AA

EX-99.1

2 aa-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Alcoa Corporation Reports Third Quarter 2026 Results

PITTSBURGH--(BUSINESS WIRE)--October 15, 2026--Alcoa Corporation (NYSE: AA; ASX: AAI) (Alcoa or the Company) today reported results for the third quarter 2026, a period that included strong cash generation and continued progress on the Company’s operational and strategic priorities.

Financial Results and Highlights

M, except per share amounts

3Q26

2Q26

3Q25

Revenue

$

3,704

$

3,966

$

2,995

Net income attributable to Alcoa Corporation

$

483

$

407

$

232

Earnings per common share

$

1.81

$

1.53

$

0.88

Adjusted net income (loss) attributable to Alcoa Corporation

$

485

$

562

$

(6

)

Adjusted earnings (loss) per common share

$

1.82

$

2.12

$

(0.02

)

Adjusted EBITDA excluding special items

$

789

$

901

$

270

• Generated revenue of $3.7 billion

• Net income attributable to Alcoa Corporation increased to $483 million, or $1.81 per share

• Adjusted net income attributable to Alcoa Corporation was $485 million, or $1.82 per share

• Adjusted EBITDA excluding special items was $789 million

• Generated $643 million in cash from operations; free cash flow was $472 million

• Finished the third quarter 2026 with a cash balance of $4.4 billion, including $2.6 billion of financing obtained for the acquisition of South32 Limited’s (South32) interests in its bauxite, alumina, and aluminum assets (referred to as AliGroup)

• Increased aluminum production for the sixth consecutive quarter; set year-to-date production records at five smelters and one refinery

• Completed the restart of the Alumar, Brazil smelter

• Advanced AliGroup acquisition; South32 received shareholder approval on October 15, 2026

• Entered into definitive sale agreements for portions of the Massena East, New York site, with potential proceeds of up to $315 million

“During the third quarter, we advanced the AliGroup acquisition, delivered improved refinery performance, and increased production across our smelting portfolio,” said Alcoa President and CEO William F. Oplinger. “As we look ahead, we remain focused on strengthening safety performance, sustaining operational stability, and building on this momentum as we work toward closing the AliGroup acquisition in the first half of 2027.”

1

Third Quarter 2026 Results

• Production: Alumina production increased 11 percent sequentially to 2.5 million metric tons primarily due to improved stability at the Pinjarra, Australia refinery. In the Aluminum segment, production increased 2 percent sequentially to 649,000 metric tons primarily due to capacity restarts completed in the second quarter 2026 and the completion of the Alumar smelter restart in the third quarter 2026.

• Shipments: In the Alumina segment, third-party shipments of alumina increased 2 percent sequentially primarily due to higher production. In Aluminum, total shipments decreased 5 percent sequentially following elevated second quarter 2026 shipment volumes associated with first quarter inventory repositioning.

• Revenue: The Company generated third-party revenue of $3.7 billion, a 7 percent sequential decrease. Alumina segment third-party revenue increased 7 percent, supported by higher average realized alumina prices and shipments. Aluminum segment third-party revenue reflected lower shipments and average realized prices, resulting in a 9 percent sequential decrease.

• Net income attributable to Alcoa Corporation was $483 million, or $1.81 per share. Sequentially, the results reflect favorable mark-to-market changes on the Saudi Arabian Mining Company (Ma’aden) shares and energy contracts, improved production costs, and higher alumina prices, partially offset by lower aluminum prices and shipments.

• Adjusted net income attributable to Alcoa Corporation was $485 million, or $1.82 per share, excluding the impact from net special items of $2 million. Notable special items include mark-to-market gains on energy contracts of $32 million, a mark-to-market gain on the Ma’aden shares of $28 million, demolition and remediation costs at closed locations of $25 million, and external costs related to the AliGroup acquisition of $14 million.

• Adjusted EBITDA excluding special items was $789 million, as improved production costs in both the Aluminum and Alumina segments and higher alumina prices were more than offset by lower aluminum prices and shipments, resulting in a sequential decrease of $112 million.

• Cash: Cash provided from operations was $643 million. Cash provided from financing activities was $2.6 billion, reflecting financing obtained for the AliGroup acquisition. Cash used for investing activities was $183 million, including capital expenditures of $171 million. Free cash flow was $472 million. Alcoa ended the quarter with a cash balance of $4.4 billion.

• Working capital: For the third quarter, Receivables from customers of $1.3 billion, Inventories of $2.6 billion and Accou

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