FIRST QUARTER 2022 EARNINGS CONFERENCE CALL April 21, 2022 FORWARD LOOKING STATEMENTS The information contained in this presentation includes 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. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future events and expectations and involve known a ...

Financial Performance - For the year ended December 31, 2021, net sales were $2,622.0 million, with $554.1 million recognized over time[273]. - The company reported net sales of $2,622.0 million for the year ended December 31, 2021, a significant increase from $1,172.7 million in 2020, representing a growth of approximately 123.1%[287]. - The cost of products sold for 2021 was $2,348.1 million, up from $941.3 million in 2020, indicating a rise of about 149.1%[287]. - The company incurred a net loss of $18.5 million in 2021, compared to a net income of $28.8 million in 2020, reflecting a decline in profitability[287]. - The company reported a comprehensive loss of $3.5 million for the year ended December 31, 2021, compared to a comprehensive income of $48.7 million in 2020[290]. - The company’s operating income for 2021 was $64.4 million, down from $81.1 million in 2020, indicating a decrease of about 20.5%[287]. - Cash provided by operating activities decreased to $79.4 million in 2021 from $206.9 million in 2020 and $232.3 million in 2019[298]. - The company’s cash and cash equivalents decreased to $303.2 million in 2021 from $780.3 million in 2020, a decline of approximately 61.1%[285]. Assets and Liabilities - Total current assets increased to $1,205.4 million as of December 31, 2021, compared to $1,121.4 million in 2020, marking a growth of approximately 7.5%[285]. - The company’s total liabilities rose to $1,729.9 million in 2021 from $1,132.3 million in 2020, an increase of about 52.7%[285]. - Goodwill increased to $39.3 million in 2021 from $18.8 million in 2020, reflecting the acquisition of Alcoa Warrick LLC and related assets[278]. - The company allocated $50.0 million to intangible assets as part of the acquisition accounting for the Warrick facility[278]. - Total cash, cash equivalents, and restricted cash at the end of 2021 was $317.0 million, down from $794.3 million at the end of 2020[298]. - Trade and other receivables decreased by $90.3 million in 2021, contrasting with an increase of $60.8 million in 2020[298]. - Property, plant, and equipment, net increased to $955.2 million in 2021 from $627.2 million in 2020, showing a strong investment in fixed assets[360]. Acquisitions - The company completed the acquisition of Warrick, resulting in a cash payment of $609.2 million in 2021[298]. - The acquisition of Alcoa Warrick LLC was completed on March 31, 2021, for a total purchase price of $670.0 million, enhancing market diversification in the packaging sector[366]. - Warrick contributed $1,141.2 million in net sales from continuing operations for the period from April 1, 2021, to December 31, 2021[369]. - The total allocated purchase consideration for the Warrick acquisition was finalized at $609.2 million after adjustments[367]. - Goodwill increased to $57.7 million as of December 31, 2021, from $37.2 million in 2020, primarily due to the Warrick acquisition[375]. Cash Flow and Capital Expenditures - Capital expenditures for 2021 were $58.0 million, an increase from $51.9 million in 2020[298]. - The company repurchased common stock worth $12.5 million in 2020 and $44.2 million in 2019, with no repurchases reported in 2021[298]. - Cash dividends declared per common share were $2.88 in 2021, up from $2.68 in 2020 and $2.40 in 2019[294]. Derivative Contracts and Hedging - The company had derivative contracts covering 187.2 million pounds of aluminum in 2021, hedging shipments sold on pricing terms that created aluminum price risk[254]. - The company utilizes hedging transactions to lock in prices for certain products and mitigate exposure to energy price fluctuations[253]. - The company’s derivative financial instruments are used to mitigate exposure to changes in market prices of aluminum and other commodities, with fair values reflected on the Consolidated Balance Sheets[333]. - The total cash flow hedges recognized in the Statements of Consolidated (Loss) Income for 2021 amounted to a loss of $41.9 million, compared to a gain of $17.7 million in 2020[443]. - The company reported a cash flow hedge loss of $35.2 million related to aluminum in 2021, compared to a gain of $13.7 million in 2020[443]. Employee Benefits and Compensation - The pension obligation at the end of 2021 was $20.3 million, an increase from $10.0 million in 2020, while the OPEB obligation was $83.5 million, up from $78.3 million in 2020[393]. - The company expects to contribute $8.6 million to the pension plans in 2022[395]. - The net periodic postretirement benefit cost relating to pension plans for 2021 was $4.3 million, compared to $0.4 million in 2020, showing a substantial increase[408]. - The company’s pension plans included a service cost of $4.1 million for 2021, significantly higher than the $0.3 million recorded in 2020[408]. - Total expenses related to all benefit plans for 2021 were $29.0 million, compared to $19.9 million in 2020, indicating a 45.2% increase[406]. Inventory and Receivables - The company’s inventory cost on a FIFO basis exceeded its stated LIFO value by $137.1 million as of December 31, 2021[319]. - Total inventories rose to $404.6 million in 2021, compared to $152.0 million in 2020, with finished products increasing from $37.2 million to $90.3 million[360]. - Trade receivables, net increased to $332.7 million in 2021 from $112.8 million in 2020, reflecting a substantial growth in receivables[360]. Financial Controls and Reporting - The company maintained effective internal control over financial reporting as of December 31, 2021, based on COSO criteria[264]. - Total assets and total revenues subject to Warrick's internal control represented approximately 34% and 44% of consolidated totals as of December 31, 2021, respectively[265]. Miscellaneous - The company incurred a loss on extinguishment of debt amounting to $35.9 million in 2021, compared to $20.3 million in 2019[298]. - The company recognized $1.3 million in payroll subsidies under the Canada Emergency Wage Subsidy Program during 2020, recorded within Other operating charges (income), net[314]. - The company capitalized $1.2 million in interest expense as part of construction costs for qualifying assets during 2021[322].

