KAISER ALUMINUM CORP

Previous wording

A fundamental part of our business model is to remain neutral to the impact from fluctuations in the market price for aluminum and certain alloys, thereby earning profit predominantly from the conversion of aluminum into semi-fabricated mill products. We refer to this as “metal price neutrality.” We purchase primary, rolling ingot and scrap, or recycled, aluminum, our main raw material, and alloys at prices that fluctuate on a monthly basis, and our pricing policies generally allow us to pass the underlying index cost of aluminum and certain alloys through to our customers so that we remain neutral to metal pricing. However, for a small portion of our higher margin products sold on a spot basis, competitive dynamics may limit the amount and/or delay the timing of selling price increases to recover our increased aluminum and alloy costs, resulting in a lag up to several months during which we may be exposed to metal price risk. We may also enter into firm-price customer sales agreements that specify a firm underlying metal price plus a conversion price. Spot sales with lagged aluminum and alloy price pass through and firm-price sales agreements create price exposure for us, which we mitigate through hedging and related programs with an objective to remain metal price neutral. Additionally, we have certain contracts that may adjust certain alloy prices for a forward period based on an average prior period cost for such alloys. As a result, until the selling price resets, we can experience an adverse impact when alloy prices increase and a favorable impact when alloy prices decrease.

Current wording

A fundamental part of our business model is to remain neutral to the impact from fluctuations in the market price for aluminum and certain alloys, thereby earning profit predominantly from the conversion of aluminum into semi-fabricated mill products. We refer to this as “metal price neutrality.” We purchase primary, rolling ingot and scrap, or recycled, aluminum, our main raw material, and alloys at prices that fluctuate on a monthly basis, and our pricing policies generally allow us to pass the current month underlying index cost of aluminum and certain alloys through to our customers so that we remain neutral to metal pricing. We may also enter into firm-price customer sales agreements that specify a firm underlying metal price plus a conversion price. Firm-price sales agreements create price exposure for us, which we mitigate through hedging and related programs with an objective to remain metal price neutral. Additionally, we have certain contracts that may adjust certain alloy prices for a forward period based on an average prior period cost for such alloys. As a result, until the selling price resets, we can experience an adverse impact when alloy prices increase and a favorable impact when alloy prices decrease.

Previous wording

Our pricing policies and hedging program are intended to significantly reduce or eliminate the impact on our profitability of fluctuations in the underlying price of primary, rolling ingot and scrap, or recycled, aluminum, our main raw material, and certain alloys so that our earnings are predominantly associated with the conversion of aluminum to semi‑fabricated mill products. To allow users of our financial statements to consider the impact of aluminum and alloy cost on our Net sales, we disclose Net sales as well as Conversion Revenue, which is Net sales less the Hedged Cost of Alloyed Metal. As used in this discussion, “Hedged Cost of Alloyed Metal” is the cost of aluminum at the average MWTP plus the cost of alloying elements and any realized gains and/or losses on settled hedges related to the metal sold in the referenced period. The average MWTP of aluminum reflects the primary aluminum supply/demand dynamics in North America. For a reconciliation of Conversion Revenue to Net sales, see below in “Results of Operations - Selected Operational and Financial Information.”

Current wording

In order to allow users of our financial statements to consider the impact of aluminum and alloy cost on our Net sales, we disclose Net sales as well as Conversion Revenue, which is Net sales less the Hedged Cost of Alloyed Metal. As used in this discussion, “Hedged Cost of Alloyed Metal” is the cost of aluminum at the average MWTP plus the cost of alloying elements and any realized gains and/or losses on settled hedges related to the metal sold in the referenced period. The average MWTP of aluminum reflects the primary aluminum supply/demand dynamics in North America. For a reconciliation of Conversion Revenue to Net sales, see below in “Results of Operations - Selected Operational and Financial Information.”

Previous wording

In the areas of aluminum extrusions, we focus on demanding Aero/HS Products, GE Products, and Automotive Extrusions that require high strength, machinability or other specific properties where we can create and maintain a defensible competitive position because of our technical expertise, strong production capability and high product quality. Our 10 active extrusion/drawing facilities, nine of which are in the United States and one of which is in Canada, serve primarily North American demand for aerospace, general engineering, or automotive applications. Additionally, we have a facility in Columbia, New Jersey, that focuses on multi-material advanced manufacturing methods and techniques, which include multi-axis computer numerical control machining, additive manufacturing (“3D Printing”), welding and fabrication for demanding aerospace and defense, high technology, general industrial, and automotive applications. Our consolidated Net sales for the six months ended June 30, 2025 totaled $1,600.5 million on approximately 564.0 million pounds shipped from our facilities. We employed approximately 3,900 people at June 30, 2025.

