KALU

Kaiser Aluminum stock has delivered a strong multi year run, yet the current valuation checks offer a more mixed picture that does not point to a simple bargain or clear overvaluation at the recent US$158.78 close. Over the past 3 years, Kaiser Aluminum has returned about 136.5%, which puts the recent share price strength front and center for anyone thinking about fresh capital going into the stock. The valuation story now leans heavily on how reliably Kaiser Aluminum can convert its specialty aluminum exposure into steady cash flows. At the same time, any pressure on input costs or demand from key end markets may limit how much investors are willing to pay for that earnings stream. On a broader set of valuation checks, Kaiser Aluminum screens as a mixed picture rather than a clear bargain or clear premium, with a value score of 4 out of 6. The issue now is whether the current price already reflects the recent share price gains in Kaiser Aluminum or if the stock still offers room for a reasonable entry based on today’s fundamentals. Compare Kaiser Aluminum's strong multiyear run with other stocks that pair solid fundamentals with valuation support by scanning the 45 high quality undervalued stocks. The P/E ratio is a useful cross check for Kaiser Aluminum because earnings are a key focus for investors in a cyclical materials business. Kaiser Aluminum currently trades on a P/E of about 11.3x. This sits below both the Metals and Mining industry average P/E of roughly 21.3x and the peer group average of about 8.1x. The valuation model suggests a fair P/E ratio for Kaiser Aluminum of around 14.6x once its growth profile, margins, size and risk factors are taken into account. That is higher than the current 11.3x, which implies the market is valuing the stock below what this framework suggests could be reasonable. For investors comparing Kaiser Aluminum with other metals producers, the current P/E points to a discount relative to both the industry and this tailored fair ratio. On the P/E multiple alone, Kaiser Aluminum stock appears undervalued compared with both its fair ratio and the wider Metals and Mining industry. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the Kaiser Aluminum valuation puzzle leaves off. They spell out which assumptions about Kaiser Aluminum's future growth, margins and earnings would need to hold for the stock to be worth materially more or less than today's price, and they frame each implied fair value as a thesis about the business that you can monitor over time. These are available on Simply Wall St's Community page. One of the top community narratives on Kaiser Aluminum: 6% undervalued Read one of the top narratives on Kaiser Aluminum Do you think there's more to the story for Kaiser Aluminum? Head over to our Community to see what others are saying! Kaiser Aluminum looks modestly undervalued on its current P/E compared with both peers and a tailored fair ratio, although the broader valuation checks point to a more balanced picture. The key question is whether earnings can remain resilient enough, given input cost and end market sensitivities, for that discount to close over time. For you as an investor, the real debate is whether the current lower multiple reflects an opportunity or a fair response to those business risks and the cyclical nature of the stock. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KALU. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Kaiser Aluminum (KALU) is back on investors’ radar after reporting second quarter results that showed higher sales and net income compared with a year earlier, along with stronger earnings per share from continuing operations. See our latest analysis for Kaiser Aluminum. Despite a sharp 1 day share price decline of 9.65% to $163.17 following the earnings release, Kaiser Aluminum still has a 35.64% year to date share price return and a very large 1 year total shareholder return of 101.41%, suggesting strong long term momentum even after recent volatility. If Kaiser Aluminum’s move has you thinking about where else capital intensive themes could play out, it may be worth scanning infrastructure linked opportunities through the Simply Wall St 35 power grid technology and infrastructure stocks Kaiser Aluminum’s latest results point to a company with clear earnings power, yet the stock has just pulled back sharply after a strong run. Do those numbers still justify today’s price, or has enthusiasm run ahead of value? Kaiser Aluminum’s most followed narrative points to a fair value of about $159.33, slightly below the latest close at $163.17. This puts a small premium on the current price and raises questions about how much optimism is already in the stock. Read the complete narrative. Want to see what is baked into that fair value for Kaiser Aluminum? The narrative leans on higher margins, steady revenue expansion, and a richer future earnings multiple. Curious which specific earnings and revenue paths have been plugged into the model, and how a single valuation rate ties them together? The full story sits in those assumptions. Result: Fair Value of $159.33 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, if Kaiser Aluminum struggles to hit the projected margin improvement, or if tariff developments shift trade flows, the current overvaluation narrative could quickly look outdated. Find out about the key risks to this Kaiser Aluminum narrative. The DCF based narrative from analysts suggests Kaiser Aluminum is slightly overvalued around $163, with a fair value near $159. Yet Simply Wall St’s own DCF model points in the opposite direction, indicating the stock trades well below an estimated future cash flow value of $418.86. Which cash flow path feels more realistic to you? Before leaning on either outcome, it is worth understanding how sensitive each model is to revenue, margin, and discount rate assumptions, and what would need to change for the two signals to converge over time. Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Kaiser Aluminum for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 49 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. If the split between risks and rewards around Kaiser Aluminum leaves you undecided, take a closer look at the data and timelines and then reach your own verdict with the 3 key rewards and 3 important warning signs If Kaiser Aluminum has sharpened your focus on where to put fresh capital, do not stop here. Broaden your watchlist before the next move catches you off guard. Target potential mispricings by scanning companies that look attractively valued relative to fundamentals through the Simply Wall St 49 high quality undervalued stocks. Build a steadier income stream by reviewing companies with robust payout profiles using the Simply Wall St 9 dividend fortresses. Prioritise resilience by filtering for companies with stronger finances and cleaner balance sheets via the Simply Wall St solid balance sheet and fundamentals stocks screener (49 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KALU. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance significantly exceeded expectations due to the breadth and pace of recovery across most key end markets, particularly in General Engineering and Packaging. The company achieved record conversion revenue by prioritizing high-value product mix and favorable pricing over simple volume growth, validating multi-year strategic investments. General Engineering demand transitioned from a recovery story to a structural growth story, driven by reshoring, semiconductor expansion, and service center restocking. Packaging results were bolstered by the successful ramp of Roll Coat 4 at Warwick, which is driving a permanent shift toward higher-margin coated products. Aerospace and High Strength markets have returned to growth as commercial build rates rise and inventory destocking concludes for most products. Management made deliberate decisions to increase labor and throughput to capture immediate demand, viewing these as growth investments rather than structural cost increases. Favorable metal price dynamics and widened scrap spreads provided significant first-half tailwinds, though these are expected to normalize in the second half. Full-year 2026 conversion revenue is expected to finish at the high end of the 10% to 15% growth range, with EBITDA projected to increase 45% to 55% year-over-year. Second-half guidance assumes aluminum prices remain stable at current levels, removing the significant metal lag tailwinds experienced in the first half. The outlook incorporates normal seasonality and higher planned spending for facility upgrades and major maintenance deferred from the first half. Management expects the transition to high-value coated products in Packaging to drive conversion revenue growth toward the high end of the 20% to 25% range. Bookings for certain plate and aerospace products already extend into the first quarter of 2027, indicating sustained demand beyond the current fiscal year. Metal lag gains contributed approximately $27 million in the second quarter, a level of benefit not expected to persist as inventory costs align with current market prices. The new roll coat line at the Warwick facility is currently operating at roughly 80% of its targeted quarterly shipment capacity as management prioritizes product quality and on-time delivery while increasing throughput. Automotive shipments decreased 11% due to a challenging industry backdrop and high financing costs, though demand for light trucks and SUVs remains a strategic focus. Net debt leverage improved to 2.1x, reaching the company's targeted range of 2 to 2.5x ahead of schedule due to strong EBITDA performance. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management attributed the beat to faster-than-expected recovery in General Engineering and the ability to increase throughput rapidly across all operations. Service centers began aggressively refilling inventories to meet rising demand, coinciding with a return to growth in the aerospace sector. The projected deceleration in the second half is primarily due to the removal of metal lag tailwinds and fewer shipping days compared to the first half. Management emphasized that while spending will increase for maintenance, the underlying demand trajectory remains robust and unchanged. Throughput on the new Roll Coat 4 line is increasing, though management is still working through minor equipment 'bugs' and qualification processes. The strategic shift at Warwick is expected to deliver a 300 to 400 basis point margin improvement for the entire company, with the bottom end of that range already achieved.

