Novelis — Q1 FY2027 Earnings Presentation
31 slides from Novelis's earnings presentation, Aug 5, 2026
Slide 1: Hindalco cover letter to exchanges
August 5, 2026 BSE Limited National Stock Exchange of India Limited Luxembourg Stock Exchange Scrip Code: 500440 Scrip Code: HINDALCO Scrip Code: US4330641022 Sub: News Release and Earnings Presentation of Novelis Inc., a wholly owned subsidiary of Hindalco Industries Limited [“Company”] for its res
Slide 2: Novelis Reports First Quarter Fiscal Year 2027 Results
News Release Novelis Reports First Quarter Fiscal Year 2027 Results Q1 Fiscal Year 2027 Highlights • Net income attributable to our common shareholder of $164 million, up 71% YoY. Net income attributable to our common shareholder, excluding special items, was $265 million, up 128% YoY • Adjusted EBI
Slide 3: Update on Recovery at Oswego Plant
“With Oswego back online and Bay Minette's commissioning process getting underway, we are confident in our expectation to return to positive free cash flow in the fourth quarter of this fiscal year,” said Dev Ahuja, executive vice president and CFO, Novelis Inc. “Supported by ongoing cost discipline
Slide 4: Forward-looking statements
followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward-looking statements in this news release are: our confidence in a continued strong market and our ability to capture demand, the commiss
Slide 5: Condensed Consolidated Statements of Operations
Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, (in millions) 2026 2025 Net sales $ 5,793 $ 4,717 Cost of goods sold (exclusive of depreciation and amortization) 4,865 4,076 Selling, general and administrative expenses 181 175 Depreciation and amo
Slide 6: Condensed Consolidated Balance Sheets
Novelis Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) June 30, March 31, (in millions, except number of shares) 2026 2026 ASSETS Current assets: Cash and cash equivalents $ 1,105 $ 1,254 Accounts receivable, net — third parties (net of allowance for uncollectible accounts of $7 as of June 3
Slide 7: Condensed Consolidated Statements of Cash Flows
Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended June 30, (in millions) 2026 2025 OPERATING ACTIVITIES Net income $ 164 $ 96 Adjustments to determine net cash provided by operating activities: Depreciation and amortization 150 148 Gain on unrealized derivat
Slide 8: 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 June 30, Year Ended TTM Ended(1) (in millions) 202
Slide 9: 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. Three Months Ended June 30, (in millions) 2026 2025 Net cash (used in) provided by operating activities(1) $
Slide 10: 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 11: Novelis Q1 Fiscal Year 2027 Earnings Presentation
Novelis Q1 Fiscal Year 2027 Earnings Presentation August 5, 2026 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer
Slide 12: 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 13: Recent highlights
Recent highlights • Underlying business continues to perform well - Q1FY27 Adj. EBITDA/tonne $563, up 30% YoY • Excluding the net positive impact from Oswego fires & insurance recovery, Q1FY27 Adj. EBITDA per tonne $525 - Demand for aluminum products remains resilient - High-recycled-content busines
Slide 14: Oswego, NY, U.S. plant restart
Oswego, NY, U.S. plant restart • Our Oswego, NY, plant in the U.S. experienced two separate, significant fires, in late 2025 • Operations at Oswego restarted in June and production is ramping up • Majority of expected cost impact already realized • Recognized $300 million of insurance recoveries thr
Slide 15: Financial Highlights
Financial Highlights 5
Slide 16: Q1 Financial Highlights
Q1 Financial Highlights Q1FY27 vs Q1FY26 • Net Sales up 23% YoY to $5.8 billion • Total FRP shipments down 5% YoY to 916kt – Estimated 33kt lower than expected shipments due to Oswego fires • Adjusted EBITDA up 24% YoY to $516 million – Q1FY27 includes an estimated $18 million net positive impact fr
Slide 17: Q1 Adjusted EBITDA Bridge vs. prior year
