# EDGAR Filing Document

**Accession Number:** 0001304280
**File Stem:** 0001304280-25-000033
**Filing Date:** 2025-8
**Character Count:** 45781
**Document Hash:** b3a8a2bb37b55f047cf55f8f6061099b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001304280-25-000033.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001304280-25-000033

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Novelis Inc.
- **CENTRAL INDEX KEY:** 0001304280
- **STANDARD INDUSTRIAL CLASSIFICATION:** ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32312
- **FILM NUMBER:** 251200010

**BUSINESS ADDRESS:**
- **STREET 1:** 3550 PEACHTREE ROAD
- **STREET 2:** SUITE 1100
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326
- **BUSINESS PHONE:** 404-760-4000

**MAIL ADDRESS:**
- **STREET 1:** 3550 PEACHTREE ROAD
- **STREET 2:** SUITE 1100
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326

?xml version='1.0' encoding='ASCII'? nvl-20250811

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 11, 2025**

**NOVELIS INC.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Canada** | **001-32312** | **98-0442987** |
| (State or Other Jurisdiction of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
| **3550 Peachtree Road NE, Suite 1100**<br>**Atlanta, GA** | | **30326** |
| (Address of principal executive offices) | | (Zip Code) |

---

**(404) 760-4000**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

The following information, including Exhibit 99.1, is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition." Consequently, it is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Securities Exchange Act of 1934 or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

On August 11, 2025, Novelis Inc. issued a press release reporting the company's financial results for its fiscal quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein in its entirety. The press release uses the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA per tonne, Adjusted Free Cash Flow, Net Income From Continuing Operations Excluding Special Items, Liquidity, and Net Leverage Ratio.

**Adjusted EBITDA.** EBITDA consists of earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by measures commonly used in the company's industry. The company defines Adjusted EBITDA as: earnings before (a) depreciation and amortization; (b) interest expense and amortization of debt issuance costs; (c) interest income; (d) unrealized gains (losses) on change in fair value of derivative instruments, net, except for foreign currency remeasurement hedging activities, which are included in Adjusted EBITDA; (e) impairment of goodwill; (f) (gain) loss on extinguishment of debt, net; (g) noncontrolling interests' share; (h) adjustments to reconcile our proportional share of Adjusted EBITDA from non-consolidated affiliates to income as determined on the equity method of accounting; (i) restructuring and impairment expenses (reversals), net; (j) gains or losses on disposals of property, plant and equipment and businesses, net; (k) other costs, net; (l) litigation settlement, net of insurance recoveries; (m) sale transaction fees; (n) income tax provision (benefit); (o) cumulative effect of accounting change, net of tax; (p) metal price lag; (q) business acquisition and other related costs, (r) purchase price accounting adjustments; (s) income (loss) from discontinued operations, net of tax; (t) loss on sale of discontinued operations, net of tax; and (u) start-up costs. The company presents Adjusted EBITDA to enhance investors' understanding of the company's operating performance. Novelis believes that Adjusted EBITDA is an operating performance measure, and not a liquidity measure, that provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies.

Beginning in first quarter of fiscal 2026, the Company excludes non-capitalizable start-up costs associated with the commissioning, pre-production, and production ramp-up at the Bay Minette, Alabama plant. The Bay Minette, Alabama plant is the first fully integrated aluminum mill built in the U.S. in over 40 years and is expected to have an annual rolled aluminum production capacity of 600 kt once completed and at normal production capacity. As a result, non-capitalizable start-up costs will have a significant impact on the comparability of reported Adjusted EBITDA during the period of commissioning, pre-production, and production ramp-up. Given the nature of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to commission and ramp up production at the new plant. Excluding such start-up costs maintains comparability of Adjusted EBITDA among periods, which is useful to investors and reflects how management evaluates the Company's operating performance. The Company will cease excluding such start-up costs from its Adjusted EBITDA once normal production capacity is achieved at the Bay Minette plant.

