Alcoa Corporation (AA)

Alcoa shares fall after announcing $4.1bn acquisition of South32 assets (AA)July 1, 2026 9:51 AM
IH Market News Alcoa expands upstream portfolio with major South32 deal Shares of Alcoa Corporation (NYSE:AA) declined nearly 5% in pre-market trading on Wednesday after the aluminium producer agreed to acquire South32’s bauxite, alumina and aluminium operations in a transaction valued at $4.1 billion. The acquisition includes South32’s stakes in the Boddington bauxite mine and Worsley alumina refinery in Western Australia, the Hillside aluminium smelter and the idled Bayside smelter property in South Africa, along with the Mineração Rio do Norte bauxite mine and the Alumar alumina refinery and aluminium smelter in Brazil. The Mozal aluminium smelter in Mozambique is not part of the agreement. Cash and shares form purchase consideration Under the terms of the deal, Alcoa will pay $3.1 billion in cash and issue approximately 17 million new shares valued at around $1.0 billion. Following completion, the newly issued shares will account for roughly 6% of Alcoa’s total shares outstanding. South32 could also receive up to $750 million through a contingent value right linked to future alumina and aluminium prices over four annual measurement periods beginning on July 1, 2026. Acquisition expected to boost earnings and cash flow Including net debt, primarily associated with financing leases, the transaction carries an implied enterprise value of approximately $4.7 billion. Alcoa expects the acquisition to generate synergies with a net present value of around $900 million and anticipates the deal will immediately enhance both earnings per share and free cash flow once completed. On a pro forma basis, the combined business would have produced approximately 3.2 million metric tonnes of aluminium and 14.8 million metric tonnes of alumina during 2025. To finance the acquisition, Alcoa has secured a fully committed $3.1 billion bridge financing facility from Goldman Sachs. Analysts see stronger vertical integration JPMorgan analyst Bill Peterson reiterated a Neutral rating on Alcoa shares with a $70 price target following the announcement. “While this deal has been hypothesized before, if approved, the transaction would meaningfully expand Alcoa’s vertical integration into strategically attractive bauxite, alumina, and smelting assets,” Peterson said. Closing targeted for first half of 2027 The acquisition is expected to close during the first half of 2027, subject to approval from South32 shareholders, regulatory clearances and the satisfaction of customary closing conditions. Alcoa Corporation stock priceThe post Alcoa shares fall after announcing $4.1bn acquisition of South32 assets (AA) appeared first on US Editors. Original: Alcoa shares fall after announcing $4.1bn acquisition of South32 assets (AA)

