Alcoa Q1 Report 2023

First Quarter Highlights:

• Generated revenue of $2.7 billion
• Posted sequential improvements in Net loss attributable to Alcoa of $164 million and Adjusted EBITDA
excluding special items of $211 million
• Finished the first quarter with a cash balance of $1.1 billion
• Paid a cash dividend of $0.10 per share of common stock, totaling $18 million
• Negotiated an updated agreement for the phased restart of the San Ciprián smelter in Spain, beginning in
2024
• Announced permanent closure of the Intalco aluminum smelter in Washington State
• Expanded EcoSourceTM brand of low carbon alumina to include non-metallurgical grades, in addition to
smelter grade

The Company’s total third-party revenue of $2.7 billion was consistent with the prior quarter as higher prices in both the Alumina and Aluminum segments were offset by decreased shipments. Sequentially, the average realized third-party price of alumina increased 8 percent and the average realized third-party price of aluminum increased 7 percent.