FOURTH QUARTER 2021 EARNINGS CONFERENCE CALL February 24, 2022 FORWARD LOOKING STATEMENTS The information contained in this presentation includes 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. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future events and expectations and involve kno ...

Kaiser Aluminum Corporation (NASDAQ:KALU) Q4 2021 Earnings Conference Call February 24, 2022 1:00 PM ET Company Participants Melinda Ellsworth - Investor Relations Keith Harvey - President and Chief Executive Officer Neal West - Executive Vice President and Chief Financial Officer Jennifer Huey - Vice President and Chief Accounting Officer Conference Call Participants Emily Chieng - Goldman Sachs Operator Hello and welcome to the Fourth Quarter 2021 Earnings Conference Call. My name is Brandon and I will be ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements for Q3 2021 show increased assets and sales due to the Warrick acquisition, resulting in a net loss of **$20.2 million** Consolidated Balance Sheet Highlights (Unaudited) | (In millions of dollars) | As of Sep 30, 2021 | As of Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $295.7 | $780.3 | | Total current assets | $1,223.3 | $1,121.4 | | Property, plant and equipment, net | $948.7 | $627.2 | | Total assets | $2,437.2 | $1,864.7 | | **Liabilities & Equity** | | | | Total current liabilities | $444.8 | $158.3 | | Long-term debt | $1,035.9 | $838.1 | | Total liabilities | $1,716.2 | $1,132.3 | | Total stockholders' equity | $721.0 | $732.4 | Consolidated Income Statement Highlights (Unaudited) | (In millions of dollars) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net sales | $1,815.6 | $900.7 | | Operating income | $47.8 | $62.6 | | Net (loss) income | $(20.2) | $22.9 | | Diluted (loss) income per share | $(1.28) | $1.44 | Consolidated Cash Flow Highlights (Unaudited) | (In millions of dollars) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $33.3 | $150.7 | | Net cash (used in) provided by investing activities | $(639.5) | $41.6 | | Net cash provided by financing activities | $121.4 | $293.2 | - On March 31, 2021, the company acquired the Warrick rolling mill for a purchase price of **$670.0 million**, diversifying into the beverage and food packaging end market[48](index=48&type=chunk) - The company participates in supply chain financing arrangements, selling trade accounts receivable without recourse. In the nine months ended September 30, 2021, **$706.2 million** of receivables were sold under these programs[33](index=33&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q3 2021 sales growth to the Warrick acquisition and strong demand, with Adjusted EBITDA increasing to **$50.4 million** [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q3 2021 net sales surged to **$750.6 million** due to the Warrick acquisition, with Adjusted EBITDA reaching **$50.4 million** - Q3 2021 net sales increased to **$750.6 million** from **$255.7 million** YoY, reflecting a **189%** increase in shipment volume, mainly from the Warrick acquisition (Packaging) and a **39%** increase in GE products[138](index=138&type=chunk) - SG&A expenses increased in Q3 2021 primarily due to costs related to the Warrick acquisition, including transition service agreements with Alcoa, and higher salaries and incentives[143](index=143&type=chunk) Adjusted EBITDA Reconciliation (Unaudited) | (In millions of dollars) | Quarter Ended Sep 30, 2021 | Quarter Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net (loss) income | $(2.3) | $0.4 | | Interest expense | 12.5 | 12.1 | | Other expense, net | 1.2 | 0.5 | | Income tax provision (benefit) | 8.4 | (0.7) | | Depreciation and amortization | 24.9 | 12.9 | | Non-run-rate items | 5.7 | 6.3 | | **Adjusted EBITDA** | **$50.4** | **$31.5** | Value Added Revenue (VAR) by End Market - Q3 2021 vs Q3 2020 | End Market | Q3 2021 VAR ($M) | Q3 2021 VAR ($/lb) | Q3 2020 VAR ($M) | Q3 2020 VAR ($/lb) | | :--- | :--- | :--- | :--- | :--- | | Aero/HS Products | $81.5 | $1.94 | $73.3 | $2.68 | | Packaging | $126.0 | $0.73 | - | - | | Automotive Extrusions | $21.1 | $1.08 | $24.2 | $0.98 | | GE Products | $75.4 | $0.99 | $55.4 | $1.01 | | **Total** | **$305.4** | **$0.97** | **$154.4** | **$1.42** | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity stood at **$663.0 million** as of September 30, 2021, with cash from operations decreasing due to the Warrick acquisition Liquidity Summary | (In millions of dollars) | As of Sep 30, 2021 | As of Dec 31, 2020 | | :--- | :--- | :--- | | Available cash and cash equivalents | $295.7 | $780.3 | | Borrowing availability under Revolving Credit Facility | $367.3 | $251.5 | | **Total liquidity** | **$663.0** | **$1,031.8** | - In May 2021, the company issued **$550.0 million** of **4.50%** Senior Notes due 2031 and used the proceeds to redeem its outstanding **6.50%** Senior Notes, resulting in