#1aba Aluminium for the world INVESTOR RELATIONS PRESENTATION Q3 2023#2DISCLAIMER aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba This document has been prepared and issued by and is the sole responsibility of Aluminium Bahrain B.S.C. (the "Company"). The document is being supplied to you solely for your information and for use at the Company's presentation. No information made available to you in connection with the presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. This document and its contents are directed only to the intended audience. It is being made on a confidential basis and is furnished to you solely for your information. By accepting these materials, the recipient confirms that he or she is a relevant person. This document must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. If you are not a relevant person you should not attend the presentation and should immediately return any materials relating to it currently in your possession. Forward-looking statements speak only as at the date of this presentation and Aluminium Bahrain B.S.C. expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. You should not base any behaviour in relation to financial instruments related to the Company's securities or any other securities and investments on such information until after it is made publicly available by the Company or any of their respective advisers. Some of the information is still in draft form and has not been legally verified. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, its undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information. Page 2#3CONTENTS aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 01 Industry Highlights • 04 Industry Perspectives in 2023 02 Alba Highlights 05 2023 Alba Priorities • 03 9 Months 2023 Results 9 06 Appendix Page 3#41 Industry Highlights are based on CRU Market Intel aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 01 INDUSTRY HIGHLIGHTS¹ Page 4#5aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba World Market Demand +3% YoY Economic growth in major markets remained under pressure in Q3 2023 as tighter monetary policy weigh on household spending and commodities' consumption Middle East: Demand up by 7% YoY supported by higher consumption in UAE & KSA Chinese consumption up by 5% YoY driven by recovery in the manufacturing sector [Chinese imports jumped to highest level since November 2021 with major inflows from Russia] Demand in North America down by 3% YoY owing to uncertain growth in auto and construction sectors Europe: slow economic growth and higher inflation led to a contraction in aluminium consumption (down by 3% YoY) Page 5#6World Market Supply +3% YoY aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Despite a dull demand, global primary production was pushed up by higher output in China and Americas North America production up by 7% YoY due to restarts at Canadian smelters (Kitimat and Alumar) Chinese supply up by 4% YoY (output reached an-all-time high in August) attributed to output growth in the southwestern province in Yunnan following the recovery of hydropower generation Supply in Europe contracted by 5% YoY due to weak manufacturing activity The world market is in surplus with China (+3,000 MT) and w/o China (+88,000 MT) Page 6#7aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba LME Price & Premiums Struggle to Find Positive Momentum LME Price remained under pressure as bearish market sentiment dominated the trading activity. LME-Cash averaged US$2,155/t in Q3 2023 -- down by 8% YoY [lowest: US$2,068.50/t on 21 Aug 23 and highest: US$2,307.50/t on 29 Sep'23] LME inventories at low levels at ~0.5 million MT (up by 47% YoY) with growing inventories of Russian metal in LME-registered warehouses causing concern Premium prices on the swing and are expected to drop in the near-term owing to weak physical demand Major Japanese Ports (MJP¹) US Midwest DDP Rotterdam 150 100 50 148 600 600 400 400 128 592 614 123 547 499 474 99 444 200 200 85 298 317 268 278 0 0 Q3 2022 Q4 Q1 2022 2023 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 2023 2023 2022 2022 2023 2023 2023 2022 Q4 Q1 Q2 Q3 2022 2023 2023 2023 ¹Major Japanese Ports (MJP) is based on Cost, Insurance and Freight (CIF) Page 7#8Alumina Price: 17% of LME Price [US$362/t] LME Price Trend (US$/t) 2,399 2,500 2,354 2,324 2,100 1,700 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 