Alcoa (AA) FY Earnings Call Presentation

Financial Performance & Outlook - Alcoa's Q1 2025 adjusted EBITDA excluding special items increased to $855 million, up from $677 million in Q4 2024[50] - Q1 2025 net income attributable to Alcoa Corporation was $548 million, or $2.07 per common share[50] - The company maintains a strong cash balance of $1.2 billion as of Q1 2025 and adjusted net debt of $2.1 billion[57] - FY25 outlook includes alumina shipments of 13.1 to 13.3 million metric tons and aluminum shipments of 2.6 to 2.8 million metric tons[59] Market Dynamics - Spot alumina price was $363/mt as of June 3rd, with over 80% of Chinese refineries being unprofitable at current prices[22] - LME aluminum price was $2,449/mt, with the Midwest premium at $971/mt[26] - U S primary aluminum apparent consumption is 4.1 Mmt and imports are 4.2 Mmt in 2024[32] Strategic Initiatives - Alcoa completed a $1 billion debt offering in Australia, primarily used to repay existing debt[16] - The company formed the San Ciprián joint venture and is resuming production at the smelter, expecting an EBITDA loss of approximately $70 million to $90 million in 2025[17, 75] - Alcoa is targeting an optimal capital structure with $10 to $15 billion adjusted net debt[58]