Adjusted EBITDA is not a measurement of financial performance under GAAP, and the company's Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA has important limitations as analytical tools, and investors should not consider it in isolation, or as a substitute for analysis of the company's results as reported under GAAP. For example, Adjusted EBITDA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not reflect the company's cash expenditures or requirements for capital expenditures or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not reflect changes in, or cash requirements for, the company's working capital needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not reflect any costs related to the current or future replacement of assets being depreciated and amortized.

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Management believes that investors' understanding of the company's performance is enhanced by including non-GAAP financial measures as a reasonable basis for comparing the company's ongoing results of operations. Many investors are interested in understanding the performance of the company's business by comparing its results from ongoing operations from one period to the next and would ordinarily add back items that are not part of normal day-to-day operations of the company's business. By providing non-GAAP financial measures, together with reconciliations, the company believes it is enhancing investors' understanding of its business and its results of operations, as well as assisting investors in evaluating how well it is executing strategic initiatives.

Additionally, the company's senior secured credit facilities, 3.25% senior notes due 2026, 3.375% senior notes due 2029, 4.75% senior notes due 2030, 6.875% senior notes due 2030, and 3.875% senior notes due 2031 provide for adjustments to EBITDA, which may decrease or increase Adjusted EBITDA for purposes of compliance with certain covenants under such facilities and notes. The company also uses Adjusted EBITDA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as a measure of operating performance to assist the company in comparing its operating performance on a consistent basis because it removes the impact of items not directly resulting from the company's core operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for planning purposes, including the preparation of the company's internal annual operating budgets and financial projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to evaluate the performance and effectiveness of the company's operational strategies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to calculate incentive compensation payments for the company's key employees.

**Adjusted EBITDA per tonne.** Adjusted EBITDA per tonne is calculated by dividing Adjusted EBITDA by aluminum rolled product shipments (in tonnes) for the corresponding period, both on a consolidated basis and at a segment level. The term "aluminum rolled products" is synonymous with the terms "flat-rolled products" and "FRP," which are commonly used by manufacturers and third-party analysts in our industry. Shipment amounts also include tolling shipments. Adjusted EBITDA per tonne is calculated using aluminum rolled product shipments rather than total shipments because the incremental impact of non-rolled products shipments on our Adjusted EBITDA is marginal since the price of these products is generally set to cover the costs of raw materials not utilized in manufacturing products sold to beverage packaging customers, specialties and aerospace customers in our regions, and these non-rolled products are not part of our core operating business. All tonnages are stated in metric tonnes. One metric tonne is equivalent to 2,204.6 pounds. One kt is 1,000 metric tonnes.

We believe that Adjusted EBITDA per tonne is relevant to investors as it provides a consistent measure of operating performance, because it mitigates the impact of shipment volume variability and removes the impact of items not directly resulting from our core operations.

**Adjusted Free Cash Flow**. Adjusted free cash flow consists of: (a) net cash provided by (used in) operating activities - continuing operations, (b) plus net cash provided by (used in) investing activities - continuing operations, (c) plus net cash provided by (used in) operating activities - discontinued operations, (d) plus net cash provided by (used in) investing activities - discontinued operations, (e) plus cash used in the acquisition of assets under a finance lease, (f) plus cash used in the acquisition of business and other investments, net of cash acquired, (g) plus accrued merger consideration, (h) less proceeds from sales of assets and business, net of transaction fees, cash income taxes and hedging, and (i) less proceeds from sales of assets and business, net of transaction fees, cash income taxes and hedging - discontinued operations. Management believes adjusted free cash flow is relevant to investors as it provides a measure of the cash generated internally that is available for debt service and other value creation opportunities. In addition, management uses this measure as a key consideration in determining the amounts to be paid as returns to our common shareholder. However, adjusted free cash flow does not necessarily represent cash available for discretionary activities, as certain debt service obligations must be funded out of adjusted free cash flow. Our method of calculating Adjusted free cash flow may not be consistent with that of other companies.

