First Quarter 2025 Earnings Conference Call April 24, 2025 © Kaiser Aluminum All Rights Reserved 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 event ...

Financial Data and Key Metrics Changes - The company reported conversion revenue for Q1 2025 of $363 million, a decrease of approximately $4 million or 1% year-over-year [13] - Adjusted operating income for Q1 was $43 million, up $18 million year-over-year [16] - Reported net income for Q1 was $22 million or $1.31 per diluted share, compared to $18 million or $1.12 per diluted share in the prior year [17] - Adjusted EBITDA for Q1 was $73 million, an increase of approximately $19 million from the prior year period [18] - The effective tax rate for Q1 was 25%, compared to 23% in Q1 2024 [17] Business Line Data and Key Metrics Changes - Aerospace and high strength conversion revenue totaled $121 million, down $16 million or approximately 12%, reflecting a 10% decline in shipments [13] - Packaging conversion revenue totaled $127 million, up $9 million or approximately 8% year-over-year, despite a 9% decline in shipments [14] - General engineering conversion revenue for Q1 was $84 million, up $3 million or 4% year-over-year, with a 12% increase in shipments [15] - Automotive conversion revenue of $32 million increased modestly by 2% year-over-year, despite a 9% decrease in shipments [16] Market Data and Key Metrics Changes - The company noted strong demand in business jet, defense, and space sectors, while commercial aircraft OEM demand was down [13] - Trade policies have created a favorable environment for general engineering, driving higher demand and solid pricing [15] - The company expects to see continued orders in the aerospace sector as production ramps up [54] Company Strategy and Development Direction - The company is focused on optimizing overhead and maintaining its position as a low-cost producer [6] - Major investments include a new coating line at the Warwick rolling mill and the Trentwood Phase seven project, expected to drive EBITDA and margin performance [9][10] - The company is well-positioned to navigate market volatility due to its North American supply chain and metal-neutral contracts [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong momentum through 2025, despite ongoing trade policy volatility [6] - The outlook for all end markets remains consistent, with expectations of 5% to 10% growth year-over-year in conversion revenue for 2025 [27] - The company raised its full-year 2025 EBITDA expectations by 5% to 10% above recasted 2024 adjusted EBITDA [27] Other Important Information - The company changed its inventory valuation methodology from LIFO to weighted average cost effective January 1, impacting comparability of results [12] - The company generated solid cash flow from operations of $57 million during Q1, with capital expenditures totaling $38 million [20] - A quarterly dividend of $0.77 per common share was declared, reflecting confidence in long-term strategy [20] Q&A Session Summary Question: Margin progression and guidance - Management clarified that the margin progression was influenced by inventory changes and market price recognition, with expectations of returning to mid-20% margins as investments come online [31][35] Question: Shipments in packaging - Management indicated that the focus on coated and value-added products will continue, with significant increases expected in conversion revenue in the second half of the year [40] Question: Automotive market resilience - Management expressed confidence in the automotive segment, noting strong positions in light trucks and SUVs, and highlighted the relatively small impact of automotive on overall business [44][46] Question: Aerospace destocking cycle - Management believes the company is midway through the destocking cycle in aerospace, with expectations of continued orders as production ramps up [54]

Financial Performance - Alcoa's adjusted EBITDA excluding special items increased to $855 million in 1Q25, up from $677 million in 4Q24[16] - Net income attributable to Alcoa Corporation rose to $548 million in 1Q25, compared to $202 million in 4Q24[16] - Adjusted net income attributable to Alcoa Corporation increased to $568 million in 1Q25, from $276 million in 4Q24[16] - Adjusted earnings per common share increased to $215 in 1Q25, compared to $104 in 4Q24[16] Market Dynamics - Realized primary aluminum price increased to $3,213 per metric ton in 1Q25, up from $3,006 per metric ton in 4Q24[16] - Realized alumina price decreased to $575 per metric ton in 1Q25, down from $636 per metric ton in 4Q24[16] - The company cash balance was $12 billion as of 1Q25[23] - The company Adjusted net debt was $21 billion as of 1Q25[23] Operational Highlights - Alcoa formed a joint venture for San Ciprián and is resuming production at the smelter, with an expected EBITDA loss of approximately $70 million to $90 million in 2025[11, 44] - The company returned $26 million to stockholders through dividends in 1Q25[23] Outlook - Alcoa anticipates alumina production between 95 and 97 million metric tons for FY25[25] - Alcoa anticipates aluminum production between 23 and 25 million metric tons for FY25[25]

