[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","f4iu3c00nxh7v7zkiydtyfzgl","revision",2,"title","Kaiser Aluminum提交截至2026年9月30日季度的10-Q：第三季度净利润同比下降，维持2026年业绩展望","originalTitle","KAISER ALUMINUM CORP (0000811596) (Filer)","summary","Kaiser Aluminum提交截至2026年9月30日季度的10-Q，披露第三季度净销售额为12.145亿美元，净利润为3,100万美元，低于上年同期的3,950万美元；摊薄后每股收益为1.84美元，低于2.38美元。","reason","材料提供了截至2026年9月30日的季度及前九个月经营结果、现金流和公司业绩展望，可用于了解收入增长与季度净利润下降并存的情况及管理层对全年表现的判断。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-22T21:04:45.000Z","discoveredAt","2026-10-22T22:09:07.849Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fC5cya2CvjYs",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","e0b1e395-a638-423f-a757-43f962791d2c","Kaiser Aluminum公布三季度业绩并维持全年展望",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

\n \n \n \n \n \n \n

\n	\n
☒	根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至季度期间结束于 2026年9月30日

\n \n \n \n \n \n \n

\n	\n
☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期间：从 __________ 至 __________

委员会档案编号： 1-09447

KAISER ALUMINUM CORPORATION

（注册人章程中规定的准确名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
特拉华州		94-3030279
（注册州）		（美国国税局雇主识别号）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
西麦克尤恩大道 1550 号, 500 室
富兰克林, 田纳西州		37067
（主要行政办公室地址）		（邮政编码）

(629) 252-7040

（注册人电话号码，包括区号）

（自上次报告以来，如有变更，则填写前名称、前地址和前会计年度）

根据该法第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
各类证券名称	交易代码	注册所在交易所名称
普通股，每股面值 $0.01	KALU	纳斯达克全球精选市场

请勾选说明注册人是否：(1) 已在此前12个月内提交《1934年证券交易法》第13或15(d)条要求提交的所有报告；且 (2) 在过去90天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选说明注册人是否在此前12个月内（或注册人被要求提交此类文件的较短期间内）以电子方式提交了根据S-T条例第405条要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
大型加速申报公司	☒		加速申报公司	☐

非加速申报公司	☐		较小申报公司	☐

			新兴成长型公司	☐

如果是新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☒

截至2026年10月19日，注册人已发行普通股为 16,349,886 股。

常用或定义术语

\n	\n
术语	定义
调整后 EBITDA	经非经常性项目调整的息税折旧摊销前利润
Aero/HS 产品	用于航空航天、国防、太空及其他需要高强度应用的终端市场的2000、7000及部分6000系列合金产品
合金	添加到原铝中的某些金属，如铜、锌、镁、锰和硅，以获得特定属性
AOCI	累计其他综合收益（亏损）
ASC	会计准则汇编
ASU	会计准则更新
汽车挤压材	用于汽车应用的6000系列挤压铝产品
COGS	产品销售成本，不包括折旧和摊销
Form 10-Q	本季度10-Q表格报告
GAAP	美国公认会计原则
GE 产品	用于通用工程终端市场的6000系列合金产品
LME	伦敦金属交易所
金属价格时滞	管理层对定价时间差所产生财务影响的估计：该时间差是指合金金属套期保值成本中包含的铝价与该期间铝加权平均市场价格之间的差异（按下文定义的MWTP计算），乘以我们在该期间的发货量。原铝价格上涨时，金属价格时滞通常会增加我们的收益；原铝价格下跌时，通常会减少我们的收益。
MWP	中西部溢价，即美国中西部市场原铝价格高于LME价格的溢价
MWTP	中西部成交价，等于LME铝价加上MWP（定义见上文）
纽瓦克	Kaiser Aluminum位于俄亥俄州希思市的制造工厂，该市是俄亥俄州纽瓦克市的郊区
OPEB	其他离职后福利
包装	用于饮料和食品包装终端市场的3000和5000系列合金产品
循环信贷额度	由富国银行（全国协会）担任行政代理人，其他金融机构作为参与方的循环信贷额度
受薪员工 VEBA	受薪员工自愿受益人协会
SEC	美国证券交易委员会
优先票据	统称我们在截至2021年和2025年12月31日的年度内发行的固定利率无担保票据，利率和本金总额分别如下： (i) 4.50%和5.50亿美元（2021年发行，2031年到期）；以及 (ii) 5.875%和5亿美元（2025年发行，2034年到期）
SOFR	担保隔夜融资利率
特伦特伍德	位于华盛顿州斯波坎谷的 Kaiser Aluminum 制造设施
沃里克	位于印第安纳州纽堡、沃里克县的 Kaiser Aluminum 制造设施

\n	\n	\n
第一部分
第 1 项：财务报表		1
第 2 项：管理层对财务状况和经营业绩的讨论与分析		22
第 3 项：关于市场风险的定量和定性披露		31
第 4 项：控制和程序		32

第二部分
第 1 项：法律诉讼		33
第 1A 项：风险因素		33
第 2 项：未注册股权证券的销售及所得款项用途		33
第 3 项：优先证券违约		33
第 4 项：矿山安全披露		33
第 5 项：其他信息		33
第 6 项：附件		34

签名		35

KAISER ALUMINUM CORPORATION 及其子公司

第一部分 – 财务信息

第 1 项。财务报表

合并资产负债表（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026 年 9 月 30 日			截至 2025 年 12 月 31 日
		（百万美元，股份和每股金额除外）
资产
流动资产：
现金及现金等价物		$	117.3			$	7.0
应收款项，净额			531.6				423.3
合同资产			73.9				63.4
存货			847.9				725.2
预付费用及其他流动资产			44.4				42.6
流动资产总额			1,615.1				1,261.5
不动产、厂房和设备，净额			1,140.4				1,145.2
经营租赁资产			22.0				22.4
递延所得税资产，净额			—				0.2
无形资产，净额			37.2				41.0
商誉			18.8				18.8
其他资产			84.8				75.7
资产总额		$	2,918.3			$	2,564.8
负债和股东权益
流动负债：
应付账款		$	431.1			$	274.6
应计薪金、工资及相关费用			60.1				61.3
其他应计负债			123.7				91.3
流动负债总额			614.9				427.2
经营租赁负债的长期部分			20.2				21.7
养老金和退休后其他福利			72.1				73.4
递延所得税负债			114.0				75.4
长期负债			82.9				81.4
长期债务，净额			1,038.7				1,059.6
负债总额			1,942.8				1,738.7
承诺和或有事项 – 附注 6
股东权益：
优先股，5,000,000 股授权发行，于 2026 年 9 月 30 日和 2025 年 12 月 31 日均为；无股已发行且流通，于 2026 年 9 月 30 日和 2025 年 12 月 31 日			—				—
普通股，面值 $0.01， 90,000,000 股授权发行，于 2026 年 9 月 30 日和 2025 年 12 月 31 日均为；已发行 23,185,172 股且 16,349,886 股流通，截至 2026 年 9 月 30 日；已发行 23,045,729 股且流通 16,210,443 股，截至 2025 年 12 月 31 日			0.2				0.2
资本公积			1,138.1				1,132.5
留存收益			293.6				142.5
库存股，按成本计，2026年9月30日和2025年12月31日均为6,835,286 股			(475.9	)			(475.9	)
累计其他综合收益（亏损）			19.5				26.8
股东权益总额			975.5				826.1
负债和股东权益总额		$	2,918.3			$	2,564.8

随附的中期合并财务报表附注是这些报表不可分割的组成部分。

KAISER ALUMINUM CORPORATION及其子公司

合并收益表（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的季度			截至9月30日的九个月
		2026			2025			2026			2025
		（金额单位：百万美元，股份和每股金额除外）
净销售额		$	1,214.5			$	843.5			$	3,577.9			$	2,444.0
成本和费用：
产品销售成本（不包括折旧和摊销）			1,098.8				728.8				3,099.6				2,125.0
折旧和摊销			27.9				32.0				87.9				91.6
销售、一般、行政、研发费用			32.1				33.9				103.2				97.3
重组成本			—				—				—				1.9
其他经营费用，净额			0.5				—				0.5				—
成本和费用总额			1,159.3				794.7				3,291.2				2,315.8
经营收入			55.2				48.8				286.7				128.2
其他（费用）收入：
利息费用			(14.2	)			(12.4	)			(43.1	)			(36.1	)
其他（费用）收入，净额——附注8			(0.8	)			11.4				5.3				14.4
税前收入			40.2				47.8				248.9				106.5
所得税准备			(9.2	)			(8.3	)			(58.6	)			(22.2	)
净收入		$	31.0			$	39.5			$	190.3			$	84.3

普通股每股净收入：
基本		$	1.90			$	2.44			$	11.67			$	5.22
稀释		$	1.84			$	2.38			$	11.26			$	5.10
加权平均已发行普通股数（单位：千股）：
基本			16,349				16,192				16,314				16,156
稀释			16,886				16,612				16,898				16,511

随附的中期合并财务报表附注是这些报表不可分割的组成部分。

KAISER ALUMINUM CORPORATION及其子公司

合并综合收益表（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的季度			截至9月30日的九个月
		2026			2025			2026			2025
		（金额单位：百万美元）
净收入		$	31.0			$	39.5			$	190.3			$	84.3
其他综合收益（亏损），税后净额——附注7：
设定受益计划			0.3				0.2				0.7				0.7
现金流量套期			9.5				(0.7	)			(8.0	)			5.5
其他综合收益（亏损），税后净额			9.8				(0.5	)			(7.3	)			6.2
综合收益		$	40.8			$	39.0			$	183.0			$	90.5

随附的中期合并财务报表附注是这些报表不可分割的组成部分。

KAISER ALUMINUM CORPORATION及其子公司

合并股东权益表（未经审计）

截至2026年9月30日的九个月

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股已发行股数1			普通股			额外实收资本			留存收益			库存股			累计其他综合收益（亏损）			总计
		（金额单位：百万美元，股份和每股金额除外）
余额，2025年12月31日			16,210,443			$	0.2			$	1,132.5			$	142.5			$	(475.9	)		$	26.8			$	826.1
净收入			—				—				—				62.5				—				—				62.5
其他综合收益，税后净额			—				—				—				—				—				5.2				5.2
发行普通股（包括长期激励计划的影响）			199,737				—				—				—				—				—				—
注销普通股以支付发行普通股时的预扣税款			(70,056	)			—				(8.8	)			—				—				—				(8.8	)
已宣告现金股息2			—				—				—				(13.6	)			—				—				(13.6	)
未赚取股权薪酬的摊销			—				—				5.9				—				—				—				5.9
余额，2026年3月31日			16,340,124			$	0.2			$	1,129.6			$	191.4			$	(475.9	)		$	32.0			$	877.3
净收入			—				—				—				96.8				—				—				96.8
其他综合亏损，税后净额			—				—				—				—				—				(22.3	)			(22.3	)
发行普通股（包括长期激励计划的影响）			9,230				—				0.4				—				—				—				0.4
为缴纳已发行普通股相关的预扣税而注销股份			(262	)			—				(0.1	)			—				—				—				(0.1	)
已宣派现金股息2			—				—				—				(12.8	)			—				—				(12.8	)
未赚取股权薪酬的摊销			—				—				4.5				—				—				—				4.5
余额，2026年6月30日			16,349,092			$	0.2			$	1,134.4			$	275.4			$	(475.9	)		$	9.7			$	943.8
净利润			—				—				—				31.0				—				—				31.0
其他综合收益，税后净额			—				—				—				—				—				9.8				9.8
已发行普通股（包括长期激励计划的影响）			1,250				—				—				—				—				—				—
为缴纳已发行普通股相关的预扣税而注销股份			(456	)			—				—				—				—				—				—
已宣派现金股息2			—				—				—				(12.8	)			—				—				(12.8	)
未赚取股权薪酬的摊销			—				—				3.7				—				—				—				3.7
余额，2026年9月30日			16,349,886			$	0.2			$	1,138.1			$	293.6			$	(475.9	)		$	19.5			$	975.5