Q1 Adjusted EBITDA Bridge vs. prior year $ millions 516 55 12 86 416 Includes $47M of Oswego insurance proceeds 5 (58) Q1FY26 Volume Price/Mix Operating Cost SG&A FX & Other Q1FY27 7 Novelis Q1FY27 Earnings
Slide 18: Q1 Segment Results
Q1 Segment Results Adjusted EBITDA Total FRP Shipments ($ millions) (kts) $150 400 Q1 Shipments -3%, Adjusted EBITDA -17% 350 $133 300 • Lower shipments and unfavorable product mix due to Oswego fires $100 $111 250 North America 200 • Higher net negative tariffs and lower scrap consumption $50 150 •
Slide 19: Q1 Segment Results
Q1 Segment Results Adjusted EBITDA Total FRP Shipments ($ millions) (kts) $150 250 Q1 Shipments +8%, Adjusted EBITDA +30% 200 $121 $100 150 • Higher beverage packaging, specialties and aerospace shipments $93 Asia • Favorable metal benefit 100 $50 • Unfavorable product mix 50 $0 0 Q1FY26 Q1FY27 $250
Slide 20: Structural cost-efficiency initiative driving results
Structural cost-efficiency initiative driving results Current & Targeted exit run rate savings • Over $225 million in run rate savings through Q1FY27 ($ millions) ~$350M- • Anticipate ~$300 million run rate savings by end of FY27 450 $400M ~400 400 350 • Target ~$350-400 million in total savings by
Slide 21: 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) YTD YTD Fiscal year end Recent quarter trend FY27 FY26 Adjusted EBITDA 516 416 4.5 Interest paid (50) (37) 4.1 3.7 Taxes paid (51) (37) 3.2 3.4 2.9 Capital expenditures (775) (38
Slide 22: Strategic Updates & Outlook
Strategic Updates & Outlook
Slide 23: End Market Trends
End Market Trends Long-term growth rates & trends Near-term market demand trends • Energy drinks, CSDs and specialty cans remain key growth BEVERAGE • FY2026-2031 CAGR ~4% (excluding China) drivers, while beer is stabilizing in some markets PACKAGING • Sustainability preferences driving package mix
Slide 24: Bay Minette Project Update
Bay Minette Project Update • Building a 600kt, state-of-the-art aluminum plant in capacity constrained U.S. market • Commissioning process is underway • Expect to commence commercial shipments in Q1 FY28 • Estimated total capital cost remains in the order of $5 billion Exterior & interior images of
Slide 25: Summary
Summary • Strong underlying performance driven by favorable market conditions combined with successful cost efficiency program • Oswego operations restarted in early June and ramping up to support customer demand • Bay Minette plant commissioning underway and poised to produce commercial shipments n
Slide 26: Thank You
Thank You www.novelis.com finx @ Novelis
Slide 27: Appendix
Appendix
Slide 28: Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder
Reconciliation of Adjusted EBITDA to Net Income Attributable to our Common Shareholder Q1 (in $ millions) Q1 Q2 Q3 Q4 FY26 FY27 Net income attributable to our common shareholder 96 163 (160) (84) 15 164 Noncontrolling interests - - 1 (1) - - Income tax provision 50 61 4 (114) 1 64 Interest, net 62 6
Slide 29: Cash provided by operating activities reconciliation to Adjusted free cash flow
Cash provided by operating activities reconciliation to Adjusted free cash flow Q1 (in $ m) Q1 Q2 Q3 Q4 FY26 FY27 Net cash provided (used) by operating activities (1) 105 306 (501) (103) (193) (455) Net cash used in investing activities (1) (400) (510) (640) (614) (2,164) (676) Plus: Cash used in th
Slide 30: Adjusted Net debt and Liquidity
Adjusted Net debt and Liquidity Q1 (in $ m) Q1 Q2 Q3 Q4 FY26 FY27 Long-term debt, net of current portion 6,230 6,324 6,317 6,551 6,551 6,567 Current portion of long-term debt 33 35 52 54 54 56 Short-term borrowings 320 527 592 1,305 1,305 2,284 Unamortized carrying value adjustments 62 70 68 68 68 6
Slide 31: Reconciliation of Net income excluding special items
Reconciliation of Net income attributable to our common shareholder, excluding special items Q1 (in $ m) Q1 Q2 Q3 Q4 FY26 FY27 Net income attributable to our common shareholder $96 $163 $(160) $(84) $15 $164 Special Items: Gain on sale of a business - - - (7) (7) - Loss on extinguishment of debt, ne