2,263 2,155 1,300 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 19% 18% 16% 13% Alumina Price Index Trend (% of LME) 17% 17% 16% 15% 10% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Page 8#91 Alba Highlights relate to Alba official news in Q3 2023 02 ALBA HIGHLIGHTS1 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 9#10Safety in Numbers 60 60 50 49 40 34 32 30 20 10 # Total Injuries # Recordable Injuries LTIS 11 10 6 0 2020 2021 2022 Q1 23 Q2 23 Q3 23 12 11 9 3 2 1 1 0 1 0 1 0 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba ecovadis asi Aluminium Stewardship Initiative MILLION SAFE-WORKING HOURS WITHOUT LTI Achieved on 29 October 2023 Page 10#11aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Major Environment, Social and Governance (ESG) Highlights First smelter in the region to be successfully recertified to the newest version (V3) of Aluminium Stewardship Initiative (ASI)'s Performance Standard Winner of Al Bilad Award for CSR 2023 - Environment Category Inauguration of Mangrove Nursery to mark the occasion of International Mangrove Day Launch of Summer Safety & Health Campaign 'Stop, Think, & Act' in July 2023 Recipient of the coveted Brandon Hall Group Silver Award for Excellence 2023 for its Training & Development Programme (TDP) Joined Forces with Nasser Artificial Intelligence Research & Development Centre to Advance in Al with successful completion of Green Anode Density Prediction Successful implementation of Virtual Reality (VR) technology training for Potline. Emergencies. Work-in progress for other four areas for in-house training courses In collaboration with INJAZ Bahrain, Alba organised Entrepreneurship Masterclass Workshop for its employees' children (60 students) In line with Alba's commitment to develop Bahraini youth, more than 90 trainee students have completed their On-Job-Training (OJT) programmes 7 million safe working hours w/o LTI achieved on 16 September 2023 Page 11#12aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba ESG: A Journey, Not A Destination Decarbonisation Green Energy & Aluminium > Energy Management System (EMS) & Power Station Efficiency › Afforestation & Reforestation > Inert Anode Technology › Hydrogen › Carbon Capture & Storage (CC&S) & Carbon Offsets > On-site Solar › Government Collaboration Circular Economy & Secondary Aluminium › Securing Recycled Materials › Securing Recycled Infrastructure > Partnership with International Recycler SDGs Employee Welfare > Employee Satisfaction Assessment › Community ESG Training › Equal Opportunity Employment Collaboration & Partnership > Green Financing › University Collaboration Transparency, Communications & Due Diligence > ESG Due Diligence Page 12#13* Initiative ESG Journey by 2035 Q2 2024 Q4 2024 Alba Solar Farm 6.23 MW Solar Farm Capacity [Tender Awarded] aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Q2 2027* Efficiency Upgrades Commissioning Power Station 5 Block 4 & Retiring Older Power Stations *Commissioning Line 7 & Retiring Lines 1-3 2025-2027 ✓ Recycled Material Remelting 15KMT - 30KMT of Secondary per Year 2030 Government Collaboration 2035 500-1,000 MW of Imported Grid Renewable Energy (offtake) with Public Tender Already Issued for 500 MW Subject to Government Approvals & Completion of Feasibility Study by Q1 2024 Page 13#14aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Operational Highlights - Q3 & 9 Months of 2023 Production [Q3: 409,445 metric tonnes (MT), up by 1% YoY; 9 Months: 1,213,325 MT, up by 2% YoY] Sales' volume [Q3: 430,351 MT, up by 17% YoY; 9 Months: 1,182,286 MT, up by 7% YoY] Value Added Sales [Q3: 68% versus 67% in Q3 2022; 9 Months: 67% same for 2022 & 2023] Debut of new alloy '6060.HE' in Alba's product portfolio as part of its AA6060 alloy family dedicated to the Company's extruder customers Natural Gas supply has been extended to an additional 5-year period and will remain at US$4/MMBTU for the coming 5 years AL HASSALAH Top up: sustain savings achieved in 2022 (US$115.34M) throughout 2023 Page 14#15Financial Key Performance Indicators - Q3 & YTD 2023 EBITDA aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Free Cash Flow¹ $ YTD: US$601 million down by 53% YoY Q3: US$168 million down by 28% YoY YTD: US$252 million down by 75% YoY Q3: US$46 million down by 64% YoY H YTD: US$396 million down by 45% YoY Q3: US$184 million down 25% YoY ¹Free Cash Flow excludes Project CAPEX spending Profit Page 15#1603 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 9 Months 2023 RESULTS Reference: Interim Condensed Consolidated Financial Statements for the Nine Months Period Ended 30 September 2023 (reviewed) Page 16#17aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Lower Metal Sales Owing to Lower LME Price & Premiums 4,000 Metal Sales' Bridge (US$M) - YTD 2023 vs. YTD 2022 636 3,000 166 242 40 by 20% YoY in LME Price 2,000 3,666 1,000 3,066 by 36% YoY in Premiums 0 Metal Sales LME Pricing Power YTD 2022 Market-led Product Mix Volume Metal Sales YTD 2023 Business & Market-led Business-led Page 17#18aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Higher VAP | Higher Liquid Metal | Lower Commodities' Volume YTD 2023 vs. YTD 2022 Sales by Product-Line Bridge (MT'000) Premium Above LME Trend US$ Per MT 1,200 800 400 48 32 7 500 350 1,109 1,182 0 Sales Value YTD 2022 Added Liquid Commodity Sales Metal YTD 2023 480 200 ▼ 36% 306 50 YTD 2022 YTD 2023 Page 18#19aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Higher Direct Cost Owing to Higher Production & Partially Offset by Drop in Alumina Prices YTD 2023 vs. YTD 2022 - Direct Cost Bridge (US$M) 2,500 89 67 107 10 27 11 161 2,000 1,500 1,000 2,212 2,362 500 Direct Cost YTD 2022 RM RM Energy Price Consumption Price Other RM Alumina Inventory Sales' Cost Absorption Plant Spending Direct Cost YTD 2023 * RM stands for Raw Materials Page 19#20aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Lower EBITDA Owing to Lower Metal Sales & Higher Costs YTD 2023 vs. YTD 2022 - EBITDA Bridge (US$M) 1,300 1,100 900 EBITDA 34.9% 700 1,280 500 300 100 600 10 150 61 EBITDA 19.5% 601 EBITDA Metal Other YTD 2022 Sales Sales Direct Cost Selling Expenses EBITDA YTD 2023 Page 20#21aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Cash Flow Bridge FY 2022 to YTD 2023 FY 2022 to YTD 2023 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 900 750 600 610 450 300 150 249 100 114 72 84 - 800 600 373 400 726 200 284 396 0 0 Cash CF WC Balance from Changes CAPEX Spent 2022 Operations Block 4 Net Debt Payment Cash CAPEX Servicing to Balance Shareholders Q3'23 YTD 2022 YTD 2023 Page 21#22aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Key Financial Performance for Q3 & 9 Months 2023 Financial Summary Q3 2023 Q3 2022 YTD 2023 YTD 2022 Average Cash LME (US$/MT) 2,155 2,354 2,272 2,834 Average Alumina Price (US$/MT) 362 413 363 436 Revenue (US$M) 1,064 1,072 3,077 3,666 EBITDA (US$M) EBITDA% Profit (US$M) 168 234 601 1,280 15.8% 21.8% 19.5% 34.9% 46 128 252 1,002 (Loss)/Gain Unrealised Derivatives (1) 1 (1) (2) Adjusted Profit¹ ¹Excludes unrealised gain/(loss) on derivatives 47 127 253 1,004 Page 22#231 Industry Perspectives are based on CRU Market Intel 84 04 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba INDUSTRY PERSPECTIVES¹ IN 2023 Page 23#24aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatility & Uncertainty to Shape Medium Term Outlook Aftershocks from pandemic and Russia-Ukraine war will continue to weigh on aluminium fundamentals in the short-run Prospects for healthier 2024 will depend on better economic performance in major markets and a return to restocking across aluminium supply-chain Regional premia to further drop against a backdrop of weak demand in Europe and US Carbon Border Adjustment Mechanism (CBAM): Reporting Phase started in Oct'23 requiring European producers to report their direct and indirect emissions while importers will be required, starting from 2026, to purchase emissions allowances on direct emissions LME price to range between US$2,100/t - US$2,200/t for the remainder of 2023 & is expected to gradually recover from Q2 2024 Page 24#25aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Major Raw Materials Price Trends (Al2O3, AIF 3, Liquid Pitch and GPC) Despite a weak market sentiment, alumina prices are expected to hold firm over the short-run and will be under pressure over the long-term Liquid Pitch prices to range higher as compared to the usual average mainly due to the coal tar pitch use in different applications in other industries Aluminium Fluoride prices to further soften owing to stable raw material prices Carbon products' prices (GPC, CPC & Anodes) to remain high owing to the restart of idle Chinese capacity following the recovery of hydropower generation; thus, creating