**Net Income Attributable to our Common Shareholder Excluding Special Items**. Net income attributable to our common shareholder excluding special items adjusts net income attributable to our common shareholder for restructuring and impairment charges, loss on extinguishment of debt, metal price lag, gains (losses) on sale of assets held for sale, gains (losses) on sale of a business, business acquisition and other related costs, purchase price accounting adjustments, charitable donation, other exceptional, unusual or generally non-recurring items, and the tax effect of such items. We adjust for items which may recur in varying magnitude which affect the comparability of the operational results of our underlying business. Novelis believes that net income attributable to our common

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shareholder excluding special items enhances the overall understanding of the company's current financial performance. Specifically, management believes this non-GAAP financial measure provides useful information to investors by excluding or adjusting certain items, which impact the comparability of the company's core operating results. With respect to gains (losses) on sale of assets held for sale, gains (losses) on sale of a business, business acquisition and other integration related costs, purchase price accounting adjustments, charitable donations, other exceptional, unusual or generally non-recurring items, and the tax effect of such special items, management believes these excluded items are not reflective of fixed costs that the company believes it will incur over the long term. Management also adjusts for loss on extinguishment of debt, metal price lag and restructuring and impairment charges to enhance the comparability of the company's operating results between periods. However, the company has recorded similar charges in prior periods. The company may incur additional restructuring charges in connection with ongoing restructuring initiatives announced previously and may also incur additional restructuring and impairment charges in connection with future streamlining measures. The company may also incur additional impairment charges unrelated to restructuring initiatives. Beginning in first quarter of fiscal 2026, the Company excludes non-capitalizable start-up costs associated with the commissioning, pre-production, and production ramp-up at the Bay Minette, Alabama plant. Net income attributable to our common shareholder excluding special items should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with US GAAP.

**Liquidity.** Liquidity consists of cash and cash equivalents plus availability under our committed credit facilities. In addition to presenting available cash and cash equivalents, management believes that presenting Liquidity enhances investors' understanding of the liquidity that is actually available to the company. This financial measure should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with US GAAP.

All information in the news release and the presentation materials speak as of the date thereof, and Novelis does not assume any obligation to update said information in the future.

**Net Leverage Ratio**. Net Leverage Ratio is a financial measure that is used by management to assess the borrowing capacity of the company and management believes it is useful to investors for the same reason. The company defines its Net Leverage Ratio as (a) adjusted net debt (current portion of long-term debt plus short-term borrowings plus long-term debt, net of current portion, plus unamortized carrying value adjustments, less cash and cash equivalents) as of the balance sheet date divided by (b) Adjusted EBITDA for the trailing twelve-month period. Prior to the Form 8-K in connection with the press release reporting the company's financial results for its fiscal quarter ended September 30, 2024, the company included net debt in its definition of Net Leverage ratio, which has been replaced with adjusted net debt. Adjusted net debt adds back unamortized carrying value adjustments, whereas net debt calculation did not include this amount. The change reflects the measure as currently assessed by management. Any prior period instances of Net Leverage Ratio in the company's press release in Exhibit 99.1 reflect the new calculation. This financial measure should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with US GAAP.

**Item 9.01. Financial Statements and Exhibits.** 

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press release, dated August 11, 2025 (furnished to the Commission as a part of this Form 8-K).](novelisq1fy26results.htm)</u> |

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **NOVELIS INC.** | **NOVELIS INC.** |
| Date: August 11, 2025 | By: | <u>/s/ Christopher Courts</u> |
|  |  | Christopher Courts |
|  |  | Executive Vice President and Chief Legal Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![novelislogonewa26.jpg](novelislogonewa26.jpg)

<u>News Release</u>

**Novelis Reports First Quarter Fiscal Year 2026 Results**

**Q1 Fiscal Year 2026 Highlights**

• Net income attributable to our common shareholder of $96 million, down 36% YoY; Net income attributable to our common shareholder excluding special items was $116 million, down 43% YoY

• Adjusted EBITDA of $416 million, down 17% YoY

• Rolled product shipments of 963 kilotonnes, up 1% YoY

• Adjusted EBITDA per tonne shipped of $432, down 18% YoY

**ATLANTA, August 11, 2025** – Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, today reported results for the first quarter of fiscal year 2026.

