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1 v OUR VALUES Act with Integrity Operate with Excellence Care for People Lead with Courage June 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’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 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 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. Market projections are subject to the risks described above and other risks in the market. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements and none of the information contained herein should be regarded as a representation that the forward-looking statements contained herein will be achieved. Any information contained in the following slides that has been previously publicly presented by Alcoa speaks as of the date that it was originally presented, as indicated. Alcoa is not updating or affirming any of such information as of today’s date. The provision of this information shall not imply that the information has not changed since it was originally presented.
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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 and Presentations” tab of the “Investors” section of the Company’s website, www.alcoa.com.
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4 Global operations and summary of business segments Upstream aluminum company built to perform throughout the cycles Global operations by product Aluminum ▪ First quartile of bauxite and alumina cost curves2 ▪ 41.3 Mdmt bauxite and 13.2 Mmt alumina shipments, FY24 ▪ 85% of bauxite shipments to Alcoa refineries and 68% of alumina shipments to third parties, FY24 ▪ Offering EcoSourceTM alumina, made with low carbon emitting processes ▪ Approximately 13,900 global employees ▪ Direct and indirect ownership of 26 operating locations across nine countries on six continents ▪ Highly rated for corporate governance1 ▪ Second quartile of aluminum cost curve ▪ 2.6 Mmt shipments, FY24 ▪ 100% of shipments to third parties ▪ Offering SustanaTM brand EcoLumTM (low carbon) and EcoDuraTM (recycled content) products ▪ Among world’s largest bauxite miners and largest alumina producer excluding China ▪ 86% of the aluminum smelting portfolio powered by renewable energy sources3 in 2024 Business segments 1. ISS Governance QualityScore: 2. 2. Full impacts being assessed and could place Alumina in second quartile until new mine regions are accessed. 3. Defined as energy derived from natural processes that are replenished constantly, such as sunlight, wind and hydropower; s ource: 2024 Alcoa Form 10-K.
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5 Key areas of focus as shared in 4Q24 earnings Strong first quarter; progressing on 2025 key areas of focus Safe operations correlate to stability, productivity and profitability Our actions position Alcoa to navigate dynamic markets ▪ Completed $1B debt offering in Australia, primarily used to repay existing debt ▪ Maintained focus despite uncertainty ▪ Formed San Ciprián joint venture ▪ Safety performance improved in 1Q25 ▪ Strong 1Q25 financial and production results
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6 Source: CRU, Platts, Alcoa analysis. 1. Average of years from 2015 to 2023. 2.Chinese government’s new High quality development plan for the aluminum industry. Alumina market dynamics Alumina price returns to historical average ▪ Price lower versus last quarter with increased liquidity due to Chinese ramp-ups and normalized production outside of China ▪ Steady alumina demand outside of China; uncertainty around timing of refinery ramp-ups (Indonesia, India) ▪ Bauxite prices remain relatively elevated; high-cost refineries face pressure to curtail in China ▪ New refineries in China face higher scrutiny2 regarding air pollution control, bauxite sourcing and red mud processing 363 0 200 400 600 800 1,000 Jan/16 Jan/18 Jan/20 Jan/22 Jan/24 Jan/26 Expansions in China Supply disruption ▪ Global footprint provides security of supply to Alcoa smelters and major customers secured by long term supply agreements ▪ No significant disruptions in alumina demand from internal or external customers ▪ Tightness in 1Q25 provided some opportunities for bauxite spot cargoes Alcoa highlights Global refineries business cost curve for 2025 at spot alumina prices, $/mtPlatts FOB WA Alumina, $/mt Supply disruption Historical average1: $335/mt Alumina price lower than record highs; increased share of unprofitable refineries in China World ex-China China More than 80% of Chinese refineries unprofitable at current prices Spot alumina price at $363/mt as of June 3rd
