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1 v OUR VALUES Act with Integrity Operate with Excellence Care for People Lead with Courage December 2025 Investor Presentation
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2 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 include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation (“Alcoa” or the “Company”) that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (t) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) our ability to fund capital expenditures; (w) deterioration in our credit profile or increases in interest rates; (x) impacts on our current and future operations due to our indebtedness; (y) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (z) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (aa) labor market conditions, union disputes and other employee relations issues; (bb) a decline in the liability discount rate or lower-than-expected investment returns on pension assets; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other reports filed by Alcoa with the SEC. Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
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3 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 these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management’s rationale for the use of the non-GAAP financial measures can be found in the appendix to this presentation. Alcoa Corporation does not provide reconciliations of the forward-looking non-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Resources This presentation can be found under the “Events & Presentations” tab of the “Investors” section of the Company’s website, www.alcoa.com.
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ALCOA INVESTOR DAY 2025 ALCOA INVESTOR DAY 2025 Industry Leader in Bauxite, Alumina and Aluminum $12B Revenue $1.6B Adjusted EBITDA, excluding special items 3 $1.35 Adjusted earnings per share 3 10mmt Alumina produced 2.2mmt Aluminum produced 2024 at a Glance 13,900 Global employees1 25 Locations 8 Countries Our Global Operations 38mdmt Bauxite produced $60M Net income attributable to Alcoa $0.26 Earnings per share Canada United States Iceland Norway Spain Guinea2 Brazil Australia: Mine Refinery Smelter 4 1. Source: 2024 Alcoa Form 10-K, as of December 31, 2024 2. Minority ownership, non-operating partner
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ALCOA INVESTOR DAY 2025 ALCOA INVESTOR DAY 2025 Alcoa’s portfolio Foundry Billet Slab Rod P1020 Well Positioned to Capture Growing Demand in Key End Markets Major drivers of demand: • Transportation: Vehicle lightweighting, electrification • Packaging: Changing consumer preferences in beverage market • Construction: New spending on infrastructure and demand for data centers • Electrical: Grid modernization and expansion North America Europe 4% 3% Semi-finished demand, % CAGR 2025-2035 Alcoa supplies products to all markets where the demand exists, with VAP representing for 50% of total production1 Aluminum Demand Growth by End Use and Alcoa Portfolio North America Europe 3% 2% North America Europe 3% 2% North America Europe 3% 2% Transportation Packaging Construction Electrical 47 1. FY 2024 actuals, includes slab, billet, foundry, rod and high purity. Source: CRU, Alcoa analysis AS ORGINALLY PRESENTED ON
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ALCOA INVESTOR DAY 2025 320 0 200 400 600 800 1,000 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25 Source: CRU, Platts, Alcoa analysis; prices updated as of November 14, 2025. Alumina market dynamics Lower alumina price pressuring margins on global refineries Platts FOB WA Alumina, $/mt Wider unprofitability from lower alumina price, adding pressure for supply response ▪ Market under pressure due to ample spot availability and refinery expansions in Indonesia and China. ▪ Since May 2025, China has restarted most of its curtailed capacity, while current alumina prices increase pressure for supply response. ▪ Short-term imbalances created by Indonesia refinery expansions concentrated in 2025, while smelting capacity in Indonesia is expected to begin commissioning from late 2025 into 2026. ▪ Alumina demand outlook supported by upcoming Indonesian smelting capacity, though uncertainty around the Mozal smelter presents downside risk to demand and pricing in 2026. ▪ Bauxite spot prices firming, supported by Guinea’s wet season and supply disruptions from affected mines, as the market begins to draw down accumulated stockpiles from early 2025. Curtailments in China Supply disruption Global refineries business cost curve for 2025 $/mt Alcoa highlights ▪ Consistent quality of smelter grade alumina products, and preference from customers in terms of reliable supply ▪ On track for annual record of third party bauxite sales volumes 100 400 0 140,000 200 70,00035,0000 500 300 105,000 kmt $/mt API: $320/mt As of Nov. 14 China Ex-China
