KAISER ALUMINUM CORP

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 specialized attributes. Our 10 extrusion/drawing facilities, nine of which are in the United States and one of which is in Canada, primarily serve North American demand for aerospace, general engineering, and automotive applications. Additionally, we operate a facility in Columbia, New Jersey that focuses on multi-material advanced manufacturing methods and techniques, including multi-axis computer numerical control machining, additive manufacturing, welding and fabrication for demanding aerospace and defense, high technology, general industrial, and automotive applications. We employed approximately 3,800 people at June 30, 2026.

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 specialized attributes. Our 10 extrusion/drawing facilities, nine of which are in the United States and one of which is in Canada, primarily serve North American demand for these applications. Additionally, we operate a facility in Columbia, New Jersey that focuses on multi-material advanced manufacturing methods and techniques, including multi-axis computer numerical control machining, additive manufacturing, welding and fabrication for demanding aerospace and defense, high technology, general industrial, and automotive applications. We employed approximately 3,800 people at September 30, 2026.

Previous wording

Net income $96.8 million; Net income per diluted share $5.72; and

Current wording

Net income $31.0 million; Net income per diluted share $1.84; and

Previous wording

Cash dividends and dividend equivalents of $0.77 per share, or $12.8 million, paid during the quarter ended June 30, 2026.

Current wording

Cash dividends and dividend equivalentsof $0.77 per share, or $12.8 million, paid during the quarter ended September 30, 2026.

Previous wording

The increase in Net sales primarily reflects $1.26 per pound (44%) increase in the average realized sales price and 17.3 million pound (6%) increase in shipment volume.

Current wording

The increase in Net sales primarily reflects $0.93 per pound (30%) increase in the average realized sales price and 30.0 million pound (11%) increase in shipment volume. Higher shipment volume can be attributed to: (i) increased volume in the current quarter resulting from the capacity added in connection with the Phase VII investment at Trentwood and the impact of the planned partial outage associated with the Phase VII investment during the prior period presented, and (ii) continued ramp up of our shift to coated products strategy in the Packaging end market.

Previous wording

The following table sets forth, for the six months ended June 30, 2026 and June 30, 2025, shipments (in millions of pounds) and Net sales by end market applications and the respective fluctuations.

Current wording

The following table sets forth, for the nine months ended September 30, 2026 and September 30, 2025, shipments (in millions of pounds) and Net sales by end market applications and the respective fluctuations.

Previous wording

COGS. COGS for the quarter ended June 30, 2026 totaled $1,057.6 million, or 84% of Net sales, compared to $722.8 million, or 88% of Net sales, for the quarter ended June 30, 2025. The total increase reflected the following:

Current wording

COGS. COGS for the quarter ended September 30, 2026 totaled $1,098.8 million, or 90% of Net sales, compared to $728.8 million, or 86% of Net sales, for the quarter ended September 30, 2025. The total increase reflected the following:

Previous wording

Of the $370.7 million increase in Hedged Cost of Alloyed Metal, $343.8 million was primarily due to an increase in hedged metal prices and $26.9 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $40.4 million decrease in manufacturing costs was primarily due to favorable metal consumption and valuation impacts, partially offset by higher operating costs. The $6.8 million increase in freight costs was primarily attributable to higher fuel costs, as well as higher shipment volumes. The $6.2 million decrease in other cost of products sold was primarily driven by a decrease in major maintenance costs. For a further discussion of the comparative results of operations for the quarters ended June 30, 2026 and June 30, 2025, see below in “Selected Operational and Financial Information.”

Current wording

Of the $282.6 million increase in Hedged Cost of Alloyed Metal, $227.9 million was primarily due to an increase in hedged metal prices and $54.7 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $82.2 million increase in manufacturing costs was primarily due to unfavorable metal consumption costs driven by lower scrap utilization, as higher operating costs resulting from continued ramp up of operational activities on the new coating line in the Packaging end market and the planned partial outage at our Bellwood facility. The $5.5 million increase in freight costs was primarily attributable to higher shipment volumes, as well as rising fuel costs. For a further discussion of the comparative results of operations for the quarters ended September 30, 2026 and September 30, 2025, see below in “Selected Operational and Financial Information.”

Previous wording

COGS for the six months ended June 30, 2026 totaled $2,000.8 million, or 85% of Net sales, compared to $1,396.2 million, or 87% of Net sales, for the six months ended June 30, 2025. The total increase reflected the following:

Current wording

COGS for the nine months ended September 30, 2026 totaled $3,099.6 million, or 87% of Net sales, compared to $2,125.0 million, or 87% of Net sales, for the nine months ended September 30, 2025. The total increase reflected the following:

Previous wording

Of the $658.9 million increase in Hedged Cost of Alloyed Metal, $603.6 million was primarily due to an increase in hedged metal prices and $55.3 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $60.0 million decrease in manufacturing costs was primarily due to favorable metal consumption and valuation impacts, partially offset by higher operating costs. The $8.3 million increase in freight costs was primarily attributable to higher fuel costs, as well as higher shipment volumes. The $7.7 million decrease in other cost of products sold was primarily driven by a decrease in major maintenance costs. For a further discussion of the comparative results of operations for the six months ended June 30, 2026 and June 30, 2025, see below in “Selected Operational and Financial Information.”

