Slides
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1 v 3rd Quarter Earnings Alcoa Corporation October 15, 2026
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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 s imilar 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 a bility 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; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, project ions 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); stateme nts 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 an d 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. Fo rward-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 t hat 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 complete d 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 co mpletion 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 permi ts 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 materia ls 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 exchang e 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 expecta tions 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 whi ch 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 sto ckholders (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, 2 026, 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 f rom 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 a s 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 f or the accuracy and completeness of any of these forward -looking statements.
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3 Important information 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 through its website at https://investors.alcoa.com/. 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 Alcoa’s website, www.alcoa.com.
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4 William Oplinger President and Chief Executive Officer
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Our Values Act with Integrity • Be open, honest, and accountable • Do the right thing the right way • Promote high ethical standards at all times Operate with Excellence • Continually improve standards of operation • Analyze every angle to overcome difficulty • Empower everyone with the right resources to do their best work Care for People • Put safety and health first • Seek solutions with diverse, inclusive teams • Make every decision with the community in mind Lead with Courage • Embrace opportunities to reinvent • Innovate for long-term impact • Challenge the status quo
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OPERATIONAL EXECUTION AND STRATEGIC MOMENTUM ▪ Delivered six YTD production records; increased aluminum production by ~15 thousand metric tons in the third quarter ▪ Alumar smelter restart completed ▪ Strong performance recovery at Pinjarra refinery ▪ Reached definitive agreement for Massena East site with potential cash value up to $315 million; first $50 to $65 million at closing, expected within six months ADVANCING ALIGROUP ACQUISITION – 1H27 EXPECTED CLOSING ▪ South32 shareholders approved the transaction on October 15 ▪ Completed $2.6 billion debt issuance to fund cash consideration, reducing financing risk to closing ▪ Progressing on regulatory approvals and integration planning ▪ Strong 1H26 AliGroup results, accretive on pro forma basis 6
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7 AliGroup acquisition | Progressing toward 1H27 closing Key progress, milestones, and timeline to closing of AliGroup acquisition JUN-26 SEP-26 ✓ JUN 30, 2026 Deal announced Definitive agreement announced 1H27 Expected closing Subject to remaining regulatory approvals and conditions Cross-functional transition and integration planning advancing Execution highlights ▪ Debt issuance completed, reducing financing risk to closing ▪ Cross-functional teams advancing transition and integration planning ▪ Regulatory approval process progressing across key jurisdictions JUN-27 ✓ SEP 2026 Financing completed $2.6B debt issued ✓ SEP 2026 Form S-4 effective Registration statement on Form S-4 declared effective by SEC ✓ OCT 15, 2026 Shareholder approval South32 shareholders approved the transaction DEC-26 MAR-27 AA 3Q26 Earnings ✓
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8 Molly Beerman Executive Vice President and Chief Financial Officer
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9 Quarterly income statement summary 3Q26 EPS of $1.81, Adjusted EPS of $1.82 2Q26 3Q26 Change Third party realized prices ($/mt) Realized primary aluminum price $4,752 $4,527 $(225) Realized alumina price $334 $353 $19 Income statement highlights (millions, except per share amounts) Revenue $3,966 $3,704 $(262) Net income attributable to Alcoa Corporation $407 $483 $76 Earnings per common share $1.53 $1.81 $0.28 Adjusted income statement highlights (millions, except per share amounts) Adjusted EBITDA excluding special items $901 $789 $(112) Adjusted net income attributable to Alcoa Corporation $562 $485 $(77) Adjusted earnings per common share $2.12 $1.82 $(0.30)
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10 3Q26 Sequential changes in Adjusted EBITDA excluding special items, $M Operational performance and API partially offset lower metal prices 901 789 2 40 6 119 47 2Q26 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other 3Q26 (235) (24) (23) (44) 2Q26 3Q26 Change Alumina1 $(96) $(1) $95 Aluminum1 1,073 862 (211) Transformation (23) (32) (9) Intersegment eliminations 2 (2) (4) Other corporate (55) (38) 17 Total $901 $789 $(112) 1. Segment Adjusted EBITDA
