#1aba Aluminium for the world INVESTOR RELATIONS PRESENTATION 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 this material 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 01 Industry Highlights 02 Alba Highlights aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 903 2023 Results 104 Industry Perspectives in 2024 905 2024 Alba Priorities 906 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#5World Market Demand +1% YoY aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium consumption saw a modest growth globally due to stagnant economies curbed by rising interest rates and inflation, ongoing supply chain disruptions and weak consumer confidence Chinese economy showed signs of stability fueled by resilient manufacturing sector and a rebound in auto sector and consumer goods spending (+ 5% YoY) KSA's aluminium consumption plunged by 6% YoY, dragging down the demand in Middle East by 7% YoY US economy is transitioning to a slower pace with labor market easing and consumers. facing increased cost pressure due to higher interest rates - led to a drop of 6% YoY in aluminium demand Europe: sluggish economy caused by tighter controls on spending, rising prices (high inflation) and weaker consumer interest have led to a contraction in aluminium consumption (-8% YoY) Page 5#6aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba World Market Supply +2% YoY China: growth in production slowed due to winter disruptions in the South (+3% YoY) North America: production rose by 3% YoY with smelters' restarts Middle East: overall flat (+1% YoY) with gains in Bahrain & UAE (+1% YoY) offset by a decline in KSA (-6% YoY) Europe: primary production cut back (-4% YoY) due to weak manufacturing activity Russia: LME stocks of Russian origin surged to reach 90% of total LME stocks. UK imposed additional sanctions on Russian metal World market w/o China posts first surplus since 2020 (+51,000 MT) & in deficit with China (-6,000 MT) Page 6#7aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba LME Price & Premiums LME Cash averaged US$2,252/t in 2023 - down by 17% YoY. LME price fluctuated in the fourth quarter between a low of US$2,082.50/t on 11 December and a high of US$2,335.50/t on 29 December LME inventories remained low at 566,000 MT by year-end despite a 27% increase YoY. Chinese stocks reached a 6-year low Premiums dropped significantly owing to weak demand and bearish market sentiment Major Japanese Ports (MJP¹) 150 100 600 400 US Midwest 450 300 DDP Rotterdam 614 547 128 123 444 474 50 99 97 200 420 150 298 317 85 268 278 202 0 0 0 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 2023 2023 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 2023 2023 2022 2023 2023 2023 2023 ¹Major Japanese Ports (MJP) is based on Cost, Insurance and Freight (CIF) Page 7#8Alumina Price: 16% of LME Price [US$362/t] LME Price Trend (US$/t) aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 2,600 2,399 2,324 2,263 2,155 2,190 2,200 1,800 1,400 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 19% Alumina Price Index Trend (% of LME) 17% 16% 16% 15% 13% 17% 16% 10% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Page 8#91 Alba Highlights relate to Alba official news 02 ALBA HIGHLIGHTS1 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 9#10Safety in Numbers 65 60 59 60 55 50 45 40 35 49 35 34 32 30 2018 2019 2020 2021 2022 2023 32 12 12 11 9 9 3 0 1 0 1 1 # aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium ecovadis asisteward Initiative Total Injuries Recordable Injuries LTIS 13 MILLION SAFE-WORKING HOURS WITHOUT LTI 13 Million Safe Hours without any LTI on 23 January 2024) Page 10#11Major Environment, Social and Governance (ESG) Highlights aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Milestone reached in Power Station 5 Block 4 with the arrival of M701JAC Gas Turbine on 16 October 2023 Safety Milestone: 7th consecutive summer of zero heat-related illnesses and injuries Alba: 1st smelter in the GCC to attain 4-star audit rating by the British Safety Council Launch of a mini-Safety Campaign 'Safety is Driven by You' on 10 December 2023 Safety First, Safety Always: 13 million safe working hours w/o