Alcoa — Jan 22, 2026 release

Alcoa expects 2026 total Aluminum segment production to range between 2.4 and 2.6 million metric tons, an increase from 2025 due to smelter restarts. In 2026, aluminum shipments are expected to range between 2.6 and 2.8 million metric tons. Within the first quarter 2026 Alumina Segment Adjusted EBITDA, the Company expects sequential unfavorable impacts of $30 million due to the typical first quarter impacts from the beginning of maintenance cycles and lower alumina shipments, as well as lower price and volume from bauxite offtake and supply agreements. For the first quarter 2026 Aluminum Segment Adjusted EBITDA, Alcoa expects sequential unfavorable impacts of $70 million due to the absence of Spain and Norway carbon dioxide compensation recognized in the fourth quarter 2025 and higher production costs associated with the restart of the San Ciprián smelter. Based on current alumina and aluminum market conditions, Alcoa expects first quarter 2026 operational tax expense to approximate $65 million to $75 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 Standard Time (EST) / 9:00 a.m. Australian Eastern Daylight Time (AEDT) on Thursday, January 22, 2026 / Friday, January 23, 2026, to present fourth quarter and full year 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 view