Alcoa Corporation · NYSE:AA
Alcoa — Q3 2026 Earnings Presentation
42 slides from Alcoa's earnings presentation, Oct 15, 2026
Slide 1: 3rd Quarter Earnings
3 Quarter Earnings rd Alcoa Corporation October 15, 2026 v 1
Slide 2: Cautionary Statement on Forward-Looking Statements
Cautionary Statement on Forward-Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include tho
Slide 3: Important information
Important information No Offer or Solicitation This presentation is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, n
Slide 4: William Oplinger
William Oplinger President and Chief Executive Officer 4
Slide 5: Our Values
Our Values Act with Integrity Operate with Excellence • Be open, honest, and accountable • Continually improve standards of operation • Do the right thing the right way • Analyze every angle to overcome difficulty • Promote high ethical standards at all times • Empower everyone with the right resour
Slide 6: Operational execution and strategic momentum
OPERATIONAL EXECUTION AND STRATEGIC MOMENTUM ▪ Delivered six YTD production records; increased aluminum production by ~15 thousand metric tons in the third quarter ▪ Alumar smelter restart completed ▪ Strong performance recovery at Pinjarra refinery ▪ Reached definitive agreement for Massena East si
Slide 7: AliGroup acquisition | Progressing toward 1H27 closing
AliGroup acquisition | Progressing toward 1H27 closing Key progress, milestones, and timeline to closing of AliGroup acquisition Cross-functional transition and integration planning advancing JUN 30, 2026 SEP 2026 1H27 Deal announced Financing Expected closing completed Definitive agreement Subject
Slide 8: Molly Beerman
Molly Beerman Executive Vice President and Chief Financial Officer 8
Slide 9: 3Q26 EPS of $1.81, Adjusted EPS of $1.82
3Q26 EPS of $1.81, Adjusted EPS of $1.82 Quarterly income statement summary 2Q26 3Q26 Change Third party realized prices ($/mt) Realized primary aluminum price $4,752 $4,527 $(225) Realized alumina price $334 $353 $19 Income statement highlights (millions, except per share amounts) Revenue $3,966 $3
Slide 10: Operational performance and API partially offset lower metal prices
Operational performance and API partially offset lower metal prices 3Q26 Sequential changes in Adjusted EBITDA excluding special items, $M 901 2 47 789 2Q26 3Q26 Change 119 40 6 Alumina1 $(96) $(1) $95 (235) (24) (23) (44) Aluminum1 1,073 862 (211) Transformation (23) (32) (9) Intersegment 2 (2) (4)
Slide 11: 3Q26 Cash from operations of $643M on strong performance
3Q26 Cash from operations of $643M on strong performance Quarter cash bridge and YTD Cash flow information, $M 3Q26 Cash balance changes YTD Cash flow information 4,657 2,600 4,408 (57) 36 789 Adjusted EBITDA 2,285 excl. special items 45 (171) (91) (68) (27) Other 1,846 Investment contributions 1,35
Slide 12: Robust Free cash flow in 3Q26 of $472M
Robust Free cash flow in 3Q26 of $472M Key financial metrics, 3Q26 and YTD YTD Return on • Strong YTD Return on equity equity 25.3% 3Q26 Days working capital 50 Days performance maintained • 3Q26 Days working capital increased sequentially by 4 YTD Capital 3Q26 Adjusted net days; same as 3Q25 at 50
Slide 13: 2026 Outlook
2026 Outlook FY26 Key metrics as of September 30, 2026 Income statement excl. special items impacts Cash flow impacts 3Q26 YTD Actual FY26 Outlook 3Q26 YTD Actual FY26 Outlook Alumina production (Mmt) 7.0 9.5 – 9.6 Pension / OPEB cash funding $43M ~ $60M Alumina shipments (Mmt) 8.5 11.5 – 11.6 Stock
Slide 14: William Oplinger
William Oplinger President and Chief Executive Officer 14
Slide 15: Higher alumina price supported by tightening market
Higher alumina price supported by tightening market Alumina industry dynamics Platts Alumina FOB Australia CIF China bauxite price 3Q26 ALUMINA AND BAUXITE PRICES $/mt $/dmt Alumina and bauxite increased sequentially 1,000 120 110 800 ▪ Alumina prices strengthened as the market anticipated 100 tight
Slide 16: Continued Alcoa order book strength amid supportive fundamentals
Continued Alcoa order book strength amid supportive fundamentals Aluminum industry dynamics LME aluminum Global aluminum inventories 3Q26 ALUMINUM PRICE $/mt | daily price days of consumption LME moderates sequentially while remaining 4,000 fundamentally supported 66 3,500 60 ▪ Physical markets rema
