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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 1-09447

KAISER ALUMINUM CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		94-3030279
(State of incorporation)		(I.R.S. Employer Identification No.)


1550 West McEwen Drive, Suite 500
Franklin, Tennessee		37067
(Address of principal executive offices)		(Zip Code)

(629) 252-7040

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	KALU	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 20, 2025, there were 16,206,255 shares of common stock of the registrant outstanding.

COMMONLY USED OR DEFINED TERMS


Term	Definition
Adjusted EBITDA	Earnings before interest, taxes, depreciation and amortization adjusted for non-run-rate items
Aero/HS Products	2000, 7000 and certain 6000 series alloys products used in the Aerospace, Defense, Space and other end markets requiring high strength applications
Alloy(s)	Certain metals such as copper, zinc, magnesium, manganese and silicon added to primary aluminum to obtain certain attributes
AOCI	Accumulated other comprehensive income (loss)
ASU	Accounting Standards Update
Automotive Extrusions	6000 series extruded aluminum products used in automotive applications
COGS	Cost of products sold, excluding depreciation and amortization
FIFO	First-in, first-out inventory valuation methodology
Form 10-Q	This Quarterly Report on Form 10-Q
GAAP	United States Generally Accepted Accounting Principles
GE Products	6000 series alloys products used in the General Engineering end markets
LIFO	Last-in, first-out inventory valuation methodology
LME	London Metal Exchange
Metal Price Lag	Management’s estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on MWTP (defined below), multiplied by our shipment volume during the periods. Metal Price Lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices.
MWTP	Midwest Transaction Price is equal to the LME aluminum price plus a Midwest premium
Newark	Kaiser Aluminum manufacturing facility located in Heath, Ohio, a suburb of Newark, Ohio
OPEB	Other Post Employment Benefits
Packaging	3000 and 5000 series alloys products used in the beverage and food packaging end markets
Revolving Credit Facility	Revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and the other financial institutions party thereto
Salaried VEBA	Salaried Voluntary Employees' Beneficiary Association
SEC	Securities and Exchange Commission
Senior Notes	Collectively, the fixed-rate unsecured notes we issued during the years ended December 31, 2019 and 2021 at the following interest rates and aggregate principal amounts, respectively: (i) 4.625% and $500.0 million; and (ii) 4.50% and $550.0 million
Term SOFR	Forward looking term rate based on the Secured Overnight Financing Rate
Trentwood	Kaiser Aluminum manufacturing facility located in Spokane Valley, Washington
WAC	Weighted average cost inventory valuation methodology
Warrick	Kaiser Aluminum manufacturing facility located in Newburgh, Indiana, in the county of Warrick

TABLE OF CONTENTS


PART I
Item 1. Financial Statements		1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		28
Item 3. Quantitative and Qualitative Disclosures About Market Risk		38
Item 4. Controls and Procedures		39

PART II
Item 1. Legal Proceedings		40
Item 1A. Risk Factors		40
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		40
Item 3. Defaults Upon Senior Securities		40
Item 4. Mine Safety Disclosures		40
Item 5. Other Information		40
Item 6. Exhibits		41