LTI on 23 January 2024 Sixth edition of ESG Report (with Quality Assurance) released in Q4 2023 Sustainability Triumph: SPL Treatment Plant exceeds target, converting waste into valuable HiCal -- 40,185 MT of HiCal produced against nameplate capacity of 30kMT - 35kMT Page 11#12* Initiative ESG Journey by 2035 LTU Decarbonisation Employee Welfare aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Green Energy & Aluminium LJ Circular Economy & Secondary Aluminium Collaboration & Partnership Q2 2024 Q4 2024 Alba Solar Farm Transparency, Communications & Due Diligence Q2 2027* 2025-2027 Efficiency Upgrades Recycled Material 2030 Government Collaboration 2035 6.23 MW Solar Farm Capacity [Tender Awarded] Commissioning Power Station 5 Block 4 & Retiring Older Power Stations Commissioning Line 7 & Retiring Lines 1-3 I Remelting 15KMT - 30KMT of Secondary per Year I 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-Q2 2024 Page 12#13aa All-Time Production (1,620,665 MT; + 1.3% YoY) Aluminium Bahrain B.S.C. (Alba) Aluminium for the world WELCOME اهلا وسهلا 55 Aluminium for the world 1.620.665 MT صنع في البحرين Made in Bahrain Page 13#14aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Operational Highlights (Full Year) Sales' volume rose to 1,603,011 metric tonnes (MT) despite market challenges (+2.2% YoY) Closed 2023 with an all-time Net Finished Production of 1,620,665 MT (+1.3% YoY) Value Added Sales averaged 68% of the total shipments vs. 66% in 2022. VAP Sales' volume exceeds 1,095,000 MT (+5.1% YoY) Inked 10-Year Gas Supply Deal with Bapco Energies with fixed price structure for the first 5- year period at US$4/MMBTU on 23 January 2024 Recipient of two major Investor Relations Awards for 2023 by Middle East Investor Relations Association (MEIRA) Upskilling more than 660 employees through programmes like Al Jisr, Skill Matrix and comprehensive Training and Development Programme Alba celebrates its female employees on the occasion of Bahraini Women's Day Through consistent efforts, AL HASSALAH Top up maintains US$115.34M achieved savings in 2022 Page 14#15Sales by Geographic Footprint Americas 14.3% 73.8% of Alba products are exported worldwide through its Sales offices in Zurich & Singapore as well as Subsidiary in Atlanta - US Europe 24% MENA 20.6% Bahrain 26.2% aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Asia 14.9%#16Sales' Breakdown by Product-Line Liquid Slabs 18.8% Standard /T-Ingots 12.9% 5.8% 8.6% 22% Foundries 31.9% aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba MADEIN BAHRAIN High Purity Metal Billets VAP Sales 68.3% Page 16#17aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Financial Key Performance Indicators - Q4 & FY 2023 EBITDA impacted by lower LME price & premiums Free Cash Flow¹ impacted by working capital changes $ FY: US$804 million down by 46% YoY Q4: US$203 million down by 9% YoY FY: US$314 million down by 72% YoY Q4: US$62 million down by 41% YoY HH Net Income driven by lower EBITDA FY: US$652 million down by 47% YoY Q4: US$255 million down by 50% YoY Alba BoD recommend Final Dividend of US$60 million to be paid on 31 March 2024 [2023 Dividend Pay-out Ratio: 35%] ¹Free Cash Flow excludes PS5 Block 4 CAPEX spending Page 17#18Alba Share Price Performance [ALBH, Bahraini Dinars] 1.300 1.250 1.200 1.150 1.100 1.050 BD1.090 1.000 0.950 0.900 01/01/2023 01/15/2023 01/29/2023 02/12/2023 02/26/2023 03/12/2023 03/26/2023 04/09/2023 04/23/2023 при 05/09/2023 05/23/2023 06/06/2023 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Highest in 2023 BD 1.275 15% Increase in Share Price BD1.145 v 06/20/2023 07/09/2023 07/23/2023 08/07/2023 08/21/2023 09/04/2023 09/18/2023 10/02/2023 10/16/2023 10/30/2023 11/13/2023 11/27/2023 12/11/2023 12/26/2023 Page 18#19Operational Productivity aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Total Head Count Value Added Sales (MT'000) as a % of Total Sales (MT) 68% 4,171 4,263 1,025 1,113 66% 1,042 1,096 3,146 3,150 2022 2023 Internal External 2022 2023 Account Receivable Days' Trend Inventory Days' Trend 110 103 45 46 2022 2023 2022 2023#20Net Debt to EBITDA Ratio Trend 3,000 8.03 5.98 118 1.36 216 2,500 2,000 248 1,500 2,450 2,606 2,218 1,000 