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11 3Q26 Cash from operations of $643M on strong performance Quarter cash bridge and YTD Cash flow information, $M 3Q26 Cash balance changes YTD Cash flow information 789 36 45 (91) (68) (27) 2,600 (57) 4,408 6/30/26 Cash Adj. EBITDA excl. specials Working capital change Capital expend- itures Env/ ARO payments Interest payments Cash dividends 1,352 Net additions to debt Other, net 9/30/26 Cash Cash income tax refunds (171) 633 476 262 151 145 28 8071 Uses Working capital change Other Capital expenditures Environmental/ARO Cash income taxes Interest payments Cash dividends Investment contributions1,846 2,372 2,285 Sources Adjusted EBITDA excl. special items Net additions to debt 4,657
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12 Robust Free cash flow in 3Q26 of $472M Key financial metrics, 3Q26 and YTD YTD Return on equity 25.3% YTD Capital returns to stockholders $80M YTD Free cash flow $596M 3Q26 Days working capital 50 Days 3Q26 Adjusted net debt $1.0B 3Q26 Cash balance $4.4B • Strong YTD Return on equity performance maintained • 3Q26 Days working capital increased sequentially by 4 days; same as 3Q25 at 50 days • Cash balance well in excess of $3.1B cash consideration for AliGroup acquisition
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13 1. Estimate will vary with market conditions and jurisdictional profitability 2. Net of pending tax refunds 3. As of September 30, 2026, the environmental remediation reserve balance was $ 225M and the ARO liability was $1,400M FY26 Key metrics as of September 30, 2026 2026 Outlook Income statement excl. special items impacts 3Q26 YTD Actual FY26 Outlook Alumina production (Mmt) 7.0 9.5 – 9.6 Alumina shipments (Mmt) 8.5 11.5 – 11.6 Aluminum production (Mmt) 1.9 2.4 – 2.6 Aluminum shipments (Mmt) 2.0 2.6 – 2.8 Transformation (adj. EBITDA impacts) $(82)M ~$(110)M Intersegment eliminations (adj. EBITDA impacts) $7M Varies Other corporate (adj. EBITDA impacts) $(132)M ~$(180)M Depreciation, depletion, and amortization $511M ~$680M Non-operating pension/OPEB expense $25M ~$35M Interest expense $106M ~$185M Operational tax expense1 $242M Varies Cash flow impacts 3Q26 YTD Actual FY26 Outlook Pension / OPEB cash funding $43M ~ $60M Stock repurchases and dividends $80M Varies Return-seeking capital expenditures $29M ~$65M Sustaining capital expenditures $447M ~$685M Net payment of prior year income taxes 2 $108M ~$230M Current period cash taxes1 $43M Varies Environmental and ARO payments3 $262M ~$360M Impact of restructuring and other charges $38M TBD Additional market sensitivities and business information are included in the appendix.
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14 William Oplinger President and Chief Executive Officer
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15 Source: Platts, SHFE, Alcoa analysis. Prices as of October 9, 2026 Alumina industry dynamics Higher alumina price supported by tightening market Platts Alumina FOB Australia $/mt CIF China bauxite price $/dmt 3Q26 ALUMINA AND BAUXITE PRICES Alumina and bauxite increased sequentially ▪ Alumina prices strengthened as the market anticipated tighter fundamentals and improving demand. ▪ Bauxite prices increased sequentially, supported by higher freight costs SUPPLY Prospects of tighter supply Lower expected ex-China alumina supply due to planned production curtailments, profitability pressures, and modest impact from supply disruptions. DEMAND Demand recovery gains momentum Expectation of demand recovery from Middle East aluminum restarts along with ramp ups in Indonesia. However, uncertainty remains on timeline for this capacity. CHINA DYNAMICS China remains well supplied China prices eased as refinery ramp ups and rising inventories reinforced surplus conditions. Domestic surplus contrasts with tightening ex- China fundamentals. BAUXITE MARKET Risk premium offsets well- supplied fundamentals Elevated freight costs continued to support bauxite prices. Supply uncertainty in Guinea offsets strong export volumes and ample market availability. Higher 3Q26 realized alumina price Portfolio positioned to benefit from improving ex-China fundamentals Cost discipline and reliable supply remain key differentiators ALCOA HIGHLIGHTS 372 200 400 600 800 1,000 Jan/24 Jul/24 Jan/25 Jul/25 Jan/26 Jul/26 73.0 60 70 80 90 100 110 120 Jan/24 Jul/24 Jan/25 Jul/25 Jan/26 Jul/26
