Slide 1: 2nd Quarter Earnings
2nd Quarter Earnings Alcoa Corporation July 16, 2026 v 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 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: Strong strategic execution while delivering results in second quarter
Strong strategic execution while delivering results in second quarter SAFETY ▪ Safety performance stable; improving trends in key injury metrics ▪ Focus remains on Operational Discipline, Leader Time in Field, and Critical Risk Management STRENGTH OF OUR PEOPLE & OPERATIONS ▪ Stability in smelting s
Slide 6: Strategic acquisition | Compelling transaction for long-term value
Strategic acquisition | Compelling transaction for long-term value Alcoa announced strategic acquisition of South32’s bauxite, alumina, and aluminum assets (AliGroup 1) 1 Represents a natural strategic fit ▪ Logical industry consolidation of like assets in close proximity ▪ Combined expertise and Al
Slide 7: Strategic acquisition | Attractive financial terms
Strategic acquisition | Attractive financial terms AliGroup transaction details, leverage post closing, and path to close $4.7B ~2.0x 1H27 Affirmed Implied enterprise value Post close leverage Target close S&P and Moody’s ratings Implied enterprise value ($B) Transaction details • $3.1B in cash, to
Slide 8: Strategic acquisition | Locked-box, ticking fee, and CVR
Strategic acquisition | Locked-box, ticking fee, and CVR Locked-box value offsets cash consideration at closing Detailed deal terms and timeline Locked-box provides potential upside Ticking fee1 begins after South32 CVR payment implies strong Alcoa ▪ Mechanism effective from April 1, 2026 shareholde
Slide 9: Strategic acquisition | Enhances exposure to market growth
Strategic acquisition | Enhances exposure to market growth Long term fundamentals in both segments support growth Supportive long term demand growth, for Supply expected to increase - but with Acquisition allows Alcoa to increase capacity both aluminum and alumina higher capital intensity1 at lower
Slide 10: Molly Beerman
Molly Beerman Executive Vice President and Chief Financial Officer 10
Slide 11: 2Q26 EPS of $1.53, Adjusted EPS of $2.12
2Q26 EPS of $1.53, Adjusted EPS of $2.12 Quarterly income statement summary 1Q26 2Q26 Change Third party realized prices ($/mt) Realized primary aluminum price $4,209 $4,752 $543 Realized alumina price $324 $334 $10 Income statement highlights (millions, except per share amounts) Revenue $3,193 $3,9
Slide 12: Higher metal prices, aluminum shipments lift EBITDA
Higher metal prices, aluminum shipments lift EBITDA 2Q26 Sequential changes in Adjusted EBITDA excluding special items, $M 64 331 16 18 901 (8) (33) (38) (36) 1Q26 2Q26 Change Alumina1 $(40) $(96) ($56) 595 Aluminum1 694 1,073 379 (8) Transformation (27) (23) 4 Intersegment 7 2 (5) eliminations Othe
Slide 13: 2Q26 Cash from operations of $608M, free cash flow of $422M
2Q26 Cash from operations of $608M, free cash flow of $422M Quarter cash bridge and YTD Cash flow information, $M 2Q26 Cash balance changes YTD Cash flow information 901 1,754 53 Cash dividends 55 77 Investment contributions (174) 1,509 Other 13 Interest payments 171 (186) 97 Environmental/ARO (86)
Slide 14: Strong key financial metrics in first half of 2026
Strong key financial metrics in first half of 2026 Key financial metrics, 2Q26 and YTD • YTD Return on equity is highest YTD Return on 2Q26 Days working equity 26.4% capital 46 Days since 2022 • 2Q26 Days working capital decreased sequentially by two YTD Capital days 2Q26 Adjusted net returns to sto
Slide 15: 2026 Outlook
2026 Outlook FY26 Key metrics as of June 30, 2026 Income statement excl. special items impacts Cash flow impacts 2Q26 YTD Actual FY26 Outlook 2Q26 YTD Actual FY26 Outlook Alumina production (Mmt) 4.6 9.5 – 9.6 Pension / OPEB cash funding $30M ~ $60M Alumina shipments (Mmt) 5.6 11.5 – 11.6 Stock repu
