Alcoa : Bank of America Global Metals, Mining and Steel Conference 2026

Published: 2026-05-12 07:22:08 ET AA

Published on 05/12/2026 at 07:22 am EDT

May 2026

OUR VALUES

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Lead with Courage

Important information

Non-GAAP Financial Measures

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

Resources

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

Industry Leader in Bauxite, Alumina and Aluminum

Our Global Operations

Mine Refinery Smelter

Canada

Norway

$12.8B

Revenue

2025 at a Glance

$1.2B

Net income attributable to Alcoa

$2.0B

Adjusted EBITDA, excluding special items

United States

Iceland Spain

Guinea1

$1.2B

Cash from

operations

$2.4B

Total debt

$1.5B

Adjusted net debt

Brazil

14,900

Global employees2

Locations

Australia:

Countries

38mdmt

Bauxite produced

10mmt

Alumina produced

2.3mmt

Aluminum produced

ALCOA INVESTOR DAY 2025

Minority ownership, non-operating partner 4

Source: 2025 Alcoa Annual Report, as of December 31, 2025

Middle East conflict exacerbates margin pressure on global refineries

Alumina industry dynamics

Alumina demand at risk amid Middle East conflict; Global alumina prices remain weak

900

800

700

600

500

400

300

200

Platts Alumina FOB Aus, $/mt

308

900

800

700

600

500

400

300

200

SHFE Alumina, $/mt

391

Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25 Jan/26 Apr/26 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25 Jan/26 Apr/26

Alumina prices continue relative weakness while ongoing Middle East conflict reduces demand

Higher energy price, rising freight cost and weak alumina prices pressure global refinery margins

Approximately 4 Mmtpa of China refining capacity curtailed in 1Q26, including policy-related disruptions; higher alumina imports, particularly rerouted Middle East cargoes, potentially adds pressure on China domestic prices

Ongoing refining expansions/ramp-ups in China, Indonesia and India continue to weigh on the market; however, new smelter capacity, mainly

in Indonesia, should begin to absorb surplus alumina late in 2026

CIF China bauxite prices declined in 1Q26 following increased Guinea supply

While elevated freight provides some support, Guinea's export policy remains the key variable

Alcoa highlights ▪ Alcoa's alumina cost position provides resilience in low price environment

ALCOA INVESTOR DAY 2025

Very low exposure to spot energy prices due to long term contracts and financial hedges

Source: CRU, Platts, SHFE, Alcoa analysis; price updated as of May 5, 2026.

Aluminum prices and premiums supported by supply disruptions

Aluminum industry dynamics

LME aluminum price further rallies on supply disruptions

LME aluminum, $/mt

4,000

3,500

3,632

Regional primary aluminum balances - major regions, 2025 Mmt

5.1

3.4 1.1 1.2 1.7

3,000

2,500

-1.7

-3.0

-2.3

Middle

Russia

Africa

India

Australasia North

Europe

China

East1

America

ex-Russia

2,000

Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Jul/25 Oct/25 Jan/26 Apr/26 Jul/26

Middle East region is the largest primary exporter in the world

LME price +10% sequentially in 1Q26, supported by strength in underlying fundamentals and low inventory levels

Supply: announced curtailments have tightened the 2026 balance, and any additional Middle East disruption could further constrain availability; higher production costs anticipated on surging oil prices, impact on raw materials (calcined coke, pitch)

Demand: global demand growth in 2026 to be primarily driven by ex-China markets; however, a prolonged conflict could dampen demand via elevated energy costs and inflationary pressures - risks being monitored closely

North America and Europe remain with significant regional deficits, with regional and value add product (VAP) premiums in both regions having materially increased, on concerns of disruption to imports from the Middle East

ALCOA INVESTOR DAY 2025

Source: CRU, Platts, Alcoa analysis; price updated as of May 5, 2026; 1. Excludes Turkey

Alcoa highlights

1Q26 VAP volumes up sequentially

Increased inquiries for VAP volumes in Europe and North America due to impacts on Middle East supply

Maximizing value creation through balanced use of cash

Capital allocation framework and value creation considerations

Maintain strong balance sheet through the cycle

($1.0B to $1.5B Adjusted net debt target)

Capital allocation framework Maximize value creation

Return cash to stockholders

1Q26 dividend payments totaled $27 million

Capital expenditures to sustain and improve existing operations

Transform portfolio

Continue to take actions to optimize smelter and refinery capacity

Aggressively pursue productivity and competitiveness improvements

Maximize value creation

Return cash to

stockholders

Transform portfolio

Disciplined growth

Monetization of transformation assets

Disciplined value-creating growth

Fund projects that are expected to provide returns to stockholders greater than cost of capital

