Historic Plant of the Future Investment
ADJUSTED 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.View entire presentation