Slide 16: William Oplinger
William Oplinger President and Chief Executive Officer 16
Slide 17: Alumina prices remain stable throughout Middle East disruptions
Alumina prices remain stable throughout Middle East disruptions Alumina industry dynamics Chinese market supported by higher demand and refinery disruptions; ex-China remains subdued Platts Alumina FOB Aus, $/mt SHFE Alumina main contract, $/mt 900 900 800 800 700 700 600 600 500 500 408 400 330 400
Slide 18: Alcoa's FY26 order book strengthens on tight aluminum market
Alcoa’s FY26 order book strengthens on tight aluminum market Aluminum industry dynamics LME aluminum price and regional premiums remain supported by underlying fundamentals LME aluminum, $/mt Regional premium, $/mt 4,000 700 3,000 Midwest Duty-paid (RHS) 600 2,500 3,500 Rotterdam Duty-paid (LHS) 500
Slide 19: Delivered operationally and strategically in 2Q26; strong momentum into 2H26
Delivered operationally and strategically in 2Q26; strong momentum into 2H26 Quarterly accomplishments Moving forward ▪ Improved safety trends in key injury metrics ▪ Focus on safety, stability, and operational excellence ▪ Delivered strong operational performance, including five ▪ Execute on AliGro
Slide 20: Appendix
Appendix 20
Slide 21: Contingent value right terms
Contingent value right terms CVR terms per agreement Term Agreed commercial terms $3,500 (CY26) $2,825 (CY27) Aluminum strike price ($/mt) $2,847 (CY28) $2,870 (CY29) Term of CVR: 4 annual periods $2,942 (CY30) Commencement date: July 1, 2026 Aluminum revenue sharing 22.5% Payment cap structure: Max
Slide 22: 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 ▪ 2Q26 dividend payments totaled $26 million ($1.0B t
Slide 23: Quarterly income statement
Quarterly income statement Quarterly income statement for 1Q26 and 2Q26 Sequential Millions, except realized prices and per share amounts 1Q26 2Q26 Change Realized primary aluminum price ($/mt) $4,209 $4,752 $543 Realized alumina price ($/mt) $324 $334 $10 Revenue $3,193 $3,966 $773 Cost of goods so
Slide 24: Special items
Special items Breakdown of special items by income statement classification – gross basis Millions, except per share amounts 1Q26 2Q26 Description of significant 2Q26 special items Net income attributable to Alcoa Corporation $425 $407 Earnings per common share $1.60 $1.53 Special items $(52) $155 C
Slide 25: Quarterly income statement excluding special items
Quarterly income statement excluding special items Quarterly income statement excluding special items for 1Q26 and 2Q26 Sequential Millions, except realized prices and per share amounts 1Q26 2Q26 Change Realized primary aluminum price ($/mt) $4,209 $4,752 $543 Realized alumina price ($/mt) $324 $334
Slide 26: 2Q26 Financial summary
2Q26 Financial summary Three months ending June 30, 2026, excluding special items Intersegment Other Alcoa Millions Alumina Aluminum3 Transformation eliminations corporate Corporation Total revenue $1,090 $3,335 $8 $(468) $1 $3,966 Third-party revenue $637 $3,330 $4 - (5) $3,966 Adjusted EBITDA1 $(9
Slide 27: 2Q26 Segment Adjusted EBITDA drivers
2Q26 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA sequential changes, $M Segment Segment Adjusted Adjusted EBITDA Metal Raw Production EBITDA 1Q26 Currency prices API materials Energy Price/mix Volume costs Other 2Q26 Alumina $(40) (7) 0 7 0 (19) 0 2 (36) (3) $(96) Aluminum $694 0 331 11
Slide 28: Adj. operating costs and Segment Adj. EBITDA reconciliation
Adj. operating costs and Segment Adj. EBITDA reconciliation Adjusted operating costs for alumina and aluminum produced and shipped Alumina segment 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Adj. operating costs ($M) $770 $779 $789 $3,061 $737 $843 Produced alumina shipments (kmt) 2,384 2,448 2,514 9,662 2,206 2,
