Novelis Q4 net loss $84M; Oswego fires hit shipments by 73kt; restart ahead of schedule

Novelis Inc.

Q4 net loss $84M vs net income $294M prior year; net income excl. special items $227M, down 13% YoY.
Adjusted EBITDA $459M (-3% YoY); rolled product shipments 844kt (-12% YoY); Adjusted EBITDA/tonne $544 (+10% YoY).
Full FY2026 net income $15M (-98% YoY); Adjusted EBITDA $1.6B (-9% YoY); estimated $104M negative impact from Oswego fires.
Oswego hot mill restart expected in coming weeks, ahead of prior end-June estimate; cold mill commissioning began at Bay Minette.
Net leverage ratio 4.1x; liquidity $2.8B ($1.3B cash + $1.5B credit facilities); CFO sees path to positive free cash flow by end FY2027.

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