SIGNATURES		42

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	As of September 30, 2025			As of December 31, 2024 As Adjusted1
	(In millions of dollars, except share and per share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$	17.2		$	18.4
Receivables:
Trade receivables, net		388.9			319.7
Other		32.3			22.2
Contract assets		54.0			73.4
Inventories		702.3			601.9
Prepaid expenses and other current assets		49.5			39.0
Total current assets		1,244.2			1,074.6
Property, plant and equipment, net		1,199.8			1,161.2
Operating lease assets		24.1			27.2
Deferred tax assets, net		1.4			4.0
Intangible assets, net		42.1			45.5
Goodwill		18.8			18.8
Other assets		61.7			78.6
Total assets	$	2,592.1		$	2,409.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	392.8		$	266.9
Accrued salaries, wages and related expenses		58.4			54.3
Other accrued liabilities		49.5			79.3
Total current liabilities		500.7			400.5
Long-term portion of operating lease liabilities		22.8			25.2
Pension and OPEB		70.6			71.4
Deferred tax liabilities		64.6			44.1
Long-term liabilities		84.4			84.0
Long-term debt, net		1,042.9			1,041.6
Total liabilities		1,786.0			1,666.8
Commitments and contingencies – Note 7
Stockholders’ equity:
Preferred stock, 5,000,000 shares authorized at both September 30, 2025 and December 31, 2024; no shares were issued and outstanding at September 30, 2025 and December 31, 2024		—			—
Common stock, par value $0.01, 90,000,000 shares authorized at both September 30, 2025 and December 31, 2024; 23,041,541 shares issued and 16,206,255 shares outstanding at September 30, 2025; 22,931,184 shares issued and 16,095,898 shares outstanding at December 31, 2024		0.2			0.2
Additional paid in capital		1,128.0			1,117.0
Retained earnings		127.1			81.3
Treasury stock, at cost, 6,835,286 shares at both September 30, 2025 and December 31, 2024		(475.9	)		(475.9	)
AOCI		26.7			20.5
Total stockholders’ equity		806.1			743.1
Total liabilities and stockholders' equity	$	2,592.1		$	2,409.9

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)



	Quarter Ended September 30,						Nine Months Ended September 30,
	2025			2024 As Adjusted1			2025			2024 As Adjusted1
	(In millions of dollars, except share and per share amounts)
Net sales	$	843.5		$	747.7		$	2,444.0		$	2,258.6
Costs and expenses:
Cost of products sold, excluding depreciation and amortization		728.8			676.0			2,125.0			1,997.1
Depreciation and amortization		32.0			29.0			91.6			86.8
Selling, general, administrative, research and development		33.9			28.8			97.3			93.0
Restructuring costs		—			0.7			1.9			7.6
Other operating charges, net		—			—			—			0.4
Total costs and expenses		794.7			734.5			2,315.8			2,184.9
Operating income		48.8			13.2			128.2			73.7
Other (expense) income:
Interest expense		(12.4	)		(10.7	)		(36.1	)		(33.3	)
Other income, net – Note 9		11.4			8.7			14.4			19.1
Income before income taxes		47.8			11.2			106.5			59.5
Income tax provision		(8.3	)		(2.4	)		(22.2	)		(13.6	)
Net income	$	39.5		$	8.8		$	84.3		$	45.9

Net income per common share:
Basic	$	2.44		$	0.54		$	5.22		$	2.85
Diluted	$	2.38		$	0.54		$	5.10		$	2.81
Weighted-average number of common shares outstanding (in thousands):
Basic		16,192			16,087			16,156			16,062
Diluted		16,612			16,335			16,511			16,291

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)


	Quarter Ended September 30,					Nine Months Ended September 30,
	2025			2024 As Adjusted1		2025		2024 As Adjusted1
	(In millions of dollars)					(In millions of dollars)
Net income	$	39.5		$	8.8	$	84.3	$	45.9
Other comprehensive income (loss), net of tax – Note 8:
Defined benefit plans		0.2			0.5		0.7		(0.1	)
Cash flow hedges		(0.7	)		1.6		5.5		3.3
Other comprehensive (loss) income, net of tax		(0.5	)		2.1		6.2		3.2
Comprehensive income	$	39.0		$	10.9	$	90.5	$	49.1

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED STOCKHOLDERS’ EQUITY (UNAUDITED)