截至 2026年9月30日， 793,179 股可根据经修订及重述的Kaiser Aluminum Corporation 2021年股权与激励薪酬计划授予奖励。

截至2026年3月31日、2026年6月30日和2026年9月30日的各季度，每股普通股宣派股息为$0.77。

随附的中期合并财务报表附注是这些报表不可分割的一部分。

KAISER ALUMINUM CORPORATION及其子公司

合并股东权益报表（续）（未经审计）’

截至2025年9月30日的九个月

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		已发行普通股			普通股			资本公积			留存收益			库存股			累计其他综合收益			总计
		（百万美元，股份数和每股金额除外）
余额，2024年12月31日			16,095,898			$	0.2			$	1,117.0			$	81.3			$	(475.9	)		$	20.5			$	743.1
净利润			—				—				—				21.6				—				—				21.6
其他综合收益，税后净额			—				—				—				—				—				2.6				2.6
已发行普通股（包括长期激励计划的影响）			84,115				—				—				—				—				—				—
为缴纳已发行普通股相关的预扣税而注销股份			(25,637	)			—				(1.8	)			—				—				—				(1.8	)
已宣派现金股息1			—				—				—				(12.9	)			—				—				(12.9	)
未赚取股权薪酬的摊销			—				—				4.2				—				—				—				4.2
余额，2025年3月31日			16,154,376			$	0.2			$	1,119.4			$	90.0			$	(475.9	)		$	23.1			$	756.8
净利润			—				—				—				23.2				—				—				23.2
其他综合收益，税后净额			—				—				—				—				—				4.1				4.1
已发行普通股（包括长期激励计划的影响）			23,582				—				0.4				—				—				—				0.4
为缴纳已发行普通股相关的预扣税而注销股份			(219	)			—				—				—				—				—				—
已宣派现金股息1			—				—				—				(12.8	)			—				—				(12.8	)
未赚取股权薪酬的摊销			—				—				4.3				—				—				—				4.3
余额，2025年6月30日			16,177,739			$	0.2			$	1,124.1			$	100.4			$	(475.9	)		$	27.2			$	776.0
净利润			—				—				—				39.5				—				—				39.5
其他综合亏损，税后净额			—				—				—				—				—				(0.5	)			(0.5	)
已发行普通股（包括长期激励计划的影响）			42,894				—				0.1				—				—				—				0.1
为缴纳已发行普通股相关的预扣税而注销股份			(14,378	)			—				(1.1	)			—				—				—				(1.1	)
已宣派现金股息1			—				—				—				(12.8	)			—				—				(12.8	)
未赚取股权薪酬的摊销			—				—				4.9				—				—				—				4.9
余额，2025年9月30日			16,206,255			$	0.2			$	1,128.0			$	127.1			$	(475.9	)		$	26.7			$	806.1

截至2025年3月31日、2025年6月30日和2025年9月30日的各季度，每股普通股宣派股息为 $0.77。

随附的中期合并财务报表附注是这些报表不可分割的一部分。

KAISER ALUMINUM CORPORATION及其子公司

合并现金流量表（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
		（百万美元）
经营活动产生的现金流量1：
净利润		$	190.3			$	84.3
将净利润调节为经营活动提供的现金净额：
不动产、厂房和设备折旧			84.6				88.2
有限使用年限无形资产摊销			3.3				3.4
债务发行成本摊销			1.8				1.7
递延所得税			41.0				21.2
非现金股权薪酬			14.5				13.9
非现金资产减值费用			1.2				—
处置不动产、厂房和设备收益			(4.3	)			(9.1	)
坏账费用			0.1				0.3
非现金退休后及离职后固定福利计划成本			6.3				7.1
经营性资产和负债变动：
应收款项			(108.4	)			(79.7	)
合同资产			(10.5	)			19.4
存货			(123.4	)			(100.4	)
预付费用及其他流动资产			(6.9	)			(3.4	)
应付账款			157.2				122.3
应计负债			11.9				(28.3	)
向受薪员工自愿员工受益协会（VEBA）的年度可变现金缴款			(2.9	)			(0.7	)
长期资产和负债净额			(7.7	)			(8.2	)
经营活动提供的现金净额			248.1				132.0
投资活动产生的现金流量1：
资本支出			(72.2	)			(106.4	)
购买股权证券			(0.5	)			(0.4	)
出售股权证券所得款项			—				6.4
处置不动产、厂房和设备所得款项			7.7				10.7
投资活动使用的现金净额			(65.0	)			(89.7	)
融资活动产生的现金流量1：
循环信贷额度项下借款			397.8				290.4
偿还循环信贷额度项下借款			(420.1	)			(290.4	)
偿还融资租赁款			(2.7	)			(1.8	)
注销股份以支付发行普通股时的预扣税款			(8.9	)			(2.9	)
支付的现金股息及股息等价物			(39.2	)			(38.5	)
融资活动使用的现金净额			(73.1	)			(43.2	)
本期现金、现金等价物及受限现金净增加（减少）额			110.0				(0.9	)
期初现金、现金等价物及受限现金			26.9				37.9
期末现金、现金等价物及受限现金		$	136.9			$	37.0

补充现金流量信息参见附注11。

随附的中期合并财务报表附注是本报表不可分割的组成部分。

KAISER ALUMINUM CORPORATION及其子公司

中期合并财务报表附注——未经审计

附注索引

\n	\n	\n	\n
附注1		列报基础及近期会计公告	8
附注2		补充资产负债表信息	10
附注3		员工福利	11
附注4		衍生品、套期保值计划及其他金融工具	12
附注5		债务及信贷额度	14
附注6		承诺和或有事项	15
附注7		累计其他综合收益	17
附注8		其他（费用）收入净额	17
附注9		所得税事项	18
附注 10		每股收益	18
附注 11		补充现金流量信息	19
附注 12		业务、产品和地理区域信息	20
附注 13		后续事项	21

附注索引

KAISER ALUMINUM CORPORATION 及其子公司

未经审计的中期合并财务报表附注

1. 列报基础和近期会计公告

本 10-Q 表应与公司截至 2025 年 12 月 31 日止年度的 10-K 年度报告一并阅读。除非上下文另有要求，本未经审计中期合并财务报表附注中提及的“Kaiser”、“我们”、“我方”、“本公司”和“我们的公司”均统指 Kaiser Aluminum Corporation 及其子公司。

合并原则和列报基础。随附的未经审计合并财务报表包括我们全资子公司的账目，并按 GAAP 以及 SEC 适用于中期期间的规则和规定编制，因此未包含 GAAP 要求完整财务报表披露的所有信息和脚注。管理层认为，已纳入所有被认为为公允列报所必需的调整（包括正常的经常性调整）。我们已将以前期间的某些项目重新分类，以符合当前分类。我们中期的经营业绩不一定代表 2026 财政年度全年的经营业绩。2025 年 12 月 31 日的财务信息源自我们截至 2025 年 12 月 31 日止年度的 10-K 年度报告中所载经审计的合并财务报表及脚注。除另有说明外，本文各表金额均以百万美元（“美元”）列示，每股金额以美元列示。

编制财务报表时使用的估计。按 GAAP 编制财务报表需要使用估计和假设，这些估计和假设会影响所报告的资产和负债金额、财务报表发布日已知的或有资产和负债的披露，以及报告期内收入和费用的报告金额。此类估计和假设存在固有的不确定性；因此，实际结果可能与这些估计和假设不同，并可能对我们合并财务状况和经营业绩的报告金额产生重大影响。

新会计公告的采纳

套期会计改进。 2025年11月，财务会计准则委员会（“FASB”）发布了第2025-09号会计准则更新（“ASU 2025-09”），衍生工具与套期保值（主题815）：套期会计改进。该指引引入了有针对性的细化规定，旨在提高套期会计的可操作性，使财务报告更好地与风险管理活动保持一致，包括提高套期指定的灵活性，并澄清某些工具的相关规定。我们于截至采纳 ASU 2025-09 的季度 2026年9月30日采用前瞻性过渡方法提前采纳了该准则。采纳ASU 2025-09 未对我们的合并财务报表产生重大影响。有关我们衍生工具和套期保值活动的更多信息，请参阅附注4。

已发布但尚未采纳的会计公告

披露改进。 2023年10月，FASB发布了第2023-06号会计准则更新（“ASU 2023-06”），针对SEC披露更新与简化倡议的编纂修订。该指引修订GAAP，以反映SEC提交给FASB的某些披露要求的更新和简化。ASU 2023-06的修订将在SEC取消相关披露要求之日生效。如果截至2027年6月30日，SEC尚未取消相关披露要求，则待定修订将从ASC 2023-06中删除且不会生效。预计采纳ASU 2023-06仅会修改披露和列报要求，不会对我们的合并财务报表产生重大影响。

损益表费用的细分披露。 2024年11月，FASB发布了第2024-03号会计准则更新（“ASU 2024-03”），损益表费用的细分披露。该指引要求对某些损益表费用项目提供额外的细分披露。ASU 2024-03的修订适用于2026年12月15日之后开始的年度报告期间，以及2027年12月15日之后开始的中期报告期间；允许提前采纳，并要求采用前瞻性方式应用，同时可选择追溯应用。我们计划于2027财年第四季度前瞻性采纳ASU 2024-03的规定，并继续评估新准则的披露要求。

附注索引

凯撒铝业公司及其子公司

未经审计的中期合并财务报表附注

中期报告范围有限的改进。 2025年12月，FASB发布了第2025-11号会计准则更新（“ASU 2025-11”）《中期报告（主题270）：范围有限的改进》，澄清了按GAAP编制的中期财务报表的适用范围、形式和内容以及所需披露。ASU 2025-11完善了针对发布简明中期报表实体的指引，并恢复了一项基于原则的要求，即披露自上一年度期间以来发生的重大事项。ASU 2025-11适用于2027年12月15日之后开始的财年中的中期期间，允许提前采用，并可选择追溯应用。我们目前正在评估该公告对合并财务报表的影响。