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7 Source: CRU, Alcoa analysis; prices updated as of June 3. 1. CRU, Harbor, Citi, Goldman Sachs. Aluminum market dynamics Aluminum prices respond to tariffs; resilient 1Q25 order book ▪ 1Q25 demand supported by China stimulus and anticipated increases in European spending ▪ Limited supply growth in 1Q25 globally but cost pressure on smelters has eased; as China production approaches cap, more smelter capacity will be needed outside China ▪ Uncertainty on price and demand trajectory due to tariffs Jan/24 Jul/24 Jan/25 0 2,200 2,400 2,600 2,800 Apr/24 Oct/24 Apr/25 Jul/25 2,449 Alcoa highlights LME aluminum, $/mt Midwest premium, $/mt Jan/24 Jul/24 Jan/25 0 600 800 1,000 Apr/24 Oct/24 Apr/25 Jul/25 971 2025 tariffs on aluminum proposed Increased Section 232 tariffs announced LME aluminum price down from 1Q25 ▪ In North America, value add product (VAP) volumes in 1Q25 increase both QoQ and YoY; healthy demand for slab, billet and rod ▪ In Europe, slightly lower VAP volumes in 1Q25 QoQ but increase YoY; strong demand for rod and slab, billet demand is improving ▪ Foundry products for automotive market face the most uncertainty both in North America and Europe Reciprocal tariffs announced
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8 Portland Alcoa benefits from its positioning: Vertical integration from mine to metal Aluminum Close proximity to customers in North America & Europe Alumina/bauxite Global network of mines and refineries Alcoa’s competitive advantages make it a premier aluminum supplier Well-positioned to respond to shifts in global market dynamics 1. Security of supply 2. Product quality & innovation 3. Sustainability Security of supply to customers is key in dynamic markets Warrick Massena West Déschambault São Luís Juruti Guinea Lista MosjøenFjarðaál Pinjarra Wagerup Willowdale Bécancour Baie-Comeau San Ciprián Huntly Poços de Caldas ALUMINA Mine Refinery ALUMINUM Smelter/Casthouse
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9 U.S. primary aluminum imports by country of origin (2024 full-year actuals, Mmt) Canada most strategic supplier of primary aluminum to the U.S. 2.9 U.S. primary aluminum balance Canada Sources: CRU, Descartes Datamyne for 2024 full year . 1. Does not account for change in inventory. 2. Trade data covers HS codes 7601 and 7605; Other countrie s account for the remaining 0.2Mmt imports. Middle East Argentina India Australasia 0.7 0.2 0.1 0.1 Apparent Consumption1 0.7 Production 0.8 Exports2 Imports2 4.1 4.2
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10 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 ▪ 1Q25 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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11 Appendix
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12 Aluminum segment product offerings and end markets examples Offering a variety of value add aluminum products and P1020
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13 0 140130120110100908070 2 50403020100 60 8 Alumina production, Mt 10 20 0 706560 30 50454035302520151050 55 Aluminum production, Mt Sources: IAI, CRU, Alcoa analysis 1. Considering the same emission scopes for comparison purposes 2. Third -party verified 3. Alcoa’s third-party verified EcoLum cradle-to-gate carbon footprint numbers have been calculated using a location - based scope 2 reporting approach aligned with EN15804+A2 and ISO14040 and ISO14044 requirements. 4. Recycled content is defi ned using mass balance / credit allocation system at product line and production facility level Summary of Sustana® products and position on carbon emissions curves Full product suite with carbon advantages, recycled content Alcoa Sustana product line Metric tons of CO2e/mt, by product ▪ Primary aluminum with emissions less than 4.0 tonne CO2e per tonne aluminum (scope 1 and 2, from mining, refining, smelting and casting) ▪ Emission intensity less than one third the industry average1 ▪ Cradle-to-gate carbon footprint3 information for all product groups (ingot, foundry, slab, billet, wire rod) ▪ Alumina products from a refinery portfolio with average emissions intensity below 0.6 tonne CO2e per tonne of alumina (scope 1 and 2, mining and refining) ▪ Emission intensity less than half the industry average1 ▪ Cradle-to-gate carbon footprint information2 for Smelter-grade alumina, and certain Non-metallurgical grades ▪ Minimum 50% recycled content4 (pre-consumer scrap) ▪ Available globally Aluminum EcoLum ® ASI certifications available for all products and 18 sites Learn more at www.Alcoa.com/sustana Alumina EcoSource ®
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14 v 1Q25 Financial and other information as presented on April 16, 2025
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15 Key areas of focus as shared in 4Q24 earnings Strong first quarter; progressing on 2025 key areas of focus Safe operations correlate to stability, productivity and profitability Our actions position Alcoa to navigate dynamic markets ▪ Completed $1B debt offering in Australia, primarily used to repay existing debt ▪ Maintained focus despite uncertainty ▪ Formed San Ciprián joint venture ▪ Safety performance improved in 1Q25 ▪ Strong 1Q25 financial and production results
