Slides
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1 v September 2026 Investor Presentation
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2 Cautionary Statement on 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”) that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding Alcoa’s proposed transaction to acquire South32 Limited’s equity interests in certain bauxite, alumina, and aluminum assets (the proposed transaction referred to as the “Transaction”); the ability of the parties to complete the Transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the Transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the Transaction; the ability to complete any proposed debt financing in connection with the Transaction; 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 (including related to production and shipments); 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 non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the Transaction; (b) the prohibition or delay of the completion of the Transaction by a governmental entity; (c) the risk that the Transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses, including financing commitment fees, resulting from the Transaction; (e) uncertainty of the expected financial performance following completion of the Transaction; (f) uncertainty of any contingent payment required to be made in connection with the Transaction following completion; (g) failure to realize the anticipated benefits of the Transaction; (h) the occurrence of any event that could give rise to termination of the Transaction; (i) potential litigation in connection with the Transaction or other settlements or investigations that may affect the timing or occurrence of the Transaction or result in significant costs of defense, indemnification and liability; (j) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (k) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (l) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (m) competitive and complex conditions in global markets; (n) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (o) rising energy costs and interruptions or uncertainty in energy supplies; (p) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (q) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (r) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (s) changes in tax laws or exposure to additional tax liabilities; (t) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (u) disruptions in the global economy caused by ongoing regional conflicts and wars; (v) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (w) global competition within and beyond the aluminum industry; (x) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (y) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (z) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (aa) dilution of the ownership position of Alcoa’s stockholders (including as a result of the Transaction), 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; (bb) our ability to obtain or maintain adequate insurance coverage; (cc) 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; (dd) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (ee) significant declines in the market value of our marketable securities; (ff) our ability to fund capital expenditures; (gg) deterioration in our credit profile or increases in interest rates; (hh) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (ii) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (jj) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (kk) labor market conditions, union disputes and other employee relations issues; and (ll) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Alcoa’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and other reports filed by Alcoa with the U.S. Securities and Exchange Commission (“SEC”). Certain illustrative pro forma information included in certain investor materials may differ materially from pro forma information included in SEC filings, including the Registration Statement (as defined below). Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These risks, as well as other risks associated with the Transaction, are also more fully discussed in the Registration Statement referred to below. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. 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 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 and insight on the ability of Alcoa 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 Alcoa, 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. Resources This presentation can be found under the “Events & Presentations” tab of the “Investors” section of Alcoa’s website, www.alcoa.com. No Offer or Solicitation This presentation is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Additional Information and Where to Find It This presentation relates to the Transaction. In connection with the Transaction, Alcoa filed a Registration Statement on Form S-4 on September 1, 2026 (including documents incorporated by reference therein, the “Registration Statement”), with the SEC. The Registration Statement was declared effective and the related final prospectus was filed on September 8, 2026. This communication is not a substitute for the Registration Statement or any other document that Alcoa may file with the SEC in connection with the Transaction. Before making any investment decision, investors are urged to read the Registration Statement and all relevant documents filed or to be filed with the SEC, as well as any amendments or supplements to those documents, when they become available, because they contain important information about Alcoa and the Transaction. Investors are able to obtain a free copy of the Registration Statement, as well as other filings containing information about Alcoa, free of charge, at the SEC’s website (www.sec.gov). Copies of the Registration Statement and other documents filed by Alcoa with the SEC may be obtained, without charge, by contacting Alcoa. The internet addresses in this presentation are included only as inactive textual references and are not intended to be active links to the information therein. Information contained on such websites or platforms, or that can be accessed therein, do not constitute a part of this presentation.
