#1ADITYA BIRLA NOVELIS NOVELIS Q3 FISCAL YEAR 2024 EARNINGS CONFERENCE CALL February 12, 2024 Steve Fisher President and Chief Executive Officer Dev Ahuja Executive Vice President and Chief Financial Officer Novelis#2SAFE HARBOR STATEMENT Forward-looking statements Novelis 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 presentation are statements about our expectations regarding capital investments and expansion projects, statements regarding our expectations for market trends, and statements regarding expectations and opportunities for Adjusted EBITDA expansion.. 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: disruptions or changes in the business or financial condition of our significant customers or the loss of their business or reduction in their requirements; price and other forms of competition from other aluminum rolled products producers and potential new market entrants; competition in our end-markets, and the willingness of our customer to accept substitutes for our products, including steel, plastics, composite materials and glass; our failure to realize the anticipated benefits of strategic investments; increases in the cost of volatility in the availability of primary aluminum, scrap aluminum, sheet ingot, or other raw materials used in the production of our products; rises in energy costs or disruptions to our energy supplies; downturns in the automotive and ground transportation industries or changes in consumer demand; union disputes and other employee relations issues; the impact of labor disputes and strikes on our customers; loss of our key management and other personnel, or an inability to attract and retain such management and other personnel; unplanned disruptions at our operating facilities; economic uncertainty, capital markets disruption and supply chain interruptions, including as a result of geopolitical instability due to the ongoing military conflict between Russia and Ukraine, attacks on shipping vessels in the Red Sea, and the ongoing conflicts in the Gaza Strip and the surrounding region; risks relating to certain joint ventures, subsidiaries and assets that we do not entirely control; security breaches and other disruptions to our information technology networks and systems; increased freight costs on imported products; timing differences between the prices we pay under purchase contracts and metal prices we charge our customers; a deterioration of our financial condition, a downgrade of our ratings by a credit rating agency or other factors which could limit our ability to enter into, or increase our costs of, financing and hedging transactions; risks related to variable rate indebtedness, including interest rate risk; adverse changes in currency exchange rates; our inability to transact in derivative instruments, if our exposure to price fluctuations is not adequately hedged under derivative instruments, or if counterparties to our derivative instruments fail to honor their agreements; an adverse decline in the liability discount rate, lower-than-expected investment return on pension assets; impairments to our goodwill, other intangible assets and other long-lived assets; tax expense, tax liabilities or tax compliance costs; operating and financial restrictions imposed on us by the covenants in our credit facilities and the indentures governing our Senior Notes; our inability to protect our intellectual property, the confidentiality of our know-how, trade secrets, technology, and other proprietary information; risks related to our global operations, including the impact of complex and stringent laws and government regulations; global climate change or the legal, regulatory or market responses to such change; risks related to the broad range of environmental, health and safety laws and regulations to which we are subject, and any related exposure to substantial environmental, health and safety costs and liabilities; our failure to comply with laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection; and exposure to significant legal proceedings and investigations.. 