Alcoa Announces Strategic Acquisition of South32’s Bauxite, Alumina, and Aluminum Assets for $4.1 billionJune 30, 2026 5:35 PM
Business Wire Reinforces Alcoa’s position as a leading pure-play upstream aluminum company with an expanded portfolio of world-class bauxite, alumina, and aluminum assets South32 upfront consideration of $4.1 billion in cash and stock plus a contingent value right of up to $750 million, with payments based on agreed revenue-sharing linked to future alumina and aluminum prices Expected to generate significant synergies of approximately $900 million in net present value Expected to be accretive to Alcoa’s earnings per share and free cash flow immediately following closing Significantly enhances a critical source of production globally, strengthening Alcoa’s ability to serve customers at scale Investor conference call scheduled for today at 7:00pm EDT / July 1 at 9:00am AEST Alcoa Corporation (NYSE: AA, ASX: AAI) (“Alcoa” or the “Company”) today announced that it has entered into a definitive agreement to acquire South32 Limited’s (ASX: S32, LSE: S32.L, JSE: S32) (“South32”) interests in bauxite mine, alumina refinery and aluminum smelter operations in a cash and stock transaction for an upfront consideration of approximately $4.1 billion. The transaction represents an implied enterprise value of approximately $4.7 billion when including net debt primarily related to normal course financing leases. Alcoa has also agreed to provide South32 with a contingent value right (CVR) of up to $750 million. The acquisition will add a high-quality, low-cost, and globally diversified set of mining, refining and smelting assets, further strengthening Alcoa’s mine-to-metal platform, expanding its global footprint and increasing the Company’s ability to generate sustainable long-term value for shareholders. The acquisition also advances Alcoa’s disciplined, value-creating growth strategy and enhances its position as a leading pure-play upstream aluminum company with a more competitive portfolio of world-class assets in strategically important regions around the globe. South32’s operations are a strong strategic fit within Alcoa. Alcoa’s proven operating model, technical expertise, and commercial capabilities are expected to unlock meaningful performance improvements and synergies across the combined portfolio. Greater scale and integration are expected to reduce complexity, lower costs, and improve competitiveness while strengthening supply chain resilience across key jurisdictions. At the same time, the transaction is anticipated to deliver broad benefits to stakeholders worldwide. It enhances Alcoa’s secure and reliable global aluminum supply at a time of accelerating demand for critical minerals and metals. It reinforces Alcoa’s long-term commitment and investment in Australia and Brazil and establishes a new presence in South Africa. By strengthening industrial capacity in these regions, the transaction will support economic resilience and thousands of direct and indirect jobs across local communities. Executive Commentary “This is exactly the type of opportunity Alcoa is built to execute,” said William F. Oplinger, President and Chief Executive Officer of Alcoa. “These high-quality, globally relevant assets are a strong strategic fit within our portfolio and align directly with our strengths as a leading pure-play upstream aluminum company. With our proven operating model and global capabilities, we are well positioned to enhance performance, unlock value, and support their long-term success within Alcoa.” Mr. Oplinger continued, “Alcoa is defined by how we operate, combining operational excellence, commercial discipline, and a values-based approach that prioritizes safety, reliability, and partnership. By investing in this opportunity, we are underscoring our commitment to supply security for our customers, strengthening the communities in which we operate, and delivering responsibly produced materials that are essential to the global economy.” “The Board is pleased to support this transaction, which we believe strengthens Alcoa’s competitive position, supports long-term earnings and cash flow growth, and creates lasting value for our shareholders,” said Thomas J. Gorman, Chairman of the Board of Alcoa. “We remain committed to the employees and stakeholders whose contributions are central to the success of these operations.” Strong Strategic and Financial Rationale Strengthens leadership as a pure-play upstream aluminum company: Upon closing, Alcoa will be a leading global alumina and aluminum producer with CY2025 pro forma production of 3.2 Mmt aluminum and 14.8 Mmt alumina, enhancing its scale and global competitiveness while improving its position to capture growth in long-term demand. Represents a natural strategic fit: Alcoa is well positioned to own and operate these assets, given their alignment with its value-creation strategy, operational expertise, and proximity to existing operations. This is a logical industry consolidation of like assets. The combined expertise and operating model are expected to enhance performance and increase cost competitiveness over time. Greater integration across bauxite, alumina, and aluminum improves security of supply and diversifies mine-to-metal routes, strengthening our ability to serve customers globally. Culturally, Alcoa is a values-driven organization with a deep understanding of the central role it plays in communities where it operates, which will benefit and further support the regions in which the assets are located. Unlocks significant value through synergies: The transaction is expected to generate synergies of approximately $900 million in net present value through operational optimization across complementary assets and application of best practices. Consolidating the life of asset planning across the Western Australia mining and refining operations provides a considerable portion of the anticipated synergies. In addition, the transaction consolidates South32’s Brazilian joint venture interests in the Alumar alumina refinery and aluminum smelter and provides Alcoa with new growth opportunities and an entry point into South Africa through a globally competitive aluminum smelter. Delivers compelling financial benefits: The acquisition is expected to improve Alcoa’s proforma position of its global aluminum and alumina operations on the cost curves and enable stronger cash generation through the cycle. The transaction is also expected to be accretive to Alcoa’s earnings per share and free cash flow immediately following closing, increasing Alcoa’s potential for shareholder returns and additional investments. Transaction Details Under the terms of the agreement, Alcoa will acquire South32’s interests in the Boddington bauxite mine and the Worsley alumina refinery in Western Australia; the Hillside aluminum smelter and idled Bayside smelter property in South Africa; and the Mineração Rio do Norte (MRN) bauxite mine and the Alumar alumina refinery and aluminum smelter in Brazil. The transaction will exclude South32’s Mozal aluminum smelter in Mozambique. Alcoa will pay South32 an upfront consideration of $3.1 billion in cash and approximately 17.0 million newly issued Alcoa common stock carrying an implied value of approximately $1.0 billion1, for a total upfront consideration of approximately $4.1 billion. The newly issued Alcoa shares will represent approximately 6% of Alcoa’s outstanding shares post issuance. South32 may receive up to $750 million in aggregate according to terms of a CVR, which provides additional consideration if the average alumina or aluminum price exceeds the respective agreed strike price for each of four successive, annual periods, commencing on July 1, 2026. All, some or none of the CVR’s $750 million aggregate value may be paid at the end of each of the four annual periods. At the conclusion of the fourth annual period, the CVR will expire. Upon closing, South32 will distribute at least half of the Alcoa shares received as consideration directly to eligible South32 shareholders via an in-specie distribution; the remaining shares can be sold by South32 in an orderly manner. Alcoa has secured fully committed financing for the transaction in the form of an initial $3.1 billion bridge commitment from Goldman Sachs, which it plans to replace with cash from the balance sheet and permanent debt financing prior to transaction close. Alcoa remains focused on maintaining a strong balance sheet through the cycle and expects to manage its capital structure in a disciplined manner following closing. Transaction Timing and Closing Conditions The transaction is expected to close in the first half of 2027, subject to the approval of South32’s shareholders, the receipt of required regulatory approvals, and the satisfaction of certain other customary closing conditions. The transaction has been unanimously approved by both Alcoa’s and South32’s Board of Directors. Advisors Goldman Sachs & Co. LLC is acting as Alcoa’s financial advisor, and Ashurst Perkins Coie, Davis Polk & Wardwell LLP and Cleary Gottlieb Steen & Hamilton LLP are acting as legal advisors to Alcoa. Conference Call Alcoa will hold a conference call at 7:00 p.m. Eastern Time (EDT) on Tuesday, June 30, 2026 (9:00 a.m. AEST on Wednesday, July 1, 2026), to discuss today’s announcement. The call will be webcast via the Company’s homepage on www.Alcoa.com. Presentation materials for the call will be available for viewing on the same website prior to the call. The conference may also be accessed by calling 1-877-883-0383 (international callers dial 1-412-902-6506). When dialing in, reference the following Participant Entry Number 3610873. Participants may preregister for the conference call at https://event.choruscall.com/mediaframe/webcast.html?webcastid=laYoNqUv. 1Value of stock consideration based on 17.0 million shares and Alcoa’s 10-day volume weighted average price (VWAP) of $58.79 per share as of June 26, 2026. About Alcoa Corporation Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in alumina and aluminum products with a Vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating with excellence, care for people and lead with courage, our Purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate. Cautionary Note Regarding Forward-Looking Statements This communication 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 similar meaning. All statements by 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 the proposed transaction; the ability of the parties to complete the proposed transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the proposed transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the proposed transaction; the ability to complete any proposed debt financing in connection with the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections 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); statements 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 and 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. Forward-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 that 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 proposed transaction; (b) the prohibition or delay of the consummation of the proposed transaction by a governmental entity; (c) the risk that the proposed transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses resulting from the proposed transaction; (e) uncertainty of the expected financial performance following completion of the proposed transaction; (f) uncertainty of any contingent payment required to be made in connection with the proposed transaction following completion; (g) failure to realize the anticipated benefits of the proposed transaction; (h) the occurrence of any event that could give rise to termination of the proposed transaction; (i) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated 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 permits 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 materials 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 exchange 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 expectations 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 which 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 the Company’s stockholders (including as a result of the proposed 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 and other reports filed by Alcoa with the Securities and Exchange Commission (“SEC”). Certain illustrative pro forma information included in certain investor materials may differ materially from 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 as of the date they are made. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the Registration Statement. 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 for the accuracy and completeness of any of these forward-looking statements. No Offer or Solicitation This communication 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 communication relates to the proposed transaction. In connection with the proposed transaction, Alcoa plans to file with the SEC relevant materials, including a registration statement on Form S-4 that will include a prospectus of Alcoa (including documents incorporated by reference therein, the “Registration Statement”). 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 proposed transaction. Before making any investment decision, Alcoa’s investors and shareholders 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 will contain important information about Alcoa and the proposed transaction. Alcoa’s investors and shareholders will be 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/. View source version on businesswire.com: https://www.businesswire.com/news/home/20260630383627/en/ Investor Contact:
Jason Duty
(724) 316-4366
Jason.M.Duty @RayforPresidentLRH
Sarah.Ayer@alcoa.com Brunswick Group
alcoa@brunswickgroup.com Original: Alcoa Announces Strategic Acquisition of South32’s Bauxite, Alumina, and Aluminum Assets for $4.1 billion