Slide 17: Advancing strategic priorities with results-driven execution
Advancing strategic priorities with results-driven execution Highlighting notable progress on priorities stated at 2025 Investor Day PROGRESS TO DATE GO FORWARD PRIORITIES OPERATIONAL • Maintaining strong stability, delivering production • Focus on Critical Risk Management through EXCELLENCE records
Slide 18: Appendix
Appendix 18
Slide 19: Maximizing value creation through balanced use of cash
Maximizing value creation through balanced use of cash Capital allocation framework and value creation considerations Capital allocation framework Maximize value creation Maintain strong balance sheet Return cash to stockholders through the cycle ▪ 3Q26 dividend payments totaled $27 million ($1.0B t
Slide 20: Contingent value right terms
Contingent value right terms CVR terms per AliGroup agreement Term Agreed commercial terms Term of CVR: 4 annual periods Commencement date: July 1, 2026 $3,500 (CY26) $2,825 (CY27) Payment cap structure: Maximum of $750 million Aluminum strike price ($/mt) $2,847 (CY28) (no annual cap) $2,870 (CY29)
Slide 21: 1H26 results shows AliGroup accretive on pro forma basis
1H26 results shows AliGroup accretive on pro forma basis AliGroup acquisition | Key financial metrics 1H26 pro forma financial information1 1H26 annualized pro forma metrics2 Alcoa stand Pro forma Alcoa stand Pro forma $B, except per share amounts alone combined3 alone combined3 Sales $7.2 $9.1 Alum
Slide 22: Competitive assets with a focus on continued improvement
Competitive assets with a focus on continued improvement Alcoa portfolio cost curve position and key factors, 2026 Bauxite Alumina Aluminum 1st Quartile 1st Quartile 3rd Quartile ▪ World’s second largest bauxite ▪ Largest third-party alumina ▪ Low CO2e intensity producer, miner with assets across fo
Slide 23: Quarterly income statement
Quarterly income statement Quarterly income statement for 2Q26 and 3Q26 Sequential Millions, except realized prices and per share amounts 2Q26 3Q26 Change Realized primary aluminum price ($/mt) $4,752 $4,527 $(225) Realized alumina price ($/mt) $334 $353 $19 Revenue $3,966 $3,704 $(262) Cost of good
Slide 24: Special items
Special items Breakdown of special items by income statement classification – gross basis Millions, except per share amounts 2Q26 3Q26 Description of significant 3Q26 special items Net income attributable to Alcoa Corporation $407 $483 Earnings per common share $1.53 $1.81 Special items $155 $2 Port
Slide 25: Quarterly income statement excluding special items
Quarterly income statement excluding special items Quarterly income statement excluding special items for 2Q26 and 3Q26 Sequential Millions, except realized prices and per share amounts 2Q26 3Q26 Change Realized primary aluminum price ($/mt) $4,752 $4,527 $(225) Realized alumina price ($/mt) $334 $3
Slide 26: 3Q26 Financial summary
3Q26 Financial summary Three months ending September 30, 2026, excluding special items Intersegment Other Alcoa Millions Alumina Aluminum3 Transformation eliminations corporate Corporation Total revenue $1,222 $3,026 $9 $(559) $6 $3,704 Third-party revenue $680 $3,021 $3 - - $3,704 Adjusted EBITDA1
Slide 27: 3Q26 Segment Adjusted EBITDA drivers
3Q26 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA sequential changes, $M Segment Segment Adjusted Adjusted EBITDA Metal Raw Production EBITDA 2Q26 Currency prices API materials Energy Price/mix Volume costs Other 3Q26 Alumina $(96) 0 0 52 (2) 0 3 (11) 47 6 $(1) Aluminum $1,073 (1) (235) (
Slide 28: Revenue by product division
Revenue by product division Millions 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Aluminum $2,068 $2,499 $8,515 $2,582 $3,446 $3,137 Alumina 829 792 3,662 521 538 581 Bauxite 112 170 727 118 76 80 Energy 57 62 190 77 52 58 Other (71) (74) (263) (105) (146) (152) Revenue $2,995 $3,449 $12,831 $3,193 $3,966 $3,704 R
Slide 29: Adj. operating costs and Segment Adj. EBITDA reconciliation
