Kaiser Aluminum (KALU) Corporate presentation summary

Strategic positioning and market overview

• Operates a diversified portfolio with a leading position in North American specialty aluminum mill products, serving aerospace, packaging, general engineering, and automotive markets.

• Maintains a 100% North American production footprint across 13 facilities, supporting a defensible niche in high-barrier markets.

• Focuses on high-quality, technically demanding applications, leveraging product differentiation and strong customer relationships.

• Benefits from secular growth trends in aerospace, sustainability-driven packaging, and automotive lightweighting.

• Long-term demand growth rates projected at 3-5% for packaging, 3-4% for aerospace, 2% for general engineering, and 5% for automotive extrusions.

Financial performance and growth investments

• Achieved ~$2 billion in annual conversion revenue and a market capitalization of ~$3.2 billion as of June 2026.

• EBITDA margin has recovered to 16.6% LTM, with a long-term target in the mid-20% range.

• Significant investments completed, including a new roll coat line at Warrick and a capacity expansion at Trentwood, both commissioned in 2025.

• Capital allocation since 2007: 45% organic investment, 22% inorganic growth, 19% dividends, and 14% share repurchases.

• Over $1.1 billion returned to shareholders since 2007 through dividends and share repurchases.

Capital structure and liquidity

• Net debt leverage reduced from 7.0x in 2021 to 2.1x LTM, achieving the target range of 2.0x–2.5x.

• Maintains strong liquidity, with $547 million in cash, equivalents, and borrowing availability as of LTM.

• Capital spending for growth initiatives will be funded by operations and a robust balance sheet.