Alcoa Announces Ratification of Labor Agreement at U.S. SmeltersJune 15, 2026 9:17 AM
Business Wire Alcoa Corporation (NYSE: AA, ASX: AAI) (“Alcoa” or the “Company”) announced the ratification of a new labor agreement with the United Steelworkers (USW) at the Company's U.S. smelters following a vote by union membership. The agreement was ratified by a wide margin and covers approximately 965 employees at Warrick Operations in Indiana and Massena Operations in New York. The agreement is effective from May 16, 2026, through May 15, 2030. We are pleased to have reached this outcome and appreciate the efforts of everyone involved in the negotiation and ratification process and remain focused on maintaining safe and reliable operations while serving our customers and communities. About Alcoa Corporation Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in alumina and aluminum products with a Vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating with excellence, care for people and lead with courage, our Purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate. Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260615778729/en/ Investor Contact:
Jason Duty
724-316-4366
Jason.M.Duty @wasjoeylynn-7622
Sarah.Ayer@alcoa.com Original: Alcoa Announces Ratification of Labor Agreement at U.S. Smelters

Alcoa Corporation Announces $65 Million Capital Investment in MosjøenMay 11, 2026 7:01 PM
Business Wire Alcoa Corporation (NYSE: AA, ASX: AAI) (“Alcoa” or the “Company”), today announced a $65 million investment to expand foundry production capabilities to include recycled content in the casting process at its Mosjøen smelter in Norway. The investment provides strategic benefits to the Company by further delivering low-carbon aluminum products that our customers demand in a key market, while incorporating post consumer recycled aluminum into its products for the first time. Since 2020, Alcoa has invested approximately $180 million in sustaining and return-seeking capital projects at the smelter. This additional investment of $65 million will expand and upgrade the Mosjøen casthouse, increasing production capacity by up to 75,000 metric tons. The investment reflects Alcoa’s response to evolving customer requirements, including recycled-content expectations in the automotive and packaging sectors, while strengthening its competitive position in Europe. The investment introduces a new open mold foundry casting line, melting furnaces and additional casthouse improvements that will enable Mosjøen to increase production capacity. The upgrade will also enable a broader foundry alloy portfolio, offering greater flexibility in ingot size and format, expanded alloy diversity, and enhanced recycled content capabilities. “This investment places Alcoa at the forefront of delivering low-carbon aluminum while creating long-term value for our customers and shareholders,” Alcoa President and CEO, William F. Oplinger. “The increased capacity, combined with recycling capabilities, positions Mosjøen as a cornerstone of low-carbon aluminum supply across Europe.” Mosjøen is one of the largest industrial employers in Northern Norway, with more than 700 direct employees and significant regional impact. The investment will help secure long-term activity, jobs and expertise in the Helgeland region, while also supporting local suppliers and contributing to broader industrial value creation in Norway. As a key part of the European aluminum value chain, Mosjøen plays an important role in delivering materials to the EU market. Stable and predictable framework conditions, including competitive long-term power arrangements, underpin the site’s competitiveness and support continued investment. The upgrade project is expected to be completed in phases, with commissioning and ramp-up scheduled to progress throughout 2028. About Alcoa Corporation Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in bauxite, alumina, and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and leading with courage, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate. Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release. Cautionary Statement on Forward-Looking Statements This press release contains statements that relate to future events and expectations relating to a capital investment and the expected impact 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,” “plans,” “potential,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-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 Corporation believes that 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. Factors which could cause actual results to differ from such forward-looking statements include, but are not limited to, industry, global, economic and other conditions. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation’s filings with the Securities and Exchange Commission. Alcoa Corporation 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511220292/en/ Investor Contact:
Jason Duty
724-316-4366
Jason.M.Duty @wasjoeylynn-7622
Sarah.Ayer@alcoa.com Original: Alcoa Corporation Announces $65 Million Capital Investment in Mosjøen

Alcoa Corporation Declares Quarterly Cash DividendMay 7, 2026 9:20 AM
Business Wire Alcoa Corporation (NYSE: AA; ASX: AAI) (“Alcoa” or the “Company”) today announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on June 5, 2026 to stockholders of record as of the close of business on May 19, 2026. About Alcoa Corporation Alcoa Corporation (NYSE: AA, ASX: AAI) is a global industry leader in bauxite, alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate. Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. The Company does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506106100/en/ Investor Contact:
Jason Duty
724-316-4366
Jason.M.Duty @wasjoeylynn-7622
Sarah.Ayer@alcoa.com Original: Alcoa Corporation Declares Quarterly Cash Dividend

Alcoa Corporation Reports First Quarter 2026 ResultsApril 16, 2026 4:10 PM
Business Wire
Alcoa Corporation (NYSE: AA; ASX: AAI) (Alcoa or the Company) today reported results for the first quarter 2026 that reflect improved profitability from higher aluminum prices.


Financial Results and Highlights




M, except per share amounts






1Q26






 






4Q25






 






1Q25






 








Revenue






$






3,193






 






$






3,449






 






$






3,369






 








Net income attributable to Alcoa Corporation






$






425






 






$






213






 






$






548






 








Earnings per common share






$






1.60






 






$






0.80






 






$






2.07






 








Adjusted net income attributable to Alcoa Corporation






$






373






 






$






322






 






$






568






 








Adjusted earnings per common share






$






1.40






 






$






1.21






 






$






2.15






 








Adjusted EBITDA excluding special items






$






595






 






$






527






 






$






855






 








Generated revenue of $3.2 billion



Net income attributable to Alcoa Corporation increased to $425 million, or $1.60 per share



Adjusted net income attributable to Alcoa Corporation increased to $373 million, or $1.40 per share



Adjusted EBITDA excluding special items increased to $595 million



Finished the first quarter 2026 with a cash balance of $1.4 billion



Continued disciplined capital allocation; issued notice to redeem in May 2026 the remaining $219 million of outstanding 6.125% Senior Notes due 2028



Continued the San Ciprián, Spain smelter restart; achieved safe completion in April 2026



“Our experienced team performed very well managing the impacts from the Middle East conflict and Cyclone Narelle,” said Alcoa President and CEO William F. Oplinger. “We delivered a solid quarter excluding shipment timing impacts, which we expect to realize in the second quarter of 2026.”


First Quarter 2026 Results



Production: Alumina production decreased 5 percent sequentially to 2.4 million metric tons primarily related to lower production at the Australian refineries due to the beginning of seasonal maintenance cycles. In the Aluminum segment, production was flat sequentially at 607,000 metric tons primarily due to continued progress on the San Ciprián smelter restart, partially offset by two fewer days in the period.



Shipments: In the Alumina segment, third-party shipments of alumina decreased 31 percent sequentially primarily due to lower sales of externally sourced alumina to fulfill customer commitments, seasonally lower first quarter shipments, and shipment delays in Australia primarily related to the Middle East conflict and Cyclone Narelle. In Aluminum, total shipments decreased 8 percent sequentially primarily due to proactive inventory repositioning within North America and decreased trading, partially offset by increased shipments related to the San Ciprián smelter restart.



