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1 v OUR VALUES Act with Integrity Operate with Excellence Care for People Lead with Courage September 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 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 & 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 curves3 ▪ 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 employees1 ▪ Direct and indirect ownership of 25 operating locations across eight countries on five continents ▪ Highly rated for corporate governance2 ▪ 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 sources4 in 2024 Business segments 1. Source: 2024 Alcoa Form 10-K, as of December 31, 2024. 2. ISS Governance QualityScore: 1. 3. Full impacts being assessed and could place Alumina in second quartile until new mine regions are accessed. 4. Defined as energy derived from natural processes that are replenished constantly, such as sunlight, wind and hydropower; Source: 2024 Alcoa Form 10-K.
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5 Data: CRU, Alcoa analysis. 1. Europe without Russia. Long-term aluminum market dynamics and megatrends Strong long-term demand outlook anchored on megatrends 6% 6% 10% 16% 17% 19% 26% 2025 semis demand share by sector, global % of total Transportation Construction Packaging and Foil Stock Electrical Machinery and Equipment Consumer Durables 4.1% 1.1% 3.4% 2.7% 2.4% 3.6% Global market CAGR 2025 - 2030 Green and digital transition Rise of developing economies, China transition, reshoring N.A./EU Material substitution • Aluminum demand from applications in electric vehicles, renewable energy, grid modernization • Higher demand for energy and related infrastructure (data centers) • World ex. China to lead demand growth as China slows down • Reshoring driving aluminum demand growth in North America, Europe • Increased demand for closed loop solutions, making aluminum a material of choice • Material replacement (vs. copper, plastics, etc.) Other Europe1North America Primary aluminum demand CAGR 2025-2030 – Alcoa’s markets 2025 2030 7.4 7.9 1.5% 2025 2030 5.9 7.1 3.8%
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6 Source: CRU, Platts, Alcoa analysis; prices updated as of August 22, 2025. 1. Average of years from 2015 to 2023. Alumina market dynamics Alumina price responds to production cuts in China 366 0 200 400 600 800 1,000 Jan/14 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 customers ▪ On pace for record sales volumes from Juruti this year Alcoa highlights Platts FOB WA Alumina, $/mt Supply disruption Historical average1: $335/mt Supply response in China helped to stabilize the price; despite the decline QoQ, price remained above historical level ▪ Refinery curtailments and maintenance driven cuts in China halted the downward trend in 2Q25 reflecting a more balanced market ▪ Alumina supply expansion forecast for 2H25 in Indonesia, India and China; Chinese refineries expected to continue rebalancing the market with cuts and maintenance ▪ Bauxite supply uncertainty due to mining licenses being revoked in Guinea, worsened by approaching rainy season Global refineries business cost curve for 2025, highlighting Chinese refineries which faced cuts during the year, $/mt API: $366/mt as of August 22 100 600 500 400 300 200 0 140,000120,000100,00060,00040,00020,0000 80,000 kmt $/mt China curtailed
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7 Source: CRU, Platts, Alcoa analysis; prices updated as of August 22, 2025. Aluminum market dynamics Aluminum prices rebound toward the end of 2Q25 ▪ LME prices rebounded over 2Q25 from $2,285/mt to $2,600/mt, although down QoQ; U.S. tariff rise to 50% driving U.S. Midwest premium up, still not fully reflecting the increased tariff cost; Implied U.S. Midwest premium duty unpaid reached negative levels in June ▪ Demand steady in Europe and North America in 2Q25, tariff uncertainty preventing a sustained pick up, with concerns of declining demand; easing U.S. and China trade tension supportive of Chinese demand ▪ Limited supply growth in 2Q25 globally; muted restarts, limited capacity expansion ex-China; China supply creeping toward capacity cap Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 May/25 Jul/25 0 2,200 2,400 2,600 2,800 