Alcoa — Oct 22, 2025 release

Within the fourth quarter 2025 Alumina Segment Adjusted EBITDA, the Company expects sequential favorable impacts of approximately $80 million due to the absence of charges to increase asset retirement obligations, higher shipments, and lower maintenance costs. For the fourth quarter 2025, the Aluminum segment expects sequential unfavorable impacts of approximately $20 million due to restart inefficiencies at the San Ciprián smelter, and lower third-party energy sales, partially offset by higher shipments. Tariff costs on higher U.S. imports of aluminum from Canada are expected to increase by approximately $50 million sequentially. Alumina costs in the Aluminum segment are expected to be favorable by approximately $45 million sequentially. Based on current alumina and aluminum market conditions, Alcoa expects fourth quarter 2025 operational tax expense to approximate $40 million to $50 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) / 8:00 a.m. Australian Eastern Daylight Time (AEDT) on Wednesday, October 22, 2025 / Thursday, October 23, 2025, to present third quarter 2025 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 October 22, 2025 / 7:15 a.m. AEDT on October 23, 2025. Call information and relate