Revenue: The Company’s total third-party revenue of $3.2 billion decreased 7 percent sequentially. In the Alumina segment, third-party revenue decreased 33 percent on lower alumina shipments, lower volumes and price from bauxite offtake and supply agreements, and a decrease in average realized third-party price of alumina. In the Aluminum segment, third-party revenue increased 3 percent on an increase in average realized third-party price, partially offset by lower shipments and impacts from certain energy contracts linked to metal pricing.



Net income attributable to Alcoa Corporation was $425 million, or $1.60 per share. Sequentially, the results reflect:


Increased aluminum prices;



Favorable mark-to-market change of $158 million on the Saudi Arabian Mining Company (Ma’aden) shares;



Non-recurrence of a charge to impair goodwill of $144 million recorded in the fourth quarter 2025;



Net favorable currency impacts, primarily due to gains recognized in Other income;

Partially offset by:



Net unfavorable tax impacts, primarily related to the non-recurrence of a valuation allowance reversal of $133 million on deferred tax assets of Alcoa World Alumina Brasil Ltda. in the fourth quarter 2025;



Non-recurrence of carbon dioxide compensation of $57 million recognized in the fourth quarter 2025;



Lower aluminum and alumina shipments; and,



Lower volumes and price from bauxite offtake and supply agreements.






Adjusted net income attributable to Alcoa Corporation was $373 million, or $1.40 per share, excluding the impact from net special items of $52 million. Notable special items include a mark-to-market gain on the Ma’aden shares of $88 million, partially offset by the corresponding tax impact.



Adjusted EBITDA excluding special items was $595 million, a sequential increase of $68 million primarily due to higher aluminum prices, partially offset by the non-recurrence of carbon dioxide compensation recognized in the fourth quarter 2025, lower aluminum and alumina shipments, unfavorable currency impacts, and lower volumes and price from bauxite offtake and supply agreements.



Cash: Alcoa ended the quarter with a cash balance of $1.4 billion. Cash used for operations was $179 million. Cash provided from financing activities was $60 million, primarily related to $100 million of net short-term borrowings primarily associated with inventory repositioning, partially offset by $27 million of cash dividends on stock. Cash used for investing activities was $129 million, primarily related to capital expenditures of $119 million.



Working capital: For the first quarter, Receivables from customers of $1.2 billion, Inventories of $2.3 billion and Accounts payable, trade of $1.8 billion comprised DWC working capital. Alcoa reported 48 days working capital, a sequential increase of 13 days primarily due to an increase in inventory days primarily on additional volumes in the Alumina segment from delayed shipments and an increase in accounts receivable days primarily on higher pricing for aluminum.



Key Actions



Notice of notes redemption: On April 14, 2026, the Company announced that its wholly-owned subsidiary, Alcoa Nederland Holding B.V., issued a notice to redeem the remaining $219 million aggregate principal amount of its outstanding 6.125% notes due in 2028. The notes will be redeemed on May 15, 2026 at a price equal to 100% of the principal amount, plus accrued and unpaid interest, using cash on hand.



San Ciprián smelter restart: On April 8, 2026, Alcoa announced the safe completion of the San Ciprián smelter restart. Throughout the restart process, the workforce maintained high standards of safety and efficiency, demonstrating commitment to operational excellence.



2026 Outlook


The Company 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, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.


Alcoa expects 2026 total Alumina segment production and shipments to remain unchanged from its prior projection, ranging between 9.7 to 9.9 million metric tons, and between 11.8 and 12.0 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts.


Alcoa expects 2026 total Aluminum segment production and shipments to remain unchanged from its prior projection, ranging between 2.4 and 2.6 million metric tons, and between 2.6 and 2.8 million metric tons, respectively.


Within the second quarter 2026 Alumina Segment Adjusted EBITDA, the Company expects sequential unfavorable impacts of approximately $15 million due to lower price and volumes from bauxite offtake agreements and higher energy prices, primarily diesel, due to the Middle East conflict.


For the second quarter 2026 Aluminum Segment Adjusted EBITDA, Alcoa expects sequential favorable impacts of approximately $55 million due to inventory repositioning actions taken in the first quarter 2026, higher shipments and product premiums, and lower production costs due to the completion of the San Ciprián smelter restart, partially offset by seasonally lower third-party energy sales. Based on recent higher LME and Midwest premium pricing and expected higher shipments, Section 232 tariff costs on U.S. imports of aluminum from Canada are expected to increase by approximately $35 million sequentially. Alumina costs in the Aluminum segment are expected to be favorable by approximately $20 million sequentially.


Based on current alumina and aluminum market conditions, Alcoa expects second quarter 2026 operational tax expense to approximate $110 million to $120 million, which may vary with market conditions and jurisdictional profitability.


Conference Call


Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) / 7:00 a.m. Australian Eastern Standard Time (AEST) on Thursday, April 16, 2026 / Friday, April 17, 2026, to present first quarter 2026 financial results and discuss the business, developments, and market conditions.


The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on April 16, 2026 / 6:15 a.m. AEST on April 17, 2026. Call information and related details are available under the “Investors” section of www.alcoa.com.


Dissemination of Company Information


Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release.


About Alcoa Corporation


Alcoa (NYSE: AA; ASX: AAI) is a global industry leader in bauxite, alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people, and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability, and stronger communities wherever we operate.


Discover more by visiting www.alcoa.com. Follow us on our social media channels: Facebook, Instagram, X, YouTube and LinkedIn.


Cautionary Statement on Forward-Looking Statements


This press release 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 similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections 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); statements 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 and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-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 Corporation believes that 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 impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) 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; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, 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; (s) our ability to obtain or maintain adequate insurance coverage; (t) 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; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) significant declines in the market value of our marketable securities; (w) our ability to fund capital expenditures; (x) deterioration in our credit profile or increases in interest rates; (y) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (z) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (aa) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (bb) labor market conditions, union disputes and other employee relations issues; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa with the SEC. Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. 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 for the accuracy and completeness of any of these forward-looking statements.


Non-GAAP Financial Measures


This press release 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 schedules to this release.



Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited)




(dollars in millions, except per-share amounts)










 



 






 






Quarter Ended






 








 






 






March 31, 2026






 






 






December 31, 2025






 






 






March 31, 2025






 








Sales






 






$






3,193






 






 






$






3,449






 






 






$






3,369






 








 






 






 






 






 






 






 






 






 






 








Cost of goods sold (exclusive of expenses below)






 






 






2,512






 






 






 






2,873






 






 






 






2,438






 








Selling, general administrative, and other expenses






 






 






83






 






 






 






68






 






 






 






71






 








Research and development expenses






 






 






10






 






 






 






(11






)






 






 






12






 








Provision for depreciation, depletion, and amortization






 






 






162






 






 






 






162






 






 






 






148






 








Impairment of goodwill






 






 






—






 






 






 






144






 






 






 






—






 








Restructuring and other charges, net






 






 






18






 






 






 






14






 






 






 






5






 








Interest expense






 






 






35






 






 






 






16






 






 






 






53






 








Other (income) expenses, net






 






 






(126






)






 






 






115






 






 






 






(26






)








Total costs and expenses






 






 






2,694






 






 






 






3,381






 






 






 






2,701






 








 






 






 






 






 






 






 






 






 






 








Income before income taxes






 






 






499






 






 






 






68






 






 






 






668






 








Provision for (benefit from) income taxes






 






 






82






 






 






 






(134






)






 






 






120






 








 






 






 






 






 






 






 






 






 






 








Net income






 






 






417






 






 






 






202






 






 






 






548






 








 






 






 






 






 






 






 






 






 






 








Less: Net loss attributable to noncontrolling interest






 






 






(8






)






 






 






(11






)






 






 






—






 








 






 






 






 






 






 






 






 






 






 








NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION






 






$






425






 






 






$






213






 






 






$






548






 








 






 






 






 






 






 






 






 






 






 








EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):






 






 






 






 






 






 






 






 






 








Basic:






 






 






 






 






 






 






 






 






 








Net income






 






$






1.61






 






 






$






0.81






 






 






$






2.08






 








Average number of common shares






 






 






263,650,023






 






 






 






260,928,232






 






 






 






258,747,899






 








 






 






 






 






 






 






 






 






 






 








Diluted:






 






 






 






 






 






 






 






 






 








Net income






 






$






1.60






 






 






$






0.80






 






 






$






2.07






 








Average number of common shares






 






 






265,689,699






 






 






 






263,299,637






 






 






 






260,366,376






 









(1)






For the quarters ended December 31, 2025 and March 31, 2025, undistributed earnings of $2 and $9, respectively, were allocated to preferred stock under the two-class method required by GAAP.









Alcoa Corporation and subsidiaries




Consolidated Balance Sheet (unaudited)




(in millions)













 



 






 






March 31, 2026






 






 






December 31, 2025






 








ASSETS






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 








Cash and cash equivalents






 






$






1,353






 






 






$






1,597






 








Receivables from customers






 






 






1,192






 






 






 






1,064






 








Other receivables






 






 






209






 






 






 






204






 








Inventories






 






 






2,297






 






 






 






2,177






 








Fair value of derivative instruments






 






 






122






 






 






 






49






 








Prepaid expenses and other current assets(1)






 






 






505






 






 






 






378






 








Total current assets






 






 






5,678






 






 






 






5,469






 








Properties, plants, and equipment






 






 






21,045






 






 






 






20,537






 








Less: accumulated depreciation, depletion, and amortization






 






 






14,184






 






 






 






13,837






 








Properties, plants, and equipment, net






 






 






6,861






 






 






 






6,700






 








Investments






 






 






491






 






 






 






477






 








Noncurrent marketable securities






 






 






1,485






 






 






 






1,397






 








Deferred income taxes






 






 






663






 






 






 






687






 








Fair value of derivative instruments






 






 






42






 






 






 






34






 








Other noncurrent assets(2)






 






 






1,420






 






 






 






1,365






 








Total assets






 






$






16,640






 






 






$






16,129






 








LIABILITIES






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 








Accounts payable, trade






 






$






1,771






 






 






$






1,938






 








Accrued compensation and retirement costs






 






 






349






 






 






 






383






 








Taxes, including income taxes






 






 






310






 






 






 






294






 








Fair value of derivative instruments






 






 






567






 






 






 






467






 








Other current liabilities






 






 






828






 






 






 






718






 








Long-term debt due within one year






 






 






1






 






 






 






1






 








Total current liabilities






 






 






3,826






 






 






 






3,801






 








Long-term debt, less amount due within one year






 






 






2,441






 






 






 






2,438






 








Accrued pension benefits






 






 






248






 






 






 






257






 








Accrued other postretirement benefits






 






 






421






 






 






 






427






 








Asset retirement obligations






 






 






1,094






 






 






 






1,120






 








Environmental remediation






 






 






203






 






 






 






206






 








Fair value of derivative instruments






 






 






916






 






 






 






1,134






 








Noncurrent income taxes






 






 






87






 






 






 






65






 








Other noncurrent liabilities and deferred credits






 






 






513






 






 






 






487






 








Total liabilities






 






 






9,749






 






 






 






9,935






 








MEZZANINE EQUITY






 






 






 






 






 






 








Noncontrolling interest






 






 






65






 






 






 






76






 








EQUITY






 






 






 






 






 






 








Common stock






 






 






3






 






 






 






3






 








Additional capital






 






 






11,577






 






 






 






11,575






 








Retained earnings (deficit)






 






 






127






 






 






 






(271






)








Accumulated other comprehensive loss






 






 






(4,881






)






 






 






(5,189






)








Total equity






 






 






6,826






 






 






 






6,118






 








Total liabilities, mezzanine equity, and equity






 






$






16,640






 






 






$






16,129






 









(1)






This line item includes $24 and $25 of current restricted cash at March 31, 2026 and December 31, 2025, respectively.








(2)






This line item includes $70 and $70 of noncurrent restricted cash at March 31, 2026 and December 31, 2025, respectively.









Alcoa Corporation and subsidiaries




Statement of Consolidated Cash Flows (unaudited)




(in millions)










 



 






 






Three Months Ended March 31,






 








 






 






2026






 






 






2025






 








CASH FROM OPERATIONS






 






 






 






 






 






 








Net income






 






$






417






 






 






$






548






 








Adjustments to reconcile net income to cash from operations:






 






 






 






 






 






 








Depreciation, depletion, and amortization






 






 






162






 






 






 






148






 








Deferred income taxes






 






 






76






 






 






 






50






 








Equity loss (income), net of dividends






 






 






6






 






 






 






(9






)








Restructuring and other charges, net






 






 






18






 






 






 






5






 








Net (gain) loss from investing activities – asset sales






 






 






(1






)






 






 






3






 








Mark-to-market gain on noncurrent marketable securities






 






 






(88






)






 






 






—






 








Net periodic pension benefit cost






 






 






6






 






 






 






5






 








Stock-based compensation






 






 






13






 






 






 






11






 








Gain on mark-to-market derivative financial contracts






 






 






(2






)






 






 






(5






)








Other






 






 






9






 






 






 






35






 