"We continue to see strong demand for aluminum beverage packaging sheet supporting top-line growth and the need for new capacity under construction at our plant in Bay Minette, Alabama," said Steve Fisher, president and CEO, Novelis Inc. "While market headwinds mainly from structurally higher scrap prices negatively impacted financial performance in the quarter, we are making solid progress on our comprehensive cost reduction program, which we expect will lower our cost base and improve our margins. We have already implemented a round of organization redesign, footprint rationalization and process improvement actions to drive simplification and efficiencies. We believe these actions will accelerate anticipated run-rate cost savings to over $100 million by the end of this fiscal year, exceeding our previously estimated target of approximately $75 million."

**First Quarter Fiscal Year 2026 Financial Highlights**

Net sales for the first quarter of fiscal year 2026 increased 13% versus the prior year period to $4.7 billion, mainly driven by higher average aluminum prices and a 1% increase in total rolled product shipments compared to the prior year period to 963 kilotonnes. Higher beverage packaging shipments were partially offset by lower automotive and specialty shipments.

Net income attributable to our common shareholder decreased 36% versus the prior year to $96 million in the first quarter of fiscal year 2026, primarily driven by restructuring charges and lower operating performance, partially offset by favorable metal price lag. Net income attributable to our common shareholder, excluding special items, decreased 43% year-over-year to $116 million and Adjusted EBITDA decreased 17% to $416 million in the first quarter of fiscal year 2026. These decreases were primarily driven by higher aluminum scrap prices, unfavorable product mix, and a net negative tariff impact, partially offset by higher product pricing, lower SG&A costs and favorable foreign exchange. Adjusted EBITDA per tonne was down 18% year-over-year to $432.

Net cash flow provided by operating activities increased 42% to $105 million in the first three months of fiscal year 2026, primarily due to lower net working capital, partially offset by lower Adjusted EBITDA. Adjusted free cash flow was an outflow of $295 million in the first three months of fiscal year 2026, compared to the prior year period outflow of $280 million, with higher capital expenditures partially offset by higher net cash flow provided by operating activities. Total capital expenditures were $386 million for the first three months of fiscal year 2026, primarily attributed to strategic investments in new rolling and recycling capacity under construction, most notably in the U.S. for the Company's new greenfield rolling and recycling plant in Bay Minette, Alabama.

"We are finding opportunities to streamline our cost structure in response to the challenging external environment, freeing up resources that can be invested to meet continued growing market demand for low-carbon, more sustainable aluminum products," said Dev Ahuja, executive vice president and CFO, Novelis Inc.

The Company had a net leverage ratio (Adjusted Net Debt / trailing twelve months (TTM) Adjusted EBITDA) of 3.2x at the end of the first quarter of fiscal year 2026. Total liquidity stood at $3.0 billion as of June 30, 2025, consisting of $1.1 billion in cash and cash equivalents and $2.0 billion in availability under committed credit facilities. In June 2025,

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Novelis issued $400 million of tax-exempt bonds with a mandatory tender for purchase in 2032 and maturation in 2055, with the proceeds to be used to finance a portion of the construction costs at Bay Minette.

**First Quarter Fiscal Year 2026 Earnings Conference Call** 

Novelis will discuss its first quarter fiscal year 2026 results via a live webcast and conference call for investors at 7:00 a.m. EDT/4:30 p.m. IST on Monday, August 11, 2025. The webcast link, presentation materials and access information can also be found at novelis.com/investors. To view slides and listen to the live webcast, visit: https://event.choruscall.com/mediaframe/webcast.html?webcastid=DhEJtNH5. To participate by telephone, participants are requested to register at: https://services.incommconferencing.com/DiamondPassRegistration/register?confirmationNumber=13755053&linkSecurityString=1e30de2897

**About Novelis**

Novelis Inc. is driven by its purpose of shaping a sustainable world together. We are a global leader in the production of innovative aluminum products and solutions and the world's largest recycler of aluminum. Our ambition is to be the leading provider of low-carbon, sustainable aluminum solutions and to achieve a fully circular economy by partnering with our suppliers, as well as our customers in the aerospace, automotive, beverage packaging and specialties industries throughout North America, Europe, Asia and South America. Novelis had net sales of $17.1 billion in fiscal year 2025. Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai. For more information, visit novelis.com.