2,589 Alcoa highlights LME aluminum, $/mt Midwest premium, duty paid and duty unpaid, $/mt Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 May/25 Jul/25 0 400 800 1,200 1,600 MWDP MWDUP LME aluminum prices rebound; Midwest premium remains elevated ▪ In N.A., stable VAP order book QoQ, healthy slab, billet, rod demand; optimize margins considering premium and tariff impacts ▪ In Europe, VAP volumes picked up slightly QoQ, billet demand improving, rod and slab demand remains strong ▪ Softer foundry orders QoQ for automotive market both in North America and Europe 25% Section 232 tariffs start 50% Section 232 tariffs startReciprocal tariffs announced
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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 ▪ 2Q25 dividend payments totaled $27 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 60 80705040 120 8 2 0 14013011010090 1503020100 Alumina production, Mt 0 30 20 10 0 70656055504540353025205 1510 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/metric ton, by product ▪ Primary aluminum with emissions less than 4.0 metric tons CO2e per metric ton 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 metric tons CO2e per metric ton 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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12 v 2Q25 Financial and other information as presented on July 16, 2025
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13 Safety and operations Notable highlights Delivered performance in 2Q25 Relentless execution Steering through change Ma’aden transaction closed on July 1 ✓ Final sale valued at $1.35B (shares valued at $1.2B) ✓ $150M cash proceeds; majority to cover taxes and transaction costs Favorable ATO decision ✓ Alcoa’s position prevailed; not appealed ✓ $69M deposit plus $9M interest received on July 2 ✓ Alcoa owes ~$225M cash taxes by June 2026, for interest deducted against earnings during dispute Safety ✓ Strong safety performance with no fatal or serious injuries (FSIAs) Operations ✓ Maintained momentum in operational performance, including strong aluminum production ✓ Covered nearly all remaining energy exposures at Mosjøen with multi-year contracts Tariffs ✓ Mitigated tariff costs by redirecting Canadian produced aluminum to non-U.S. customers ✓ Continued advocacy and engagement with policy makers Promising signs of future demand ✓ Extended supply agreement with Prysmian, a global leader in energy and telecom cable system, reinforcing our advantage as a low carbon supplier of choice ✓ First EcoLum value add product sale in North America
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14 Quarterly income statement summary 2Q25 EPS of $0.62, Adjusted EPS of $0.39 1Q25 2Q25 Change Third party realized prices ($/mt) Realized primary aluminum price $3,213 $3,143 $(70) Realized alumina price $575 $378 $(197) Income statement highlights (millions, except per share amounts) Revenue $3,369 $3,018 $(351) Net income attributable to Alcoa Corporation $548 $164 $(384) Earnings per common share $2.07 $0.62 $(1.45) Adjusted income statement highlights (millions, except per share amounts) Adjusted EBITDA excluding special items $855 $313 $(542) Adjusted net income attributable to Alcoa Corporation $568 $103 $(465) Adjusted earnings per common share $2.15 $0.39 $(1.76)
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15 Tariffs (95) 2Q25 Sequential changes in Adjusted EBITDA excluding special items, $M Operational strength undermined by unfavorable pricing and tariffs 20 27 21 1Q25 Currency Metal prices 2Q25OtherProduction costs VolumePrice/mixEnergyRaw materials API 855 (21) (78) (338) (15) (50) (108) 313 1Q25 2Q25 Change Alumina1 $664 $139 $(525) Aluminum1 134 97 (37) Transformation (12) (21) (9) Intersegment eliminations 103 135 32 Other corporate (34) (37) (3) Total $855 $313 $(542) 1. Segment Adjusted EBITDA