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16 Quarterly income statement summary Adjusted EBITDA and EPS rise sequentially 4Q24 1Q25 Change Third party realized prices ($/mt) Realized primary aluminum price $3,006 $3,213 $207 Realized alumina price $636 $575 $(61) Income statement highlights (millions, except per share amounts) Revenue $3,486 $3,369 $(117) Net income attributable to Alcoa Corporation $202 $548 $346 Earnings per common share $0.76 $2.07 $1.31 Adjusted income statement highlights (millions, except per share amounts) Adjusted EBITDA excluding special items $677 $855 $178 Adjusted net income attributable to Alcoa Corporation $276 $568 $292 Adjusted earnings per common share $1.04 $2.15 $1.11
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17 1Q25 Sequential changes in Adjusted EBITDA excluding special items, $M EBITDA improves with higher metal prices 86 76 49 56 Currency Metal prices API Raw materials Energy Price/mix Volume 1Q25OtherProduction costs 677 (4) (12) (3) (64) (6) 855 4Q24 4Q24 1Q25 Change Alumina1 $716 $664 $(52) Aluminum1 194 134 (60) Transformation (18) (12) 6 Intersegment eliminations (156) 103 259 Other corporate (59) (34) 25 Total $677 $855 $178 1. Segment Adjusted EBITDA
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18 Generated cash and repositioned debt Quarter cash bridge and 1Q25 Cash flow information, $M 12/31/24 to 03/31/25 Cash balance changes 1,138 1,202 855 87 27 Adj. EBITDA excl. specials Working capital change Capital expend- itures Env/ ARO payments Restruct. payments 3/31/25 Cash Other, net Net NCI contrib. Net additions to debt Cash dividends Interest payments Cash income tax payments (446) (93) (47) (49) (73) (53) (26) (118) 12/31/24 Cash 1Q25 Cash flow information ▪ Generated $75 cash from operations ▪ Debt repositioning closer to operations ▪ $985 net proceeds from issuance in Australia ▪ $890 tender existing debt ▪ Intent to de-lever ▪ Working capital use of cash mainly due to ▪ Increased inventory due to raw material price and volumes and timing of shipments ▪ Decreased accounts payable on lower alumina trading
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19 1. Excludes $88 million of restricted cash Strong key metrics to start 2025 Key financial metrics, 1Q25 Return on equity 39.1% Capital returns to stockholders $26M Free cash flow plus net NCI contributions $9M Days working capital 47 Days Adjusted net debt $2.1B Cash balance $1.2B1 • 1Q25 Return on equity highest since 1Q22 • Working capital increased 13 days sequentially; same as 1Q24 at 47 days • Cash balance remains strong
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20 1. Adjusted debt = Total debt + Net pension + OPEB liability Optimal capital structure targets $1.0B - $1.5B Adjusted net debt Determine optimal capital structure Define debt level for IG leverage metrics Define cash balance Capital structure and allocation • Target Investment Grade (IG) leverage metrics • Cyclical business considers target leverage throughout the cycles • Could increase leverage for strategic opportunities ~$2.1B - $2.5B Adjusted debt1 (incl. $0.5B Pension and OPEB) $1.0B - $1.5B Cash balance (based on historic use rate) • Target Adjusted net debt of $1.0B to $1.5B • Use of excess cash o Return cash to stockholders o Support growth projects and pragmatic M&A o Transform the portfolio Capital allocation process
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21 1. Estimate will vary with market conditions and jurisdictional profitability 2. Net of pending tax refunds 3. As of March 31, 2025, the environmental remediation reserve balance was $ 213M and the ARO liability was $878M FY25 Key metrics as of March 31, 2025 2025 Outlook Income statement excl. special items impacts 1Q25 YTD Actual FY25 Outlook Alumina production (Mmt) 2.4 9.5 – 9.7 Alumina shipments (Mmt) 3.2 13.1 – 13.3 Aluminum production (Mmt) 0.6 2.3 – 2.5 Aluminum shipments (Mmt) 0.6 2.6 – 2.8 Transformation (adj. EBITDA impacts) $(12)M ~$(75)M Intersegment eliminations (adj. EBITDA impacts) $103M Varies Other corporate (adj. EBITDA impacts) $(34)M ~$(170)M Depreciation, depletion and amortization $148M ~$620M Non-operating pension/OPEB expense $7M ~$25M Interest expense $41M ~$165M Operational tax expense1 $116M Varies Net income of noncontrolling interest $0M 25% of Spain JV NI Cash flow impacts 1Q25 YTD Actual FY25 Outlook Pension / OPEB cash funding $13M ~ $70M Stock repurchases and dividends $26M Varies Return-seeking capital expenditures $7M ~$75M Sustaining capital expenditures $86M ~$625M Payment of prior year income taxes2 $37M ~$50M Current period cash taxes1 $36M Varies Environmental and ARO payments3 $47M ~$240M Impact of restructuring and other charges $49M TBD Additional market sensitivities and business information are included in the appendix.