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ALCOA INVESTOR DAY 2025 Sep/25Jul/25 0 May/25 400 Mar/25 800 Jan/25 1,200 Nov/24 1,600 Sep/24 2,000 Jul/24 Nov/25 MWDP MWDUP Source: CRU, Platts, Alcoa analysis; prices updated as of November 14, 2025. Aluminum market dynamics Aluminum prices increase in 3Q25 on resilient fundamentals ▪ LME prices +7% sequentially in 3Q25, supported by resilient fundamentals, a weaker U.S. dollar and anticipated Fed rate cuts; Midwest premium nears import parity as U.S. inventories declined. European premiums also rebounded from low levels in 2Q25. ▪ Demand for packaging and electrical sectors grows in North America and Europe, while construction and transportation remain soft; tariff related uncertainty persists. ▪ Supply growth remains limited in 2025, with moderate restarts and ramp-ups outside China, while China is nearing its smelter capacity cap; supply risk persists from potential disruption at the Mozal smelter. ▪ 2026 supply growth in Indonesia, although impact on global market likely to remain contained given broader capacity constraints and global demand resilience. Regional deficit to remain in Europe and North America. LME aluminum, $/mt Midwest premium, duty paid and duty unpaid, $/mt LME aluminum prices up in 3Q25; Midwest premium nears import parity as U.S. inventories declined 50% Section 232 tariffs start 25% Section 232 tariffs start Alcoa highlights ▪ Stable VAP order book sequentially in 3Q25, except for foundry ▪ North America: strong slab and rod demand, while billet is mixed with steady demand but slow spot activity ▪ Europe: strong rod demand, mixed slabs with packaging strong while automotive is weak, cautious on billet with short visibility 2,832 2,000 2,200 2,400 2,600 2,800 3,000 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25
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8 Capital expenditures to sustain and improve existing operations Maintain strong balance sheet through the cycle (targeting $1.0B to $1.5B Adjusted net debt) Return cash to stockholders Position for growth Transform portfolio Maximize value creation Capital allocation framework Maximize value creation Return cash to stockholders ▪ 3Q25 dividend payments totaled $26 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements Position for value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital ▪ Implement innovative technologies, when proven at commercial scale, with potential to transform the industry Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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9 Appendix
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10 Aluminum segment product offerings and end markets examples Offering a variety of value add aluminum products and P1020
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11 v 3Q25 Financial and other information as presented on October 22, 2025
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12 William Oplinger President and Chief Executive Officer
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13 Looking ahead Third quarter notable items and looking ahead Alcoa continues to progress Safety update Strong operations ✓ YTD aluminum production records at Baie-Comeau, Deschambault, Mosjøen, Portland and Warrick smelters Positive net tariff impact ✓ Midwest premium (MWP) on U.S. production more than offset the margin compression on U.S. imports of aluminum from Canada One-time items impacted 3Q25 ✓ $786M gain on sale of 25.1% interest in the Ma’aden joint venture ✓ Announced permanent closure of Kwinana refinery, recorded $895M of restructuring and related charges ✓ $53M to adjust asset retirement obligations (AROs) primarily in Brazil 4Q25 improvements ✓ Expect higher shipments and working capital release ✓ At recent MWP, tariff costs on U.S. imports of aluminum from Canada are covered Strengthening U.S. primary production at Massena ✓ New long-term energy contract at competitively priced, LME-linked hydro power ✓ ~$60M capital investment in the facility’s anode baking furnace to enhance operational efficiency U.S. and Australian governments support gallium project Progressing Australia mine approvals ✓ Public consultation period completed ✓ Alcoa expects to submit responses by year end 2025 ✓ Ministerial approvals expected by end of 2026 3Q Notable items
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14 Molly Beerman Executive Vice President and Chief Financial Officer
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15 Quarterly income statement summary 3Q25 EPS of $0.88, Adjusted EPS of $(0.02) 2Q25 3Q25 Change Third party realized prices ($/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 $2,995 $(23) Net income attributable to Alcoa Corporation $164 $232 $68 Earnings per common share $0.62 $0.88 $0.26 Adjusted income statement highlights (millions, except per share amounts) Adjusted EBITDA excluding special items $313 $270 $(43) Adjusted net income (loss) attributable to Alcoa Corporation $103 $(6) $(109) Adjusted earnings (loss) per common share1 $0.39 $(0.02) $(0.41) 1. In periods with net loss, share equivalents were excluded from average common shares as the impact was anti -dilutive
