Alcoa Corporation · NYSE:AA
Alcoa — Investor Day (October 2025)
81 slides from Alcoa's investor day presentation, Oct 30, 2025
Slide 1: Alcoa Investor Day 2025
$% Alcoa Investor Day 2025
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 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 th
Slide 4: Agenda
Agenda Welcome Thomas J. Gorman, Chairman of the Board Strategic Vision and Market Position William F. Oplinger, President and CEO Operational Excellence and Innovation Matt Reed, EVP and COO Fireside Chat: Vision, Talent and William F. Oplinger, President and CEO High-Performance Culture Tammi Jone
Slide 5: Strategic Vision and Market Position
Strategic Vision and Market Position William F. Oplinger President and Chief Executive Officer ALCOA INVESTOR DAY 2025
Slide 6: Alcoa is the Investment of Choice in Aluminum
MARKET OUTLOOK AND OPPORTUNITIES Alcoa is the Investment of Choice in Aluminum Strength of our Favorable Disciplined assets and long-term market growth capabilities dynamics 6 ALCOA INVESTOR DAY 2025
Slide 7: A Legacy of Excellence, Positioned for the Future
STRATEGIC VISION AND MARKET POSITION A Legacy of Excellence, Positioned for the Future 1888 Founded by Charles Martin Hall, 2016 Alcoa Corporation launch via pioneer of aluminum smelting strategic spin-off (“Separation”) 1903 Supplied aluminum for the 2018 Announced world’s first carbon-free Wright
Slide 8: Industry Leader in Bauxite, Alumina and Aluminum
STRATEGIC VISION AND MARKET POSITION Industry Leader in Bauxite, 2024 at a Glance Alumina and Aluminum Our Global Operations Mine Refinery Smelter $12B $60M $0.26 Revenue Net income Earnings per share attributable to Alcoa Canada Norway $1.6B $1.35 Iceland United States Spain Adjusted EBITDA, Adjust
Slide 9: Our Journey: Delivering Value Over the Years
STRATEGIC VISION AND MARKET POSITION Our Journey: Delivering Over the Past Five Years1 Value Over the Years Established track record of faster execution and transformation: Strengthened balance sheet $659M $8.6B Net income attributable Adjusted EBITDA, Transformed and optimized portfolio to Alcoa ex
Slide 10: Capitalizing on Rising Aluminum Demand
STRATEGIC VISION AND MARKET POSITION Capitalizing on Rising Aluminum Demand Global Total Aluminum Consumption, mmt (CAGR 2025-2035) • Demand for primary and secondary aluminum +2.3% expected to grow over the next decade 134 • Growth driven by upward trends in 107 transportation, packaging and electr
Slide 11: Our Proven Operational Model, People and Competitive Assets
STRATEGIC VISION AND MARKET POSITION Our Proven Our People and Competitive Assets with a Operational Model Performance Culture Focus on Continuous Improvement Investing in Innovation to Capturing Value-Creating Meet Customer Demands Financial Discipline Opportunities and Improve Efficiency 11 ALCOA
Slide 12: Our Proven Operational Model
STRATEGIC VISION AND MARKET POSITION Our Proven Operational Model • Track record of performance in safety, cost discipline, operational excellence and innovation makes Alcoa a partner of choice • Centers of Excellence delivering technical expertise across all major production processes • Developed b
Slide 13: Our People and Performance Culture
STRATEGIC VISION AND MARKET POSITION Our People and Performance Culture Values-based, with a focus on excellence, speed and ambition Global team with ingrained system for transferring knowledge and sharing best practices Best-in-class employer Launch of new Vision to further improve alignment, agili
Slide 14: Competitive Assets with a Focus on Continuous Improvement
