Alcoa Corporation

Good afternoon and welcome to the Alcoa Corporation first quarter 2026 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, 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.

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. Factories that may cause a company's actual results to differ materially from these statements are included in today's presentation and in 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 to date 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 first quarter 2026 earnings conference call. Today, we'll review our strong first quarter performance, discuss our markets, and highlight the progress we're making on our strategic priorities. Let me start with the headline. We had a strong start to 2026, driven by execution. And we are well positioned to deliver a strong second quarter and full year 2026 performance. Starting with safety, we continued making progress with improved total injury rates in the first quarter. While we're never satisfied, both our leading and lagging indicators are moving in the right direction. Our focus remains clear, fatality and critical risk management combined with leader time and field. Our leaders are expected to be on the production floor or mine site, interacting, coaching, and reinforcing standards. Safety is not an initiative. It's the foundation of everything we do. Operationally, we delivered. We maintained stable performance across the system and captured higher metal prices. Despite significant disruption in the Middle East, our teams ensured continuity of supply for our operations. Our flexible casthouse network continues to unlock value-add opportunities, and the depth of our commercial, procurement, and logistics capabilities was evident this quarter. Strategically, we kept moving forward. In Western Australia, we advanced our mine approvals, completing responses from the public comment period and continuing to work collaboratively with stakeholders. We continue to anticipate ministerial approvals by year-end 2026, consistent with the timeline we've previously shared. We are in advanced discussions on the monetization of our former Messina East smelter site for a data center project. The potential developer has applied for public review We are still finalizing terms and won't comment on value today, but we will provide additional details later in the process. Additionally, we are making progress on two other sites in parallel. Our momentum continues into the second quarter. On April 7th, we successfully and safely completed the restart of the San Ciprian smelter. And on April 14th, we issued notice to redeem the remaining $219 million outstanding of our 2028 notes. another clear example of disciplined capital allocation supported by our strong cash balance of $1.4 billion at the end of the first quarter. Looking ahead, we're focused on increasing profitability through higher shipments, continued operational performance, and realizing the benefit of strong market conditions in the aluminum segment. At the same time, we will maintain momentum on the company's strategic initiatives aimed at creating value. Now I'll turn it over to Molly to take us through the financial results.