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ALCOA INVESTOR DAY 2025 ALCOA INVESTOR DAY 2025 Industry Leader in Bauxite, Alumina and Aluminum $12.8B Revenue $2.0B Adjusted EBITDA, excluding special items 10mmt Alumina produced 2.3mmt Aluminum produced 2025 at a Glance 14,900 Global employees2 25 Locations 8 Countries Our Global Operations 38mdmt Bauxite produced $1.2B Net income attributable to Alcoa Canada United States Iceland Norway Spain Guinea1 Brazil Australia: Mine Refinery Smelter 1. Minority ownership, non-operating partner 2. Source: 2025 Alcoa Annual Report, as of December 31, 2025 4 $1.2B Cash from operations $2.4B Total debt $1.5B Adjusted net debt
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ALCOA INVESTOR DAY 2025 Source: CRU, Platts, SHFE, Alcoa analysis; price updated as of September 1, 2026. Alumina industry dynamics Alumina prices remain stable throughout Middle East disruptions Chinese market supported by higher demand and refinery disruptions; ex-China remains subdued ▪ Alumina price: 2Q26 FOB Western Australia price remains stable while SHFE alumina price remains elevated. ▪ Demand: Improved modestly as smelter creep, including in China, increased alumina consumption. ▪ Supply: Disruptions in Australia, Indonesia and the Middle East, combined with project delays, reduced seaborne supply and narrowed the ex-China surplus. ▪ In China: Operational disruptions and stronger demand outpaced production growth, supporting the Chinese price and incentivizing imports. ▪ World ex-China: Imbalance persists as supply adjustments are insufficient to offset lower demand. For 2H26, additional demand from Indonesia smelter ramp-ups, combined with Middle East smelter restarts, provide support toward a more balanced market. Alcoa highlights SHFE Alumina main contract, $/mtPlatts Alumina FOB Aus, $/mt 350 200 300 400 500 600 700 800 900 Jan/24 Jul/24 Jan/25 Jul/25 Jan/26 Jul/26 399 200 300 400 500 600 700 800 900 Jan/24 Jul/24 Jan/25 Jul/25 Jan/26 Jul/26 ▪ Middle East conflict not impacting long-term alumina contracts ▪ Pinjarra returns to stability after challenges in 2Q26; Alumar continues strong operational performance
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ALCOA INVESTOR DAY 2025 2,000 2,500 3,000 3,500 4,000 Jan/24 May/24 Sep/24 Jan/25 May/25 Sep/25 Jan/26 May/26 Sep/26 3,261 Source: CRU, Platts, Alcoa analysis; price updated as of September 1, 2026. Aluminum industry dynamics Alcoa’s FY26 order book strengthens on tight aluminum market ▪ LME price: Remains strong, supported by underlying fundamentals and low inventory levels. Following macro-led correction, LME price returned to pre-Middle East conflict levels. ▪ Supply: Middle East curtailments reduced ex-China production by ~3.5 Mmtpa, or ~2 Mmt in 2026. Timing of completion of curtailed capacity restart remains uncertain. ▪ Demand: Resilient despite macro headwinds (energy costs, inflation); global market deficit expected for 2026. ▪ North America and Europe: Remain in significant regional deficits with regional ingot and value add product (VAP) premiums higher sequentially, despite LME correction. Ongoing actions to localize supply and replace lost Middle East imports, particularly in rod, foundry and billet products. LME aluminum, $/mt LME aluminum price and regional premiums remain supported by underlying fundamentals Alcoa highlights ▪ Alcoa leveraging strong regional presence, reinforcing supply security as key part of commercial value proposition ▪ 2Q26 VAP volumes up sequentially ▪ FY26 order book up vs. FY25 across all regions and major products Regional premium, $/mt 0 500 1,000 1,500 2,000 2,500 3,000 0 100 200 300 400 500 600 700 Jan/24 Jan/25 Jan/26May/24 Sep/24 May/25 Sep/25 May/26 Sep/26 Midwest Duty-paid (RHS) Rotterdam Duty-paid (LHS) MJP (LHS) Pre Middle East conflict
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ALCOA INVESTOR DAY 2025 Capital expenditures to sustain and improve existing operations Maintain strong balance sheet through the cycle ($1.0B to $1.5B Adjusted net debt target) Return cash to stockholders Disciplined growth Transform portfolio Maximize value creation Capital allocation framework Maximize value creation Return cash to stockholders ▪ 2Q26 dividend payments totaled $26 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements ▪ Monetization of transformation assets Disciplined value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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8 Appendix
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9 Aluminum segment product offerings and end markets examples Offering a variety of value add aluminum products and P1020
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10 v 2Q26 Financial and other information as presented on July 16, 2026
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11 DELIVERED STRATEGICALLY ▪ Advanced strategic value levers, including Mosjøen casthouse investment ▪ Final investment decision reached for gallium production plant in Australia ▪ Announced strategic acquisition of South32’s upstream aluminum value chain assets for $4.1 billion upfront consideration STRENGTH OF OUR PEOPLE & OPERATIONS ▪ Stability in smelting system, including improvement at Alumar; delivered higher value-add volumes in both North America and Europe ▪ Ratification of new labor agreements with the Australian Workers Union across Western Australia operations, United Steelworkers at the Company's U.S. smelters and Aluminerie de Becancour (ABI) smelter in Québec Strong strategic execution while delivering results in second quarter SAFETY ▪ Safety performance stable; improving trends in key injury metrics ▪ Focus remains on Operational Discipline, Leader Time in Field, and Critical Risk Management
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12 Alcoa announced strategic acquisition of South32’s bauxite, alumina, and aluminum assets (AliGroup1) Strategic acquisition | Compelling transaction for long-term value Represents a natural strategic fit ▪ Logical industry consolidation of like assets in close proximity ▪ Combined expertise and Alcoa operating model together enhance performance and cost competitiveness ▪ Added scale improves supply chain resilience and customer service Unlocks significant value through synergies ▪ Expected to generate ~$900 million in net present value synergies, including ~$50 million of run-rate cost savings within 12 months of close ▪ Leverages the collective strength of Australian operations ▪ Improves Brazilian assets with sourcing optimization ▪ Adds large-scale, stable smelter in South Africa with known technology Delivers compelling financial results ▪ Accretive on earnings per share and cash flow metrics, with further upside as synergies are realized ▪ Expected to enable stronger cash generation through the cycle ▪ Sustainably improves position on cost curves 1 2 3 Strengthens leadership as a pure-play upstream aluminum company ▪ Well-positioned to capture growth in long-term demand ▪ Reinforces Alcoa as the aluminum investment of choice 1. The term AliGroup is used solely for ease of reference to the acquired assets. The corresponding holding companies will be incorporated into Al coa's legal entity structure when the transaction closes.