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16 3Q25 Sequential changes in Adjusted EBITDA excluding special items, $M Favorable metal prices offset by tariffs and one-time items 166 1 50 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs (69) 3Q25Other (53) 313 (40) (39) (8) (12) (9) (152) 270 2Q25 2Q25 3Q25 Change Alumina1 $139 $67 $(72) Aluminum1 97 307 210 Transformation (21) (20) 1 Intersegment eliminations 135 (39) (174) Other corporate (37) (45) (8) Total $313 $270 $(43) 1. Segment Adjusted EBITDA Tariffs AROs
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17 Maintained strong cash balance Quarter cash bridge and YTD Cash flow information, $M 3Q25 Cash balance changes 270 33 132 6/30/25 Cash Adj. EBITDA excl. specials Working capital change Capital expend- itures Env/ ARO payments Net tax refund 1,514 (25) (151) (51) (55) (67) Cash dividends (79) (10) 1,485 9/30/25 Cash Restruct. payments Ma’aden sale net proceeds Other, net Net payments on debt Interest payments (26) YTD Cash flow information 375 220 170 160 153 133 79 2942 Uses Capital expenditures Working capital change Restructuring Environmental/ARO Cash income taxes Interest payments Cash dividends Net payments on debt Elysis investment 1,361 1,438 132 69 27 42 Sources Adjusted EBITDA excl. special items ATO tax refund Ma’aden sale net proceeds Net NCI contributions Other 1,708
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18 1. Excludes $89 million of restricted cash Strong key metrics YTD; approaching Adjusted net debt target Key financial metrics, 3Q25 and YTD YTD Return on equity 14.5% YTD Capital returns to stockholders $79M YTD Free cash flow plus net NCI contributions $300M 3Q25 Days working capital 50 Days 3Q25 Adjusted net debt $1.6B 3Q25 Cash balance $1.5B1 • YTD Return on equity highest since 2022 • 3Q25 Days working capital increased sequentially by three days • De-levered with $74M term loan repayment
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19 1. Estimate will vary with market conditions and jurisdictional profitability 2. Net of pending tax refunds 3. As of September 30, 2025, the environmental remediation reserve balance was $ 255M and the ARO liability was $1,469M FY25 Key metrics as of September 30, 2025 2025 Outlook Income statement excl. special items impacts 3Q25 YTD Actual FY25 Outlook Alumina production (Mmt) 7.2 9.5 – 9.7 Alumina shipments (Mmt) 9.8 13.1 – 13.3 Aluminum production (Mmt) 1.7 2.3 – 2.5 Aluminum shipments (Mmt) 1.9 2.5 – 2.6 Transformation (adj. EBITDA impacts) $(53)M ~$(75)M Intersegment eliminations (adj. EBITDA impacts) $199M Varies Other corporate (adj. EBITDA impacts) $(116)M ~$(160)M Depreciation, depletion, and amortization $461M ~$620M Non-operating pension/OPEB expense $20M ~$25M Interest expense $130M ~$175M Operational tax expense1 $217M Varies Net loss of noncontrolling interest $(23)M 25% of Spain JV NI Cash flow impacts 3Q25 YTD Actual FY25 Outlook Pension / OPEB cash funding $53M ~ $70M Stock repurchases and dividends $79M Varies Return-seeking capital expenditures $23M ~$40M Sustaining capital expenditures $352M ~$585M Net refund of prior year income taxes 2 $(15)M ~$0M Current period cash taxes1 $116M Varies Environmental and ARO payments3 $153M ~$260M Impact of restructuring and other charges $160M TBD Additional market sensitivities and business information are included in the appendix.
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20 William Oplinger President and Chief Executive Officer
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21 Source: CRU, Platts, Alcoa analysis; prices updated as of October 16, 2025. Alumina market dynamics Lower alumina price pressuring margins on global refineries Platts FOB WA Alumina, $/mt Wider unprofitability from lower alumina price, adding pressure for supply response ▪ Market under pressure due to ample spot availability and refinery expansions in Indonesia and China. ▪ Since May 2025, China has restarted most of its curtailed capacity, while current alumina prices increase pressure for supply response. ▪ Short-term imbalances created by Indonesia refinery expansions concentrated in 2025, while smelting capacity in Indonesia is expected to begin commissioning from late 2025 into 2026. ▪ Alumina demand outlook supported by upcoming Indonesian smelting capacity, though uncertainty around the Mozal smelter presents downside risk to demand and pricing in 2026. ▪ Bauxite spot prices firming, supported by Guinea’s wet season and supply disruptions from affected mines, as the market begins to draw down accumulated stockpiles from early 2025. Curtailments in China Supply disruption Global refineries business cost curve for 2025 $/mt Alcoa highlights ▪ Consistent quality of smelter grade alumina products, and preference from customers in terms of reliable supply ▪ On track for annual record of third party bauxite sales volumes 100 400 0 140,000 200 70,00035,0000 500 300 105,000 kmt $/mt API: $319/mt As of Oct. 16 China Ex-China 319 0 200 400 600 800 1,000 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25