Adj. operating costs and Segment Adj. EBITDA reconciliation Adjusted operating costs for alumina and aluminum produced and shipped Alumina segment 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Adj. operating costs ($M) $779 $789 $3,061 $737 $843 $850 Produced alumina shipments (kmt) 2,448 2,514 9,662 2,206 2,288 2,
Slide 30: Aluminum value chain
Aluminum value chain 2026 YTD Alcoa shipments by product type Bauxite Alumina Aluminum 29.6 Mdmt shipments 8.5 Mmt shipments 2.0 Mmt shipments Intersegment Third party 0% 17% 43% Intersegment 57% Third party 83% 100% Intrasegment Third party 30
Slide 31: Composition of alumina and aluminum production costs
Composition of alumina and aluminum production costs Alcoa 3Q26 production cash costs Alumina refining Input Inventory Pricing FY26 annual cost Bauxite cost flow convention sensitivity Conversion 26% 34% Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Quarterly, 91% with 14% Natural gas 1
Slide 32: 2026 Business information
2026 Business information Estimated annual Segment Adjusted EBITDA sensitivities $Millions Midwest Midwest Tariff AUD BRL CAD EUR ISK NOK LME1 API Paid Unpaid Europe Japan (LME + 0.01 + 0.10 + 0.01 + 0.01 + 10 + 0.10 Segment + $100/mt + $10/mt + $100/mt + $100/mt + $100/mt + $100/mt +$100/mt) 0.702
Slide 33: Currency impacts on Segment Adjusted EBITDA
Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) AUD BRL CAD EUR ISK NOK Total 9/30/26 currencies 0.70 5.22 1.42 1.13 120.54 9.59 3Q26 currency average 0.70 5.14 1.40 1.15 123.08 9.52 3Q26 Balance sheet revaluation
Slide 34: Additional business considerations
Additional business considerations Items expected to impact Adjusted EBITDA and Adjusted net income for 4Q26 Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ Alumina segment performance is expected to remain consistent with
Slide 35: Production and capacity information
Production and capacity information Alcoa Corporation annual consolidated amounts as of September 30, 2026 Alumina refining, kmt Aluminum smelting, kmt Facility Country Capacity Curtailed Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Portland Australia 197 12 Wagerup Australia 2,879
Slide 36: Adjusted EBITDA reconciliations
Adjusted EBITDA reconciliations Millions 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Net income attributable to Alcoa $232 $213 $1,157 $425 $407 $483 Add: Net (loss) income attributable to noncontrolling interest (14) (11) (38) (8) 2 (1) (Benefit from) provision for income taxes (51) (134) (55) 82 73 91 Other (in
Slide 37: Free cash flow reconciliation
Free cash flow reconciliation Millions 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Cash provided from (used for) operations $85 $537 $1,185 $(179) $608 $643 Capital expenditures (151) (243) (618) (119) (186) (171) Free cash flow (66) 294 567 (298) 422 472 Contributions from noncontrolling interest - - 27 - - - Di
Slide 38: Net debt reconciliations
Net debt reconciliations Millions 3Q25 4Q25 1Q26 2Q26 3Q26 Short-term borrowings $3 $9 $109 $- $- Long-term debt due within one year - 1 1 1 1 Long-term debt, less amount due within one year 2,578 2,438 2,441 2,224 4,821 Total debt 2,581 2,448 2,551 2,225 4,822 Less: Cash and cash equivalents 1,485
Slide 39: DWC working capital and Days working capital reconciliations
DWC working capital and Days working capital reconciliations Millions 3Q25 4Q25 1Q26 2Q26 3Q26 Receivables from customers $1,045 $1,064 $1,192 $1,538 $1,349 Add: Inventories 2,191 2,177 2,297 2,340 2,570 Less: Accounts payable, trade 1,618 1,938 1,771 1,860 1,904 DWC working capital $1,618 $1,303 $1
Slide 40: Annualized Return on Equity (ROE)
Annualized Return on Equity (ROE) ROE Reconciliation and calculation information as of September 30, 2026 Millions 2025 YTD 2026 YTD (Net Income Attributable to Alcoa + Special Items1) Numerator: ROE % = X 100 Net income attributable to Alcoa Corporation $944 $1,315 (Total Assets – Total Liabilities
Slide 41: Glossary of terms
Glossary of terms Abbreviations listed in alphanumeric order Abbreviation Description Abbreviation Description % pts Percentage points FY## Twelve months ending December 31 1H## Six months ending June 30 GAAP Accounting principles generally accepted in the United States of America 1Q## Three months
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