a **$35.9 million** loss on debt extinguishment[86](index=86&type=chunk)[91](index=91&type=chunk) - Anticipated capital spending for 2021 is approximately **$70.0 million to $80.0 million**, with a significant investment in a new **$150.0 million** roll coat line at the Warrick facility[172](index=172&type=chunk)[173](index=173&type=chunk) - The company has consistently paid a quarterly cash dividend since 2007 and declared a dividend of **$0.72 per share** for Q3 2021[123](index=123&type=chunk)[174](index=174&type=chunk) [Outlook](index=37&type=section&id=Outlook) Q4 2021 outlook projects low single-digit VAR growth and stable Adjusted EBITDA margins, with continued supply chain disruptions expected - VAR for Q4 2021 is anticipated to increase by a **low single-digit percentage** compared to Q3 2021[155](index=155&type=chunk) - Adjusted EBITDA margin for Q4 2021 is expected to be **similar** to Q3 2021[155](index=155&type=chunk) - The company anticipates continued cost issues and supply chain disruptions in Q4 2021, with uncertainty around the impact of magnesium and silicon market imbalances[155](index=155&type=chunk)[156](index=156&type=chunk) - Long-term, the company is well-positioned for growth with a diversified portfolio and strong secular trends in its served end markets, including aerospace, automotive, and packaging[157](index=157&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from commodity and currency fluctuations using derivatives, with a hypothetical **$9.7 million** loss from aluminum price decreases - The company uses derivative contracts to hedge risks related to aluminum, alloying metals, energy, and foreign currency[189](index=189&type=chunk) - A hypothetical **$0.10 per pound** decrease in the LME aluminum price as of September 30, 2021, would have resulted in an unrealized mark-to-market loss of **$9.7 million** on derivative positions[192](index=192&type=chunk) - A hypothetical **$1.00 per mmbtu** decrease in natural gas prices as of September 30, 2021, would have resulted in an unrealized mark-to-market loss of **$5.2 million**[195](index=195&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of September 30, 2021, with integration of Warrick facility internal controls ongoing for the 2022 annual report - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of September 30, 2021[197](index=197&type=chunk) - The company is in the process of incorporating the Warrick acquisition's operations into its internal control over financial reporting and expects to complete this process for the December 31, 2022 annual report[198](index=198&type=chunk) [PART II – OTHER INFORMATION](index=44&type=section&id=PART%20II) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) There have been **no material developments** in the company's legal proceedings since the end of the fiscal year 2020 - There have been **no material developments** in legal proceedings since December 31, 2020[201](index=201&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) New risk factors include climate regulations, competition from substitute packaging materials, and operational dependency on Alcoa for the Warrick facility - A new risk factor highlights that climate-related regulations could impact the supply chain, leading to higher costs and disruptions[203](index=203&type=chunk) - The company's new packaging business faces competition from substitute products (glass, plastic, etc.), and shifts in consumer preference could negatively impact profits[204](index=204&type=chunk) - A key risk is the dependency on Alcoa to provide molten metal and essential support and transition services for the Warrick facility until mid-2024. A failure by Alcoa could lead to substantial costs or operational shutdowns[205](index=205&type=chunk) - The company is exposed to risks from its receivables supply chain financing arrangements, including termination of programs or increases in the LIBOR rate[207](index=207&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the plan in Q3 2021, with **$93.1 million** remaining available for future repurchases as of September 30, 2021 Share Repurchase Activity - Q3 2021 | Period | Total Shares Purchased | Average Price per Share | Shares Purchased (Stock Repurchase Plan) | | :--- | :--- | :--- | :--- | | July 2021 | 61 | $121.68 | 0 | | August 2021 | 518 | $121.28 | 0 | | September 2021 | 0 | - | 0 | | **Total** | **579** | **$121.32** | **0** | - As of September 30, 2021, **$93.1 million** remained available for share repurchases under the company's stock repurchase program[209](index=209&type=chunk)

THIRD QUARTER 2021 EARNINGS CONFERENCE CALL October 21, 2021 FORWARD LOOKING STATEMENTS The information contained in this presentation includes 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. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future events and expectations and involve known ...