STRATEGIC VISION AND MARKET POSITION Competitive Assets with a Focus on Continuous Improvement Bauxite Alumina Aluminum 1st Quartile 1st Quartile 3rd Quartile • Bauxite assets in three • Largest third-party alumina • Low CO2e intensity producer, continents producer outside China 86% of production fr
Slide 15: Investing in Innovation to Meet Customer Demands and Improve Efficiency
STRATEGIC VISION AND MARKET POSITION Investing in Innovation to Meet Customer Demands and Improve Efficiency Improving Efficiency Meeting Customer Demand • Continuing to invest in technology as an • Our innovation and digital transformation enabler is customer-focused – and a differentiator for Alco
Slide 16: Financial Discipline
STRATEGIC VISION AND MARKET POSITION Financial Discipline Clear Capital Allocation Framework Maintain strong balance sheet through the cycle We have executed disciplined financial Capital expenditures to sustain and improve existing operations management throughout periods of market volatility and m
Slide 17: Alcoa is the Investment of Choice in Aluminum
MARKET OUTLOOK AND OPPORTUNITIES Alcoa is the Investment of Choice in Aluminum Strength of our Favorable Disciplined assets and long-term market growth capabilities dynamics 17 ALCOA INVESTOR DAY 2025
Slide 18: Operational Excellence and Innovation
Operational Excellence and Innovation Matt Reed Executive Vice President and Chief Operations Officer ALCOA INVESTOR DAY 2025
Slide 19: Our Future: Fueled by Speed and Ambition
OPERATIONAL EXCELLENCE AND INNOVATION Our Future: Fueled by Speed and Ambition Continued focus on Consistent drive to identify An organizational model excellence; operations and realize value-creating that facilitates agility, and production centric improvement opportunities innovation and speed at
Slide 20: Safety: Alcoa's Guiding Principle
OPERATIONAL EXCELLENCE AND INNOVATION Safety: Alcoa’s Preventing Chemical Burns Through Enhanced Safety Protocols Guiding Principle Following a series of incidents at our Western Australian refineries, we launched a company-wide initiative to improve the prevention and management of chemical burns.
Slide 21: Building on an Unmatched Foundation
OPERATIONAL EXCELLENCE AND INNOVATION Building on an Unmatched Foundation Mining Refining High-quality bauxite deposits World-class refineries with low-cost production; recognized as global Our core assets and Australia mines recognized benchmarks for energy, as benchmark for production efficiency c
Slide 22: Operational Leadership at Scale: Alcoa's Global Blueprint
OPERATIONAL EXCELLENCE AND INNOVATION Operational Leadership at Scale: Alcoa’s Global Blueprint Our blueprint facilitates scalable operations and ability to rapidly adapt to an ever-changing environment Global network of mines, Modernized Alcoa Business Operations-centric approach, refineries and sm
Slide 23: Modernized ABS: Setting the Standard
OPERATIONAL EXCELLENCE AND INNOVATION Modernized ABS: Setting the Standard Accelerating leadership and performance culture Aligned transformation goals • Simplifying standards for daily routines • Focusing on driving impact Leadership Employee with speed and ambition behaviors engagement • Utilizing
Slide 24: Modernized ABS: Driving Company Improvements
OPERATIONAL EXCELLENCE AND INNOVATION Modernized ABS: Driving Company Improvements Safety Leadership 75% Reduction in serious injuries in North America ABS mindset and routines driving improvements in safety • ABS accelerating internal talent development metrics; 2025 shows 75% reduction in serious
Slide 25: Driving Productivity Gains
