Alcoa Corporation · NYSE:AA
Alcoa — Merger or Acquisition (October 2026)
6 slides from Alcoa's merger presentation, Oct 15, 2026
Slide 1: Operational Execution and Strategic Momentum
OPERATIONAL EXECUTION AND STRATEGIC MOMENTUM ▪ Delivered six YTD production records; increased aluminum production by ~15 thousand metric tons in the third quarter ▪ Alumar smelter restart completed ▪ Strong performance recovery at Pinjarra refinery ▪ Reached definitive agreement for Massena East si
Slide 2: AliGroup acquisition | Progressing toward 1H27 closing
7 AliGroup acquisition | Progressing toward 1H27 closing Key progress, milestones, and timeline to closing of AliGroup acquisition JUN - 26 SEP - 26 ض JUN 30, 2026 Deal announced Definitive agreement announced 1H27 Expected closing Subject to remaining regulatory approvals and conditions Cross - fun
Slide 3: Robust Free cash flow in 3Q26 of $472M
12 Robust Free cash flow in 3Q26 of $472M Key financial metrics, 3Q26 and YTD 25.3% YTD Return on equity $80M YTD Capital returns to stockholders $596M YTD Free cash flow 50 Days 3Q26 Days working capital $1.0B 3Q26 Adjusted net debt $4.4B 3Q26 Cash balance • Strong YTD Return on equity performance
Slide 4: Advancing strategic priorities with results-driven execution
17 Advancing strategic priorities with results - driven execution Highlighting notable progress on priorities stated at 2025 Investor Day PROGRESS TO DATE GO FORWARD PRIORITIES • Ended 3Q26 with strong balance sheet after robust YTD free cash flow • Issued $2.6B long - term notes for AliGroup acquis
Slide 5: Contingent value right terms
20 1. Agreed proxy for third party sales Contingent value right terms CVR terms per AliGroup agreement Agreed commercial terms Term CVR $3,500 (CY26) $2,825 (CY27) $2,847 (CY28) $2,870 (CY29) $2,942 (CY30) Aluminum strike price ($/mt) 22.5% Aluminum revenue sharing on acquired production $345 (CY26)
Slide 6: AliGroup acquisition | Key financial metrics
21 AliGroup acquisition | Key financial metrics 1H26 results shows AliGroup accretive on pro forma basis 1H26 pro forma financial information 1 Pro forma combined 3 Alcoa stand alone $B, except per share amounts $9.1 $7.2 Sales $1.0 $0.8 Net income 282.8 265.8 Average shares $3.55 $3.13 Diluted earn