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13 1. Value of stock consideration based on ~17.0 million shares and Alcoa’s 10 -day volume weighted average price of $58.79 per share as of June 26, 2026. AliGroup transaction details, leverage post closing, and path to close Strategic acquisition | Attractive financial terms 3.1 4.7 1.0 0.6 Cash upfront Alcoa stock1 Assumed net debt Enterprise value Locked-box, net of ticking fee, offsets cash consideration at closing Implied enterprise value ($B) $4.7B Implied enterprise value ~2.0x Post close leverage 1H27 Target close Affirmed S&P and Moody’s ratings Transaction details • $3.1B in cash, to be met with mix of cash from balance sheet and permanent debt financing expected to be executed prior to close • Transaction uses a locked-box mechanism • ~17.0 million shares of newly issued Alcoa common stock • $0.6B assumed net debt primarily related to financing leases • Includes a contingent value right (“CVR”) of up to $750M Post close leverage retains credit ratings • Post close leverage ratio expected to remain ~2.0x at recent prices • S&P and Moody’s affirmed Alcoa’s current credit ratings and outlook on pro forma financials Path to close • Expected to close in 1H27, subject to approval by South32 shareholders, required regulatory approvals, and other customary closing conditions • No further diligence or financing conditions
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14 Locked-box value offsets cash consideration at closing Strategic acquisition | Locked-box, ticking fee, and CVR Detailed deal terms and timeline 1. Ticking fee represents negotiated compensation to seller for cost of capital. Calculated on cash consideration of $3.1B at 5% for period between shareholder vote and transaction closing. For illustrative purposes only, range estimate for ticking fee assumes November 1, 2026 shareholder vote and 1H27 close. 2. See Appendix for CVR strike prices. Locked-box provides potential upside ▪ Mechanism effective from April 1, 2026 ▪ Alcoa beneficiary of cash flow from acquired assets, offsets cash consideration at closing ▪ Locked-box positive as of June 30, 2026 Ticking fee1 begins after South32 shareholder vote ▪ 5% on upfront cash consideration of $3.1B ▪ Paid at closing ▪ Estimated between $80M to $100M on period from shareholder vote to transaction closing CVR payment implies strong Alcoa cash flow ▪ Contingent value right up to $750M over four years, starting July 1, 2026 ▪ Earned when annual average index prices exceed agreed strike prices2 ▪ Revenue sharing on portion of acquired production Mar 2026 Jun 2026 Sep 2026 Dec 2026 Mar 2027 Jun 2027 Ticking Fee Locked-Box CVR Estimated timing for South32 shareholder vote Acquisition expected to close in 1H27 CVR assessment period begins July 1st Locked-box effective date April 1st Period where aluminum and alumina prices impact both locked-box and CVR calculation
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15 Source: CRU, Alcoa analysis; 1. Relative to investment in China 2. Per metric ton calculation based on preliminary purchase price allocation of transaction, divided by acquired alumina and aluminum capacity. Long term fundamentals in both segments support growth Strategic acquisition | Enhances exposure to market growth Supportive long term demand growth, for both aluminum and alumina Alcoa highlights ▪ Strengthens the Company’s mine-to-metal supply chain and resilience in the long term ▪ Improving market positioning across the value chain Primary aluminum Alumina (SGA) Supply expected to increase - but with higher capital intensity1 Primary aluminum Alumina (SGA) Acquisition allows Alcoa to increase capacity at lower than average capital intensity Smelter Refinery 2026 2036 56 74 +18 (+32%) 2026 2036 29 36 +7 (+24%) 4,500 2,100 1,850 1,150 N. America, Europe M.E. Indonesia, India AliGroup acquisition2 China 7,500-9,100 600 Guinea Indonesia India AliGroup acquisition2 China 1,000-1,400 900 700 400 0 1 2 3 N. America, Europe M.E. Indonesia, India Others 0 2 4 6 Guinea Indonesia India Others Consumption world ex-China, Mmt Capacity growth by region, world ex-China, 2026-2036 Mmtpa Expansion capex intensity, real 2025 $/mt
