Hindalco Industries Limited

163 million

Results Q2 Fiscal Year 2026 Highlights • Net income attributable to our common shareholder of $163 million, up 27% YoY; Net income attributable to our common shareholder excluding special items was $113 m

27%

scal Year 2026 Highlights • Net income attributable to our common shareholder of $163 million, up 27% YoY; Net income attributable to our common shareholder excluding special items was $113 million,

113 million

llion, up 27% YoY; Net income attributable to our common shareholder excluding special items was $113 million, down 37% YoY • Adjusted EBITDA of $422 million, down 9% YoY • Rolled product shipments of 941

37%

Net income attributable to our common shareholder excluding special items was $113 million, down 37% YoY • Adjusted EBITDA of $422 million, down 9% YoY • Rolled product shipments of 941 kilotonnes

422 million

common shareholder excluding special items was $113 million, down 37% YoY • Adjusted EBITDA of $422 million, down 9% YoY • Rolled product shipments of 941 kilotonnes, in line with the prior year period •

9%

er excluding special items was $113 million, down 37% YoY • Adjusted EBITDA of $422 million, down 9% YoY • Rolled product shipments of 941 kilotonnes, in line with the prior year period • Adjusted

8%

kilotonnes, in line with the prior year period • Adjusted EBITDA per tonne shipped of $448, down 8% YoY • Expect to restart Oswego hot mill in December 2025 ATLANTA, November 4, 2025 – Novelis In

10%

cal Year 2026 Financial Highlights Net sales for the second quarter of fiscal year 2026 increased 10% versus the prior year period to $4.7 billion, mainly driven by higher average aluminum prices. Tot

4.7 billion

Net sales for the second quarter of fiscal year 2026 increased 10% versus the prior year period to $4.7 billion, mainly driven by higher average aluminum prices. Total rolled product shipments of 941 kilotonnes

411 million

er tonne was down 8% year-over-year to $448. Net cash flow provided by operating activities was $411 million in the first six months of fiscal year 2026. Adjusted free cash flow was an outflow of $499 millio

499 million

11 million in the first six months of fiscal year 2026. Adjusted free cash flow was an outflow of $499 million in the first six months of fiscal year 2026, compared to the prior year period outflow of $345 mil

345 million

million in the first six months of fiscal year 2026, compared to the prior year period outflow of $345 million, as higher capital expenditures were partially offset by net cash flow provided by operating activ

Special Items

2

Media Contact

1

Investor Contact

1

Current assets

1

Current liabilities

1

Notes

1

Investor Contact

Megan Cochard +1 404 760 4170 megan.cochard@novelis.adityabirla.com 3 Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, 2024 2025 2024 $ 4,744 $ 4,295 $ 9,461 $ 8,482 (in millions) Net sales Cost of goods sold (exclusive of depreciation and amortization) Selling, general and administrative expenses Depreciation and amortization Interest expense and amortization of debt issuance costs Research and development expenses Loss on extinguishment of debt, net Restructuring and impairment expenses, net Equity in net income of non-consolidated affiliates Other expenses, net Income before income tax provision Income tax provision Net income Net income attributable to noncontrolling interest Net income attributable to our common shareholder $ 4,028 173 152 68 24 3 31 (5) 46 4,520 224 61 163 — 163 $ 3,610 183 141 72 25 — 21 (2) 65 4,115 180 51 129 1 128 $ 8,104 348 300 135 46 3 116 (6) 45 9,091 370 111 259 — 259 $ 7,091 364 281 144 50 — 40 (3

Current assets

Cash and cash equivalents Accounts receivable, net — third parties (net of allowance for uncollectible accounts of $7 as of September 30, 2025, and March 31, 2025) — related parties Inventories Prepaid expenses and other current assets Fair value of derivative instruments Assets held for sale Total current assets Property, plant and equipment, net Goodwill Intangible assets, net Investment in and advances to non–consolidated affiliates Deferred income tax assets Other long-term assets — third parties — related parties Total assets LIABILITIES AND SHAREHOLDER’S EQUITY