Changes in assets and liabilities, excluding effects of divestitures and foreign currency translation adjustments:






 






 






 






 






 






 








Increase in receivables






 






 






(117






)






 






 






(85






)








Increase in inventories






 






 






(183






)






 






 






(155






)








(Increase) decrease in prepaid expenses and other current assets






 






 






(7






)






 






 






87






 








Decrease in accounts payable, trade






 






 






(195






)






 






 






(206






)








Decrease in accrued expenses






 






 






(94






)






 






 






(206






)








Decrease in taxes, including income taxes






 






 






(26






)






 






 






(27






)








Pension contributions






 






 






(3






)






 






 






(12






)








Increase in noncurrent assets






 






 






(68






)






 






 






(47






)








Decrease in noncurrent liabilities






 






 






(102






)






 






 






(65






)








CASH (USED FOR) PROVIDED FROM OPERATIONS






 






 






(179






)






 






 






75






 








 






 






 






 






 






 






 








FINANCING ACTIVITIES






 






 






 






 






 






 








Additions to debt






 






 






104






 






 






 






1,033






 








Payments on debt






 






 






(4






)






 






 






(946






)








Dividends paid on Alcoa preferred stock






 






 






—






 






 






 






—






 








Dividends paid on Alcoa common stock






 






 






(27






)






 






 






(26






)








Payments related to tax withholding on stock-based compensation awards






 






 






(11






)






 






 






(5






)








Financial contributions for the divestiture of businesses






 






 






—






 






 






 






(2






)








Contributions from noncontrolling interest






 






 






—






 






 






 






27






 








Other






 






 






(2






)






 






 






(4






)








CASH PROVIDED FROM FINANCING ACTIVITIES






 






 






60






 






 






 






77






 








 






 






 






 






 






 






 








INVESTING ACTIVITIES






 






 






 






 






 






 








Capital expenditures






 






 






(119






)






 






 






(93






)








Proceeds from the sale of assets






 






 






4






 






 






 






—






 








Additions to investments






 






 






(15






)






 






 






(15






)








Other






 






 






1






 






 






 






—






 








CASH USED FOR INVESTING ACTIVITIES






 






 






(129






)






 






 






(108






)








 






 






 






 






 






 






 








EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH






 






 






3






 






 






 






12






 








Net change in cash and cash equivalents and restricted cash






 






 






(245






)






 






 






56






 








Cash and cash equivalents and restricted cash at beginning of year






 






 






1,692






 






 






 






1,234






 








CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD






 






$






1,447






 






 






$






1,290






 









Alcoa Corporation and subsidiaries




Segment Information (unaudited)




(dollars in millions, except realized prices; dry metric tons in millions (mdmt); metric tons in thousands (kmt))

























 



 






 






1Q25






 






 






2Q25






 






 






3Q25






 






 






4Q25






 






 






2025






 






 






1Q26






 








Alumina:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Bauxite production (mdmt)






 






 






9.5






 






 






 






9.3






 






 






 






9.3






 






 






 






9.4






 






 






 






37.5






 






 






 






9.1






 








Third-party bauxite shipments (mdmt)






 






 






3.0






 






 






 






2.9






 






 






 






1.7






 






 






 






2.4






 






 






 






10.0






 






 






 






2.1






 








Alumina production (kmt)






 






 






2,355






 






 






 






2,351






 






 






 






2,453






 






 






 






2,481






 






 






 






9,640






 






 






 






2,355






 








Third-party alumina shipments (kmt)






 






 






2,105






 






 






 






2,195






 






 






 






2,205






 






 






 






2,324






 






 






 






8,829






 






 






 






1,611






 








Intersegment alumina shipments (kmt)






 






 






1,093






 






 






 






1,089






 






 






 






1,112






 






 






 






1,177






 






 






 






4,471






 






 






 






1,186






 








Produced alumina shipments (kmt)






 






 






2,316






 






 






 






2,384






 






 






 






2,448






 






 






 






2,514






 






 






 






9,662






 






 






 






2,206






 








Average realized third-party price per metric ton of alumina






 






$






575






 






 






$






378






 






 






$






377






 






 






$






341






 






 






$






415






 






 






$






324






 








Adjusted operating cost per metric ton of produced alumina shipped






 






$






312






 






 






$






323






 






 






$






318






 






 






$






314






 






 






$






317






 






 






$






334






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Third-party bauxite sales






 






$






243






 






 






$






208






 






 






$






113






 






 






$






173






 






 






$






737






 






 






$






124






 








Third-party alumina sales






 






 






1,220






 






 






 






843






 






 






 






841






 






 






 






806






 






 






 






3,710






 






 






 






533






 








Intersegment alumina sales






 






 






712






 






 






 






467






 






 






 






474






 






 






 






457






 






 






 






2,110






 






 






 






445






 








Adjusted operating costs(1)






 






 






723






 






 






 






770






 






 






 






779






 






 






 






789






 






 






 






3,061






 






 






 






737






 








Other segment items(2)






 






 






788






 






 






 






609






 






 






 






582






 






 






 






635






 






 






 






2,614






 






 






 






405






 








Segment Adjusted EBITDA(3)






 






$






664






 






 






$






139






 






 






$






67






 






 






$






12






 






 






$






882






 






 






$






(40






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






$






76






 






 






$






80






 






 






$






88






 






 






$






86






 






 






$






330






 






 






$






86






 








Equity income (loss)






 






$






15






 






 






$






(9






)






 






$






—






 






 






$






—






 






 






$






6






 






 






$






—






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Aluminum:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Aluminum production (kmt)






 






 






564






 






 






 






572






 






 






 






579






 






 






 






604






 






 






 






2,319






 






 






 






607






 








Total aluminum shipments (kmt)






 






 






609






 






 






 






634






 






 






 






612






 






 






 






667






 






 






 






2,522






 






 






 






613






 








Produced aluminum shipments (kmt)






 






 






567






 






 






 






581






 






 






 






576






 






 






 






625






 






 






 






2,349






 






 






 






580






 








Average realized third-party price per metric ton of aluminum






 






$






3,213






 






 






$






3,143






 






 






$






3,374






 






 






$






3,749






 






 






$






3,376






 






 






$






4,209






 








Adjusted operating cost per metric ton of produced aluminum shipped






 






$






2,775






 






 






$






2,718






 






 






$






2,441






 






 






$






2,478






 






 






$






2,600






 






 






$






2,468






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Third-party sales






 






$






1,901






 






 






$






1,956






 






 






$






2,040






 






 






$






2,462






 






 






$






8,359






 






 






$






2,536






 








Intersegment sales






 






 






4






 






 






 






5






 






 






 






5






 






 






 






6






 






 