**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 peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. To the extent we discuss any non-GAAP financial measures on the earnings call, a reconciliation of each measure to the most directly comparable GAAP measure will be available in the presentation slides, which can be found at novelis.com/investors. In addition, the Form 8-K includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.

Attached to this news release are tables showing the condensed consolidated statements of operations, condensed consolidated balance sheets, condensed consolidated statements of cash flows, reconciliation of Adjusted EBITDA, Adjusted EBITDA per Tonne, Adjusted Free Cash Flow, Adjusted Net Leverage Ratio, Net Income attributable to our common shareholder excluding Special Items, and segment information.

**Forward-Looking Statements**

Statements made in this news release 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 including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward-looking statements in this news release are statements about: our belief that competition for scrap aluminum has intensified, creating significant pressure on scrap pricing and our financial results; the anticipated benefits of our cost reduction and efficiency efforts and our ability to meet our efficiency targets; and our belief that Novelis is well positioned to face the current competition environment. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and Novelis' actual results could differ materially from those expressed or implied in such statements. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: disruptions or changes in the business or financial condition of our significant customers or the loss of their business or reduction in their requirements; impact of changes in trade policies, new tariffs and other trade measures; price and other forms of competition from other aluminum rolled products producers and potential new market entrants; the competitiveness of our end-markets, and the willingness of our customer to accept substitutes for our products, including steel, plastics, composite materials and glass; our failure to realize the anticipated benefits of strategic investments; increases in the cost or volatility in the availability

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of primary aluminum, scrap aluminum, sheet ingot, or other raw materials used in the production of our products; risks related to the energy-intensive nature of our operations, including increases to energy costs or disruptions to our energy supplies; downturns in the automotive and ground transportation industries or changes in consumer demand; union disputes and other employee relations issues; the impact of labor disputes and strikes on our customers; loss of our key management and other personnel, or an inability to attract and retain such management and other personnel; unplanned disruptions at our operating facilities, including as a result of adverse weather phenomena; economic uncertainty, capital markets disruption and supply chain interruptions; unexpected impact of public health crises on our business, suppliers, and customers; risks relating to certain joint ventures, subsidiaries and assets that we do not entirely control; risks related to fluctuations in freight costs; risks related to rising inflation and prolonged periods of elevated interest rates; risks related to timing differences between the prices we pay under purchase contracts and metal prices we charge our customers; a deterioration of our financial condition, a downgrade of our ratings by a credit rating agency or other factors which could limit our ability to enter into, or increase our costs of, financing and hedging transactions; risk of rising debt service obligations related to variable rate indebtedness; adverse changes in currency exchange rates; our inability to transact in derivative instruments, or our inability to adequately hedge our exposure to price fluctuations under derivative instruments, or a failure of counterparties to our derivative instruments to honor their agreement; an adverse decline in the liability discount rate, lower-than-expected investment return on pension assets; impairments to our goodwill, other intangible assets, and other long-lived assets; tax expense, tax liabilities or tax compliance costs; risks related to the operating and financial restrictions imposed on us by the covenants in our credit facilities and the indentures governing our Senior Notes; cybersecurity attacks against, disruptions, failures or security breaches and other disruptions to our information technology networks and systems; risks of failing to comply with federal, state and foreign laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection; our inability to protect our intellectual property, the confidentiality of our know-how, trade secrets, technology, and other proprietary information; risks related to our global operations, including the impact of complex and stringent laws and government regulations; risks related to global climate change, including legal, regulatory or market responses to such change; risks related to a broad range of environmental, health and safety laws and regulations; and risks related to potential legal proceedings or investigations. The above list of factors is not exhaustive. Other important factors are discussed under the captions "Risk Factors" and "Management's Discussion and Analysis" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 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.