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16 Quarterly income statement summary 2Q26 EPS of $1.53, Adjusted EPS of $2.12 1Q26 2Q26 Change Third party realized prices ($/mt) Realized primary aluminum price $4,209 $4,752 $543 Realized alumina price $324 $334 $10 Income statement highlights (millions, except per share amounts) Revenue $3,193 $3,966 $773 Net income attributable to Alcoa Corporation $425 $407 $(18) Earnings per common share $1.60 $1.53 $(0.07) Adjusted income statement highlights (millions, except per share amounts) Adjusted EBITDA excluding special items $595 $901 $306 Adjusted net income attributable to Alcoa Corporation $373 $562 $189 Adjusted earnings per common share $1.40 $2.12 $0.72
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17 2Q26 Sequential changes in Adjusted EBITDA excluding special items, $M Higher metal prices, aluminum shipments lift EBITDA 595 901331 16 18 64 1Q26 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other 2Q26 (8) (8) (38) (33) (36) 1Q26 2Q26 Change Alumina1 $(40) $(96) ($56) Aluminum1 694 1,073 379 Transformation (27) (23) 4 Intersegment eliminations 7 2 (5) Other corporate (39) (55) (16) Total $595 $901 $306 1. Segment Adjusted EBITDA
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18 2Q26 Cash from operations of $608M, free cash flow of $422M Quarter cash bridge and YTD Cash flow information, $M 2Q26 Cash balance changes YTD Cash flow information 1,353 1,352 901 97 3/31/26 Cash Adj. EBITDA excl. specials Working capital change Capital expend- itures Env/ ARO payments Restruct. payments Cash income tax payments CO2 compen- sation Cash dividends Net payments on debt Other, net 6/30/26 Cash (174) (186) (86) (17) (152) (26) (328) (30) 669 305 228 196 171 77 55 53 Uses Working capital change Capital expenditures Environmental/ARO Cash income taxes Interest payments Cash dividends Net payments on debt Investment contributions 1,754 1,496 13 Sources Adjusted EBITDA excl. special items Other 1,509
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19 Strong key financial metrics in first half of 2026 Key financial metrics, 2Q26 and YTD YTD Return on equity 26.4% YTD Capital returns to stockholders $53M YTD Free cash flow plus net NCI contributions $124M 2Q26 Days working capital 46 Days 2Q26 Adjusted net debt $1.4B 2Q26 Cash balance $1.4B • YTD Return on equity is highest since 2022 • 2Q26 Days working capital decreased sequentially by two days • De-levered with $219M bond repayment • Within top of net debt target range
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20 1. Estimate will vary with market conditions and jurisdictional profitability 2. Net of pending tax refunds 3. As of June 30, 2026, the environmental remediation reserve balance was $ 285M and the ARO liability was $1,342M FY26 Key metrics as of June 30, 2026 2026 Outlook Income statement excl. special items impacts 2Q26 YTD Actual FY26 Outlook Alumina production (Mmt) 4.6 9.5 – 9.6 Alumina shipments (Mmt) 5.6 11.5 – 11.6 Aluminum production (Mmt) 1.2 2.4 – 2.6 Aluminum shipments (Mmt) 1.3 2.6 – 2.8 Transformation (adj. EBITDA impacts) $(50)M ~$(100)M Intersegment eliminations (adj. EBITDA impacts) $9M Varies Other corporate (adj. EBITDA impacts) $(94)M ~$(180)M Depreciation, depletion, and amortization $335M ~$660M Non-operating pension/OPEB expense $17M ~$35M Interest expense $70M ~$135M Operational tax expense1 $157M Varies Cash flow impacts 2Q26 YTD Actual FY26 Outlook Pension / OPEB cash funding $30M ~ $60M Stock repurchases and dividends $53M Varies Return-seeking capital expenditures $21M ~$75M Sustaining capital expenditures $284M ~$675M Net payment of prior year income taxes 2 $163M ~$230M Current period cash taxes1 $33M Varies Environmental and ARO payments3 $171M ~$360M Impact of restructuring and other charges $34M TBD Additional market sensitivities and business information are included in the appendix.
