Hindalco Industries Limited

84 million

026 Results Q4 Fiscal Year 2026 Highlights • Net loss attributable to our common shareholder of $84 million, compared to a net income attributable to our common shareholder of $294 million in the prior year

294 million

on shareholder of $84 million, compared to a net income attributable to our common shareholder of $294 million in the prior year, impacted by Oswego, U.S., plant fires in September and November. Net income att

227 million

ber and November. Net income attributable to our common shareholder, excluding special items, was $227 million, down 13% YoY • Oswego production interruptions caused rolled product shipments to be an estimate

13%

Net income attributable to our common shareholder, excluding special items, was $227 million, down 13% YoY • Oswego production interruptions caused rolled product shipments to be an estimated 73 kiloto

53 million

hipments to be an estimated 73 kilotonnes lower than expected, resulting in an estimated negative $53 million impact on Adjusted EBITDA; Net loss was additionally impacted by $577 million in pre-tax losses re

577 million

n estimated negative $53 million impact on Adjusted EBITDA; Net loss was additionally impacted by $577 million in pre-tax losses related to the fires Adjusted EBITDA of $459 million, down 3% YoY • • • Roll

459 million

additionally impacted by $577 million in pre-tax losses related to the fires Adjusted EBITDA of $459 million, down 3% YoY • • • Rolled product shipments of 844 kilotonnes, down 12% YoY Adjusted EBITDA pe

3%

acted by $577 million in pre-tax losses related to the fires Adjusted EBITDA of $459 million, down 3% YoY • • • Rolled product shipments of 844 kilotonnes, down 12% YoY Adjusted EBITDA per tonne s

12%

sted EBITDA of $459 million, down 3% YoY • • • Rolled product shipments of 844 kilotonnes, down 12% YoY Adjusted EBITDA per tonne shipped of $544, up 10% YoY • Oswego hot mill expected to restart a

10%

ed product shipments of 844 kilotonnes, down 12% YoY Adjusted EBITDA per tonne shipped of $544, up 10% YoY • Oswego hot mill expected to restart ahead of expectations Full Fiscal Year 2026 Highlights

15 million

tations Full Fiscal Year 2026 Highlights • Net income attributable to our common shareholder of $15 million, down 98% YoY; Net income attributable to our common shareholder, excluding special items, was $47

98%

cal Year 2026 Highlights • Net income attributable to our common shareholder of $15 million, down 98% YoY; Net income attributable to our common shareholder, excluding special items, was $476 million,

“Source: management estimates 13 Novelis Q4FY26 Earnings Position Auxiliary line 7,76 Position Auxiliary line 15,43 Position Auxiliary line 15,43 Bay Minette Project Update • Building a 600kt, state-of-the-art aluminum plant in capacity constrained U.S.”

Special Items

2

Notes

2

Media Contact

1

Investor Contact

1

Current assets

1

Current liabilities

1

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Investor Contact

Megan Cochard +1 404 760 4170 julie.groover@novelis.adityabirla.com megan.cochard@novelis.adityabirla.com 4 Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (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 loss (income) of non-consolidated affiliates Other expenses, net (Loss) income before income tax provision Income tax (benefit) provision Net (loss) income Net loss attributable to noncontrolling interest Three Months Ended March 31, 2025 2026 2025 $ 4,787 $ 4,587 $ 18,434 $ 17,149 3,862 15,587 14,469 3,970 172 161 64 25 — 59 1 534 4,986 (199) (114) (85) (1) 152 152 65 27 7 7 (1) 13 4,284 303 9 294 — 697 616 265 93 3 195 2 695 575 275 102 7 53 (3) 960 18,418 134 16,30

Current assets

Cash and cash equivalents Accounts receivable, net — third parties (net of allowance for uncollectible accounts of $7 as of March 31, 2026, 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 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; 606,333,333 and 600,000,000 shares issued and outstanding as of March 31, 2026, and March 31, 2025, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total equity of our common shareholder Noncontrolling interest Total equity Total liabilities and equity March 31, 2026 March 31, 2025 $ 1,254 $ 1,036 2,538 197 4,401 354 234 15 8,993 8,811 1,079 442 961 359 2,073 136 3,054 234 176 6 6,715 6,851 1,074 509 912 188 295 6 20,946 $ 263 3 16,515 54 $ 1,305 32 348 $ $ 4,985 3

Special Items

Gain on sale of a business Loss on extinguishment of debt, net Metal price lag Restructuring and impairment expenses, net Sierre flood losses, net of recoveries(1) September and November Oswego fires losses, net of recoveries(2) Start-up costs(3) Tax effect on special items (7) — (191) 59 (37) 577 13 (103) — 7 (55) 7 (1) — — 10 (7) 3 (515) 195 (27) 925 38 (151) — 7 (69) 53 105 — — (15) 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 476 $ 227 $ 262 $ 764 $ in June 2024 caused by unprecedented heavy rainfall, net of the related property insurance recoveries. (2) September and November Oswego fires losses, net of recoveries relate to non-recurring non-operating charges from two significant fires at our Oswego, New York plant. (3) Start-up costs are related to the construction of a rolling a

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1. Remove the old picture from the picture placeholder. OR Insert new picture file by clicking “Click icon to add picture", crop it if needed, and use it. 2. The new picture is placed in the picture placeholder. 3. Now send it to the background. (right-click on the picture placeholder – “Send to Back") 4. Done! Novelis Q4 & Full Fiscal Year 2026 Earnings Presentation May 19, 2026 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 15,43 Safe Harbor Statement Position Auxiliary line 15,43 Forward-looking statements Statements made in this presentation 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

Notes

1. Special items includes loss on extinguishment of debt, metal price lag, restructuring and impairment expenses, Sierre flooding, September and November Oswego fires, start-up costs, and tax effect on special items. See appendix for a reconciliation of special items. 6 Novelis Q4FY26 Earnings Position Auxiliary line 8,32 Position Auxiliary line 3,74 Position Auxiliary line 7,76 Position Auxiliary line 15,43 Position Auxiliary line 8,32 Position Auxiliary line 3,74 Q4 Segment Results Adjusted EBITDA ($ millions) Total FRP Shipments (kts) North America Europe $200 $150 $100 $50 $0 $200 $150 $100 $50 $0 $150 $74 Q4FY25 Q4FY26 $150 $104 Q4FY25 Q4FY26 400 350 300 250 200 150 100 50 0 300 250 200 150 100 50 0 Position Auxiliary line 7,76 7 Novelis Q4FY26 Earnings Position Auxiliary line 15,43 Q4 Shipments -19%, Adjusted EBITDA -51% • Lower shipments & unfavorable product mix mainly due to Oswego fires • Adjusted EBITDA negatively impacted $53 million from Oswego fire & $27 million tariffs •