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22 Source: CRU, Platts, Alcoa analysis; prices updated as of October 16, 2025. Aluminum market dynamics Aluminum prices increase in 3Q25 on resilient fundamentals ▪ LME prices +7% sequentially in 3Q25, supported by resilient fundamentals, a weaker U.S. dollar and anticipated Fed rate cuts; Midwest premium nears import parity as U.S. inventories declined. European premiums also rebounded from low levels in 2Q25. ▪ Demand for packaging and electrical sectors grows in North America and Europe, while construction and transportation remain soft; tariff related uncertainty persists. ▪ Supply growth remains limited in 2025, with moderate restarts and ramp-ups outside China, while China is nearing its smelter capacity cap; supply risk persists from potential disruption at the Mozal smelter. ▪ 2026 supply growth in Indonesia, although impact on global market likely to remain contained given broader capacity constraints and global demand resilience. Regional deficit to remain in Europe and North America. LME aluminum, $/mt Midwest premium, duty paid and duty unpaid, $/mt LME aluminum prices up in 3Q25; Midwest premium nears import parity as U.S. inventories declined 50% Section 232 tariffs start 25% Section 232 tariffs start Alcoa highlights ▪ Stable VAP order book sequentially in 3Q25, except for foundry ▪ North America: strong slab and rod demand, while billet is mixed with steady demand but slow spot activity ▪ Europe: strong rod demand, mixed slabs with packaging strong while automotive is weak, cautious on billet with short visibility 2,775 2,000 2,200 2,400 2,600 2,800 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25 Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 May/25 Jul/25 Sep/25 1,200 0 1,600 800 2,000 400 MWDP MWDUP
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23 D E S I G N N O T E S : Photos can be darkened through Picture Formatting at -50% brightness Full picture with text: header text should be in white #FFFFFF. Achievements and future focus Looking forward • Focus on safety, stability and operational excellence • Deliver fourth quarter financial improvement • Progress Australia mine approvals • Alcoa Investor Day on October 30 Third quarter summary • Maintained operational stability • One-time items impacted the quarter • Strengthened U.S. primary aluminum production • Continued engagement with trade policy makers
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24 Appendix
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25 Capital expenditures to sustain and improve existing operations Maintain strong balance sheet through the cycle (targeting $1.0B to $1.5B Adjusted net debt) Return cash to stockholders Position for growth Transform portfolio Maximize value creation Capital allocation framework Maximize value creation Return cash to stockholders ▪ 3Q25 dividend payments totaled $26 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements Position for value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital ▪ Implement innovative technologies, when proven at commercial scale, with potential to transform the industry Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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26 Quarterly income statement for 2Q25 and 3Q25 Quarterly income statement Millions, except realized prices and per share amounts 2Q25 3Q25 Sequential Change Realized primary aluminum price ($/mt) $3,143 $3,374 $231 Realized alumina price ($/mt) $378 $377 $(1) Revenue $3,018 $2,995 $(23) Cost of goods sold 2,652 2,695 43 SG&A and R&D expenses 94 89 (5) Depreciation, depletion, and amortization 153 160 7 Other income, net (112) (1,034) (922) Interest expense 56 33 (23) Restructuring and other charges, net 14 885 871 Total costs and expenses 2,857 2,828 (29) Income before income taxes 161 167 6 Provision for (benefit from) income taxes 10 (51) (61) Net income 151 218 67 Less: Net loss attributable to noncontrolling interest (13) (14) (1) Net income attributable to Alcoa Corporation $164 $232 $68 Earnings per common share $0.62 $0.88 $0.26 Average common shares 260.3 260.9 0.6
