Overview * Alcoa Q3 revenue of $3.0 bln missed analyst expectations, per LSEG data * Co reports lower-than-expected adjusted loss per share for Q3 * Net income for Q3 rises to $232 mln, driven by asset sales and restructuring Outlook * Alcoa expects 2025 alumina production between 9.5 and 9.7 mln metric tons * Alcoa expects 2025 aluminum production between 2.3 and 2.5 mln metric tons * Company expects 4Q25 Alumina Segment EBITDA to improve by $80 mln Result Drivers * PRODUCTION INCREASE – Alumina production rose 4% due to reduced maintenance at Australian refineries, while aluminum production increased 1% with progress at the San Ciprián smelter * REVENUE DECLINE – Revenue decreased 1% sequentially, affected by lower alumina prices and decreased trading activity * NET INCOME DRIVERS – Net

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