Interested in Kaiser Aluminum Corporation? Here are five stocks we like better. Kaiser Aluminum’s Q2 results surged, with conversion revenue up 17% year over year to $437 million and adjusted EBITDA jumping to about $166 million. Management said the gains came from stronger demand, better pricing and shipments, plus favorable metal-related factors such as scrap spreads and metal lag. Packaging and General Engineering led growth, as packaging conversion revenue rose 34% and General Engineering increased 12%. Kaiser highlighted record performance at its Warrick facility and lifted its annual General Engineering growth outlook to 10% to 15%. Outlook and balance sheet improved, with Kaiser now expecting full-year 2026 conversion revenue growth near the high end of its 10% to 15% range and EBITDA growth of 45% to 55%. Net debt leverage improved to 2.1x, and the company said it expects $150 million to $175 million in free cash flow for the year. 2 Aluminum Stocks Poised for Big Tariff-Related Gains Kaiser Aluminum (NASDAQ:KALU) reported a sharply stronger second quarter of 2026, with management citing broad-based demand improvement across most end markets, record conversion revenue and significant metal-related tailwinds. Chairman, President and Chief Executive Officer Keith Harvey said the quarter exceeded the company’s expectations as activity accelerated across the period. He said higher volumes improved operating leverage, while widened scrap spreads and favorable metal lag added to earnings. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? “The underlying story is increasingly one of stronger customer demand, improving market conditions, and strengthening business fundamentals,” Harvey said. He added that the company’s investments over the past several years were intended to position Kaiser for the type of market conditions now emerging. Executive Vice President and Chief Financial Officer Neal West said second-quarter conversion revenue was $437 million, up $63 million, or 17%, from the prior-year period. → 3 Photonics Companies Making Quantum Tech Possible Reported operating income rose to $134 million from $38 million a year earlier. Adjusted operating income was $137 million, compared with $38 million in the prior-year quarter. Reported net income was approximately $97 million, or $5.72 per diluted share, compared with $23 million, or $1.41 per diluted share, in the second quarter of 2025. Adjusted net income was $94 million, or $5.53 per diluted share, compared with $20 million, or $1.21 per diluted share, a year earlier. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Adjusted EBITDA was approximately $166 million, up $99 million from the prior-year period. West said $41 million of the year-over-year increase came from higher pricing, increased shipments and improved mix. The remaining net $58 million primarily reflected favorable metal dynamics, including lower inventory consumption costs relative to hedge costs, higher scrap spreads, improved scrap utilization and metal lag gains. West said total metal lag gain for the quarter was $27 million. However, he noted that Kaiser does not expect those metal-related benefits to continue at the same level in the second half of the year, as its weighted average metal inventory cost was approximately in line with the forward aluminum Midwest transaction price curve of $2.45 per pound exiting the quarter. Kaiser’s packaging business generated conversion revenue of $174 million, up $44 million, or 34%, year over year. Shipments rose 10%, as the company continued ramping its new Roll Coat 4 line at the Warrick facility to around 80% utilization. Harvey said Warrick produced the highest conversion revenue performance in its history despite operating at roughly 80% of targeted quarterly shipment capacity on the new line. He said the result supported the company’s strategy of “maximizing value rather than simply maximizing volume.” Management said the company continues to prioritize quality, reliability and service while qualifying additional coatings and customers. During the question-and-answer portion of the call, Harvey said throughput increased during the quarter and delivery performance was improving, though he said his goal remains to reach more than 90% delivery performance. General Engineering conversion revenue was $96 million, up $10 million, or 12%, on a 7% increase in shipments. West attributed the gains to restocking from multi-year low inventory levels, higher demand for Kaiser’s Semi-K plate for the semiconductor industry, tariff-related reshoring and favorable pricing supported by Kaiser’s quality and service position. Harvey said General Engineering has moved from a recovery story to a broader growth story, supported by reshoring, domestic manufacturing investment, semiconductor expansion and demand for specialized plate products. Kaiser raised its annual General Engineering conversion revenue growth outlook to 10% to 15% over last year. Aerospace and high-strength conversion revenue totaled $136 million, up $9 million, or 7%, primarily