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16 Source: CRU, Alcoa analysis. Prices as of October 9, 2026 Aluminum industry dynamics Continued Alcoa order book strength amid supportive fundamentals LME aluminum Global aluminum inventories 3Q26 ALUMINUM PRICE LME moderates sequentially while remaining fundamentally supported ▪ Physical markets remain supported by low inventories and regional supply constraints. ▪ Market fundamentals remain constructive despite macro uncertainty. ▪ Recovery of disrupted supply remains uncertain, while future supply growth is expected to support inventory rebuilding. SUPPLY/DEMAND Tight market, despite supply growth Indonesian ramp ups and Middle East restarts support supply growth, although geopolitical risks remain and output is still below pre- conflict levels. Demand remains resilient, driven by electrical, packaging and transportation markets. INVENTORIES At historical low levels Global inventories remain low at ~42 days of consumption, limiting the market's ability to absorb further supply disruptions. Supply recovery is expected to support strategic inventory rebuilding. REGIONAL PREMIUM Premiums moderate but remain supported Midwest, Rotterdam and Japan premiums eased sequentially from elevated levels. Regional deficits, low inventories and replacement cost economics continue to provide support. REGIONAL VIEW: N. AMERICA AND EUROPE Regional deficits persist North America and Europe remain structurally short metal. Customers continue prioritizing supply security and regional availability. Alcoa leveraging strong regional presence, reinforcing supply security as key part of commercial value proposition Most value add production remains sold out or operating near capacity Alcoa remains relatively well positioned across evolving North American trade policy outcomes days of consumption 60 66 49 51 49 2018 2020 2022 2024 60 66 49 51 49 2018 2020 2022 2024 60 66 51 2018 2020 2022 2024 53 51 51 46 46 47 51 45 42 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $/mt | daily price 3,056 2,000 2,500 3,000 3,500 4,000 Jan/24 Jul/24 Jan/25 Jul/25 Jan/26 Jul/26 2025 2026 ALCOA HIGHLIGHTS
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17 Highlighting notable progress on priorities stated at 2025 Investor Day Advancing strategic priorities with results-driven execution PROGRESS TO DATE GO FORWARD PRIORITIES • Ended 3Q26 with strong balance sheet after robust YTD free cash flow • Issued $2.6B long-term notes for AliGroup acquisition, maintaining 1.5x leverage on a pro forma basis • Reached definitive sale agreement on Massena East site for potential cash value up to $315 million; first deal toward $0.5B-$1B transformation site monetization target • Maintaining strong stability, delivering production records, and improving productivity in smelting portfolio • Completed restarts at San Ciprián and Alumar smelters • Focus on Critical Risk Management through strengthened safety control effectiveness, leadership behaviors, and accountability • Advancing Australia mine move plans as environmental assessments continue DISCIPLINED CAPITAL ALLOCATION OPERATIONAL EXCELLENCE • Announced AliGroup acquisition • $65 million investment in foundry production to include recycled content at Mosjøen smelter • Progress AliGroup acquisition to close in 1H27 and execute on integration • Continue disciplined approach to value creating growth opportunities VALUE CREATING GROWTH • Update adjusted net debt target at close of AliGroup acquisition to reflect stronger through-cycle cash flow generation • Prioritize de-levering with strong free cash flow, cash from locked box, monetization of Ma’aden shares and additional transformation asset sales
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18 Appendix
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19 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 ▪ 3Q26 dividend payments totaled $27 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements ▪ Monetization of transformation assets Disciplined value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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20 1. Agreed proxy for third party sales CVR terms per AliGroup agreement Contingent value right terms Term Agreed commercial terms Aluminum strike price ($/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 Assessment period Aluminum Alumina Ended June 30, 2027 $3,165 $398 Ended June 30, 2028 $2,836 $454 Ended June 30, 2029 $2,858 $458 Ended June 30, 2030 $2,906 $465 Average strike price per assessment period ($/mt)
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21 AliGroup acquisition | Key financial metrics 1H26 results shows AliGroup accretive on pro forma basis 1H26 pro forma financial information1 $B, except per share amounts Alcoa stand alone Pro forma combined3 Sales $7.2 $9.1 Net income $0.8 $1.0 Average shares 265.8 282.8 Diluted earnings per share $3.13 $3.55 1H26 annualized pro forma metrics2 Alcoa stand alone Pro forma combined3 Alumina production (Mmt) 9.1 14.2 Aluminum production (Mmt) 2.5 3.3 EBITDA4 ($B) $3.0 $4.0 1. Pro forma information reflects preliminary purchase accounting, financing, International Financial Reporting Standard (IFRS) to GAAP, and accounting policy alignment adjustments that remain subject to change. Source: Alcoa S-4. 2. Based on reported results for the six months ended June 30, 2026; excludes purchase accounting, IFRS to GAAP, and accounting policy alignment adjustments. Source for AliGroup financial information: South32 2026 annual report and Financial Results and Outlook for the half year ended 31 December 2025. 3. Pro forma information is not indicative of future results, and excludes integration costs, cost savings, and transaction syne rgies. 4. Alcoa measure excludes special items. AliGroup measure as defined by South32; a reconciliation to the most comparable IFRS measure is not available at the AliGroup level.