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27 Breakdown of special items by income statement classification – gross basis Special items 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) Cost of goods sold 38 58 Kwinana closure $39, Portland energy and Spain FX contract reclasses $12, San Ciprián smelter restart $4 SG&A and R&D expenses 3 1 Portfolio actions Restructuring and other charges, net 14 885 Kwinana closure $856, remediation and demolition costs at closed locations $17, take or pay contracts $7 Interest - - Other income, net (118) (1,034) Gain on sale of investment $(786), mark to market on Ma’aden shares $(267), Portland energy and Spain FX contract reclasses $(12), mark to market energy $22 and foreign exchange $12 contracts Provision for income taxes 4 (146) Tax on special items Noncontrolling interest (2) (2) Adjusted income (loss) attributable to Alcoa Corporation $103 $(6) Adjusted earnings (loss) per common share1 $0.39 $(0.02) 1. In periods with net loss, share equivalents were excluded from average common shares as the impact was anti -dilutive
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28 Quarterly income statement excluding special items for 2Q25 and 3Q25 Quarterly income statement excluding special items Millions, except realized prices and per share amounts 2Q25 3Q25 Sequential Change Realized primary aluminum price ($/mt) $3,143 $3,374 $231 Realized alumina price ($/mt) $378 $377 $(1) Revenue $3,018 $2,995 $(23) Cost of goods sold 2,614 2,637 23 SG&A and R&D expenses 91 88 (3) Adjusted EBITDA 313 270 (43) Depreciation, depletion, and amortization 153 160 7 Other expenses, net 6 - (6) Interest expense 56 33 (23) Provision for income taxes 6 95 89 Adjusted income (loss) 92 (18) (110) Less: Adjusted net loss attributable to noncontrolling interest (11) (12) (1) Adjusted net income (loss) attributable to Alcoa Corporation $103 $(6) $(109) Adjusted earnings (loss) per common share $0.39 $(0.02) $(0.41) Average common shares1 260.3 258.9 (1.4) 1. In periods with net loss, share equivalents were excluded from average common shares as the impact was anti -dilutive
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29 Three months ending September 30, 2025, excluding special items 3Q25 Financial summary Millions Alumina Aluminum3 Transformation Intersegment eliminations Other corporate Alcoa Corporation Total revenue $1,428 $2,045 $8 $(487) $1 $2,995 Third-party revenue $954 $2,040 $4 - $(3) $2,995 Adjusted EBITDA1 $672 $3072 $(20) $(39) $(45) $270 Depreciation, depletion, and amortization $88 $67 - - $5 $160 Other income, net - - - - - - Interest expense $33 Provision for income taxes $95 Adjusted net loss $(18) Net loss attributable to noncontrolling interest $(12) Adjusted net loss attributable to Alcoa Corporation4 $(6) 1. Includes the Company’s proportionate share of earnings from equity investments in certain bauxite mines, hydroelectric gen eration facilities, and an aluminum smelter located in Brazil, Canada, and/or Guinea. 2. Segment Adjusted EBITDA. 3. Third-party energy sales volume, revenue, and Segment Adjusted EBITDA in Brazil were 839 GWh, $36 million, and $25 million, r espectively.
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30 Segment Adjusted EBITDA sequential changes, $M 3Q25 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA 2Q25 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other Segment Adjusted EBITDA 3Q25 Alumina $139 (14) 0 (18) 2 5 (3) (13) 14 (45) $67 Aluminum $97 (19) 166 96 (10) (4) (9) 4 36 (50) $307 Total $236 (33) 166 78 (8) 1 (12) (9) 50 (95) $374
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31 Adjusted operating costs for alumina and aluminum produced and shipped Adj. operating costs and Segment Adj. EBITDA reconciliation Aluminum segment 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Adj. operating costs ($M) $1,353 $1,514 $5,488 $1,574 $1,578 $1,406 Produced aluminum shipments (kmt) 566 566 2,277 567 581 576 Adj. operating cost ($/t) $2,392 $2,675 $2,410 $2,775 $2,718 $2,441 Total sales ($M) $1,807 $1,899 $7,246 $1,905 $1,961 $2,045 Adj. operating costs ($M) 1,353 1,514 5,488 1,574 1,578 1,406 Other segment items ($M) 274 191 1,101 197 286 332 Segment Adjusted EBITDA ($M) $180 $194 $657 $134 $97 $307 Alumina segment 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Adj. operating costs ($M) $734 $766 $3,110 $723 $770 $779 Produced alumina shipments (kmt) 2,366 2,468 10,050 2,316 2,384 2,448 Adj. operating cost ($/t) $310 $310 $309 $312 $323 $318 Total sales ($M) $1,661 $2,441 $6,925 $2,175 $1,518 $1,428 Adj. operating costs ($M) 734 766 3,110 723 770 779 Other segment items ($M) 560 959 2,407 788 609 582 Segment Adjusted EBITDA ($M) $367 $716 $1,408 $664 $139 $67 Adjusted operating costs includes all production related costs for alumina or aluminum produced and shipped: raw materials co nsumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses. Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges including tariff costs; Selling, general admin istrative, and other expenses; and Research and development expenses.