Current wording

Of the $941.5 million increase in Hedged Cost of Alloyed Metal, $834.0 million was primarily due to an increase in hedged metal prices and $107.5 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $22.2 million increase in manufacturing costs was primarily due to unfavorable metal consumption costs driven by lower scrap utilization as well as tightening of scrap spreads and higher operating costs from the planned partial outage at our Bellwood facility. The $13.8 million increase in freight costs was primarily attributable to higher shipment volumes, as well as rising fuel costs. The $9.6 million decrease in other cost of products sold was primarily driven by a decrease in major maintenance costs. For a further discussion of the comparative results of operations for the nine months ended September 30, 2026 and September 30, 2025, 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 $35.7 million and $32.6 million for the quarters ended June 30, 2026 and June 30, 2025, respectively. The increase in employee costs was primarily driven by higher incentive costs. The total increase in SG&A and R&D reflected the following:

Current wording

Selling, General, Administrative, Research and Development (“SG&A and R&D”). SG&A and R&D expense totaled $32.1 million and $33.9 million for the quarters ended September 30, 2026 and September 30, 2025, respectively. The total decrease in SG&A and R&D reflected the following:

Previous wording

SG&A and R&D expense totaled $71.1 million and $63.4 million for the six months ended June 30, 2026 and June 30, 2025, respectively. The increase in employee costs was primarily driven by higher incentive costs. The total increase in SG&A and R&D reflected the following:

Current wording

SG&A and R&D expense totaled $103.2 million and $97.3 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The total increase in SG&A and R&D reflected the following:

Previous wording

Restructuring Costs. During the quarter ended March 31, 2025, we initiated a plan to reduce certain operating costs (the “2025 Restructuring Plan”). In the quarter and six months ended June 30, 2025, restructuring costs of $0.1 million and $6.8 million, respectively, represented severance and related benefits under the plan. Substantially all costs associated with the 2025 Restructuring Plan were incurred and expensed as of December 31, 2025, and norestructuring costs were incurred during the quarter or six months ended June 30, 2026.

Current wording

Restructuring Costs. During the quarter ended March 31, 2025, we initiated a plan to reduce certain operating costs (the “2025 Restructuring Plan”). In the quarter and nine months ended September 30, 2025, restructuring costs of $0.0 million and $1.9 million, respectively, represented severance and related benefits under the plan. Substantially all costs associated with the 2025 Restructuring Plan were incurred and expensed as of December 31, 2025, and norestructuring costs were incurred during the quarter or nine months ended September 30, 2026.

Previous wording

Interest Expense. See Note 5 of Notes to Interim Consolidated Financial Statements included in this Report for a discussion of our debt and credit facilities that were in effect during the quarters and six months ended June 30, 2026 and June 30, 2025 and interest expense capitalized as part of construction in progress.

Current wording

Interest Expense. See Note 5 of Notes to Interim Consolidated Financial Statements included in this Report for a discussion of our debt and credit facilities that were in effect during the quarters and nine months ended September 30, 2026 and September 30, 2025 and interest expense capitalized as part of construction in progress.

Previous wording

Other Income, Net. See Note 8 of Notes to Interim Consolidated Financial Statements included in this Report for details.

Current wording

Other (Expense)Income, Net. See Note 8 of Notes to Interim Consolidated Financial Statements included in this Report for details.

Previous wording

Adjusted EBITDA includes favorable Metal Price Lag of approximately $27.0 million and approximately $14.0 million for the quarters ended June 30, 2026 and June 30, 2025, respectively, and favorable Metal Price Lag of approximately $64.0 million and approximately $36.0 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Current wording

For the quarters ended September 30, 2026 and 2025, Adjusted EBITDA includes unfavorable Metal Price Lag of approximately $1.0 million and favorable Metal Price Lag of approximately $28.0 million, respectively. For the nine months ended September 30, 2026 and 2025, Adjusted EBITDA includes favorable Metal Price Lag of approximately $63.0 million and approximately $64.0 million, respectively.

Previous wording

Adjusted EBITDA for the quarter ended June 30, 2026 was $98.6 million higher than Adjusted EBITDA for the quarter ended June 30, 2025. Adjusted EBITDA for the quarter ended June 30, 2026 was favorably impacted by: (i) higher sales volume; (ii) improved product pricing and mix; (iii) favorable metal consumption and valuation impacts; and (iv) lower major maintenance costs. This was partially offset by: (i) higher operating costs and (ii) higher employee and employee-related costs. See above in “Consolidated Results of Operations” for further details.