OPERATIONAL EXCELLENCE AND INNOVATION Driving Productivity Gains Deschambault Aluminum Production, mt 2025 f • Alcoa has consistently demonstrated capability to 2024 increase production in mines, refineries and 2023 smelters across our portfolio 2022 2021 • Year-on-year increases in production with
Slide 26: Innovation in Action: Value Now and for the Future
OPERATIONAL EXCELLENCE AND INNOVATION Innovation in Action: Value Now and for the Future • Using robots to eliminate high risk tasks in refining and smelting • Deploying front line employee led valve designs to reduce chemical exposure and ergonomic issues We are investing in digitalization, • In Au
Slide 27: Regional Excellence: Global Footprint, Local Impact
OPERATIONAL EXCELLENCE AND INNOVATION Regional Excellence: Global Footprint, Local Impact Lista Mosjøen Fjarðaál Baie-Comeau Strathcona1 Bécancour Deschambault Massena West Warrick Lake Charles San Ciprián Guinea1 ALUMINA São Luis Mine Juruti Refinery Huntly Poços de Caldas Willowdale ALUMINUM Pinja
Slide 28: North America | At a Glance
OPERATIONAL EXCELLENCE AND INNOVATION North America | At a Glance 3 smelting operations in Canada → Baie-Comeau, Quebec | Smelting / Casting Smelting capacity 324 kmtpa Bécancour1, Quebec | Smelting / Casting Smelting capacity 350 kmtpa Deschambault, Quebec | Smelting / Casting Smelting capacity 287
Slide 29: North America: Strengths and Operational Performance
OPERATIONAL EXCELLENCE AND INNOVATION North America Strengths in the Region Operational Performance Driving continued production gains within the existing portfolio 1.25M Metric tons of operating smelting +64kmtpa Reached the highest production of Increase in annual production since its history in 2
Slide 30: Australia | At a Glance
OPERATIONAL EXCELLENCE AND INNOVATION Australia | At a Glance 2 mining operations → Huntly, Western Australia | Mining 2024 Bauxite Production 18 Mdmtpa Willowdale, Western Australia | Mining 2024 Bauxite Production 10 Mdmtpa 2 refinery operations → Pinjarra, Western Australia | Refining Refining Ca
Slide 31: Australia: Strengths and Operational Performance
OPERATIONAL EXCELLENCE AND INNOVATION Australia Strengths in the Region Operational Performance Refinery Production, average ktpd Demonstrating operational 60 years 18.3 18.1 excellence at Australian 18.1 refineries 17.9 17.8 17.7 Best-ever recovery rate from Alcoa has operated in Australia 17.5 bau
Slide 32: Update on Australia Mine Approvals
MARKET OUTLOOK & OPPORTUNITIES Update on Australia Mine Approvals Engagement addressing key stakeholder concerns, working to de-risk the timeline to higher grades Full Run-Rate Improvement Expected 2025 2026 2027 2028 2029 2030 Public comment period Final EPA Maintain operations in Continue executio
Slide 33: Europe | At a Glance
OPERATIONAL EXCELLENCE AND INNOVATION Europe | At a Glance 2 smelting operations in Norway → Lista, Vest-Agder | Smelting / Remelting / Casting Smelting Capacity 95 kmtpa (10 kmtpa curtailed) Mosjøen, Nordland | Smelting / Remelting / Casting Smelting Capacity 200 kmtpa 1 smelting operation in Icela
Slide 34: Europe: Strengths and Operational Performance
OPERATIONAL EXCELLENCE AND INNOVATION Europe Strengths in the Region Operational Performance Improving stability, adding capacity Strong leadership, ABS and robust ~20kmt Of annual secondary capacity +25kmt Expected increase in High Purity global support have enabled the region to improve operationa
Slide 35: Brazil | At a Glance
OPERATIONAL EXCELLENCE AND INNOVATION Brazil | At a Glance 1 mining operation → Juruti, Pará | Mining 2024 Bauxite Production 6 Mdmtpa 1 refining and smelting operation → São Luís (Alumar), Maranhão | Refining Alcoa Share Refining Capacity 2,084 kmtpa São Luís (Alumar), Maranhão | Smelting / Casting