due to a 2% increase in shipments. West said commercial aerospace production continued to strengthen as OEM build rates increased, and that destocking is largely behind Kaiser for most products, except certain plate products that are expected to continue destocking for several more quarters. Harvey said commercial aerospace is improving while demand remains strong in defense, space, business jet and other high-strength applications. He said much of Kaiser’s capacity is already committed and that the company expects both shipments and conversion revenue dollars in aerospace and high-strength to track toward the high end of its prior 2026 outlook. Automotive conversion revenue was $32 million, flat year over year, despite an 11% decline in shipments. West said the result reflected a shift toward higher value-added products, while the broader automotive backdrop remained challenging due to elevated consumer financing costs and tariff dynamics. Harvey said demand for Kaiser’s products tied to light truck and SUV platforms remains healthy. He added that facility upgrades and investments tied to automotive applications remain supported by long-term customer commitments. Kaiser generated free cash flow of $35 million in the second quarter, calculated as operating cash flow less capital expenditures. For full-year 2026, the company now expects free cash flow of $150 million to $175 million, subject to metal price movements and working capital impacts. Capital expenditures were $24 million in the quarter, and Kaiser maintained its full-year capital spending outlook of $120 million to $130 million. The company ended June 30 with approximately $59 million of cash and $570 million of borrowing availability under its revolving credit facility, for total liquidity of $628 million. West said Kaiser’s net debt leverage ratio improved to 2.1 times from 3.4 times at year-end, bringing it in line with the company’s targeted range of 2.0 to 2.5 times. He also noted that Kaiser has no debt maturing until 2030 and that its senior notes interest costs are fixed at $54 million annually. The company’s board declared a quarterly dividend of $0.77 per common share on July 13. Looking ahead, Kaiser now expects conversion revenue growth to finish near the high end of its previously communicated range of 10% to 15%. The company also expects EBITDA to increase 45% to 55% year over year. Harvey said the second half of 2026 will likely include a more typical contribution from metal-related items, higher planned spending, facility upgrades, maintenance and normal seasonal factors. Still, he said customer activity remains robust, with bookings extending into 2027 in several areas. “The investments are working,” Harvey said. “Demand is building, and we believe the opportunities in front of us extend well beyond 2026.” Kaiser Aluminum Corporation is a U.S.-based producer of semi‐fabricated aluminum products, serving a diverse range of industrial and specialty markets. The company's offerings include extruded, rolled, and forged aluminum products designed to meet stringent performance requirements in sectors such as aerospace, automotive, defense, electronics, and general engineering. By focusing on high‐value applications, Kaiser Aluminum aims to deliver lightweight, durable solutions that contribute to efficiency and innovation across its customer base. Operationally, Kaiser Aluminum maintains a network of smelters, extrusion plants, and rolling mills located primarily in North America. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Kaiser Aluminum Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Conversion Revenue: $437 million, up 17% year-over-year. Aerospace and High-Strength Conversion Revenue: $136 million, up 7% with a 2% increase in shipments. Packaging Conversion Revenue: $174 million, up 34% with a 10% increase in shipments. General Engineering Conversion Revenue: $96 million, up 12% with a 7% increase in shipments. Automotive Conversion Revenue: $32 million, flat year-over-year with an 11% decrease in shipments. Operating Income: $134 million, up from $38 million in the prior year quarter. Net Income: $97 million or $5.72 per diluted share, compared to $23 million or $1.41 per diluted share in the prior year quarter. Adjusted EBITDA: $166 million, up $99 million from the prior-year period. Free Cash Flow: $35 million for the second quarter; full-year expectation of $150 million to $175 million. Capital Expenditures: $24 million for the second quarter; full-year expectation of $120 million to $130 million. Liquidity Position: $628 million as of June 30, 2026. Net Debt Leverage Ratio: Improved to 2.1 times from 3.4 times at year-end. Quarterly Dividend: $0.77 per common share. Warning! GuruFocus has detected 5 Warning Signs with KALU. Is KALU fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kaiser Aluminum Corp (NASDAQ:KALU) reported a record quarter for conversion revenue, driven by strong demand across key end markets. The company experienced significant growth in aerospace and high-strength applications, with