Alcoa : Jefferies Industrials Conference PRESENTATION

AA

Investor Presentation

September 2024

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Important information

Non-GAAP Financial Measures

This presentation contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, "special items" as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management's rationale for the use of the non-GAAP financial measures can be found in the appendix to this presentation. Alcoa Corporation does not provide reconciliations of the forward-lookingnon-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Resources

This presentation can be found under the "Events and Presentations" tab of the "Investors" section of the Company's website, www.alcoa.com.

3

Alumina Limited acquisition closed on August 1

Timeline and benefits of Alcoa's acquisition of Alumina Limited

Oct 2023

Indicative proposal

. . . . .

Jul 2024

Shareholder votes and

. . . . .Court approval. . . . .

Agreed transaction

Feb 2024

Closing

Aug 1, 2024

"

Alcoa is proud to announce the completion of our first

major acquisition. The acquisition of Alumina Limited strengthens Alcoa's position as one of the world's largest bauxite and alumina producers and is expected to result in long-term value creation from greater financial and operational flexibility.

"

4

An upstream aluminum company built to perform in all cycles

Global operations and summary of business segments

Global operations by product

Business segments

More than 13,000 global employees

Direct and indirect ownership of 27 locations across nine countries

on six continents

Aluminum

Highly rated for corporate governance1

1.

ISS Governance QualityScore: 1 (highest). 2. Full impacts of lower bauxite grade in Australia, San Ciprián curtailment and operational issues in Brazil being assessed could place Alumina in second quartile in 2024.

5

3.

Defined as energy derived from natural processes that are replenished constantly, such as sunlight, wind and hydropower; source: 2023 Alcoa Form 10-K.

Market, geopolitics, drive promising supply and demand trends

Long term aluminum supply and demand dynamics

Demand growth driven by low carbon trends

Global total aluminum demand growth in 2024-2033, Mmt

Transport

Packaging and foil

Electrical

Consumer Durables

Construction

Machinery & Equipment

Other

Total

4.8

3.9

2.2

2.1

1.8

0.8

11.3

26.9

Supply constraints in China, means growth ex-China

Sources: CRU, Alcoa Analysis. 1. Difference between internal combustion engine vehicles and battery electric vehicles

Global primary aluminum production growth by region, in % of total growth

2015-20242024-2033

Ex-ChinaChina

7%

21%

79%

93%

China

Ex-China6

Operations focused on safety, stability and continuous improvement

2Q24 operational milestones

▪ Strong 2Q safety performance on both leading and lagging indicators

▪ Half year production records for Canadian smelting system and Mosjøen, Norway smelter

▪ Completed Kwinana refinery curtailment in June, as planned and without operational incident

▪ Alumar smelter stability improving as restart continues

7

Multiple endeavors to impact short and medium term results

Key controllable elements of short and medium term improvements

2023-25 profitability improvement program

WA ongoing permitting approvals

▪ Currently mining reduced bauxite

$295M

Remaining

quality under revised MMPs

to attain

(Curtailed)

Program

2H24-2025

▪ Continuing to optimize refinery

operations to adapt to lower grade

total

Run rate

$645M

bauxite

improvements

$350M

and YoY raw

▪ Working to achieve EPA approval for

materials

new mine areas

savings

San Ciprián resolution activities

ELYSISTM

▪ Sale process expected to conclude in 2H24; also

▪ Announced industrial-scale demonstration of ELYSIS

seeking competitive energy solutions

▪ Project will occur at Rio Tinto's Arvida smelter in

▪ Success of sale or operational recovery depends

Quebec, Canada; includes 10 smelting pots operating at

upon significant and active support of government

100 kiloamperes (kA)

and flexibility from unions

▪ Alcoa to manufacture anodes and cathodes with right to

▪ Cash expected to run out in late 2024

purchase up to 40 percent of the metal produced

▪ The target for first production is by 2027

8

Heading in a positive direction

Summary

Year to date:

Going forward:

9

Appendix

Disclaimer

Alcoa Corporation published this content on 05 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 05, 2024 at 18:26:02 UTC.