Slide 36: Brazil: Strengths and Operational Performance
OPERATIONAL EXCELLENCE AND INNOVATION Brazil Strengths in the Region Operational Performance Significantly enhancing financial ~95% Bauxite +9% performance and strengthening Production, mdmtpa 8.1 organizational health 7.4 7.6 Achieved key successes with Alumar smelter capacity Alumar smelter restar
Slide 37: Capturing Incremental Opportunities for Value Creation
OPERATIONAL EXCELLENCE AND INNOVATION Capturing Incremental Opportunities for Value Creation Alcoa is investing in high-return, lower-capital opportunities across our assets • Casthouse investments to increase value-add capacity and expand product offerings • Capital intensity for creep opportunitie
Slide 38: Maintaining Our License to Operate
OPERATIONAL EXCELLENCE & INNOVATION Maintaining Our License to Operate Advancing responsible practices and learnings Health and Safety Stakeholder Environment Engagement • Developed a formal methodology to • Fostering meaningful collaboration by • Driving leading-edge environmental assess, measure,
Slide 39: Vision, Talent and High-Performance Culture Fireside Chat
Vision, Talent and High-Performance Culture Fireside Chat William F. Oplinger President and Chief Executive Officer Tammi Jones Executive Vice President and Chief Human Resources Officer ALCOA INVESTOR DAY 2025
Slide 40: Centered on Our Purpose and Our Values
Centered on Our Purpose and Our Values; a Framework for How We Achieve Our Vision Turn Raw Potential into Real Progress PURPOSE Why we exist Act with Integrity Operate with Excellence Care for People VAL U E S Lead with Courage Who we are Drive a Safe, Inclusive and Collaborative Environment Communi
Slide 41: Alcoa Investor Day 2025
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Slide 42: Market Outlook and Opportunities
Market Outlook and Opportunities Renato Bacchi Executive Vice President and Chief Commercial Officer ALCOA INVESTOR DAY 2025
Slide 43: Alcoa Leads in Structurally Tight and High-Premium Markets
MARKET OUTLOOK AND OPPORTUNITIES Alcoa Leads in Structurally Tight and High-Premium Markets, with Integrated Global Footprint Strong aluminum market Alcoa well positioned to High-quality bauxite fundamentals, especially serve major alumina assets support in the Atlantic Basin markets global supply c
Slide 44: Alcoa Positioned in High-Premium Aluminum Markets
MARKET OUTLOOK AND OPPORTUNITIES Alcoa Positioned in High- Aluminum P1020 Regional Premiums – Indexed to 2015 = 100 Premium Aluminum Markets 400 350 • Europe and North America are the two largest deficit 300 US Midwest DP Index markets in the Atlantic 250 European Rotterdam DP Index 200 Japan (MJP)
Slide 45: Alcoa Navigating Trade Actions in North America and Europe
MARKET OUTLOOK AND OPPORTUNITIES Alcoa Navigating Trade Actions in North America Alcoa is well positioned under changing and Europe policy scenarios: U.S. tariffs: • U.S. Section 232 tariffs have been in place since 2018 • Current 50% tariffs under U.S. Section 232, short term Flexible and integrate
Slide 46: Well Positioned to Benefit from Aluminum Demand Growth
MARKET OUTLOOK AND OPPORTUNITIES Well Positioned to Benefit from Aluminum Demand Growth Global Total Aluminum Primary Aluminum Primary Aluminum Consumption, mmt Consumption, mmt Consumption, mmt (CAGR 2025-2035) (CAGR 2025-2035) (CAGR 2025-2035) • Worldwide demand for both primary and China North Am
Slide 47: Well Positioned to Capture Growing Demand in Key End Markets