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16 Increased cash balance, supported by working capital release Quarter cash bridge and YTD Cash flow information, $M 2Q25 Cash balance changes 1,202 1,514313 251 81 13 03/31/25 Cash Adj. EBITDA excl. specials Working capital change Capital expend- itures Env/ ARO payments Restruct. payments Cash income tax payments Interest payments CO2 compen- sation Cash dividends Other, net 6/30/25 Cash (131) (55) (56) (64) (13) (27) YTD Cash flow information 224 195 137 105 102 66 53 Uses Capital expenditures Working capital change Restructuring Environmental/ARO Cash income taxes Interest payments Cash dividends 882 1,168 50 2713 Sources Adjusted EBITDA excl. special items Net additions to debt Net NCI contributions Other 1,258
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17 1. Excludes $88 million of restricted cash Strong key metrics through first half Key financial metrics, 2Q25 and YTD YTD Return on equity 22.5% YTD Capital returns to stockholders $53M YTD Free cash flow plus net NCI contributions $366M 2Q25 Days working capital 47 Days 2Q25 Adjusted net debt $1.7B 2Q25 Cash balance $1.5B1 • YTD Return on equity highest since 2022 • 2Q25 Days working capital stable sequentially at 47 days • Cash balance remains strong
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18 1. Estimate will vary with market conditions and jurisdictional profitability 2. Net of pending tax refunds 3. As of June 30, 2025, the environmental remediation reserve balance was $ 222M and the ARO liability was $893M FY25 Key metrics as of June 30, 2025 2025 Outlook Income statement excl. special items impacts 2Q25 YTD Actual FY25 Outlook Alumina production (Mmt) 4.7 9.5 – 9.7 Alumina shipments (Mmt) 6.5 13.1 – 13.3 Aluminum production (Mmt) 1.1 2.3 – 2.5 Aluminum shipments (Mmt) 1.2 2.5 – 2.6 Transformation (adj. EBITDA impacts) $(33)M ~$(75)M Intersegment eliminations (adj. EBITDA impacts) $238M Varies Other corporate (adj. EBITDA impacts) $(71)M ~$(160)M Depreciation, depletion and amortization $301M ~$620M Non-operating pension/OPEB expense $13M ~$25M Interest expense $97M ~$180M Operational tax expense1 $122M Varies Net loss of noncontrolling interest $(11)M 25% of Spain JV NI Cash flow impacts 2Q25 YTD Actual FY25 Outlook Pension / OPEB cash funding $38M ~ $70M Stock repurchases and dividends $53M Varies Return-seeking capital expenditures $20M ~$50M Sustaining capital expenditures $204M ~$625M Payment of prior year income taxes2 $55M ~$50M Current period cash taxes1 $82M Varies Environmental and ARO payments3 $102M ~$240M Impact of restructuring and other charges $105M TBD Additional market sensitivities and business information are included in the appendix.
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19 Data: CRU, Alcoa analysis. 1. Europe without Russia. Long-term aluminum market dynamics and megatrends Strong long-term demand outlook anchored on megatrends 6% 6% 10% 16% 17% 19% 26% 2025 semis demand share by sector, global % of total Transportation Construction Packaging and Foil Stock Electrical Machinery and Equipment Consumer Durables 4.1% 1.1% 3.4% 2.7% 2.4% 3.6% Global market CAGR 2025 - 2030 Green and digital transition Rise of developing economies, China transition, reshoring N.A./EU Material substitution • Aluminum demand from applications in electric vehicles, renewable energy, grid modernization • Higher demand for energy and related infrastructure (data centers) • World ex. China to lead demand growth as China slows down • Reshoring driving aluminum demand growth in North America, Europe • Increased demand for closed loop solutions, making aluminum a material of choice • Material replacement (vs. copper, plastics, etc.) Other Europe1North America Primary aluminum demand CAGR 2025-2030 – Alcoa’s markets 2025 2030 7.4 7.9 1.5% 2025 2030 5.9 7.1 3.8%
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20 Source: CRU, Platts, Alcoa analysis; prices updated as of July 11, 2025. 1. Average of years from 2015 to 2023. Alumina market dynamics Alumina price responds to production cuts in China 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 customers ▪ On pace for record sales volumes from Juruti this year Alcoa highlights Platts FOB WA Alumina, $/mt Supply disruption Historical average1: $335/mt Supply response in China helped to stabilize the price; despite the decline QoQ, price remained above historical level ▪ Refinery curtailments and maintenance driven cuts in China halted the downward trend in 2Q25 reflecting a more balanced market ▪ Alumina supply expansion forecast for 2H25 in Indonesia, India and China; Chinese refineries expected to continue rebalancing the market with cuts and maintenance ▪ Bauxite supply uncertainty due to mining licenses being revoked in Guinea, worsened by approaching rainy season Global refineries business cost curve for 2025, highlighting Chinese refineries which faced cuts during the year, $/mt API: $363/mt as of July 11 100 600 500 400 300 200 0 140,000120,000100,00060,00040,00020,0000 80,000 kmt $/mt China curtailed
