Alunorf is a joint venture investment between Novelis Deutschland GmbH, a subsidiary of Novelis, and Speira GmbH. Each of the parties to the joint venture holds a 50% interest in the equity, profits and losses, shareholder voting, management control, and rights to use the production capacity of the facility. Alunorf tolls aluminum and charges the respective partner a fee to cover the associated expenses.

UAL is a joint venture investment between Novelis Korea Ltd., a subsidiary of Novelis, and Kobe. UAL is a thinly capitalized VIE that relies on the regular reimbursement of costs and expenses from Novelis and Kobe. UAL is controlled by an equally represented board of directors in which neither entity has sole decision-making ability regarding production operations or other significant decisions. Furthermore, neither entity has the ability to take the majority share of production or associated costs over the life of the joint venture. Our risk of loss is limited to the carrying value of our investment in and inventory-related receivables from UAL. UAL's creditors do not have recourse to our general credit. Therefore, UAL is accounted for as an equity method investment, and Novelis is not considered the primary beneficiary. UAL currently produces flat-rolled aluminum products exclusively for Novelis and Kobe. As of December 31, 2025, Novelis and Kobe both hold a 50% interest in UAL. During the three and nine months ended December 31, 2025, we made additional contributions to UAL in the amount of $1 million and $7 million, respectively. During the three and nine months ended December 31, 2024, we made additional contributions to UAL in the amount of $6 million and $18 million, respectively.

AluInfra is a joint venture investment between Novelis Switzerland SA, a subsidiary of Novelis, and Constellium SE. Each of the parties to the joint venture holds a 50% interest in the equity, profits and losses, shareholder voting, management control, and rights to use the facility.

The following table summarizes the results of operations of our equity method non-consolidated affiliates in the aggregate and the nature and amounts of significant transactions we have with our non-consolidated affiliates. The amounts in the table below are disclosed at 100% of the operating results of these affiliates.


	Three Months Ended December 31,				Nine Months Ended December 31,
in millions	2025		2024		2025		2024
Net sales	$	426	$	371	$	1,299	$	1,171
Costs and expenses related to net sales	436		365		1,293		1,145
Income tax (benefit) provision	(3)		1		(1)		6
Net (loss) income	$	(7)	$	5	$	7	$	20

Purchases of tolling services from Alunorf	$	74	$	72	$	234	$	224

We occasionally have related party transactions with Hindalco. During the three and nine months ended December 31, 2025, we recorded net sales of less than $1 million between Novelis and Hindalco related primarily to sales of equipment and other services. During the three and nine months ended December 31, 2024, we recorded net sales of less than $1 million and $1 million, respectively, between Novelis and Hindalco related primarily to sales of equipment and other services. As of December 31, 2025, and March 31, 2025, there was $1 million of outstanding accounts receivable, net — related parties net of accounts payable — related parties related to transactions with Hindalco.

On December 23, 2025, the Company issued 5,000,000 shares of common stock pursuant to a subscription agreement where Hindalco, indirectly through its subsidiary AV Minerals (Netherlands) N.V., purchased 5,000,000 shares for $750 million at a price of $150 per share. The proceeds from this capital contribution were used to support ongoing capital projects.

The equity contribution pursuant to the subscription agreement was recorded as an increase to additional paid-in capital in the condensed consolidated balance sheets and statements of shareholder’s equity. The Company issued 5,000,000 shares of common stock as a result of the equity contribution, however this did not result in any change to the ownership structure, as all of the Company’s common shares continue to be held indirectly by Hindalco.