Current wording

In the areas of aluminum extrusions, we focus on demanding Aero/HS Products, GE Products, and Automotive Extrusions that require high strength, machinability or other specific properties where we can create and maintain a defensible competitive position because of our technical expertise, strong production capability and high product quality. Our 10 active extrusion/drawing facilities, nine of which are in the United States and one of which is in Canada, serve primarily North American demand for aerospace, general engineering, or automotive applications. Additionally, we have a facility in Columbia, New Jersey, that focuses on multi-material advanced manufacturing methods and techniques, which include multi-axis computer numerical control machining, additive manufacturing (“3D Printing”), welding and fabrication for demanding aerospace and defense, high technology, general industrial, and automotive applications. Our consolidated Net sales for the nine months ended September 30, 2025 totaled $2,444.0 million on approximately 834.2 million pounds shipped from our facilities. We employed approximately 3,900 people at September 30, 2025.

Previous wording

Net income $23.2 million; Net income per diluted share $1.41;

Current wording

Net income $39.5 million; Net income per diluted share $2.38; and

Previous wording

The increase in Net sales reflected an increase in the average realized sales price per pound of $0.27 (11%), partially offset by a 23.8 million pound (4%) decrease in shipment volume.

Current wording

The increase in Net sales reflected an increase in the average realized sales price per pound of $0.56 (22%). This benefit was partially offset by a 22.0 million pound (8%) decrease in shipment volume, primarily driven by a planned partial outage at Trentwood in conjunction with the Phase VII capacity expansion project.

Previous wording

The following table sets forth, for the six months ended June 30, 2025 and June 30, 2024, shipments (in millions of pounds) and Net sales (in millions of dollars) by end market applications and the respective fluctuations.

Current wording

The following table sets forth, for the nine months ended September 30, 2025 and September 30, 2024, shipments (in millions of pounds) and Net sales (in millions of dollars) by end market applications and the respective fluctuations.

Previous wording

The increase in Net sales reflected an increase in the average realized sales price per pound of $0.24 (9%), partially offset by an 8.4 million pound (3%) decrease in shipment volume.

Current wording

The increase in Net sales reflected an increase in the average realized sales price per pound of $0.36 (14%). This benefit was partially offset by a 45.8 million pound (5%) decrease in shipment volume, reflecting the impact of a planned partial outage at Trentwood in conjunction with the Phase VII capacity expansion project.

Previous wording

COGS. COGS for the quarter ended June 30, 2025 totaled $722.8 million, or 88% of Net sales, compared to $669.8 million, or 87% of Net sales, for the quarter ended June 30, 2024. The increase reflected the following (in millions of dollars):

Current wording

COGS. COGS for the quarter ended September 30, 2025 totaled $728.8 million, or 86% of Net sales, compared to $676.0 million, or 90% of Net sales, for the quarter ended September 30, 2024. The total increase reflected the following (in millions of dollars):

Previous wording

Of the $44.4 million increase in Hedged Cost of Alloyed Metal, $55.9 million was due to an increase in hedged metal prices (see above in our “Net Sales” discussion for further details), partially offset by an $11.5 million decrease in shipment volume. The $7.4 million increase in manufacturing costs was primarily due to higher manufacturing costs associated with the startup of the fourth coating line at Warrick, partially offset by favorable metal consumption and lower shipment volume. The $4.0 million increase in other cost of products sold was primarily driven by an increase in major maintenance costs associated with the timing of furnace rebuilds. The $2.2 million decrease in freight costs was primarily due to lower shipment volume. For a further discussion of the comparative results of operations for the quarters ended June 30, 2025 and June 30, 2024, see below in “Selected Operational and Financial Information.”