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21 Source: CRU, Platts, Alcoa analysis; prices updated as of July 11, 2025. Aluminum market dynamics Aluminum prices rebound toward the end of 2Q25 ▪ LME prices rebounded over 2Q25 from $2,285/mt to $2,600/mt, although down QoQ; U.S. tariff rise to 50% driving U.S. Midwest premium up, still not fully reflecting the increased tariff cost; Implied U.S. Midwest premium duty unpaid reached negative levels in June ▪ Demand steady in Europe and North America in 2Q25, tariff uncertainty preventing a sustained pick up, with concerns of declining demand; easing U.S. and China trade tension supportive of Chinese demand ▪ Limited supply growth in 2Q25 globally; muted restarts, limited capacity expansion ex-China; China supply creeping toward capacity cap Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 May/25 Jul/25 0 2,200 2,400 2,600 2,800 2,592 Alcoa highlights LME aluminum, $/mt Midwest premium, duty paid and duty unpaid, $/mt Jul/24 Sep/24 Nov/24 Jan/25 Mar/25 May/25 Jul/25 0 400 800 1,200 1,600 MWDP MWDUP LME aluminum prices rebound; Midwest premium soars but remains below breakeven with 50% tariff ▪ In N.A., stable VAP order book QoQ, healthy slab, billet, rod demand; optimize margins considering premium and tariff impacts ▪ In Europe, VAP volumes picked up slightly QoQ, billet demand improving, rod and slab demand remains strong ▪ Softer foundry orders QoQ for automotive market both in North America and Europe 25% Section 232 tariffs start 50% Section 232 tariffs startReciprocal tariffs announced
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22 Progressing through modernized Western Australia approvals process Deliver our commitments to gain access to higher bauxite grade 500,000 $15M Years of experience in rehabilitation practices 55+ Of the Northern Jarrah Forest has been cleared for mining 2% Honor Roll and United Nations recognition for rehabilitation excellence Global 500 Hectares rehabilitated in 2024 659 Of cleared forest has been rehabilitated 75% Native seedlings planted in 2024 Committed to the Forestry Research Centre in old growth forests or national parks No clearing Information relates to Alcoa's contribution and impacts within Western Australia Sources: information can be found on alcoa.com and Alcoa's 2024 Sustainability Report. The cleared forest is in the NJF IBRA sub-region, with percent rehabilitated based upon stages of maturity and forest restoration. Maintaining the right to mine through continuous engagement with stakeholders and communities including sharing key facts about rehabilitation efforts and mining practices
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23 Achievements and future focus Second quarter summary • No fatal or serious injuries (FSIAs) • Solid performance on items within our control • Strong smelter production • Completed sale of Ma’aden joint venture on July 1 • Maintained advocacy efforts with policy makers Looking ahead • Focus on safety, stability, continuous improvement • Advance tariff reform dialogue while adapting operations to preserve profitability • Progress WA mining approvals
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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 ▪ 2Q25 dividend payments totaled $27 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements Position for value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital ▪ Implement innovative technologies, when proven at commercial scale, with potential to transform the industry Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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26 Quarterly income statement for 1Q25 and 2Q25 Quarterly income statement Millions, except realized prices and per share amounts 1Q25 2Q25 Sequential Change Realized primary aluminum price ($/mt) $3,213 $3,143 $(70) Realized alumina price ($/mt) $575 $378 $(197) Revenue $3,369 $3,018 $(351) Cost of goods sold 2,438 2,652 214 SG&A and R&D expenses 83 94 11 Depreciation, depletion, and amortization 148 153 5 Other income, net (26) (112) (86) Interest expense 53 56 3 Restructuring and other charges, net 5 14 9 Total costs and expenses 2,701 2,857 156 Income before income taxes 668 161 (507) Provision for income taxes 120 10 (110) Net income 548 151 (397) Less: Net loss attributable to noncontrolling interest - (13) (13) Net income attributable to Alcoa Corporation $548 $164 $(384) Earnings per common share $2.07 $0.62 $1.45 Average common shares 260.4 260.3 (0.1)
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27 Breakdown of special items by income statement classification – gross basis Special items Millions, except per share amounts 1Q25 2Q25 Description of significant 2Q25 special items Net income attributable to Alcoa Corporation $548 $164 Earnings per common share $2.07 $0.62 Special items $20 $(61) Cost of goods sold 6 38 Portland energy contract reclass $30, San Ciprián smelter restart $3, portfolio actions $3 SG&A and R&D expenses 1 3 Portfolio actions Restructuring and other charges, net 5 14 Remediation and demolition costs at closed locations $20, San Ciprián smelter curtailment $6, take or pay contracts $(12) Interest 12 - Other income, net (8) (118) Mark to market foreign exchange $(72) and energy $(7) contracts, Portland energy contract reclass $(30) Provision for income taxes 4 4 Tax on special items Noncontrolling interest - (2) Adjusted income attributable to Alcoa Corporation $568 $103 Adjusted earnings per common share $2.15 $0.39
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28 Quarterly income statement excluding special items for 1Q25 and 2Q25 Quarterly income statement excluding special items Millions, except realized prices and per share amounts 1Q25 2Q25 Sequential Change Realized primary aluminum price ($/mt) $3,213 $3,143 $(70) Realized alumina price ($/mt) $575 $378 $(197) Revenue $3,369 $3,018 $(351) Cost of goods sold 2,432 2,614 182 SG&A and R&D expenses 82 91 9 Adjusted EBITDA 855 313 (542) Depreciation, depletion, and amortization 148 153 5 Other (income) expenses, net (18) 6 24 Interest expense 41 56 15 Provision for income taxes 116 6 (110) Adjusted income 568 92 (476) Less: Adjusted net loss attributable to noncontrolling interest - (11) (11) Adjusted net income attributable to Alcoa Corporation $568 $103 $(465) Adjusted earnings per common share $2.15 $0.39 $(1.76) Average common shares 260.4 260.3 (0.1)
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29 Three months ending June 30, 2025, excluding special items 2Q25 Financial summary Millions Alumina Aluminum4 Transformation Intersegment eliminations Other corporate Alcoa Corporation Total revenue $1,518 $1,961 $7 $(480) $12 $3,018 Third-party revenue $1,051 $1,956 $4 - $7 $3,018 Adjusted EBITDA1 $1393 $973 $(21) $135 $(37) $313 Depreciation, depletion, and amortization $80 $66 - - $7 $153 Other expenses (income), net2 $9 $(3) - - - $6 Interest expense $56 Provision for income taxes $6 Adjusted net income $92 Net loss attributable to noncontrolling interest $(11) Adjusted net income attributable to Alcoa Corporation $103 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 venture. 3. Segment Adjusted EBITDA. 4. Third-party energy sales volume, revenue and Segment Adjusted EBITDA in Brazil were 714 GWh, $27 million and $18 million, res pectively.
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30 Segment Adjusted EBITDA sequential changes, $M 2Q25 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA 1Q25 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other Segment Adjusted EBITDA 2Q25 Alumina $664 (5) 0 (490) (8) (14) 5 13 (21) (5) $139 Aluminum $134 (18) (78) 134 (7) 34 22 8 (29) (103) $97 Total $798 (23) (78) (356) (15) 20 27 21 (50) (108) $236
