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Q2 FY2027 Novelis Earnings Results November 5, 2026 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer
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© Novelis Inc. – All Rights Reserved Safe Harbor Statement 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 timing, achievement and anticipated benefits of our structural cost- efficiency initiative, including anticipated and targeted run-rate savings; the implementation, timing and effectiveness of our capacity-onshoring and other tariff-mitigation actions; the commissioning, startup and ramp-up of the Bay Minette plant, including the expected commencement of commercial shipments, operational performance and anticipated benefits; the duration, resolution and operational and financial impacts of the labor disruption at our Yeongju, South Korea facility; anticipated insurance recoveries and the impacts of the Oswego fires; and future shipments and our expectations regarding future financial results and liquidity, including FY2027 capital expenditures, returning to a positive free cash flow position by the end of FY2027, the expected near-term level of our net leverage ratio and anticipated deleveraging beginning in the fourth quarter of FY2027. 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. 2
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© Novelis Inc. – All Rights Reserved Recent highlights 3 • Strong quarter performance amid favorable market conditions • Oswego production at normal levels; working through supply chain effects post-fire • Production stoppage related to labor strike in Yeongju, South Korea • $519 million in cumulative Oswego net insurance recoveries, including $219 million received in Q2 FY27 • Steady progress on key priorities ‒ Cost efficiency program remains on track ‒ Bay Minette commissioning underway ‒ Executing capacity onshoring actions to mitigate tariffs
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© Novelis Inc. – All Rights Reserved 4 Financial Highlights
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© Novelis Inc. – All Rights Reserved Q2 Financial Highlights Q 2 F Y 2 7 v s Q 2 F Y 2 6 • Net Sales up 25% YoY to $5.9 billion • Total FRP shipments down 2% YoY to 919kt • Adjusted EBITDA up 20% YoY to $508 million – Q2 FY27 Adj EBITDA includes $39 million business interruption insurance recoveries related to 2025 Oswego fires • Adjusted EBITDA per tonne up 23% to $553 – Excluding Oswego insurance recovery in Adj. EBITDA, Q2 FY27 Adj. EBITDA per tonne of $510 • Net income attributable to our common shareholder up 29% YoY to $210 million – Net income attributable to common shareholder, excluding special items, was $146 million, up 29% YoY Notes: 1. Special items includes loss on extinguishment of debt, metal price lag, restructuring and impairment expenses, Sierre floodin g, 2025 Oswego fires, start-up costs, and tax effect on special items . See appendix for a reconciliation of special items. ($ millions) FRP Shipments (kt) Adjusted EBITDA 941 809 844 916 919 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 $422 $348 $459 $516 $508 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ($/FRP tonne) Adjusted EBITDA per tonne $448 $430 $544 $563 $553 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 5
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© Novelis Inc. – All Rights Reserved Q2 Adjusted EBITDA Bridge vs. prior year $ m i l l i o n s 422 (29) 14 86 (3) 18 508 Q2FY26 Volume Price/Mix Operating Cost SG&A FX & Other Q2FY27 6
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© Novelis Inc. – All Rights Reserved North America Q2 Segment Results $134 $146 0 50 100 150 200 250 300 350 400 $0 $50 $100 $150 $200 Q2FY26 Q2FY27 Total FRP Shipments (kts) Adjusted EBITDA ($ millions) Europe Q2 Shipments +1%, Adjusted EBITDA +9% • Oswego producing to demand; working through supply chain normalization • Higher beverage packaging shipments offset by lower automotive and specialty shipments • Net negative tariff impact • Favorable metal benefit • $39 million business interruption insurance recovery related to Oswego fires Q2 Shipments -2%, Adjusted EBITDA +25% • Lower beverage packaging and specialties shipments, partially offset by higher automotive shipments • Favorable product mix and metal benefit • Unfavorable foreign exchange $81 $101 0 50 100 150 200 250 300 $0 $50 $100 $150 Q2FY26 Q2FY27 7