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| | |
|:---|:---|
| **Media Contact:** | **Investor Contact:** |
| Julie Groover | Megan Cochard |
| +1 404 316 7525 | +1 404 760 4170 |
| julie.groover@novelis.adityabirla.com | megan.cochard@novelis.adityabirla.com |

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**Novelis Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)**

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| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** |
| **(in millions)** | **2025** | **2024** |
| Net sales | $4717 | $4187 |
| Cost of goods sold (exclusive of depreciation and amortization) | 4076 | 3481 |
| Selling, general and administrative expenses | 175 | 181 |
| Depreciation and amortization | 148 | 140 |
| Interest expense and amortization of debt issuance costs | 67 | 72 |
| Research and development expenses | 22 | 25 |
| Restructuring and impairment expenses, net | 85 | 19 |
| Equity in net income of non-consolidated affiliates | (1) | (1) |
| Other (income) expenses, net | (1) | 60 |
|  | 4571 | 3977 |
| Income before income tax provision | 146 | 210 |
| Income tax provision | 50 | 60 |
| Net income | 96 | 150 |
| Net loss attributable to noncontrolling interest |  | (1) |
| Net income attributable to our common shareholder | $96 | $151 |

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**Novelis Inc.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)**

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| | | |
|:---|:---|:---|
| **(in millions, except number of shares)** | **June 30,<br>2025** | **March 31,<br>2025** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1074 | $1036 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— third parties (net of allowance for uncollectible accounts of $7 as of June 30, 2025, and March 31, 2025)  | 2120 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;— related parties | 178 | 136 |
| &nbsp;&nbsp;&nbsp;Inventories | 3293 | 3054 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 238 | 234 |
| &nbsp;&nbsp;&nbsp;Fair value of derivative instruments | 165 | 176 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 21 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 7089 | 6715 |
| Property, plant and equipment, net | 7148 | 6851 |
| Goodwill | 1079 | 1074 |
| Intangible assets, net | 502 | 509 |
| Investment in and advances to non–consolidated affiliates | 998 | 912 |
| Deferred income tax assets | 190 | 188 |
| Other long-term assets |  |  |
| &nbsp;&nbsp;&nbsp;— third parties | 296 | 263 |
| &nbsp;&nbsp;&nbsp;— related parties | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $17306 | $16515 |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |
| Current liabilities: |  |  |
| Current portion of long-term debt | $33 | $32 |
| Short-term borrowings | 320 | 348 |
| Accounts payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— third parties | 3703 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— related parties | 322 | 275 |
| Fair value of derivative instruments | 131 | 106 |
| Liabilities held for sale | 15 |  |
| Accrued expenses and other current liabilities | 654 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 5178 | 5114 |
| Long-term debt, net of current portion | 6230 | 5773 |
| Deferred income tax liabilities | 303 | 295 |
| Accrued postretirement benefits | 541 | 534 |
| Other long-term liabilities | 298 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 12550 | 12000 |
| Commitments and contingencies |  |  |
| **Shareholder's equity** |  |  |
| Common stock, no par value; unlimited number of shares authorized; 600,000,000 shares issued and outstanding as of June 30, 2025, and March 31, 2025 |  |  |
| Additional paid-in capital | 1073 | 1108 |
| Retained earnings | 3851 | 3755 |
| Accumulated other comprehensive loss | (178) | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity of our common shareholder** | 4746 | 4505 |
| **Noncontrolling interest** | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 4756 | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $17306 | $16515 |

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**Novelis Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)**