 






20






 






 






 






5






 








Adjusted operating costs(1)






 






 






1,574






 






 






 






1,578






 






 






 






1,406






 






 






 






1,549






 






 






 






6,107






 






 






 






1,430






 








Other segment items(2)






 






 






197






 






 






 






286






 






 






 






332






 






 






 






399






 






 






 






1,214






 






 






 






417






 








Segment Adjusted EBITDA(3)






 






$






134






 






 






$






97






 






 






$






307






 






 






$






520






 






 






$






1,058






 






 






$






694






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






$






67






 






 






$






66






 






 






$






67






 






 






$






70






 






 






$






270






 






 






$






71






 








Equity (loss) income






 






$






(6






)






 






$






3






 






 






$






—






 






 






$






—






 






 






$






(3






)






 






$






—






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation of Total Segment Adjusted EBITDA to Consolidated net income attributable to Alcoa Corporation:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Segment Adjusted EBITDA(3)






 






$






798






 






 






$






236






 






 






$






374






 






 






$






532






 






 






$






1,940






 






 






$






654






 








Unallocated amounts:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Transformation(4)






 






 






(12






)






 






 






(21






)






 






 






(20






)






 






 






(27






)






 






 






(80






)






 






 






(27






)








Intersegment eliminations






 






 






103






 






 






 






135






 






 






 






(39






)






 






 






53






 






 






 






252






 






 






 






7






 








Corporate expenses(5)






 






 






(37






)






 






 






(45






)






 






 






(42






)






 






 






(26






)






 






 






(150






)






 






 






(39






)








Provision for depreciation, depletion, and amortization






 






 






(148






)






 






 






(153






)






 






 






(160






)






 






 






(162






)






 






 






(623






)






 






 






(162






)








Impairment of goodwill






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(144






)






 






 






(144






)






 






 






—






 








Restructuring and other charges, net






 






 






(5






)






 






 






(14






)






 






 






(885






)






 






 






(14






)






 






 






(918






)






 






 






(18






)








Interest expense






 






 






(53






)






 






 






(56






)






 






 






(33






)






 






 






(16






)






 






 






(158






)






 






 






(35






)








Other income (expenses), net






 






 






26






 






 






 






112






 






 






 






1,034






 






 






 






(115






)






 






 






1,057






 






 






 






126






 








Other(6)






 






 






(4






)






 






 






(33






)






 






 






(62






)






 






 






(13






)






 






 






(112






)






 






 






(7






)








Consolidated income before income taxes






 






 






668






 






 






 






161






 






 






 






167






 






 






 






68






 






 






 






1,064






 






 






 






499






 








(Provision for) benefit from income taxes






 






 






(120






)






 






 






(10






)






 






 






51






 






 






 






134






 






 






 






55






 






 






 






(82






)








Net loss attributable to noncontrolling interest






 






 






—






 






 






 






13






 






 






 






14






 






 






 






11






 






 






 






38






 






 






 






8






 








Consolidated net income attributable to Alcoa Corporation






 






$






548






 






 






$






164






 






 






$






232






 






 






$






213






 






 






$






1,157






 






 






$






425






 









The difference between segment totals and consolidated amounts is in Corporate.








(1)






Adjusted operating costs includes all production related costs for alumina or aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses.








(2)






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.








(3)






Alcoa Corporation’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) 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. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.








(4)






Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.








(5)






Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.








(6)






Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.









Alcoa Corporation and subsidiaries




Calculation of Financial Measures (unaudited)




(in millions, except per-share amounts)










 



Adjusted Income






 






Quarter ended






 








 






 






March 31, 2026






 






 






December 31, 2025






 






 






March 31, 2025






 








Net income attributable to Alcoa Corporation






 






$






425






 






 






$






213






 






 






$






548






 








 






 






 






 






 






 






 






 






 






 








Special items:






 






 






 






 






 






 






 






 






 








Restructuring and other charges, net






 






 






18






 






 






 






14






 






 






 






5






 








Other special items(1)






 






 






(104






)






 






 






235






 






 






 






11






 








Discrete and other tax items impacts(2)






 






 






13






 






 






 






(126






)






 






 






2






 








Tax impact on special items(3)






 






 






22






 






 






 






(13






)






 






 






2






 








Noncontrolling interest impact(3)






 






 






(1






)






 






 






(1






)






 






 






—






 








Subtotal






 






 






(52






)






 






 






109






 






 






 






20






 








 






 






 






 






 






 






 






 






 






 








Net income attributable to Alcoa Corporation – as adjusted






 






$






373






 






 






$






322






 






 






$






568






 








 






 






 






 






 






 






 






 






 






 








Diluted EPS(4):






 






 






 






 






 






 






 






 






 








Net income attributable to Alcoa Corporation common shareholders






 






$






1.60






 






 






$






0.80






 






 






$






2.07






 








 






 






 






 






 






 






 






 






 






 








Net income attributable to Alcoa Corporation common shareholders – as adjusted






 






$






1.40






 






 






$






1.21






 






 






$






2.15






 








 






 






 






 






 






 






 






 






 






 









Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews the operating results of Alcoa Corporation excluding the impacts of restructuring and other charges, various tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes it is appropriate to consider Net income attributable to Alcoa Corporation and Diluted EPS determined under GAAP as well as Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted.








 



(1)






Other special items include the following:










for the quarter ended March 31, 2026, a favorable mark-to-market change on the shares of Ma'aden ($88), an insurance settlement for property damage incurred in 2024 ($22), a net unfavorable change in mark-to-market foreign exchange derivative instruments ($20), a net favorable change in mark-to-market energy derivative instruments ($19), costs related to the restart process at the San Ciprián, Spain smelter ($3), external costs related to portfolio actions ($3), and a net benefit for other special items ($1);



for the quarter ended December 31, 2025, a goodwill impairment charge ($144), an unfavorable mark-to-market change on the shares of Ma'aden ($70), a net unfavorable change in mark-to-market foreign exchange derivative instruments ($13), costs related to the restart process at the San Ciprián smelter ($6), external costs related to portfolio actions ($3), a net favorable change in mark-to-market energy derivative instruments ($2), and net charges for other special items ($1); and,



for the quarter ended March 31, 2025, a charge for debt settlement expenses ($12), a net favorable change in mark-to-market energy derivative instruments ($5), external costs related to portfolio actions ($3), costs related to the restart process at the San Ciprián smelter ($2), and a benefit for other special items ($1).








