Alcoa Corporation's management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
Management's fullest account of the business: assets by region, cost position, market structure and the five-year capital plan. · Open the full document →
p. 8 — The whole company on one page: mines, refineries and smelters across eight countries, with 2024 revenue, EBITDA and volumes. · Open the full presentation →p. 9 — Five-year scorecard — cumulative EBITDA, debt reduction and cash returned — the baseline this management is measured against. · Open the full presentation →p. 14 — Where Alcoa sits on the industry cost curves: first-quartile bauxite and alumina, third-quartile aluminum. · Open the full presentation →p. 21 — The four steps of the business — mining, refining, smelting, casting — and what Alcoa claims to be good at in each. · Open the full presentation →p. 24 — What the Alcoa Business System has produced: safety, refinery digestion yield and $80M+ of annual productivity gains. · Open the full presentation →p. 27 — Every operating site by type, from Guinea bauxite to Icelandic smelters — the physical footprint behind the two segments. · Open the full presentation →p. 28 — North America: five smelters and one calciner with capacity by site. Two of the four remaining U.S. smelters are Alcoa's. · Open the full presentation →p. 30 — Australia: two bauxite mines feeding two refineries, plus the Portland smelter — the core of the Alumina segment. · Open the full presentation →p. 31 — Australian refinery performance through a period of falling bauxite grades: recovery rates and production per day. · Open the full presentation →p. 32 — The Myara North approval timeline — the permitting steps standing between Alcoa and higher-grade Australian bauxite. · Open the full presentation →p. 33 — Europe: Norwegian and Icelandic smelters plus San Ciprián, where 800 kmtpa of refining and 163 kmtpa of smelting sit curtailed. · Open the full presentation →p. 35 — Brazil: Juruti and Poços de Caldas mining with the Alumar refinery and smelter — an integrated position in one country. · Open the full presentation →p. 37 — The low-capital growth case: casthouse expansion at Bécancour and smelter creep at Mosjøen versus the cost of building new. · Open the full presentation →p. 44 — Why location matters — North America and Europe run structural deficits, and 95% of Alcoa's sales price off those premiums. · Open the full presentation →p. 45 — Section 232 tariffs and the EU's CBAM, and why management argues both are net positive for Alcoa. · Open the full presentation →p. 46 — Aluminum demand to 2035 split China versus rest of world — the growth sits in the Atlantic Basin where Alcoa sells. · Open the full presentation →p. 47 — Demand growth by end market against Alcoa's product range: where slab, billet, foundry, rod and P1020 actually go. · Open the full presentation →p. 48 — Where new smelting supply is coming from — Indonesia and India, coal-fired and capital-hungry, which supports prices. · Open the full presentation →p. 49 — Alumina demand shifting ex-China through 2035, and Alcoa's share of the major exporting regions. · Open the full presentation →p. 50 — What makes bauxite good — low reactive silica, high alumina content — and how Alcoa's three sources compare. · Open the full presentation →p. 54 — The path from 7.1 to zero tonnes of CO2e per tonne, and the EcoLum volume and margin growth funding it today. · Open the full presentation →p. 55 — Where each technology programme sits on the value chain: Refinery of the Future, ELYSIS, ASTRAEA and recycling. · Open the full presentation →p. 56 — Integration in numbers: 99% of energy under long-term contract, and how much bauxite and alumina stays in-house. · Open the full presentation →p. 60 — Return on equity from negative in 2023 to 14.5% in 2025, set against the specific actions that got it there. · Open the full presentation →p. 61 — Why buying out Alumina Limited mattered — full economics of the best assets and freedom to act on them. · Open the full presentation →p. 62 — The capital allocation framework and the $1.0–$1.5B adjusted net debt target that gates everything below it. · Open the full presentation →p. 63 — Adjusted net debt against target since 2020 with the maturity ladder — no bond maturity until December 2027. · Open the full presentation →p. 64 — Capital spend planned through 2030, split sustaining versus return-seeking, and what the near-term bulge funds. · Open the full presentation →p. 65 — The five value levers management says are not in the share price — the agenda for the slides that follow. · Open the full presentation →p. 66 — The Australian bauxite grade prize quantified: +1 Mmt of annual alumina and $15–$20 per tonne of unit cost. · Open the full presentation →p. 67 — Seven years of the Spanish problem in one table: energy costs, strikes, curtailment and the Viability Agreement. · Open the full presentation →p. 69 — The Ma'aden joint venture exit — $1.35B of consideration and when the shares actually become sellable. · Open the full presentation →p. 70 — Idle U.S. sites reframed as data-centre land, with a $0.5–$1B monetisation target against ARO cash spend. · Open the full presentation →p. 72 — Five-year cash flow under three pricing scenarios against capex, dividends and debt, and what is left over. · Open the full presentation →
