Alcoa (AA) investor relations material

Executive summary

• Q3 revenue was $3.704B; net income attributable was $483M, or $1.81 per diluted share, and adjusted EBITDA excluding special items was $789M.

• Six YTD production records were achieved; aluminum production rose for a sixth consecutive quarter, Alumar’s restart was completed, and Pinjarra performance recovered.

Financial highlights

• Revenue declined 7% sequentially; net income attributable rose $76M to $483M, while adjusted net income was $485M, or $1.82 per share, versus $562M in Q2.

• Adjusted EBITDA excluding special items was $789M, down $112M sequentially; lower aluminum prices and shipments offset higher alumina prices and operating performance.

• Cash from operations was $643M and free cash flow was $472M; quarter-end cash was $4.408B, including $2.6B of debt proceeds.

• Realized primary aluminum price was $4,527/mt, down $225 sequentially; realized alumina price was $353/mt, up $19.

• Q3 special items included $32M of energy-contract gains, a $28M Ma’aden share gain, $25M of demolition and remediation costs, and $14M of AliGroup-related costs.

Outlook and guidance

• FY26 production and shipment outlook: alumina 9.5–9.6M and 11.5–11.6M metric tons; aluminum 2.4–2.6M and 2.6–2.8M metric tons.

• Q4 production and shipments are expected to rise in both segments; Alumina adjusted EBITDA is expected to remain consistent with Q3.

• Q4 Aluminum adjusted EBITDA is expected to face ~$30M of unfavorable sequential impacts from raw material costs and planned maintenance; alumina costs in Aluminum are also expected to be ~$30M unfavorable.

• FY26 sustaining capex is estimated at ~$685M, return-seeking capex at ~$65M, and environmental/ARO payments at $360M.

• Q4 operational tax expense is expected at $65M–$75M; other income is expected to increase ~$20M, partly from higher interest income on acquisition cash.