Financial Data and Key Metrics Changes - Revenue decreased by 3% sequentially to $3.4 billion, with the Illumina segment's third-party revenue down 8% due to lower average realized prices and shipments [11] - Net income attributable to Alcoa was $548 million, up from $202 million in the prior quarter, with earnings per share more than doubling to $2.07 [12] - Adjusted EBITDA increased by $178 million to $855 million, driven by higher aluminum prices and lower intersegment profit elimination [13] Business Line Data and Key Metrics Changes - In the Illumina segment, revenue decreased due to lower prices and shipments, while the aluminum segment's revenue remained flat despite an increase in average realized prices [11] - Adjusted EBITDA for the alumina segment decreased by $52 million due to lower prices and volume, while the aluminum segment's adjusted EBITDA decreased by $60 million due to higher costs [14] Market Data and Key Metrics Changes - The LME aluminum price showed resilience despite a general decrease, with the Midwest premium increasing but not reaching expected levels [40][41] - Alumina prices declined in the first quarter due to increased liquidity and production normalization, with over 80% of Chinese refineries reportedly unprofitable [38][39] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and focus on operational excellence, with a commitment to safety and continuous improvement [7][10] - Alcoa is engaging with U.S. and Canadian governments to advocate for favorable trade policies and is focused on restarting the San Ciprian smelter under a joint venture [45][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertainty surrounding U.S. tariffs and their impact on operations, particularly the 25% tariff on Canadian aluminum [32][30] - The outlook for the second quarter includes expectations of unfavorable performance in the aluminum segment due to tariff costs and operating expenses related to the San Ciprian smelter restart [25][26] Other Important Information - The company completed a $1 billion debt offering to refinance existing debt, which is expected to lower interest expenses [10] - Cash flow activities showed a strong cash balance of $1.2 billion at the end of the first quarter, despite high working capital consumption typical for this period [15][16] Q&A Session Summary Question: Clarification on tariff impacts - Management clarified that the $100 million negative impact from tariffs considers higher Midwest premiums and the overall cost of Canadian tariffs, while the $105 million figure is a quarterly estimate based on current pricing assumptions [54][55] Question: Engagement with government on tariffs - Management confirmed ongoing engagement with U.S. and Canadian governments, emphasizing the need for economic upstream aluminum production to support downstream jobs [63][64] Question: San Ciprian smelter restart and hedging strategy - Management indicated that the smelter losses would be heavier in 2025 due to restart inefficiencies, with hedging strategies in place to manage costs [76][78] Question: Impact of lower oil and input prices - Management noted that while some input prices are increasing, productivity initiatives are expected to offset these costs [89] Question: Working capital expectations - Management expects a significant drop in working capital throughout the year, particularly in the second quarter, as high pricing normalizes [93] Question: Future of aluminum production in China - Management expressed confidence that the Chinese industry would react quickly to economic pressures, potentially leading to curtailments in output [85] Question: Trade actions in the EU - Management stated that there is too much uncertainty regarding potential EU trade actions to speculate on impacts at this time [137]

Company Announcement - Constellium SE will host a conference call and webcast on April 30, 2025, at 10:00 AM (Eastern Time) to announce its first quarter 2025 results [1] - The press release regarding the results will be sent before market opening [1] Conference Call Details - The conference call will be led by CEO Jean-Marc Germain and CFO Jack Guo [1] - Details for accessing the conference call and webcast are available on the Constellium Investor Relations page [2] - A telephone participation option is provided with specific numbers for the United States, France, Germany, Switzerland, and the United Kingdom [2] - An archived recording of the conference call will be available for three weeks on the company’s website [2] Company Overview - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, including aerospace, packaging, and automotive [3] - The company generated $7.3 billion in revenue in 2024 [3]

