A：Operational highlights include annual production records at five smelters and one refinery, including 16 consecutive years of increased production at the Daham Bow smelter in Canada and eight consecutive years at the Motions smelter in Norway. The company also delivered robust financial performance and cash generation, improved shipping performance with higher aluminum shipments, and strong primary aluminum prices contributing to the bottom line.

A：Alcoa's safety incident rates remained stable in the fourth quarter with fewer significant incidents in the second half of 2025. For the full year 2025, both the DART and all injuries rates improved compared to 2024, indicating a continued progress in building a safer workplace.

A：The restart of the San Cónsmelter is progressing well, with approximately 65% of its capacity in operation as of the end of 2025. Alcoa continues to expect that the restart will be completed in the first half of 2026.

A：Strategic initiatives advanced in the fourth quarter include progressing negotiations on monetizing a transformation site in the US, with an expectation to reach an agreement in the first half of 2026. The company is working with developers to maximize value and has multiple sites under discussion. Additionally, Ellis announced the successful startup of a 450 ka anode sale, representing a major milestone for the LSS RD program.

A：The key financial results include a revenue increase of 15% sequentially to $3.4 billion in the alumina segment, third-party revenue increasing 3% due to higher shipments of bauxite and alumina, and a 21% increase in third-party revenue due to higher average realized prices and increased shipments. Fourth quarter net income attributable to Alcoa was $226 million, with earnings per share at 85 cents per share. Adjusted EBITDA was reported at $546 million.

A：A non-scale charge of $144 million was recorded in the fourth quarter to impair goodwill in the alumina segment, primarily related to a 1994 acquisition. This charge resulted from Alcoa's annual goodwill impairment assessment and the current alumina prices not supporting the valuation. After this charge, there is no goodwill remaining and it is considered a special item.

A：The adjusted EBITDA was $546 million. The sequential increase of $276 million in adjusted EBITDA is primarily due to higher metal prices driven by increases in both the LME and the Midwest premium. The alumina segment's adjusted EBITDA decreased by $36 million, mainly due to lower alumina prices, while the aluminum segment's adjusted EBITDA increased by $213 million due to higher metal prices, lower alumina costs, recognition of CO2 compensation in Spain and Norway, and offset by increased tariff costs.

A：The company received $150 million of cash when the modern transaction closed in mid-2025 to cover taxes and fees, and while the final capital gains tax invoice is pending, a typical payment is expected in the first quarter of 2026.

A：The company delivered on key cash flow and return on equity metrics, closed the year with a strengthened balance sheet, and returned $105 million to stockholders through a quarterly dividend. Free cash flow for the year was $594 million, including $294 million in the fourth quarter, and the company finished the year at $1.5 billion of adjusted net debt, at the high end of its target range.

A：For the full year 2026, the company expects alumina production between 9.7 and 9.9 million tons and shipments between 11.8 and 12.0 million tons. Aluminum segment production is expected between 2.4 and 2.6 million tons with shipments between 2.6 and 2.8 million tons, increases primarily driven by the San CPRI and smelter restart.

A：Transformation costs are expected to increase to $100 million in 2026, primarily due to the inclusion of Quinan a holding costs for the full year, while other corporate expense is expected to increase to approximately $160 million.

A：The company's capital expenditure estimate for 2026 is $750 million, with $675 million in sustaining capital and $75 million in return-seeking capital. Sustaining capital increases by $97 million over 2025 due to higher spending on mine moves, impoundments, and anode bake furnace rebuilds.

A：Environmental and A0 spending in 2026 is expected to increase to approximately $325 million, primarily due to progress on the Quintana site.

A：The company does not provide guidance on full year cash restructuring charges for the first quarter of 2026. At the segment level, Illumina is expected to perform unfavorably by about $30 million, while the aluminum segment is expected to perform unfavorably by about $70 million. Aluminum cost in the aluminum segment is expected to be favorable by about $40 million below EBITDA. Other expenses may include unfavorable foreign currency impacts of $20 million that may not recur.

A：Alumina prices remained within a narrow range and ended the year slightly lower than the third quarter, pressuring higher cost refineries. In the fourth quarter, box site prices remained stable, while LME prices of aluminum increased 8% sequentially. For 2026, alumina prices are expected to be pressured by new supply from China, Indonesia, and India, but smelting capacity growth could provide some demand support. LME prices are anticipated to be supported by strong underlying fundamentals and continued growth in global demand, especially in sectors like packaging and electrical.

A：The company's financial goal is to stay within the target range for cash flow and to use any cash generated in 2026 for additional debt repayments. They also have 200 to 19 million in 2028 notes and expect to have excess cash to choose between returning to shareholders or investing in value-creating growth opportunities.

A：The company is within its target range due to a solid balance sheet and the strategic use of capital. It plans to use sustaining capital to maintain the cash flow from operations and to balance returns to shareholders with growth opportunities.

A：Aluminum production in the US is affected by high costs and the inability to restart an idle line without significant investment. In Europe, the proposed carbon border adjustment mechanism (CBAM) and higher premiums are not expected to incentivize capacity restarts due to the high energy costs that continue to be a barrier. The company's position is based on the belief that energy costs are not likely to decrease significantly in the near future.

A：There has not been much pressure from the Trump administration to increase production despite the previous mandate to do so. The company's stance is that it is unlikely to restart the fourth line in Warwick due to high costs and the inability to find lead time on necessary items like transformers.

A：The company plans to largely fulfill the viability agreement in Spain by the end of 2027.

A：If a preferential tariff is agreed upon between Canada and the US, theoretically, the Midwest premium should not fall because it would still need to incentivize metal from outside of North America. However, the sentiment is hard to determine, and it's believed that the marginal ton of metal still comes from outside of North America.

A：The company does not have greenfield expansion plans for aluminum at present because globally available options do not provide sufficiently low energy prices for substantial returns. However, they do have brownfield opportunities to potentially grow in mining, refining, and smelting.

A：The EBITDA impact from the restart of the San C line in the first quarter was quantified as between 15 to 20 million.

A：The key milestone before ministerial approvals by the end of 2026 is a recommendation from the EPA at the end of the first half, followed by ministerial approvals by the end of the year. The company has responded to close to 60,000 public comments received during the public comment period.

A：There are really only a few technology providers for competitive global Greenfield smelters, including one Chinese provider and one from the Emirates, with typical production capacities ranging from 500 to 600,000 tons.

A：The company is not looking to implement any LSS technology this decade and the term 'implement' in this context refers to groundbreaking, with any potential groundbreaking work expected to occur post-2030.

A：The CO2 compensation accounting treatment recognized in the fourth quarter is not a recurring item. It was a one-time adjustment based on feedback regarding qualified projects and will not recur at the same level in the first quarter of 2026. It may not even be a recurring call-out item in the future.

A：The new government approach has led to a more regular process going forward as the company will be making more frequent decisions regarding CO2 compensation based on feedback from qualified projects. The exact amount of CO2 compensation may vary from year to year depending on qualifying expenditures.

A：Yes, the CO2 compensation recognition in the fourth quarter was an incremental positive compared to previous guidance. The company had not fully anticipated the extent of qualifying expenditures and thus the majority of it was not initially included in the outlook, which ended up performing more favorably than expected.

A：The company chose not to disclose the potential proceeds from the divestment of the legacy site at this time, citing complexity in the arrangements and the fact that the divestment will be made in installments. The details will be provided when the deal closes.