500 0 2019 2020 2021 ■ Net Debt Cash aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 0.95 1.74 249 159 1,424 1,399 2022 Net Debt to EBITDA 2023 Page 20#21Refer to Alba's 2023 Audited Financial Statements 03 2023 RESULTS aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 21#22aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Lower Metal Sales Owing to Lower LME Price & Premiums Metal Sales' Bridge (US$M) – 2023 vs. 2022 6,000 4,000 4,896 2,000 667 by 17% YoY in LME Price 109 201 52 by 35% YoY in Premiums 4,085 0 Metal Sales LME Pricing Power Product Mix Volume Metal Sales 2022 2023 Market-led Business & Market-led Business-led Page 22#23aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Higher VAP | Higher Liquid Metal | Lower Commodities' Volume 1,800 1,200 600 2023 vs. 2022 Sales by Product-Line Bridge (MT'000) 54 23 42 500 350 1,568 1,603 Premium Above LME Trend US$/MT 447 200 ▼35% 289 0 50 Sales 2022 Value Added Liquid Commodity Sales Metal 2022 2023 2023 Page 23#24aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Production Costs Lower Due to Lower Alumina Prices Despite Higher Throughput 3,400 2,800 2,200 3,171 1,600 2023 vs. 2022 - Direct Cost Bridge (US$M) 37 21 16 64 41 11 207 1 3,154 1,000 Direct Cost 2022 Major RM Price RM Consumption Energy Price Other RM Alumina Inventory Sales' Cost Absorption Plant Spending Direct Cost 2023 * RM stands for Raw Materials Page 24#25aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Lower EBITDA Owing to Double-Digit Drop-in LME Price & Premiums 2023 vs. 2022 - EBITDA Bridge (US$M) EBITDA 31% 1,600 1,200 800 1,502 811 21 17 75 S EBITDA 20% 804 400 EBITDA Metal Other 2022 Sales Sales Direct Cost Selling Expenses EBITDA 2023 Page 25#26aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Cash Flow Bridge 2022 to 2023 2022 to 2023 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 1,200 1,000 800 821 600 400 112 281 115 254 373 1,250 1,000 750 1,233 500 652 250 159 200 249 0 Cash CF WC Balance from Changes CAPEX Spent 2022 Operations Block 4 Net Debt Payment Cash CAPEX Servicing to Balance Shareholders 2023 2022 2023 Page 26#27aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Double Digit Fall in LME Price and Premiums Impact Financial Performance Financial Summary Q4 2023 Q4 2022 FY 2023 FY 2022 Average Cash LME (US$/MT) 2,190 2,324 2,252 2,707 Average Alumina Price (US$/MT) 361 370 362 420 Revenue¹ (US$M) 1,029 1,230 4,106 4,896 EBITDA (US$M) EBITDA% Profit (US$M) 203 222 804 1,502 20% 18% 20% 31% 62 105 314 1,107 (Loss)/Gain Unrealised Derivatives (2) 2 (3) Adjusted Profit² 1 Refer to Note 19 in the Financial Statements. 2 Excludes Unrealised Gain (Loss) on Derivatives 64 64 103 317 1,107 Page 27#2884 04 1 Industry Perspectives are based on CRU Market Intel aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba INDUSTRY PERSPECTIVES¹ IN 2024 Page 28#29aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Mixed Macroeconomic Outlook: Supply Constraints & Demand Upturn Global demand is expected to see a gradual rebound in the latter half of 2024 fueled by anticipated Chinese stimulus measures into their economy, prospects of interest rate cuts in the US boosting consumer spending and gradual recovery in Europe as consumption picks up after a sluggish start Russian aluminum exports to EU are likely to decline due to expected trade sanctions against Russia diverting exports to Asia particularly China US aluminum offtake is projected to grow in 2024 despite anticipated GDP slowdown, mainly driven by investments and expansions in casting, extrusions, and rolling sectors. European demand is likely to remain passive in H1 2024 due to stagnant construction activity & high interest rates dampening business and consumer confidence Demand in China is expected to expand, despite a weak construction sector, thanks to growth in auto and renewable energy sectors Global supply chain challenges have improved, but some risks remain on routes like Panama and Suez Canals Bearish market sentiment is likely to persist with LME prices ranging between US$2,000/t - US$2,200/t Page 29#30Raw Materials Price Trends aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba -- Alumina (Al2O3) modest price hikes driven by increased demand China in anticipation of potential bauxite disruptions from West Africa Aluminium Fluoride (AIF 3) -- prices to remain stable thanks to lower offers from China's downstream aluminium industry Carbon products (GPC, CPC & Anodes) prices are likely to remain low due to reduced downstream demand Liquid Pitch -- prices are to be in a downward trend (continuing from Q4 2023) and expected to remain soft due to reduced demand Page 30#311 Based on Alba's 5-Year Strategic Initiatives aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 05 2024 ALBA PRIORITIES¹ Page 31#32aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Evolving Beyond ESG & Safety Standards Advance a culture of Safety where every action reflects our commitment to zero harm Align with Bahrain's Objectives for 'Net Zero Emissions' by 2060 & embrace sustainability (from sourcing to delivery) across our operations Exceed 2023 Net Finished Production of 1,620,665 MT in 2024 and launch e-AL HASSALAH Savings Program Maintain active pursuit for sourcing Upstream to secure 1/3 Alumina Needs Leverage Aluminium Stewardship Initiative (ASI) and Ecovadis Certifications to unlock new markets and boost VAP Sales Complete PS5 Block 4 Project by Q4 2024 and Solar Farm by Q2 2024 to scale up our efficiency Complete Bechtel's Feasibility Study for Line 7 Class III by Q2 2024 Page 32#33CEO Annual Majlis 2024 A 1 00 1 01 00016 0 O 0 L DOL LL 702390 100 100 0 100 101 0 SAVINGS SAFETY MIRROR مرآة السلامة e-AL HASSALAH الحصالة الرقمية 01100 1 01101000 0000 0 11 0 10 100 0 0 1 0 1 101 000 1 1 0 0 N 0 boil alba 口:: 000 A aa Aluminium Bahrain B.S.C. (Alba) Aluminium for the world 09000 STRATEGY REFRESH تطوير الاستراتيجية UPSKILLING & RESKILLING تعزيز وصقل المهارات Page 33#3406 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba APPENDIX – Q4 2023 - - - Page 34#35Aluminium Industry: Volatile and Weak Market Sentiment Lower Metal Sales due to Lower LME Price & Premiums 1,300 1,100 900 Metal Sales' Bridge (US$M) – Q4 2023 vs. Q4 2022 56 by 6% YoY 700 in LME Price 1,230 500 300 11 63 103 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba by 34% YoY in Premiums 1,019 100 Metal Sales LME Pricing Power Product Mix Volume Q4 2022 Metal Sales Q4 2023 Market-led Business & Market-led Business-led Page 35#36aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Higher VAP | Lower Liquid Metal | Lower Commodities' Volume Sales by Product-Line Bridge (MT'000) Q4 2023 vs. Q4 2022 Premium Above LME Trend US$ Per MT 500 4 400 300 459 00 8 34 400 300 367 421 200 ▼ 34% 242 200 100 Sales Value Q4 2022 Added Liquid Commodity Sales Metal Q4 2022 Q4 2023 Q4 2023 Page 36#37aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Production Costs Lower Due to Lower Alumina Prices Despite Higher Throughput Q4 2023 vs. Q4 2022 - Direct Cost Bridge (US$M) 1,000 15 0 47 11 30 91 800 25 25 600 400 959 200 792 0 Direct Cost Q4 2022 Major RM Price RM Consumption Energy Price Other RM Alumina Inventory Sales' Cost Absorption Plant Spending Direct Cost Q4 2023 * RM stands for Raw Materials Page 37#38aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Aluminium Industry: Volatile and Weak Market Sentiment Lower EBITDA Owing to Double-Digit Drop-in LME Price & Premiums Partially Offset by Lower Cost EBITDA Bridge (US$M) - Q4 2023 vs. Q4 2022 300 200 EBITDA 18% 211 222 100 0 11 167 14 EBITDA Metal Other Direct Q4 2022 Sales Sales Cost Selling Expenses EBITDA 20% 203 EBITDA Q4 2023 Page 38#39Aluminium Industry: Volatile and Weak Market Sentiment Cash-Flow Bridge Q3 2023 to Q4 2023 600 500 400 210 300 200 284 100 Q3 2023 to Q4 2023 Cash-Flow Bridge (US$M) 212 166 44 337 0 500 400 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B... Alba Free Cash Flow (US$M) 300 507 200 100 159 256 0 0 Cash CF Balance from Q3 23 Operations WC CAPEX Changes Spent Block4 CAPEX Net Debt Payment Cash Servicing to Balance Shareholders Q4 23 Q4 2022 Q4 2023 Page 39#40Alba 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% 20.62% 10% 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, BD 1.145 on 31 December 2023] Page 40#41G 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 41