Slide 1: Investor Presentation
Investor Presentation December 2025 OUR VALUES Act with Integrity Operate with Excellence Care for People v Lead with Courage 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: Industry Leader in Bauxite, Alumina and Aluminum
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, Adjusted earnings excluding special items3
Slide 5: Well Positioned to Capture Growing Demand in Key End Markets
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% 3% 3% 2% electrification 2% Semi-finished 2% demand, % CAGR
Slide 6: Lower alumina price pressuring margins on global refineries
Lower alumina price pressuring margins on global refineries Alumina market dynamics Wider unprofitability from lower alumina price, adding pressure for supply response Platts FOB WA Alumina, $/mt Global refineries business cost curve for 2025 $/mt 1,000 Supply $/mt China Ex-China 800 disruption 500
Slide 7: Aluminum prices increase in 3Q25 on resilient fundamentals
Aluminum prices increase in 3Q25 on resilient fundamentals Aluminum market dynamics LME aluminum prices up in 3Q25; Midwest premium nears import parity as U.S. inventories declined LME aluminum, $/mt Midwest premium, duty paid and duty unpaid, $/mt 50% Section 3,000 2,832 2,000 232 tariffs start MWD
Slide 8: 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 ▪ 3Q25 dividend payments totaled $26 million (targeti
Slide 9: Appendix
Appendix $e Alcoa
Slide 10: Offering a variety of value add aluminum products and P1020
Offering a variety of value add aluminum products and P1020 Aluminum segment product offerings and end markets examples 10
Slide 11: 3Q25 Financial and other information as presented on October 22, 2025
3Q25 Financial and other information as presented on October 22, 2025 v 11
Slide 12: William Oplinger
William Oplinger President and Chief Executive Officer 12
Slide 13: Alcoa continues to progress
Alcoa continues to progress Third quarter notable items and looking ahead 3Q Notable items Looking ahead Safety update 4Q25 improvements Strong operations ✓ Expect higher shipments and working capital release ✓ At recent MWP, tariff costs on U.S. imports of aluminum from Canada ✓ YTD aluminum produc
Slide 14: Molly Beerman
Molly Beerman Executive Vice President and Chief Financial Officer 14
Slide 15: 3Q25 EPS of $0.88, Adjusted EPS of $(0.02)
3Q25 EPS of $0.88, Adjusted EPS of $(0.02) Quarterly income statement summary 2Q25 3Q25 Change Third party realized prices ($/mt) Realized primary aluminum price $3,143 $3,374 $231 Realized alumina price $378 $377 $(1) Income statement highlights (millions, except per share amounts) Revenue $3,018 $
Slide 16: Favorable metal prices offset by tariffs and one-time items
Favorable metal prices offset by tariffs and one-time items 3Q25 Sequential changes in Adjusted EBITDA excluding special items, $M 166 50 2Q25 3Q25 Change 1 (39) (8) (69) Tariffs Alumina1 $139 $67 $(72) (12) (9) Aluminum1 97 307 210 AROs Transformation (21) (20) 1 (53) 313 Intersegment 135 (39) (174
Slide 17: Maintained strong cash balance
Maintained strong cash balance Quarter cash bridge and YTD Cash flow information, $M 3Q25 Cash balance changes YTD Cash flow information 270 1,708 Net NCI contributions 27 42 Other 69 (25) ATO tax refund 132 Ma’aden sale 1,361 Net payments on debt 29 net proceeds 42 Elysis investment 79 Cash dividen
Slide 18: Strong key metrics YTD; approaching Adjusted net debt target
Strong key metrics YTD; approaching Adjusted net debt target Key financial metrics, 3Q25 and YTD YTD Return on equity 14.5% 3Q25 Days working capital 50 Days • YTD Return on equity highest since 2022 • 3Q25 Days working capital YTD Capital 3Q25 Adjusted net increased sequentially by returns to stock
Slide 19: 2025 Outlook