Offering a variety of value add aluminum products and P1020

Aluminum segment product offerings and end markets examples

SAFETY

Safety performance improved in 1Q26 for total injury rates

Focus remains on Critical Risk Management and Leader Time in Field

STRENGTH OF OUR OPERATIONS

Maintained stable operational performance, capturing higher metal prices

Remained agile amid Middle East conflict

Flexible casthouse capacity enabling additional value add opportunities

Experienced commercial, procurement and logistics teams supporting

Alcoa's operations and customers

STRATEGIC INITIATIVES

Progressed Australia mine approvals

Advanced transformation site monetization opportunity at Massena East

Successfully and safely completed San Ciprián smelter restart

Issued notice to redeem remaining 2028 Notes of $219M 11

1Q26 EPS of $1.60, Adjusted EPS of $1.40

Quarterly income statement summary

4Q25

1Q26

Change

Third party realized prices ($/mt)

Realized primary aluminum price

$3,749

$4,209

$460

Realized alumina price

$341

$324

$(17)

Income statement highlights (millions, except per share amounts)

Revenue

$3,449

$3,193

$(256)

Net income attributable to Alcoa Corporation

$213

$425

$212

Earnings per common share

$0.80

$1.60

$0.80

Adjusted income statement highlights (millions, except per share amounts)

Adjusted EBITDA excluding special items

$527

$595

$68

Adjusted net income attributable to Alcoa Corporation

$322

$373

$51

Adjusted earnings per common share

$1.21

$1.40

$0.19

Higher metal prices lift EBITDA despite lower seasonal volumes

1Q26 Sequential changes in Adjusted EBITDA excluding special items, $M

527

(26)

249

(16) (3) (6)

(30)

(55)

(49)

595

4Q25

1Q26

Change

Alumina1

$12

$(40)

$(52)

Aluminum1

520

694

174

Transformation

(27)

Intersegment eliminations

(46)

Other corporate

(31)

(39)

(8)

Total

$527

$595

$68

4Q25 Currency Metal

prices

API Raw materials

Energy Price/mix Volume Production

costs

Other 1Q26

1. Segment Adjusted EBITDA 13

Strong cash balance after typical 1Q working capital increase

Quarter cash bridge and 1Q26 Cash flow information, $M

12/31/25 to 03/31/26 Cash balance changes 1Q26 Cash flow information

595

1,597

(495)

(119)

(85) (17) (44)

100

(69) (15) (27) (68)

1,353

Working capital increased due to typical first quarter elevated accounts receivable and inventory, further impacted by high metal prices

Capital expenditures down $124 million sequentially to

$119 million in 1Q26

Environmental/ARO payments of $85 million including progress on Kwinana site remediation

Net additions to debt primarily associated with inventory repositioning

12/31/25

Adj.

Working

Capital

Env/

Restruct.

Cash

Interest

Elysis

Cash

Net

Other,

3/31/26

Cash

EBITDA

excl. specials

capital change

expenditures

ARO

payments

income tax payments

payments

investment

dividends additions

to debt

net

Cash

1Q26 Days working capital increased sequentially by thirteen days

Working capital build drove negative Free cash flow plus net NCI contributions of $298 million

Adjusted net debt increased on typical first quarter elevated working capital

Strong return on equity to start 2026

Key financial metrics, 1Q26

$1.4B1

Cash balance

$(298)M

Free cash flow

plus net NCI contributions

$1.8B

Adjusted net debt

$27M

Capital returns

to stockholders

48 Days

Days working

capital

21.9%

Return on

equity

Excludes $94 million of restricted cash 15

2026 Outlook

FY26 Key metrics as of March 31, 2026

Income statement excl. special items impacts

1Q26 YTD Actual

FY26 Outlook

Alumina production (Mmt)

2.4

9.7 - 9.9

Alumina shipments (Mmt)

2.8

11.8 - 12.0

Aluminum production (Mmt)

0.6

2.4 - 2.6

Aluminum shipments (Mmt)

0.6

2.6 - 2.8

Transformation (adj. EBITDA impacts)

$(27)M

~$(100)M

Intersegment eliminations (adj. EBITDA impacts)

$7M

Varies

Other corporate (adj. EBITDA impacts)

$(39)M

~$(160)M

Depreciation, depletion, and amortization

$162M

~$630M

Non-operating pension/OPEB expense

$8M

~$35M

Interest expense

$35M

~$135M

Operational tax expense1

$47M

Varies

Net loss of noncontrolling interest

$(7)M

25% of Spain JV NI

Cash flow impacts

1Q26 YTD Actual

FY26 Outlook

Pension / OPEB cash funding

$15M

~ $60M

Stock repurchases and dividends

$27M

Varies

Return-seeking capital expenditures

$5M

~$75M

Sustaining capital expenditures

$114M

~$675M

Net payment of prior year income taxes2

$33M

~$230M

Current period cash taxes1

$11M

Varies

Environmental and ARO payments3

$85M

~$360M

Impact of restructuring and other charges

$17M

TBD

Additional market sensitivities and business information are included in the appendix.