Current wording

Of the $107.1 million increase in Hedged Cost of Alloyed Metal, $136.1 million was due to an increase in hedged metal prices (see above in our “Net Sales” discussion for further details), partially offset by a $29.0 million decrease attributed to lower shipment volume. The $49.4 million decrease in manufacturing costs was primarily due to favorable metal consumption and lower shipment volume, partially offset by higher costs associated with a planned partial outage at Trentwood for the Phase VII capacity expansion project and the start-up of the fourth coating line at Warrick. The $4.0 million decrease in other cost of products sold was primarily driven by a decrease in legacy environmental costs and a decrease in major maintenance costs. The $1.8 million decrease in freight costs was primarily due to lower shipment volume. For a further discussion of the comparative results of operations for the quarters ended September 30, 2025 and September 30, 2024, see below in “Selected Operational and Financial Information.”

Previous wording

COGS for the six months ended June 30, 2025 totaled $1,396.2 million, or 87% of Net sales, compared to $1,321.1 million, or 87% of Net sales, for the six months ended June 30, 2024. The increase reflected the following (in millions of dollars):

Current wording

COGS for the nine months ended September 30, 2025 totaled $2,125.0 million, or 87% of Net sales, compared to $1,997.1 million, or 88% of Net sales, for the nine months ended September 30, 2024. The total increase reflected the following (in millions of dollars):

Previous wording

Of the $88.0 million increase in Hedged Cost of Alloyed Metal, $119.4 million was due to an increase in hedged metal prices (see above in our “Net Sales” discussion for further details), partially offset by a $31.4 million decrease in shipment volume. The $17.2 million decrease in manufacturing costs was primarily due to lower shipment volume and favorable metal consumption, partially offset by higher manufacturing costs associated with the startup of the fourth coating line at Warrick. The $6.4 million increase in other cost of products sold was primarily driven by an increase in major maintenance costs associated with the timing of furnace rebuilds. The $3.7 million decrease in freight costs was primarily due to lower shipment volume. The $1.6 million increase in plant overhead was due to higher employee and employee-related costs for salaried operational personnel. For a further discussion of the comparative results of operations for the six months ended June 30, 2025 and June 30, 2024, see below in “Selected Operational and Financial Information.”

Current wording

Of the $195.1 million increase in Hedged Cost of Alloyed Metal, $255.4 million was due to an increase in hedged metal prices (see above in our “Net Sales” discussion for further details), partially offset by a $60.3 million decrease attributed to lower shipment volume. The $66.6 million decrease in manufacturing costs was primarily due to favorable metal consumption and lower shipment volume, partially offset by higher costs associated with a planned partial outage at Trentwood for the Phase VII capacity expansion project and the commissioning and start-up of the fourth coating line at Warrick. The $5.5 million decrease in freight costs was primarily due to lower shipment volume. The $2.4 million increase in other cost of products sold was primarily driven by an increase in major maintenance costs, partially offset by a decrease in legacy environmental costs. For a further discussion of the comparative results of operations for the nine months ended September 30, 2025 and September 30, 2024, see below in “Selected Operational and Financial Information.”

Previous wording

Selling, General, Administrative, Research and Development (“SG&A and R&D”). SG&A and R&D expense totaled $32.6 million and $31.6 million for the quarters ended June 30, 2025 and June 30, 2024, respectively. The increase reflected the following (in millions of dollars):

Current wording

Selling, General, Administrative, Research and Development (“SG&A and R&D”). SG&A and R&D expense totaled $33.9 million and $28.8 million for the quarters ended September 30, 2025 and September 30, 2024, respectively. The increase reflected the following (in millions of dollars):

Previous wording

SG&A and R&D expense totaled $63.4 million and $64.2 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The decrease reflected the following (in millions of dollars):

Current wording

SG&A and R&D expense totaled $97.3 million and $93.0 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The increase reflected the following (in millions of dollars):

Previous wording

Restructuring Costs. Restructuring costs of $0.1 million and $6.8 million for the quarters ended June 30, 2025 and June 30, 2024, respectively, and $1.9 million and $6.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively, were related to our restructuring plans. See Note 4 of Notes to Interim Consolidated Financial Statements included in this Report for further information regarding the restructuring plans.

Current wording

Restructuring Costs. Restructuring costs of $0.0 million and $0.7 million for the quarters ended September 30, 2025 and September 30, 2024, respectively, and $1.9 million and $7.6 million for the nine months ended September 30, 2025 and September 30, 2024, respectively, were related to our restructuring plans. See Note 4 of Notes to Interim Consolidated Financial Statements included in this Report for further information regarding the restructuring plans.

