Novelis — Q4 FY2026 Earnings Presentation
33 slides from Novelis's earnings presentation, May 19, 2026
Slide 1: Hindalco cover letter: Novelis Q4 FY26 results filing
May 19, 2026 BSE Limited National Stock Exchange of India Limited Luxembourg Stock Exchange Scrip Code: 500440 Scrip Code: HINDALCO Scrip Code: US4330641022 Sub: Press Release and Investor Presentation of Novelis Inc. a wholly owned subsidiary of Hindalco Industries Limited [“Company”] for its resul
Slide 2: Novelis Reports Fourth Quarter and Full Fiscal Year 2026 Results
News Release Novelis Reports Fourth Quarter and Full Fiscal Year 2026 Results Q4 Fiscal Year 2026 Highlights • Net loss attributable to our common shareholder of $84 million, compared to a net income attributable to our common shareholder of $294 million in the prior year, impacted by Oswego, U.S.,
Slide 3: Full Year Fiscal Year 2026 Results
year-over-year to $459 million in the fourth quarter of fiscal year 2026, impacted by an estimated negative $53 million resulting from production interruptions at Oswego and a net negative tariff impact, partially offset by lower aluminum scrap prices and higher Sierre flood insurance recoveries. Fu
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures This news release and the presentation slides for the earnings call contain non-GAAP financial measures as defined by SEC rules. We believe these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our pe
Slide 5: Forward-looking statements and contacts
ended March 31, 2026 and as the same may be updated from time to time in our quarterly reports on Form 10-Q, or in other reports which we from time to time file with the SEC. Media Contact: Investor Contact: Julie Groover Megan Cochard +1 404 316 7525 +1 404 760 4170 [email protected]
Slide 6: Condensed Consolidated Statements of Operations
Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Fiscal Year Ended March 31, March 31, (in millions) 2026 2025 2026 2025 Net sales $ 4,787 $ 4,587 $ 18,434 $ 17,149 Cost of goods sold (exclusive of depreciation and amortization) 3,970 3,862 15,587 14,469 Se
Slide 7: Condensed Consolidated Balance Sheets
Novelis Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) March 31, March 31, (in millions, except number of shares) 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 1,254 $ 1,036 Accounts receivable, net — third parties (net of allowance for uncollectible accounts of $7 as of March
Slide 8: Condensed Consolidated Statements of Cash Flows
Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Fiscal Year Ended March 31, (in millions) 2026 2025 OPERATING ACTIVITIES Net (loss) income $ 15 $ 683 Adjustments to determine net cash provided by operating activities: Depreciation and amortization 616 575 Loss (gain) on unre
Slide 9: Reconciliation of Adjusted EBITDA to Net Income
Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder (unaudited) The following table reconciles Adjusted EBITDA, a non-GAAP financial measure, to net income attributable to our common shareholder. Three Months Ended Fiscal Year Ended March 31, March 31, (in millions
Slide 10: Adjusted Free Cash Flow and Net Leverage Ratio
Adjusted Free Cash Flow (unaudited) The following table reconciles Adjusted Free Cash Flow, a non-GAAP financial measure, to net cash provided by operating activities - continuing operations. Fiscal Year Ended March 31, (in millions) 2026 2025 Net cash (used in) provided by operating activities(1) $
Slide 11: Net Income Excluding Special Items Reconciliation
Reconciliation of Net Income Attributable to our Common Shareholder, Excluding Special Items to Net Income Attributable to our Common Shareholder (unaudited) The following table presents net income attributable to our common shareholder excluding special items, a non- GAAP financial measure. We adju
Slide 12: Segment Information
Segment Information (unaudited) The following tables present selected segment financial information (in millions, except shipments which are in kilotonnes). Selected Operating Results North South Eliminations Three Months Ended March 31, 2026 America Europe Asia America and Other Total Adjusted EBIT
Slide 13: Novelis Q4 & Full Fiscal Year 2026 Earnings
Novelis Q4 & Full Fiscal Year 2026 Earnings Presentation May 19, 2026 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer
Slide 14: Safe Harbor Statement
Safe Harbor Statement Forward-looking statements Statements made in this presentation which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or incl
Slide 15: Recent highlights
Recent highlights • Underlying business continues to perform well - Q4FY26 Adj EBITDA/tonne $544, up 10% YoY - Demand for aluminum products remains resilient - High-recycled-content business model benefitting from improving scrap markets - Exited FY26 with over $200 million in run-rate cost savings
Slide 16: Oswego, NY, U.S. plant recovery & restart