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21 Delivered operationally and strategically in 2Q26; strong momentum into 2H26 Quarterly accomplishments ▪ Improved safety trends in key injury metrics ▪ Delivered strong operational performance, including five first half year production records ▪ Captured market opportunities and delivered higher value add product volumes ▪ Strengthened the balance sheet with debt repayment Strategic accomplishments ▪ Announced acquisition of South32’s bauxite, alumina, and aluminum assets ▪ Advanced strategic value levers, including Mosjøen casthouse investment ▪ Final investment decision reached for gallium production plant in Australia Moving forward ▪ Focus on safety, stability, and operational excellence ▪ Execute on AliGroup transaction milestones ▪ Advance Australia mine approvals ▪ Progress monetization of transformation assets
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22 1. Agreed proxy for third party sales CVR terms per agreement Contingent value right terms Term Agreed commercial terms Aluminum strike price ($/mt) $3,500 (CY26) $2,825 (CY27) $2,847 (CY28) $2,870 (CY29) $2,942 (CY30) Aluminum revenue sharing on acquired production 22.5% Alumina strike price ($/mt) $345 (CY26) $452 (CY27) $456 (CY28) $459 (CY29) $471 (CY30) Alumina revenue sharing on 67% of acquired production1 22.5% CVR Term of CVR: 4 annual periods Commencement date: July 1, 2026 Payment cap structure: Maximum of $750 million (no annual cap) Assessment period: Annual
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23 Quarterly income statement for 1Q26 and 2Q26 Quarterly income statement Millions, except realized prices and per share amounts 1Q26 2Q26 Sequential Change Realized primary aluminum price ($/mt) $4,209 $4,752 $543 Realized alumina price ($/mt) $324 $334 $10 Revenue $3,193 $3,966 $773 Cost of goods sold 2,512 2,967 455 SG&A and R&D expenses 93 112 19 Depreciation, depletion, and amortization 162 173 11 Other (income) expenses, net (126) 200 326 Interest expense 35 36 1 Restructuring and other charges, net 18 (4) (22) Total costs and expenses 2,694 3,484 790 Income before income taxes 499 482 (17) Provision for income taxes 82 73 (9) Net income 417 409 (8) Less: Net (loss) income attributable to noncontrolling interest (8) 2 10 Net income attributable to Alcoa Corporation $425 $407 $(18) Earnings per common share $1.60 $1.53 $(0.07) Average common shares 265.7 266.0 0.3
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24 Breakdown of special items by income statement classification – gross basis Special items Millions, except per share amounts 1Q26 2Q26 Description of significant 2Q26 special items Net income attributable to Alcoa Corporation $425 $407 Earnings per common share $1.60 $1.53 Special items $(52) $155 Cost of goods sold 5 2 Smelter restarts $2 SG&A and R&D expenses 2 12 Portfolio actions Restructuring and other charges, net 18 (4) Take or pay contracts $(13), demolition and remediation costs at closed locations $9 Interest - 1 Debt settlement Other expenses (income), net (111) 181 Mark to market on Ma’aden shares $123, mark to market energy $50 and foreign exchange $9 contracts Provision for income taxes 35 (37) Tax on special items, discrete tax items Noncontrolling interest (1) - Adjusted income attributable to Alcoa Corporation $373 $562 Adjusted earnings per common share $1.40 $2.12
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25 Quarterly income statement excluding special items for 1Q26 and 2Q26 Quarterly income statement excluding special items Millions, except realized prices and per share amounts 1Q26 2Q26 Sequential Change Realized primary aluminum price ($/mt) $4,209 $4,752 $543 Realized alumina price ($/mt) $324 $334 $10 Revenue $3,193 $3,966 $773 Cost of goods sold 2,507 2,965 458 SG&A and R&D expenses 91 100 9 Adjusted EBITDA 595 901 306 Depreciation, depletion, and amortization 162 173 11 Other (income) expenses, net (15) 19 34 Interest expense 35 35 - Provision for income taxes 47 110 63 Adjusted income 366 564 198 Less: Adjusted net (loss) income attributable to noncontrolling interest (7) 2 9 Adjusted net income attributable to Alcoa Corporation $373 $562 $189 Adjusted earnings per common share $1.40 $2.12 $0.72 Average common shares 265.7 266.0 0.3
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26 Three months ending June 30, 2026, excluding special items 2Q26 Financial summary Millions Alumina Aluminum3 Transformation Intersegment eliminations Other corporate Alcoa Corporation Total revenue $1,090 $3,335 $8 $(468) $1 $3,966 Third-party revenue $637 $3,330 $4 - (5) $3,966 Adjusted EBITDA1 $(96)2 $1,0732 $(23) $2 $(55) $901 Depreciation, depletion, and amortization $96 $71 - - $6 $173 Other expense, net - - - - $19 $19 Interest expense $35 Provision for income taxes $110 Adjusted net income $564 Net income attributable to noncontrolling interest $2 Adjusted net income attributable to Alcoa Corporation $562 1. Includes the Company’s proportionate share of earnings from equity investments in certain bauxite mines, hydroelectric gen eration facilities, and an aluminum smelter located in Brazil, Canada, and/or Guinea. 2. Segment Adjusted EBITDA. 3. Third-party energy sales volume, revenue, and Segment Adjusted EBITDA in Brazil were 865 GWh, $38 million, and $32 million, r espectively.