环境信用计划。2026年5月，FASB发布了第2026-02号会计准则更新（“ASU 2026-02”）《环境信用及环境信用义务（主题818）》，引入了一套综合模型，规定了环境信用以及（如适用）可通过使用环境信用结算的合规义务的确认、计量、列报和披露要求。ASU 2026-02适用于2027年12月15日之后开始的年度报告期间，以及这些年度报告期间内的中期报告期间，允许提前采用。ASU 2026-02须追溯应用，并在采用期间期初通过对留存收益进行累积影响调整。我们目前正在评估该公告对合并财务报表的影响。

附注索引

KAISER ALUMINUM CORPORATION及其子公司

未经审计的中期合并财务报表附注

2. 资产负债表补充信息

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日			截至2025年12月31日
应收款项净额
应收账款		$	532.2			$	423.9
应收款项坏账准备			(0.6	)			(0.6	)
应收款项净额		$	531.6			$	423.3

存货
产成品		$	129.2			$	156.1
在制品			395.5				316.7
原材料			306.4				236.2
运营用品			16.8				16.2
存货		$	847.9			$	725.2

不动产、厂房及设备净额
土地及改良		$	46.3			$	38.2
建筑物及租赁权改良			309.2				302.6
机器及设备			1,626.1				1,586.7
在建工程			88.2				66.7
不动产、厂房及设备总额			2,069.8				1,994.2
累计折旧和摊销			(929.4	)			(849.1	)
待售土地		—				0.1
不动产、厂房及设备净额		$	1,140.4			$	1,145.2

其他资产
受限现金 – 附注11		$	19.6			$	19.9
长期备件			36.3				28.5
薪资型VEBA净资产			10.2				9.7
其他			18.7				17.6
其他资产		$	84.8			$	75.7
.
其他应计负债
未清算现金支付		$	56.2			$	45.8
应计所得税及其他应付税款			10.4				7.8
应计薪资型VEBA年度缴款		—				2.9
应计利息			10.8				6.9
流动经营租赁负债			5.4				4.8
流动融资租赁负债			3.2				2.3
其他 – 附注4			37.7				20.8
其他应计负债		$	123.7			$	91.3

长期负债
工伤赔偿应计款		$	24.5			$	26.0
长期环境应计款 – 附注6			17.2				17.4
其他长期负债			41.2				38.0
长期负债		$	82.9			$	81.4

附注索引

KAISER ALUMINUM CORPORATION 及其子公司

未经审计的中期合并财务报表附注

3. 员工福利

递延薪酬计划

递延薪酬计划的资产计入其他资产。这些资产为注册投资公司的多元化投资基金，归类于公允价值层级的第 1 级，并根据其报价市场价格按公允价值计量和记录。这些资产作为权益投资入账，公允价值变动计入其他（费用）收入净额（见附注 8）。与递延薪酬计划相关的抵销负债计入其他应计负债和长期负债。

短期激励计划

截至 2026 年 9 月 30 日，我们有一项负债，金额为 $22.9 百万，记录于应计薪金、工资及相关费用项下，代表预计 2026 年短期激励计划未来可能支付的款项。

退休后及离职后福利计划

下表列示所有退休后及离职后福利计划的总费用：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日的季度			截至 9 月 30 日的九个月
		2026			2025			2026			2025
固定缴款计划1		$	4.2			$	4.2			$	14.7			$	14.8
递延薪酬计划2			0.1				0.5				1.1				1.1
多雇主养老金计划1			1.6				1.6				4.7				4.7
与固定收益计划相关的退休后及离职后福利定期净成本3			2.1				2.3				6.3				7.1
总计		$	8.0			$	8.6			$	26.8			$	27.7

这些员工福利费用几乎全部计入销售成本（COGS），其余余额计入合并收益表中的销售、一般及行政、研发费用（“SG&A and R&D”）。

递延薪酬计划费用计入合并收益表中的 SG&A and R&D。

所有列报期间，养老金计划和 OPEB 计划相关退休后及离职后福利定期净成本中的当期服务成本部分均计入合并收益表中的 COGS。所有其他组成部分均计入合并收益表中的其他（费用）收入净额。

退休后及离职后福利定期净成本的组成部分。下表列示与我们固定收益计划相关的退休后及离职后福利定期净成本的组成部分：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		养老金计划			OPEB			受薪员工 VEBA
		截至 9 月 30 日的季度			截至 9 月 30 日的季度			截至 9 月 30 日的季度
		2026			2025			2026			2025			2026			2025
服务成本		$	0.8			$	0.9			$	0.2			$	0.2			$	—			$	—
利息成本			0.5				0.4				0.8				0.9				0.5				0.6
计划资产预期收益			(0.5	)			(0.4	)			—				—				(0.6	)			(0.6	)
前期服务成本摊销1			0.3				0.3				—				—				0.7				0.7
精算净收益摊销			—				(0.1	)			(0.3	)			(0.5	)			(0.3	)			(0.1	)
退休后及离职后福利定期净成本总额		$	1.1			$	1.1			$	0.7			$	0.6			$	0.3			$	0.6

附注索引

KAISER ALUMINUM CORPORATION 及其子公司

未经审计的中期合并财务报表附注

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		养老金计划			OPEB			受薪员工 VEBA
		截至9月30日的九个月			截至9月30日的九个月			截至9月30日的九个月
		2026			2025			2026			2025			2026			2025
服务成本		$	2.5			$	2.6			$	0.6			$	0.7			$	—			$	—
利息成本			1.5				1.2				2.6				2.6				1.4				1.7
计划资产预期回报			(1.5	)			(1.1	)			—				—				(1.8	)			(1.7	)
以前服务成本摊销1			0.7				0.7				—				—				2.1				2.2
精算净收益摊销			—				(0.1	)			(0.9	)			(1.4	)			(0.9	)			(0.3	)
退休后及离职后福利净定期总成本		$	3.2			$	3.3			$	2.3			$	1.9			$	0.8			$	1.9

我们按直线法，在计划活跃参与者的平均剩余服务年限内摊销以前服务成本。

4. 衍生品、套期保值计划及其他金融工具

概述

我们使用衍生工具管理以下风险敞口：(i) 与我们加工业务所用铝及某些合金原材料相关的金属价格风险；(ii) 与我们生产流程所用天然气和电力相关的能源价格风险；以及 (iii) 与某些设备和服务协议相关的外币汇率风险。我们不将衍生金融工具用于交易或其他投机目的。套期保值交易由中央统一执行，并由管理团队中的关键运营和财务人员组成的委员会（“套期保值委员会”）监督。管理层会向董事会审查套期保值委员会活动的范围。

我们的所有衍生工具均使我们面临交易对手信用风险。我们的交易对手为主要的投资级金融机构或贸易公司，我们的套期保值交易受经协商达成的国际掉期与衍生品协会主协议约束。根据这些协议，交易对手通常须在超过规定信用阈值时提供抵押品；该阈值可能会根据交易对手信用评级的变动而上调或下调。因此，我们认为损失风险极低且有限。截至2026年9月30日和2025年12月31日，处于净负债头寸的衍生工具公允价值总额分别为 $6.7 百万和 $0.1 百万；截至上述日期，我们均未提供抵押品。

此外，我们的固定价格客户销售承诺会因金属价格变动而产生额外的客户信用风险。在某些情况下，我们通过定期要求客户提供现金抵押品来降低此风险；我们将其归类为递延收入，并计入其他应计负债。截至2026年9月30日和2025年12月31日，我们均未收到客户提供的现金抵押品。

上述衍生工具通常被指定为现金流套期。与现金流套期相关的未实现收益和损失在扣除税项后递延计入其他综合收益，并在此类套期结算时，或原先预测的交易很可能不会在最初指定的期限结束前发生时，重新分类至销售成本。有关指定为现金流套期工具且符合条件的衍生工具所确认的收益或损失总额，以及重新分类至收益和税务影响，请参阅附注7。与现金流套期相关的累计收益和损失从累计其他综合收益中重新分类，并在相关套期商品采购影响收益时计入销售成本。

我们有时会签订未被指定为套期工具的商品和外币远期合约，以缓解已识别的某些短期影响。此类商品及外币衍生工具的收益或损失分别计入销售成本和其他费用净额。截至2026年9月30日和2025年12月31日，我们没有未平仓的非指定衍生品套期头寸。

附注索引

KAISER ALUMINUM CORPORATION 及其子公司

中期合并财务报表附注——未经审计

衍生品合约名义金额

下表汇总了我们截至2026年9月30日的衍生品头寸：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
铝		到期期间		合约名义金额（百万磅）
LME 固定价格采购合约		2026年10月至 2028年2月			82.1
LME 固定价格销售合约		2026年10月至 2027年12月			4.9
MWP 固定价格采购合约		2026年10月至 2028年2月			82.1
MWP 固定价格销售合约		2026年10月至 2027年12月			4.9

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
合金金属		到期期间		合约名义金额（百万磅）
固定价格采购合约		2026年10月至 2027年12月			4.1

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
天然气		到期期间		合约名义金额（百万英热单位）
固定价格采购合约		2026年10月至 2028年12月			4,710,000

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
电力		到期期间		合约名义金额（兆瓦时）
固定价格采购合约		2026年10月至 2028年12月			368,644

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
欧元		到期期间		合约名义金额（百万欧元）
固定价格远期采购合约		2026年10月至 2028年3月		€	6.4

衍生品合约损失（收益）

下表汇总了在我们合并损益表的销售成本中记录的衍生品合约损失（收益）金额：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的季度			截至9月30日的九个月
		2026			2025			2026			2025
合并损益表中列示的、记录套期保值影响的收入和费用项目总额：
现金流量套期		$	1,098.8			$	728.8			$	3,099.6			$	2,125.0

合并损益表中确认的与现金流量套期相关的损失（收益）：
铝		$	7.1			$	(9.7	)		$	(16.2	)		$	(17.1	)
合金金属			(0.9	)			(0.5	)			(2.1	)			(1.4	)
天然气			0.4				0.4				0.6				0.7
电力			(0.1	)			—				2.1				—
外汇合约			—				(0.2	)			—				(0.2	)
合并损益表中确认的与现金流量套期相关的损失（收益）总额		$	6.5			$	(10.0	)		$	(15.6	)		$	(18.0	)