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22 Notes: IEEPA: International Emergency Economic Powers Act; USMCA: United States-Mexico-Canada Agreement Applicable U.S. tariff summary 25% tariff on Canadian aluminum to U.S., immaterial supply impact Section 232 10% tariffs since 2018, Canada exempted since 2019 March 2025 April 2025 Section 232 tariffs aluminum (all origins) Reciprocal tariffs (except Canada/Mexico and aluminum already under Section 232) 10% universal tariffs; higher reciprocal tariffs paused for 90 days except China at 125% 2019 - 2024 25% tariffs implemented on March 12; no exemptions, no exclusions Specific implications for Canada Exempt from Section 232 10% tariff No longer exempt from Section 232; 25% tariff No stacked tariffs for Canadian aluminum imports to U.S.; Section 232 25% tariff holds For Canada/Mexico, USMCA product exempt, others 10% or 25%; China increased to 20% on March 4 IEEPA tariffs on Canada, Mexico and China (all products) For Canada/Mexico, USMCA products exempt, others 10% or 25%; China continues at 20% 25% tariffs; no exemptions, no exclusions
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23 U.S. primary aluminum imports by country of origin (2024 full-year actuals, Mmt) Canada most strategic supplier of primary aluminum to the U.S. 2.9 U.S. primary aluminum balance Canada Sources: CRU, Descartes Datamyne for 2024 full year . 1. Does not account for change in inventory. 2. Trade data covers HS codes 7601 and 7605; Other countrie s account for the remaining 0.2Mmt imports. Middle East Argentina India Australasia 0.7 0.2 0.1 0.1 Apparent Consumption1 0.7 Production 0.8 Exports2 Imports2 4.1 4.2
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24 Source: CRU, Platts, Alcoa analysis. 1. Average of years from 2015 to 2023. 2.Chinese government’s new High quality development plan for the aluminum industry. Alumina market dynamics Alumina price returns to historical average ▪ Price lower versus last quarter with increased liquidity due to Chinese ramp-ups and normalized production outside of China ▪ Steady alumina demand outside of China; uncertainty around timing of refinery ramp-ups (Indonesia, India) ▪ Bauxite prices remain relatively elevated; high-cost refineries face pressure to curtail in China ▪ New refineries in China face higher scrutiny2 regarding air pollution control, bauxite sourcing and red mud processing 329 0 200 400 600 800 1,000 Jan/16 Jan/18 Jan/20 Jan/22 Jan/24 Jan/26 Expansions in China Supply disruption ▪ Global footprint provides security of supply to Alcoa smelters and major customers secured by long term supply agreements ▪ No significant disruptions in alumina demand from internal or external customers ▪ Tightness in 1Q25 provided some opportunities for bauxite spot cargoes Alcoa highlights Global refineries business cost curve for 2025 at spot alumina prices, $/mtPlatts FOB WA Alumina, $/mt Supply disruption Historical average1: $335/mt Alumina price lower than record highs; increased share of unprofitable refineries in China World ex-China China More than 80% of Chinese refineries unprofitable at current prices Spot alumina price at $329/mt as of April 11th
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25 Source: CRU, Alcoa analysis; prices updated as of April 11. 1. CRU, Harbor, Citi, Goldman Sachs. Aluminum market dynamics Aluminum prices respond to tariffs; resilient 1Q25 order book ▪ 1Q25 demand supported by China stimulus and anticipated increases in European spending ▪ Limited supply growth in 1Q25 globally but cost pressure on smelters has eased; as China production approaches cap, more smelter capacity will be needed outside China ▪ Uncertainty on price and demand trajectory due to tariffs Jan/24 Mar/24 May/24 Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 0 2,200 2,400 2,600 2,800 2,364 Alcoa highlights LME aluminum, $/mt Midwest premium, $/mt Jan/24 Mar/24 May/24 Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 0 600 800 1,000 8622025 tariffs on aluminum proposed Increased Section 232 tariffs announced LME aluminum price down from 1Q25; Midwest premium is up but below range of analysts’ forecasts Range of market analysts’ forecasts1 of MWP equilibrium level 990 880 ▪ In North America, value add product (VAP) volumes in 1Q25 increase both QoQ and YoY; healthy demand for slab, billet and rod ▪ In Europe, slightly lower VAP volumes in 1Q25 QoQ but increase YoY; strong demand for rod and slab, billet demand is improving ▪ Foundry products for automotive market face the most uncertainty both in North America and Europe Reciprocal tariffs announced
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26 Timeline of actions for San Ciprián complex San Ciprián: formed joint venture, resuming production at smelter 75% Owner 25% Owner 3Q24 4Q24 2Q25 • Sale process conducted and concluded with no viable offer • Announced proposed agreement with IGNIS EQT1 • Progressed energy options, contracts and agreements • Announced MoU • Joint venture formed • €100M (75%/25%) funding completed • Residue storage area permits obtained • Short-term energy contracts signed 1Q25 • Resuming smelter production per viability agreement • Hedging market exposures to manage within committed funding • Starting capital project for residue storage area • Continuing pursuit of past and future CO2 credits 1. IGNIS Equity Holdings, SL is 100% owned by Antonio Sieira Mucientes 2. Based on March 31, 2025 pricing 3.Included in 2025 capital expenditures outlook Achieved key areas of cooperation • Prioritize primary aluminum production over immediate capital investments • Provide materially higher CO2 compensation support • Residue storage area capital project permit approval Restart of smelter • Expecting EBITDA loss for the smelter of approximately $70M to $90M2 in 2025 • Expecting Cash used by operations of approximately $90M to $110M2 plus $10M of restart capital expenditures3 in 2025 • Hedging strategy deployed to mitigate financial risks over 2025-2027 Continue stakeholder engagement • Secure policies to achieve competitive energy costs • Streamline authorization of renewable energy projects
