In the fourth quarter of 2025, Alcoa reported revenue of $3.45 billion, up 15 percent sequentially. GAAP net income was $226 million, or $0.85 per share, while adjusted net income rose to $335 million, or $1.26 per share, excluding $109 million of special items. Adjusted EBITDA excluding special items climbed to $546 million, an increase of $276 million from the prior quarter, driven by higher aluminum pricing, carbon‐dioxide compensation credits of $57 million in Spain and Norway, and the absence of asset retirement obligation charges recorded in Q3. These results reflect ongoing pricing strength and disciplined cost management at both the alumina and aluminum segments.

For the full year 2025, Alcoa generated $12.83 billion in revenue, an 8 percent increase over 2024. Net income attributable to shareholders was $1.17 billion, or $4.42 per share, compared with $60 million, or $0.26 per share, in 2024. Adjusted net income totaled $1.00 billion, or $3.77 per share, while adjusted EBITDA excluding special items reached $1.98 billion, up from $1.59 billion a year earlier. Cash from operations improved by $563 million to $1.17 billion, funding higher dividends and debt reduction initiatives.

Alumina production for Q4 increased 1 percent sequentially to 2.48 million metric tons, led by stronger output at Australian refineries. Aluminum smelter production rose 4 percent to 604,000 metric tons, reflecting progress on the San Ciprián restart in Spain. For the full year, aluminum production grew 5 percent year-over-year due to capacity restarts at Alumar (Brazil), San Ciprián (Spain), and Lista (Norway), although alumina production declined 4 percent following the Kwinana refinery closure. In Q4, alumina third-party shipments rose 5 percent, while aluminum shipments increased 9 percent sequentially on improved plant throughput and shipment timing.

At quarter-end, Alcoa held $1.6 billion in cash and generated $537 million of operating cash flow, a $452 million sequential improvement. The company redeemed $141 million of 2027 senior notes and paid $26 million in dividends, resulting in financing outflows of $166 million. Capital expenditures were $243 million, leaving free cash flow of $294 million. Full-year cash from operations totaled $1.2 billion, enabling reduction of total debt to $2.4 billion and adjusted net debt to $1.5 billion. Working capital days improved by 15 days to 35 days, driven by lower inventory and receivables balances.