Slide 1: 2nd Quarter Earnings
nd 2 Quarter Earnings Alcoa Corporation July 16, 2025 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: Delivered performance in 2Q25
Delivered performance in 2Q25 Notable highlights Safety and operations Relentless execution Steering through change Safety Ma’aden transaction closed on July 1 Tariffs ✓ Strong safety performance with no fatal or ✓ Final sale valued at $1.35B (shares valued ✓ Mitigated tariff costs by redirecting Ca
Slide 6: Molly Beerman
Molly Beerman Executive Vice President and Chief Financial Officer 6
Slide 7: 2Q25 EPS of $0.62, Adjusted EPS of $0.39
2Q25 EPS of $0.62, Adjusted EPS of $0.39 Quarterly income statement summary 1Q25 2Q25 Change Third party realized prices ($/mt) Realized primary aluminum price $3,213 $3,143 $(70) Realized alumina price $575 $378 $(197) Income statement highlights (millions, except per share amounts) Revenue $3,369
Slide 8: Operational strength undermined by unfavorable pricing and tariffs
Operational strength undermined by unfavorable pricing and tariffs 2Q25 Sequential changes in Adjusted EBITDA excluding special items, $M 855 (21) 1Q25 2Q25 Change (78) Alumina1 $664 $139 $(525) Aluminum1 134 97 (37) Transformation (12) (21) (9) 21 Tariffs (95) 27 20 Intersegment 103 135 32 (338) (5
Slide 9: Increased cash balance, supported by working capital release
Increased cash balance, supported by working capital release Quarter cash bridge and YTD Cash flow information, $M 2Q25 Cash balance changes YTD Cash flow information 251 1,258 Other 13 27 50 Net NCI contributions 313 (131) 81 13 1,514 (55) Net additions to debt (56) (27) (64) (13) 882 1,202 53 Cash
Slide 10: Strong key metrics through first half
Strong key metrics through first half Key financial metrics, 2Q25 and YTD YTD Return on equity 22.5% 2Q25 Days working capital 47 Days • YTD Return on equity highest since 2022 • 2Q25 Days working YTD Capital 2Q25 Adjusted net capital stable sequentially returns to stockholders $53M debt $1.7B at 47
Slide 11: 2025 Outlook
2025 Outlook FY25 Key metrics as of June 30, 2025 Income statement excl. special items impacts Cash flow impacts 2Q25 YTD Actual FY25 Outlook 2Q25 YTD Actual FY25 Outlook Alumina production (Mmt) 4.7 9.5 – 9.7 Pension / OPEB cash funding $38M ~ $70M Alumina shipments (Mmt) 6.5 13.1 – 13.3 Stock repu
Slide 12: William Oplinger
William Oplinger President and Chief Executive Officer 12
Slide 13: Strong long-term demand outlook anchored on megatrends
Strong long-term demand outlook anchored on megatrends Long-term aluminum market dynamics and megatrends 2025 semis demand share by sector, global % of total Global market CAGR Primary aluminum demand 2025 - 2030 CAGR 2025-2030 – Alcoa’s markets Transportation 4.1% North America Europe1 26% Construc
Slide 14: Alumina price responds to production cuts in China
Alumina price responds to production cuts in China Alumina market dynamics Supply response in China helped to stabilize the price; despite the decline QoQ, price remained above historical level Platts FOB WA Alumina, $/mt Global refineries business cost curve for 2025, highlighting Chinese refinerie
Slide 15: Aluminum prices rebound toward the end of 2Q25
Aluminum prices rebound toward the end of 2Q25 Aluminum market dynamics LME aluminum prices rebound; Midwest premium soars but remains below breakeven with 50% tariff 50% Section 232 LME aluminum, $/mt Reciprocal tariffs Midwest premium, duty paid and duty unpaid, $/mt tariffs start 2,800 announced
Slide 16: Deliver our commitments to gain access to higher bauxite grade
Deliver our commitments to gain access to higher bauxite grade Progressing through modernized Western Australia approvals process 55+ 2% No clearing Maintaining the Years of Of the Northern in old growth right to mine experience in Jarrah Forest forests or national rehabilitation has been cleared pa
Slide 17: Achievements and future focus
Achievements and Second quarter summary • No fatal or serious injuries (FSIAs) future focus • Solid performance on items within our control • Strong smelter production • Completed sale of Ma’aden joint venture on July 1 • Maintained advocacy efforts with policy makers Looking ahead • Focus on safety
Slide 18: Appendix
Appendix 18
Slide 19: 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 ▪ 2Q25 dividend payments totaled $27 million (targeti
Slide 20: Quarterly income statement
Quarterly income statement Quarterly income statement for 1Q25 and 2Q25 Sequential Millions, except realized prices and per share amounts 1Q25 2Q25 Change Realized primary aluminum price ($/mt) $3,213 $3,143 $(70) Realized alumina price ($/mt) $575 $378 $(197) Revenue $3,369 $3,018 $(351) Cost of go
Slide 21: Special items
Special items Breakdown of special items by income statement classification – gross basis Millions, except per share amounts 1Q25 2Q25 Description of significant 2Q25 special items Net income attributable to Alcoa Corporation $548 $164 Earnings per common share $2.07 $0.62 Special items $20 $(61) Po
Slide 22: Quarterly income statement excluding special items