Nine Months Ended September 30, 2025


	Common Shares Outstanding1			Common Stock		Additional Paid in Capital			Retained Earnings			Treasury Stock			AOCI			Total
	(In millions of dollars, except share and per share amounts)
BALANCE, December 31, 2024, as adjusted2		16,095,898		$	0.2	$	1,117.0		$	81.3		$	(475.9	)	$	20.5		$	743.1
Net income		—			—		—			21.6			—			—			21.6
Other comprehensive income, net of tax		—			—		—			—			—			2.6			2.6
Common shares issued (including impacts from Long-Term Incentive programs)		84,115			—		—			—			—			—			—
Cancellation of shares to cover tax withholdings upon common shares issued		(25,637	)		—		(1.8	)		—			—			—			(1.8	)
Cash dividends declared3		—			—		—			(12.9	)		—			—			(12.9	)
Amortization of unearned equity compensation		—			—		4.2			—			—			—			4.2
BALANCE, March 31, 2025		16,154,376		$	0.2	$	1,119.4		$	90.0		$	(475.9	)	$	23.1		$	756.8
Net income		—			—		—			23.2			—			—			23.2
Other comprehensive income, net of tax		—			—		—			—			—			4.1			4.1
Common shares issued (including impacts from Long-Term Incentive programs)		23,582			—		0.4			—			—			—			0.4
Cancellation of shares to cover tax withholdings upon common shares issued		(219	)		—		—			—			—			—			—
Cash dividends declared2		—			—		—			(12.8	)		—			—			(12.8	)
Amortization of unearned equity compensation		—			—		4.3			—			—			—			4.3
BALANCE, June 30, 2025		16,177,739		$	0.2	$	1,124.1		$	100.4		$	(475.9	)	$	27.2		$	776.0
Net income		—			—		—			39.5			—			—			39.5
Other comprehensive loss, net of tax		—			—		—			—			—			(0.5	)		(0.5	)
Common shares issued (including impacts from Long-Term Incentive programs)		42,894			—		0.1			—			—			—			0.1
Cancellation of shares to cover tax withholdings upon common shares issued		(14,378	)		—		(1.1	)		—			—			—			(1.1	)
Cash dividends declared2		—			—		—			(12.8	)		—			—			(12.8	)
Amortization of unearned equity compensation		—			—		4.9			—			—			—			4.9
BALANCE, September 30, 2025		16,206,255		$	0.2	$	1,128.0		$	127.1		$	(475.9	)	$	26.7		$	806.1

At September 30, 2025, 449,765 shares were available for awards under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan, as amended and restated.

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

Dividends declared per common share were $0.77 for each of the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED STOCKHOLDERS’ EQUITY CONTINUED (UNAUDITED)

Nine Months Ended September 30, 2024


	Common Shares Outstanding			Common Stock		Additional Paid in Capital			Retained Earnings As Adjusted1			Treasury Stock			AOCI			Total As Adjusted1
	(In millions of dollars, except share and per share amounts)
BALANCE, December 31, 2023		16,015,791		$	0.2	$	1,104.7		$	10.1		$	(475.9	)	$	13.1		$	652.2
Cumulative effect of change in inventory valuation methodology, net of tax		—			—		—			56.2			—			—			56.2
Net income		—			—		—			18.2			—			—			18.2
Other comprehensive loss, net of tax		—			—		—			—			—			(2.1	)		(2.1	)
Common shares issued (including impacts from Long-Term Incentive programs)		56,416			—		—			—			—			—			—
Cancellation of shares to cover tax withholdings upon common shares issued		(16,175	)		—		(1.2	)		—			—			—			(1.2	)
Cash dividends declared2		—			—		—			(12.6	)		—			—			(12.6	)
Amortization of unearned equity compensation		—			—		4.0			—			—			—			4.0
BALANCE, March 31, 2024, as adjusted1		16,056,032		$	0.2	$	1,107.5		$	71.9		$	(475.9	)	$	11.0		$	714.7
Net income		—			—		—			18.9			—			—			18.9
Other comprehensive income, net of tax		—			—		—			—			—			3.2			3.2
Common shares issued (including impacts from Long-Term Incentive programs)		38,143			—		0.5			—			—			—			0.5
Cancellation of shares to cover tax withholdings upon common shares issued		(7,063	)		—		(0.6	)		—			—			—			(0.6	)
Cash dividends declared1		—			—		—			(12.7	)		—			—			(12.7	)
Amortization of unearned equity compensation		—			—		3.6			—			—			—			3.6
BALANCE, June 30, 2024, as adjusted1		16,087,112		$	0.2	$	1,111.0		$	78.1		$	(475.9	)	$	14.2		$	727.6
Net income		—			—		—			8.8			—			—			8.8
Other comprehensive income, net of tax		—			—		—			—			—			2.1			2.1
Common shares issued (including impacts from Long-Term Incentive programs)		1,000			—		0.1			—			—			—			0.1
Cancellation of shares to cover tax withholdings upon common shares issued		(357	)		—		—			—			—			—			—
Cash dividends declared1		—			—		—			(12.7	)		—			—			(12.7	)
Amortization of unearned equity compensation		—			—		3.5			—			—			—			3.5
BALANCE, September 30, 2024		16,087,755		$	0.2	$	1,114.6		$	74.2		$	(475.9	)	$	16.3		$	729.4

