Form 8-K

8-K — KAISER ALUMINUM CORP

Accession: 0001193125-26-427927

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0000811596

SIC: 3350 (ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — kalu-20261021.htm (Primary)

EX-99.1 (kalu-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: kalu-20261021.htm · Sequence: 1

8-K

false0000811596KAISER ALUMINUM CORP00008115962026-10-212026-10-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2026

KAISER ALUMINUM CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware

1-09447

94-3030279

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1550 West McEwen Drive

Suite 500

Franklin, Tennessee

37067

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (629) 252-7040

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

KALU

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 21, 2026, Kaiser Aluminum Corporation (the “Company”) issued a press release reporting its preliminary, unaudited financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

The information in Item 2.02, including Exhibit 99.1, of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit

Number

Description

99.1

Press release dated October 21, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KAISER ALUMINUM CORPORATION

(Registrant)

By:

/s/ Cherrie I. Tsai

Cherrie I. Tsai

Vice President, Deputy General Counsel and Corporate Secretary

Date: October 21, 2026

EX-99.1

Filename: kalu-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Kaiser Aluminum Corporation Reports

Third Quarter 2026 Financial Results

Third Quarter 2026 Highlights:

Net Sales $1.2 Billion; Conversion Revenue $439 Million

Net Income $31 Million; Net Income per Diluted Share $1.84

Adjusted Net Income $32 Million; Adjusted Net Income per Diluted Share $1.89

Adjusted EBITDA $84 Million; Adjusted EBITDA Margin 19.1%

Declared Quarterly Dividend of $0.77

Maintaining Full Year 2026 Outlook

Select Balance Sheet & Other Highlights:

Generated $248 Million Year-to-Date Operating Cash Flow; Free Cash Flow $176 Million

Strengthened Balance Sheet, Reducing Net Debt Leverage to 2.0x From 3.4x at Year End 2025

Cash and Cash Equivalents Improved to $117 Million; Liquidity Improved to $687 Million

Received Moody’s Credit Rating Upgrade to Ba3 with Stable Outlook

FRANKLIN, Tenn., October 21, 2026 - Kaiser Aluminum Corporation (NASDAQ: KALU) (the "Company" or "Kaiser"), a leading producer of semi-fabricated specialty aluminum products serving customers worldwide with highly-engineered solutions for aerospace and high strength, packaging, general engineering, and automotive extrusions end market applications, today announced third quarter 2026 results.

Management Commentary

"Our results reflected continued strength in customer demand, improved Conversion Revenue, and favorable pricing and product mix. While reported EBITDA increased modestly year-over-year, the comparison was significantly affected by the higher favorable metal price lag reflected in the prior year quarter, which, as expected, did not continue in the current quarter. Despite this headwind, as well as other operational challenges that impacted third quarter margins, the business delivered meaningful underlying improvement year over year," said Keith A. Harvey, Chairman, President and Chief Executive Officer." As we look toward 2027 and beyond, customer visibility continues to improve and conversations are increasingly focused on future growth, long-term supply and expanding capacity requirements. With the investments we have made across the portfolio and the strength of our market positions, we believe Kaiser is exceptionally well positioned to capitalize on the opportunities ahead."

Third Quarter 2026 Consolidated Results

(Unaudited)*

(In millions of dollars, except shipments, realized price, and per share amounts)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Shipments (millions of lbs.)

300

270

900

834

Net sales

1,215

844

3,578

2,444

Less: Hedged Cost of Alloyed Metal1

(775

)

(493

)

(2,297

)

(1,356

)

Conversion Revenue

439

351

1,281

1,088

Realized price per pound ($/lb.)

Net sales

4.05

3.12

3.97

2.93

Less: Hedged Cost of Alloyed Metal

(2.59

)

(1.82

)

(2.55

)

(1.63

)

Conversion Revenue

1.46

1.30

1.42

1.30

As reported

Operating income

287

128

Net income

190

Net income per share, diluted2

1.84

2.38

11.26

5.10

Adjusted3

Operating income

291

131

EBITDA4

379

222

EBITDA margin5

19.1

23.2

29.6

20.4

Net income

188

EPS, diluted2

1.89

1.86

11.15

4.51

1. The total Hedged Cost of Alloyed Metal includes cost of aluminum at the Midwest Transaction Price and the cost of alloying elements used in the production process. This metric is net of metal price exposure on shipments that the Company 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.