commercial aerospace production strengthening and inventory destocking largely behind. Packaging conversion revenue increased by 34% year-over-year, supported by a shift toward higher value-added coated products. General engineering conversion revenue grew by 12% year-over-year, benefiting from reshoring activity and increased semiconductor-related demand. Kaiser Aluminum Corp (NASDAQ:KALU) improved its net debt leverage ratio to 2.1 times, aligning with its targeted range of 2 to 2.5 times, and declared a quarterly dividend of $0.77 per common share. The company anticipates higher planned spending, facility upgrades, and seasonal factors in the second half of the year, which may impact profitability. Kaiser Aluminum Corp (NASDAQ:KALU) expects a more typical contribution for metal-related items in the second half, lacking the significant tailwinds experienced earlier in the year. The company faces challenges in optimizing the new roll coat line at Warwick, with ongoing equipment bugs and design issues to address. Automotive conversion revenue remained flat year-over-year, with an 11% decrease in shipments due to industry challenges and elevated consumer financing costs. Kaiser Aluminum Corp (NASDAQ:KALU) expects less shipping days and major maintenance in the second half, which could affect overall performance. Q: Can you provide additional color on what was significantly better than expected in the second quarter, excluding Metalag? A: Keith Harvey, CEO: The quarter's performance was broad-based with strong throughput across operations. General engineering demand was stronger than anticipated, driven by low inventory levels at service centers. Aerospace demand also increased, and packaging saw robust demand, partly due to events like the World Cup. Automotive demand, especially for trucks and SUVs, picked up as well. Q: Considering the second-half outlook, how should we reconcile the expected unit bar and EBITDA guidance with seasonality and potential margin pressure? A: Keith Harvey, CEO: The second-half outlook assumes a normalization of metal tailwinds and includes planned maintenance and fewer shipping days. While demand remains strong, these factors, along with expected higher spending, contribute to the guidance. Q: What improvements were made in the quality of the roll coat line at Warwick, and where do you still need to improve? A: Keith Harvey, CEO: Throughput on the new roll coat line improved, and qualifications with new customers and coatings progressed. Some equipment bugs remain, but delivery performance is improving. The strategy at Warwick is yielding better-than-expected results, with potential for further gains. Q: Should we expect packaging conversion revenue to continue improving in the second half? A: Keith Harvey, CEO: Yes, there is no reason to expect packaging conversion revenue not to continue improving as the richer value-coated mix increases and product quality improves. Q: What factors contributed to the strong EBITDA performance in the second quarter? A: Neal West, CFO: The improvement was driven by higher pricing, increased shipments, improved mix, and favorable metal tailwinds. These included lower inventory consumption costs and higher scrap spreads, although higher manufacturing costs partially offset these gains. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Kaiser Aluminum (KALU) came out with quarterly earnings of $5.53 per share, beating the Zacks Consensus Estimate of $2.32 per share. This compares to earnings of $1.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +138.36%. A quarter ago, it was expected that this aluminum products company would post earnings of $1.89 per share when it actually produced earnings of $3.74, delivering a surprise of +97.88%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Kaiser, which belongs to the Zacks Metal Products - Procurement and Fabrication industry, posted revenues of $1.26 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.90%. This compares to year-ago revenues of $823.1 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Kaiser shares have added about 43.1% since the beginning of the year versus the S&P 500's gain of 9.7%. While Kaiser has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Kaiser was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.01 on $1.14 billion in revenues for the coming quarter and $9.12 on $4.51 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Metal Products - Procurement and Fabrication is currently in the bottom 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Century Aluminum (CENX), another stock in the same industry, has yet to report results for the quarter ended June 2026. This aluminum producer is expected to post quarterly earnings of $2.40 per share in its upcoming report, which represents a year-over-year change of +4900%. The consensus EPS estimate for the quarter has been revised 10% lower over the last 30 days to the current level. Century Aluminum's revenues are expected to be $835.3 million, up 33% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kaiser