Current liabilities

Current portion of long-term debt Short-term borrowings Accounts payable — third parties — related parties Fair value of derivative instruments Liabilities held for sale Accrued expenses and other current liabilities Total current liabilities Long-term debt, net of current portion Deferred income tax liabilities Accrued postretirement benefits Other long-term liabilities Total liabilities 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 September 30, 2025, and March 31, 2025 Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total equity of our common shareholder Noncontrolling interest Total equity Total liabilities and equity September 30, 2025 March 31, 2025 $ 1,157 $ 1,036 2,013 163 3,403 240 74 20 7,070 7,593 1,079 478 992 176 2,073 136 3,054 234 176 6 6,715 6,851 1,074 509 912 188 300 5 17,693 $ 263 3 16,515 35 $ 527 3,761 308 144 12

Special Items

Three Months Ended September 30, 2024 2025 2024 $ 163 $ 128 $ 259 $ 279 Loss on extinguishment of debt, net Metal price lag Restructuring and impairment expenses, net Sierre flood losses, net of recoveries(1) Oswego fire losses, net of recoveries(2) Start-up costs(3) Tax effect on special items Net income attributable to our common shareholder, excluding special items _________________________ (1) Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant 3 (129) 31 2 21 8 14 3 (198) 116 8 21 13 7 — (21) 21 61 — — (10) — (14) 40 101 — — (23) 383 113 229 179 $ $ $ $ in June 2024 caused by unprecedented heavy rainfall, net of the related property insurance recoveries. (2) Oswego fire losses, net of recoveries relate to non-recurring non-operating charges from a significant fire at our Oswego, New York plant in September 2025. (3) Start-up costs are related to the construction of a rolling and recycling p

Notes

1. Special items includes loss on extinguishment of debt, metal price lag, restructuring and impairment expenses, Sierre flooding. Oswego fire, start-up costs, and tax effect on special items. See appendix for a reconciliation of special items. 5 Novelis Q2FY26 Earnings 15,43 15,43 Q2 Adjusted EBITDA Bridge vs. prior year $ m i l l i o n s 462 23 26 (3) (5) (17) 422 (64) $54 million net negative impact in Q2FY26,vs. favorable PY tariff due to timing Q2FY25 Volume Price/Mix Operating Cost (ex- net tariffs) SG&A FX & Other Net tariffs Q2FY26 6 Novelis Q2FY26 Earnings 15,43 15,43 Q2 Segment Results Adjusted EBITDA ($ millions) Total FRP Shipments (kts) North America Europe $250 $200 $150 $100 $50 $0 $125 $100 $75 $50 $25 $0 $185 $134 Q2FY25 Q2FY26 $81 $63 Q2FY25 Q2FY26 400 350 300 250 200 150 100 50 0 300 250 200 150 100 50 0 7 Novelis Q2FY26 Earnings Q2 Shipments down 7%, Adjusted EBITDA -28% • Lower specialty and beverage packaging shipments during Logan ramp up post-expansion, partiall

Special Items

Loss on extinguishment of debt, net Metal price lag loss (gain) Restructuring and impairment expenses, net Sierre flooding, net of recoveries (1) Oswego fire, net of recoveries (2) Start-up costs (3) Tax effect on special items - 7 19 40 - - - (21) 21 61 - - - - 6 5 - - 7 (55) 7 (1) - - 7 (69) 53 105 - - - (69) 85 6 - 5 (13) (10) (2) 10 (15) (7) 3 (129) 31 2 21 8 14 Net income attributable to our common shareholder, excluding special items $204 $179 $119 $262 $764 $116 $113 1. 2. 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. Oswego fire losses, net of recoveries relate to non-recurring non-operating charges from a significant fire at our Oswego, New York plant. Start-up costs related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are included in Sel