Financial Data and Key Metrics Changes - Value-added revenue for Q3 2021 was $305 million, an increase of $151 million or 98% compared to the prior year period, reflecting $126 million from the packaging business acquisition [31] - Adjusted EBITDA for Q3 2021 increased by $19 million compared to the prior year quarter, but EBITDA margins declined to 16.5% from 20.4% in the prior year due to higher unit costs and inefficiencies [36][37] - Reported net loss for Q3 2021 was approximately $2 million compared to net income of $400,000 in the prior year quarter, while adjusted net income was approximately $9 million compared to $6 million in the prior year [44] Business Line Data and Key Metrics Changes - Aerospace and high-strength shipments in the first half of 2021 were up 31% from the second half of 2020, but value-added revenue for aerospace is now expected to be down approximately 10% to 15% year-over-year [16][17] - Automotive value-added revenue is now projected to increase by 15% to 20% year-over-year, a decrease from the earlier forecast of 35% to 45% growth due to semiconductor chip shortages [22] - General engineering demand is strong, with value-added revenue expected to increase by more than 25% year-over-year, driven by heavy restocking and strong demand for KaiserSelect products [23] Market Data and Key Metrics Changes - The IHS industry forecast for North America vehicle builds has declined from 16.3 million vehicles to 13 million for the year due to the chip shortage [20] - Demand for packaging products is expected to grow at a faster pace of 5% to 7% through 2025, up from a previous outlook of 3% to 5% [61] Company Strategy and Development Direction - The company remains optimistic about long-term growth potential in aerospace, packaging, automotive, and general engineering sectors, with a focus on expanding capacity and improving margins [49][63] - The company plans to proceed with a $150 million investment in a new roll coat line to shift towards higher-margin coated products [63] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in labor markets, inflationary costs, and supply chain disruptions impacting operations, with expectations for these issues to persist through the end of the year [12][30] - The company anticipates a return to record 2019 demand levels for its products in the 2023 to 2024 timeframe, with military aerospace demand providing a solid foundation [52][54] Other Important Information - The company has lowered its planned capital spending for the full year of 2021 to approximately $70 million to $80 million due to supply chain challenges [47] - Cash as of September 30 was approximately $296 million, with total liquidity of approximately $663 million [47] Q&A Session Summary Question: Supply chain issues related to silicon and magnesium shortages - Management clarified that supply chain disruptions were primarily related to metal supply and power outages, not specifically magnesium or silicon shortages [69] Question: Details on aerospace declarations for 2022 - Management indicated that they have received clearer declarations for 2022, which are expected to significantly exceed 2021 levels [85] Question: Domestic magnesium supplier repair timeline - Management is currently assessing the situation with the domestic magnesium supplier and feels covered for Q4, but will monitor the situation closely for 2022 [89]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 1-09447 KAISER ALUMINUM CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3030279 (State of inc ...

Kaiser Aluminum Corporation (NASDAQ:KALU) Q2 2021 Earnings Conference Call July 22, 2021 1:00 PM ET Company Participants Melinda Ellsworth – Vice President, Investor Relations and Corporate Communications Keith Harvey – President and Chief Executive Officer Neal West – Executive Vice President and Chief Financial Officer Conference Call Participants Curt Woodworth – Credit Suisse Josh Sullivan – Benchmark Operator Welcome to the Second Quarter 2021 Earnings Conference Call. My name is Jackie and I will be y ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 1-09447 KAISER ALUMINUM CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3030279 (State of in ...