Hindalco Industries : Novelis Q3 Fiscal Year 2023 - Investor Presentation

NOVELIS Q3 FISCAL YEAR 2023 EARNINGS CONFERENCE CALL

February 6, 2023

Steve Fisher

President and Chief Executive Officer

Dev Ahuja

Executive Vice President and Chief Financial Officer

SAFE HARBOR STATEMENT

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," "forecasts," or similar expressions. Examples of forward-looking statements in this news release are statements about our belief that the underlying demand fundamentals driven by increasing consumer preferences for lightweight, sustainable aluminum solutions in our key end markets remains in-tact, and our long-term transformational growth strategy unchanged. 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: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; inflationary pressures impacting the price of energy, labor, freight, coatings and alloys, such as magnesium; the capacity and effectiveness of our hedging activities; inflationary pressures affecting end market demand for our aluminum products in the building and construction market; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing including in connection with potential acquisitions and investments; continued risks stemming from the acquisition of Aleris Corporation, including uncertainties inherent in the acquisition method of accounting; disruption to our global aluminum production and supply chain as a result of COVID-19, rising interest rates or geopolitical factors, such as Russia's war in Ukraine; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; decreases in demand for our aluminum products due to macroeconomic headwinds due in part to rising interest rates and geopolitical factors, such as Russia's war in Ukraine; risks related to sanctions, tariffs, a ban or similar actions impacting the supply of Russian aluminum and the global aluminum supply; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, breakdown of equipment and other events; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; risks related to cybersecurity and data breaches; our potential inability to protect our intellectual property and the confidentiality of our know-how, trade secrets, technology, and other proprietary information; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; downturns in consumer demand for our products or changes in consumer preferences as it relates to our products; the impact of the global semiconductor shortage on automotive production and demand for automotive aluminum sheet; changes in general economic conditions including deterioration in the global economy; the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third party response to, the COVID-19 pandemic; the impact of climate change or the legal, regulatory, or market response to climate change; changes in government regulations, particularly those affecting taxes, derivative instruments, and environmental, health or safety compliance; risks that production levels and margins of our recent capital expenditures do not grow in line with our current expectations and that we may not realize returns commensurate with our investments; changes in interest rates that have the effect of increasing the amounts we pay under our credit facilities and other financing agreements; and our ability to generate cash. 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, 2022 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.

© 2023 Novelis

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QUARTER HIGHLIGHTS

• Challenging macro-economic environment pressures continued
• • High inflation & energy costs
  • Rising interest rates
  • Falling aluminum prices & tight scrap spreads
• Softer than expected Q3 shipments mainly due to beverage packing supply chain inventory reduction
• Focus on operational and commercial excellence, disciplined execution and rigorous cost management
• Committed to transformational organic investment strategy and driving sustainable growth

© 2023 Novelis	3

ALUMINUM DEMAND FUNDAMENTALS REMAIN STRONG

Beverage Packaging

Automotive

Specialty

Aerospace

• Packaging supply chain destocking but long- term view unchanged
• • Normalization of demand post-pandemic
  • Customer inventory reduction expected to continue in the near-term
  • Demand fundamentals intact, driven by sustainable packaging preferences, product innovation and growing consumption trends

• Strong near and long-term view of demand
• • Easing supply chain challenges increasing vehicle production
  • Continuing positive levels of pent-up demand
  • Increasing share of electric vehicles in production mix favors aluminum use

• Cyclical end markets to see near-term softness
• • Demand broadly moves with GDP and housing markets
  • Inflation & interest rate pressure
  • Demand supported by sustainability preferences & product innovation

• Strong recovery in passenger air travel continues
• • Post-pandemictravel increasing
  • OEM's forecasting strong growth in aircraft build rates
  • Sustainability becoming more important in the industry

© 2023 Novelis

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ORGANIC GROWTH STRATEGY UNCHANGED

• Economic headwinds curb near-term growth in some markets, but long-term fundamental aluminum FRP demand drivers remain strong
• Novelis remains committed to its transformational organic growth journey to further strengthen its industry leading position
• Prudent approach to growth capital expenditures, projects underway remain on track
• • ~$2.5 billion state-of-the-art greenfield rolling & recycling facility in Bay Minette, US
  • ~$365 million automotive recycling center in Guthrie, US
  • High-returndebottlenecking investments in capacity constrained environment

Guthrie Recycling Building Pad

© 2023 Novelis

Bay Minette earth works

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