Aluminum Corporation (KALU) : Free Stock Analysis Report Century Aluminum Company (CENX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Second Quarter 2026 Highlights: Established Record Results in the Following: Declared Quarterly Dividend of $0.77 Net Debt Leverage Ratio Improved to 2.1x Raising Full Year Outlook FRANKLIN, Tenn., July 22, 2026--(BUSINESS WIRE)--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 second quarter 2026 results. Management Commentary "Our record second quarter results reflect the continued strength of our end-market positioning, disciplined execution and the benefits of our strategic initiatives," said Keith A. Harvey, Chairman, President and Chief Executive Officer. "Higher-value packaging mix, improving aerospace demand, favorable scrap spreads and strong customer activity drove meaningful EBITDA growth, supported by metal lag tailwinds. While we expect aluminum price dynamics to normalize over the balance of the year, our underlying operations remain strong, and we are raising our full year outlook based on continued confidence in the business." Second Quarter 2026 Financial Highlights Net sales for the second quarter 2026 increased to $1.26 billion compared to $823 million in the prior year period, driven by an increase in average realized sales price and higher shipments. Shipments for the second quarter 2026 improved 6% year-over-year, primarily driven by sustained demand in the Company's Packaging end market for coated products and strengthening aerospace production as destocking continues to ease. The increase in average realized sales price reflects an 83% increase in the Hedged Cost of Alloyed Metal, a direct pass through as a function of contracted selling price. Conversion Revenue for the second quarter 2026 was $437 million, reflecting a 17% increase compared to the prior year period, primarily due to a strong pricing and improved product mix in the Company's Packaging end market. 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: Cash Flow and Liquidity Adjusted EBITDA of $295 million reported in the first half of 2026 and cash on hand funded $118 million of working capital, $44 million of capital investments, $22 million of interest payments, and $26 million of cash returned to stockholders through quarterly dividends. As of June 30, 2026, the Company's net debt leverage ratio improved to 2.1x from 3.4x at December 31, 2025. As of June 30, 2026, the Company had total liquidity of $628 million, consisting of cash and cash equivalents of $59 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 June 30, 2026. On July 13, 2026, the Company announced the declaration of a quarterly cash dividend of $0.77 per share, which will be paid on August 14, 2026 to stockholders of record as of the close of business on July 24, 2026. 2026 Outlook For the full year 2026, the Company now expects Conversion Revenue to be at the high end of its previously stated range of 10% to 15% year-over-year improvement and is raising its Adjusted EBITDA outlook to a range of 45% to 55% year-over-year growth. The revised Adjusted EBITDA outlook assumes a neutral metal price lag through the end of the year, and does not assume a continuation of the metal lag or consumption cost tailwinds to Adjusted EBITDA recorded in the first half of the year. The Company’s outlook reflects continued strong demand, favorable pricing, an improved mix within the Company's Packaging operations, and consistent execution across the portfolio. Conference Call Kaiser Aluminum Corporation will host a conference call on Thursday, July 23, 2026, at 10:00 am (Eastern Time); 9:00 am (Central Time); 7:00 am (Pacific Time), to discuss its second 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 13761303. 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, 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722499411/en/ Contacts Investor Relations and Public Relations Contact: Addo Investor Relations [email protected] (629) 252-7040

FRANKLIN, Tenn., July 13, 2026--(BUSINESS WIRE)--Kaiser Aluminum Corporation (NASDAQ:KALU) today announced that its Board of Directors has declared a quarterly cash dividend of $0.77 per share. The dividend will be payable on August 14, 2026 to stockholders of record as of the close of business on July 24, 2026. About Kaiser Aluminum Corporation 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, automotive extrusions, and other industrial applications. 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. 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) 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, automotive extrusions and other end markets the Company serves; (b) the impact of the Company's future earnings, cash flows, financial condition, capital requirements and other factors on its financial strength, flexibility, ability to pay or increase future dividends and any decision by the Company's board of directors in that regard; and (c) 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260713681005/en/ Contacts Contact:Addo Investor [email protected]