2025 Outlook FY25 Key metrics as of September 30, 2025 Income statement excl. special items impacts Cash flow impacts 3Q25 YTD Actual FY25 Outlook 3Q25 YTD Actual FY25 Outlook Alumina production (Mmt) 7.2 9.5 – 9.7 Pension / OPEB cash funding $53M ~ $70M Alumina shipments (Mmt) 9.8 13.1 – 13.3 Stock
Slide 20: William Oplinger
William Oplinger President and Chief Executive Officer 20
Slide 21: Lower alumina price pressuring margins on global refineries
Lower alumina price pressuring margins on global refineries Alumina market dynamics Wider unprofitability from lower alumina price, adding pressure for supply response Platts FOB WA Alumina, $/mt Global refineries business cost curve for 2025 $/mt 1,000 Supply $/mt China Ex-China 800 disruption 500
Slide 22: Aluminum prices increase in 3Q25 on resilient fundamentals
Aluminum prices increase in 3Q25 on resilient fundamentals Aluminum market dynamics LME aluminum prices up in 3Q25; Midwest premium nears import parity as U.S. inventories declined LME aluminum, $/mt Midwest premium, duty paid and duty unpaid, $/mt 50% Section 232 2,775 2,000 2,800 tariffs start MWD
Slide 23: Achievements and future focus
Achievements and future focus Third quarter summary Looking forward • Maintained operational stability • Focus on safety, stability and operational excellence • One-time items impacted the quarter • Deliver fourth quarter financial improvement • Strengthened U.S. primary aluminum production • Progre
Slide 24: Appendix
Appendix 24
Slide 25: 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 ▪ 3Q25 dividend payments totaled $26 million (targeti
Slide 26: Quarterly income statement
Quarterly income statement Quarterly income statement for 2Q25 and 3Q25 Sequential Millions, except realized prices and per share amounts 2Q25 3Q25 Change Realized primary aluminum price ($/mt) $3,143 $3,374 $231 Realized alumina price ($/mt) $378 $377 $(1) Revenue $3,018 $2,995 $(23) Cost of goods
Slide 27: Special items
Special items Breakdown of special items by income statement classification – gross basis Millions, except per share amounts 2Q25 3Q25 Description of significant 3Q25 special items Net income attributable to Alcoa Corporation $164 $232 Earnings per common share $0.62 $0.88 Special items $(61) $(238)
Slide 28: Quarterly income statement excluding special items
Quarterly income statement excluding special items Quarterly income statement excluding special items for 2Q25 and 3Q25 Sequential Millions, except realized prices and per share amounts 2Q25 3Q25 Change Realized primary aluminum price ($/mt) $3,143 $3,374 $231 Realized alumina price ($/mt) $378 $377
Slide 29: 3Q25 Financial summary
3Q25 Financial summary Three months ending September 30, 2025, excluding special items Intersegment Other Alcoa Millions Alumina Aluminum3 Transformation eliminations corporate Corporation Total revenue $1,428 $2,045 $8 $(487) $1 $2,995 Third-party revenue $954 $2,040 $4 - $(3) $2,995 Adjusted EBITD
Slide 30: 3Q25 Segment Adjusted EBITDA drivers
3Q25 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA sequential changes, $M Segment Segment Adjusted Adjusted EBITDA Metal Raw Production EBITDA 2Q25 Currency prices API materials Energy Price/mix Volume costs Other 3Q25 Alumina $139 (14) 0 (18) 2 5 (3) (13) 14 (45) $67 Aluminum $97 (19) 166
Slide 31: Adj. operating costs and Segment Adj. EBITDA reconciliation
Adj. operating costs and Segment Adj. EBITDA reconciliation Adjusted operating costs for alumina and aluminum produced and shipped Alumina segment 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Adj. operating costs ($M) $734 $766 $3,110 $723 $770 $779 Produced alumina shipments (kmt) 2,366 2,468 10,050 2,316 2,384 2
Slide 32: Aluminum value chain