The transaction that reshapes the portfolio, with the assets, synergies, valuation and pro forma scale laid out. · Open the full document →
p. 2 — The deal in one table: $3.1B cash plus ~17M shares, a $750M contingent value right, and a first-half-2027 close. · Open the full presentation →p. 3 — Management's three-part case — strategic fit, synergies, and accretion — stated before any of the supporting detail. · Open the full presentation →p. 4 — What is being bought and where it sits: Worsley adjacent to Alcoa's WA refineries, Brazil, and Hillside in South Africa. · Open the full presentation →p. 5 — Asset by asset: ownership, cost-curve position, CY25 revenue and EBITDA, and five years of production volumes. · Open the full presentation →p. 6 — The ~$900M of NPV synergies split into procurement, process technology and mine planning, with when each starts. · Open the full presentation →p. 7 — Pro forma effect on 2025 revenue, EBITDA and volumes — the size of the step change being proposed. · Open the full presentation →p. 8 — Valuation: 5.2–6.1x CY25 EBITDA against Alcoa's own five-year EV/EBITDA trading range. · Open the full presentation →p. 11 — How the capital allocation framework survives the deal — de-lever first, dividend held at $0.40 a share. · Open the full presentation →p. 13 — Alcoa's alumina long position before and after, against ex-China smelter-grade demand growth to 2036. · Open the full presentation →
Where the company stands now: latest results, FY26 guidance, market conditions, and an appendix that explains unit economics. · Open the full document →
p. 7 — The acquisition's financial terms as of the quarter: $4.7B enterprise value, ~2.0x post-close leverage, ratings affirmed. · Open the full presentation →p. 8 — Locked-box, ticking fee and CVR mechanics on a timeline — how value moves between signing and closing. · Open the full presentation →p. 9 — Why management calls the acquired capacity cheap: expansion capex intensity by region against the deal's implied cost. · Open the full presentation →p. 11 — Realized aluminum and alumina prices feeding through to revenue and EPS — the quarter in nine lines. · Open the full presentation →p. 12 — The sequential EBITDA bridge: metal prices did most of the work, with the segment split shown alongside. · Open the full presentation →p. 13 — Where the cash went — working capital, capex, environmental and ARO payments, debt repayment and dividends. · Open the full presentation →p. 15 — FY26 guidance: production and shipment volumes by segment, plus the cash items that sit below EBITDA. · Open the full presentation →p. 17 — Alumina price behaviour inside and outside China, and the refinery disruptions moving it. · Open the full presentation →p. 18 — LME aluminum and the regional premiums Alcoa actually sells into, with the supply and demand behind them. · Open the full presentation →p. 26 — Segment economics side by side: Alumina lost money at a $334/t realized price while Aluminum earned $1.07B of EBITDA. · Open the full presentation →p. 28 — Adjusted operating cost per tonne for both segments over six quarters — the clearest read on unit economics. · Open the full presentation →p. 29 — How much bauxite, alumina and aluminum is sold to third parties versus consumed inside the company. · Open the full presentation →p. 30 — What a tonne costs to make: cost composition for refining and smelting, with sensitivity to each input price. · Open the full presentation →p. 31 — Earnings sensitivity to LME, API, premiums, tariffs and currencies, and the pricing conventions behind revenue. · Open the full presentation →p. 34 — Nameplate and curtailed capacity at every refinery and smelter, plus 2025 bauxite production by mine. · Open the full presentation →
First Quarter 2026 Earnings Presentation — 1Q26 · 39 pages · The FY26 outlook and cost base as management framed them one quarter before the South32 deal was announced. · Open →
Alcoa Investor Presentation (March 2026) — Mar 2026 · 39 pages · The standing investor overview built on FY25 results, including the value-add product range and its end markets. · Open →
Fourth Quarter 2024 Earnings Presentation — 4Q24 · 44 pages · FY24 results and the 2025 outlook — the first full year after taking 100% of the AWAC joint venture. · Open →
Acquisition of Alumina Limited — Feb 2024 · 24 pages · Why Alcoa bought out Alumina Limited and collapsed AWAC, the deal that made the Australian assets fully its own. · Open →
