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


Second quarter ended June 30, 2025	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	824		$	192		$	60		$	111
Cost of goods sold		687			109			27			101
Net (loss) income		(8	)		25			29			(25	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(2	)		11			12			(12	)
Other		(6	)		(3	)		2			2
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(8	)		8			14			(10	)

Second quarter ended June 30, 2024
Sales	$	804		$	158		$	59		$	114
Cost of goods sold		613			104			25			104
Net income (loss)		102			14			29			(20	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		26			6			11			(9	)
Other		(4	)		—			—			12
Alcoa Corporation’s equity in net income of affiliated companies		22			6			11			3

Six months ended June 30, 2025
Sales	$	1,780		$	360		$	118		$	222
Cost of goods sold		1,462			213			49			201
Net income (loss)		5			44			58			(35	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		1			20			23			(17	)
Other		—			(3	)		2			(5	)
Alcoa Corporation’s equity in net income (loss) of affiliated companies		1			17			25			(22	)

Six months ended June 30, 2024
Sales	$	1,515		$	273		$	122		$	229
Cost of goods sold		1,212			207			50			209
Net income (loss)		94			9			60			(36	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		24			4			23			(17	)
Other		(12	)		—			(1	)		7
Alcoa Corporation’s equity in net income (loss) of affiliated companies		12			4			22			(10	)

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of June 30, 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 $63 in unrecognized losses as of June 30, 2025 that will be recognized upon additional contributions into the partnership.

On July 1, 2025, Alcoa completed the sale of its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of MBAC and MAC, to Ma’aden in exchange for issuance by Ma’aden of 85,977,547 shares and $150 (SAR 562) in cash (see Note C).

During the second quarter of 2025, Alcoa sold a non-core investment for total cash consideration of $13, resulting in a gain of $3 within Other (income) expenses, net. Cash received of $11 is presented within investing activities in the Statement of Cash Flows. The remaining $2 is expected to be received in May 2026 and was included in Other receivables on the Consolidated Balance Sheet at June 30, 2025.