Slide 1: Alcoa Corporation Earnings, January 22, 2026
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Slide 2: Forward-looking statements
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Slide 3: Non-GAAP financial measures
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Slide 4: Opening: President and CEO
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Slide 5: Strategic priorities, operations and safety highlights
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Slide 6: Executive Vice President and CFO
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Slide 7: Financial results summary
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Slide 8: Adjusted EBITDA sequential change
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Slide 9: Cash flow and use of cash
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Slide 10: Cash balance
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Slide 11: 2026 outlook
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Slide 12: Closing: President and CEO
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Slide 13: Aluminum market outlook
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Slide 14: Alumina market outlook
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Slide 15: Tariff impact and aluminum
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Slide 16: Priorities for 2026
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Slide 17: Appendix
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Slide 18: Capital allocation framework
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Slide 19: Quarterly income statement summary
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Slide 20: Adjusted income reconciliation
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Slide 21: Adjusted income reconciliation
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Slide 22: Adjusted EBITDA reconciliation
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Slide 23: Segment adjusted EBITDA
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Slide 24: Segment operating data
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Slide 25: Segment costs and prices
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Slide 26: Financial summary
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Slide 27: Shipments by product
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Slide 28: Cost sensitivities
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Slide 29: Pricing and premiums
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Slide 30: Currency sensitivity
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Slide 31: Tariff and sensitivity impacts
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Slide 32: Joint venture and production
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Slide 33: Adjusted EBITDA reconciliation
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Slide 34: Free cash flow reconciliation
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Slide 35: Net debt reconciliation
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Slide 36: Working capital and days
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Slide 37: Return on equity reconciliation
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Slide 38: Supplemental data and definitions
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Slide 39: Slide 39