MARKET OUTLOOK AND OPPORTUNITIES Well Positioned to Capture Growing Demand in Key End Markets Aluminum Demand Growth by End Use and Alcoa Portfolio Major drivers of demand: • Transportation: Vehicle Transportation Packaging Construction Electrical lightweighting, 4% 3% 3% 2% 3% 3% 2% electrification
Slide 48: Shifting Supply Landscape Enhances Competitive Advantage
MARKET OUTLOOK AND OPPORTUNITIES Shifting Supply Landscape Global Primary Aluminum Production Net Growth1 by Region, mmt Enhances Competitive Advantage Other 17.3 3.9 Global aluminum supply growth is anticipated to be 6.7 focused outside China (Southeast Asia) 1.9 Other China 13.4 1.1 India 3.7 Indo
Slide 49: Alumina: Alcoa Well Positioned to Serve Major Markets
MARKET OUTLOOK AND OPPORTUNITIES Alumina: Alcoa Well Positioned to Serve Major Markets Global Demand Increase Driven by Ex-China Australia to Remain the Largest Alumina 2025-2035 Exporter in the World 2025 and 2035 Smelter Grade Alumina (SGA) Demand, mmt SGA Balance of Major Exporting Regions, mmt 5
Slide 50: Bauxite: Secure Supply
MARKET OUTLOOK AND OPPORTUNITIES Bauxite: Secure Supply • Alcoa’s high-quality bauxite resources offer a strategic Strong presence in Guinea – the leading advantage for refining operations and support adaptable supplier in the global seaborne bauxite supply chain management market, with exports expe
Slide 51: Alcoa Leads in Structurally Tight and High-Premium Markets
MARKET OUTLOOK AND OPPORTUNITIES Alcoa Leads in Structurally Tight and High-Premium Markets, with Integrated Global Footprint Strong aluminum market Alcoa well positioned to High-quality bauxite fundamentals, especially serve major alumina assets support in the Atlantic Basin markets global supply c
Slide 52: Alcoa is the Supplier of Choice: Three Differentiators
MARKET OUTLOOK AND OPPORTUNITIES Alcoa is the Supplier of Choice: Market Leadership Built on Three Differentiators Commercial excellence, Leadership in Security of supply quality and innovation low carbon products 52 ALCOA INVESTOR DAY 2025
Slide 53: Commercial Excellence, Quality and Innovation: Setting the Standard
MARKET OUTLOOK AND OPPORTUNITIES Commercial Excellence, Quality and Innovation: Setting the Standard Alcoa delivers excellence through focus on superior product quality Commercial excellence Technological innovation Product quality • Extensive market expertise • NADCA 4x award winner for • Aluminum:
Slide 54: Alcoa's Pathway to Net Zero Ambition
MARKET OUTLOOK AND OPPORTUNITIES Strong energy strategy enables leadership in low Alcoa’s Pathway to Net carbon market: Zero Ambition • Alcoa operates mainly in green, low-cost and open Scope 1 & 2 emissions reduction pathways energy markets resulting in a leading position on the global carbon curve
Slide 55: Technology Roadmap Addresses Upstream Aluminum Value Chain
MARKET OUTLOOK AND OPPORTUNITIES Technology Roadmap Addresses Upstream Aluminum Value Chain Long-term technology projects under development for Alcoa system Alcoa’s Refinery of the ELYSIS inert-anode ASTRAEA technology Alcoa plans to partner with Future project targets technology eliminates focuses
Slide 56: Security of Supply: A Global, Mine-to-Metal Integrated Asset Base
MARKET OUTLOOK AND OPPORTUNITIES Security of Supply: A Global, Mine-to-Metal Integrated Asset Base Energy Bauxite Alumina Aluminum Energy Contracts by type Alcoa Production by Region Alcoa Production by Region Alcoa Production by Region as of 2025 % of total 2025 YTD and % of shipments 2025 YTD and
Slide 57: Alcoa: The Supplier of Choice, in the Right Markets
MARKET OUTLOOK AND OPPORTUNITIES Alcoa: The Supplier of Choice, in the Right Markets with the Right Capabilities Strong aluminum market Alcoa Differentiators fundamentals, especially in the Atlantic Basin Commercial excellence, product quality and innovation Alcoa well positioned to serve major alum
