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Kaiser Aluminum (KALU) investor relations material
Kaiser Aluminum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net sales for Q3 2025 rose to $844 million, up 13% year-over-year, driven by higher realized sales prices despite an 8% decrease in shipments due to a planned outage at Trentwood for capacity expansion.
Adjusted EBITDA for Q3 2025 was $81.3 million with a 23.2% margin, up $35.1 million year-over-year, exceeding expectations and marking the fourth consecutive period of outperformance.
Net income for Q3 2025 was $40 million ($2.38 per diluted share), with adjusted net income of $31 million ($1.86 per share), both significantly higher than the prior year.
Major strategic investments at Trentwood and Warrick are nearing completion, with $20 million in non-recurring startup costs incurred in the quarter.
Underlying business fundamentals and net debt leverage ratio improved to 3.6x from 4.3x at year-end 2024.
Financial highlights
Q3 2025 net sales were $844 million (+13% YoY), with conversion revenue of $351 million and shipments of 270 million lbs.
Adjusted EBITDA for Q3 2025 was $81.3 million (vs. $46.2 million prior year); nine months: $222.4 million (vs. $174.4 million prior year).
Net income for Q3 2025 was $40 million (vs. $9 million prior year); adjusted net income was $31 million (vs. $5 million prior year).
Operating income increased to $49 million from $13 million in the prior year quarter.
Cash provided by operating activities for the first nine months was $132 million.
Outlook and guidance
Full-year 2025 Adjusted EBITDA outlook raised to 20–25% growth year-over-year, with conversion revenue expected to be flat to up 5%.
Capital expenditures for 2025 projected at ~$130 million; free cash flow expected between $30 million and $50 million.
Aero/HS shipments and conversion revenue expected to decline ~10% year-over-year due to outage and destocking, with recovery anticipated in Q4.
Packaging conversion revenue expected to rise 12–15% for the year, with shipments down 3–5% as new coating line ramps.
General engineering and automotive conversion revenue both expected to increase 3–10% year-over-year.
Future impact of Trentwood/Warrick startup costs?
Quantify Q3 metal price lag contribution to EBITDA.
What drove Packaging conversion revenue growth?
What drives the measured ramp of Warrick capacity?
Tariffs' impact on market share and pricing power.
Path to mid-to-high 20% EBITDA margins.
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Next Kaiser Aluminum earnings date
Q4 202519 Feb, 2026
Next Kaiser Aluminum earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
American Aluminum Experts
Kaiser Aluminum is an American manufacturer of aluminum products. It serves a variety of sectors including aerospace, automotive, and general engineering. The company's product line encompasses a wide range of aluminum mill products from sheet and plate to extrusions and rod, bar, and tube products. The company is headquartered in Franklin, Tennessee, and its shares are listed on the Nasdaq.
Foundation, Bankruptcy, and Refocusing the Business
The company was born out of the burgeoning industrial demands of World War II, initially focusing on aluminum sheet and plate products. Post-war, Kaiser Aluminum expanded its operations, diversifying into the fabrication of aluminum products and evolving into a significant player in the aluminum industry. The 1950s and 1960s marked a period of growth and technological advancements for the company, enhancing its production capabilities. However, the late 20th century brought challenges, including financial struggles that led to a bankruptcy filing in 2002. The company emerged from bankruptcy in 2006, refocusing its business on serving the aerospace, automotive, and general engineering sectors. Some companies operating in the same industry are Norsk Hydro and Alcoa.
Aluminum, Aluminum, and More Aluminum
The company's portfolio is focused on aluminum products, primarily for aerospace, automotive, and general engineering applications. In the aerospace sector, Kaiser Aluminum provides critical components like wing and fuselage structural parts. For the automotive industry, the company manufactures products used in body panels, frame components, and other structural elements. Additionally, it caters to general engineering markets with a range of aluminum products used in various applications, from machinery to electrical equipment. The company's focus on high-quality, specialized aluminum products positions it as a key supplier in these technologically demanding sectors.
Target Markets
Kaiser Aluminum strategically targets markets with high barriers to entry, focusing on sectors like aerospace and automotive where specialized products are required. These industries demand stringent quality standards, technical expertise, and consistent innovation, creating a competitive environment challenging for new entrants. By concentrating on these areas, Kaiser leverages its advanced manufacturing capabilities and deep industry knowledge to maintain a strong position.
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