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32 2025 YTD Alcoa shipments by product type Aluminum value chain 32.5 Mdmt shipments 9.8 Mmt shipments 1.9 Mmt shipments Aluminum Alumina Bauxite 77% 23% Intrasegment Third party 34% 66% Intersegment Third party 100% 0% Intersegment Third party
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33 Alcoa 3Q25 production cash costs Composition of alumina and aluminum production costs Input cost Inventory flow Pricing convention FY25 annual cost sensitivity Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Natural gas 1 Month Quarterly, 91% with CPI adjustment $7M per $0.10/GJ Fuel oil 1 - 2 Months Prior Month $2M per $1/barrel Input cost Inventory flow Pricing convention FY25 annual cost sensitivity Alumina ~2 Months API on a 6-8 month average $45M per $10/mt Petroleum coke 1 - 2 Months Quarterly $9M per $10/mt Coal tar pitch 1 - 2 Months Quarterly $2M per $10/mt Alumina refining 26% 18% 19% 32% Bauxite Caustic Natural gas 5% Other energy Conversion Aluminum smelting 35% 15% 26% 11% 13% Alumina Carbon Power Materials Conversion
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34 1. Average 3Q25 exchange rates Estimated annual Segment Adjusted EBITDA sensitivities 2025 Business information $Millions Segment LME + $100/mt API + $10/mt Midwest Paid + $100/mt Midwest Unpaid + $100/mt Europe + $100/mt Japan + $100/mt Tariff (LME +$100/mt) AUD + 0.01 0.661 BRL + 0.10 5.451 CAD + 0.01 1.381 EUR + 0.01 1.171 ISK + 10 122.211 NOK + 0.10 10.101 Alumina 89 (17) 8 (2) Aluminum 215 (47) 92 71 69 19 (30) (3) 4 4 (2) 10 1 Total 215 42 92 71 69 19 (30) (20) 12 4 (4) 10 1 Pricing conventions Segment Third-party revenue Alumina ▪ ~95% of third-party smelter grade alumina priced on API/spot ▪ API based on prior month average of spot prices ▪ Negotiated bauxite prices Aluminum ▪ LME + regional premium + product premium ▪ Primary aluminum 15-day lag ▪ Brazilian hydroelectric sales at market prices Regional premium breakdown Regional premiums % of 2025 Primary aluminum shipments Midwest ~35% Rotterdam Duty Paid ~35% Midwest Duty Unpaid ~25% CIF Japan ~5%
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35 Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) Currency impacts on Segment Adjusted EBITDA 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 revaluation impact Alumina (2.9) (1.0) 0.2 (3.7) Aluminum (0.8) (0.5) 9.7 (4.2) (6.8) (8.8) (11.4) Corporate (0.6) (1.0) (4.3) (0.2) (0.2) (0.2) (6.5) Subtotal (4.3) (2.5) 5.4 (4.2) (7.0) (9.0) (21.6) 3Q25 Currency sensitivity impact Alumina (3.7) (3.4) (3.1) (10.2) Aluminum (1.0) (1.6) (1.6) 0.5 (2.4) (1.8) (7.9) Subtotal (4.7) (5.0) (1.6) (2.6) (2.4) (1.8) (18.1) 3Q25 Total EBITDA currency impact Alumina (6.6) (4.4) (2.9) (13.9) Aluminum (1.8) (2.1) 8.1 (3.7) (9.2) (10.6) (19.3) Corporate (0.6) (1.0) (4.3) (0.2) (0.2) (0.2) (6.5) Total (9.0) (7.5) 3.8 (6.8) (9.4) (10.8) (39.7)
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36 Items expected to impact Adjusted EBITDA and Adjusted net income for 4Q25 Additional business considerations 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 approximately $80 million due to the non-recurrence of asset retirement obligations recorded in the third quarter, as well as higher shipping volumes and lower production costs. ▪ Aluminum segment performance is expected to be unfavorable by approximately $20 million due to restart inefficiencies at the San Ciprián smelter, and lower third-party energy sales, partially offset by higher shipments. ▪ U.S. Section 232 tariff costs on higher U.S. imports of aluminum from Canada are expected to increase by approximately $50 million. ▪ Alumina costs in the Aluminum segment are expected to be favorable by $45 million. ▪ Estimate intersegment profit elimination for every $10/mt decrease in API prices to be a $7 million to $9 million favorable impact based on comparison of the average API of the last two months of each quarter (API is based on average of prior month spot prices). ▪ Using quarter end exchange rates, 3Q25 Adjusted EBITDA included an unfavorable balance sheet revaluation impact of approximately $6 million (unfavorable $22 million sequentially compared to 2Q25); impacts related to balance sheet revaluation are not incorporated into the currency sensitivities provided for Adjusted EBITDA. Below Adjusted EBITDA: ▪ Other expenses in 3Q25 included favorable foreign currency gains of approximately $10 million, which may not recur. ▪ Based on recent pricing, the Company expects 4Q25 operational tax expense to approximate $40 million to $50 million.
