Alcoa

Cash generation is cyclical and sensitive to metal prices, energy and FX. 2025 GAAP results also reflected a large gain on Ma’aden JV sale and restructuring for Kwinana, both non‑recurring.

Management’s 2026 production guidance for alumina at 9.7–9.9 Mt and aluminum at 2.4–2.6 Mt provides some volume visibility, but dollar outcomes remain price‑dependent. The San Ciprián restart is progressing, yet carries cost and timing risks given a 2025 financial drag and energy exposure.