Current wording

Adjusted EBITDA for the quarter ended September 30, 2026 was $2.7 million higher than Adjusted EBITDA for the quarter ended September 30, 2025. Adjusted EBITDA was favorably impacted by: (i) higher sales volume; and (ii) improved product pricing and mix. This was partially offset by: (i) unfavorable metal consumption costs driven by lower scrap utilization, as well as higher operating costs resulting from continued ramp up of operational activities on the new coating line in the Packaging end market and the planned partial outage at our Bellwood facility; and (ii) higher freight costs. See above in “Consolidated Results of Operations” for further details.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 was $153.7 million higher than Adjusted EBITDA for the six months ended June 30, 2025. Adjusted EBITDAfor the six months ended June 30, 2026 was favorably impacted by: (i) higher sales volume; (ii) improved product pricing and mix; (iii) favorable metal consumption and valuation impacts; and (iv) lower major maintenance costs. This was partially offset by: (i) higher operating costs and (ii) higher employee and employee-related costs. See above in “Consolidated Results of Operations” for further details.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 was $156.4 million higher than Adjusted EBITDA for the nine months ended September 30, 2025. Adjusted EBITDA was favorably impacted by: (i) higher sales volume; (ii) improved product pricing and mix; and (iii) lower major maintenance costs. This was partially offset by: (i) unfavorable metal consumption costs driven by lower scrap utilization as well as tightening of scrap spreads; (ii) higher operating costs from the planned partial outage at our Bellwood facility; and (iii) higher freight costs. See above in “Consolidated Results of Operations” for further details.

Previous wording

The total Hedged Cost of Alloyed Metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. This metric is net of metal price exposure on shipments that we hedged with realized gains upon settlement of $11.4 million and $0.6 million for the quarters ended June 30, 2026 and June 30, 2025, respectively, and $18.9 million and $5.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively. See Note 4 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.

Current wording

The total Hedged Cost of Alloyed Metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. This metric is net of metal price exposure on shipments that we hedged with realized (losses) gains upon settlement of ($7.4) million and $10.2 million for the quarters ended September 30, 2026 and September 30, 2025, respectively, and $11.5 million and $15.4 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. See Note 4 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 place our cash in bank deposits with high credit quality financial institutions. See Note 11 of Notes to Interim Consolidated Financial Statements included in this Report for information regarding restricted cash at June 30, 2026.

Current wording

We place our cash in bank deposits with high credit quality financial institutions and, from time to time, highly liquid money market funds. See Note 11 of Notes to Interim Consolidated Financial Statements included in this Report for information regarding restricted cash at September 30, 2026.

Previous wording

We had no outstanding borrowings under the Revolving Credit Facility as of June 30, 2026. During the six months ended June 30, 2026, we repaid $420.1 million of borrowings, consisting of the full repayment of the $22.3 million outstanding balance as of December 31, 2025 and $397.8 millionof borrowings incurred during the six months ended June 30, 2026. See below in “Sources of Liquidity” for a further discussion of subsequent borrowing activity. See Note 5 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, 2026. During the nine months ended September 30, 2026, we repaid $420.1 million of borrowings, consisting of the full repayment of the $22.3 million outstanding balance as of December 31, 2025 and $397.8 million of borrowings incurred during the nine months ended September 30, 2026. See below in “Sources of Liquidity” for a further discussion of subsequent borrowing activity. See Note 5 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, 2026 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 $229.0 million, primarily due to timing of payments and higher metal costs; (ii) an increase in receivables of $151.8 million, primarily due to increased metal prices and higher shipment volume; (iii) an increase in inventory of $123.6 million, due to higher metal costs; and (iv) a decrease in accrued liabilities of $48.8 million, primarily due to timing.

Current wording

Cash provided by operating activities for the nine months ended September 30, 2026 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 $157.2 million, primarily due to timing of payments and higher metal costs; (ii) an increase in inventory of $123.4 million, due to higher metal costs; and (iii) an increase in receivables of $108.4 million, primarily due to increased metal prices and higher shipment volume.

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 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 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

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, 2026 and 2025.

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, 2026 and 2025.

Previous wording

At July 20, 2026, we had no outstanding borro wings under the Revolving Credit Facility. See Note 9 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for a description of our Revolving Credit Facility.

Current wording

At October 19, 2026, we had no outstanding borrowings under the Revolving Credit Facility. See Note 9 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for a description of our Revolving Credit Facility.

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, 2026 constituted approximately 27% of our Net sales. See Note 8 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, 2026 constituted approximately 31% of our Net sales. See Note 8 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 2026 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 2026 of approxim ately $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.