衍生品合约的公允价值

我们的衍生品合约公允价值基于流动市场中的交易。估值模型输入可予以验证，估值技术不涉及重大判断。此类衍生品的公允价值归类于公允价值层级的第2级。

附注索引

KAISER ALUMINUM CORPORATION及其子公司

未经审计的中期合并财务报表附注

我们与交易对手签订的所有衍生品合约均受可执行的主净额结算安排约束。我们在合并资产负债表中按总额列示衍生品合约的公允价值。下表列示了我们衍生金融工具的公允价值：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日			截至2025年12月31日
		资产			负债			净额			资产			负债			净额
现金流量套期：
铝 –
LME固定价格采购合约		$	0.4			$	(4.2	)		$	(3.8	)		$	2.6			$	—			$	2.6
LME固定价格销售合约			0.1				—				0.1				—				(0.8	)			(0.8	)
MWP固定价格采购合约			1.1				(3.4	)			(2.3	)			3.8				(0.1	)			3.7
MWP固定价格销售合约			—				—				—				—				(1.6	)			(1.6	)
合金金属 – 固定价格采购合约			3.0				—				3.0				2.4				—				2.4
天然气 – 固定价格采购合约			1.2				(2.8	)			(1.6	)			0.7				(1.3	)			(0.6	)
电力 – 固定价格采购合约			2.2				(2.1	)			0.1				—				—				—
外币 – 固定价格远期合约			—				(0.1	)			(0.1	)			0.1				—				0.1
总计		$	8.0			$	(12.6	)		$	(4.6	)		$	9.6			$	(3.8	)		$	5.8

下表列示了合并资产负债表中衍生品资产和负债的总额：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日			截至2025年12月31日
衍生品资产：
预付费用及其他流动资产		$	5.5			$	8.3
其他资产			2.5				1.3
衍生品资产总额		$	8.0			$	9.6
衍生品负债：
其他应计负债		$	(11.2	)		$	(3.1	)
长期负债			(1.4	)			(0.7	)
衍生品负债总额		$	(12.6	)		$	(3.8	)

其他金融工具的公允价值

所有其他金融资产和负债。我们认为，由于期限较短且信用风险极低，我们的金融资产和负债（应收账款、合同资产、流动资产、应付账款和应计负债）的公允价值与其各自的公允价值接近。

5. 债务和信贷额度

优先票据

截至2026年9月30日和2025年12月31日，我们发行的未偿还无担保固定利率优先票据期限各不相同。这些优先票据的票面利率和本金总额分别为：(i) 4.50%和$550.0 million（“4.50%优先票据”）以及(ii) 5.875%和$500.0 million（“5.875%优先票据”）。我们的优先票据无需强制赎回，也无需支付偿债基金款项。下表概述了我们优先票据的主要详情：

未偿还

发行日期

到期日

实际利率

截至2026年9月30日

截至2025年12月31日

4.50%优先票据

2021年5月

2031年6月

4.7%

550.0

5.875%优先票据

2025年11月

2034年3月

6.1%

500.0

债务总额

1,050.0

未摊销发行成本

(11.3

)

(12.7

)

账面金额总额

1,038.7

1,037.3

票据索引

KAISER ALUMINUM CORPORATION及其子公司

中期合并财务报表附注——未经审计

下表列示了我们未偿还优先票据的公允价值，这些票据属于第1级负债：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

截至2026年9月30日

截至2025年12月31日

4.50%优先票据

504.9

531.4

5.875%优先票据

467.3

501.6

循环信贷额度

2019年10月，我们签订了一项循环信贷额度。与我们共同作为该循环信贷额度借款人的，还有四家由我们全资拥有的美国境内运营子公司：(i) Kaiser Aluminum Investments Company；(ii) Kaiser Aluminum Fabricated Products, LLC；(iii) Kaiser Aluminum Washington, LLC；以及(iv) Kaiser Aluminum Warrick, LLC。

经2025年10月修订后，循环信贷额度将于2030年10月到期，最高承诺金额为$575.0百万美元（其中最多可有$50.0百万美元用于信用证）。该额度包含一项增额条款，允许循环承诺总额增加最多$200.0百万美元，另可增加一笔先入后出（first-in last-out）分层额度，但须经贷款人批准并满足其他惯常条件。我们可在循环信贷额度下借入的金额，取决于符合条件的应收账款、存货及某些其他资产的价值，这些资产作为循环信贷额度的抵押品。经修订的循环信贷额度项下借款按基准利率或SOFR计息，且两者均加上指定的浮动利差：SOFR贷款为125 - 150个基点（基准利率贷款为25 - 50个基点）；利差根据循环信贷额度当时剩余的可借款额度确定，在某些情况下还需加上固定利差。循环信贷额度项下的未偿借款列示于合并资产负债表的长期债务净额项目中。截至2026年9月30日，我们在循环信贷额度项下没有未偿借款；截至2025年12月31日，循环信贷额度项下有$22.3百万美元的未偿借款。

下表汇总了截至2026年9月30日按借款基数计算的循环信贷额度可用额度和使用情况：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
循环信贷额度借款承诺		$	575.0
借款基数可用额度		$	575.0
减：循环信贷额度项下未偿借款			—
减：循环信贷额度项下未偿信用证			(5.1	)
剩余可借款额度		$	569.9

利息费用

下表列示了与优先票据及循环信贷额度相关的利息费用：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的季度			截至9月30日的九个月
		2026			2025			2026			2025
优先票据利息费用（包括债务发行成本摊销）		$	14.0			$	12.4			$	42.0			$	37.2
循环信贷额度利息费用（包括承诺费和融资成本摊销）			0.5				0.7				1.8				2.0
融资租赁负债利息费用			0.2				0.2				0.7				0.6
资本化为在建工程的利息费用			(0.5	)			(0.9	)			(1.4	)			(3.7	)
利息费用总额		$	14.2			$	12.4			$	43.1			$	36.1

6. 承诺和或有事项

承诺。我们有多项财务承诺，包括采购协议、远期外汇和远期销售合同、债务及信用证（参见附注4和附注5）。

附注索引

KAISER ALUMINUM CORPORATION及其子公司

中期合并财务报表附注——未经审计

环境或有事项。我们受多项环境法律法规约束，可能因涉嫌违反此类法律法规而被处以罚款或罚金，也可能因这些法律法规而面临索赔。我们还受与2006年7月6日之前在运营设施发生的活动相关的历史环境或有事项约束，这些事项占我们环境应计负债的大部分，金额为$17.6 million，截至2026年9月30日。该应计金额是我们根据现行法律法规、现有事实、现有技术以及对可能采取的补救措施的评估，对预计合理发生的成本所作的未折现估计。

根据各设施已批准和拟议的补救行动计划，我们预计实施和持续监测可能需要30年或更长时间。随着更多事实得到确认、可行性研究完成、补救计划修改、实施补救所需的监管批准取得、替代技术开发和/或其他因素发生变化，管理层的估计可能会修订，实际成本可能比当前环境应计金额高出最多$15.1 million。随着新信息的出现，我们的估计可能在未来12 months内发生变化。

其他或有事项。我们是因过去和当前运营而产生的各类诉讼、索赔、调查及行政程序的当事方。我们逐案评估此类事项，并奉行积极抗辩我们认为毫无依据的索赔的政策。当负债很可能已经发生且损失金额能够合理估计时，我们会计提法律负债。除事实和情况发生变化时外，我们还会按季度审查并调整这些应计金额，以反映谈判、和解、裁决、法律顾问意见以及与特定案件有关的其他信息和事件的影响。尽管此类事项的最终结果存在固有的不确定性，目前也无法确定最终可能发生的实际成本，但我们认为已对此类事项计提了充足金额，且待决事项的最终解决不会对我们的合并财务状况、经营业绩或流动性产生重大影响。

附注索引

KAISER ALUMINUM CORPORATION及其子公司

未经审计的中期合并财务报表附注

7. 累计其他综合收益

下表列示了AOCI各组成部分累计余额的变动情况：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的季度			截至9月30日的九个月
		2026			2025			2026			2025
设定受益计划：
期初余额		$	22.9			$	19.6			$	22.5			$	19.1
本期发生的精算损失			—				—				—				(0.1	)
本期发生的精算净损失			—				—				—				(0.1	)
精算净收益摊销1			(0.6	)			(0.7	)			(1.8	)			(1.8	)
先前服务成本摊销1			1.0				1.0				2.8				2.9
减：所得税费用2			(0.1	)			(0.1	)			(0.3	)			(0.3	)
从 AOCI 重新分类至净利润的净摊销额			0.3				0.2				0.7				0.8
扣除税项后的其他综合收益			0.3				0.2				0.7				0.7
期末余额		$	23.2			$	19.8			$	23.2			$	19.8

现金流量套期：
期初余额		$	(13.2	)		$	7.6			$	4.3			$	1.4
现金流量套期未实现收益			6.0				9.0				5.2				25.2
减：所得税费用			(1.4	)			(2.1	)			(1.2	)			(5.9	)
现金流量套期未实现净收益			4.6				6.9				4.0				19.3
现金流量套期结算时重新分类的未实现损失（收益）			6.5				(10.0	)			(15.6	)			(18.0	)
减：所得税（收益）费用²			(1.6	)			2.4				3.6				4.2
从 AOCI 重新分类至净利润的净损失（收益）			4.9				(7.6	)			(12.0	)			(13.8	)
扣除税项后的其他综合收益（亏损）			9.5				(0.7	)			(8.0	)			5.5
期末余额3		$	(3.7	)		$	6.9			$	(3.7	)		$	6.9

AOCI 期末余额合计		$	19.5			$	26.7			$	19.5			$	26.7

从 AOCI 摊销转出的与养老金及其他退休后和离职后福利相关的金额，计入净定期退休后及离职后福利成本（见附注 3）。

从 AOCI 重新分类转出的所得税金额，计入所得税拨备的组成部分。

截至 2026年9月30日，我们估计 AOCI 中税前按市值计价净损失 $5.7 百万美元，将在未来 12 个月内结算时重新分类至净利润。

8. 其他费用（收入），净额

下表列示了其他费用（收入）净额的组成部分：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的季度			截至9月30日的九个月
		2026			2025			2026			2025
利息收入		$	0.4			$	0.2			$	0.8			$	0.6
定期退休后及离职后福利净成本			(1.0	)			(1.2	)			(3.1	)			(3.8	)
权益证券未实现（损失）收益			(0.1	)			0.3				(0.1	)			0.4
处置非经营性财产、厂房及设备的收益			—				10.3				7.5				10.3
业务中断保险赔偿收益1			—				1.6				—				6.6
All other, net			(0.1	)			0.2				0.2				0.3
Other (expense) income, net		$	(0.8	)		$	11.4			$	5.3			$	14.4

Represents insurance settlement proceeds related to business interruption claims. Such proceeds are recognized in the period in which they are received or become realizable.

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarter and nine months ended September 30, 2026 we sold trade accounts receivable totaling $362.1 million and $991.6 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $8.8 million and $23.0 million, respectively. During the quarter and nine months ended September 30, 2025, we sold trade accounts receivable totaling $255.9 million and $740.1 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.2 million and $17.2 million, respectively. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other (expense) income, net. As of September 30, 2026, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.

