Kaiser Aluminum二季度业绩创纪录并上调全年展望

Second Quarter 2026 Highlights:

Established Record Results in the Following:

Net Sales $1.3 Billion; Conversion Revenue $437 Million

Net Income $97 Million; Net Income per Diluted Share $5.72

Adjusted Net Income $94 Million; Adjusted Net Income per Diluted Share $5.53

Adjusted EBITDA $166 Million; Adjusted EBITDA Margin 38.1%

Declared Quarterly Dividend of $0.77

Net Debt Leverage Ratio Improved to 2.1x

Raising Full Year Outlook

FRANKLIN, Tenn.--(BUSINESS WIRE)--
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 second quarter 2026 results.
Management Commentary
“Our record second quarter results reflect the continued strength of our end-market positioning, disciplined execution and the benefits of our strategic initiatives,” said Keith A. Harvey, Chairman, President and Chief Executive Officer. “Higher-value packaging mix, improving aerospace demand, favorable scrap spreads and strong customer activity drove meaningful EBITDA growth, supported by metal lag tailwinds. While we expect aluminum price dynamics to normalize over the balance of the year, our underlying operations remain strong, and we are raising our full year outlook based on continued confidence in the business.”
Second Quarter 2026 Consolidated Results

(Unaudited)*

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

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Shipments (millions of lbs.)

306

288

600

564

Net sales

$
1,257

$
823

$
2,363

$
1,601

Less: Hedged Cost of Alloyed Metal 1

(820
)

(449
)

(1,522
)

(863
)

Conversion Revenue

$
437

$
374

$
841

$
737

Realized price per pound ($/lb.)

Net sales

$
4.11

$
2.85

$
3.94

$
2.84

Less: Hedged Cost of Alloyed Metal

(2.68
)

(1.55
)

(2.54
)

(1.53
)

Conversion Revenue

$
1.43

$
1.30

$
1.40

$
1.31

As reported

Operating income

$
134

$
38

$
232

$
79

Net income

$
97

$
23

$
159

$
45

Net income per share, diluted 2

$
5.72

$
1.41

$
9.43

$
2.72

Adjusted 3

Operating income

$
137

$
38

$
235

$
82

EBITDA 4

$
166

$
68

$
295

$
141

EBITDA margin 5

38.1
%

18.1
%

35.0
%

19.2
%

Net income

$
94

$
20

$
157

$
44

EPS, diluted 2

$
5.53

$
1.21

$
9.27

$
2.65

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 gains upon settlement of $11.4 million and $0.6 million for the quarters ended June 30, 2026 and June 30, 2025, respectively, and $18.9 million and $5.2 million for the six months ended June 30, 2026 and June 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. Adjusted EBITDA includes favorable metal price lag of approximately $27.0 million and approximately $14.0 million for the quarters ended June 30, 2026 and June 30, 2025, respectively, and favorable metal price lag of approximately $64.0 million and approximately $36.0 million for the six months ended June 30, 2026 and June 30, 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.

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

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

Second Quarter 2026 Financial Highlights
Net sales for the second quarter 2026 increased to $1.26 billion compared to $823 million in the prior year period, driven by an increase in average realized sales price and higher shipments. Shipments for the second quarter 2026 improved 6% year-over-year, primarily driven by sustained demand in the Company's Packaging end market for coated products and strengthening aerospace production as destocking continues to ease. The increase in average realized sales price reflects an 83% increase in the Hedged Cost of Alloyed Metal, a direct pass through as a function of contracted selling price.
Conversion Revenue for the second quarter 2026 was $437 million, reflecting a 17% increase compared to the prior year period, primarily due to a strong pricing and improved product mix in the Company's Packaging end market. The following table provides the Company's Shipments and Conversion Revenue information (in millions of dollars, except shipments and Conversion Revenue per pound) by end market applications:

Quarter Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Aero/HS Products:

Shipments (mmlbs)

60.8

59.9

122.4

116.2

$

$ / lb

$

$ / lb

$

$ / lb

$

$ / lb

Net sales

$
305.3

$
5.02

$
227.9

$
3.80

$
592.1

$
4.84

$
442.6

$
3.81

Less: Hedged Cost of Alloyed Metal

(169.5
)

(2.79
)

(100.7
)

(1.68
)

(325.8
)

(2.66
)

(194.9
)

(1.68
)

Conversion Revenue

$
135.8

$
2.23

$
127.2

$
2.12

$
266.3

$
2.18

$
247.7

$
2.13

Packaging:

Shipments (mmlbs)

155.8

141.1

302.4

271.3

$

$ / lb

$

$ / lb

$

$ / lb

$

$ / lb

Net sales

$
580.4

$
3.73

$
340.9

$
2.42

$
1,078.8

$
3.57

$
655.1

$
2.41

Less: Hedged Cost of Alloyed Metal

(406.4
)

(2.61
)

(211.2
)

(1.50
)

(747.4
)

(2.47
)

(398.0
)

(1.46
)

Conversion Revenue

$
174.0

$
1.12

$
129.7

$
0.92

$
331.4

$
1.10

$
257.1

$
0.95

GE Products:

Shipments (mmlbs)

67.7

63.4

131.8

128.5

$

$ / lb

$

$ / lb

$

$ / lb

$

$ / lb

Net sales

$
280.7

$
4.15

$
185.4

$
2.92

$
521.0

$
3.95

$
367.0

$
2.86

Less: Hedged Cost of Alloyed Metal

(185.1
)

(2.74
)

(99.7
)

(1.57
)

(338.0
)

(2.56
)

(197.8
)

(1.54
)

Conversion Revenue

$
95.6

$
1.41

$
85.7

$
1.35

$
183.0

$
1.39

$
169.2

$
1.32

Automotive Extrusions:

Shipments (mmlbs)

21.4

24.0

43.6

48.0

$

$ / lb

$

$ / lb

$

$ / lb

$

$ / lb

Net sales

$
90.2

$
4.21

$
68.9

$
2.87

$
171.5

$
3.93

$
135.8

$
2.83

Less: Hedged Cost of Alloyed Metal

(58.6
)

(2.73
)

(37.3
)

(1.55
)

(110.8
)

(2.54
)

(72.4
)

(1.51
)

Conversion Revenue

$
31.6

$
1.48

$
31.6

$
1.32

$
60.7

$
1.39

$
63.4

$
1.32

Total:

Shipments (mmlbs)

305.7

288.4

600.2

564.0

$

$ / lb

$

$ / lb

$

$ / lb

$

$ / lb

Net sales

$
1,256.6

$
4.11

$
823.1

$
2.85

2,363.4

$
3.94

$
1,600.5

$
2.84

Less: Hedged Cost of Alloyed Metal 1

(819.6
)

(2.68
)

(448.9
)

(1.55
)

(1,522.0
)

(2.54
)

(863.1
)

(1.53
)

Conversion Revenue

$
437.0

$
1.43

$
374.2

$
1.30

841.4

$
1.40

$
737.4

$
1.31

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 gains upon settlement of $11.4 million and $0.6 million for the quarters ended June 30, 2026 and June 30, 2025, respectively, and $18.9 million and $5.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Cash Flow and Liquidity
Adjusted EBITDA of $295 million reported in the first half of 2026 and cash on hand