Diluted shares for EPS are calculated using the two-class method.

Adjusted numbers exclude non-run-rate items. For all Adjusted numbers and EBITDA refer to Reconciliation of Non-GAAP Measures.

Adjusted EBITDA = Consolidated operating income, excluding operating non-run-rate items, plus Depreciation and amortization. For the quarters ended September 30, 2026 and September 30, 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 September 30, 2025, Adjusted EBITDA includes favorable metal price lag of approximately $63.0 million and approximately $64.0 million, respectively. Metal price lag represents management’s estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on the Midwest Transaction Price, multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices.

Adjusted EBITDA margin = Adjusted EBITDA as a percent of Conversion Revenue.

 Please refer to GAAP financial statements, totals may not sum due to rounding.

Third Quarter 2026 Financial Highlights

Net sales for the third quarter 2026 increased to $1.21 billion compared to $844 million in the prior year period, driven by higher average realized sales price and increased shipments. The increase in average selling price reflects a 57% increase in Hedged Cost of Alloyed Metal, which is generally passed through to customers as a function of contracted selling price. Shipments improved 11% year-over-year, reflecting the increased volume in the current quarter resulting from the capacity added in connection with the Phase VII investment at the Company's Trentwood facility and the impact of the planned partial outage associated with the Phase VII investment during the prior year period. During the quarter, demand

remained strong in Aero/HS and GE Products end markets while the Company continued to see the favorable impact of transition to higher value coated products in the Packaging end market.

Conversion Revenue for the third quarter 2026 was $439 million, reflecting a 25% increase compared to the prior year period, primarily due to favorable pricing and an improved product mix. The following table provides the Company's Shipments and Conversion Revenue information (in millions of dollars, except shipments and Conversion Revenue per pound) by end market applications:

Quarter Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Aero/HS Products:

Shipments (mmlbs)

59.4

41.8

181.8

158.0

$ / lb

Net sales

291.9

4.91

182.2

4.36

884.0

4.86

624.8

3.95

Less: Hedged Cost of Alloyed Metal

(161.2

)

(2.71

)

(82.7

)

(1.98

)

(487.0

)

(2.68

)

(277.6

)

(1.75

)

Conversion Revenue

130.7

2.20

99.5

2.38

397.0

2.18

347.2

2.20

Packaging:

Shipments (mmlbs)

153.0

144.1

455.4

415.4

$ / lb

Net sales

561.4

3.67

393.9

2.73

1,640.2

3.60

1,049.0

2.53

Less: Hedged Cost of Alloyed Metal

(381.3

)

(2.49

)

(256.1

)

(1.77

)

(1,128.7

)

(2.48

)

(654.1

)

(1.58

)

Conversion Revenue

180.1

1.18

137.8

0.96

511.5

1.12

394.9

0.95

GE Products:

Shipments (mmlbs)

67.4

60.4

199.2

188.9

$ / lb

Net sales

278.3

4.13

192.2

3.18

799.3

4.01

559.2

2.96

Less: Hedged Cost of Alloyed Metal

(179.4

)

(2.66

)

(110.3

)

(1.82

)

(517.4

)

(2.59

)

(308.1

)

(1.63

)

Conversion Revenue

98.9

1.47

81.9

1.36

281.9

1.42

251.1

1.33

Automotive Extrusions:

Shipments (mmlbs)

20.4

23.9

64.0

71.9

$ / lb

Net sales

82.9

4.06

75.2

3.15

254.4

3.98

211.0

2.93

Less: Hedged Cost of Alloyed Metal

(53.5

)

(2.62

)

(43.7

)

(1.83

)

(164.3

)

(2.57

)

(116.1

)

(1.61

)

Conversion Revenue

29.4

1.44

31.5

1.32

90.1

1.41

94.9

1.32

Total:

Shipments (mmlbs)

300.2

270.2

900.4

834.2

$ / lb

Net sales

1,214.5

4.05

843.5

3.12

3,577.9

3.97

2,444.0

2.93

Less: Hedged Cost of Alloyed Metal1

(775.4

)

(2.59

)

(492.8

)

(1.82

)

(2,297.4

)

(2.55

)

(1,355.9

)

(1.63

)

Conversion Revenue

439.1

1.46

350.7

1.30

1,280.5

1.42

1,088.1

1.30

The total Hedged Cost of Alloyed Metal includes cost of aluminum at the Midwest Transaction Price and the cost of alloying elements used in the production process. This metric is net of metal price exposure on shipments that the Company 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.