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

Dividends declared per common share were $0.77 for each of the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)


	Nine Months Ended September 30,
	2025			2024 As Adjusted1
	(In millions of dollars)
Cash flows from operating activities2:
Net income	$	84.3		$	45.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment		88.2			83.4
Amortization of definite-lived intangible assets		3.4			3.4
Amortization of debt premium and debt issuance costs		1.7			1.8
Deferred income taxes		21.2			10.4
Non-cash equity compensation		13.9			11.7
Non-cash asset impairment charge3		—			3.6
Non-cash unrealized loss on derivative positions		—			2.2
Gain on disposition of property, plant and equipment		(9.1	)		(3.7	)
Bad debt expense		0.3			0.3
Non-cash postretirement and postemployment defined benefit plan cost		7.1			6.8
Changes in operating assets and liabilities:
Trade and other receivables		(79.7	)		(33.7	)
Contract assets		19.4			(3.5	)
Inventories		(100.4	)		(8.0	)
Prepaid expenses and other current assets		(3.4	)		(5.6	)
Accounts payable		122.3			17.5
Accrued liabilities		(28.3	)		(11.6	)
Annual variable cash contributions to Salaried VEBA		(0.7	)		(1.1	)
Long-term assets and liabilities, net		(8.2	)		3.9
Net cash provided by operating activities		132.0			123.7
Cash flows from investing activities2:
Capital expenditures		(106.4	)		(124.8	)
Purchase of equity securities		(0.4	)		(0.1	)
Proceeds from sale of equity securities		6.4			0.3
Proceeds from disposition of property, plant and equipment		10.7			6.0
Net cash used in investing activities		(89.7	)		(118.6	)
Cash flows from financing activities2:
Borrowings under the Revolving Credit Facility		290.4			—
Repayment of borrowings under the Revolving Credit Facility		(290.4	)		—
Repayment of finance lease		(1.8	)		(2.0	)
Cancellation of shares to cover tax withholdings upon common shares issued		(2.9	)		(1.8	)
Cash dividends and dividend equivalents paid		(38.5	)		(38.0	)
Net cash used in financing activities		(43.2	)		(41.8	)
Net decrease in cash, cash equivalents and restricted cash during the period		(0.9	)		(36.7	)
Cash, cash equivalents and restricted cash at beginning of period		37.9			100.7
Cash, cash equivalents and restricted cash at end of period	$	37.0		$	64.0

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

See Note 12 for supplemental cash flow information.

Non-cash asset impairment charge for the nine months ended September 30, 2024 is comprised of: (i) a $3.2 million inventory write-down related to certain alloying metals and (ii) a $0.4 million impairment charge on land held for sale.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES INDEX


Note 1	Basis of Presentation and Recent Accounting Pronouncements	8
Note 2	Supplemental Balance Sheet Information	10
Note 3	Employee Benefits	11
Note 4	Restructuring	12
Note 5	Derivatives, Hedging Programs and Other Financial Instruments	13
Note 6	Debt and Credit Facility	16
Note 7	Commitments and Contingencies	18
Note 8	Accumulated Other Comprehensive Income	19
Note 9	Other Income, Net	20
Note 10	Income Tax Matters	20
Note 11	Earnings Per Share	21
Note 12	Supplemental Cash Flow Information	22
Note 13	Business, Product, and Geographical Area Information	22
Note 14	Change in Accounting Principle	24
Note 15	Subsequent Events	26

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

1. Basis of Presentation and Recent Accounting Pronouncements

This Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Unless the context otherwise requires, references in these notes to interim consolidated financial statements - unaudited to “Kaiser,” “we,” “us,” “our,” “the Company” and “our Company” refer collectively to Kaiser Aluminum Corporation and its subsidiaries.

Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries and are prepared in accordance with GAAP and the rules and regulations of the SEC applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. We have reclassified certain items in prior periods to conform to current classifications. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2025 fiscal year. The financial information as of December 31, 2024 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2024, except for the change in accounting principle disclosed in Note 14 of Notes to Interim Consolidated Financial Statements included in this Report.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations.

Change in Accounting Principle. Effective January 1, 2025, the Company changed its inventory valuation methodology from LIFO to WAC for its finished products, work-in-process, and raw material inventories. This change is preferable because the Company believes that it improves the comparability of the Company's operational results between periods by removing LIFO income or charge in a period resulting from LIFO valuation and changes to historical LIFO layers. Additionally, the Company believes that the new valuation methodology better reflects the physical flow of goods and simplifies the financial close process by utilizing the WAC valuation methodology for all internal and external reporting purposes. The effects of this change have been retrospectively applied to all prior periods presented. See Note 14 for additional information regarding the change in inventory valuation methodology.

Accounting Pronouncements Issued But Not Yet Adopted

Disclosure Improvements. In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06 (“ASU 2023-06”), Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The guidance amends GAAP to reflect updates and simplifications to certain disclosure requirements referred to the FASB by the SEC. The amendments in ASU 2023-06 will become effective on the date which the SEC’s removal of the related disclosure becomes effective. If by June 30, 2027, the SEC does not remove the related disclosure, the pending amendment will be removed from ASC 2023-06 and it will not be effective. Adoption of ASU 2023-06 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on our consolidated financial statements.

Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the annual income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2023-09 prospectively in the fourth quarter of fiscal 2025 and do not expect this ASU to have a material impact on our consolidated financial statements.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance requires additional, disaggregated disclosure about certain income statement expense line items. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2024-03 prospectively in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.

Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU No. 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities with a practical expedient to simplify the estimation of expected credit losses by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.

Accounting for Internal-Use Software. In September 2025, the FASB issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which improves the operability of the guidance by removing all references to software development stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of the annual reporting period. The amendments may be applied by using a prospective transition approach, a retrospective transition approach, or a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

2. Supplemental Balance Sheet Information


	As of September 30, 2025			As of December 31, 2024 As Adjusted1
	(In millions of dollars)
Trade Receivables, Net
Billed trade receivables	$	389.5		$	320.5
Allowance for doubtful receivables		(0.6	)		(0.8	)
Trade receivables, net	$	388.9		$	319.7

Inventories
Finished products	$	144.1		$	130.0
Work-in-process		296.0			229.1
Raw materials		246.8			228.7
Operating supplies		15.4			14.1
Inventories	$	702.3		$	601.9

Property, Plant and Equipment, Net
Land and improvements	$	38.7		$	37.2
Buildings and leasehold improvements		320.9			256.3
Machinery and equipment 2		1,562.9			1,337.4
Construction in progress		128.7			297.5
Property, plant and equipment, gross		2,051.2			1,928.4
Accumulated depreciation and amortization		(851.5	)		(767.5	)
Land held for sale		0.1			0.3
Property, plant and equipment, net	$	1,199.8		$	1,161.2

Other Assets
Assets to be conveyed associated with Warrick acquisition 2	$	—		$	18.3
Restricted cash – Note 12		19.8			19.5
Long-term replacement parts		25.5			18.3
Other		16.4			22.5
Other assets	$	61.7		$	78.6

