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


Third quarter ended September 30, 2025	Saudi Arabia(1) Joint Venture			Mining			Energy			Other
Sales	$	—		$	154		$	63		$	107
Cost of goods sold		—			116			33			96
Net income (loss)		—			8			28			(22	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		—			4			10			(10	)
Other		—			—			(1	)		1
Alcoa Corporation’s equity in net income (loss) of affiliated companies		—			4			9			(9	)

Third quarter ended September 30, 2024
Sales	$	838		$	146		$	61		$	116
Cost of goods sold		696			113			27			104
Net (loss) income		(5	)		7			28			(19	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(2	)		3			12			(9	)
Other		(4	)		—			—			1
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(6	)		3			12			(8	)

Nine months ended September 30, 2025
Sales	$	1,780		$	514		$	181		$	329
Cost of goods sold		1,462			329			82			297
Net income (loss)		5			52			86			(57	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		1			24			33			(27	)
Other		—			(3	)		1			(4	)
Alcoa Corporation’s equity in net income (loss) of affiliated companies		1			21			34			(31	)

Nine months ended September 30, 2024
Sales	$	2,353		$	419		$	183		$	345
Cost of goods sold		1,908			320			77			313
Net income (loss)		89			16			88			(55	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		22			7			35			(26	)
Other		(16	)		—			(1	)		8
Alcoa Corporation’s equity in net income (loss) of affiliated companies		6			7			34			(18	)

(1)

These amounts do not include the financial information of the Saudi Arabia joint venture after July 1, 2025, due to the sale of Alcoa’s ownership interest (see Note C).

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of September 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 September 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 Consolidated 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 September 30, 2025.