Operating income for the third quarter 2026 was $55 million, an increase of 13% from the prior year period. Adjusted EBITDA was $84 million, an increase of 3% from the prior year period. The contribution from higher Conversion Revenue helped offset an approximate $29 million unfavorable metal price lag change from the prior year. The third quarter 2026 also incurred approximately a 640-basis point Adjusted EBITDA margin impact from higher metal consumption costs associated with lower scrap utilization, and lower operating efficiencies primarily reflecting the planned partial outage at the Company’s Bellwood facility and continued roll coat start-up costs in the Packaging end market.

Cash Flow and Liquidity

Adjusted EBITDA of $379 million reported in the first nine months of 2026 and cash on hand funded $83 million of working capital, $72 million of capital investments, $37 million of interest payments, and $39 million of cash returned to stockholders through quarterly dividends. As of September 30, 2026, the Company's net debt leverage ratio improved to 2.0x from 3.4x at December 31, 2025. On October 2, 2026, Moody's upgraded the Company's credit rating to Ba3 with a stable outlook, recognizing its improved operating performance and debt leverage.

As of September 30, 2026, the Company had total liquidity of $687 million, consisting of cash and cash equivalents of $117 million and borrowing availability under the Company's Revolving Credit Facility of $570 million. There were no outstanding borrowings under the Revolving Credit Facility as of September 30, 2026.

On October 13, 2026, the Company announced the declaration of a quarterly cash dividend of $0.77 per share, which will be paid on November 13, 2026 to stockholders of record as of the close of business on October 23, 2026.

CEO Transition

As previously announced, Fred Stephan will succeed Keith A. Harvey as President and Chief Executive Officer of Kaiser Aluminum and become a member of the Company’s Board of Directors, both effective November 1, 2026. Mr. Harvey will transition to Executive Chairman and continue to support Mr. Stephan as a special advisor through October 31, 2027, helping to ensure a seamless transition and continuity in the Company’s strategic direction.

2026 Outlook

For the balance of 2026, the Company continues to expect Conversion Revenue growth at the high end of its 10% to 15% outlook, reflecting continued end-market strength and favorable pricing and mix. While the Company is maintaining its Adjusted EBITDA growth outlook of 45% to 55% compared to 2025, results are now expected toward the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds.

Conference Call

Kaiser Aluminum Corporation will host a conference call on Thursday, October 22, 2026, at 10:00 am (Eastern Time); 9:00 am (Central Time); 7:00 am (Pacific Time), to discuss its third quarter 2026 results. To participate, the conference call can be directly accessed from the U.S. and Canada at (877) 423-9813 and accessed internationally at (201) 689-8573. The conference call ID number is 13762795. A link to the simultaneous webcast can be accessed on the Company’s website at https://investors.kaiseraluminum.com. A copy of a presentation will be available for download prior to the call and an audio archive will be available on the Company’s website following the call.

Company Description

Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, packaging, general engineering, and automotive extrusions. The Company’s North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service that have been key components of the culture since the Company was founded in 1946. The Company’s stock is included in the Russell 2000® index and the S&P Small Cap 600® index.

Available Information

For more information, please visit the Company’s website at www.kaiseraluminum.com. The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC’s website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company’s annual stockholders’ meetings, and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.

Non-GAAP Financial Measures

This earnings release contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flow of the Company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables.

The non-GAAP financial measures used within this earnings release are Conversion Revenue, Adjusted operating income, Adjusted EBITDA, Adjusted net income, Net Debt Leverage Ratio which represents long-term debt less cash and cash equivalents divided by the last twelve months Adjusted EBITDA, Free Cash Flow which represents cash flow from operations less capital expenditures, and Adjusted earnings per diluted share which exclude non-run-rate items and ratios related thereto. As more fully described in these reports, “non-run-rate” items are items that, while they may occur from period to period, are particularly material to results, impact costs primarily as a result of external market factors and may not occur in future periods if the same level of underlying performance were to occur. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. Reconciliations of certain forward looking non-GAAP financial measures to comparable GAAP measures are not provided because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted or provided without unreasonable effort.