Previous wording

Other Operating Charges, Net. We had no Other operating charges for the quarter or six months ended June 30, 2025. Other operating charges of $0.4 million for the six months ended June 30, 2024 represented an impairment charge on land classified as held for sale during the quarter ended March 31, 2024.

Current wording

Other Operating Charges, Net. We had no Other operating charges for the quarter or nine months ended September 30, 2025. Other operating charges of $0.4 million for the nine months ended September 30, 2024 represented an impairment charge on land classified as held for sale during the quarter ended March 31, 2024.

Previous wording

Other Income (Expense), Net. See Note 9 of Notes to Interim Consolidated Financial Statements included in this Report for details.

Current wording

Other Income, Net. See Note 9 of Notes to Interim Consolidated Financial Statements included in this Report for details.

Previous wording

Adjusted EBITDA includes favorable Metal Price Lag of approximately $14.0 million and approximately $19.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively, and favorable Metal Price Lag of approximately $36.0 million and approximately $24.0 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

Current wording

Adjusted EBITDA includes favorable Metal Price Lag of approximately $28.0 million and approximately $7.0 million for the quarters ended September 30, 2025 and September 30, 2024, respectively, and favorable Metal Price Lag of approximately $64.0 million and approximately $31.0 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Previous wording

Adjusted EBITDA for the quarter ended June 30, 2025 was $6.5 million lower than Adjusted EBITDA for the quarter ended June 30, 2024. Adjusted EBITDA for the quarter ended June 30, 2025 reflected improved product pricing and mix, that was more than offset by: (i) higher manufacturing costs primarily due to the startup of the fourth coating line at Warrick and (ii) higher major maintenance costs. See above in “Consolidated Results of Operations” for further details.

Current wording

Adjusted EBITDA for the quarter ended September 30, 2025 was $35.1 million higher than Adjusted EBITDA for the quarter ended September 30, 2024. Adjusted EBITDA for the quarter ended September 30, 2025 was impacted by: (i) improved product pricing and mix; (ii) favorable metal costs; and (iii) lower major maintenance costs. This was partially offset by: (i) higher manufacturing costs primarily due to costs associated with the Trentwood Phase VII outage and startup of the fourth coating line at Warrick; (ii) lower sales volume; and (iii) higher employee and employee-related costs. See above in “Consolidated Results of Operations” for further details.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2025 was $12.9 million higher than Adjusted EBITDA for the six months ended June 30, 2024. Adjusted EBITDA for the six months ended June 30, 2025 was impacted by: (i) improved product pricing and mix and (ii) favorable metal costs. This was partially offset by: (i) higher manufacturing costs primarily due to the startup of the fourth coating line at Warrick and (ii) higher major maintenance costs. See above in “Consolidated Results of Operations” for further details.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2025 was $48.0 million higher than Adjusted EBITDA for the nine months ended September 30, 2024. Adjusted EBITDA for the nine months ended September 30, 2025 was impacted by: (i) improved product pricing and mix and (ii) favorable metal costs. This was partially offset by: (i) higher manufacturing costs primarily due to costs associated with the Trentwood Phase VII outage and startup of the fourth coating line at Warrick; (ii) lower sales volume; (iii) higher employee and employee-related costs; and (iv) higher major maintenance costs. See above in “Consolidated Results of Operations” for further details.

Previous wording

Hedged Cost of Alloyed Metal for the quarters ended June 30, 2025 and June 30, 2024 included $449.5 million and $408.0 million, respectively, reflecting the cost of aluminum at the average MWTP and the cost of certain alloys used in the production process, as well as metal price exposure on shipments that we hedged with realized gains upon settlement of $0.6 million and $3.5 million in the quarters ended June 30, 2025 and June 30, 2024, respectively, all of which were included within both Net sales and COGS in our Statements of Consolidated Income. Hedged Cost of Alloyed Metal for the six months ended June 30, 2025 and June 30, 2024 included $868.3 million and $775.1 million, respectively, reflecting the cost of aluminum at the average MWTP and the cost of certain alloys used in the production process, as well as metal price exposure on shipments that we hedged with realized gains upon settlement of $5.2 million in the six months ended June 30, 2025, all of which were included within both Net sales and COGS in our Statements of Consolidated Income. There were no gains or losses upon settlement for the six months ended June 30, 2024. See Note 5 of Notes to Interim Consolidated Financial Statements included in this Report for the total realized gain on aluminum hedges for which we hedged the metal price exposure externally.

