Kaiser Aluminum : Business Update October 2023

BUSINESS UPDATE

OCTOBER 2023

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 and unknown risks and uncertainties, including but not limited to (i) effectiveness of management's strategies and decisions, including strategic investments, countermeasures to address operational and supply chain challenges and the execution of those strategies, (ii) the successful integration of the acquired operations and

technologies, and (iii) the impact of extraordinary external events and their collateral consequences. The company cautions that

such forward-looking statements are not guarantees of future performance or events and involve significant risks and uncertainties and actual events may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to the company's reports filed with the Securities and Exchange Commission, including the company's most recent Forms 10-Q and 10-K. All information in this presentation is as of the date of the presentation. 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 except as may be required by law.

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NON-RUN-RATE ITEMS

Non-run-rate items to us are items that, while they may recur from period to period, (1) are particularly material to results, (2) impact costs as a result of external market factors and (3) may not recur in future periods if the same level of underlying performance were to occur. These are part of our business and operating environment but are worthy of being highlighted for the benefit of the users of our financial statements.

Further, presentations including such terms as net income, operating income, or earnings before interest, tax, depreciation and

amortization "before non-run-rate", "after adjustments" or "adjusted" ("EBITDA"), are not intended to be (and should not be relied

on) in lieu of the comparable caption under generally accepted accounting principles ("GAAP") to which it is reconciled. Such presentations are solely intended to provide greater clarity of the impact of certain material items on the GAAP measure and are not intended to imply such items should be excluded.

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NON-GAAP FINANCIAL MEASURES

This information 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 presentation are conversion revenue, EBITDA, adjusted EBITDA, operating

income excluding non-run-rate items, adjusted net income and earnings per diluted share, excluding non-run-rate items and ratios related thereto. 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 our control and/or cannot be reasonably predicted or provided without unreasonable effort.

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INVESTMENT HIGHLIGHTS

Strong Diversified Portfolio

Leading Market Position in

Strategic End Markets

Long-term Earnings Growth

Potential

• Secular demand growth for aerospace, packaging and automotive extrusions
• Solid market dynamics in general engineering applications
• Products that meet technically challenging applications
• Strategic customer relationships with multi-year contracts
• Attractive, growing market segments
• Significant strategic investments
• Platforms for additional organic/inorganic growth

POSITIONED FOR LONG-TERM

PROFITABLE GROWTH

Financial Strength and Operational Flexibility

Sustainability Driven Products

and Solutions

• Conservative stewards of capital
• Strong liquidity
• Flexible / highly variable cost structure
• Customer and consumer driven
• Increasing use of recyclable aluminum for beverage & food packaging
• Light-weightingin aircraft and transportation improving fuel efficiency

Conversion Revenue1:

~$2 billion

EBITDA2 Margin3:

Mid-to-high 20%

1 Conversion Revenue = Net sales less hedged cost of alloyed metal

2 EBITDA = Consolidated Operating Income before non-run-rate plus Depreciation and Amortization

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3 EBITDA margin = EBITDA as a percent of Conversion Revenue

LEADING N.A. SPECIALTY ALUMINUM MILL PRODUCTS COMPANY

FOURTEEN NORTH AMERICAN MANUFACTURING LOCATIONS

FLAT ROLLED PRODUCTS

INDUSTRIAL / AEROSPACE

FLAT ROLLED PRODUCTS

PACKAGING

EXTRUSIONS

DRAWN PRODUCTS

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CONSISTENT, COMPETITIVE STRATEGY

FOCUS

DIFFERENTIATION

VALUE CREATION

DEMANDING APPLICATIONS

PRODUCT QUALITY, SERVICE

OPERATING LEVERAGE AND

AND KAISERSELECT®

WITH BARRIERS TO ENTRY

MANUFACTURING EFFICIENCY

ATTRIBUTES

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END MARKETS

WE SERVE

DIVERSIFIED END MARKETS

34%(1)

36%(1)

22%(1)

8%(1)

Aero/HS		Packaging		General	Automotive
							Engineering
Secular	growth	in	global	Sustainability-driven		North American industrial	Light weighting of vehicles to
commercial air	travel	and	conversion	from plastic	to	demand and continued trend to	achieve	increased	fuel
continued	momentum	in	aluminum	beverage and	food	re-shoring for domestic supply	economy;	growth in	electric
business	jet, defense	and	cans; demand for coated food		vehicles (EV)
space				and beverage cans

• Strong foothold in key end markets through decades of industry expertise, service and brand recognition
• High quality products that meet technically challenging applications (i.e., KAISERSELECT®)
• Investments in highly-engineered aluminum mill facilities and products

1 Last Twelve Months ending September 30, 2023 Conversion Revenue as a percentage of the total	9
Conversion Revenue = Net Sales less the hedged cost of alloyed metal

KAISER'S SERVED END MARKET

DEFENSIBLE NICHE FOOTPRINT, STRONG CUSTOMER RELATIONSHIPS & DEMANDING APPLICATIONS

GLOBAL FLAT ROLLED PRODUCTS MARKET

MARKET SIZE >68B#

KAISER ALUMINUM FOCUS

NORTH AMERICAN EXTRUSION MARKET

MARKET SIZE >6.1B#

Auto Body

Sheet

Foil

Can Stock

ROW

Other Sheet

and Plate

~14%

OF TOTAL FLAT ROLLED

PRODUCTS MARKET

HEAT-TREAT

NON-AUTO

CAN STOCK N.A.

~19%

OF TOTAL EXTRUSION

MARKET

GENERAL

ENGINEERING

AUTO AND

AEROSPACE

Truck,

Bus,

and

Trailer

Industrial

Building and

Construction

Source: Typical market size estimates from CRU, Aluminum Association, and Kaiser (based on industry shipments)

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