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© Novelis Inc. – All Rights Reserved Asia Q2 Segment Results South America $99 $101 0 50 100 150 200 250 $0 $50 $100 $150 Q2FY26 Q2FY27 $108 $160 0 50 100 150 200 $0 $50 $100 $150 $200 $250 Q2FY26 Q2FY27 Total FRP Shipments (kts) Adjusted EBITDA ($ millions) Q2 Shipments -7%, Adjusted EBITDA +2% • Union strike at Yeongju plant impacted production and shipments – Estimated negative $20 million strike impact in Adj EBITDA • Lower beverage packaging and automotive shipments, partially offset by higher specialty and aerospace shipments • Favorable metal benefits • Favorable foreign exchange Q2 Shipments flat, Adjusted EBITDA +48% • Higher beverage packaging offset by lower specialty shipments • Favorable metal benefits • Favorable product mix 8
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© Novelis Inc. – All Rights Reserved Structural Cost-efficiency Initiative Driving Results • Over $240 million in run rate savings through Q2 FY27 • 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 $300+ million • SG&A, operational and footprint efficiencies: – Leaner organizational structure with SG&A COEs lowers cost and drives process streamlining – Leveraging technology for higher efficiencies and greater labor productivity – Energy and variable cost consumption optimization and procurement savings – Enhance asset effectiveness with throughput increase and recovery improvement Current & Targeted exit run rate savings ($ millions) ~400 0 50 100 150 200 250 300 350 400 450 Actuals through Q2FY27 FY27 Target FY28 & Beyond Target >$240M ~$300M ~$350M- $400M 9
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© Novelis Inc. – All Rights Reserved Adj Free Cash Flow and Net Leverage Q1 FY27 Q2 FY27 YTD FY27 YTD FY26 Adjusted EBITDA 516 508 1,024 838 Interest paid (50) (77) (127) (127) Taxes paid (51) (61) (112) (80) Capital expenditures (775) (768) (1,543) (913) Metal price lag 173 84 257 198 Working capital & other (947) (356) (1,303) (415) Adjusted free cash flow (1,134) (670) (1,804) (499) Adjusted free cash flow before capex (359) 94 (265) 414 • Continue to expect to return to a free cash flow positive position by the end of FY27 • FY27 capital expenditures expected to be at top end of a range $2.1 billion to $2.4 billion, including ~$350 million for maintenance capex • Liquidity of $2.0 billion at September 30, 2026 • Expect net leverage reduction to begin Q4 FY27 • Entered into a $500 million unsecured term loan facility in July 2026 which matures in July 2028 Adjusted free cash flow $ 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 4.7 FY22 FY23 FY24 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Fiscal year end Recent quarter trend 10
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© Novelis Inc. – All Rights Reserved Strategic Updates & Outlook 11
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© Novelis Inc. – All Rights Reserved 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 • Strong beverage-can demand, supported by continued growth in energy drinks, CSDs and specialty cans • Soft beer consumption trends, 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 • Weak European economic conditions and continued Europe/ Asia automotive market share shift toward 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 have eased • Long-term market growth at GDP+ rates • Undersupplied US housing market • Lightweighting & sustainability trends • Subdued Building & Construction amid high interest rates • Cables, batteries, energy storage (ESS), food demand strong AUTOMOTIVE BEVERAGE PACKAGING AEROSPACE SPECIALTY (62% of FY26 Shipments) (18% of FY26 Shipments) (3% of FY26 Shipments) (17% of FY26 Shipments) 12
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© Novelis Inc. – All Rights Reserved Bay Minette Project Update • Building a 600kt, state-of-the-art aluminum plant in capacity constrained U.S. market • Estimated total capital cost in the order of $5 billion, with $4.4 billionspent through end of Q2 FY27 • Commissioning process is underway – The cold mill produced its first coil in September 2026, a significant commissioning milestone, as focus shifts to achieving commercial shipments – First cast ingot targeted Q3 FY27, which will be another significant milestone towards bringing the facility online – Plan to begin producing coils on the hot mill in Q4 FY27 – Expect to commence commercial shipments in Q1 FY28 • Low-carbon, greenfield rolling & recycling facility in Bay Minette, Alabama allows for continued growth in North America for decades to come 13