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, 2023 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. © 2024 Novelis#3Q3FY24 BUSINESS & FINANCIAL HIGHLIGHTS Significant improvement in YoY Adjusted EBITDA and Adjusted EBITDA per tonne; cycling past the trough after challenging period Adjusted EBITDA/tonne reached $499 in Q3FY24, up 33% YoY Steady to improving demand trends across markets Automotive demand continues to perform well Positive outlook for beverage can demand Strategic capital investments underway continue to progress Completed 50kt Yeongju debottlenecking investment in October Successful Oswego hot mill upgrade in November to reduce costs Extended ASI certification in North America Signed contract with Ardagh for beverage packaging sheet supply Trailing Twelve Month FRP Shipments (kilotonnes) 3,847 3,863 3,841 3,790 3,707 3,656 3,658 Novelis Trailing Twelve Month Adjusted EBITDA ($ millions) 2,051 2,004 1,839 1,811 1,762 1,671 1,649 Q1FY23 Q23FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 2024 Novelis 3#4© 2024 Novelis Novelis FINANCIAL HIGHLIGHTS#5Q3 FISCAL 2024 FINANCIAL HIGHLIGHTS Q3FY24 vs Q3FY23 Novelis Quarterly shipments trend (kilotonnes) 936 933 908 910 879 Sales down 6% YoY to $3.9 billion Total FRP shipments of 910kt are even with the prior year period Lower specialties due to softer market demand and unfavorable macro-economic environment Higher beverage packaging and automotive shipments Adjusted EBITDA up 33% YoY to $454 million Adjusted EBITDA per tonne up 33% to $499 Net income attributable to our common shareholder increased to $121 million, compared to $12 million in the prior year period Net Income excluding special items of $174 million, up 81% YoY Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Quarterly Adjusted EBITDA trend ($ millions) $484 $454 $403 $421 $341 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Quarterly Adjusted EBITDA per tonne trend $519 $479 $499 $431 $376 2024 Novelis Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24#6Q3 ADJUSTED EBITDA BRIDGE VS PRIOR YEAR Novelis $ Millions 10 10 341 2 93 12 (4) 454 Q3FY23 Volume Price/Mix Operating Cost FX SG&A/R&D and Other Q3FY24 2024 Novelis 6#7Europe North America Q3 SEGMENT RESULTS Adjusted EBITDA ($ millions) Shipments (kts) $300 400 350 $250 300 $200 $165 250 $150 $124 200 150 $100 100 $50 50 $0 0 Q3FY23 Q3FY24 $150 300 $125 250 $100 200 $75 150 $59 $50 $38 100 $25 50 $0 0 Q3FY23 Q3FY24 2024 Novelis Novelis Q3 Shipments -5%, Adjusted EBITDA +33% Lower specialty shipments on muted macro & lower automotive due to planned Oswego outage & upgrade Higher beverage packaging shipments on strong demand Higher product pricing & favorable metal benefits Lower operating costs Q3 Shipments -5%, Adjusted EBITDA +55% Lower beverage packaging & specialties shipments, partially offset by higher automotive shipments Higher product pricing & favorable metal benefits Favorable FX translation Lower operating costs#8South America Asia Q3 SEGMENT RESULTS Adjusted EBITDA ($ millions) Shipments (kts) $150 200 $125 $100 150 $81 $75 $60 100 $50 50 $25 $0 0 Q3FY23 Q3FY24 $250 200 175 $200 150 $150 125 $150 $124 100 $100 75 50 $50 25 $0 Q3FY23 Q3FY24 2024 Novelis Novelis Q3 Shipments +25%, Adjusted EBITDA +35% Significantly higher beverage packaging shipments Higher automotive and specialty shipments Favorable metal benefits and FX Less favorable product mix Q3 Shipments +9%, Adjusted EBITDA +21% Higher beverage packaging shipments Favorable metal benefits#9ADJUSTED FREE CASH FLOW AND NET LEVERAGE Novelis YTD FY24 FY23 YTD Net leverage ratio (Net debt/TTM Adjusted EBITDA) $ Millions Adjusted EBITDA 1,359 1,408 Interest paid Taxes paid Capital expenditures (198) (172) 5.0 Aleris acquisition (133) (157) 3.8 (960) (462) 4.0 3.7 3.3 Metal price lag (62) (130) 2.9 3.0 Working capital & other (523) (645) 2.5 2.4 2.3 Adjusted free cash flow from continuing (517) (158) 2.0 operations Adjusted free cash flow from disc. operations (12) 1.0 Adjusted free cash flow (517) (170) Adjusted free cash flow before capex 443 292 Reinvesting cash in strategic capital