Slide 1: 4th Quarter Earnings
4 Quarter th Earnings Alcoa Corporation January 22, 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 fourth quarter results to close out 2025
Strong fourth quarter results to close out 2025 Ongoing momentum into 2026 SAFETY OPERATIONS & COMMERCIAL STRATEGIC INITIATIVES • Strengthened fatality risk • Annual production records at five • Advanced Western Australia mine management across all operations aluminum smelters and one refinery appro
Slide 6: Molly Beerman
Molly Beerman Executive Vice President and Chief Financial Officer 6
Slide 7: 4Q25 EPS of $0.85, Adjusted EPS of $1.26
4Q25 EPS of $0.85, Adjusted EPS of $1.26 Quarterly and full year income statement summary 3Q25 4Q25 FY24 FY25 Third party realized prices ($/mt) Realized primary aluminum price $3,374 $3,749 $2,841 $3,376 Realized alumina price $377 $341 $472 $415 Income statement highlights (millions, except per sh
Slide 8: Higher sequential EBITDA driven by improved metal prices
Higher sequential EBITDA driven by improved metal prices 4Q25 Sequential changes in Adjusted EBITDA excluding special items, $M 35 26 41 546 257 4 (25) 3Q25 4Q25 Change (8) (53) Alumina1 $67 $31 $(36) Aluminum1 307 520 213 Transformation (20) (27) (7) Intersegment (39) 53 92 eliminations 270 Other c
Slide 9: 4Q25 Cash from operations of $537M, free cash flow of $294M
4Q25 Cash from operations of $537M, free cash flow of $294M Quarter cash bridge and FY25 Cash flow information, $M 4Q25 Cash balance changes FY25 Cash flow information 297 2,193 Working capital change 77 Ma’aden sale 132 net proceeds 546 1,734 (243) Other 90 (89) 105 Cash dividends (52) 148 Interest
Slide 10: Reached high end of Adjusted net debt target
Reached high end of Adjusted net debt target Key financial metrics, 4Q25 and FY25 FY25 Return on equity 16.4% 4Q25 Days working capital 35 Days • 4Q25 Days working capital decreased sequentially by fifteen days FY25 Capital returns to stockholders $105M 4Q25 Adjusteddebt net $1.5B • De-levered with
Slide 11: 2026 Outlook
2026 Outlook FY25 and FY26 Key metrics Income statement excl. special items impacts Cash flow impacts FY25 Actual FY26 Outlook FY25 Actual FY26 Outlook Alumina production (Mmt) 9.6 9.7 – 9.9 Pension / OPEB cash funding $68M ~ $60M Alumina shipments (Mmt) 13.3 11.8 – 12.0 Stock repurchases and divide
Slide 12: William Oplinger
William Oplinger President and Chief Executive Officer 12
Slide 13: Lower alumina price pressuring margins on global refineries
Lower alumina price pressuring margins on global refineries Alumina industry dynamics Initial cuts and maintenance have begun, but limited so far; alumina price has traded in a narrow range Platts FOB WA Alumina, $/mt Refineries business cost curve for 20251 $/mt 500 China Ex-China Alumina Prices as
Slide 14: Fundamentals, macro trends support aluminum prices into 2026
Fundamentals, macro trends support aluminum prices into 2026 Aluminum industry dynamics LME aluminum prices rallied into 2026; U.S. and Europe to remain in substantial deficit in 2026 LME aluminum, $/mt 2026 primary aluminum balances, in Mmt 3,500 3.6 3,147 Alcoa’s main regions 1.9 0.9 1.3 0.5 3,000
Slide 15: Alcoa positioned in tight and high premium aluminum regions
Alcoa positioned in tight and high premium aluminum regions U.S. tariffs and EU CBAM dynamics Monthly average regional aluminum premiums (US$/mt) U.S. tariffs: Midwest Duty Paid Rotterdam Duty Paid Midwest Duty Unpaid CIF Japan • Alcoa has a net positive impact from tariffs at current U.S. 2,000 400
Slide 16: 4Q25 Achievements, well positioned for 2026
4Q25 Achievements, well positioned for 2026 Fourth quarter summary • Strengthened fatality risk management across all operations • Achieved annual production records at five smelters and one refinery • Progressed negotiations on transformation asset sales • Delivered increased aluminum prices to the
Slide 17: Appendix
Appendix 17
Slide 18: 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 ▪ 4Q25 dividend payments totaled $26 million ($1.0B t
Slide 19: Quarterly income statement
Quarterly income statement Quarterly income statement for 3Q25 and 4Q25 Sequential Millions, except realized prices and per share amounts 3Q25 4Q25 Change Realized primary aluminum price ($/mt) $3,374 $3,749 $375 Realized alumina price ($/mt) $377 $341 $(36) Revenue $2,995 $3,449 $454 Cost of goods
Slide 20: Special items
Special items Breakdown of special items by income statement classification – gross basis Millions, except per share amounts 3Q25 4Q25 Description of significant 4Q25 special items Net income attributable to Alcoa Corporation $232 $226 Earnings per common share $0.88 $0.85 Special items $(238) $109
Slide 21: Quarterly income statement excluding special items
Quarterly income statement excluding special items Quarterly income statement excluding special items for 3Q25 and 4Q25 Sequential Millions, except realized prices and per share amounts 3Q25 4Q25 Change Realized primary aluminum price ($/mt) $3,374 $3,749 $375 Realized alumina price ($/mt) $377 $341
