Kaiser Aluminum: 2Q26 Earnings Beat, FY26 Guidance Raised on Strong Demand and Improved Mix

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Kaiser Aluminum: 2Q26 Earnings Beat, FY26 Guidance Raised on Strong Demand and Improved Mix

J P M O R G A N North America Credit Research

22 July 2026

Overweight

Kaiser Aluminum KALU

2Q26 Earnings Beat, FY26 Guidance Raised on Strong Moody's:S&P: B1BB- Outlook:Outlook: POSSTABLE

The above agency ratings are at the corporate levelDemand and Improved Mix

North America Corporate Credit –

Basics (IG), Metals & Mining,

Building and Paper & Packaging

(HY)

Arjun Chandar AC

(1-212) 834-4047

Table 1: KALU 2Q26 Earnings Review arjun.c.chandar@jpmorgan.com

J.P. Morgan Securities LLC

$ millions 2Q26 1Q26 q/q 2Q25 y/y

Revenues 1,256.6 1,106.8 13.5% 823.1 52.7%

Gross Profit 199.0 163.6 21.6% 100.3 98.4%

% margin 15.8% 14.8% 104 bp 12.2% 364 bp

Adjusted EBITDA 166.0 128.5 29.2% 67.7 145.2%

% margin 13.2% 11.6% 161 bp 8.2% 501 bp

LTM Adj EBITDA 463.6 365.3 310.2

Cash 59.0 30.0 13.1

Total Debt 1,050.0 1,050.0 1,050.0

Net Debt 991.0 1,020.0 1,036.9

Gross Leverage 2.3x 2.9x 3.4x

Net Leverage 2.1x 2.8x 3.3x

Source: Company Reports

Earnings Review: KALU reported strong 2Q26 results, reflective of strong

demand across end markets, improved mix in Packaging and a favorable pricing

environment. Revenues increased 53% y/y and 14% sequentially to $1.26bn and

adjusted EBITDA increased over 2x y/y and 29% q/q to $166m. Shipments

increased 6% y/y and adjusted EBITDA benefited from a ~$27m favorable metal

price lag. Demand in the company’s packaging end market for coated products and

strengthening aerospace production drove the beat at KALU as destocking

continued to ease in the latter. Conversion revenue increased 17% y/y due to strong

pricing and improved product mix in Packaging. The company ended the quarter

with $628m in liquidity, including $59m in cash. Net leverage improved over a half