Oswego, NY, U.S. plant recovery & restart • Our Oswego, NY, plant in the U.S. experienced two Estimated Impact separate, significant fires, in September and • The plant is insured for property damage and business November 2025 interruption losses related to such events • All employees were safely ev
Slide 17: Financial Highlights
Financial Highlights 5
Slide 18: Q4 Financial Highlights
Q4 Financial Highlights Q4FY26 vs Q4FY25 • Net Sales up 4% YoY to $4.8 billion • Total FRP shipments down 12% to 844kt – Estimated 73kt lower than expected shipments due to Oswego fires • Adjusted EBITDA down 3% YoY to $459 million – Q4FY26 impacted by estimated negative $53 million from Oswego fire
Slide 19: Q4 Segment Results
Q4 Segment Results Adjusted EBITDA Total FRP Shipments ($ millions) (kts) $200 400 Q4 Shipments -19%, Adjusted EBITDA -51% 350 $150 300 • Lower shipments & unfavorable product mix mainly due to Oswego fires $150 250 North America $100 200 • Adjusted EBITDA negatively impacted $53 million from Oswego
Slide 20: Q4 Segment Results
Q4 Segment Results Adjusted EBITDA Total FRP Shipments ($ millions) (kts) $125 250 Q4 Shipments +14%, Adjusted EBITDA -20% $100 200 $75 $89 150 • Higher beverage packaging and automotive shipments to support Asia $71 North America $50 100 • Unfavorable product mix $25 50 • Less favorable metal benef
Slide 21: Full Year FY26 Financial Highlights
Full Year FY26 Financial Highlights FY26 vs FY25 • Net Sales up 7% YoY to $18.4 billion • Total FRP shipments down 5% to 3,557kt – Estimated 145kt lower than expected shipments due to Oswego fires • Adjusted EBITDA down 9% YoY to $1,645 million – FY26 results impacted by estimated net negative $104
Slide 22: Adj Free Cash Flow and Net Leverage
Adj Free Cash Flow and Net Leverage $ millions Adjusted free cash flow Net leverage ratio (Adj. Net debt/TTM Adj. EBITDA) 5.0 FY26 FY25 4.1 Adjusted EBITDA 1,645 1,802 4.0 Interest paid (242) (247) 2.9 Taxes paid (180) (250) 2.9 3.0 Capital expenditures (2,343) (1,689) 2.3 2.2 2.3 Metal price lag 51
Slide 23: Structural cost-reduction initiative driving results
Structural cost-reduction initiative driving results Current & Targeted run rate savings • Delivered more than $125 million of in-year savings in FY26 ($ millions) • Exited FY26 at a run rate savings over $200 million compared to 450 ~400 the original target $75+ million 400 350 • Now target ~$350-4
Slide 24: Strategic Updates & Outlook
Strategic Updates & Outlook
Slide 25: End Market Trends
End Market Trends ` Long-term growth rates & trends (1) Near-term market demand trends BEVERAGE • FY2026-2031 CAGR ~4% (excluding China) PACKAGING • Global beverage packaging demand remains strong across • Sustainability preferences driving package mix shift (62% of FY26 Shipments) regions favoring
Slide 26: Bay Minette Project Update
Bay Minette Project Update • Building a 600kt, state-of-the-art aluminum plant in capacity constrained U.S. market • Estimated total capital cost remains in the order of $5 billion – $3.2 billion capital expenditures spent through end of FY26 • Cold mill began commissioning process in March Exterior
Slide 27: Summary
Summary • Strong underlying performance driven by positive market conditions combined with successful cost efficiency program • Expect Oswego ramp-up ahead of schedule to support customer demand • Bay Minette project cost and timeline remain on track • Anticipate a return to positive free cash flow
Slide 28: Thank You
Thank You www.novelis.com finx @ Novelis
Slide 29: Appendix
Appendix
Slide 30: Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder
Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder (in $ millions) Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 Net income attributable to our common shareholder 151 128 110 294 683 96 163 (160) (84) 15 Noncontrolling interests (1) 1 - - - - - 1 (1) - Income tax provision 60
Slide 31: Cash provided by operating activities reconciliation to Adjusted free cash flow
Cash provided by operating activities reconciliation to Adjusted free cash flow (in $ m) Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 Net cash provided (used) by operating activities (1) 74 300 (111) 688 951 105 306 (501) (103) (193) Net cash used in investing activities (1) (354) (365) (459) (512) (1,690) (40
Slide 32: Adjusted Net debt and Liquidity
Adjusted Net debt and Liquidity (in $ m) Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 Long-term debt, net of current portion 4,859 4,889 4,997 5,773 5,773 6,230 6,324 6,317 6,551 6,551 Current portion of long-term debt 33 30 29 32 32 33 35 52 54 54 Short-term borrowings 623 868 1,019 348 348 320 527 592 1,305
Slide 33: Reconciliation of Net income excluding special items
Reconciliation of Net income attributable to our common shareholder, excluding special items (in $ m) Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 Net income attributable to our common shareholder $151 $128 $110 $294 $683 $96 $163 $(160) $(84) $15 Special Items: Gain on sale of a business - - - - - - - - (7) (