Transformation(2)       (8)     (17)     (29)     (26)      (80)     (14)     (16)     (14) 
  Intersegment 
   eliminations           (8)      31       (4)     (12)        7       (8)     (29)     (38) 
  Corporate 
   expenses(3)           (30)     (24)     (33)     (46)     (133)     (34)     (41)     (39) 
  Provision for 
   depreciation, 
   depletion, and 
   amortization         (153)    (153)    (163)    (163)     (632)    (161)    (163)    (159) 
  Restructuring and 
   other charges, 
   net                  (149)     (24)     (22)      11      (184)    (202)     (18)     (30) 
  Interest expense       (26)     (27)     (26)     (28)     (107)     (27)     (40)     (44) 
  Other (expenses) 
   income, net           (54)      (6)     (85)      11      (134)     (59)      22      (12) 
  Other(4)               (39)     (22)       2        4       (55)      (9)     (42)     (27) 
--------------------   -----    -----    -----    -----    ------    -----    -----    ----- 
Consolidated (loss) 
 income before 
 income taxes           (180)     (99)    (228)     (77)     $(584.SI)$    (325)      92      184 
 (Provision for) 
  benefit from 
  income taxes           (52)     (22)      35     (150)     (189)      18      (61)     (86) 
 Net loss (income) 
  attributable to 
  noncontrolling 
  interest                 1       19       25       77       122       55      (11)      (8) 
--------------------   -----    -----    -----    -----    ------    -----    -----    ----- 
Consolidated net 
 (loss) income 
 attributable to 
 Alcoa Corporation    $ (231)  $ (102)  $ (168)  $ (150)  $  (651)  $ (252)  $   20   $   90 
====================   =====    =====    =====    =====    ======    =====    =====    ===== 
 
 
The difference between segment totals and consolidated amounts is in 
Corporate. 
(1)    Alcoa Corporation's definition of Adjusted EBITDA (Earnings before 
       interest, taxes, depreciation, and amortization) is net margin plus an 
       add-back for depreciation, depletion, and amortization. Net margin is 
       equivalent to Sales minus the following items: Cost of goods sold; 
       Selling, general administrative, and other expenses; Research and 
       development expenses; and Provision for depreciation, depletion, and 
       amortization. The Adjusted EBITDA presented may not be comparable to 
       similarly titled measures of other companies. 
(2)    Transformation includes, among other items, the Adjusted EBITDA of 
       previously closed operations. 
(3)    Corporate expenses are composed of general administrative and other 
       expenses of operating the corporate headquarters and other global 
       administrative facilities, as well as research and development expenses 
       of the corporate technical center. 
(4)    Other includes certain items that are not included in the Adjusted 
       EBITDA of the reportable segments. 
 
 
Alcoa Corporation and subsidiaries 
 Calculation of Financial Measures (unaudited) 
 (in millions, except per-share amounts) 
 
Adjusted Income                           Income (Loss) 
                          ---------------------------------------------- 
                                          Quarter ended 
                          ---------------------------------------------- 
                          September 30,                   September 30, 
                               2024       June 30, 2024        2023 
                          --------------  --------------  -------------- 
Net income (loss) 
 attributable to Alcoa 
 Corporation              $      90       $       20      $     (168) 
 
Special items: 
        Restructuring 
         and other 
         charges, net            30               18              22 
        Other special 
         items(1)                34              (18)             13 
        Discrete and 
         other tax items 
         impacts(2)              (3)              --             (60) 
        Tax impact on 
         special 
         items(3)               (12)               5              (6) 
        Noncontrolling 
         interest 
         impact(3)               (4)               5              (3) 
                          ---  ----       ---  -----      ---  ----- 
Subtotal                         45               10             (34) 
                          ---  ----  ---  ---  -----      ---  ----- 
 
Net income (loss) 
 attributable to Alcoa 
 Corporation -- as 
 adjusted                 $     135       $       30      $     (202) 
                          ===  ====  ===  ===  =====      ===  ===== 
 
Diluted EPS(4) : 
Net income (loss) 
 attributable to Alcoa 
 Corporation common 
 shareholders             $    0.38       $     0.11      $    (0.94) 
 
Net income (loss) 
 attributable to Alcoa 
 Corporation common 
 shareholders -- as 
 adjusted                 $    0.57       $     0.16      $    (1.14) 
 