9. Income Tax Matters

The following table presents the income tax provision by region:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Domestic		$	(8.4	)		$	(8.0	)		$	(56.5	)		$	(20.6	)
Foreign			(0.8	)			(0.3	)			(2.1	)			(1.6	)
Total		$	(9.2	)		$	(8.3	)		$	(58.6	)		$	(22.2	)

The income tax provision for the quarters ended September 30, 2026 and September 30, 2025 was $9.2 million and $8.3 million, respectively, reflecting an effective tax rate of 23% and 17%, respectively. There was no material difference between the effective tax rate and the blended statutory tax rate for the quarter ended September 30, 2026. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended September 30, 2025 was primarily due to a decrease of 7% related to Federal research and development credits, partially offset by an increase of 2% related to non-deductible compensation expense.

The income tax provision for the nine months ended September 30, 2026 and September 30, 2025 was $58.6 million and $22.2 million, respectively, reflecting an effective tax rate of 24% and 21%, respectively. There was no material difference between the effective tax rate and the blended statutory tax rate for the nine months ended September 30, 2026 and 2025.

Our gross unrecognized benefits relating to uncertain tax positions were $8.0 million and $7.4 million at September 30, 2026 and December 31, 2025, respectively. If recognized, these amounts would be reflected in our income tax provision and affect our effective tax rate.

10. Earnings Per Share

Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Basic and diluted net income per share was calculated under the two-class method for the quarters and nine months ended September 30, 2026 and 2025.

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

The following table sets forth the computation of basic and diluted net income per share (in millions of dollars, except share and per share amounts):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Numerator:
Net income available to common shareholders1		$	31.0			$	39.5			$	190.3			$	84.3
Denominator – Weighted-average common shares outstanding (in thousands):
Basic			16,349				16,192				16,314				16,156
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2			537				420				584				355
Diluted			16,886				16,612				16,898				16,511

Net income per common share, Basic:		$	1.90			$	2.44			$	11.67			$	5.22
Net income per common share, Diluted:		$	1.84			$	2.38			$	11.26			$	5.10

Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.

Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2026, approximately 105 and 223 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. During the quarter and nine months ended September 30, 2025, approximately 1 and 196 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.

11. Supplemental Cash Flow Information

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025
Interest paid		$	36.6			$	33.3
Non-cash investing and financing activities (included in Accounts payable and Other accrued liabilities):
Unpaid purchases of property and equipment		$	19.3			$	23.5

Supplemental lease disclosures:
Operating lease liabilities arising from obtaining operating lease assets		$	3.9			$	1.9
Cash paid for amounts included in the measurement of operating lease liabilities		$	4.6			$	5.2
Finance lease liabilities arising from obtaining finance lease assets		$	4.1			$	1.7

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		As of September 30,
		2026			2025
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	117.3			$	17.2
Restricted cash included in Other assets1			19.6				19.8
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows		$	136.9			$	37.0

We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

12. Business, Product, and Geographical Area Information

Our primary line of business is the production of semi-fabricated specialty aluminum mill products, such as plate and sheet, bare and coated coils, and extruded and drawn products, primarily used in our Aero/HS Products, Packaging, GE Products, and Automotive Extrusions end markets. We operate production facilities in the United States and Canada. We have one operating and reportable segment. Our determination that we operate as a single segment is consistent with the financial information regularly viewed by the chief operating decision maker (“CODM”) to evaluate performance and make decisions regarding resource allocation. The CODM uses Net income to measure segment profitability in deciding whether to reinvest profits into the segment or into other parts of the entity, such as for acquisitions or to pay dividends.

The following table presents the significant segment expenses that are provided to the CODM:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Net sales		$	1,214.5			$	843.5			$	3,577.9			$	2,444.0

Less:
Cost of products sold, excluding depreciation and amortization
Hedged cost of alloyed metal1			775.4				492.8				2,297.4				1,355.9
Manufacturing costs2			241.0				158.8				554.7				532.5
Plant overhead3			47.5				45.9				142.7				136.0
Freight costs			27.1				21.6				77.4				63.6
Other cost of products sold4			7.8				9.7				27.4				37.0
Depreciation and amortization			27.9				32.0				87.9				91.6
Selling, general, administrative, research and development
Research and development costs			0.5				0.4				1.8				1.0
Employee costs5			21.9				24.7				74.7				69.9
Other selling, general and administrative costs6			9.7				8.8				26.7				26.4
Restructuring costs			—				—				—				1.9
Other operating charges, net			0.5				—				0.5				—
Interest expense			14.2				12.4				43.1				36.1
Other expense (income), net – Note 8			0.8				(11.4	)			(5.3	)			(14.4	)
Income tax provision			9.2				8.3				58.6				22.2
Net income		$	31.0			$	39.5			$	190.3			$	84.3

Hedged cost of alloyed metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. This metric is net of metal price exposure on shipments that we 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.

Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys, incurred at our various production facilities.

Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.

Other cost of products sold primarily includes accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.

Employee costs include indirect labor salaries, benefits, and incentive compensation.

Other selling, general and administrative costs primarily includes professional services, computer hardware and software costs, office rent, and utilities.

The CODM does not review asset and capital expenditure information by reportable operating segment as such information is presented to the CODM on a consolidated basis.

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

The following table presents Net sales by end market applications and by timing of control transfer:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Net sales:
Aero/HS Products		$	291.9			$	182.2			$	884.0			$	624.8
Packaging			561.4				393.9				1,640.2				1,049.0
GE Products			278.3				192.2				799.3				559.2
Automotive Extrusions			82.9				75.2				254.4				211.0
Total net sales		$	1,214.5			$	843.5			$	3,577.9			$	2,444.0

Timing of revenue recognition:
Products transferred at a point in time		$	963.8			$	670.7			$	2,809.0			$	1,888.1
Products transferred over time			250.7				172.8				768.9				555.9
Total net sales		$	1,214.5			$	843.5			$	3,577.9			$	2,444.0

The following table presents geographic information for income taxes paid:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Income taxes paid:
Domestic		$	2.4			$	—			$	10.3			$	2.6
Foreign			0.7				0.9				2.0				3.6
Total income taxes paid		$	3.0			$	0.9			$	12.3			$	6.2

13. Subsequent Events

Dividend Declaration. On October 13, 2026, we announced that our Board of Directors declared a quarterly cash dividend of $0.77 per common share. As such, we expect to pay approximately $12.8 million (including dividend equivalents) on or about November 13, 2026 to stockholders of record and the holders of certain restricted stock units at the close of business on October 23, 2026.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains statements which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear throughout this Report and can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may,” “estimates,” “will,” “should,” “plans” or “anticipates,” or the negative of the foregoing or other variations of comparable terminology, or by discussions of strategy. Readers are cautioned that any such forward‑looking statements are not guarantees of future performance and involve significant risks and uncertainties and that actual results may vary from those in the forward-looking statements as a result of various factors. These factors include: (i) the effectiveness of management’s strategies and decisions, including strategic investments, capital spending strategies, cost reduction initiatives, sourcing strategies, processes and countermeasures implemented to address operational and supply chain challenges and the execution of those strategies; (ii) the execution and timing of strategic investments; (iii) general economic and business conditions, including higher interest rates, the impact of geopolitical factors and governmental and other actions taken in response, tariffs, cyclicality, reshoring, sanctions and export controls, labor challenges, supply interruptions, energy price volatility, scrap availability and pricing, customer operation disruptions, including as a result of regulatory actions, customer inventory imbalances and supply chain issues, regional aluminum premium volatility, and other conditions that impact demand drivers in the Aero/HS Products, Packaging, GE Products, and Automotive Extrusions end markets we serve; (iv) our ability to participate in mature and anticipated new automotive programs expected to launch in the future and successfully launch new automotive programs, including electric vehicle platforms; (v) changes or shifts in defense spending due to competing national priorities; (vi) pricing, market conditions and our ability to effectively execute commercial and labor strategies, pass through cost increases, including the institution of surcharges, and flex costs in response to inflation, volatile commodity costs, regional aluminum premiums and energy prices, and changing economic conditions; (vii) developments in technology, including cybersecurity and artificial intelligence threats; (viii) the impact of our future earnings, cash flows, financial condition, capital requirements and other factors on our financial strength and flexibility; (ix) new or modified statutory or regulatory requirements, including evolving climate-related disclosure regimes, state-level climate programs, and packaging and recycled content laws; (x) the successful integration of acquired operations and technologies; (xi) the views of our stakeholders, including regulators and customers, regarding our sustainability goals and initiatives and the impact of factors outside of our control on such goals and initiatives, including potential greenwashing or consumer protection claims; and (xii) other factors discussed in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, and in other filings we make with the SEC from time to time. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements. Readers are urged to consider these factors carefully in evaluating any forward-looking statements and are cautioned not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements, except as required by law.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1. “Financial Statements” of this Report and our consolidated financial statements and related notes included in Part II, Item 8. “Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise noted, dollars in tables are presented in millions.

Business Overview

We manufacture and sell semi-fabricated specialty aluminum mill products, including flat-rolled (plate, sheet, and coil), extruded (rod, bar, hollows, and shapes), drawn (rod, bar, pipe, tube, and wire), and certain cast aluminum products. We strategically focus our business on select end markets with demanding applications and high barriers to entry, where we believe we have sustainable competitive advantages that allow us to earn premium pricing and generate long-term profitable growth. The end market applications on which we have historically focused include: (i) Aero/HS Products; (ii) Packaging; (iii) GE Products; and (iv) Automotive Extrusions. These technically challenging applications leverage our core metallurgical and process technology capabilities to produce highly engineered mill products with differentiated characteristics that are required for the particular end uses.

Within the global market for flat-rolled aluminum mill products, our focus is on two primary product categories: (i) heat treat plate, sheet and coil products and (ii) packaging coil products. Heat treat plate, sheet and coil products, which are produced at Trentwood, serve the global Aero/HS and primarily North America GE end markets and are designed for applications requiring higher strength and other specialized attributes that cannot be achieved by common alloy rolled products. Packaging coil products, which are produced at Warrick and sold primarily in North America are for demanding food and beverage can package applications. Our focus is primarily on coated packaging applications, which includes a range of colors and widths, depending on customer specifications, in addition to bare coil products.

In the areas of aluminum extrusions, we focus on demanding Aero/HS Products, GE Products, and Automotive Extrusions that require high strength, machinability, or other specialized attributes. Our 10 extrusion/drawing facilities, nine of which are in the United States and one of which is in Canada, primarily serve North American demand for these applications. Additionally, we operate a facility in Columbia, New Jersey that focuses on multi-material advanced manufacturing methods and techniques, including multi-axis computer

numerical control machining, additive manufacturing, welding and fabrication for demanding aerospace and defense, high technology, general industrial, and automotive applications. We employed approximately 3,800 people at September 30, 2026.

We have long-standing relationships with our customers, which consist primarily of blue-chip companies, including leading aerospace and automotive manufacturers, tier one aerospace and automotive suppliers, leading beverage and food companies, beverage and food packaging manufacturers, and metal service centers. Approximately 70% of our shipments are sold direct to manufacturers or tier one suppliers and approximately 30% are sold to metal service centers. In our served markets, we seek to be the supplier of choice by pursuing “Best in Class” customer satisfaction driven by quality, availability, service and delivery performance. We believe we differentiate our product portfolio through our broad product offering and our KaiserSelect® products, which are engineered and manufactured to deliver enhanced product characteristics with improved consistency, so as to result in better performance, lower waste and, in many cases, lower production cost for our customers.