Slide 58: Financial Review and Outlook
Financial Review and Outlook Molly Beerman Executive Vice President and Chief Financial Officer ALCOA INVESTOR DAY 2025
Slide 59: Track Record of Financial Discipline and Value Focused Decision-Making
FINANCIAL REVIEW AND OUTLOOK Track Record of Financial Discipline and Value Focused Decision-Making Accomplishments Capital allocation; focus Value creation; and continuing on strong balance sheet multiple levers and momentum; continues; cash ambition for growth executed portfolio generation funds o
Slide 60: Strength in Leadership: Building Momentum for Long-Term Value Creation
FINANCIAL REVIEW AND OUTLOOK Strength in Leadership: Key Achievements Building Momentum for Since September 2023 Long-Term Value Creation SEPTEMBER 2023: Secured Inflation Reduction Act funding in U.S. • Since 2023, Alcoa has built and sustained operational DECEMBER 2023: Received Australia transiti
Slide 61: Alumina Limited Acquisition: Maximizing Value From Premier Assets
FINANCIAL REVIEW AND OUTLOOK Alumina Limited Acquisition: Maximizing Value From Premier Assets • Completed on August 1, 2024; full economic value from some of our most profitable assets ✓ Deepened commitment in Australia ✓ Strengthened leadership position in the global market ✓ Increased decision-ma
Slide 62: Capital Allocation Framework: Disciplined Approach to Value Creation
FINANCIAL REVIEW AND OUTLOOK Capital Allocation Framework: Disciplined Approach to Value Creation Maximizing value creation Portfolio actions largely complete; prioritizing Maintain strong balance sheet through the cycle monetization of transformation assets (targeting $1.0B to $1.5B adjusted net de
Slide 63: Balance Sheet Discipline: Foundation for Flexibility
FINANCIAL REVIEW AND OUTLOOK Balance Sheet Discipline: Foundation for Flexibility Debt Maturities $800 $750 Disciplined balance sheet management delivers flexibility to $700 invest, return cash and weather all cycles $600 $500 $500 $500 Reaching adjusted net debt target of $1.0B - $1.5B remains $500
Slide 64: Capital Spend to Maintain and Improve Operational Excellence
FINANCIAL REVIEW AND OUTLOOK Capital Spend to Maintain and Improve Operational Excellence $900 Total Projected Capital Spend $800 $800 $800 • Capex strategy focused on sustaining existing operations $800 $750 $750 and maintaining and improving asset reliability $700 $625 • Higher near-term sustainin
Slide 65: Value Creation Catalysts
FINANCIAL REVIEW AND OUTLOOK Value Creation Catalysts Positioned to unlock significant long-term value through disciplined execution and strategic initiatives UNLOCKING Value from Australian Mine Transitions Value Potential NEUTRALIZING the Impact of Spanish Operations MONETIZING Ma’aden Shares Curr
Slide 66: Higher Bauxite Grades in Australia To Unlock Significant Value
FINANCIAL REVIEW & OUTLOOK Higher Bauxite Grades in Australia To Unlock Significant Value Australia Alumina Production Increase • Mine transition to Myara North expected to begin in 2027 • Full annual realization of higher bauxite grades expected by 2030 +1.0 • Significant value creation through exp
Slide 67: Spain: Challenges Started with Changes in Energy Market
FINANCIAL REVIEW AND OUTLOOK Spain: Challenges Started with Changes in Energy Market 2018-2019 2020 2021 2022 2023 2024 2025 • Changes in Spanish • Alcoa announced • Alcoa suspended • Smelter fully curtailed • Viability Agreement • Available funding nearly• Formed 75% / 25% energy markets drive inte
Slide 68: Spain: Neutral in Near Term, Gain Flexibility in Future