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27 1. Source: CRU 2. $700M of stock repurchase and $279 of dividends 3. Comprised of $150M cash and $950M of Ma'aden stock (as of September 15, 2024 announcement date) Alcoa’s competitive advantages make it a premier aluminum company Well-positioned to capture opportunities and navigate challenges Pure play aluminum company with global footprint ✓ Vertical integration from mine to metal ✓ Alumina: world class global network of mines and refineries with 1st quartile cost position1 ✓ Aluminum: close proximity to customers in North America and Europe with 2nd quartile cost position1 ✓ Long-term supply contracts with customers; preferred for security of supply ✓ Sustana low-carbon products portfolio is the most comprehensive in the aluminum industry Strong balance sheet and distributions to stockholders ✓ 1Q25 cash balance of $1.2B, Adjusted net debt of $2.1B ✓ Improved capital structure with $1B debt repositioned to Australia and extended maturities ✓ Access to $1.5B of revolving credit facilities ✓ Paid $26M dividends in 1Q25 ✓ Returned cash to stockholders of $979M since 20162 Executed and progressed strategic actions strengthening the Company ✓ Completed Alumina Limited acquisition ✓ Overdeployed $645M productivity program ahead of schedule ✓ Announced divestiture of Ma’aden JVs for proceeds of approximately $1.1B3 ✓ Ongoing valuation activities for transformation sites
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28 1Q25 accomplishments; looking ahead to 2Q25 First quarter summary ▪ No fatal or serious injuries (FSIAs) ▪ Repositioned debt to Australia ▪ Formed JV and resuming production at San Ciprián smelter ▪ Strong smelter production ▪ Active industry advocacy Looking ahead ▪ Complete sale of Ma’aden joint ventures ▪ Navigate market challenges ▪ Focus on safety, stability, continuous improvement
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29 Appendix
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30 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 ▪ 1Q25 dividend payments totaled $26 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements Position for value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital ▪ Implement innovative technologies, when proven at commercial scale, with potential to transform the industry Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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31 Quarterly income statement for 4Q24 and 1Q25 Quarterly income statement Millions, except realized prices and per share amounts 4Q24 1Q25 Sequential Change Realized primary aluminum price ($/mt) $3,006 $3,213 $207 Realized alumina price ($/mt) $636 $575 $(61) Revenue $3,486 $3,369 $(117) Cost of goods sold 2,714 2,438 (276) SG&A and R&D expenses 97 83 (14) Depreciation, depletion and amortization 159 148 (11) Other expenses (income), net 42 (26) (68) Interest expense 45 53 8 Restructuring and other charges, net 91 5 (86) Total costs and expenses 3,148 2,701 (447) Income before income taxes 338 668 330 Provision for income taxes 136 120 (16) Net income 202 548 346 Less: Net income attributable to noncontrolling interest - - - Net income attributable to Alcoa Corporation $202 $548 $346 Earnings per common share $0.76 $2.07 $1.31 Average common shares 260.5 260.4 (0.1)
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32 Breakdown of special items by income statement classification – gross basis Special items Millions, except per share amounts 4Q24 1Q25 Description of significant 1Q25 special items Net income attributable to Alcoa Corporation $202 $548 Earnings per common share $0.76 $2.07 Special items $74 $20 Cost of goods sold - 6 Portland energy contract reclass $2, San Ciprián smelter restart $2, portfolio actions $2 SG&A and R&D expenses 2 1 Restructuring and other charges, net 91 5 San Ciprián smelter curtailment $3, take or pay contracts $2 Interest - 12 Debt settlement Other income, net (3) (8) Mark to market energy contracts $(5), Portland energy contract reclass $(2) Provision for income taxes (16) 4 Tax on special items Noncontrolling interest - - Adjusted income attributable to Alcoa Corporation $276 $568 Adjusted earnings per common share $1.04 $2.15
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33 Quarterly income statement excluding special items for 4Q24 and 1Q25 Quarterly income statement excluding special items Millions, except realized prices and per share amounts 4Q24 1Q25 Sequential Change Realized primary aluminum price ($/mt) $3,006 $3,213 $207 Realized alumina price ($/mt) $636 $575 $(61) Revenue $3,486 $3,369 $(117) Cost of goods sold 2,714 2,432 (282) SG&A and R&D expenses 95 82 (13) Adjusted EBITDA 677 855 178 Depreciation, depletion and amortization 159 148 (11) Other expenses (income), net 45 (18) (63) Interest expense 45 41 (4) Provision for income taxes 152 116 (36) Adjusted income 276 568 292 Less: Adjusted net income attributable to noncontrolling interest - - - Adjusted net income attributable to Alcoa Corporation $276 $568 $292 Adjusted earnings per common share $1.04 $2.15 $1.11 Average common shares 260.5 260.4 (0.1)
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34 Three months ending March 31, 2025, excluding special items 1Q25 Financial summary Millions Alumina Aluminum4 Transformation Intersegment eliminations Other corporate Alcoa Corporation Total revenue $2,175 $1,905 $7 $(723) $5 $3,369 Third-party revenue $1,463 $1,901 $3 - $2 $3,369 Adjusted EBITDA1 $6643 $1343 $(12) $103 $(34) $855 Depreciation, depletion and amortization $76 $67 - - $5 $148 Other (income) expenses, net2 $(15) $6 - - $(9) $(18) Interest expense $41 Provision for income taxes $116 Adjusted net income $568 Net income attributable to noncontrolling interest - Adjusted net income attributable to Alcoa Corporation $568 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. Amounts for Alumina and Aluminum represent the Company’s proportionate share of earnings from its equity investment in the Saudi Arabian joint ventures. 3. Segment Adjusted EBITDA. 4. Third-party energy sales volume, revenue and Segment Adjusted EBITDA in Brazil were 728 GWh, $12 million and $2 million, resp ectively.
