Alcoa Corporation

Good afternoon and welcome to the Alcoa Corporation second quarter 2025 earnings presentation and conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your phone. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to turn the conference over to Louis Langlois, Senior Vice President of Treasury and Capital Markets. Please go ahead, sir.

Thank you, and good day, everyone. I'm joined today by William Opplinger, Alcoa Corporation President and Chief Executive Officer, and Molly Bierman, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Bill and Molly. As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause a company's actual results to differ materially from these statements are included in today's presentation and in our SEC filing. In addition, we have included some non-GAAP financial measures in this presentation. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation. We have not presented quantitative reconciliations of certain forward-looking non-GAAP financial measures for reasons noted on this slide. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings press release and slide presentation are available on our website. Now I'd like to turn over the call to Bill.

Thank you, Louie, and welcome to our second quarter 2025 earnings conference call. We delivered strong operational performance this quarter, both in terms of safety and stability. This is an important value driver for the company. We maintained a fast pace of execution on our priorities and continued to steer through changing market conditions. Let's begin with safety. Safety performance remained strong in the second quarter with no fatal or serious injuries reported. Injury rates continue to trend below our full year 2024 benchmarks, supported by a sustained emphasis on leader time and field. This initiative enables leaders to engage directly with teams, conduct safety observations, and deliver both positive reinforcement and constructive feedback. We continued executing on our strategic priorities. On July 1st, we closed the sale of our 25.1% stake in the mod and joint ventures, for a total value of $1.35 billion, consisting of $1.2 billion of modern shares and $150 million of cash. In late April, we successfully concluded a five-year tax dispute in Australia with a favorable ruling for Alcoa. The Australian Review Tribunal affirmed our longstanding position, determining that no additional tax was owed. This outcome reflects the substantial effort and dedication of our internal and external legal and tax teams whose strong defense was instrumental in achieving this result. Throughout the quarter, we steered through frequent tariff updates that demanded agile decision-making and rapid adjustments across both sales and supply operations. We redirected portions of our Canadian production to serve non-U.S. customers to mitigate Section 232 tariff impacts. In parallel, we sustained active advocacy and engagement with policymakers on both sides of the U.S.-Canada border. Finally, our recent customer engagements continue to signal encouraging demand trends. We extended our supply agreement with Prismian, a global leader in energy and telecom cable systems, and completed our first North American sale of Ecolume, a value-added low-carbon product further reinforcing our position as a supplier of choice for sustainable aluminum solutions. In summary, we delivered strong performance across the areas within our control while continuing to advocate for trade policies that support both Alcoa and the broader U.S. aluminum industry. Now I'll turn it over to Molly to take us through the financial results.