Other Accrued Liabilities
Uncleared cash disbursements	$	1.4		$	24.5
Accrued income taxes and other taxes payable		11.5			11.1
Accrued annual contribution to Salaried VEBA		—			0.7
Accrued interest		10.5			9.9
Short-term environmental accrual – Note 7		0.7			0.7
Current operating lease liabilities		5.3			6.3
Current finance lease liabilities		2.4			2.4
Current deferred compensation plan liabilities – Note 3		0.4			6.7
Other – Note 5		17.3			17.0
Other accrued liabilities	$	49.5		$	79.3

Long-Term Liabilities
Workers' compensation accrual	$	27.7		$	26.8
Long-term environmental accrual – Note 7		17.5			17.7
Other long-term liabilities		39.2			39.5
Long-term liabilities	$	84.4		$	84.0

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At September 30, 2025, such assets are presented within Machinery and equipment.

3. Employee Benefits

Deferred Compensation Plan

Assets of our deferred compensation plan are included in Other assets, classified within Level 1 of the fair value hierarchy and are measured and recorded at fair value based on their quoted market prices. The following table presents the fair value of these assets (in millions of dollars):


	As of September 30, 2025		As of December 31, 2024
Deferred compensation program - Diversified investment funds in registered investment companies	$	6.6	$	11.9

Assets in the trust are accounted for as equity investments with changes in fair value recorded within Other income, net (see Note 9). Offsetting liabilities relating to the deferred compensation plan are included in Other accrued liabilities and Long-term liabilities.

Short-Term Incentive Plans

As of September 30, 2025, we had a liability of $20.0 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments under the 2025 short-term incentive plans.

Postretirement and Postemployment Benefit Plans

The following table presents the total expense related to all postretirement and postemployment benefit plans (in millions of dollars):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Defined contribution plans1	$	4.2	$	4.4	$	14.8	$	14.4
Deferred compensation plan2		0.5		0.5		1.1		1.2
Multiemployer pension plans1		1.6		1.6		4.7		4.6
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans2,3		2.3		2.5		7.1		6.8
Total	$	8.6	$	9.0	$	27.7	$	27.0

Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) within our Statements of Consolidated Income. For the nine months ended September 30, 2024, the expense presented for our multiemployer pension plans excludes a $4.6 million charge to Restructuring costs (see Note 4).

Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within Other income, net, on our Statements of Consolidated Income.

The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other income, net, on our Statements of Consolidated Income.

Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

Components of Net Periodic Postretirement and Postemployment Benefit Cost. The following tables present the components of Net periodic postretirement and postemployment benefit cost relating to our defined benefit plans (in millions of dollars):


	Pension Plans						OPEB						Salaried VEBA
	Quarter Ended						Quarter Ended						Quarter Ended
	September 30,						September 30,						September 30,
	2025			2024			2025			2024			2025			2024
Service cost	$	0.9		$	0.7		$	0.2		$	0.3		$	—		$	—
Interest cost		0.4			0.4			0.9			0.8			0.6			0.5
Expected return on plan assets		(0.4	)		(0.3	)		—			—			(0.6	)		(0.6	)
Amortization of prior service cost1		0.3			0.2			—			—			0.7			0.8
Amortization of net actuarial gain		(0.1	)		—			(0.5	)		(0.3	)		(0.1	)		—
Total net periodic postretirement and postemployment benefit cost	$	1.1		$	1.0		$	0.6		$	0.8		$	0.6		$	0.7


	Pension Plans						OPEB						Salaried VEBA
	Nine Months Ended						Nine Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,
	2025			2024			2025			2024			2025			2024
Service cost	$	2.6		$	2.7		$	0.7		$	0.8		$	—		$	—
Interest cost		1.2			1.2			2.6			2.5			1.7			1.6
Expected return on plan assets		(1.1	)		(1.0	)		—			—			(1.7	)		(1.7	)
Amortization of prior service cost1		0.7			0.5			—			—			2.2			1.0
Amortization of net actuarial gain		(0.1	)		—			(1.4	)		(0.8	)		(0.3	)		—
Total net periodic postretirement and postemployment benefit cost	$	3.3		$	3.4		$	1.9		$	2.5

KAISER ALUMINUM CORP 10-Q