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22 Source: CRU, global site costs for Bauxite and Alumina, liquid metal cost for Aluminum; 1. Defined as energy derived from nat ural processes that are replenished constantly, such as sunlight, wind and hydropower; per 2025 Alcoa Form 10-K. Alcoa portfolio cost curve position and key factors, 2026 Competitive assets with a focus on continued improvement AluminumBauxite 3 rd Quartile 1 st Quartile Alumina 1 st Quartile ▪ World’s second largest bauxite miner with assets across four continents ▪ World class mine rehabilitation ▪ Utilize best-in-class mining methods ▪ Largest third-party alumina producer ▪ EcoSource low carbon alumina ▪ Low CO2e intensity producer, 86 percent of production from renewable energy1 ▪ EcoLum® (low carbon), EcoDura® (recycled content) products
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23 Quarterly income statement for 2Q26 and 3Q26 Quarterly income statement Millions, except realized prices and per share amounts 2Q26 3Q26 Sequential Change Realized primary aluminum price ($/mt) $4,752 $4,527 $(225) Realized alumina price ($/mt) $334 $353 $19 Revenue $3,966 $3,704 $(262) Cost of goods sold 2,967 2,822 (145) SG&A and R&D expenses 112 105 (7) Depreciation, depletion, and amortization 173 176 3 Other expenses (income), net 200 (32) (232) Interest expense 36 42 6 Restructuring and other charges, net (4) 18 22 Total costs and expenses 3,484 3,131 (353) Income before income taxes 482 573 91 Provision for income taxes 73 91 18 Net income 409 482 73 Less: Net income (loss) attributable to noncontrolling interest 2 (1) (3) Net income attributable to Alcoa Corporation $407 $483 $76 Earnings per common share $1.53 $1.81 $0.28 Average common shares 266.0 266.0 -
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24 Breakdown of special items by income statement classification – gross basis Special items Millions, except per share amounts 2Q26 3Q26 Description of significant 3Q26 special items Net income attributable to Alcoa Corporation $407 $483 Earnings per common share $1.53 $1.81 Special items $155 $2 Cost of goods sold 2 (4) Portland energy and Spain foreign exchange contract reclasses $(7), portfolio actions $2 SG&A and R&D expenses 12 16 Portfolio actions Restructuring and other charges, net (4) 18 Demolition and remediation costs at closed locations $25, take or pay contracts $(4) Interest 1 6 Bridge financing structuring fees Other expenses (income), net 181 (40) Mark-to-market on Ma’aden shares $(28), mark-to- market energy and foreign exchange contracts $(25), Portland energy and Spain foreign exchange contract reclasses $7, net loss on asset sales $7 Provision for income taxes (37) 6 Tax on special items Noncontrolling interest - - Adjusted income attributable to Alcoa Corporation $562 $485 Adjusted earnings per common share $2.12 $1.82
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25 Quarterly income statement excluding special items for 2Q26 and 3Q26 Quarterly income statement excluding special items Millions, except realized prices and per share amounts 2Q26 3Q26 Sequential Change Realized primary aluminum price ($/mt) $4,752 $4,527 $(225) Realized alumina price ($/mt) $334 $353 $19 Revenue $3,966 $3,704 $(262) Cost of goods sold 2,965 2,826 (139) SG&A and R&D expenses 100 89 (11) Adjusted EBITDA 901 789 (112) Depreciation, depletion, and amortization 173 176 3 Other expenses, net 19 8 (11) Interest expense 35 36 1 Provision for income taxes 110 85 (25) Adjusted income 564 484 (80) Less: Adjusted net income (loss) attributable to noncontrolling interest 2 (1) (3) Adjusted net income attributable to Alcoa Corporation $562 $485 $(77) Adjusted earnings per common share $2.12 $1.82 $(0.30) Average common shares 266.0 266.0 -
