Alcoa Corporation

Good afternoon, and welcome to the Alcoa Corporation fourth quarter and full year 2025 earnings presentation and conference call. All participants will be in 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 touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Louis Langlois, the Senior Vice President of Treasury and Capital Markets. Please go ahead.

Thank you, and good day, everyone. I'm joined today by William Hoplinger, 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 the company's actual results to differ materially from these statements are included in today's presentation and our SEC filings. 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, Louis, and welcome to our fourth quarter 2025 earnings conference call. Today we'll review our strong fourth quarter results, discuss our markets, and review the progress we've made on strategic initiatives. Let me begin with safety. Across all operations, our teams mobilize to strengthen fatality risk management at the front line. Our safety incident rates remain stable in the fourth quarter with fewer significant incidents in the second half of 2025. For the full year 2025, both our DART and all injuries rates improved compared to 2024, evidence of our continued progress in building a safer workplace. In the fourth quarter, we delivered strong operational performance and stability, achieving annual production records at five of our smelters and one refinery. This includes achieving a remarkable 16 consecutive years of increased production at our Dacian Bow smelter in Canada, along with eight consecutive years of record performance at our Mosian smelter in Norway. These additional tons contributed meaningfully to our bottom line as we delivered robust financial performance and cash generation in the quarter, which Molly will discuss in more detail. We also improved our shipping performance in the fourth quarter across both segments with the higher aluminum shipments enabling us to deliver strong primary aluminum prices to the bottom line. The restart of the San Ciprian smelter is progressing well with approximately 65% of the capacity in operation at the end of 2025. We continue to expect that the restart will be completed in the first half of 2026 as previously communicated. We move forward on strategic initiatives in the fourth quarter. To name a few, we progressed negotiations on monetizing a transformation site in the US and are expecting to reach an agreement in the first half of 2026. As we've discussed before, we are not simply monetizing former operating sites as land sales. We are working closely with developers to maximize value. We have multiple sites under discussion now. In November, ELISIS announced the successful startup of its 450 ka inert anode cell. This represents a major milestone for the ELISIS R&D program and a defining moment in the transition toward large scale, low carbon aluminum production. The design cell is part of a multi-year R&D program focused on developing inert anode technology at commercial scale. We also advanced our Western Australia mine approvals by progressing our responses from the public comment period and continuing to work with stakeholders. We still anticipate ministerial approvals by year-end 2026 in line with the timeline previously shared at Investor Day. In summary, Alcoa closed the fourth quarter with strong operational and financial performance, supported by improved safety results and record production across multiple assets. Our momentum continues with progress on the company's strategic initiatives aimed at creating further value in 2026. Now I'll turn it over to Molly to take us through the financial results.