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27 Segment Adjusted EBITDA sequential changes, $M 2Q26 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA 1Q26 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other Segment Adjusted EBITDA 2Q26 Alumina $(40) (7) 0 7 0 (19) 0 2 (36) (3) $(96) Aluminum $694 0 331 11 (8) (19) 18 62 3 (19) $1,073 Total $654 (7) 331 18 (8) (38) 18 64 (33) (22) $977
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28 Adjusted operating costs for alumina and aluminum produced and shipped Adj. operating costs and Segment Adj. EBITDA reconciliation Aluminum segment 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Adj. operating costs ($M) $1,578 $1,406 $1,549 $6,107 $1,430 $1,688 Produced aluminum shipments (kmt) 581 576 625 2,349 580 680 Adj. operating cost ($/t) $2,718 $2,441 $2,478 $2,600 $2,468 $2,481 Total sales ($M) $1,961 $2,045 $2,468 $8,379 $2,541 $3,335 Adj. operating costs ($M) 1,578 1,406 1,549 6,107 1,430 1,688 Other segment items ($M) 286 332 399 1,214 417 574 Segment Adjusted EBITDA ($M) $97 $307 $520 $1,058 $694 $1,073 Alumina segment 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Adj. operating costs ($M) $770 $779 $789 $3,061 $737 $843 Produced alumina shipments (kmt) 2,384 2,448 2,514 9,662 2,206 2,288 Adj. operating cost ($/t) $323 $318 $314 $317 $334 $368 Total sales ($M) $1,518 $1,428 $1,436 $6,557 $1,102 $1,090 Adj. operating costs ($M) 770 779 789 3,061 737 843 Other segment items ($M) 609 582 635 2,614 405 343 Segment Adjusted EBITDA ($M) $139 $67 $12 $882 $(40) $(96) Adjusted operating costs includes all production related costs for alumina or aluminum produced and shipped: raw materials co nsumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses. Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges, including tariff costs; Selling, general administrative, and other expenses; and Research and development expenses.
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29 2026 YTD Alcoa shipments by product type Aluminum value chain 19.4 Mdmt shipments 5.6 Mmt shipments 1.3 Mmt shipments Aluminum Alumina Bauxite 81% 19% Intrasegment Third party 42% 58% Intersegment Third party 100% 0% Intersegment Third party
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30 Alcoa 2Q26 production cash costs Composition of alumina and aluminum production costs Input cost Inventory flow Pricing convention FY26 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 FY26 annual cost sensitivity Alumina ~2 Months API on a 6-8 month average $45M per $10/mt Petroleum coke 1 - 2 Months Quarterly $8M per $10/mt Coal tar pitch 1 - 2 Months Quarterly $3M per $10/mt Alumina refining 26% 13% 18% 6% 37% Bauxite Caustic Natural gas Other energy Conversion Aluminum smelting 29% 16%30% 11% 14% Alumina Carbon Power Materials Conversion
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31 1. Annual sensitivity for third-party revenue related to LME linked contracts is approximately $40 million per every $100/mt cha nge in LME. 2. Average 2Q26 exchange rates Estimated annual Segment Adjusted EBITDA sensitivities 2026 Business information $Millions Segment LME1 + $100/mt API + $10/mt Midwest Paid + $100/mt Midwest Unpaid + $100/mt Europe + $100/mt Japan + $100/mt Tariff (LME +$100/mt) AUD + 0.01 0.712 BRL + 0.10 5.052 CAD + 0.01 1.382 EUR + 0.01 1.162 ISK + 10 123.632 NOK + 0.10 9.432 Alumina 91 (19) 9 - (1) Aluminum 237 (48) 94 58 88 18 (30) (4) 4 6 (3) 12 2 Total 237 43 94 58 88 18 (30) (23) 13 6 (4) 12 2 Pricing conventions Segment Third-party revenue Alumina ▪ ~95% of third-party smelter grade alumina priced on API/spot ▪ API based on prior month average of spot prices ▪ Negotiated bauxite prices Aluminum ▪ LME + regional premium + product premium ▪ Primary aluminum 15-day lag ▪ Brazilian hydroelectric sales at market prices ▪ Hedge impacts from LME linked energy contracts and forward metal sales1 Regional premium breakdown Regional premiums % of 2026 Primary aluminum shipments Midwest ~35% Rotterdam Duty Paid ~35% Midwest Duty Unpaid ~25% CIF Japan ~5%
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32 Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) Currency impacts on Segment Adjusted EBITDA AUD BRL CAD EUR ISK NOK Total 6/30/26 currencies 0.69 5.17 1.42 1.14 126.26 9.93 2Q26 currency average 0.71 5.05 1.38 1.16 123.63 9.43 2Q26 Balance sheet revaluation impact Alumina 1.8 0.1 1.9 Aluminum (0.1) (0.9) 0.2 (1.5) 5.8 3.5 Corporate (0.2) (0.9) 0.4 (0.7) Subtotal 1.6 (0.9) (0.5) 0.2 (1.5) 5.8 4.7 2Q26 Currency sensitivity impact Alumina (5.0) (4.6) 0.5 (9.1) Aluminum (1.2) (1.0) 0.9 (0.4) (0.5) (1.0) (3.2) Subtotal (6.2) (5.6) 0.9 0.1 (0.5) (1.0) (12.3) 2Q26 Total EBITDA currency impact Alumina (3.2) (4.5) 0.5 (7.2) Aluminum (1.2) (1.1) 0.0 (0.2) (2.0) 4.8 0.3 Corporate (0.2) (0.9) 0.4 (0.7) Total (4.6) (6.5) 0.4 0.3 (2.0) 4.8 (7.6)