Slide 22: 4Q25 Financial summary
4Q25 Financial summary Three months ending December 31, 2025, excluding special items Intersegment Other Alcoa Millions Alumina Aluminum3 Transformation eliminations corporate Corporation Total revenue $1,436 $2,468 $10 $(476) $11 $3,449 Third-party revenue $979 $2,462 $6 - $2 $3,449 Adjusted EBITDA
Slide 23: 4Q25 Segment Adjusted EBITDA drivers
4Q25 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA sequential changes, $M Segment Segment Adjusted Adjusted EBITDA Metal Raw Production EBITDA 3Q25 Currency prices API materials Energy Price/mix Volume costs Other 4Q25 Alumina $67 (4) 0 (97) 10 (3) (8) 19 (7) 54 $31 Aluminum $307 (1) 257 4
Slide 24: Adj. operating costs and Segment Adj. EBITDA reconciliation
Adj. operating costs and Segment Adj. EBITDA reconciliation Adjusted operating costs for alumina and aluminum produced and shipped Alumina segment 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Adj. operating costs ($M) $766 $3,110 $723 $770 $779 $789 $3,061 Produced alumina shipments (kmt) 2,468 10,050 2,316 2
Slide 25: FY25 Financial information
FY25 Financial information FY25 Highlights and annual Adjusted EBITDA excluding special items change analysis Full year financial highlights Adjusted EBITDA excl. special items bridge, $M FY24 FY25 1,083 45 77 Realized primary aluminum price ($/mt) $2,841 $3,376 86 (71) (218) (43) Realized alumina p
Slide 26: Income statement information
Income statement information FY24 and FY25 Annual income statement FY24 FY25 Adjusted excl. Adjusted excl. Millions, except realized prices and per share amounts Reported Special items special items Reported Special items special items Realized primary aluminum price ($/mt) $2,841 $2,841 $3,376 $3,3
Slide 27: Aluminum value chain
Aluminum value chain 2025 Alcoa shipments by product type Bauxite Alumina Aluminum 43.2 Mdmt shipments 13.3 Mmt shipments 2.5 Mmt shipments Intersegment Third party 0% 23% Intersegment 34% 66% 77% Third party Intrasegment 100% Third party 27
Slide 28: Composition of alumina and aluminum production costs
Composition of alumina and aluminum production costs Alcoa 4Q25 production cash costs Alumina refining Input Inventory Pricing FY26 annual cost Bauxite cost flow convention sensitivity Conversion 25% 35% Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Quarterly, 91% with Natural gas 1 Mon
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 +$100/mt) 0.661 5
Slide 30: Currency impacts on Segment Adjusted EBITDA
Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) AUD BRL CAD EUR ISK NOK Total 12/31/25 currencies 0.67 5.57 1.37 1.18 125.11 10.05 4Q25 currency average 0.66 5.39 1.40 1.16 125.03 10.09 4Q25 Balance sheet revaluat
Slide 31: Additional business considerations
Additional business considerations Items expected to impact Adjusted EBITDA and Adjusted net income for 1Q26 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 December 31, 2025 Alumina refining, kmt Aluminum smelting, kmt Facility Country Capacity Curtailed Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Portland Australia 197 28 Wagerup Australia 2,879
Slide 33: Adjusted EBITDA reconciliations
Adjusted EBITDA reconciliations Millions 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Net income attributable to Alcoa $202 $60 $548 $164 $232 $226 $1,170 Add: Net loss attributable to noncontrolling interest - (36) - (13) (14) (11) (38) Provision for (benefit from) income taxes 136 265 120 10 (51) (128) (49)
Slide 34: Free cash flow reconciliation
Free cash flow reconciliation Millions 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Cash provided from operations $415 $622 $75 $488 $85 $537 $1,185 Capital expenditures (169) (580) (93) (131) (151) (243) (618) Free cash flow 246 42 (18) 357 (66) 294 567 Contributions from noncontrolling interest - 65 27 - -
Slide 35: Net debt reconciliations
Net debt reconciliations 4Q24 3Q25 4Q25 Millions Short-term borrowings $50 $3 $9 Long-term debt due within one year 75 - 1 Long-term debt, less amount due within one year 2,470 2,578 2,438 Total debt 2,595 2,581 2,448 Less: Cash and cash equivalents 1,138 1,485 1,597 Net debt 1,457 1,096 851 Plus: N
Slide 36: DWC working capital and Days working capital reconciliations
DWC working capital and Days working capital reconciliations Millions 4Q24 1Q25 2Q25 3Q25 4Q25 Receivables from customers $1,096 $1,203 $979 $1,045 $1,064 Add: Inventories 1,998 2,182 2,220 2,191 2,177 Less: Accounts payable, trade 1,805 1,629 1,633 1,618 1,938 DWC working capital $1,289 $1,756 $1,5
Slide 37: Annualized Return on Equity (ROE)
Annualized Return on Equity (ROE) ROE Reconciliation and calculation information as of December 31, 2025 Millions 2024 2025 (Net Loss/Income Attributable to Alcoa + Special Items1) Numerator: ROE % = X 100 Net income attributable to Alcoa Corporation $60 $1,170 (Total Assets – Total Liabilities – No
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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