Alcoa (AA) Investor presentation summary

Strategic transactions and portfolio updates

• Completed acquisition of Alumina Limited, increasing exposure to alumina market improvements and providing tax consolidation benefits of approximately $100M in cash.

• Announced sale of 25.1% stake in Ma'aden joint ventures for about $1.1 billion, including $950M in Ma'aden stock and $150M in cash, expected to close in 1H 2025.

• Extended and enhanced a long-term alumina supply contract with Alba, strengthening position as a premier global alumina supplier.

• Progressed strategic partnership for San Ciprián with IGNIS, targeting decarbonized growth and improved access to green energy.

Operational and financial performance

• Achieved no fatal or serious injuries in 3Q24, with a continued focus on safety and critical risk management.

• Revenue for 3Q24 was $2.9B, with net income rising to $90M and adjusted EBITDA (excluding special items) increasing to $455M.

• Adjusted net income attributable to the corporation reached $135M, with adjusted earnings per share at $0.57.

• Year-to-date return on equity turned positive at 0.6%, and cash balance at quarter-end was $1.3B.

• Working capital increased to 45 days, mainly due to shipment timing.

Market dynamics and outlook

• Alumina market remains tight due to supply disruptions and curtailments, with strong demand from smelter production growth.

• Global aluminum demand at record levels, with recovery in packaging and steady growth in building and construction; supply growth is limited long-term.

• China’s aluminum production is nearing its 45Mmt cap, and new trade defense actions are impacting global flows.