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33 Items expected to impact Adjusted EBITDA and Adjusted net income for 3Q26 Additional business considerations Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ Alumina segment performance is expected to be net favorable by approximately $10 million due to recovered stability at the Pinjarra refinery, and lower energy prices, primarily diesel and fuel oil, partially offset by planned maintenance at the Alumar refinery and Juruti mine. ▪ Aluminum segment performance is expected to be flat as favorable impacts from higher production levels and operating efficiencies fully offset higher carbon prices and seasonally lower third-party energy sales in Brazil. ▪ Based on recent pricing and expected lower shipments, Section 232 tariff costs on U.S. imports of aluminum from Canada are expected to decrease by approximately $10 million. ▪ Alumina costs in the Aluminum segment are expected to be unfavorable by $10 million. ▪ Based on recent pricing, a $10/mt decrease in API prices is estimated to result in no intersegment profit elimination, while a $10/mt increase is estimated to result in a $7 million to $9 million unfavorable impact, based on a comparison of the average API for the last two months of each quarter (API is based on average of prior month spot prices). At current prices, intersegment profit eliminations are not material sequentially. ▪ Using quarter end exchange rates, 2Q26 Adjusted EBITDA included a favorable balance sheet revaluation impact of approximately $3 million (favorable $5 million sequentially compared to 1Q26); impacts related to balance sheet revaluation are not incorporated into the currency sensitivities provided for Adjusted EBITDA. Below Adjusted EBITDA: ▪ Other expenses in 2Q26 included unfavorable currency impacts of approximately $5 million, which may not recur. ▪ Based on recent pricing, the Company expects 3Q26 operational tax expense to approximate $80 million to $90 million.
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34 Alcoa Corporation annual consolidated amounts as of June 30, 2026 Production and capacity information Bauxite production, Mdmt Mine Country 2025 Production Darling Range Australia 25.8 Juruti Brazil 6.7 Poços de Caldas Brazil 0.5 Boké (CBG) Guinea 3.7 Al Ba’itha2 Saudi Arabia 0.8 Total 37.5 Alumina refining, kmt Facility Country Capacity Curtailed Pinjarra Australia 4,700 - Wagerup Australia 2,879 - Poços de Caldas Brazil 390 214 São Luís (Alumar) Brazil 2,084 - San Ciprián Spain 1,600 800 Total 11,653 1,014 Aluminum smelting, kmt Facility Country Capacity Curtailed Portland Australia 197 13 São Luís (Alumar)1 Brazil 268 20 Baie-Comeau Canada 324 - Bécancour Canada 350 - Deschambault Canada 287 - Fjarðaál Iceland 351 - Lista Norway 95 - Mosjøen Norway 200 - San Ciprián Spain 228 - Massena West U.S. 130 - Warrick U.S. 215 54 Total 2,645 87 1. On September 20, 2021, the Company announced plans to restart its 60% share of the Alumar smelter in São Luís, Brazil, equivalent to 268,000 metric tonnes per year (mtpa) of aluminum capacity. Production began in the second quarter of 2022. 2. 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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35 Adjusted EBITDA reconciliations Millions 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Net income attributable to Alcoa $164 $232 $213 $1,157 $425 $407 Add: Net (loss) income attributable to noncontrolling interest (13) (14) (11) (38) (8) 2 Provision for (benefit from) income taxes 10 (51) (134) (55) 82 73 Other (income) expenses, net (112) (1,034) 115 (1,057) (126) 200 Interest expense 56 33 16 158 35 36 Restructuring and other charges, net 14 885 14 918 18 (4) Impairment of goodwill - - 144 144 - - Depreciation, depletion, and amortization 153 160 162 623 162 173 Adjusted EBITDA 272 211 519 1,850 588 887 Special items before tax and noncontrolling interest 41 59 8 115 7 14 Adjusted EBITDA excl. special items $313 $270 $527 $1,965 $595 $901 Alcoa Corporation’s definition of Adjusted EBITDA is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa Corporation’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Alumina Segment Adjusted EBITDA $139 $67 $12 $882 $(40) $(96) Aluminum Segment Adjusted EBITDA 97 307 520 1,058 694 1,073 Transformation (21) (20) (27) (80) (27) (23) Intersegment eliminations 135 (39) 53 252 7 2 Other corporate (37) (45) (31) (147) (39) (55) Adjusted EBITDA excl. special items $313 $270 $527 $1,965 $595 $901
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36 Free cash flow reconciliation Millions 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Cash provided from (used for) operations $488 $85 $537 $1,185 $(179) $608 Capital expenditures (131) (151) (243) (618) (119) (186) Free cash flow 357 (66) 294 567 (298) 422 Contributions from noncontrolling interest - - - 27 - - Distributions to noncontrolling interest - - - - - - Free cash flow plus net noncontrolling interest contributions $357 $(66) $294 $594 $(298) $422 Free cash flow and Free cash flow plus net contributions from noncontrolling interest are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures and net distributions to noncontrolling interest. Capital expenditures are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations, while net distributions to noncontrolling interest are necessary to fulfill our obligations to our joint venture partners. It is important to note that Free cash flow and Free cash flow less net distributions to noncontrolling interest do not represent the residual cash flows available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
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37 Net debt reconciliations Millions 2Q25 3Q25 4Q25 1Q26 2Q26 Short-term borrowings $8 $3 $9 $109 $- Long-term debt due within one year 75 - 1 1 1 Long-term debt, less amount due within one year 2,574 2,578 2,438 2,441 2,224 Total debt 2,657 2,581 2,448 2,551 2,225 Less: Cash and cash equivalents 1,514 1,485 1,597 1,353 1,352 Net debt 1,143 1,096 851 1,198 873 Plus: Net pension 107 98 136 124 115 Plus: OPEB liability 448 441 477 470 458 Adjusted net debt $1,698 $1,635 $1,464 $1,792 $1,446 Net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt. Adjusted net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability.
