Alcoa Q3 Report 2023

• Increased third-party shipments of alumina by 11 percent and aluminum by 1 percent sequentially
• Generated $69 million in cash from operations, a sequential improvement of $82 million
• Finished the third quarter with a cash balance of $926 million
• Paid quarterly cash dividend of $0.10 per share of common stock, totaling $18 million
• Progressed process for Western Australia mine plan approvals
• Achieved multiple production records across the Canadian smelting system
• Initiated cost reduction program at the Kwinana refinery in Australia
• Gained greater market penetration for Alcoa’s SustanaTM line of low-carbon product

The Company’s total third-party revenue of $2.60 billion decreased from $2.68 billion in the prior quarter with lower average realized third-party prices for alumina and aluminum. Alumina decreased 2 percent and aluminum fell 9 percent, although those lower prices were partially offset by higher shipments in both the Alumina and Aluminum segments.

Adjusted EBITDA excluding special items was $70 million, a $67 million sequential decrease primarily
due to lower prices for aluminum and alumina, partially offset by lower raw material and production costs.