Quarterly income statement excluding special items Quarterly income statement excluding special items for 1Q25 and 2Q25 Sequential Millions, except realized prices and per share amounts 1Q25 2Q25 Change Realized primary aluminum price ($/mt) $3,213 $3,143 $(70) Realized alumina price ($/mt) $575 $37
Slide 23: 2Q25 Financial summary
2Q25 Financial summary Three months ending June 30, 2025, excluding special items Intersegment Other Alcoa Millions Alumina Aluminum4 Transformation eliminations corporate Corporation Total revenue $1,518 $1,961 $7 $(480) $12 $3,018 Third-party revenue $1,051 $1,956 $4 - $7 $3,018 Adjusted EBITDA1 $
Slide 24: 2Q25 Segment Adjusted EBITDA drivers
2Q25 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA sequential changes, $M Segment Segment Adjusted Adjusted EBITDA Metal Raw Production EBITDA 1Q25 Currency prices API materials Energy Price/mix Volume costs Other 2Q25 Alumina $664 (5) 0 (490) (8) (14) 5 13 (21) (5) $139 Aluminum $134 (18)
Slide 25: Adj. operating costs and Segment Adj. EBITDA reconciliation
Adj. operating costs and Segment Adj. EBITDA reconciliation Adjusted operating costs for alumina and aluminum produced and shipped Alumina segment 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Adj. operating costs ($M) $814 $734 $766 $3,110 $723 $770 Produced alumina shipments (kmt) 2,595 2,366 2,468 10,050 2,316 2
Slide 26: Aluminum value chain
Aluminum value chain 2025 YTD Alcoa shipments by product type Bauxite Alumina Aluminum 22.3 Mdmt shipments 6.5 Mmt shipments 1.2 Mmt shipments Intersegment Third party 0% 26% Intersegment 34% 66% 74% Third party Intrasegment 100% Third party 26
Slide 27: Composition of alumina and aluminum production costs
Composition of alumina and aluminum production costs Alcoa 2Q25 production cash costs Alumina refining Input Inventory Pricing FY25 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 28: 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 +$100/mt) 0.641 5
Slide 29: Currency impacts on Segment Adjusted EBITDA
Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) AUD BRL CAD EUR ISK NOK Total 06/30/25 currencies 0.65 5.48 1.37 1.17 121.22 10.07 2Q25 currency average 0.64 5.67 1.39 1.13 127.80 10.31 2Q25 Balance sheet revaluat
Slide 30: Additional business considerations
Additional business considerations Items expected to impact Adjusted EBITDA and Adjusted net income for 3Q25 Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ We expect Alumina segment performance to improve by approximately
Slide 31: Investments summary
Investments summary Investments listing and income statement location Ownership Carrying value as of Income statement location of Investee Country Nature of investment4 interest June 30, 2025 equity earnings ELYSIS Limited Partnership Canada Aluminum smelting technology 48.235% Ma’aden Aluminium Com
Slide 32: 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 injuries
Slide 33: Production and capacity information
Production and capacity information Alcoa Corporation annual consolidated amounts as of June 30, 2025 Alumina refining, kmt Aluminum smelting, kmt Facility Country Capacity Curtailed Facility Country Capacity Curtailed Kwinana Australia 2,190 2,190 Portland Australia 197 33 Pinjarra Australia 4,700
Slide 34: Adjusted EBITDA reconciliations
Adjusted EBITDA reconciliations Millions 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Net income attributable to Alcoa $20 $90 $202 $60 $548 $164 Add: Net income (loss) attributable to noncontrolling interest 11 8 - (36) - (13) Provision for income taxes 61 86 136 265 120 10 Other (income) expenses, net (22) 12 42
Slide 35: Free cash flow reconciliation
Free cash flow reconciliation Millions 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Cash provided from operations $287 $143 $415 $622 $75 $488 Capital expenditures (164) (146) (169) (580) (93) (131) Free cash flow 123 (3) 246 42 (18) 357 Contributions from noncontrolling interest 4 - - 65 27 - Distributions to non
Slide 36: Net debt reconciliations
Net debt reconciliations 2Q24 1Q25 2Q25 Alcoa $M Cons. NCI Prop. Cons. Cons. Short-term borrowings $31 $- $31 $45 $8 Long-term debt due within one year 79 31 48 75 75 Long-term debt, less amount due within one year 2,469 - 2,469 2,573 2,574 Total debt 2,579 31 2,548 2,693 2,657 Less: Cash and cash e
Slide 37: DWC working capital and Days working capital reconciliations
DWC working capital and Days working capital reconciliations Millions 2Q24 3Q24 4Q24 1Q25 2Q25 Receivables from customers $939 $862 $1,096 $1,203 $979 Add: Inventories 1,975 2,096 1,998 2,182 2,220 Less: Accounts payable, trade 1,619 1,544 1,805 1,629 1,633 DWC working capital $1,295 $1,414 $1,289 $
Slide 38: Annualized Return on Equity (ROE)
Annualized Return on Equity (ROE) ROE Reconciliation and calculation information as of June 30, 2025 Millions 1H24 1H25 (Net Loss/Income Attributable to Alcoa + Special Items1) Numerator: ROE % = X 100 Net (loss) income attributable to Alcoa Corporation $(232) $712 (Total Assets – Total Liabilities
Slide 39: 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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