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26 Three months ending September 30, 2026, excluding special items 3Q26 Financial summary Millions Alumina Aluminum3 Transformation Intersegment eliminations Other corporate Alcoa Corporation Total revenue $1,222 $3,026 $9 $(559) $6 $3,704 Third-party revenue $680 $3,021 $3 - - $3,704 Adjusted EBITDA1 $(1)2 $8622 $(32) $(2) $(38) $789 Depreciation, depletion, and amortization $99 $71 - - $6 $176 Other expense, net - - - - $8 $8 Interest expense $36 Provision for income taxes $85 Adjusted net income $484 Net loss attributable to noncontrolling interest $(1) Adjusted net income attributable to Alcoa Corporation $485 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 913 GWh, $35 million, and $20 million, r espectively.
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27 Segment Adjusted EBITDA sequential changes, $M 3Q26 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA 2Q26 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other Segment Adjusted EBITDA 3Q26 Alumina $(96) 0 0 52 (2) 0 3 (11) 47 6 $(1) Aluminum $1,073 (1) (235) (12) (22) (23) 3 (33) 72 40 $862 Total $977 (1) (235) 40 (24) (23) 6 (44) 119 46 $861
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28 Revenue by product division Millions 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Aluminum $2,068 $2,499 $8,515 $2,582 $3,446 $3,137 Alumina 829 792 3,662 521 538 581 Bauxite 112 170 727 118 76 80 Energy 57 62 190 77 52 58 Other (71) (74) (263) (105) (146) (152) Revenue $2,995 $3,449 $12,831 $3,193 $3,966 $3,704 Revenue is presented by product division, which represents a disaggregation of revenue by major product line and does not cor respond to the Company's reportable segments. See 2025 Alcoa Form 10-K, Note E to the Financial Statements for a description of the Company’s product divisions.
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29 Adjusted operating costs for alumina and aluminum produced and shipped Adj. operating costs and Segment Adj. EBITDA reconciliation Aluminum segment 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Adj. operating costs ($M) $1,406 $1,549 $6,107 $1,430 $1,688 $1,645 Produced aluminum shipments (kmt) 576 625 2,349 580 680 636 Adj. operating cost ($/t) $2,441 $2,478 $2,600 $2,468 $2,481 $2,584 Total sales ($M) $2,045 $2,468 $8,379 $2,541 $3,335 $3,026 Adj. operating costs ($M) 1,406 1,549 6,107 1,430 1,688 1,645 Other segment items ($M) 332 399 1,214 417 574 519 Segment Adjusted EBITDA ($M) $307 $520 $1,058 $694 $1,073 $862 Alumina segment 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Adj. operating costs ($M) $779 $789 $3,061 $737 $843 $850 Produced alumina shipments (kmt) 2,448 2,514 9,662 2,206 2,288 2,399 Adj. operating cost ($/t) $318 $314 $317 $334 $368 $354 Total sales ($M) $1,428 $1,436 $6,557 $1,102 $1,090 $1,222 Adj. operating costs ($M) 779 789 3,061 737 843 850 Other segment items ($M) 582 635 2,614 405 343 373 Segment Adjusted EBITDA ($M) $67 $12 $882 $(40) $(96) $(1) 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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30 2026 YTD Alcoa shipments by product type Aluminum value chain 29.6 Mdmt shipments 8.5 Mmt shipments 2.0 Mmt shipments Aluminum Alumina Bauxite 83% 17% Intrasegment Third party 43% 57% Intersegment Third party 100% 0% Intersegment Third party