Estimate will vary with market conditions and jurisdictional profitability

Net of pending tax refunds 16

As of March 31, 2026, the environmental remediation reserve balance was $283M and the ARO liability was $1,393M

Middle East smelters rely on Strait of Hormuz for raw materials

Overview of the impacts of the Middle East conflict on the alumina market

Pre-disruption annual operating capacity (Mmt)

Arak (Iran)

0.2 Al

Regional smelter grade alumina balances - major regions, 2025 Mmt

Smelter Refinery

1.7

5.3 8.0

0.8

-8.8 -6.0 -5.2 -3.6 -3.2

Jajam (Iran)

0.1 Al

0.3 Ala

13.6

Ma'aden (KSA)

0.8 Al

2.0 Ala

Salco Asalouyeh (Iran)

0.3 Al

Hormozal and Bander Abbas (Iran)

Middle East

North America

Russia Europe

ex-Russia

Africa India China SE Asia C. & Australasia

South America

Alba (Bahrain)

1.6 Al

Qatalum (Qatar)

0.7 Al

EMAL/DUBAL (UAE)

2.7 Al

2.0 Ala

Sohar (Oman)

Middle East region is the largest alumina importer in the world

2.5Mmt of smelting and 2.0Mmt of refining annualized capacity offline 2026 to date, directly related to conflict

All alumina refineries in the Middle East are integrated with smelters in the region; Saudi Arabia has integrated local bauxite while UAE relies

Annualized regional capacity disrupted, 2026 to date (Mmt)

2.0 1.6

2.0

2.5

on bauxite imports (~6 Mmtpa)

Carbon products:

Middle East imports ~1 Mmtpa calcined coke, covering 1/3 of its

0.3 0.3 0.4

UAE Bahrain Qatar Iran Total

demand; local calciners running almost at capacity

Middle East supplies ~30% of world's crude oil; the conflict could

impact calcined coke production in other regions

Data: CRU, Alcoa Analysis

North America and Europe exposed to supply distributions

Overview of the impacts of the Middle East conflict on Alcoa's main regions

North America: 50% imports from the Middle East

Middle East1 primary aluminum exports by region, 2025

N. America:

1.1 Mmt

Europe:

1.4 Mmt Asia:

1.7 Mmt

Total aluminum imports, 2025 Mmt

VAP imports from the Middle East by shape,

% of total

Rod

Other:

1.0 Mmt

2.2

0.2

0.9

2025

Foundry

32%

6% Slab

55% Billet

Europe: billet, slab and foundry rely on imports from the Middle East

Increase in regional premiums since Feb 27 - $/mt2

+55%

153 208 174

Total aluminum imports, 2025 Mmt

4.5

VAP imports from the Middle East by shape,

% of total

Rod

+% change

+7%

U.S.

Midwest

Europe Rotterdam Duty Paid

+104%

CIF

Japan

M. East - primary

0.9

2025

Foundry

7% 27%

27%

Slab

39%

Billet

Data: CRU, Descartes Datamyne, Alcoa Analysis; Note: Europe includes EU, UK, Norway and Switzerland; N. America includes U.S., Canada and Mexico; 1. Excludes Turkey 2. As of April 13th, 2026.

Step change in safety culture

Reinforcing Critical Risk Management across the Company to prevent fatalities

Strengthening leaders' accountability and

field presence

Applying learnings to enhance incident

prevention

Targeted focus on energy hazards

License to operate

Australia mine approvals progressing:

Completed responses to comments received during the public comment period

Working collaboratively with the WA EPA

Timeline unchanged for Australia mine approvals

Australia Strategic Assessment secures

greater clarity on mining operations to 2045

Partnering with Brazil government to extend community services programs in the region

ABS delivering value

ABS and value delivery are fundamentally integrated

ABS principles - disciplined execution, clear leadership and visible accountability

Value delivered through an integrated

productivity and performance framework

Supports operations on full year financial targets, adapt in times of disruption

Forward momentum to deliver results in 2026

Accomplishments

Strengthened safety in 1Q26

Delivered strong operational performance

Remained agile in the midst of Middle East conflict

Completed San Ciprián smelter restart safely

Issued notice to redeem 2028 Notes

Steering forward

Focus on safety, stability and operational excellence

Continue to serve as a trusted supplier of choice

Execute disciplined capital allocation

Advance Australia mine approvals

Progress monetization of transformation asset sites

Disclaimer

Alcoa Corporation published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:21 UTC.