expenditure investments in new rolling & recycling capacity expansions underway Update full year FY24 capital expenditure guidance to be between $1.4 to $1.6 billion Net leverage ratio at 2.7x and total liquidity of $2.1 billion at December 31, 2023 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 2.7 2.7 2.7 2.6 2.3 2.3 2.2 2.2 © 2024 Novelis#10© 2024 Novelis CAPITAL PROJECTS UPDATE & OUTLOOK Novelis#11Aerospace Specialty Automotive Beverage Packaging END MARKET OUTLOOK Near-Term Market Trends Supply chain inventory reduction complete US market is solid & stronger South America demand in summer season Economic pressure in Mexico, Europe and some southeast Asian markets Novelis Long-term global demand CAGR ~4% 2023-2031 (ex-China) 2024 Novelis Demand broadly remains stable due to pent-up vehicle demand and favorable vehicle mix No material impact from UAW strike in Q3 ~7% 2023-2028 Demand broadly moves with economies Headwinds from high inflation & interest rates impacting B&C Increasing competitive activity from lower-cost imported containers ~GDP% Increasing OEM build rates and high order backlog driven by fleet replacement and route expansion ~5% 2023-2030 11#12■ INVESTING IN OUR FUTURE Novelis Committed to our transformational growth journey to further strengthen industry leading position Pacing spend of growth capital expenditures, prioritizing projects already under construction Timing of additional identified investment opportunities remains under evaluation Will maintain a disciplined balance sheet and net leverage levels around 3x Fully integrated US rolling & recycling facility $4.1 billion 600kt state-of-the-art facility in Bay Minette, US • O2024 Novelis Stand-alone recycling investments $365 million in Guthrie, US Commissioning early FY25 $65 million in Ulsan, South Korea • Commissioning FY25 Debottlenecking/ high-return rolling capacity release $350 million globally for ~265kt finished good capacity FY24-26 • North America $130 million for 65kt in Oswego Phase 1 complete $150 million for 80kt in Logan South America $50 million for 30kt in Pinda Phase 1 added 40kt complete Asia $20 million for 50kt in Yeongju Complete 12#13BAY MINETTE UPDATE Novelis First fully-integrated aluminum rolling & recycling plant built in the US in 40 years 600kt initial capacity for the beverage packaging and automotive markets With a high level of project engineering now complete, re-baselining total project capital cost to $4.1 billion Plant of the future will improve safety, efficiency, and the sustainability of our products Investment provides a first mover advantage with double digit returns Greenfield investment today positions us to cost-effectively double the capacity through future, high-return brownfield expansion opportunities Contracted all beverage packaging capacity with signing of third major contract with Ardagh; automotive contracting progressing as planned Anticipate commissioning second half of calendar year 2026 2024 Novelis Historic Plant of the Future Investment 13#14GUTHRIE RECYCLING CENTER Novelis Construction of a $365 million advanced automotive recycling center in North America is nearly complete On track to begin commissioning in Q1 FY25 Project highlights Leverage existing & growing closed loop. recycling systems with customers Increases our capability to convert excess process scrap into sheet ingot Replaces external sheet ingot supply Expand scrap consumption to increase. recycled content in automotive products Guthrie, Kentucky, recycling center site - January 2024 2024 Novelis 14#15ADJUSTED EBITDA PER TONNE EXPANSION Novelis Recovery in adjusted EBITDA per tonne to date as expected Expect Q4FY24 adjusted EBITDA per tonne to return to a sustainable ~$525 level Margin drivers provide opportunity to expand Adjusted EBITDA per tonne above $600 over time1 Quarterly Adjusted EBITDA per tonne $/kt 600 $519 ~$525 $479 $499 500 $431 $376 400 300 200 Margin Drivers Capacity expansion and fixed cost leverage Favorable market dynamics, excellent quality & service supporting price increases. Portfolio optimization & expanding automotive leadership position Increased recycling inputs utilized 100 0 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 guidance Continuous improvement & digitalization driving operational excellence & efficiencies (1) 2024 Novelis 15 Our ability to expand Adjusted EBITDA per tonne above $600 is subject to business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management. All forward-looking targets and objectives are based upon assumptions with respect to future decisions which are subject to change. Actual results may vary and those variations may be material. The important factors that could cause these variations include the margin drivers outlined above and the factors described on Slide 2.#16SUMMARY Delivering Adjusted EBITDA and Adjusted EBITDA per tonne improvement as expected Anticipate recovery in Adjusted EBITDA per tonne to lead to Q4FY24 Adjusted EBITDA of approximately $500 million Transformational organic expansions underway to capture growing demand for sustainable aluminum FRP Diverse & growing global portfolio, recycling leadership and operational excellence will continue to be margin opportunity levers Continue working across the value chain to achieve sustainability goals and grow with our customers 2024 Novelis 244 Novelis 16#17© 2024 Novelis THANK YOU QUESTIONS? Novelis#18© 2024 Novelis APPENDIX Novelis#19NET INCOME RECONCILIATION TO ADJUSTED EBITDA (in $ m) Net income attributable to our common shareholder - Noncontrolling interests - Income tax provision - Interest, net - Depreciation and amortization EBITDA Novelis Q1 22 Q2 23 Q1 Q3 Q4 FY23 Q2 Q3 FY24 FY24 FY24 307 183 12 156 658 156 157 121 (1) (1) 87 65 (6) 1 147 54 51 54 54 61 69 70 254 70 74 67 138 134 133 135 540 131 136 139 585 443 208 362 1,598 411 418 381 - Unrealized loss (gain) on derivatives (42) 21 1 (3) (23) (4) - Realized (gain) loss on derivative instruments not included in segment income (1) (1) (1) (1) (4) (3) (1) - Loss on sale of fixed assets - Adjustment to reconcile proportional consolidation - (Gain) loss on extinguishment of debt - Loss (gain) from discontinued operations, net of tax - Restructuring and impairment (reversals) expenses, net - Gain on sale of business - Metal price lag (income) expense - Other, net Adjusted EBITDA 14 13 13 13 53 14 1 1 - 1 1 2 1 1 5 26 33 IM 2514 23 (15) 11 84 (3) 5 24 24 109 4 106 ༔ 130 6 21 (5) 5 22 122 26 - 255 45 $561 $506 $341 $403 $1,811 $421 $484 $454 2024 Novelis 19#20ADJUSTED FREE CASH FLOW Novelis (in $ m) Q1 Q2 Q3 Q4 FY23 Q1 FY24 FY24 FY24 Q2 Q3 Cash provided by operating activities - continuing operations Cash used in investing activities - continuing operations 44 152 125 899 1,220 (32) 322 130 (120) (170) (188) (297) (775) (317) (273) (345) Plus: Cash used in Acquisition of business and other investments, net of cash acquired 4 3 7 Less: Proceeds from sale of assets and business, net of transaction fees, cash income taxes and hedging Adjusted free cash flow from continuing operations (5) (4) (9) (2) $(72) $(18) $(68) $601 Net cash provided by (used in) operating activities - discontinued operations Adjusted free cash flow Capital expenditures 110 (1) (5) (6) $(73) $(23) $(74) $601 324 $443 $(349) $49 $(217) (12) 174 178 $431 $(349) $49 $(217) 786 333 285 342 Adjusted free cash flow before capex $37 $151 $104 $925 $1,217 $(16) $334 $125 2024 Novelis 20 20#21NET DEBT AND LIQUIDITY Long-term debt, net of current portion Current portion of long-term debt Short-term borrowings Cash and cash equivalents Net debt Q1 (in $ m) Q1 Q2 Q3 Q4 FY23 Q2 FY24 FY24 FY24 Q3 59 603 63 4,894 4,850 4,875 4,881 88 4,881 4,878 4,859 4,883 84 57 51 31 858 896 671 601 692 552 (1,037) (1,145) (1,126) (1,498) (1,498) (1,041) (1,158) (787) $4,519 $4,626 $4,729 $4,142 $4,142 $4,495 $4,444 $4,679 (in $ m) Q1 Q2 Q3 Q4 FY23 Q1 Q2 Q3 FY24 FY24 FY24 Novelis Cash and cash equivalents Availability under committed credit facilities Liquidity 1,037 1,145 1,126 1,498 1,498 1,041 1,158 787 1,341 1,642 1,018 1,101 1,101 1,403 1,145 1,353 $2,378 $2,787 $2,144 $2,599 $2,599 $2,444 $2,303 $2,140 2024 Novelis 21 21