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37 Source: 2024 Sustainability Report. 1. The current forecast of ongoing bauxite grade issues, combined with a revised capital investment timeline, will delay the achievement of our water stewardship targets. 2. Based on our current trajectory, we do not expect to meet our 2025 emissions reduction goal. Alcoa strategic long-term sustainability goals, baseline, and progress Alcoa 2024 progress on sustainability goals Goal Description 2015 Baseline 2024 Progress Health and Safety Zero fatalities and serious injuries (life-threatening or life-altering injuries or illnesses). 5 fatal or serious injuries/illnesses 0 fatalities or serious injuries Inclusion, Diversity, and Equity Achieve a more inclusive culture that reflects the diversity of the communities where we operate. N/A 20.1% global women Biodiversity and Mine Rehabilitation Maintain a corporate-wide annual ratio of 1:1 or better for mine rehabilitation to mine disturbance. N/A 2.03:1 Impoundment Management From a 2015 baseline, reduce bauxite residue land requirements per metric ton of alumina produced by 15% by 2030. 53.2 m2/kmt Ala 17.5% reduction Emissions and Waste From a 2015 baseline, reduce landfilled waste 15% by 2025 and 25% by 2030. Baseline restated to reflect divestiture of Warrick Rolling. 131.7 mt 23.4% reduction Water Stewardship From a 2015 baseline, reduce the intensity of our total water use from Alcoa-defined water-scarce locations by 5% by 2025 and 10% by 2030. 3.79 m3/mt 5.0% increase1 Climate Change Align our GHG (Scope 1 and 2) emissions reduction targets with the “well below 2º C” pathway by reducing GHG emission intensity by 30% by 2025 and 50% by 2030 from a 2015 baseline. 7.10 mt CO2e/mt 27.2% reduction2
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38 Alcoa Corporation annual consolidated amounts as of September 30, 2025 Production and capacity information Bauxite production, Mdmt Mine Country 2024 Production Darling Range Australia 27.7 Juruti Brazil 5.6 Poços de Caldas Brazil 0.4 Boké (CBG) Guinea 3.4 Al Ba’itha3 Saudi Arabia 1.2 Total 38.3 Alumina refining, kmt Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Wagerup Australia 2,879 - Poços de Caldas Brazil 390 214 São Luís (Alumar) Brazil 2,084 - San Ciprián Spain 1,600 800 Total1 11,653 1,014 Aluminum smelting, kmt Facility Country Capacity Curtailed Portland Australia 197 32 São Luís (Alumar)2 Brazil 268 25 Baie Comeau Canada 324 - Bécancour Canada 350 - Deschambault Canada 287 - Fjarðaál Iceland 351 - Lista Norway 95 10 Mosjøen Norway 200 - San Ciprián Spain 228 163 Massena West U.S. 130 - Warrick U.S. 215 54 Total 2,645 284 1. On September 29, 2025, the Company announced the closure of 2,190,000 metric tonnes of alumina refining capacity at the Kwinana refinery in Australia. 2. On September 20, 2021, the Company announced plans to restart its 60% share of the Alumar smelter in São Luís, Brazil, equivalent to 268,000 metric tonnes per year (mtpa) of aluminum capacity. Production began in the second quarter of 2022. 3. On July 1, 2025, the Company completed the sale of its full ownership interest of 25.1% in the joint venture.