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| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** |
| **(in millions)** | **2025** | **2024** |
| **OPERATING ACTIVITIES** |  |  |
| Net income | $96 | $150 |
| Adjustments to determine net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 148 | 140 |
| &nbsp;&nbsp;Gain on unrealized derivatives and other realized derivatives in investing activities, net | (8) | (18) |
| &nbsp;&nbsp;Loss on sale of assets, net | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Non-cash restructuring and impairment charges | 54 | 15 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | 6 | (1) |
| &nbsp;&nbsp;Equity in net income of non-consolidated affiliates | (1) | (1) |
| &nbsp;&nbsp;Loss (gain) on foreign exchange remeasurement of debt | 20 | (1) |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and carrying value adjustments | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Non-cash charges related to Sierre flooding |  | 40 |
| &nbsp;&nbsp;&nbsp;Other, net |  | 3 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities including assets and liabilities held for sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 20 | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (132) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (59) | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 12 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (57) | (74) |
| **Net cash provided by operating activities** | $105 | $74 |
| **INVESTING ACTIVITIES** |  |  |
| Capital expenditures | $(386) | $(348) |
| Outflows from investment in and advances to non-consolidated affiliates, net | (4) | (7) |
| Outflows from the settlement of derivative instruments, net | (13) | (2) |
| Other | 3 | 3 |
| **Net cash used in investing activities** | $(400) | $(354) |
| **FINANCING ACTIVITIES** |  |  |
| Proceeds from issuance of long-term and short-term borrowings | $463 | $50 |
| Principal payments of long-term and short-term borrowings | (4) | (55) |
| Revolving credit facilities and other, net | (105) | (134) |
| Debt issuance costs | (8) |  |
| Return of capital to our common shareholder | (35) |  |
| **Net cash provided by (used in) financing activities** | $311 | $(139) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 16 | (419) |
| **Effect of exchange rate changes on cash** | 22 | (8) |
| Cash, cash equivalents and restricted cash — beginning of period | 1041 | 1322 |
| **Cash, cash equivalents and restricted cash — end of period** | $1079 | $895 |
| Cash and cash equivalents | $1074 | $886 |
| Restricted cash (included in other long-term assets) | 5 | 9 |
| **Cash, cash equivalents and restricted cash — end of period** | $1079 | $895 |

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**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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | | |
| **(in millions)** | **2025** | **2024** | **Year Ended**<br>**March 31, 2025** | **TTM Ended**<sup>(1)</sup><br>**June 30,<br>2025** |
| Net income attributable to our common shareholder | $96 | $151 | $683 | $628 |
| Net loss attributable to noncontrolling interests |  | (1) |  | 1 |
| Income tax provision | 50 | 60 | 159 | 149 |
| Interest, net | 62 | 64 | 252 | 250 |
| Depreciation and amortization | 148 | 140 | 575 | 583 |
| EBITDA | $356 | $414 | $1669 | $1611 |
| Adjustment to reconcile proportional consolidation | $14 | $13 | $47 | $48 |
| Unrealized losses (gains) on change in fair value of derivative instruments, net | 8 | (7) | (57) | (42) |
| Realized (gains) losses on derivative instruments not included in Adjusted EBITDA | (3) | 2 | 5 |  |
| Loss on extinguishment of debt, net |  |  | 7 | 7 |
| Restructuring and impairment expenses, net<sup>(2)</sup> | 85 | 19 | 53 | 119 |
| Loss on sale or disposal of assets, net | 2 | 1 | 4 | 5 |
| Metal price lag | (69) | 7 | (69) | (145) |
| Sierre flood losses, net of recoveries<sup>(3)</sup> | 6 | 40 | 105 | 71 |
| Start-up costs<sup>(4)</sup> | 5 |  |  | 5 |
| Other, net | 12 | 11 | 38 | 39 |
| Adjusted EBITDA | $416 | $500 | $1802 | $1718 |

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____________________

(1)The amounts in the TTM column are calculated by taking the amounts for the year ended March 31, 2025, subtracting the amounts for the three months ended June 30, 2024, and adding the amounts for the three months ended June 30, 2025.

(2)Restructuring and impairment expenses, net for the three months ended June 30, 2025 include $83 million related to the 2025 Efficiency Plan.

(3)Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant caused by unprecedented heavy rainfall, net of the related property insurance recoveries.

