Kaiser Aluminum sees Q2 adjusted EBITDA margin flat to slightly higher vs Q1

The Company remains well positioned to execute in the current demand environment given its solid market position as a key supplier in diverse end markets and multi-year contracts with strategic partners. The Company expects demand in commercial aerospace to continue to strengthen towards pre-pandemic levels with business jet, defense and space remaining strong. In packaging, the Company expects continued destocking with some lingering impacts from higher metal input costs and a lag in passing through certain costs. General engineering demand is expected to be similar to the first quarter 2023 with some softening for plate resulting from the reduced demand for semiconductors and for rod and bar products due to destocking. In the automotive market, the Company does not expect a meaningful recovery until mid-to late 2023.The Company expects its consolidated adjusted EBITDA margin in the second quarter 2023 to be flat to slightly higher compared to the first quarter 2023. The Company remains cautiously optimistic its consolidated adjusted EBITDA and adjusted EBITDA margin will continue to strengthen in 2023 as it pursues cost reductions in its operations, improves manufacturing efficiencies and continues commercial actions to improve pricing.