KALU

EX-99.1

2 kalu-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Kaiser Aluminum Corporation Reports

Third Quarter 2026 Financial Results

Third Quarter 2026 Highlights:

o Net Sales $1.2 Billion; Conversion Revenue $439 Million

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

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

o Adjusted EBITDA $84 Million; Adjusted EBITDA Margin 19.1%

o Declared Quarterly Dividend of $0.77

o Maintaining Full Year 2026 Outlook

Select Balance Sheet & Other Highlights:

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

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

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

o 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

$

55

$

49

$

287

$

128

Net income

$

31

$

40

$

190

$

84

Net income per share, diluted2

$

1.84

$

2.38

$

11.26

$

5.10

Adjusted3

Operating income

$

56

$

49

$

291

$

131

EBITDA4

$

84

$

81

$

379

$

222

EBITDA margin5

19.1

%

23.2

%

29.6

%

20.4

%

Net income

$

32

$

31

$

188

$

75

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.

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

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

4. 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

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EX-99.1

2 kalu-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Kaiser Aluminum Corporation Reports

Record First Quarter 2026 Financial Results

First Quarter 2026 Highlights:

o Established Record Results in the Following:

o Net Sales $1.1 Billion; Conversion Revenue $404 Million

o Net Income $63 Million; Net Income per Diluted Share $3.71

o Adjusted Net Income $63 Million; Adjusted Net Income per Diluted Share $3.74

o Adjusted EBITDA $129 Million; Adjusted EBITDA Margin 31.8%

o Declared Quarterly Dividend of $0.77

o Net Debt Leverage Ratio Improved to 2.8x

o Raising Full Year Outlook

FRANKLIN, Tenn., April 22, 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 first quarter 2026 results.

Management Commentary

“Our strong finish to 2025 carried into 2026, giving us the confidence to raise our full year outlook,” said Keith A. Harvey, Chairman, President and Chief Executive Officer. “EBITDA growth was driven by a higher value packaging mix, improving aerospace demand, widening scrap spreads and strong customer activity across all end markets, supplemented by metal lag gains. These results reflect the structural improvements taking hold across the business and the earnings power we are unlocking as our strategic initiatives advance.”

First Quarter 2026 Consolidated Results

(Unaudited)*

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

Quarter Ended March 31,

2026

2025

Shipments (millions of lbs.)

294

276

Net sales

$

1,107

$

777

Less: Hedged Cost of Alloyed Metal1

(702

)

(414

)

Conversion Revenue

$

404

$

363

Realized price per pound ($/lb.)

Net sales

$

3.76

$

2.82

Less: Hedged Cost of Alloyed Metal

(2.39

)

(1.50

)

Conversion Revenue

$

1.37

$

1.32

As reported

Operating income

$

98

$

41

Net income

$

63

$

22

Net income per share, diluted2

$

3.71

$

1.31

Adjusted3

Operating income

$

98

$

43

EBITDA4,6

$

129

$

73

EBITDA margin5

31.8

%

20.2

%

Net income

$

63

$

24

EPS, diluted2

$

3.74

$

1.44

1. Hedged Cost of Alloyed Metal for the quarters ended March 31, 2026 and March 31, 2025 included $709.9 million and $418.8 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $7.5 million and $4.6 million in the quarters ended March 31, 2026 and March 31, 2025, respectively, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company’s Statements of Consolidated Income.

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

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

4. Adjusted EBITDA = Consolidated operating income, excluding operating non-run-rate items, plus Depreciation and amortization.

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

6. Includes favorable metal price lag of approximately $36.0 million and approximately $21.0 million for the quarters ended March 31, 2026 and March 31, 2025, 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.

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

First Quarter 2026 Financial Highlights

Net sales for the first quarter 2026 increased to $1.1 billion compared to $777 million in the prior year period, driven by higher shipments and an increase in average realized sales price. Shipments for the first quarter 2026 improved 7% year-over-year, primarily due to strong underlying demand in the Company's packaging end market for coated products and higher aerospace build rates as destocking continues to abate. The increase in average realized sales price reflects a 70% increase in the Hedged Cost of Alloyed Metal, a direct pass through as a function of contracted selling price.

Conversion Revenue for the first quarter 2026 was $404 million, reflecting an 11% increase compared to the prior year period, primarily due to a strong pricing environment and improved product mix in the Company'