Forward-Looking Statements

This press release contains statements based on management’s current expectations, estimates and projections that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. These factors include: (a) the effectiveness of management's strategies and decisions, including strategic investments, capital spending strategies, cost reduction initiatives, sourcing strategies, process and countermeasures implemented to address operational and supply chain challenges, and the execution of those strategies; (b) the execution and timing of strategic investments; (c) general economic and business conditions, including the impact of geopolitical factors and governmental and other actions taken in response, tariffs, cyclicality, reshoring, labor challenges, supply interruptions, scrap availability and pricing, customer operation disruptions, customer inventory imbalances and supply chain issues and other conditions that impact demand drivers in the aerospace/high strength, packaging, general engineering, and automotive extrusions end markets we serve; (d) the Company’s ability to participate in mature and anticipated new automotive programs expected to launch in the future and successfully launch new automotive programs; (e) changes or shifts in defense spending due to competing national priorities; (f) pricing, market conditions and the Company’s ability to effectively execute its commercial and labor strategies, pass through cost increases, including the institution of surcharges, and flex costs in response to inflation, volatile commodity costs and changing economic conditions; (g) developments in technology; (h) the impact of the Company's future earnings, cash flows, financial condition, capital requirements and other factors on its financial strength and flexibility; (i) new or modified statutory or regulatory requirements; (j) the successful integration of the acquired operations and technologies; (k) stakeholder, including regulator and customer, views regarding the Company's sustainability goals and initiatives and the impact of factors outside of the Company's control on such goals and initiatives; and (l) other risk factors summarized in the Company's reports filed with the Securities and Exchange Commission including the Company's Form 10-K for the year ended December 31, 2025. All information in this release is as of the date of the release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Investor Relations and Public Relations Contact:

Addo Investor Relations

Investors@KaiserAluminum.com

(629) 252-7040

Kaiser Aluminum Corporation and Subsidiary Companies

Statements of Consolidated Income (Unaudited)1

(In millions of dollars, except share and per share amounts)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Net sales

1,214.5

843.5

3,577.9

2,444.0

Costs and expenses:

Cost of products sold, excluding depreciation and amortization

1,098.8

728.8

3,099.6

2,125.0

Depreciation and amortization

27.9

32.0

87.9

91.6

Selling, general, administrative, research and development

32.1

33.9

103.2

97.3

Restructuring costs

—

1.9

Other operating charges, net

0.5

—

0.5

—

Total costs and expenses

1,159.3

794.7

3,291.2

2,315.8

Operating income

55.2

48.8

286.7

128.2

Other (expense) income:

Interest expense

(14.2

)

(12.4

)

(43.1

)

(36.1

)

Other (expense) income, net

(0.8

)

11.4

5.3

14.4

Income before income taxes

40.2

47.8

248.9

106.5

Income tax provision

(9.2

)

(8.3

)

(58.6

)

(22.2

)

Net income

31.0

39.5

190.3

84.3

Net income per common share:

Basic

1.90

2.44

11.67

5.22

Diluted2

1.84

2.38

11.26

5.10

Weighted-average number of common shares outstanding (in thousands):

Basic

16,349

16,192

16,314

16,156

Diluted2

16,886

16,612

16,898

16,511

Please refer to the Company's Form 10-Q for the quarter ended September 30, 2026 for detail regarding the items in the table.

Diluted shares for EPS are calculated using the two-class method for the quarters and nine months ended September 30, 2026 and September 30, 2025.

Summary of Cash Flows - Consolidated (Unaudited)1

(In millions of dollars)

Nine Months Ended September 30,

2026

2025

Total cash provided by (used in):

Operating activities

248.1

132.0

Investing activities

(65.0

)

(89.7

)

Financing activities

(73.1

)

(43.2

)

Please refer to the Company's Form 10-Q for the quarter ended September 30, 2026 for detail regarding the items in the table.

