Alcoa Corporation · NYSE:AA
Alcoa — Q1 2026 Earnings Presentation
39 slides from Alcoa's earnings presentation, Apr 16, 2026
Slide 1: 1st Quarter Earnings
1 Quarter st Earnings Alcoa Corporation April 16, 2026 1
Slide 2: Cautionary Statement regarding Forward-Looking Statements
Cautionary Statement regarding 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 inclu
Slide 3: Important information
Important information Non-GAAP Financial Measures This presentation contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of thes
Slide 4: William Oplinger
William Oplinger President and Chief Executive Officer 4
Slide 5: Strong start to 2026; focus on execution
Strong start to 2026; focus on execution SAFETY ▪ Safety performance improved in 1Q26 for total injury rates ▪ Focus remains on Critical Risk Management and Leader Time in Field STRENGTH OF OUR OPERATIONS ▪ Maintained stable operational performance, capturing higher metal prices ▪ Remained agile ami
Slide 6: Molly Beerman
Molly Beerman Executive Vice President and Chief Financial Officer 6
Slide 7: 1Q26 EPS of $1.60, Adjusted EPS of $1.40
1Q26 EPS of $1.60, Adjusted EPS of $1.40 Quarterly income statement summary 4Q25 1Q26 Change Third party realized prices ($/mt) Realized primary aluminum price $3,749 $4,209 $460 Realized alumina price $341 $324 $(17) Income statement highlights (millions, except per share amounts) Revenue $3,449 $3
Slide 8: Higher metal prices lift EBITDA despite lower seasonal volumes
Higher metal prices lift EBITDA despite lower seasonal volumes 1Q26 Sequential changes in Adjusted EBITDA excluding special items, $M 249 (16) (3) (6) (30) 4 4Q25 1Q26 Change (55) 595 (49) Alumina1 $12 $(40) $(52) 527 (26) Aluminum1 520 694 174 Transformation (27) (27) 0 Intersegment 53 7 (46) elimi
Slide 9: Strong cash balance after typical 1Q working capital increase
Strong cash balance after typical 1Q working capital increase Quarter cash bridge and 1Q26 Cash flow information, $M 12/31/25 to 03/31/26 Cash balance changes 1Q26 Cash flow information 595 ▪ Working capital increased due to typical first quarter elevated accounts receivable and inventory, further 1
Slide 10: Strong return on equity to start 2026
Strong return on equity to start 2026 Key financial metrics, 1Q26 • 1Q26 Days working capital Return on Days working equity 21.9% capital 48 Days increased sequentially by thirteen days • Working capital build drove Capital returns negative Free cash flow plus to stockholders $27M Adjusted net debt
Slide 11: 2026 Outlook
2026 Outlook FY26 Key metrics as of March 31, 2026 Income statement excl. special items impacts Cash flow impacts 1Q26 YTD Actual FY26 Outlook 1Q26 YTD Actual FY26 Outlook Alumina production (Mmt) 2.4 9.7 – 9.9 Pension / OPEB cash funding $15M ~ $60M Alumina shipments (Mmt) 2.8 11.8 – 12.0 Stock rep
Slide 12: William Oplinger
William Oplinger President and Chief Executive Officer 12
Slide 13: Middle East conflict exacerbates margin pressure on global refineries
Middle East conflict exacerbates margin pressure on global refineries Alumina industry dynamics Alumina demand at risk amid Middle East conflict; Global alumina prices remain weak Platts Alumina FOB Aus, $/mt SHFE Alumina, $/mt 900 900 800 800 700 700 600 600 500 500 382 400 400 305 300 300 200 200
Slide 14: Middle East smelters rely on Strait of Hormuz for raw materials
Middle East smelters rely on Strait of Hormuz for raw materials Overview of the impacts of the Middle East conflict on the alumina market Pre-disruption annual operating capacity (Mmt) Smelter Refinery Regional smelter grade alumina balances - major regions, 2025 Mmt 13.6 Arak (Iran) 5.3 8.0 Jajam (