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35 Segment Adjusted EBITDA sequential changes, $M 1Q25 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA 4Q24 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other Segment Adjusted EBITDA 1Q25 Alumina $716 (33) 0 (64) (7) 17 40 (53) 33 15 $664 Aluminum $194 19 86 (76) (5) (20) 9 (11) (39) (23) $134 Total $910 (14) 86 (140) (12) (3) 49 (64) (6) (8) $798
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36 Adjusted operating costs of produced alumina and aluminum shipped Adj. operating costs and Segment Adj. EBITDA reconciliation Aluminum segment 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 Adj. operating costs ($M) $1,279 $1,342 $1,353 $1,514 $5,488 $1,574 Produced aluminum shipments (kmt) 550 595 566 566 2,277 567 Adj. operating cost ($/t) $2,323 $2,256 $2,392 $2,675 $2,410 $2,775 Total sales ($M) $1,642 $1,898 $1,807 $1,899 $7,246 $1,905 Adj. operating costs ($M) 1,279 1,342 1,353 1,514 5,488 1,574 Other segment items ($M) 313 323 274 191 1,101 197 Segment Adjusted EBITDA ($M) $50 $233 $180 $194 $657 $134 Alumina segment 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 Adj. operating costs ($M) $796 $814 $734 $766 $3,110 $723 Produced alumina shipments (kmt) 2,621 2,595 2,366 2,468 10,050 2,316 Adj. operating cost ($/t) $304 $313 $310 $310 $309 $312 Total sales ($M) $1,356 $1,467 $1,661 $2,441 $6,925 $2,175 Adj. operating costs ($M) 796 814 734 766 3,110 723 Other segment items ($M) 421 467 560 959 2,407 788 Segment Adjusted EBITDA ($M) $139 $186 $367 $716 $1,408 $664 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; Selling, general administrative, and other ex penses; and Research and development expenses.
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37 2025 YTD Alcoa shipments by product type Aluminum value chain 11.3 Mdmt shipments 3.2 Mmt shipments 0.6 Mmt shipments Aluminum Alumina Bauxite 74% 26% Intrasegment Third party 34% 66% Intersegment Third party 100% 0% Intersegment Third party
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38 Alcoa 1Q25 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 to 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% 16% 19% 34% Bauxite Caustic Natural gas 5% Other energy Conversion Aluminum smelting 47% 12% 20% 9% 12% Alumina Carbon Power Materials Conversion
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39 1. Average 1Q25 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 +$100/mt) AUD + 0.01 0.631 BRL + 0.10 5.851 CAD + 0.01 1.441 EUR + 0.01 1.051 ISK + 10 138.621 NOK + 0.10 11.111 Alumina 89 (17) 8 (2) Aluminum 215 (47) 106 40 69 19 (15) (3) 4 4 (2) 10 1 Total 215 42 106 40 69 19 (15) (20) 12 4 (4) 10 1 Pricing conventions Segment Third party revenue Alumina ▪ ~95% of third-party smelter grade alumina priced on API/spot ▪ API based on prior month average of spot prices ▪ Negotiated bauxite prices Aluminum ▪ LME + regional premium + product premium ▪ Primary aluminum 15-day lag ▪ Brazilian hydroelectric sales at market prices Regional premium breakdown Regional premiums % of 2025 Primary aluminum shipments Midwest ~45% Rotterdam Duty Paid ~35% Midwest Duty Unpaid ~15% CIF Japan ~5%
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40 Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) Currency impacts on Segment Adjusted EBITDA AUD BRL CAD EUR ISK NOK Total 03/31/25 currencies 0.63 5.77 1.43 1.08 132.33 10.51 1Q25 currency average 0.63 5.85 1.44 1.05 138.62 11.11 1Q25 Balance sheet revaluation impact Alumina (29.1) (7.9) (1.2) (38.2) Aluminum (3.9) 2.5 (9.2) 2.2 7.8 13.9 13.3 Corporate 1.7 2.8 4.6 0.6 9.7 Subtotal (31.3) (2.6) (4.6) 1.6 7.8 13.9 (15.2) 1Q25 Currency sensitivity impact Alumina 16.7 (12.3) 0.5 4.9 Aluminum 1.3 3.5 (0.1) 0.4 1.0 6.1 Subtotal 18.0 (12.3) 3.5 0.4 0.4 1.0 11.0 1Q25 Total EBITDA currency impact Alumina (12.4) (20.2) (0.7) (33.3) Aluminum (2.6) 2.5 (5.7) 2.1 8.2 14.9 19.4 Corporate 1.7 2.8 4.6 0.6 9.7 Total (13.3) (14.9) (1.1) 2.0 8.2 14.9 (4.2)
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41 Items expected to impact Adjusted EBITDA and Adjusted net income for 2Q25 Additional business considerations Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ We expect the Alumina segment to maintain strong level of performance delivered in the first quarter. ▪ We expect Aluminum segment performance to be unfavorable by approximately $105 million due to U.S. Section 232 tariff on imports of aluminum from Canada (approximately $90 million), and San Ciprian smelter restart costs (approximately $15 million). ▪ Alumina costs in the Aluminum segment are expected to be favorable by $165 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). − Due to current market volatility, intersegment profit impacts are expected to be at the low end of the sensitivity range. ▪ Using quarter end exchange rates, 1Q25 Adjusted EBITDA included a favorable balance sheet revaluation impact of approximately $6 million (unfavorable $15 million sequentially compared to 4Q24); impacts related to balance sheet revaluation are not incorporated into the currency sensitivities provided for Adjusted EBITDA. Below Adjusted EBITDA: ▪ Other expenses are expected to increase in 2Q25 by approximately $10 million primarily due to equity investment losses. Other expenses in 1Q25 included favorable foreign currency gains of approximately $20 million, which may not recur. ▪ Based on recent pricing, the Company expects 2Q25 operational tax benefit to approximate $50 million to $60 million, which includes timing and catchup adjustments related to lower alumina prices.