Aluminum value chain 2025 YTD Alcoa shipments by product type Bauxite Alumina Aluminum 32.5 Mdmt shipments 9.8 Mmt shipments 1.9 Mmt shipments Intersegment Third party 0% 23% Intersegment 34% 66% 77% Third party Intrasegment 100% Third party 32
Slide 33: Composition of alumina and aluminum production costs
Composition of alumina and aluminum production costs Alcoa 3Q25 production cash costs Alumina refining Input Inventory Pricing FY25 annual cost Bauxite Conversion cost flow convention sensitivity 26% 32% Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Quarterly, 91% with Natural gas 1 Mon
Slide 34: 2025 Business information
2025 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 +$100/mt) 0.661 5
Slide 35: Currency impacts on Segment Adjusted EBITDA
Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) AUD BRL CAD EUR ISK NOK Total 09/30/25 currencies 0.66 5.32 1.39 1.17 121.16 9.97 3Q25 currency average 0.66 5.45 1.38 1.17 122.21 10.10 3Q25 Balance sheet revaluati
Slide 36: Additional business considerations
Additional business considerations Items expected to impact Adjusted EBITDA and Adjusted net income for 4Q25 Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ Alumina segment performance is expected to be favorable by approx
Slide 37: Alcoa 2024 progress on sustainability goals
Alcoa 2024 progress on sustainability goals Alcoa strategic long-term sustainability goals, baseline, and progress Goal Description 2015 Baseline 2024 Progress Zero fatalities and serious injuries (life-threatening or life-altering 5 fatal or serious Health and Safety 0 fatalities or serious injurie
Slide 38: Production and capacity information
Production and capacity information Alcoa Corporation annual consolidated amounts as of September 30, 2025 Alumina refining, kmt Aluminum smelting, kmt Facility Country Capacity Curtailed Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Portland Australia 197 32 Wagerup Australia 2,879
Slide 39: Adjusted EBITDA reconciliations
Adjusted EBITDA reconciliations Millions 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Net income attributable to Alcoa $90 $202 $60 $548 $164 $232 Add: Net income (loss) attributable to noncontrolling interest 8 - (36) - (13) (14) Provision for (benefit from) income taxes 86 136 265 120 10 (51) Other expenses (inc
Slide 40: Free cash flow reconciliation
Free cash flow reconciliation Millions 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Cash provided from operations $143 $415 $622 $75 $488 $85 Capital expenditures (146) (169) (580) (93) (131) (151) Free cash flow (3) 246 42 (18) 357 (66) Contributions from noncontrolling interest - - 65 27 - - Distributions to non
Slide 41: Net debt reconciliations
Net debt reconciliations 3Q24 2Q25 3Q25 Millions Short-term borrowings $12 $8 $3 Long-term debt due within one year 464 75 - Long-term debt, less amount due within one year 2,469 2,574 2,578 Total debt 2,945 2,657 2,581 Less: Cash and cash equivalents 1,313 1,514 1,485 Net debt 1,632 1,143 1,096 Plu
Slide 42: DWC working capital and Days working capital reconciliations
DWC working capital and Days working capital reconciliations Millions 3Q24 4Q24 1Q25 2Q25 3Q25 Receivables from customers $862 $1,096 $1,203 $979 $1,045 Add: Inventories 2,096 1,998 2,182 2,220 2,191 Less: Accounts payable, trade 1,544 1,805 1,629 1,633 1,618 DWC working capital $1,414 $1,289 $1,756
Slide 43: Annualized Return on Equity (ROE)
Annualized Return on Equity (ROE) ROE Reconciliation and calculation information as of September 30, 2025 Millions 2024 YTD 2025 YTD (Net Loss/Income Attributable to Alcoa + Special Items1) Numerator: ROE % = X 100 Net (loss) income attributable to Alcoa Corporation $(142) $944 (Total Assets – Total
Slide 44: 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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