Kaiser Aluminum Corporation and Subsidiary Companies

Consolidated Balance Sheets (Unaudited)1

(In millions of dollars, except share and per share amounts)

As of September 30, 2026

As of December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

117.3

7.0

Receivables, net

531.6

423.3

Contract assets

73.9

63.4

Inventories

847.9

725.2

Prepaid expenses and other current assets

44.4

42.6

Total current assets

1,615.1

1,261.5

Property, plant and equipment, net

1,140.4

1,145.2

Operating lease assets

22.0

22.4

Deferred tax assets, net

—

0.2

Intangible assets, net

37.2

41.0

Goodwill

18.8

Other assets

84.8

75.7

Total assets

2,918.3

2,564.8

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

431.1

274.6

Accrued salaries, wages and related expenses

60.1

61.3

Other accrued liabilities

123.7

91.3

Total current liabilities

614.9

427.2

Long-term portion of operating lease liabilities

20.2

21.7

Pension and other post retirement benefits

72.1

73.4

Deferred tax liabilities

114.0

75.4

Long-term liabilities

82.9

81.4

Long-term debt, net

1,038.7

1,059.6

Total liabilities

1,942.8

1,738.7

Commitments and contingencies

Stockholders' equity:

Preferred stock, 5,000,000 shares authorized at both September 30, 2026 and

December 31, 2025; no shares were issued and outstanding at

September 30, 2026 and December 31, 2025

—

Common stock, par value $0.01, 90,000,000 shares authorized at both

September 30, 2026 and December 31, 2025; 23,185,172 shares issued and

16,349,886 shares outstanding at September 30, 2026; 23,045,729 shares

issued and 16,210,443 shares outstanding at December 31, 2025

0.2

Additional paid in capital

1,138.1

1,132.5

Retained earnings

293.6

142.5

Treasury stock, at cost, 6,835,286 shares at both September 30, 2026 and

December 31, 2025

(475.9

)

(475.9

)

Accumulated other comprehensive income

19.5

26.8

Total stockholders' equity

975.5

826.1

Total liabilities and stockholders' equity

2,918.3

2,564.8

Please refer to the Company's Form 10-Q for the quarter ended September 30, 2026 for detail regarding the items in the table.

Reconciliation of Non-GAAP Measures - Consolidated

(Unaudited)

(In millions of dollars, except per share amounts)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

GAAP net income

31.0

39.5

190.3

84.3

Interest expense

14.2

12.4

43.1

36.1

Other expense (income), net

0.8

(11.4

)

(5.3

)

(14.4

)

Income tax provision

9.2

8.3

58.6

22.2

GAAP operating income

55.2

48.8

286.7

128.2

Restructuring costs

—

1.9

Non-cash asset impairment charge

0.5

—

0.5

—

Other operating NRR loss1

0.4

0.5

3.7

0.7

Operating income, excluding operating NRR items

56.1

49.3

290.9

130.8

Depreciation and amortization

27.9

32.0

87.9

91.6

Adjusted EBITDA2

84.0

81.3

378.8

222.4

GAAP net income

31.0

39.5

190.3

84.3

Operating NRR items

0.9

0.5

4.2

2.6

Non-operating NRR items3

0.3

(11.3

)

(6.6

)

(15.0

)

Tax impact of above NRR items

(0.3

)

2.3

0.5

2.7

Adjusted net income

31.9

31.0

188.4

74.6

Net income per share, diluted4

1.84

2.38

11.26

5.10

Adjusted earnings per diluted share4

1.89

1.86

11.15

4.51

NRR is an abbreviation for non-run-rate; NRR items are pre-tax. Other operating NRR items primarily represent the impact of adjustments to legacy environmental accruals and losses on the disposition of operating property, plant and equipment.

Adjusted EBITDA = Consolidated operating income, excluding operating NRR items, plus Depreciation and amortization. For the quarters ended September 30, 2026 and September 30, 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 September 30, 2025, Adjusted EBITDA includes favorable metal price lag of approximately $63.0 million and approximately $64.0 million, respectively. Metal price lag represents management’s estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on the Midwest Transaction Price, multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices.

Non-operating NRR items typically represent the impact of non-cash net periodic benefit cost related to the Salaried VEBA, (gains) losses recorded from the sale of non-operating assets, and gains recorded from business interruption insurance recoveries.

Diluted shares for EPS are calculated using the two-class method.

Totals may not sum due to rounding.

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