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42 1. Alcoa Corporation has an investment in a joint venture related to the ownership and operation of an integrated aluminum compl ex (bauxite mine, alumina refinery, and aluminum smelter) in Saudi Arabia. The joint venture is owned 74.9% by the Saudi Arabian Mining Company (Ma’aden) and 25.1% by Alcoa Corporation. On September 15, 2024, Alcoa announced th at it entered into an agreement to sell its ownership interests in both joint ventures. 2. Halco Mining, Inc. owns 100% of Boké Investment Company, which owns 51% of Compagnie des Bauxites de Guinée (CBG). 3. Pechiney Reynolds Quebec, Inc. owns a 50.1% interest in the Bécancour smelter in Quebec, Canada thereby entitling Alcoa Corpo ration to a 25.05% interest in the smelter. Through two wholly-owned Canadian subsidiaries, Alcoa Corporation also owns 49.9% of the Bécancour smelter. 4. Each of the investees either owns the facility listed or has an ownership interest in an entity that owns the facility listed . Investments listing and income statement location Investments summary Investee Country Nature of investment4 Ownership interest Carrying value as of March 31, 2025 Income statement location of equity earnings ELYSIS Limited Partnership Canada Aluminum smelting technology 48.235% Ma’aden Aluminium Company1 Saudi Arabia Aluminum smelter 25.1% Ma’aden Bauxite and Alumina Company1 Saudi Arabia Bauxite mine and alumina refinery 25.1% Subtotal Ma’aden and ELYSIS $553M Other expenses (income), net Serra do Facão Energia S/A Brazil Hydroelectric generation facility 34.97% Energetica Barra Grande S.A. Brazil Hydroelectric generation facility 42.18% Halco Mining, Inc.2 Guinea Bauxite mine 45.0% Manicouagan Power Limited Partnership Canada Hydroelectric generation facility 40.0% Pechiney Reynolds Quebec, Inc.3 Canada Aluminum smelter 50.0% Subtotal other $458M Cost of goods sold Total investments $1,011M
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43 Source: 2023 Sustainability Report Alcoa strategic long-term sustainability goals, baseline and progress Alcoa 2023 progress on sustainability goals Goal Description 2015 Baseline 2023 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 and 2 serious injuries Inclusion, Diversity and Equity Achieve a more inclusive culture that reflects the diversity of the communities where we operate. N/A 19.1% 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 1.31:1 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 15.5% 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 22.8% 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 2.1% increase 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% reduction
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44 Alcoa Corporation annual consolidated amounts as of March 31, 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’itha2 Saudi Arabia 1.2 Total 38.3 Alumina refining, kmt Facility Country Capacity Curtailed Kwinana Australia 2,190 2,190 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 Total 13,843 3,204 Ras Al Khair2 Saudi Arabia 452 - Aluminum smelting, kmt Facility Country Capacity Curtailed Portland Australia 197 33 São Luís (Alumar)1 Brazil 268 27 Baie Comeau Canada 324 - Bécancour Canada 350 - Deschambault Canada 287 - Fjarðaál Iceland 351 - Lista Norway 95 31 Mosjøen Norway 200 - San Ciprián Spain 228 214 Massena West U.S. 130 - Warrick U.S. 215 54 Total 2,645 359 Ras Al Khair2 Saudi Arabia 202 - 1. On September 20, 2021, the Company announced plans to restart its 60% share of the Alumar smelter in São Luís, Brazil, equiva lent to 268,000 metric tonnes per year (mtpa) of aluminum capacity. Production began in the second quarter of 2022. 2. The Company’s proportionate share of earnings from its equity investment in the Saudi Arabian joint venture does not impact Adjusted EBITDA; On September 15, 2024, the Company announced the sale of its 25.1% stake in the Ma’aden JVs, expected to close in the first half of 2025.