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© Novelis Inc. – All Rights Reserved Summary • Strong Q2 earnings: Adjusted EBITDA increased 20% to $508 million; Adj EBITDA/tonne $553 • Cost efficiencies remain on track: More than $240 million in run-rate savings achieved; continue to target ~$300 million end of FY27 • Oswego production at normal levels: Supply-chain normalization continues; $519 million in cumulative fire- related insurance recoveries received through Q2 • Bay Minette commissioning underway: First cold-mill coil produced in September; commercial shipments expected to begin in Q1 FY28 • Return to positive free cash flow in Q4 FY27: Deleveraging to begin in Q4 FY27 14
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Thank You 15 www.novelis.com www.novelis.com
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© Novelis Inc. – All Rights Reserved Appendix 16
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© Novelis Inc. – All Rights Reserved Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder (in $ millions) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Q2 FY27 Net income attributable to our common shareholder 96 163 (160) (84) 15 164 210 Noncontrolling interests - - 1 (1) - - - Income tax provision 50 61 4 (114) 1 64 100 Interest, net 62 63 62 58 245 64 74 Depreciation and amortization 148 152 155 161 616 150 150 EBITDA 356 439 62 20 877 442 534 Adjustment to reconcile proportional consolidation 14 13 12 16 55 14 16 Unrealized (gains) losses on change in fair value of derivative instruments, net 8 29 33 7 77 (78) 17 Realized (gains) losses on derivative instruments not included in Adjusted EBITDA (3) (3) (1) (1) (8) (2) (1) 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 5 (Gain) loss on sale or disposal of assets, net 2 1 - (8) (5) (2) (9) Metal price lag (income) expense (69) (129) (126) (191) (515) (173) (84) Sierre flood charges, net of recoveries(2) 6 2 2 (37) (27) - - 2025 Oswego fire losses, net of recoveries(3) - 21 327 577 925 265 (29) Start-up costs (4) 5 8 12 13 38 21 23 Other, net 12 7 7 11 37 10 36 Adjusted EBITDA $416 $422 $348 $459 $1,645 $516 $508 Rolled product shipments (kt) 963 941 809 844 3,557 916 919 Adjusted EBITDA /tonne ($/tonne) $432 $448 $430 $544 $462 $563 $553 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. 2025 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. 17
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© Novelis Inc. – All Rights Reserved Cash provided by operating activities reconciliation to Adjusted free cash flow (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Q2 FY27 Net cash provided (used) by operating activities (1) 105 306 (501) (103) (193) (455) 37 Net cash used in investing activities (1) (400) (510) (640) (614) (2,164) (676) (695) 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) (12) Adjusted free cash flow $(295) $(204) $(1,142) $(736) $(2,377) $(1,134) $(670) Capital expenditures 386 527 664 766 2,343 775 768 Adjusted free cash flow before capex $91 $323 $(478) $30 $(34) $(359) $98 (1) For the periods shown, the Company did not have any cash flows from discontinued operations in operating activities or investing activities. 18
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© Novelis Inc. – All Rights Reserved Adjusted Net debt and Liquidity (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Q2 FY27 Long-term debt, net of current portion 6,230 6,324 6,317 6,551 6,551 6,567 7,030 Current portion of long-term debt 33 35 52 54 54 56 73 Short-term borrowings 320 527 592 1,305 1,305 2,284 2,631 Unamortized carrying value adjustments 62 70 68 68 68 63 63 Cash and cash equivalents (1,074) (1,157) (825) (1,254) (1,254) (1,105) (1,277) Adjusted Net debt $5,571 $5,799 $6,204 $6,724 $6,724 $7,865 $8,520 (in $ m) Q1 Q2 Q3 Q4 FY26 Q1 FY27 Q2 FY27 Cash and cash equivalents 1,074 1,157 825 1,254 1,254 1,105 1,277 Availability under committed credit facilities 1,958 1,719 1,727 1,502 1,502 1,015 761 Liquidity $3,032 $2,876 $2,552 $2,756 $2,756 $2,120 $2,038 19
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© Novelis Inc. – All Rights Reserved 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. 2025 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 Q2 FY27 Net income attributable to our common shareholder $96 $163 $(160) $(84) $15 $164 $210 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) (84) Restructuring and impairment expenses, net 85 31 20 59 195 19 5 Sierre flooding, net of recoveries (1) 6 2 2 (37) (27) - - 2025 Oswego fire losses, net of recoveries (2) - 21 327 577 925 265 (29) Start-up costs (3) 5 8 12 13 38 21 23 Tax effect on special items (7) 14 (55) (103) (151) (31) 21 Net income attributable to our common shareholder, excluding special items $116 $113 $20 $227 $476 $265 $146 20