Slide 29: Aluminum value chain
Aluminum value chain 2026 YTD Alcoa shipments by product type Bauxite Alumina Aluminum 19.4 Mdmt shipments 5.6 Mmt shipments 1.3 Mmt shipments Intersegment Third party 0% 19% 42% Intersegment 58% Third party 81% 100% Intrasegment Third party 29
Slide 30: Composition of alumina and aluminum production costs
Composition of alumina and aluminum production costs Alcoa 2Q26 production cash costs Alumina refining Input Inventory Pricing FY26 annual cost Bauxite cost flow convention sensitivity Conversion 26% 37% Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Quarterly, 91% with 13% Natural gas 1
Slide 31: 2026 Business information
2026 Business information Estimated annual Segment Adjusted EBITDA sensitivities Midwest Midwest $Millions LME1 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 +$100/mt) 0.712
Slide 32: Currency impacts on Segment Adjusted EBITDA
Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) AUD BRL CAD EUR ISK NOK Total 6/30/26 currencies 0.69 5.17 1.42 1.14 126.26 9.93 2Q26 currency average 0.71 5.05 1.38 1.16 123.63 9.43 2Q26 Balance sheet revaluation
Slide 33: Additional business considerations
Additional business considerations Items expected to impact Adjusted EBITDA and Adjusted net income for 3Q26 Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ Alumina segment performance is expected to be net favorable by ap
Slide 34: Production and capacity information
Production and capacity information Alcoa Corporation annual consolidated amounts as of June 30, 2026 Alumina refining, kmt Aluminum smelting, kmt Facility Country Capacity Curtailed Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Portland Australia 197 13 Wagerup Australia 2,879 - Sã
Slide 35: Adjusted EBITDA reconciliations
Adjusted EBITDA reconciliations Millions 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Net income attributable to Alcoa $164 $232 $213 $1,157 $425 $407 Add: Net (loss) income attributable to noncontrolling interest (13) (14) (11) (38) (8) 2 Provision for (benefit from) income taxes 10 (51) (134) (55) 82 73 Other (i
Slide 36: Free cash flow reconciliation
Free cash flow reconciliation Millions 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Cash provided from (used for) operations $488 $85 $537 $1,185 $(179) $608 Capital expenditures (131) (151) (243) (618) (119) (186) Free cash flow 357 (66) 294 567 (298) 422 Contributions from noncontrolling interest - - - 27 - - Di
Slide 37: Net debt reconciliations
Net debt reconciliations Millions 2Q25 3Q25 4Q25 1Q26 2Q26 Short-term borrowings $8 $3 $9 $109 $- Long-term debt due within one year 75 - 1 1 1 Long-term debt, less amount due within one year 2,574 2,578 2,438 2,441 2,224 Total debt 2,657 2,581 2,448 2,551 2,225 Less: Cash and cash equivalents 1,514
Slide 38: DWC working capital and Days working capital reconciliations
DWC working capital and Days working capital reconciliations Millions 2Q25 3Q25 4Q25 1Q26 2Q26 Receivables from customers $979 $1,045 $1,064 $1,192 $1,538 Add: Inventories 2,220 2,191 2,177 2,297 2,340 Less: Accounts payable, trade 1,633 1,618 1,938 1,771 1,860 DWC working capital $1,566 $1,618 $1,3
Slide 39: Annualized Return on Equity (ROE)
Annualized Return on Equity (ROE) ROE Reconciliation and calculation information as of June 30, 2026 Millions 1H25 1H26 (Net Income Attributable to Alcoa + Special Items1) Numerator: ROE % = X 100 Net income attributable to Alcoa Corporation $712 $832 (Total Assets – Total Liabilities – Noncontrolli
Slide 40: 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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