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 US GAAP in the statements of income, balance sheets, or statements of cash flows of the company. We have provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables. We have also provided a discussion of the reasons we believe that presentation of the non-GAAP financial measures provides useful information to investors, as well as any additional ways in which we use the non-GAAP financial measures. The non-GAAP financial measures used in the following discussions are Conversion Revenue (defined as Net Sales less the Hedged Cost of Alloyed Metal, see below in “Metal Pricing Policies” discussion) and Adjusted EBITDA. 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.

In the discussion of operating results below, we refer to certain items as “non-run-rate items.” For purposes of such discussion, non-run-rate items are items that, while they may recur from period-to-period: (i) are particularly material to results; (ii) affect costs primarily as a result of external market factors; and (iii) may not recur in future periods if the same level of underlying performance were to occur. Non-run-rate items are part of our business and operating environment but are worthy of being highlighted for the benefit of readers of our financial statements. Our intent is to allow users of the financial statements to consider our results both in light of and separately from such items. For a reconciliation of Conversion Revenue to Net sales and Adjusted EBITDA to Net income, see below in “Results of Operations - Selected Operational and Financial Information.”

Metal Pricing Policies

A fundamental aspect of our business model is to maintain relative neutrality to fluctuations in the market prices of aluminum and certain alloying elements (\"metal price neutrality\"). We generally achieve this objective by structuring customer pricing to pass through changes in the underlying index-based cost of aluminum and certain alloys. In instances where metal price neutrality is not fully achieved through customer pricing actions for certain alloying elements, we manage these exposures through a combination of supply arrangements, and hedging activities. Despite these pass-through mechanisms, our results of operations may be affected by timing differences between when metal costs are incurred and when those costs are reflected in customer pricing. As a result, our reported operating results may be impacted by favorable or unfavorable fluctuations in metal prices, the timing and magnitude of such fluctuations, and other market factors that could influence metal prices. Over the long term, however, our business model is designed to generate earnings primarily from the conversion of aluminum into value-added semi-fabricated products rather than from changes in underlying metal prices.

In order to allow users of our financial statements to consider the impact of aluminum and alloy cost on our Net sales, we disclose Net sales as well as Conversion Revenue, which is Net sales less the Hedged Cost of Alloyed Metal. As used in this discussion, “Hedged Cost of Alloyed Metal” is the cost of aluminum at the average MWTP plus the cost of alloying elements and any realized gains and/or losses on settled hedges related to the metal sold in the referenced period. The average MWTP of aluminum reflects the primary aluminum supply/demand dynamics in North America. For a reconciliation of Conversion Revenue to Net sales, see below in “Results of Operations - Selected Operational and Financial Information.”

Highlights for the quarter ended September 30, 2026:

•

Net sales $1.21 billion; Conversion Revenue $439.1 million;

•

Net income $31.0 million; Net income per diluted share $1.84; and

•

Cash dividends and dividend equivalents of $0.77 per share, or $12.8 million, paid during the quarter ended September 30, 2026.

Results of Operations

Consolidated Results of Operations

Net Sales. The following table sets forth, for the quarters ended September 30, 2026 and September 30, 2025, shipments (in millions of pounds) and Net sales by end market applications and the respective fluctuations.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,
		2026		2025
		Shipments		Net sales		Shipments		Net sales		Shipment Change		% Increase (Decrease)		Net sales Change		% Increase (Decrease)
Aero/HS Products		59.4		$	291.9		41.8		$	182.2			17.6			42	%	$	109.7			60	%
Packaging		153.0			561.4		144.1			393.9			8.9			6	%		167.5			43	%
GE Products		67.4			278.3		60.4			192.2			7.0			12	%		86.1			45	%
Automotive Extrusions		20.4			82.9			23.9			75.2			(3.5	)		(15	%)		7.7			10	%
Total			300.2		$	1,214.5			270.2		$	843.5			30.0			11	%	$	371.0			44	%

The increase in Net sales primarily reflects $0.93 per pound (30%) increase in the average realized sales price and 30.0 million pound (11%) increase in shipment volume. Higher shipment volume can be attributed to: (i) increased volume in the current quarter resulting from the capacity added in connection with the Phase VII investment at Trentwood and the impact of the planned partial outage associated with the Phase VII investment during the prior period presented, and (ii) continued ramp up of our shift to coated products strategy in the Packaging end market.

The following table sets forth, for the nine months ended September 30, 2026 and September 30, 2025, shipments (in millions of pounds) and Net sales by end market applications and the respective fluctuations.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026		2025
		Shipments		Net sales		Shipments		Net sales		Shipment Change		% Increase (Decrease)		Net sales Change		% Increase (Decrease)
Aero/HS Products		181.8		$	884.0			158.0		$	624.8			23.8			15	%	$	259.2			41	%
Packaging		455.4			1,640.2		415.4			1,049.0			40.0			10	%		591.2			56	%
GE Products		199.2			799.3		188.9			559.2			10.3			5	%		240.1			43	%
Automotive Extrusions		64.0			254.4			71.9			211.0			(7.9	)		(11	%)		43.4			21	%
Total			900.4		$	3,577.9			834.2		$	2,444.0			66.2			8	%	$	1,133.9			46	%

The increase in Net sales primarily reflects $1.04 per pound (35%) increase in the average realized sales price and 66.2 million pound (8%) increase in shipment volume. Higher shipment volume can be attributed to: (i) continued ramp up of our shift to coated products strategy in the Packaging end market, and (ii) increased volume in the current year resulting from the capacity added in connection with the Phase VII investment at Trentwood and the impact of the planned partial outage associated with the Phase VII investment during the prior period presented.

COGS. COGS for the quarter ended September 30, 2026 totaled $1,098.8 million, or 90% of Net sales, compared to $728.8 million, or 86% of Net sales, for the quarter ended September 30, 2025. The total increase reflected the following:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,
		2026		2025		Change		% Increase (Decrease)
Hedged Cost of Alloyed Metal		$	775.4		$	492.8		$	282.6			57	%
Manufacturing costs			241.0			158.8			82.2			52	%
Plant overhead			47.5			45.9			1.6			3	%
Freight costs			27.1			21.6			5.5			25	%
Other cost of products sold			7.8			9.7			(1.9	)		(20	%)
Total		$	1,098.8		$	728.8		$	370.0			51	%

Of the $282.6 million increase in Hedged Cost of Alloyed Metal, $227.9 million was primarily due to an increase in hedged metal prices and $54.7 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $82.2 million increase in manufacturing costs was primarily due to unfavorable metal consumption costs driven by lower scrap utilization, as higher operating costs resulting from continued ramp up of operational activities on the new coating line in the Packaging end market and the planned partial outage at our Bellwood facility. The $5.5 million increase in freight costs was primarily attributable to higher shipment volumes, as well as rising fuel costs. For a further discussion of the comparative results of operations for the quarters ended September 30, 2026 and September 30, 2025, see below in “Selected Operational and Financial Information.”

COGS for the nine months ended September 30, 2026 totaled $3,099.6 million, or 87% of Net sales, compared to $2,125.0 million, or 87% of Net sales, for the nine months ended September 30, 2025. The total increase reflected the following:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026		2025		Change		% Increase (Decrease)
Hedged Cost of Alloyed Metal		$	2,297.4		$	1,355.9		$	941.5			69	%
Manufacturing costs			554.7			532.5			22.2			4	%
Plant overhead			142.7			136.0			6.7			5	%
Freight costs			77.4			63.6			13.8			22	%
Other cost of products sold			27.4			37.0			(9.6	)		(26	%)
Total		$	3,099.6		$	2,125.0		$	974.6			46	%

Of the $941.5 million increase in Hedged Cost of Alloyed Metal, $834.0 million was primarily due to an increase in hedged metal prices and $107.5 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $22.2 million increase in manufacturing costs was primarily due to unfavorable metal consumption costs driven by lower scrap utilization as well as tightening of scrap spreads and higher operating costs from the planned partial outage at our Bellwood facility. The $13.8 million increase in freight costs was primarily attributable to higher shipment volumes, as well as rising fuel costs. The $9.6 million decrease in other cost of products sold was primarily driven by a decrease in major maintenance costs. For a further discussion of the comparative results of operations for the nine months ended September 30, 2026 and September 30, 2025, see below in “Selected Operational and Financial Information.”

Selling, General, Administrative, Research and Development (“SG&A and R&D”). SG&A and R&D expense totaled $32.1 million and $33.9 million for the quarters ended September 30, 2026 and September 30, 2025, respectively. The total decrease in SG&A and R&D reflected the following:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,
		2026		2025		Change		% Increase (Decrease)
Research and development costs		$	0.5		$	0.4		$	0.1			25	%
Employee costs			21.9			24.7			(2.8	)		(11	%)
Other selling, general and administrative costs			9.7			8.8			0.9			10	%
Total		$	32.1		$	33.9		$	(1.8	)		(5	%)

SG&A and R&D expense totaled $103.2 million and $97.3 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The total increase in SG&A and R&D reflected the following:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026		2025		Change		% Increase (Decrease)
Research and development costs		$	1.8		$	1.0		$	0.8			80	%
Employee costs			74.7			69.9			4.8			7	%
Other selling, general and administrative costs			26.7			26.4			0.3			1	%
Total		$	103.2		$	97.3		$	5.9			6	%

Restructuring Costs. During the quarter ended March 31, 2025, we initiated a plan to reduce certain operating costs (the “2025 Restructuring Plan”). In the quarter and nine months ended September 30, 2025, restructuring costs of $0.0 million and $1.9 million, respectively, represented severance and related benefits under the plan. Substantially all costs associated with the 2025 Restructuring Plan were incurred and expensed as of December 31, 2025, and no restructuring costs were incurred during the quarter or nine months ended September 30, 2026.

Other Operating Charges, Net. Other operating charges of $0.5 million for the quarter and nine months ended September 30, 2026 represents an impairment charge associated with the Imperial Machine & Tool Co. trade name intangible asset, which is no longer being utilized in our operations.

Interest Expense. See Note 5 of Notes to Interim Consolidated Financial Statements included in this Report for a discussion of our debt and credit facilities that were in effect during the quarters and nine months ended September 30, 2026 and September 30, 2025 and interest expense capitalized as part of construction in progress.

Other (Expense) Income, Net. See Note 8 of Notes to Interim Consolidated Financial Statements included in this Report for details.

Income Tax Provision. See Note 9 of Notes to Interim Consolidated Financial Statements included in this Report for disclosure regarding our income tax provision.

Selected Operational and Financial Information

The following data should be read in conjunction with our consolidated financial statements and the notes thereto included in Part I, Item 1. “Financial Statements” of this Report. Interim results are not necessarily indicative of those for a full year.