Current wording

Hedged Cost of Alloyed Metal for the quarters ended September 30, 2025 and September 30, 2024 included $503.0 million and $383.6 million, respectively, reflecting the cost of aluminum at the average MWTP and the cost of certain alloys used in the production process, as well as metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $10.2 million and ($2.1) million in the quarters ended September 30, 2025 and September 30, 2024, respectively, all of which were included within both Net sales and COGS in our Statements of Consolidated Income. Hedged Cost of Alloyed Metal for the nine months ended September 30, 2025 and September 30, 2024 included $1,371.3 million and $1,158.6 million, respectively, reflecting the cost of aluminum at the average MWTP and the cost of certain alloys used in the production process, as well as metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $15.4 million and ($2.2) million in the nine months ended September 30, 2025 and September 30, 2024, respectively, all of which were included within both Net sales and COGS in our Statements of Consolidated Income. See Note 5 of Notes to Interim Consolidated Financial Statements included in this Report for the total realized gains and losses on aluminum hedges for which we hedged the metal price exposure externally.

Previous wording

We had $32.8 million of outstanding borrowings under the Revolving Credit Facility as of June 30, 2025, reflecting borrowings of $217.6 million and repayments of $184.8 million during the six months ended June 30, 2025 and no borrowings for the year ended December 31, 2024. See below in “Sources of Liquidity” for a further discussion of subsequent borrowing activity. See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report.

Current wording

We had no outstanding borrowings under the Revolving Credit Facility as of September 30, 2025 after repaying borrowings of $290.4 million incurred during the nine months ended September 30, 2025. We had no outstanding borrowings under the Revolving Credit Facility during the year ended December 31, 2024. See below in “Sources of Liquidity” for a further discussion of subsequent borrowing activity. See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report.

Previous wording

Cash provided by operating activities for the six months ended June 30, 2025 reflected results of business activity described above in our “Consolidated Results of Operations” discussion, as well as the following working capital changes: (i) an increase in trade and other receivables of $75.9 million, primarily due to increased metal prices; (ii) a decrease in accrued liabilities of $26.0 million, primarily due to timing of uncleared cash disbursements; (iii) an increase in accounts payable of $45.7 million, primarily due to the timing of payments and higher metal cost; and (iv) a decrease in inventory of $6.3 million, primarily due to a reduction in total inventory pounds in connection with our continued focus on inventory management, offset by increased metal prices.

Current wording

Cash provided by operating activities for the nine months ended September 30, 2025 reflected results of business activity described above in our “Consolidated Results of Operations” discussion, as well as the following working capital changes: (i) an increase in accounts payable of $122.3 million, primarily due to higher metal cost; (ii) an increase in inventory of $100.4 million, primarily due to increased metal prices, partially offset by a reduction in total inventory pounds; (iii) an increase in trade and other receivables of $79.7 million, primarily due to increased metal prices; and (iv) a decrease in accrued liabilities of $28.3 million, primarily due to timing of uncleared cash disbursements and settlement of certain liabilities.

Previous wording

Cash provided by operating activities for the six months ended June 30, 2024 reflected results of business activity described above in our “Consolidated Results of Operations” discussion, as well as the following working capital changes: (i) an increase in trade and other receivables of $46.2 million, primarily due to higher metal costs; (ii) a decrease in inventory of $14.8 million, due to our continued focus on inventory management; (iii) an increase in accounts payable of $16.1 million, primarily due to the timing of payments; and (iv) an increase in prepaid expenses and other current assets of $10.9 million.

Current wording

Cash provided by operating activities for the nine months ended September 30, 2024 reflected results of business activity described above in our “Consolidated Results of Operations” discussion, as well as the following working capital changes: (i) an increase in trade and other receivables of $33.7 million, primarily due to increased metal prices and sales mix; (ii) an increase in accounts payable of $17.5 million, primarily due to the timing of payments and higher metal cost; (iii) an increase in inventory of $8.0 million, primarily due to strong customer demand in Packaging end market; and (iv) a decrease in accrued liabilities of $11.6 million, primarily due to timing and a decrease in general business activities.

