Alcoa Half-Year Report 2023

Second Quarter
• Generated revenue of $2.68 billion
• Posted Net loss attributable to Alcoa of $102 million, or $0.57 per share, an improvement of 56 percent
sequentially
• Recorded Adjusted EBITDA excluding special items of $137 million
• Finished the second quarter with a cash balance of $1.0 billion
• Paid quarterly cash dividend of $0.10 per share of common stock, totaling $18 million
• Completed the Company’s sixth pension annuity transaction for a total transfer of approximately $3.6
billion in pension obligations and assets since 2018
• Executed new multi-year agreement to supply up to 15.6 million metric tons of alumina to Emirates Global
Aluminium over an 8-year period commencing in 2024

The Company’s total third-party revenue of $2.68 billion increased 1 percent sequentially with higher shipments in both the Alumina and Aluminum segments, which partially offset lower average realized third-party prices for alumina and aluminum of 2 percent and 5 percent, respectively.

Adjusted EBITDA excluding special items was $137 million, a $103 million sequential decrease due primarily to higher Alumina segment production costs and lower prices for aluminum.