The table below provides selected operational and financial information:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Net income		$	31.0			$	39.5			$	190.3			$	84.3
Interest expense			14.2				12.4				43.1				36.1
Other expense (income), net			0.8				(11.4	)			(5.3	)			(14.4	)
Income tax provision			9.2				8.3				58.6				22.2
Depreciation and amortization			27.9				32.0				87.9				91.6
Non-run-rate items:
Restructuring costs			—				—				—				1.9
Non-cash asset impairment charge			0.5				—				0.5				—
Environmental expenses1			0.4				0.1				0.5				0.3
Loss on disposition of operating property, plant and equipment			—				0.4				3.2				0.4
Total non-run-rate items			0.9				0.5				4.2				2.6
Adjusted EBITDA2		$	84.0			$	81.3			$	378.8			$	222.4

Non-run-rate environmental expenses are related to legacy contingencies from activities at operating facilities prior to July 6, 2006. See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report for additional information relating to the environmental expenses.

For the quarters ended September 30, 2026 and 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 2025, Adjusted EBITDA includes favorable Metal Price Lag of approximately $63.0 million and approximately $64.0 million, respectively.

Adjusted EBITDA for the quarter ended September 30, 2026 was $2.7 million higher than Adjusted EBITDA for the quarter ended September 30, 2025. Adjusted EBITDA was favorably impacted by: (i) higher sales volume; and (ii) improved product pricing and mix. This was partially offset by: (i) unfavorable metal consumption costs driven by lower scrap utilization, as well as higher operating costs resulting from continued ramp up of operational activities on the new coating line in the Packaging end market and the planned partial outage at our Bellwood facility; and (ii) higher freight costs. See above in “Consolidated Results of Operations” for further details.

Adjusted EBITDA for the nine months ended September 30, 2026 was $156.4 million higher than Adjusted EBITDA for the nine months ended September 30, 2025. Adjusted EBITDA was favorably impacted by: (i) higher sales volume; (ii) improved product pricing and mix; and (iii) lower major maintenance costs. This was partially offset by: (i) unfavorable metal consumption costs driven by lower scrap utilization as well as tightening of scrap spreads; (ii) higher operating costs from the planned partial outage at our Bellwood facility; and (iii) higher freight costs. See above in “Consolidated Results of Operations” for further details.

The following table provides our shipment and Conversion Revenue information (in millions of dollars, except shipments and Conversion Revenue per pound) by end market applications:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Quarter Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Aero/HS Products:
Shipments (mmlbs)		59.4			41.8			181.8			158.0
		$			$ / lb			$			$ / lb			$			$ / lb			$			$ / lb
Net sales		$	291.9			$	4.91			$	182.2			$	4.36			$	884.0			$	4.86			$	624.8			$	3.95
Less: Hedged Cost of Alloyed Metal			(161.2	)			(2.71	)			(82.7	)			(1.98	)			(487.0	)			(2.68	)			(277.6	)			(1.75	)
Conversion Revenue		$	130.7			$	2.20			$	99.5			$	2.38			$	397.0			$	2.18			$	347.2			$	2.20

Packaging:
Shipments (mmlbs)		153.0			144.1			455.4			415.4
		$			$ / lb			$			$ / lb			$			$ / lb			$			$ / lb
Net sales		$	561.4			$	3.67			$	393.9			$	2.73			$	1,640.2			$	3.60			$	1,049.0			$	2.53
Less: Hedged Cost of Alloyed Metal			(381.3	)			(2.49	)			(256.1	)			(1.77	)			(1,128.7	)			(2.48	)			(654.1	)			(1.58	)
Conversion Revenue		$	180.1			$	1.18			$	137.8			$	0.96			$	511.5			$	1.12			$	394.9			$	0.95

GE Products:
Shipments (mmlbs)		67.4			60.4			199.2			188.9
		$			$ / lb			$			$ / lb			$			$ / lb			$			$ / lb
Net sales		$	278.3			$	4.13			$	192.2			$	3.18			$	799.3			$	4.01			$	559.2			$	2.96
Less: Hedged Cost of Alloyed Metal			(179.4	)			(2.66	)			(110.3	)			(1.82	)			(517.4	)			(2.59	)			(308.1	)			(1.63	)
Conversion Revenue		$	98.9			$	1.47			$	81.9			$	1.36			$	281.9			$	1.42			$	251.1			$	1.33

Automotive Extrusions:
Shipments (mmlbs)		20.4			23.9			64.0			71.9
		$			$ / lb			$			$ / lb			$			$ / lb			$			$ / lb
Net sales		$	82.9			$	4.06			$	75.2			$	3.15			$	254.4			$	3.98			$	211.0			$	2.93
Less: Hedged Cost of Alloyed Metal			(53.5	)			(2.62	)			(43.7	)			(1.83	)			(164.3	)			(2.57	)			(116.1	)			(1.61	)
Conversion Revenue		$	29.4			$	1.44			$	31.5			$	1.32			$	90.1			$	1.41			$	94.9			$	1.32

Total:
Shipments (mmlbs)		300.2			270.2			900.4			834.2
		$			$ / lb			$			$ / lb			$			$ / lb			$			$ / lb
Net sales		$	1,214.5			$	4.05			$	843.5			$	3.12			$	3,577.9			$	3.97			$	2,444.0			$	2.93
Less: Hedged Cost of Alloyed Metal1			(775.4	)			(2.59	)			(492.8	)			(1.82	)			(2,297.4	)			(2.55	)			(1,355.9	)			(1.63	)
Conversion Revenue		$	439.1			$	1.46			$	350.7			$	1.30			$	1,280.5			$	1.42			$	1,088.1			$	1.30

The total Hedged Cost of Alloyed Metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. This metric is net of metal price exposure on shipments that we 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. See Note 4 of Notes to Interim Consolidated Financial Statements included in this Report for the total realized gains and losses on aluminum hedges for which we hedged the metal price exposure externally.

Outlook

For the remainder of 2026, we continue to expect Conversion Revenue growth toward the high end of our 10% to 15% outlook, reflecting continued end-market strength and favorable pricing and mix. While we are maintaining our Adjusted EBITDA growth outlook of 45% to 55% compared to 2025, results are now expected toward the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment, and metal-related headwinds.

Liquidity and Capital Resources

Summary

The following table summarizes our liquidity:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		As of September 30, 2026			As of December 31, 2025
Available cash and cash equivalents		$	117.3			$	7.0
Borrowing availability under Revolving Credit Facility, net of letters of credit1			569.9				540.2
Total liquidity		$	687.2			$	547.2

Borrowing availability under the Revolving Credit Facility was determined by a borrowing base calculated as of September 30, 2026 and December 31, 2025.

We place our cash in bank deposits with high credit quality financial institutions and, from time to time, highly liquid money market funds. See Note 11 of Notes to Interim Consolidated Financial Statements included in this Report for information regarding restricted cash at September 30, 2026.

We had no outstanding borrowings under the Revolving Credit Facility as of September 30, 2026. During the nine months ended September 30, 2026, we repaid $420.1 million of borrowings, consisting of the full repayment of the $22.3 million outstanding balance as of December 31, 2025 and $397.8 million of borrowings incurred during the nine months ended September 30, 2026. See below in “Sources of Liquidity” for a further discussion of subsequent borrowing activity. See Note 5 of Notes to Interim Consolidated Financial Statements included in this Report.

Cash Flows

The following table summarizes our cash flows from operating, investing, and financing activities:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025
Total cash provided by (used in):
Operating activities		$	248.1			$	132.0
Investing activities		$	(65.0	)		$	(89.7	)
Financing activities		$	(73.1	)		$	(43.2	)

Cash provided by operating activities for the nine months ended September 30, 2026 reflected results of business activity described above in our “Consolidated Results of Operations” discussion, as well as the following working capital changes: (i) an increase in accounts payable of $157.2 million, primarily due to timing of payments and higher metal costs; (ii) an increase in inventory of $123.4 million, due to higher metal costs; and (iii) an increase in receivables of $108.4 million, primarily due to increased metal prices and higher shipment volume.

Cash provided by operating activities for the nine months ended September 30, 2025 reflected results of business activity described above in our “Consolidated Results of Operations” discussion, as well as the following working capital changes: (i) an increase in accounts payable of $122.3 million, primarily due to higher metal cost; (ii) an increase in inventory of $100.4 million, primarily due to increased metal prices, partially offset by a reduction in total inventory pounds; (iii) an increase in receivables of $79.7 million, primarily due to increased metal prices; and (iv) a decrease in accrued liabilities of $28.3 million, primarily due to timing of uncleared cash disbursements and settlement of certain liabilities.

See Statements of Consolidated Cash Flows included in this Report for further details on our cash flows from operating, investing, and financing activities for the nine months ended September 30, 2026 and 2025.

Sources of Liquidity

Our most significant sources of liquidity include available cash and cash equivalents, available credit under the Revolving Credit Facility, and funds generated from operations. We believe we have sufficient liquidity to fund our operations and meet our short-term and long-term obligations.

Our Revolving Credit Facility and outstanding Senior Notes have covenants that, we believe, allow us to operate our business with limited restrictions and significant flexibility for the foreseeable future. We believe the covenants contained in the Revolving Credit Facility will not limit our ability to raise additional debt or equity to satisfy our foreseeable liquidity needs during the next 12 months, should we choose to do so. We also do not believe it is likely that, during the next 12 months, we will trigger the availability threshold that would require measuring and maintaining a fixed charge coverage ratio.

At October 19, 2026, we had no outstanding borrowings under the Revolving Credit Facility. See Note 9 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for a description of our Revolving Credit Facility.

We engage in certain customer-based supply chain financing programs to accelerate the receipt of payment for outstanding accounts receivable from certain customers. Costs of these programs are typically reimbursed to us by the customer. Receivables transferred under these customer-based supply chain financing programs generally meet the requirements to be accounted for as sales resulting in the derecognition of such receivables from our consolidated balance sheets. Receivables involved with these customer‑based supply chain finance programs for the quarter ended September 30, 2026 constituted approximately 31% of our Net sales. See Note 8 of Notes to Interim Consolidated Financial Statements included in this Report for further details with respect to these supply chain financing programs.

Material Cash Requirements

See Note 9 of Notes to Consolidated Financial Statements included in Part II, Item 8. “Financial Statements and Supplementary Data” in our Annual Report on Form 10-K for the year ended December 31, 2025 for mandatory principal and cash interest payments on the outstanding borrowings. We do not believe that covenants in the indentures governing the Senior Notes are reasonably likely to limit our ability to obtain additional debt or equity financing should we choose to do so during the next 12 months. Except as otherwise disclosed in this Report, there has been no material change in our material cash requirements from significant contractual obligations, commercial commitments, or off-balance sheet arrangements other than in the ordinary course of business since December 31, 2025.