Previous wording

See Statements of Consolidated Cash Flows included in this Report for further details on our cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and June 30, 2024.

Current wording

See Statements of Consolidated Cash Flows included in this Report for further details on our cash flows from operating, investing, and financing activities for the nine months ended September 30, 2025 and September 30, 2024.

Previous wording

Our most significant sources of liquidity include available cash and cash equivalents, borrowing availability under the Revolving Credit Facility, and funds generated from operations. We believe we have sufficient liquidity to fund our operations and meet our short-term and long-term obligations.

Current wording

Our most significant sources of liquidity include available cash and cash equivalents, borrowing availability under the Revolving Credit Facility, and cash flows generated from operations. We believe we have sufficient liquidity to fund our operations and meet our short-term and long-term financial obligations.

Previous wording

Our Revolving Credit Facility and Senior Notes have covenants that, we believe, allow us to operate our business with limited restrictions and significant flexibility for the foreseeable future. We do not believe that the covenants contained in the Revolving Credit Facility are reasonably likely to limit our ability to raise additional debt or equity should we choose to do so during the next 12 months, nor do we believe it is likely that during the next 12 months we will trigger the availability threshold that would require measuring and maintaining a fixed charge coverage ratio.

Current wording

Our Revolving Credit Facility and Senior Notes have covenants that, we believe, allow us to operate our business with limited restrictions and significant flexibility for the foreseeable future. We do not believe that the covenants contained in the Revolving Credit Facility are reasonably likely to limit our ability to raise additional debt or equity should we choose to do so during the next 12 months, nor do we believe it is likely that during the next 12 months we will trigger the availability threshold that would require measuring and maintaining a fixed charge coverage ratio. On October 14, 2025, we entered into the Amended Credit Facility to, among other things, extend the maturity date to the earlier of (i) March 1, 2028, if by that date the scheduled maturity of the Company’s senior notes due 2028 has not been extended to a date not earlier than 90 days after October 14, 2030, repaid in full, or refinanced or replaced on terms mutually satisfactory to the Borrowers and Wells Fargo; and (ii) October 14, 2030, and incorporate certain improved terms offering greater operational flexibility. See Note 15 of Notes to Interim Consolidated Financial Statements included in this Report for further details.

Previous wording

We engage in certain customer-based supply chain financing programs to accelerate the receipt of payment for outstanding accounts receivable from certain customers. Costs of these programs are typically reimbursed to us by the customer. Receivables transferred under these customer-based supply chain financing programs generally meet the requirements to be accounted for as sales resulting in the derecognition of such receivables from our consolidated balance sheets. Receivables involved with these customer‑based supply chain finance programs for the quarter ended June 30, 2025 constituted approximately 27% of our Net sales. See Note 9 of Notes to Interim Consolidated Financial Statements included in this Report for further details with respect to these supply chain financing programs.

Current wording

We engage in certain customer-based supply chain financing programs to accelerate the receipt of payment for outstanding accounts receivable from certain customers. Costs of these programs are typically reimbursed to us by the customer. Receivables transferred under these customer-based supply chain financing programs generally meet the requirements to be accounted for as sales resulting in the derecognition of such receivables from our consolidated balance sheets. Receivables involved with these customer‑based supply chain finance programs for the quarter ended September 30, 2025 constituted approximately 31% of our Net sales. See Note 9 of Notes to Interim Consolidated Financial Statements included in this Report for further details with respect to these supply chain financing programs.

Previous wording

Our capital investment plans remain focused on supporting demand growth through capacity expansion, sustaining our operations, enhancing product quality and increasing operating efficiencies. We anticipate total capital spending in 2025 of approximately $120.0 million to $130.0 million. We expect to continue to deploy capital thoughtfully so that investment decisions align with demand expectations in order to maximize the earnings potential of the business and maintain financial strength and flexibility.

Current wording

Our capital investment plans remain focused on supporting demand growth through capacity expansion, sustaining our operations, enhancing product quality and increasing operating efficiencies. We anticipate total capital spending in 2025 of approximately $130.0 million. We expect to continue to deploy capital thoughtfully so that investment decisions align with demand expectations in order to maximize the earnings potential of the business and maintain financial strength and flexibility.