Alcoa Corp

and Australian governments to advance the development of a gallium plant to be co-located at the Wagerup refinery in Australia • Finished the third quarter 2025 with a cash balance of $1.5 billion, including full repayment of a $74 million term loan “During the third quarter, we continued to deliver on operational stability and the optimization of our portfolio,” said Alcoa President and CEO William F.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Cash used for financing activities was $105 million, primarily related to $74 million for the full repayment of a term loan and $26 million of cash dividends on stock.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Cash used for investing activities was $11 million, primarily related to capital expenditures of $151 million, partially offset by cash received from the sale of interest in the Ma’aden joint venture of $150 million.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

• Term loan: In September 2025, the Company fully repaid $74 million drawn under a term loan and cancelled the agreement.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

For the quarter ended June 30, 2025, dividends paid on preferred stock were $1 and undistributed earnings of $1 were allocated to preferred stock under the two-class method required by GAAP.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

For the quarter ended June 30, 2025, dividends paid on preferred stock were $1 and undistributed earnings of $1 were allocated to preferred stock under the two-class method.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

“Looking ahead to the fourth quarter, we will focus on safety, stability, and continuous improvement to increase overall profitability, while we progress Australia mine approvals.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

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; and statements about capital allocation and return of capital.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

The CODM regularly reviews Segment Adjusted EBITDA to assess performance and allocate resources (including employees, property, and financial or capital resources) in the planning and strategic review process.

SEC original ↗Alcoa Corp — 10-Q Quarterly report10-QJul 30, 2026

The fair value hierarchy consists of three levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

SEC original ↗Alcoa Corp — 10-Q Quarterly report10-QJul 30, 2026

Alcoa Corporation s commodity and derivative activities are subject to the management, direction, and control of the Strategic Risk Management Committee (SRMC), which consists of at least three members, including the chief executive officer, the chief financial officer, and the chief commercial officer.

SEC original ↗Alcoa Corp — 10-Q Quarterly report10-QJul 30, 2026

Sequentially, the results reflect increased tariff costs on imported aluminum, charges to increase asset retirement obligations primarily in Brazil, unfavorable currency impacts, and lower alumina prices, partially offset by higher aluminum prices.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

aluminum production more than offset the net unfavorable impact of the Midwest premium and tariff costs on imports of aluminum from its Canadian smelters to U.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

• Adjusted EBITDA excluding special items was $270 million, a sequential decrease of $43 million primarily due to increased tariff costs on imported aluminum, charges to increase asset retirement obligations, unfavorable currency impacts, and lower alumina prices, partially offset by higher aluminum prices.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Tariff costs on higher U.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

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.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025

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.

SEC original ↗Alcoa Corp — Earnings release (8-K exhibit)EX-99Oct 22, 2025