(2)






Discrete and other tax items are generally unusual or infrequently occurring items, changes in law, items associated with uncertain tax positions, or the effect of measurement-period adjustments and include the following:










for the quarter ended March 31, 2026, a net charge for discrete tax items ($13);



for the quarter ended December 31, 2025, a benefit related to the reversal of a valuation allowance on deferred tax assets of Alcoa World Alumina Brasil Ltda. ($133) and a net charge for other discrete tax items ($7); and,



for the quarter ended March 31, 2025, a net charge for discrete tax items ($2).








(3)






The tax impact on special items is based on the applicable statutory rates in the jurisdictions where the special items occurred. The noncontrolling interest impact on special items represents Alcoa’s partner’s share of certain special items.








 



(4)






For the quarter ended December 31, 2025, undistributed earnings of $2 and undistributed earnings – as adjusted of $3 were allocated to preferred stock under the two-class method. For the quarter ended March 31, 2025, undistributed earnings of $9 and undistributed earnings – as adjusted of $9 were allocated to preferred stock under the two-class method.









Alcoa Corporation and subsidiaries




Calculation of Financial Measures (unaudited), continued




(in millions)










 



Adjusted EBITDA






 






Quarter ended






 








 






 






March 31, 2026






 






 






December 31, 2025






 






 






March 31, 2025






 








 






 






 






 






 






 






 






 






 






 








Net income attributable to Alcoa Corporation






 






$






425






 






 






$






213






 






 






$






548






 








 






 






 






 






 






 






 






 






 






 








Add:






 






 






 






 






 






 






 






 






 








Net loss attributable to noncontrolling interest






 






 






(8






)






 






 






(11






)






 






 






—






 








Provision for (benefit from) income taxes






 






 






82






 






 






 






(134






)






 






 






120






 








Other (income) expenses, net






 






 






(126






)






 






 






115






 






 






 






(26






)








Interest expense






 






 






35






 






 






 






16






 






 






 






53






 








Restructuring and other charges, net






 






 






18






 






 






 






14






 






 






 






5






 








Impairment of goodwill






 






 






—






 






 






 






144






 






 






 






—






 








Provision for depreciation, depletion, and amortization






 






 






162






 






 






 






162






 






 






 






148






 








 






 






 






 






 






 






 






 






 






 








Adjusted EBITDA






 






 






588






 






 






 






519






 






 






 






848






 








 






 






 






 






 






 






 






 






 






 








Special items(1)






 






 






7






 






 






 






8






 






 






 






7






 








 






 






 






 






 






 






 






 






 






 








Adjusted EBITDA, excluding special items






 






$






595






 






 






$






527






 






 






$






855






 









Alcoa Corporation’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) 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.








 



(1)






Special items include the following (see reconciliation of Adjusted Income above for additional information):










for the quarter ended March 31, 2026, the mark-to-market contracts associated with the Portland, Australia smelter generated losses ($8) in Other (income) expenses, net which economically increase the cost of power recorded in Cost of goods sold and the mark-to-market contracts associated with the San Ciprián refinery and smelter generated gains ($6) in Other (income) expenses, net which economically offset a portion of foreign currency impacts recorded in Cost of goods sold. These non-GAAP reclasses present the total cost of power and net foreign currency impacts within Cost of goods sold. Special items also include costs related to the restart process at the San Ciprián smelter ($3), external costs related to portfolio actions ($3), and charges for other special items ($3);



for the quarter ended December 31, 2025, total cost of power and net foreign currency impacts associated with the Portland smelter ($9) and San Ciprián refinery and smelter ($7), respectively, costs related to the restart process at the San Ciprián smelter ($6), external costs related to portfolio actions ($3), and charges for other special items ($1); and,



for the quarter ended March 31, 2025, external costs related to portfolio actions ($3), net cost of power associated with the Portland smelter ($2), and costs related to the restart process at the San Ciprián smelter ($2).









Alcoa Corporation and subsidiaries




Calculation of Financial Measures (unaudited), continued




(in millions)










 



Free Cash Flow






 






Quarter ended






 








 






 






March 31, 2026






 






 






December 31, 2025






 






 






March 31, 2025






 








Cash (used for) provided from operations






 






$






(179






)






 






$






537






 






 






$






75






 








 






 






 






 






 






 






 






 






 






 








Capital expenditures






 






 






(119






)






 






 






(243






)






 






 






(93






)








 






 






 






 






 






 






 






 






 






 








Free cash flow






 






$






(298






)






 






$






294






 






 






$






(18






)



















 



Free cash flow is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations. It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.









Net Debt and Adjusted Net Debt













 



 






 






March 31, 2026






 






 






December 31, 2025






 








Short-term borrowings






 






$






109






 






 






$






9






 








Long-term debt due within one year






 






 






1






 






 






 






1






 








Long-term debt, less amount due within one year






 






 






2,441






 






 






 






2,438






 








Total debt






 






 






2,551






 






 






 






2,448






 








 






 






 






 






 






 






 








Less: Cash and cash equivalents






 






 






1,353






 






 






 






1,597






 








 






 






 






 






 






 






 








Net debt






 






 






1,198






 






 






 






851






 








 






 






 






 






 






 






 








Plus: Net pension / OPEB liability






 






 






594






 






 






 






613






 








 






 






 






 






 






 






 








Adjusted net debt






 






$






1,792






 






 






$






1,464






 















 



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 also 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.









Alcoa Corporation and subsidiaries




Calculation of Financial Measures (unaudited), continued




(in millions)










 



DWC Working Capital and Days Working Capital










 



 






 






Quarter ended






 








 






 






March 31, 2026






 






 






December 31, 2025






 






 






March 31, 2025






 








Receivables from customers






 






$






1,192






 






 






$






1,064






 






 






$






1,203






 








 






 






 






 






 






 






 






 






 






 








Add: Inventories






 






 






2,297






 






 






 






2,177






 






 






 






2,182






 








 






 






 






 






 






 






 






 






 






 








Less: Accounts payable, trade






 






 






(1,771






)






 






 






(1,938






)






 






 






(1,629






)








 






 






 






 






 






 






 






 






 






 








DWC working capital






 






$






1,718






 






 






$






1,303






 






 






$






1,756






 








 






 






 






 






 






 






 






 






 






 








Sales






 






$






3,193






 






 






$






3,449






 






 






$






3,369






 








 






 






 






 






 






 






 






 






 






 








Number of days in the quarter






 






 






90






 






 






 






92






 






 






 






90






 








 






 






 






 






 






 






 






 






 






 








Days working capital(1)






 






 






48






 






 






 






35






 






 






 






47






 









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.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260412292928/en/
Investor Contact: Jason Duty +1 724 316 4366 Jason.M.Duty@alcoa.com

Media Contact: Sarah Ayer +1 412 965 7622 Sarah.Ayer@alcoa.com


Original: Alcoa Corporation Reports First Quarter 2026 Results