Kaiser Aluminum’s record Q2’26: Net sales top $1.3bn, EBITDA gains 102.4%

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US-based semi-fabricated aluminium producer Kaiser Aluminum Corporation reported its strongest-ever second-quarter (Q2) financial performance for the period ended June 30, 2026, supported by higher aluminium prices, stronger conversion revenue and improved operating performance. The company also maintained its quarterly dividend at USD 0.77 per share.

Financial highlights: Q2 2026 vs Q2 2025

The financial performance of Kaiser strengthened considerably over Q2 2026, surpassing the financial report of the corresponding Q2 2025.

• Net sales – USD 1.3 billion, up 64.8 per cent Y-o-Y from USD 789 million
• Conversion revenue – USD 437 million, up 21.1 per cent Y-o-Y from USD 361 million
• Operating income – USD 134 million, up 252.6 per cent Y-o-Y from USD 38 million
• Net income – USD 97 million, up 321.7 per cent Y-o-Y from USD 23 million
• Diluted EPS – USD 5.72, up 305.7 per cent Y-o-Y from USD 1.41
• Adjusted EBITDA – USD 166 million, up 102.4 per cent Y-o-Y from USD 82 million

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The adjusted EBITDA margin also expanded substantially to 38.1 per cent, compared with 22.7 per cent in the corresponding period last year.

Adjusted operating income reached USD 137 million, while adjusted net income stood at USD 94 million, equivalent to USD 5.53 per diluted share.

First-half 2026 reaches new highs

Kaiser Aluminum also delivered its strongest-ever first-half (H1) financial performance for the six months ended June 30, 2026. During this period, Kaiser continued its record-breaking momentum, surging past the H1 2025 reports.

• Net sales – USD 2.41 billion, up 53.5 per cent Y-o-Y from USD 1.57 billion
• Conversion revenue – USD 841 million, up 16.2 per cent Y-o-Y from USD 724 million
• Operating income – USD 232 million, up 193.7 per cent Y-o-Y from USD 79 million
• Net income – USD 159 million, up 253.3 per cent Y-o-Y from USD 45 million
• Diluted EPS – USD 9.43, up 246.7 per cent Y-o-Y from USD 2.72
• Adjusted EBITDA – USD 295 million, up 87.9 per cent Y-o-Y from USD 157 million

The company said the improvement reflected stronger conversion revenue, favourable metal pricing and continued operational execution.

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Shipments and realised prices improve

Shipments rose to 306 million pounds in Q2 2026, compared with 278 million pounds a year earlier. Average realised aluminium price increased to USD 4.11 per lb, versus USD 2.85 per lb in Q2 2025.

After adjusting for hedged alloy costs, conversion revenue per pound improved to USD 1.43, compared with USD 1.30 in Q2 2025, reflecting stronger value-added product performance and improved pricing across the company’s portfolio.

CEO highlights operational and strategic progress

Commenting on the results, President and CEO Keith Harvey stated, “Our record second quarter results reflect the strength of our business model, disciplined execution and continued focus on delivering value for our customers and shareholders.”

He added that the company remains focused on operational excellence while pursuing long-term growth opportunities across its core end markets.  

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