Capital Expenditures and Investments

We strive to strengthen our competitive position across our end markets through strategic capital investment aimed at increasing our capacity and expanding our manufacturing capabilities. While some of our recent capital projects have focused on further enhancing manufacturing cost efficiency, improving product quality, and promoting operational security, a significant portion over the past several years related to our investment in a fourth coating line at Warrick to increase our capacity for higher margin coated aluminum material for packaging applications and the Trentwood modernization projects, which focused on equipment upgrades throughout the process flow to reduce conversion costs, increase efficiency and process flow for heat-treated plate to achieve KaiserSelect® quality enhancements for Aero/HS Products and GE Products, and further improve our competitive cost position on all products produced at Trentwood. These improvements have allowed us to gain incremental manufacturing capacity and product performance to enable future sales growth.

Our capital investment plans remain focused on supporting demand growth through capacity expansion, sustaining our operations, enhancing product quality and increasing operating efficiencies. We anticipate total capital spending in 2026 of approximately $130.0 million. We expect to continue to deploy capital thoughtfully so that investment decisions align with demand expectations in order to maximize the earnings potential of the business and maintain financial strength and flexibility.

Capital investments will be funded using cash generated from operations, available cash and cash equivalents, borrowings under the Revolving Credit Facility and/or other third-party financing arrangements. The level of anticipated capital expenditures may be adjusted from time to time depending on our business plans, our price outlook for fabricated aluminum products, our ability to maintain adequate liquidity, and other factors. No assurance can be provided as to the timing of any such expenditures or the operational benefits expected therefrom.

Dividends

We have consistently paid a quarterly cash dividend since the second quarter of 2007 to holders of our common stock, including holders of restricted stock. Nevertheless, as in the past, the future declaration and payment of dividends, if any, will be at the discretion of our Board of Directors and will depend on a number of factors, including our financial and operating results, including the availability of surplus and/or net profits, liquidity position, anticipated cash requirements and contractual restrictions under our Revolving Credit Facility, the indentures for our Senior Notes or other indebtedness we may incur in the future. We can give no assurance that dividends will be declared and paid in the future.

We also pay quarterly dividend equivalents to the holders of certain restricted stock units. Holders of performance shares are not paid a quarterly dividend equivalent, but instead are entitled to receive, in connection with the issuance of underlying shares of common stock for performance shares that ultimately vest, a one-time payment equal to the dividends such holders would have received if the number of such shares of common stock so issued had been held of record by such holders from the date of grant of such performance shares through the date of such issuance.

See our Statements of Consolidated Stockholders’ Equity and Note 13 of Notes to Interim Consolidated Financial Statements included in this Report for information regarding dividends paid during the quarters ended September 30, 2026 and September 30, 2025, and declared subsequent to September 30, 2026.

Repurchases of Common Stock

We have not completed any share repurchases since March 2020. We will continue to assess share repurchases as a part of our capital allocation priorities and strategic investment opportunities identified to support further growth in our business. At September 30, 2026, $93.1 million remained authorized and available for future repurchases of common stock under our stock repurchase program.

See our Statements of Consolidated Stockholders’ Equity included in this Report for information regarding minimum statutory tax withholding obligations arising during the quarters ended September 30, 2026 and September 30, 2025 in connection with the vesting of non‑vested shares, restricted stock units, and performance shares.

Critical Accounting Estimates and Policies

Our consolidated financial statements are prepared in accordance with GAAP. In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue and expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates and such differences could be material.

Our significant accounting policies are discussed in Note 1 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. We discuss our critical accounting estimates in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10‑K for the year ended December 31, 2025. There have been no material changes in our critical accounting estimates and policies since December 31, 2025.

New Accounting Pronouncements

Information regarding new accounting pronouncements is included in Note 1 of our Interim Consolidated Financial Statements in this Form 10-Q.

Availability of Information

We file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements, any amendments to those reports and statements and other information with the SEC. You may obtain the documents that we file electronically from the SEC’s website at http://www.sec.gov. Our filings with the SEC are made available free of charge on our website at http://www.kaiseraluminum.com as soon as reasonably practicable after we file or furnish the materials with the SEC. News releases, announcements of upcoming earnings calls and events in which our management participates or hosts with members of the investment community and an archive of webcasts of such earnings calls and investor events and related investor presentations, are also available on our website. Information on our website is not incorporated into this Form 10-Q unless expressly noted.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The following quantitative and qualitative disclosures about market risk should be read in conjunction with Note 4 and Note 7 of Notes to Interim Consolidated Financial Statements included in this Report. Our operating results are sensitive to changes in the prices of primary aluminum, certain alloying metals, natural gas, electricity, and foreign currency, and also depend to a significant degree upon the volume and mix of products sold to customers. We have historically utilized hedging transactions to lock in a specified price or range of prices for certain products which we sell or consume in our production process, and to mitigate our exposure to changes in energy prices.

Aluminum

During the nine months ended September 30, 2026 and 2025, settlements of derivative contracts were for 173.3 million pounds and 88.8 million pounds, respectively, of hedged shipments sold on pricing terms that created aluminum price risk for us. At September 30, 2026, we had derivative contracts with respect to approximately 59.6 million pounds, 17.4 million pounds, and 0.2 million pounds to hedge sales to be made during the remainder of 2026, 2027, and 2028 respectively, on pricing terms that create aluminum price risk for us.

Based on the aluminum derivative positions held by us to hedge firm-price customer sales agreements, we estimate that a $0.10/lb decrease in the LME market price of aluminum as of September 30, 2026 and December 31, 2025, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $7.7 million and $2.5 million, respectively, with corresponding changes to the net fair value of our aluminum derivative positions. Additionally, we estimate that a $0.05/lb decrease in the MWP as of September 30, 2026 and December 31, 2025, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $3.9 million and $0.8 million, respectively, with corresponding changes to the net fair value of our aluminum derivative positions.

Alloying Metals

We are exposed to the risk of fluctuating prices of certain alloying metals, especially copper, zinc, and magnesium, to the extent that changes in their prices do not highly correlate with price changes for aluminum. Copper, zinc, magnesium, and certain other metals are used in our remelt operations to cast rolling ingot and extrusion billet with the proper chemistry for our products. From time to time, we enter into forward contract swaps and/or physical delivery commitments with third parties to mitigate our risk from fluctuations in the prices of these alloys. As of September 30, 2026, we had forward swap contracts with settlement dates designed to align with the timing of scheduled purchases of zinc and copper by our manufacturing facilities. We estimate that a $0.10/lb decrease in the market price of zinc and copper as of September 30, 2026 and December 31, 2025, with all other variables held constant, would have resulted in an unrealized mark‑to‑market loss of $0.4 million and $0.6 million, respectively, with corresponding changes to the net fair value of our zinc and copper derivative positions.

Energy

We are exposed to the risk of fluctuating prices for natural gas and electricity. We, from time to time, in the ordinary course of business, enter into hedging transactions and/or firm-price physical delivery commitments with third parties to mitigate our risk from fluctuations in natural gas and electricity prices. We estimate that a $1.00 per mmbtu decrease in natural gas prices would have resulted in an unrealized mark-to-market loss of $4.7 million and $3.1 million as of September 30, 2026 and December 31, 2025, respectively, with corresponding changes to the net fair value of our natural gas derivative positions. We estimate that a $5.00 per Mwh decrease in electricity prices would have resulted in an unrealized mark-to-market loss of $1.9 million, as of September 30, 2026, with corresponding changes to the net fair value of our electricity derivative positions. We had no outstanding electricity derivative positions as of December 31, 2025.

Foreign Currency

As of September 30, 2026, we hedged the foreign currency exchange rate risk related to certain Euro-denominated operating and capital expenditures using forward swap contracts with settlement dates through March 2028. We estimate that a 10% decrease in the exchange rate of our hedged foreign currencies to U.S. dollars would have resulted in an unrealized mark-to-market loss of $0.7 million and $0.1 million as of September 30, 2026 and December 31, 2025, respectively, with corresponding changes to the net fair value of our foreign currency derivative positions.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934 is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures was performed as of the end of the period covered by this Report under the supervision of and with the participation of our management, including the principal executive officer and principal financial officer. Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2026 at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting. We had no changes in our internal control over financial reporting during the nine months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Reference is made to Part I, Item 3. “Legal Proceedings” included in our Annual Report on Form 10-K for the year ended December 31, 2025 for information concerning material legal proceedings with respect to the Company. There have been no material developments since December 31, 2025.

Item 1A. Risk Factors

Reference is made to Part I, Item 1A. “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 for information concerning risk factors. There have been no material changes in risk factors since December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information regarding our repurchases of our common shares during the quarter ended September 30, 2026:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Equity Incentive Plan			Stock Repurchase Plan
		Total Number of Shares Purchased1			Average Price per Share			Total Number of Shares Purchased2			Average Price per Share			Maximum Dollar Value of Shares that May Yet Be Purchased Under the Programs (millions)2
July 1, 2026 - July 31, 2026			—			$	—				—			$	—			$	93.1
August 1, 2026 - August 31, 2026			—				—				—				—				93.1
September 1, 2026 - September 30, 2026			456				151.17				—				—				93.1
Total			456			$	151.17				—			$	—			n/a

Under our equity incentive plan, participants may elect to have us withhold common shares to satisfy minimum statutory tax withholding obligations arising from the recognition of income and the vesting of restricted stock, restricted stock units, and performance shares. When we withhold these shares, we are required to remit to the appropriate taxing authorities the market price of the shares withheld by us on the date of withholding. The withholding of common shares by us could be deemed a purchase of such common shares.

In September 2018, our Board of Directors authorized us to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $100.0 million. At September 30, 2026, $93.1 million remained available to repurchase our common shares pursuant to the stock repurchase program. The September 2018 authorization does not have an expiration date.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Arrangements. During the quarter ended September 30, 2026, no director or officer of the Company adopted, modified, or terminated a \"Rule 10b5-1 trading arrangement\" or \"non-Rule 10b5-1 trading arrangement\" as each term is defined in Item 408 of Regulation S-K.

*Item 6. Exhibits

Exhibit

Provided

Incorporated by Reference

No.

Exhibit Description

Herewith

Form

File Number

Exhibit

Filing Date

10.1

Offer Letter, dated August 12, 2026, between Kaiser Aluminum Corporation and Fred Stephan.

8-K

001-09447

10.1

August 17, 2026

10.2

Key Employee Severance Plan, as Amended.

8-K

001-09447

10.2

August 17, 2026

10.3

Transition Letter, dated August 12, 2026, between Kaiser Aluminum Corporation and Keith A. Harvey.

8-K

001-09447

10.3

August 17, 2026

31.1

Certification of Keith A. Harvey pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Neal E. West pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Keith A. Harvey pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Neal E. West pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
	KAISER ALUMINUM CORPORATION


	/s/ Neal E. West
	Neal E. West
	Executive Vice President and Chief Financial Officer (Principal Financial Officer)


	/s/ Vijai Narayan
	Vijai Narayan
	Vice President and Chief Accounting Officer (Principal Accounting Officer)

Date: October 22, 2026

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