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31 Adjusted operating costs for alumina and aluminum produced and shipped Adj. operating costs and Segment Adj. EBITDA reconciliation Aluminum segment 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Adj. operating costs ($M) $1,342 $1,353 $1,514 $5,488 $1,574 $1,578 Produced aluminum shipments (kmt) 595 566 566 2,277 567 581 Adj. operating cost ($/t) $2,256 $2,392 $2,675 $2,410 $2,775 $2,718 Total sales ($M) $1,898 $1,807 $1,899 $7,246 $1,905 $1,961 Adj. operating costs ($M) 1,342 1,353 1,514 5,488 1,574 1,578 Other segment items ($M) 323 274 191 1,101 197 286 Segment Adjusted EBITDA ($M) $233 $180 $194 $657 $134 $97 Alumina segment 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Adj. operating costs ($M) $814 $734 $766 $3,110 $723 $770 Produced alumina shipments (kmt) 2,595 2,366 2,468 10,050 2,316 2,384 Adj. operating cost ($/t) $313 $310 $310 $309 $312 $323 Total sales ($M) $1,467 $1,661 $2,441 $6,925 $2,175 $1,518 Adj. operating costs ($M) 814 734 766 3,110 723 770 Other segment items ($M) 467 560 959 2,407 788 609 Segment Adjusted EBITDA ($M) $186 $367 $716 $1,408 $664 $139 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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32 2025 YTD Alcoa shipments by product type Aluminum value chain 22.3 Mdmt shipments 6.5 Mmt shipments 1.2 Mmt shipments Aluminum Alumina Bauxite 74% 26% Intrasegment Third party 34% 66% Intersegment Third party 100% 0% Intersegment Third party
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33 Alcoa 2Q25 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 25% 17% 18% 35% Bauxite Caustic Natural gas 5% Other energy Conversion Aluminum smelting 38% 15% 23% 10% 14% Alumina Carbon Power Materials Conversion
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34 1. Average 2Q25 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 +$100/mt) AUD + 0.01 0.641 BRL + 0.10 5.671 CAD + 0.01 1.391 EUR + 0.01 1.131 ISK + 10 127.801 NOK + 0.10 10.311 Alumina 89 (17) 8 (2) Aluminum 215 (47) 92 71 69 19 (30) (3) 4 4 (2) 10 1 Total 215 42 92 71 69 19 (30) (20) 12 4 (4) 10 1 Pricing conventions Segment Third party revenue Alumina ▪ ~95% of third-party smelter grade alumina priced on API/spot ▪ API based on prior month average of spot prices ▪ Negotiated bauxite prices Aluminum ▪ LME + regional premium + product premium ▪ Primary aluminum 15-day lag ▪ Brazilian hydroelectric sales at market prices Regional premium breakdown Regional premiums % of 2025 Primary aluminum shipments Midwest ~35% Rotterdam Duty Paid ~35% Midwest Duty Unpaid ~25% CIF Japan ~5%
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35 Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) Currency impacts on Segment Adjusted EBITDA AUD BRL CAD EUR ISK NOK Total 06/30/25 currencies 0.65 5.48 1.37 1.17 121.22 10.07 2Q25 currency average 0.64 5.67 1.39 1.13 127.80 10.31 2Q25 Balance sheet revaluation impact Alumina 4.6 1.4 0.7 6.7 Aluminum 0.5 (0.2) (7.9) 2.9 2.6 2.3 0.2 Corporate (0.1) (0.3) 2.2 0.7 2.5 Subtotal 5.0 0.9 (5.7) 4.3 2.6 2.3 9.4 2Q25 Currency sensitivity impact Alumina (12.1) 3.3 (3.1) (11.9) Aluminum (0.8) (1.5) (4.8) (0.3) (4.9) (5.8) (18.1) Subtotal (12.9) 1.8 (4.8) (3.4) (4.9) (5.8) (30.0) 2Q25 Total EBITDA currency impact Alumina (7.5) 4.7 (2.4) (5.2) Aluminum (0.3) (1.7) (12.7) 2.6 (2.3) (3.5) (17.9) Corporate (0.1) (0.3) 2.2 0.7 2.5 Total (7.9) 2.7 (10.5) 0.9 (2.3) (3.5) (20.6)
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36 Items expected to impact Adjusted EBITDA and Adjusted net income for 3Q25 Additional business considerations Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ We expect Alumina segment performance to improve by approximately $20 million due to lower maintenance costs and higher production. ▪ We expect Aluminum segment performance to be unfavorable by approximately $90 million due to the increased U.S. Section 232 tariff on imports of aluminum from Canada to 50%. ▪ Alumina costs in the Aluminum segment are expected to be favorable by $100 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, 2Q25 Adjusted EBITDA included a favorable balance sheet revaluation impact of approximately $15 million (favorable $9 million sequentially compared to 1Q25); impacts related to balance sheet revaluation are not incorporated into the currency sensitivities provided for Adjusted EBITDA. Below Adjusted EBITDA: ▪ Other expenses for 3Q25 are expected to remain consistent with 2Q25. ▪ Based on recent pricing, the Company expects 3Q25 operational tax expense to approximate $50 million to $60 million.
