H. Investments – A summary of unaudited financial information for Alcoa Corporation’s equity investments is as follows (amounts represent 100% of investee financial information):


First quarter ended March 31, 2025	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	956		$	168		$	58		$	111
Cost of goods sold		775			104			22			100
Net income (loss)		13			19			29			(10	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		3			9			11			(5	)
Other		6			—			—			(7	)
Alcoa Corporation’s equity in net income (loss) of affiliated companies		9			9			11			(12	)

First quarter ended March 31, 2024
Sales	$	711		$	115		$	63		$	115
Cost of goods sold		599			103			25			105
Net (loss) income		(8	)		(5	)		31			(16	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(2	)		(2	)		12			(8	)
Other		(8	)		—			(1	)		(5	)
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(10	)		(2	)		11			(13	)

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of March 31, 2025 and 2024, included in Other in the table above, has been reduced to zero for its share of losses incurred to date. As a result, the Company has $60 in unrecognized losses as of March 31, 2025 that will be recognized upon additional contributions into the partnership.

On September 15, 2024, Alcoa entered into a share purchase and subscription agreement with Ma’aden, pursuant to which Alcoa agreed to sell its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of the Ma’aden Bauxite and Alumina Company and the Ma’aden Aluminium Company, to Ma’aden in exchange for issuance by Ma’aden of 85,977,547 shares and $150 in cash (see Note C).