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38 DWC working capital and Days working capital reconciliations Millions 2Q25 3Q25 4Q25 1Q26 2Q26 Receivables from customers $979 $1,045 $1,064 $1,192 $1,538 Add: Inventories 2,220 2,191 2,177 2,297 2,340 Less: Accounts payable, trade 1,633 1,618 1,938 1,771 1,860 DWC working capital $1,566 $1,618 $1,303 $1,718 $2,018 Sales $3,018 $2,995 $3,449 $3,193 $3,966 Number of days in the quarter 91 92 92 90 91 Days working capital1 47 50 35 48 46 DWC working capital and Days working capital are non-GAAP financial measures. Management believes these measures are meaningful to investors because management uses its working capital position to assess Alcoa Corporation’s efficiency in liquidity management. 1. Days working capital is calculated as DWC working capital divided by the quotient of Sales and number of days in the quarter
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39 X 100 ROE Reconciliation and calculation information as of June 30, 2026 Annualized Return on Equity (ROE) Millions 1H25 1H26 Numerator: Net income attributable to Alcoa Corporation $712 $832 Add: Special items1 (41) 103 ROE Adjusted Net income YTD $671 $935 ROE Adjusted Net income multiplied by two $1,342 $1,870 Denominator2: Total assets $14,777 $16,746 Less: Total Liabilities 8,701 9,583 Less: Noncontrolling Interest 101 66 Shareholders’ Equity $5,975 $7,097 ROE 22.5% 26.4% (Net Income Attributable to Alcoa + Special Items1) (Total Assets – Total Liabilities – Noncontrolling Interest)2 ROE % = ( $712 + $(41) ) x 2 ($14,777 – $8,701 – $101) 1H25 ROE % = = 22.5% ( $832 + $103 ) x 2 ($16,746 – $9,583 – $66) 1H26 ROE % = X 100 = 26.4% 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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40 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 Al/Ala Aluminum/Alumina Adj. Adjusted API Alumina Price Index ARO Asset retirement obligations AUD Australian dollar B Billion BRL Brazilian real CAD Canadian dollar CIF Cost, insurance and freight CO2e Carbon dioxide equivalent COGS Cost of goods sold Cons. Consolidated CPI Consumer Price Index dmt Dry metric ton DWC Days working capital EBITDA Earnings before interest, taxes, depreciation and amortization Elims. Eliminations EPS Earnings per common share ERISA Employee Retirement Income Security Act of 1974 EUR Euro Est. Estimated excl. or ex. Excluding FOB WA Freight on board Western Australia Abbreviation Description FY## Twelve months ending December 31 GAAP Accounting principles generally accepted in the United States of America GJ Gigajoule GWh Gigawatt hour ISK Icelandic krona JV Joint venture kmt/kdmt Thousand metric tons/Thousand dry metric tons LME London Metal Exchange LTM Last twelve months M Million M. East Middle East Mmt/Mdmt Million metric tons/Million dry metric tons Mmtpa/kmtpa Million metric tons per annum/thousand metric tons per annum mt Metric ton N.A. North America NCI Noncontrolling interest NI Net income NOK Norwegian krone OPEB Other postretirement employee benefits PBT Profit before taxes Prop. Proportional QoQ Quarter over quarter R&D Research and development SEC Securities and Exchange Commission SG&A Selling, general administrative and other SHFE Shanghai Futures Exchange TBD To be determined U.S. United States of America USD United States dollar YTD, YoY Year to date, year over year
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