Core Viewpoint - Constellium SE is preparing for its Annual General Meeting of Shareholders scheduled for May 15, 2025, and has made relevant documents available for shareholders [1][2] Group 1: Company Overview - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, including aerospace, packaging, and automotive [2] - The company generated $7.3 billion in revenue in 2024 [2] Group 2: Shareholder Information - The Proxy Statement and other documents for the Annual General Meeting are accessible on the company's website and can be obtained free of charge by contacting the Corporate Secretary [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the materials sector in Asia Pacific, specifically discussing copper, coal, and aluminum producers [1][6]. Copper Industry Insights - **MMG's Operations**: - Political instability in the Democratic Republic of Congo (DRC) has led to electricity rationing, increasing reliance on diesel power. However, the conflict is over 1,000 km away, posing minimal risks to operations [2]. - Mining costs are rising due to deeper mining operations, but MMG aims to reduce unit costs as production volumes increase [2]. - Las Bambas produced 320,000 tons of copper in 2024, with a target of 360,000-400,000 tons for 2025. Tax disputes in Peru are currently favorable for the company [9]. - Kinsevere targets 63,000-69,000 tons of copper production in 2025, ramping up to full capacity of 80,000 tons [10]. Thermal Coal Industry Insights - **Shenhua Energy**: - Long-term price contracts are expected to be honored despite falling spot prices. The coal association has proposed import restrictions to shift towards higher-quality products [3]. - Power prices have decreased by an average of Rmb 0.01/kWh, with further reductions expected, particularly in Guangdong Province, which may see a 15% cut [3][16]. - The Xinjie project is under construction, expected to start production in 2029 with a capacity of 7-8 million tons [3]. Aluminum Industry Insights - **Chalco**: - The company maintains a hard cap of 45.2 million tons for aluminum capacity and has no plans for expansion outside China [4]. - Current production costs are Rmb 17,000-17,500 per ton for aluminum and Rmb 2,500-2,800 per ton for alumina [21]. - Chalco aims to increase its green power consumption to 52-53% by the end of 2025, up from 45.5% [25]. Local Government Debt Restructuring - Total local government debt exceeds Rmb 40 trillion, with hidden liabilities estimated at Rmb 50-60 trillion. The central government is implementing debt swaps to lower effective interest rates from 4-5% to 2-3% [5]. Key Risks and Opportunities - **Copper**: - Risks include potential disruptions in Peru and changes in mining laws that could increase tax rates [33]. - Opportunities arise from tighter copper concentrate supply and stronger-than-expected demand due to stimulus plans [33]. - **Coal**: - Risks include slower-than-expected coal demand and lower domestic coal prices [39]. - Upside risks include stronger-than-expected coal demand and higher realized prices [39]. - **Aluminum**: - Risks include weaker-than-expected demand and supply cuts [40]. - Opportunities may arise from better-than-expected demand and faster production resumption [40]. Conclusion - The conference call provided insights into the current state and future outlook of the copper, coal, and aluminum industries in Asia Pacific, highlighting operational challenges, production targets, and market dynamics that could influence investment decisions in these sectors.

Summary of Aluminum Corp. of China (Chalco) Earnings Review Company Overview - **Company**: Aluminum Corp. of China (Chalco) - **Stock Ticker**: 2600.HK - **Market Cap**: HK$87.8 billion / $11.3 billion - **Enterprise Value**: HK$168.4 billion / $21.7 billion - **Industry**: Basic Materials Key Financial Highlights - **2024 Net Profit**: Rmb12.4 billion, representing an 85% year-over-year increase - **Earnings Per Share (EPS)**: Rmb0.723, up 84% year-over-year - **Recurring Net Profit**: Estimated at Rmb13.1 billion, up 99% year-over-year - **Dividend**: Proposed final dividend of Rmb0.135 per share, total annual dividend of Rmb0.217, implying a 30% payout ratio for 2024, compared to 21% for 2023 [1][30] Revenue and Cost Analysis - **Total Revenue for 2024**: Rmb237.1 billion, a 5% increase from Rmb225.3 billion in 2023 - **Cost of Goods Sold (COGS)**: Rmb201.5 billion, up 2% year-over-year - **Gross Profit**: Rmb35.5 billion, a 29% increase year-over-year - **Sales Volume**: Aluminum sales volume was 7.60 million tons, up 12% year-over-year, while alumina sales volume was 6.35 million tons, down 3% year-over-year [19][30] Segment Performance - **Aluminum Segment**: Gross profit declined by 15% year-over-year, primarily due to higher COGS - **Alumina Segment**: Gross profit increased by 236% year-over-year, attributed to lower-than-expected costs - **Energy and Trading Segment**: Gross profit decreased by 63% year-over-year due to lower revenue and higher COGS [19][20] Future Outlook and Estimates - **2025E Net Profit**: Expected to remain elevated at Rmb11.4 billion, with a stable aluminum output of 7.6 million tons and an increase in alumina output to 22 million tons [2][33] - **Alumina Price Forecast**: Expected to remain depressed at Rmb3,431 per ton for 2025 and Rmb3,464 per ton for 2026 [2][33] - **Aluminum Industry Spread**: Anticipated to sustain at Rmb4,830 per ton in 2025 and Rmb4,700 per ton in 2026 [2][33] Valuation and Investment Thesis - **Price Target**: HK$6.30 for 12 months, with a current price of HK$5.12, indicating a 23% upside potential - **Valuation Ratios**: Trading at a P/E of 6.2 for 2024, with a projected P/E of 7.2 for 2025 [1][36] - **Investment Rating**: Maintain Buy rating for Chalco-H and Neutral for Chalco-A due to fair valuation [34][35] Risks and Considerations - **Downside Risks**: Include lower aluminum and alumina pricing, potential removal of capacity caps in primary aluminum, slower-than-expected green demand, and higher supply from recycled aluminum [28][37] - **Upside Risks**: Include higher pricing driven by improved supply-demand balance and enhanced demand for green technologies [29][38] Cash Flow and Balance Sheet - **Operating Cash Flow**: Increased by 21% year-over-year to Rmb32.6 billion - **Free Cash Flow**: Grew by 59% year-over-year to Rmb25.2 billion - **Net Gearing**: Decreased to 64% from 100% at the end of 2023 [23][30] This summary encapsulates the key financial metrics, segment performance, future outlook, valuation, and associated risks for Aluminum Corp. of China, providing a comprehensive overview for potential investors.