Slide 15: Aluminum prices and premiums supported by supply disruptions
Aluminum prices and premiums supported by supply disruptions Aluminum industry dynamics LME aluminum price further rallies on supply disruptions LME aluminum, $/mt Regional primary aluminum balances - major regions, 2025 Mmt 4,000 5.1 3,665 3.4 1.1 1.2 1.7 3,500 -1.7 -2.3 -3.0 3,000 Middle Russia Af
Slide 16: North America and Europe exposed to supply distributions
North America and Europe exposed to supply distributions Overview of the impacts of the Middle East conflict on Alcoa’s main regions Middle East1 primary aluminum exports by region, 2025 North America: 50% imports from the Middle East Total aluminum imports, 2025 Mmt VAP imports from the Middle East
Slide 17: Alcoa's value anchored in safety and operational strength
Alcoa’s value anchored in safety and operational strength Step change in safety culture License to operate ABS delivering value Reinforcing Critical Risk Management across ▪ Australia mine approvals progressing: ABS and value delivery are fundamentally the Company to prevent fatalities ▪ Completed r
Slide 18: Forward momentum to deliver results in 2026
Forward momentum to deliver results in 2026 Accomplishments Steering forward ▪ Strengthened safety in 1Q26 ▪ Focus on safety, stability and operational excellence ▪ Delivered strong operational performance ▪ Continue to serve as a trusted supplier of choice ▪ Remained agile in the midst of Middle Ea
Slide 19: Appendix
Appendix 19
Slide 20: 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 ▪ 1Q26 dividend payments totaled $27 million ($1.0B t
Slide 21: Quarterly income statement
Quarterly income statement Quarterly income statement for 4Q25 and 1Q26 Sequential Millions, except realized prices and per share amounts 4Q25 1Q26 Change Realized primary aluminum price ($/mt) $3,749 $4,209 $460 Realized alumina price ($/mt) $341 $324 $(17) Revenue $3,449 $3,193 $(256) Cost of good
Slide 22: Special items
Special items Breakdown of special items by income statement classification – gross basis Millions, except per share amounts 4Q25 1Q26 Description of significant 1Q26 special items Net income attributable to Alcoa Corporation $213 $425 Earnings per common share $0.80 $1.60 Special items $109 $(52) C
Slide 23: Quarterly income statement excluding special items
Quarterly income statement excluding special items Quarterly income statement excluding special items for 4Q25 and 1Q26 Sequential Millions, except realized prices and per share amounts 4Q25 1Q26 Change Realized primary aluminum price ($/mt) $3,749 $4,209 $460 Realized alumina price ($/mt) $341 $324
Slide 24: 1Q26 Financial summary
1Q26 Financial summary Three months ending March 31, 2026, excluding special items Intersegment Other Alcoa Millions Alumina Aluminum3 Transformation eliminations corporate Corporation Total revenue $1,102 $2,541 $8 $(459) $1 $3,193 Third-party revenue $657 $2,536 $4 - $(4) $3,193 Adjusted EBITDA1 $
Slide 25: 1Q26 Segment Adjusted EBITDA drivers
1Q26 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA sequential changes, $M Segment Segment Adjusted Adjusted EBITDA Metal Raw Production EBITDA 4Q25 Currency prices API materials Energy Price/mix Volume costs Other 1Q26 Alumina $12 (17) 0 (28) 1 (8) (7) (16) 8 15 $(40) Aluminum $520 (6) 249
Slide 26: Adj. operating costs and Segment Adj. EBITDA reconciliation
Adj. operating costs and Segment Adj. EBITDA reconciliation Adjusted operating costs for alumina and aluminum produced and shipped Alumina segment 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Adj. operating costs ($M) $723 $770 $779 $789 $3,061 $737 Produced alumina shipments (kmt) 2,316 2,384 2,448 2,514 9,662 2,