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37 1. On July 1, 2025, Alcoa announced the closing of the Company’s sale of its interest in the Ma’aden joint venture to Saudi Arab ian Mining Company (Ma’aden). The joint venture operated the integrated aluminum complex (bauxite mine, alumina refinery, and aluminum smelter) in Saudi Arabia and was owned 74.9% by Ma’aden and 25.1% by Alcoa Corporation. 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 June 30, 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 $546M 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 $470M Cost of goods sold Total investments $1,016M
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38 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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39 Alcoa Corporation annual consolidated amounts as of June 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’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 25 Baie Comeau Canada 324 - Bécancour Canada 350 - Deschambault Canada 287 - Fjarðaál Iceland 351 - Lista Norway 95 15 Mosjøen Norway 200 - San Ciprián Spain 228 214 Massena West U.S. 130 - Warrick U.S. 215 54 Total 2,645 341 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 Saudia Arabian joint venture does not impact Adjusted EBITDA; 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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40 Adjusted EBITDA reconciliations Millions 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Net income attributable to Alcoa $20 $90 $202 $60 $548 $164 Add: Net income (loss) attributable to noncontrolling interest 11 8 - (36) - (13) Provision for income taxes 61 86 136 265 120 10 Other (income) expenses, net (22) 12 42 91 (26) (112) Interest expense 40 44 45 156 53 56 Restructuring and other charges, net 18 30 91 341 5 14 Depreciation, depletion and amortization 163 159 159 642 148 153 Adjusted EBITDA 291 429 675 1,519 848 272 Special items before tax and noncontrolling interest 34 26 2 70 7 41 Adjusted EBITDA excl. special items $325 $455 $677 $1,589 $855 $313 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 $186 $367 $716 $1,408 $664 $139 Aluminum Segment Adjusted EBITDA 233 180 194 657 134 97 Transformation (16) (14) (18) (62) (12) (21) Intersegment eliminations (29) (38) (156) (231) 103 135 Other corporate (49) (40) (59) (183) (34) (37) Adjusted EBITDA excl. special items $325 $455 $677 $1,589 $855 $313
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41 Free cash flow reconciliation Millions 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Cash provided from operations $287 $143 $415 $622 $75 $488 Capital expenditures (164) (146) (169) (580) (93) (131) Free cash flow 123 (3) 246 42 (18) 357 Contributions from noncontrolling interest 4 - - 65 27 - Distributions to noncontrolling interest (26) (17) - (49) - - Free cash flow plus net noncontrolling interest contributions $101 $(20) $246 $58 $9 $357 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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42 Net debt reconciliations 2Q24 1Q25 2Q25 $M Cons. NCI Alcoa Prop. Cons. Cons. Short-term borrowings $31 $- $31 $45 $8 Long-term debt due within one year 79 31 48 75 75 Long-term debt, less amount due within one year 2,469 - 2,469 2,573 2,574 Total debt 2,579 31 2,548 2,693 2,657 Less: Cash and cash equivalents 1,396 156 1,240 1,202 1,514 Net debt (net cash) 1,183 (125) 1,308 1,491 1,143 Plus: Net pension 122 (2) 124 119 107 Plus: OPEB liability 477 10 467 456 448 Adjusted net debt $1,782 $(117) $1,899 $2,066 $1,698 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).
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43 DWC working capital and Days working capital reconciliations Millions 2Q24 3Q24 4Q24 1Q25 2Q25 Receivables from customers $939 $862 $1,096 $1,203 $979 Add: Inventories 1,975 2,096 1,998 2,182 2,220 Less: Accounts payable, trade 1,619 1,544 1,805 1,629 1,633 DWC working capital $1,295 $1,414 $1,289 $1,756 $1,566 Sales $2,906 $2,904 $3,486 $3,369 $3,018 Number of days in the quarter 91 92 92 90 91 Days working capital1 41 45 34 47 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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44 X 100 ROE Reconciliation and calculation information as of June 30, 2025 Annualized Return on Equity (ROE) Millions 1H24 1H25 Numerator: Net (loss) income attributable to Alcoa Corporation $(232) $712 Add: Special items1 117 (41) ROE Adjusted Net (loss) income YTD $(115) $671 ROE Adjusted Net (loss) income multiplied by two $(230) $1,342 Denominator2: Total assets $14,317 $14,777 Less: Total Liabilities 8,842 8,701 Less: Noncontrolling Interest 1,529 101 Shareholders’ Equity $3,946 $5,975 ROE (5.8)% 22.5% (Net Loss/Income Attributable to Alcoa + Special Items1) (Total Assets – Total Liabilities – Noncontrolling Interest)2 ROE % = ( $(232) + $117 ) x 2 ($14,317 – $8,842 – $1,529) 1H24 ROE % = = (5.8)% ( $712 + $(41) ) x 2 ($14,777 – $8,701 – $101) 1H25 ROE % = X 100 = 22.5% 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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45 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 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 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 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 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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