(4)In the quarter ended June 30, 2025, we incurred $5 million of start-up costs related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are included in Selling, general and administrative expenses.

The following table presents the calculation of Adjusted EBITDA per tonne.

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| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** |
| | **2025** | **2024** |
| Adjusted EBITDA (in millions) (numerator) | $416 | $500 |
| Rolled product shipments (in kt) (denominator) | 963 | 951 |
| Adjusted EBITDA per tonne | $432 | $525 |

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**Adjusted Free Cash Flow (unaudited)**

The following table reconciles Adjusted Free Cash Flow and Adjusted Free Cash Flow, non-GAAP financial measures, to net cash provided by operating activities - continuing operations.

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| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** |
| **(in millions)** | **2025** | **2024** |
| Net cash provided by operating activities<sup>(1)</sup> | $105 | $74 |
| Net cash used in investing activities<sup>(1)</sup> | (400) | (354) |
| Adjusted Free Cash Flow | $(295) | $(280) |

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**_________________________**

(1)For the three months ended June 30, 2025 and 2024, the Company did not have any cash flows from discontinued operations in operating activities or investing activities.

**Net Leverage Ratio (unaudited)**

The following table reconciles long-term debt, net of current portion to Adjusted Net Debt.

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| | | |
|:---|:---|:---|
| **(in millions)** | **June 30,<br>2025** | **March 31,<br>2025** |
| Long–term debt, net of current portion | $6230 | $5773 |
| Current portion of long-term debt | 33 | 32 |
| Short-term borrowings | 320 | 348 |
| Unamortized carrying value adjustments | 62 | 59 |
| Cash and cash equivalents | (1074) | (1036) |
| Adjusted Net Debt | $5571 | $5176 |

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The following table shows the calculation of the Net Leverage Ratio (in millions, except for the Net Leverage Ratio).

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| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **March 31,<br>2025** |
| Adjusted Net Debt (numerator) | $5571 | $5176 |
| TTM Adjusted EBITDA (denominator) | $1718 | $1802 |
| Net Leverage Ratio | 3.2 | 2.9 |

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**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 adjust for items which may recur in varying magnitude which affect the comparability of the operational results of our underlying business.

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| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** |
| **(in millions)** | **2025** | **2024** |
| Net income attributable to our common shareholder | $96 | $151 |
| Special Items: |  |  |
| Metal price lag | (69) | 7 |
| Restructuring and impairment expenses, net | 85 | 19 |
| Sierre flood losses, net of recoveries<sup>(1)</sup> | 6 | 40 |
| Start-up costs<sup>(2)</sup> | 5 |  |
| Tax effect on special items | (7) | (13) |
| Net income attributable to our common shareholder, excluding special items | $116 | $204 |

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**_________________________**

(1)Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant caused by unprecedented heavy rainfall, net of the related property insurance recoveries.

(2)In the quarter ended June 30, 2025, we incurred $5 million of start-up costs related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are included in Selling, general and administrative expenses.

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**Segment Information (unaudited)**

The following tables present selected segment financial information (in millions, except shipments which are in kilotonnes).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected Operating Results**<br>**Three Months Ended June 30, 2025** | **North America** | **Europe** | **Asia** | **South America** | **Eliminations and Other** | **Total** |
| Adjusted EBITDA | $133 | $70 | $93 | $119 | $1 | $416 |
| Shipments (in kt) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolled products – third party | 389 | 262 | 164 | 148 |  | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolled products – intersegment |  |  | 51 | 8 | (59) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total rolled products | 389 | 262 | 215 | 156 | (59) | 963 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected Operating Results**<br>**Three Months Ended June 30, 2024** | **North America** | **Europe** | **Asia** | **South America** | **Eliminations and Other** | **Total** |
| Adjusted EBITDA | $183 | $90 | $92 | $132 | $3 | $500 |
| Shipments (in kt) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolled products – third party | 388 | 261 | 159 | 143 |  | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolled products – intersegment |  | 2 | 35 | 11 | (48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total rolled products | 388 | 263 | 194 | 154 | (48) | 951 |

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