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45 Adjusted EBITDA reconciliations Millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 Net (loss) income attributable to Alcoa $(252) $20 $90 $202 $60 $548 Add: Net (loss) income attributable to noncontrolling interest (55) 11 8 - (36) - (Benefit from) provision for income taxes (18) 61 86 136 265 120 Other expenses (income), net 59 (22) 12 42 91 (26) Interest expense 27 40 44 45 156 53 Restructuring and other charges, net 202 18 30 91 341 5 Depreciation, depletion and amortization 161 163 159 159 642 148 Adjusted EBITDA 124 291 429 675 1,519 848 Special items before tax and noncontrolling interest 8 34 26 2 70 7 Adjusted EBITDA excl. special items $132 $325 $455 $677 1,589 855 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 that 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 $139 $186 $367 $716 $1,408 664 Aluminum Segment Adjusted EBITDA 50 233 180 194 657 134 Transformation (14) (16) (14) (18) (62) (12) Intersegment eliminations (8) (29) (38) (156) (231) 103 Other corporate (35) (49) (40) (59) (183) (34) Adjusted EBITDA excl. special items $132 $325 $455 $677 $1,589 $855
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46 Free cash flow reconciliation Millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 Cash (used for) provided from operations $(223) $287 $143 $415 $622 $75 Capital expenditures (101) (164) (146) (169) (580) (93) Free cash flow (324) 123 (3) 246 42 (18) Contributions from noncontrolling interest 61 4 - - 65 27 Distributions to noncontrolling interest (6) (26) (17) - (49) - Free cash flow plus net noncontrolling interest contributions $(269) $101 $(20) $246 $58 $9 Free cash flow and Free cash flow plus net contributions from noncontrolling interest are non-GAAP financial measures. Management believes that 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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47 Net debt reconciliations 1Q24 4Q24 1Q25 $M Cons. NCI Alcoa Prop. Cons. NCI Alcoa Prop. Cons. NCI1 Alcoa Prop. Short-term borrowings $52 $- $52 $50 $- $50 $45 $- $45 Long-term debt due within one year 79 31 48 75 - 75 75 - 75 Long-term debt, less amount due within one year 2,469 - 2,469 2,470 - 2,470 2,573 - 2,573 Total debt 2,600 31 2,569 2,595 - 2,595 2,693 - 2,693 Less: Cash and cash equivalents 1,358 142 1,216 1,138 - 1,138 1,202 - 1,202 Net debt (net cash) 1,242 (111) 1,353 1,457 - 1,457 1,491 - 1,491 Plus: Net pension 150 6 144 138 - 138 119 - 119 Plus: OPEB liability 487 11 476 462 - 462 456 - 456 Adjusted net debt $1,879 $(94) $1,973 $2,057 - $2,057 $2,066 - $2,066 Net debt is a non-GAAP financial measure. Management believes that 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. When cash exceeds total debt, the measure is expressed as net cash. Adjusted net debt and Proportional adjusted net debt are also non-GAAP financial measures. Management believes that these additional measures are 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, net of the portion of those items attributable to noncontrolling interest (NCI). 1. Cash balances attributable to Noncontrolling interest were excluded as the impact was immaterial.
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48 DWC working capital and Days working capital reconciliations Millions 1Q24 2Q24 3Q24 4Q24 1Q25 Receivables from customers $869 $939 $862 $1,096 $1,203 Add: Inventories 2,048 1,975 2,096 1,998 2,182 Less: Accounts payable, trade 1,586 1,619 1,544 1,805 1,629 DWC working capital $1,331 $1,295 $1,414 $1,289 $1,756 Sales $2,599 $2,906 $2,904 $3,486 $3,369 Number of days in the quarter 91 91 92 92 90 Days working capital1 47 41 45 34 47 DWC working capital and Days working capital are non-GAAP financial measures. Management believes that 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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49 X 100 ROE Reconciliation and calculation information as of March 31, 2025 Annualized Return on Equity (ROE) Millions 1Q24 1Q25 Numerator: Net (loss) incomes attributable to Alcoa Corporation $(252) $548 Add: Special items1 107 20 ROE Adjusted Net (loss) income YTD $(145) $568 ROE Adjusted Net (loss) income multiplied by four $(580) $2,272 Denominator2: Total assets $14,328 $14,574 Less: Total Liabilities 8,794 8,656 Less: Noncontrolling Interest 1,540 103 Shareholders’ Equity $3,994 $5,815 ROE (14.5)% 39.1% (Net Loss/Income Attributable to Alcoa + Special Items1) (Total Assets – Total Liabilities – Noncontrolling Interest)2 ROE % = ( $(252) + $107 ) x 4 ($14,328 – $8,794 – $1,540) 1Q24 YTD ROE % = = (14.5)% ( $548 + $20 ) x 4 ($14,574 – $8,656 – $103) 1Q25 YTD ROE % = X 100 = 39.1% 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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50 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 AWAC Alcoa World Alumina and Chemicals 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 tonne 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 Abbreviation Description FOB WA Freight on board Western Australia 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 tonnes/Thousand dry metric tonnes LME London Metal Exchange LTM Last twelve months M Million Mmt/Mdmt Million metric tonnes/Million dry metric tonnes Mtpa/kmtpa Metric tonnes per annum/thousand metric tonnes per annum mt Metric tonne 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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