increased demand for carbon products Page 25#261 Based on Alba 5-Year Strategic Initiatives aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 05 2023 ALBA PRIORITIES1 Page 26#27aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Enhance Business Value Through Sustainability & Journey Towards Safety Excellence Safety is a Journey 'Safety is our Operating License' Embrace sustainability across our value chain in line with Bahrain's objectives for 'Net Zero Emissions' by 2060 Boost 2023 Net Finished Production by Forced Cooling Network (above 1,600,111 MT) and sustain AL HASSALAH achieved savings with AL HASSALAH Top Up Continue to screen potential Upstream Opportunities to secure 1/3 Alumina requirements Capitalise on Aluminium Stewardship Initiative (ASI) and Ecovadis Certifications to penetrate new markets, debut new alloys & lift VAP Sales Progress with PS5 Block 4 and Solar Farm as per schedule to scale up our efficiency Progress with Bechtel's Feasibility Study for Line 7 - Class III Publish 7th Edition of Alba's Sustainability Report 2022 in Q4 2023 Page 27#2806 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba APPENDIX (Q3 2023 Results) Reference: Condensed Consolidated Interim Financial Information for the Nine Months Period Ended 30 September 2023 (reviewed) Page 28#29aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Lower Metal Sales due to Lower LME Price & Premiums 1,200 Metal Sales' Bridge (US$M) – Q3 2023 vs. Q3 2022 128 950 188 80 1 700 1,072 450 by 8% YoY in LME Price by 39% YoY in Premiums 1,053 200 Metal Sales LME Pricing Power Product Mix Volume Q3 2022 Metal Sales Q3 2023 Market-led Business & Market-led Business-led Page 29#30aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Higher VAP | Higher Liquid Metal | Higher Commodities' Volume Sales by Product-Line Bridge (MT'000) Q3 2022 vs. Q3 2023 Premium Above LME Trend US$ Per MT 500 400 300 200 366 500 6 12 46 400 300 467 430 200 ▼ 39% 284 100 100 Sales Q3 2022 Value Added Liquid Commodity Sales Q3 2022 Q3 2023 Metal Q3 2023 Page 30#31aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Higher Direct Cost Owing to Higher Production Partially Offset by Drop in Alumina Prices Q3 2023 vs. Q3 2022 - Direct Cost Bridge (US$M) 850 700 550 784 400 250 69 6 I 0 23 118 10 7 868 100 Direct Cost Q3 2022 RM Price RM Consumption Energy Price Other RM Alumina Sales' Cost Inventory Absorption Plant Spending Direct Cost Q3 2023 * RM stands for Raw Materials and Al2O3 stands for Alumina Page 31#32aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Lower EBITDA Owing to Lower Metal Sales & Higher Costs EBITDA Bridge (US$M) - Q3 2023 vs. Q3 2022 EBITDA 21.8% 250 200 150 100 234 50 0 10 19 83 26 EBITDA 15.8% 168 EBITDA Metal Other Q3 2022 Sales Sales Direct Cost Selling Expenses EBITDA Q3 2023 Page 32#33aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Volatility & Uncertainty Continue to Weigh on Aluminium Fundamentals Cash-Flow Bridge Q2 2023 to Q3 2023 600 500 164 400 300 200 332 100 Q2 2023 to Q3 2023 Cash-Flow Bridge (US$M) 58 38 55 127 250 200 Free Cash Flow (US$M) 50 150 245 100 184 284 50 0 0 Cash CF Balance from Q3 23 Operations WC CAPEX Changes Spent Block4 CAPEX Net Debt Payment Cash Servicing to Q3 2022 Q3 2023 Balance Shareholders Q3 23 Page 33#34Alba Shareholder's Structure Mumtalakat INVESTING FOR BAHRAIN سابك sabic aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Bahrain Mumtalakat Holding Company SABIC Industrial Investment Company General Public 69.38% 10% 20.62% Alba was converted into a Bahrain Public Joint Stock Company on 23 November 2010 Alba shares are listed on two exchanges: Ordinary Shares on Bahrain Bourse and Global Depository Receipts (GDRs) on the London Stock Exchange - Alternative Investment Market Alba Ticker [BHB: ALBH, BD1.095 on 30 September 2023] Page 34#35Alba Share Price Performance [ALBH, BD] 1.400 1.200 1.000 1.090 0.800 0.600 0.400 0.200 0.000 01/01/2023 01/15/2023 01/29/2023 02/12/2023 02/26/2023 03/12/2023 03/26/2023 04/09/2023 04/23/2023 05/09/2023 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 05/23/2023 06/06/2023 06/20/2023 07/09/2023 07/23/2023 08/07/2023 08/21/2023 09/04/2023 09/18/2023 09/30/2023 Page 35 1.095 0.46%#36G f Alba4World X aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba For more information, please contact us on: [email protected] Alba4World user/Alba4World Alba4World Page 36