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31 Alcoa 3Q26 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% 14% 20% 6% 34% Bauxite Caustic Natural gas Other energy Conversion Aluminum smelting 29% 16%32% 10% 13% Alumina CarbonPower Materials Conversion
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32 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 3Q26 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 +$100/mt) AUD + 0.01 0.702 BRL + 0.10 5.142 CAD + 0.01 1.402 EUR + 0.01 1.152 ISK + 10 123.082 NOK + 0.10 9.522 Alumina 91 (19) 9 (1) Aluminum 237 (48) 94 58 88 18 (30) (4) 4 6 (3) 12 2 Total 237 43 94 58 88 18 (30) (23) 13 6 (4) 12 2 Pricing conventions Segment Third-party revenue Alumina ▪ ~95% of third-party smelter grade alumina priced on API/spot ▪ API based on prior month average of spot prices ▪ Negotiated bauxite prices Aluminum ▪ LME + regional premium + product premium ▪ Primary aluminum 15-day lag ▪ Brazilian hydroelectric sales at market prices ▪ Hedge impacts from LME linked energy contracts and forward metal sales1 Regional premium breakdown Regional premiums % of 2026 Primary aluminum shipments Midwest ~35% Rotterdam Duty Paid ~35% Midwest Duty Unpaid ~25% CIF Japan ~5%
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33 Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) Currency impacts on Segment Adjusted EBITDA AUD BRL CAD EUR ISK NOK Total 9/30/26 currencies 0.70 5.22 1.42 1.13 120.54 9.59 3Q26 currency average 0.70 5.14 1.40 1.15 123.08 9.52 3Q26 Balance sheet revaluation impact Alumina (2.7) (0.1) 0.2 (2.6) Aluminum (0.7) (0.2) (3.0) 0.1 0.3 (4.0) (7.5) Corporate 0.4 (0.6) 1.9 0.8 2.5 Subtotal (3.0) (0.9) (1.1) 1.1 0.3 (4.0) (7.6) 3Q26 Currency sensitivity impact Alumina 0.5 2.4 0.1 3.0 Aluminum 0.5 0.6 3.4 0.7 0.1 0.9 6.2 Subtotal 1.0 3.0 3.4 0.8 0.1 0.9 9.2 3Q26 Total EBITDA currency impact Alumina (2.2) 2.3 0.3 0.4 Aluminum (0.2) 0.4 0.4 0.8 0.4 (3.1) (1.3) Corporate 0.4 (0.6) 1.9 0.8 2.5 Total (2.0) 2.1 2.3 1.9 0.4 (3.1) 1.6
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34 Items expected to impact Adjusted EBITDA and Adjusted net income for 4Q26 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 remain consistent with the strong third quarter performance. ▪ Aluminum segment performance is expected to be approximately $30 million unfavorable, primarily due to higher raw material costs and planned maintenance intended to support continued operational stability. ▪ Alumina costs in the Aluminum segment are expected to be unfavorable by $30 million. ▪ Estimate intersegment profit elimination for every $10/mt increase in API prices to be a $7 million to $9 million unfavorable 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, 3Q26 Adjusted EBITDA included an unfavorable balance sheet revaluation impact of approximately $4 million (unfavorable $8 million sequentially compared to 2Q26); impacts related to balance sheet revaluation are not incorporated into the currency sensitivities provided for Adjusted EBITDA. Below Adjusted EBITDA: ▪ A favorable impact of approximately $20 million is expected in 4Q26 from higher interest income earned on cash held for the AliGroup acquisition. ▪ Based on recent pricing, the Company expects 4Q26 operational tax expense to approximate $65 million to $75 million, including changes in jurisdictional distribution of earnings.