FINANCIAL REVIEW AND OUTLOOK Spain: Neutral in Near Term, Gain Flexibility in Future Today Near-Term Long-Term ➢ Focus on restarting the smelter ➢ In near term, focus on ➢ After 2027, expect to have safely, efficiently, and cost neutralizing the financial flexibility since beyond the effectively imp
Slide 69: Ma'aden Joint Venture Sale: Unlocking Cash Value
FINANCIAL REVIEW AND OUTLOOK Ma’aden Joint Venture Sale: Unlocking Cash Value Liquidity from Ma'aden Shares • Completed the sale of 25.1% interest in Ma’aden joint $1,600 venture on July 1, 2025 $1,400 • Total consideration of $1.35B, including $150 million cash $1,200 and ~86 million shares of Ma’a
Slide 70: Transformation Assets: Turning Obligations into Opportunities
FINANCIAL REVIEW AND OUTLOOK Potential U.S. Data Center Sites Transformation Assets: Northwest Alloys Closed site Operating site Turning Obligations into Wenatchee Longview Massena West Opportunities Massena East • Actively pursuing opportunities to monetize Warrick transformation assets Badin Arkan
Slide 71: Ambition for Value-Creating Growth
FINANCIAL REVIEW AND OUTLOOK Ambition for Value-Creating Growth Operational excellence delivered through scalable systems ➢ Strengthen existing assets through increasing production at most cost-effective operations Financial ➢ Expand casthouse capacity to capture key end discipline Well positioned C
Slide 72: Balancing Stockholder Returns and Growth Investments to Maximize Value
FINANCIAL REVIEW AND OUTLOOK Balancing Stockholder Returns and Growth Investments to Maximize Value Five Year Cash Flow Project and Major Spend / Capital Allocation (2026-2030) Cash generation over High pricing the next five years will scenario3 allow us to: Moderate pricing scenario2 Meet critical
Slide 73: William F. Oplinger
William F. Oplinger President and Chief Executive Officer ALCOA INVESTOR DAY 2025
Slide 74: Alcoa is the Investment of Choice in Aluminum
MARKET OUTLOOK AND OPPORTUNITIES Alcoa is the Investment of Choice in Aluminum Strength of our Favorable Disciplined assets and long-term market growth capabilities dynamics 74 ALCOA INVESTOR DAY 2025
Slide 75: Q&A
Q&A ALCOA INVESTOR DAY 2025
Slide 76: Alcoa Investor Day 2025
$% Alcoa Investor Day 2025
Slide 77: Appendix
Appendix ALCOA INVESTOR DAY 2025
Slide 78: Glossary
APPENDIX Glossary Abbreviation Description Abbreviation Description % pts Percentage points (f) Current twelve months forecast 1H## Six months ending June 30 FV Fair value 1Q## Three months ending March 31 FY## Twelve months ending December 31 2H## Six months ending December 31 GAAP Accounting princ
Slide 79: Adjusted Net Income Reconciliation
APPENDIX Adjusted Net Income Reconciliation Millions, except per-share amounts FY24 Net income attributable to Alcoa Corporation $60 Special Items: Restructuring and other charges, net 341 Other special items(1) 37 Discrete and other tax items impacts(2) (2) Tax impact on special items(3) (84) Nonco
Slide 80: Adjusted EBITDA Reconciliations
APPENDIX Adjusted EBITDA Reconciliations Millions FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 Net income (loss) attributable to Alcoa $429 $(123) $(651) $60 $548 $164 $232 Add: Net income (loss) attributable to noncontrolling interest 141 161 (122) (36) - (13) (14) Provision for (benefit from) income taxes 6
Slide 81: Net Debt Reconciliations
APPENDIX Net Debt Reconciliations Millions FY20 FY21 FY22 FY23 FY24 3Q25 Short-term borrowings $77 $75 $- $56 $50 $3 Long-term debt due within one year 2 1 1 79 75 - Long-term debt, less amount due within one year 2,463 1,726 1,806 1,732 2,470 2,578 Total debt 2,542 1,802 1,807 1,867 2,595 2,581 Les