Summary of Aluminum Corp. of China Ltd. Conference Call Company Overview - **Company**: Aluminum Corp. of China Ltd. (Chalco) - **Ticker**: 2600.HK - **Industry**: Greater China Materials - **Date of Call**: March 26, 2025 Key Financial Highlights - **Net Earnings**: FY24 net earnings increased by 85% YoY to Rmb12.4 billion, aligning with preliminary results [8] - **4Q24 Profit**: Implied profit for 4Q24 was Rmb3.4 billion, reflecting a 153% YoY increase and a 69% QoQ increase [8] - **PBT from Alumina**: Profit before tax (PBT) from alumina surged to Rmb11.7 billion in FY24 compared to Rmb1.1 billion in FY23 [8] - **PBT from Aluminum**: PBT from aluminum decreased by 20% YoY to Rmb9.0 billion despite a 12% YoY volume increase due to higher costs [8] - **Impairment**: The company recorded an impairment of Rmb2.6 billion in FY24, negatively impacting the bottom line [8] - **Balance Sheet**: Improved with net gearing dropping to 48% in FY24 from 76% in FY23 [8] - **Finance Costs**: Decreased by 10% YoY due to lower debt [8] - **Dividend**: An annual dividend of Rmb22 per share was declared, representing a payout ratio of 30% and a yield of 4.6% [8] Revenue and Profitability Metrics - **Revenue Growth**: Revenue for 1Q24 was Rmb48.96 billion, showing a 71% YoY increase [3] - **Gross Profit**: Gross profit for 1Q24 was Rmb6.79 billion, with a gross margin of 13.9% [3] - **EBIT**: EBIT for 1Q24 was Rmb5.39 billion, with an EBIT margin of 11% [3] - **Net Income**: Net income for 1Q24 was Rmb4.05 billion, reflecting a net margin of 4.6% [3] Market Outlook - **Aluminum Prices**: Expected to be supported by limited supply increases in both domestic and overseas markets, alongside solid demand [3] - **Margin Contribution**: Resilient aluminum prices and a correction in alumina prices are anticipated to contribute positively to margins [3] - **Investment Rating**: The company maintains an "Overweight" (OW) rating, indicating a positive outlook [5] Risks and Considerations - **Supply and Demand Dynamics**: Potential risks include better-than-expected demand, greater supply cuts, and faster-than-expected production resumption [13][14] - **Cost Pressures**: Higher costs could continue to impact profitability, particularly in the aluminum segment [8] Analyst Insights - **Price Target**: The price target for Chalco is set at HK$7.00, indicating a potential upside of 35% from the current price [5] - **Market Capitalization**: Current market capitalization is Rmb119.59 billion [5] This summary encapsulates the key points from the conference call, highlighting the financial performance, market outlook, and potential risks associated with Aluminum Corp. of China Ltd.

Core Viewpoint - A securities class action lawsuit has been filed against Arconic Corporation for failing to disclose a formal acquisition offer, which allegedly kept the stock price artificially low during the class period from April 19, 2022, to May 3, 2023 [1][3]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who sold Arconic securities during the specified class period [1][2]. - Arconic's executives allegedly did not disclose offers to purchase all outstanding shares at a premium, while simultaneously repurchasing shares at prices significantly below the offer [3][4]. - The company repurchased millions of shares at an average price below $23 per share before announcing an acquisition agreement at $30 per share [4]. Group 2: Investor Actions - Investors who sold Arconic securities during the class period have until March 31, 2025, to seek appointment as lead plaintiff [2]. - A lead plaintiff represents the interests of all class members and selects counsel for the litigation [5].