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39 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 (income), net 12 42 91 (26) (112) (1,034) Interest expense 44 45 156 53 56 33 Restructuring and other charges, net 30 91 341 5 14 885 Depreciation, depletion, and amortization 159 159 642 148 153 160 Adjusted EBITDA 429 675 1,519 848 272 211 Special items before tax and noncontrolling interest 26 2 70 7 41 59 Adjusted EBITDA excl. special items $455 $677 $1,589 $855 $313 $270 Alcoa Corporation’s definition of Adjusted EBITDA is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa Corporation’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Alumina Segment Adjusted EBITDA $367 $716 $1,408 $664 $139 $67 Aluminum Segment Adjusted EBITDA 180 194 657 134 97 307 Transformation (14) (18) (62) (12) (21) (20) Intersegment eliminations (38) (156) (231) 103 135 (39) Other corporate (40) (59) (183) (34) (37) (45) Adjusted EBITDA excl. special items $455 $677 $1,589 $855 $313 $270
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40 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 noncontrolling interest (17) - (49) - - - Free cash flow plus net noncontrolling interest contributions $(20) $246 $58 $9 $357 $(66) Free cash flow and Free cash flow plus net contributions from noncontrolling interest are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures and net distributions to noncontrolling interest. Capital expenditures are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations, while net distributions to noncontrolling interest are necessary to fulfill our obligations to our joint venture partners. It is important to note that Free cash flow and Free cash flow less net distributions to noncontrolling interest do not represent the residual cash flows available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
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41 Net debt reconciliations Millions 3Q24 2Q25 3Q25 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 Plus: Net pension 108 107 98 Plus: OPEB liability 473 448 441 Adjusted net debt $2,213 $1,698 $1,635 Net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt. Adjusted net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability.
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42 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 $1,566 $1,618 Sales $2,904 $3,486 $3,369 $3,018 $2,995 Number of days in the quarter 92 92 90 91 92 Days working capital1 45 34 47 47 50 DWC working capital and Days working capital are non-GAAP financial measures. Management believes these measures are meaningful to investors because management uses its working capital position to assess Alcoa Corporation’s efficiency in liquidity management. 1. Days working capital is calculated as DWC working capital divided by the quotient of Sales and number of days in the quarter
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43 X 100 ROE Reconciliation and calculation information as of September 30, 2025 Annualized Return on Equity (ROE) Millions 2024 YTD 2025 YTD Numerator: Net (loss) income attributable to Alcoa Corporation $(142) $944 Add: Special items1 162 (279) ROE Adjusted Net income YTD $20 $665 ROE Adjusted Net income multiplied by four divided by three $27 $887 Denominator2: Total assets $14,392 $15,178 Less: Total Liabilities 8,992 8,984 Less: Noncontrolling Interest 1,019 96 Shareholders’ Equity $4,381 $6,098 ROE 0.6% 14.5% (Net Loss/Income Attributable to Alcoa + Special Items1) (Total Assets – Total Liabilities – Noncontrolling Interest)2 ROE % = ( $(142) + $162 ) x 4/3 ($14,392 – $8,992 – $1,019) 2024 YTD ROE % = = 0.6% ( $944 + $(279) ) x 4/3 ($15,178 – $8,984 – $96) 2025 YTD ROE % = X 100 = 14.5% X 100 GAAP Return on Equity is calculated using Net income (loss) attributable to Alcoa Corporation divided by Shareholders’ Equity . 1. Special items include provisions for income taxes and noncontrolling interest. 2. Denominator calculated using quarter ending balances.
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44 Abbreviations listed in alphanumeric order Glossary of terms Abbreviation Description % pts Percentage points 1H## Six months ending June 30 1Q## Three months ending March 31 2H## Six months ending December 31 2Q## Three months ending June 30 3Q## Three months ending September 30 4Q## Three months ending December 31 Adj. Adjusted API Alumina Price Index ARO Asset retirement obligations AUD Australian dollar B Billion BRL Brazilian real CAD Canadian dollar CIF Cost, insurance and freight CO2e Carbon dioxide equivalent COGS Cost of goods sold Cons. Consolidated CPI Consumer Price Index dmt Dry metric ton DWC Days working capital EBITDA Earnings before interest, taxes, depreciation and amortization Elims. Eliminations EPS Earnings per common share ERISA Employee Retirement Income Security Act of 1974 EUR Euro Est. Estimated excl. or ex. Excluding FOB WA Freight on board Western Australia Abbreviation Description FY## Twelve months ending December 31 GAAP Accounting principles generally accepted in the United States of America GJ Gigajoule GWh Gigawatt hour ISK Icelandic krona JV Joint venture kmt/kdmt Thousand metric tons/Thousand dry metric tons LME London Metal Exchange LTM Last twelve months M Million Mmt/Mdmt Million metric tons/Million dry metric tons Mtpa/kmtpa Metric tons per annum/thousand metric tons per annum mt Metric ton N.A. North America NCI Noncontrolling interest NI Net income NOK Norwegian krone OPEB Other postretirement employee benefits PBT Profit before taxes Prop. Proportional QoQ Quarter over quarter R&D Research and development SEC Securities and Exchange Commission SG&A Selling, general administrative and other SHFE Shanghai Futures Exchange TBD To be determined U.S. United States of America USD United States dollar YTD, YoY Year to date, year over year
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