (2) Metal price lag (income) expense (69) (129) (126) (191) (515) (173) Sierre flood charges, net of recoveries(2) 6 2 2 (37) (27) - September & November Oswego fire losses, net of recoveries(3) - 21 327 577 925 265 Start-up costs (4) 5 8 12 13 38 21 Other, net 12 7 7 11 37 10 Adjusted EBITDA $416 $422 $348 $459 $1,645 $516 Rolled product shipments (kt) 963 941 809 844 3,557 916 Adjusted EBITDA /tonne ($/tonne) $432 $448 $430 $544 $462 $563 1. Restructuring and impairment expenses, net are related to the 2025 Efficiency Plan 2. Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant in 2024 caused by unprecedented heavy rainfall, net of the related property insurance recoveries. 3. September & November Oswego fire losses, net of recoveries relate to non-recurring non-operating charges from two significant fires at our Oswego, New York plant in 2025.. 4. Start-up costs related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are incl uded in Selling, general and administrative expenses. Novelis Q1FY27 Earnings
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 19 Cash provided by operating activities reconciliation to Adjusted free cash flow (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Net cash provided (used) by operating activities (1) 105 306 (501) (103) (193) (455) Net cash used in investing activities (1) (400) (510) (640) (614) (2,164) (676) Plus: Cash used in the acquisition of business and other investments, net of cash acquired - - - - - - Less: Proceeds from sales of assets and business, net of transaction fees, cash income taxes and hedging - - (1) (19) (20) (3) Adjusted free cash flow $(295) $(204) $(1,142) $(736) $(2,377) $(1,134) Capital expenditures 386 527 664 766 2,343 775 Adjusted free cash flow before capex $91 $323 $(478) $30 $(34) $(359) (1) For the periods shown, the Company did not have any cash flows from discontinued operations in operating activities or investing activities. Novelis Q1FY27 Earnings
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 20 Adjusted Net debt and Liquidity (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Long-term debt, net of current portion 6,230 6,324 6,317 6,551 6,551 6,567 Current portion of long-term debt 33 35 52 54 54 56 Short-term borrowings 320 527 592 1,305 1,305 2,284 Unamortized carrying value adjustments 62 70 68 68 68 63 Cash and cash equivalents (1,074) (1,157) (825) (1,254) (1,254) (1,105) Adjusted Net debt $5,571 $5,799 $6,204 $6,724 $6,724 $7,865 (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Cash and cash equivalents 1,074 1,157 825 1,254 1,254 1,105 Availability under committed credit facilities 1,958 1,719 1,727 1,502 1,502 1,015 Liquidity $3,032 $2,876 $2,552 $2,756 $2,756 $2,120 Novelis Q1FY27 Earnings
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Position Auxiliary line 15,43 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 21 Reconciliation of Net income attributable to our common shareholder, excluding special items 1. Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant in 2024 caused by unprecedented heavy rainfall, net of the related property insurance recoveries. 2. September & November Oswego fire losses, net of recoveries relate to non-recurring non-operating charges from two significant fires at our Oswego, New York plant in 2025. 3. Start-up costs related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are included in Selling, general and administrative expenses. (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Net income attributable to our common shareholder $96 $163 $(160) $(84) $15 $164 Special Items: Gain on sale of a business - - - (7) (7) - Loss on extinguishment of debt, net - 3 - - 3 - Metal price lag loss (gain) (69) (129) (126) (191) (515) (173) Restructuring and impairment expenses, net 85 31 20 59 195 19 Sierre flooding, net of recoveries (1) 6 2 2 (37) (27) - September & November Oswego fire, net of recoveries (2) - 21 327 577 925 265 Start-up costs (3) 5 8 12 13 38 21 Tax effect on special items (7) 14 (55) (103) (151) (31) Net income attributable to our common shareholder, excluding special items $116 $113 $20 $227 $476 $265 Novelis Q1FY27 Earnings