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35 Alcoa Corporation annual consolidated amounts as of September 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 12 São Luís (Alumar)1 Brazil 268 - 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 66 1. In the third quarter of 2026, Alcoa completed the restart of its 60% share of the Alumar smelter in São Luís, Brazil. 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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36 Adjusted EBITDA reconciliations Millions 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Net income attributable to Alcoa $232 $213 $1,157 $425 $407 $483 Add: Net (loss) income attributable to noncontrolling interest (14) (11) (38) (8) 2 (1) (Benefit from) provision for income taxes (51) (134) (55) 82 73 91 Other (income) expenses, net (1,034) 115 (1,057) (126) 200 (32) Interest expense 33 16 158 35 36 42 Restructuring and other charges, net 885 14 918 18 (4) 18 Impairment of goodwill - 144 144 - - - Depreciation, depletion, and amortization 160 162 623 162 173 176 Adjusted EBITDA 211 519 1,850 588 887 777 Special items before tax and noncontrolling interest 59 8 115 7 14 12 Adjusted EBITDA excl. special items $270 $527 $1,965 $595 $901 $789 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 $67 $12 $882 $(40) $(96) $(1) Aluminum Segment Adjusted EBITDA 307 520 1,058 694 1,073 862 Transformation (20) (27) (80) (27) (23) (32) Intersegment eliminations (39) 53 252 7 2 (2) Other corporate (45) (31) (147) (39) (55) (38) Adjusted EBITDA excl. special items $270 $527 $1,965 $595 $901 $789
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37 Free cash flow reconciliation Millions 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Cash provided from (used for) operations $85 $537 $1,185 $(179) $608 $643 Capital expenditures (151) (243) (618) (119) (186) (171) Free cash flow (66) 294 567 (298) 422 472 Contributions from noncontrolling interest - - 27 - - - Distributions to noncontrolling interest - - - - - - Free cash flow plus net noncontrolling interest contributions $(66) $294 $594 $(298) $422 $472 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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38 Net debt reconciliations Millions 3Q25 4Q25 1Q26 2Q26 3Q26 Short-term borrowings $3 $9 $109 $- $- Long-term debt due within one year - 1 1 1 1 Long-term debt, less amount due within one year 2,578 2,438 2,441 2,224 4,821 Total debt 2,581 2,448 2,551 2,225 4,822 Less: Cash and cash equivalents 1,485 1,597 1,353 1,352 4,408 Net debt 1,096 851 1,198 873 414 Plus: Net pension 98 136 124 115 101 Plus: OPEB liability 441 477 470 458 454 Adjusted net debt $1,635 $1,464 $1,792 $1,446 $969 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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39 DWC working capital and Days working capital reconciliations Millions 3Q25 4Q25 1Q26 2Q26 3Q26 Receivables from customers $1,045 $1,064 $1,192 $1,538 $1,349 Add: Inventories 2,191 2,177 2,297 2,340 2,570 Less: Accounts payable, trade 1,618 1,938 1,771 1,860 1,904 DWC working capital $1,618 $1,303 $1,718 $2,018 $2,015 Sales $2,995 $3,449 $3,193 $3,966 $3,704 Number of days in the quarter 92 92 90 91 92 Days working capital1 50 35 48 46 50 DWC working capital and Days working capital are non-GAAP financial measures. Management believes these measures are meaningful to investors because management uses its working capital position to assess Alcoa Corporation’s efficiency in liquidity management. 1. Days working capital is calculated as DWC working capital divided by the quotient of Sales and number of days in the quarter
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40 X 100 ROE Reconciliation and calculation information as of September 30, 2026 Annualized Return on Equity (ROE) Millions 2025 YTD 2026 YTD Numerator: Net income attributable to Alcoa Corporation $944 $1,315 Add: Special items1 (279) 105 ROE Adjusted Net income YTD $665 $1,420 ROE Adjusted Net income multiplied by four divided by three $887 $1,893 Denominator2: Total assets $15,178 $17,952 Less: Total Liabilities 8,984 10,428 Less: Noncontrolling Interest 96 44 Shareholders’ Equity $6,098 $7,480 ROE 14.5% 25.3% (Net Income Attributable to Alcoa + Special Items1) (Total Assets – Total Liabilities – Noncontrolling Interest)2 ROE % = ( $944 + $(279) ) x 4/3 ($15,178 – $8,984 – $96) 2025 YTD ROE % = = 14.5% ( $1,315 + $105 ) x 4/3 ($17,952 – $10,428 – $44) 2026 YTD ROE % = X 100 = 25.3% 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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41 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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