 
 
Net income (loss) attributable to Alcoa Corporation -- as adjusted and Diluted 
EPS -- as adjusted are non-GAAP financial measures. Management believes these 
measures are meaningful to investors because management reviews the operating 
results of Alcoa Corporation excluding the impacts of restructuring and other 
charges, various tax items, and other special items (collectively, "special 
items"). There can be no assurances that additional special items will not 
occur in future periods. To compensate for this limitation, management 
believes it is appropriate to consider Net income (loss) attributable to Alcoa 
Corporation and Diluted EPS determined under GAAP as well as Net income (loss) 
attributable to Alcoa Corporation -- as adjusted and Diluted EPS -- as 
adjusted. 
 
(1)  Other special items include the following: 
     for the quarter ended September 30, 2024, a net unfavorable change in 
     mark-to-market energy derivative instruments ($31), external costs 
     related to portfolio actions ($4), and a net benefit for other special 
     items ($1); for the quarter ended June 30, 2024, a net favorable change 
     in mark-to-market energy derivative instruments ($26), an adjustment to 
     the gain on sale of the Warrick Rolling Mill in Evansville, Indiana for 
     additional site separation costs ($4), external costs related to 
     portfolio actions ($2), and net charges for other special items ($2); 
     and, for the quarter ended September 30, 2023, a net unfavorable change 
     in mark-to-market energy derivative instruments ($21), gain on sale of 
     non-core rights ($9), and charges for other special items ($1). 
(2)  Discrete and other tax items are generally unusual or infrequently 
     occurring items, changes in law, items associated with uncertain tax 
     positions, or the effect of measurement-period adjustments and include 
     the following: 
     for the quarter ended September 30, 2024, a net benefit for discrete tax 
     items ($3). for the quarter ended September 30, 2023, a benefit related 
     to the reversal of a valuation allowance on deferred tax assets of the 
     Company's subsidiaries in Iceland ($58) and a net benefit for other 
     discrete tax items ($2). 
(3)  The tax impact on special items is based on the applicable statutory 
     rates in the jurisdictions where the special items occurred. The 
     noncontrolling interest impact on special items represents Alcoa's 
     partner's share of certain special items. 
 
(4)  In any period with a Net loss attributable to Alcoa Corporation (GAAP or 
     as adjusted), the average number of common shares applicable to diluted 
     earnings per share exclude certain share equivalents as their effect is 
     anti-dilutive. For the quarter ended September 30, 2024, undistributed 
     earnings of $1 and undistributed earnings -- as adjusted of $2 were 
     allocated to preferred stock under the two-class method. 
 
 
Alcoa Corporation and subsidiaries 
 Calculation of Financial Measures (unaudited), continued 
 (in millions) 
 
Adjusted EBITDA                       Quarter ended 
                    -------------------------------------------------- 
                    September 30,                      September 30, 
                        2024        June 30, 2024          2023 
                    -------------  ----------------  ----------------- 
 
Net income (loss) 
 attributable to 
 Alcoa 
 Corporation        $          90  $         20      $       (168) 
 
Add: 
  Net income 
   (loss) 
   attributable to 
   noncontrolling 
   interest                     8            11               (25) 
  Provision for 
   (benefit from) 
   income taxes                86            61               (35) 
  Other expenses 
   (income), net               12           (22)               85 
  Interest expense             44            40                26 
  Restructuring 
   and other 
   charges, net                30            18                22 
  Provision for 
   depreciation, 
   depletion, and 
   amortization               159           163               163 
                    -----  ------  ---  -------      ---  -------  --- 
 
Adjusted EBITDA               429           291                68 
 
Special items(1)               26            34                 2 
                    -----  ------  ---  -------      ---  -------  --- 
 
Adjusted EBITDA, 
 excluding special 
 items              $         455  $        325      $         70 
                    =====  ======  ===  =======      ===  =======  === 
 
 
Alcoa Corporation's definition of Adjusted EBITDA (Earnings before interest, 
taxes, depreciation, and amortization) is net margin plus an add-back for 
depreciation, depletion, and amortization. Net margin is equivalent to Sales 
minus the following items: Cost of goods sold; Selling, general 
administrative, and other expenses; Research and development expenses; and 
Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a 
non-GAAP financial measure. Management believes this measure is meaningful to 
investors because Adjusted EBITDA provides additional information with respect 

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