Slide 27: Aluminum value chain
Aluminum value chain 2026 YTD Alcoa shipments by product type Bauxite Alumina Aluminum 10.6 Mdmt shipments 2.8 Mmt shipments 0.6 Mmt shipments Intersegment Third party 0% 20% 42% Intersegment 58% Third party 80% 100% Intrasegment Third party 27
Slide 28: Composition of alumina and aluminum production costs
Composition of alumina and aluminum production costs Alcoa 1Q26 production cash costs Alumina refining Input Inventory Pricing FY26 annual cost Bauxite cost flow convention sensitivity Conversion 25% 36% Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Quarterly, 91% with 15% Natural gas 1
Slide 29: 2026 Business information
2026 Business information Estimated annual Segment Adjusted EBITDA sensitivities Midwest Midwest $Millions LME Paid Unpaid Tariff AUD BRL CAD EUR ISK NOK + API + + 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 +$100/mt) 0.691 5
Slide 30: Currency impacts on Segment Adjusted EBITDA
Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) AUD BRL CAD EUR ISK NOK Total 3/31/26 currencies 0.69 5.24 1.39 1.15 124.97 9.76 1Q26 currency average 0.69 5.26 1.37 1.17 123.87 9.74 1Q26 Balance sheet revaluation
Slide 31: Additional business considerations
Additional business considerations Items expected to impact Adjusted EBITDA and Adjusted net income for 2Q26 Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ Alumina segment performance is expected to be unfavorable by appr
Slide 32: Production and capacity information
Production and capacity information Alcoa Corporation annual consolidated amounts as of March 31, 2026 Alumina refining, kmt Aluminum smelting, kmt Facility Country Capacity Curtailed Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Portland Australia 197 24 Wagerup Australia 2,879 - S
Slide 33: Adjusted EBITDA reconciliations
Adjusted EBITDA reconciliations Millions 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Net income attributable to Alcoa $548 $164 $232 $213 $1,157 $425 Add: Net loss attributable to noncontrolling interest - (13) (14) (11) (38) (8) Provision for (benefit from) income taxes 120 10 (51) (134) (55) 82 Other (income) e
Slide 34: Free cash flow reconciliation
Free cash flow reconciliation Millions 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Cash provided from (used for) operations $75 $488 $85 $537 $1,185 $(179) Capital expenditures (93) (131) (151) (243) (618) (119) Free cash flow (18) 357 (66) 294 567 (298) Contributions from noncontrolling interest 27 - - - 27 - Di
Slide 35: Net debt reconciliations
Net debt reconciliations Millions 1Q25 2Q25 3Q25 4Q25 1Q26 Short-term borrowings $45 $8 $3 $9 $109 Long-term debt due within one year 75 75 - 1 1 Long-term debt, less amount due within one year 2,573 2,574 2,578 2,438 2,441 Total debt 2,693 2,657 2,581 2,448 2,551 Less: Cash and cash equivalents 1,2
Slide 36: DWC working capital and Days working capital reconciliations
DWC working capital and Days working capital reconciliations Millions 1Q25 2Q25 3Q25 4Q25 1Q26 Receivables from customers $1,203 $979 $1,045 $1,064 $1,192 Add: Inventories 2,182 2,220 2,191 2,177 2,297 Less: Accounts payable, trade 1,629 1,633 1,618 1,938 1,771 DWC working capital $1,756 $1,566 $1,6
Slide 37: Annualized Return on Equity (ROE)
Annualized Return on Equity (ROE) ROE Reconciliation and calculation information as of March 31, 2026 Millions 1Q25 1Q26 (Net Income Attributable to Alcoa + Special Items1) Numerator: ROE % = X 100 Net income attributable to Alcoa Corporation $548 $425 (Total Assets – Total Liabilities – Noncontroll
Slide 38: 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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