Alcoa Reports Q2 2026 Results: Full Earnings Call Transcript

Alcoa (NYSE: AA ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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For comprehensive financial data and transcripts, visit View the webcast at Summary Alcoa Corporation reported a 24% increase in revenue to $4 billion, the highest in its history, driven by higher aluminum shipments and increased prices.

The company announced a strategic acquisition of South32's upstream aluminum assets, expected to create synergies with a net present value of $900 million and be immediately accretive to earnings and cash flow.

Operational highlights include record production at several facilities and achieving key labor agreements, while facing challenges at the Pinjar refinery due to an oxalate outbreak and cyclone-related disruptions.

The company is investing in expanding the Mosin Cast house in Norway and constructing a gallium production facility in Australia, enhancing its value-added product portfolio and securing critical mineral supplies.

Alcoa revised its full-year outlook, lowering alumina production estimates due to operational issues but expects stable aluminum segment performance with potential market improvements in the second half of the year.

Full Transcript OPERATOR Good afternoon and welcome to The Alcoa Corporation second 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 Langloua, Senior Vice President of Treasury and Capital Markets.

Please go ahead.

Louis Langloua, Senior Vice President of Treasury and Capital Markets Thank you and good day everyone.

I'm joined today by William Alpinger, Alcoa Corporation President and Chief Executive Officer, and Molly Behrman, 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 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.

Bill Oplinger, President and Chief Executive Officer Thank you, Louis, and welcome to our second quarter 2026 earnings conference call.

Today we'll review our second quarter performance, discuss our markets, and provide an update on strategic initiatives including the previously announced acquisition of South32's upstream aluminum value chain assets.

Starting with safety, our top priority, our performance remains stable and we continue to see improving trends.

With key injury metrics declining on a 12-month rolling basis, we are maintaining a strong focus on operational discipline, leadership presence in the field, and fatality risk management to sustain our progress.

We have initiated an effort to eliminate fatality risks associated with live work from our operations and expanded our global fatality prevention team to further strengthen our safety culture and risk management capabilities.

Operationally, we delivered another quarter of stable and reliable performance across most of our system.

Our focus on operational excellence resulted in year-to-date production records at four smelters and one refinery.

Sequentially, we increased primary aluminum production by 30,000 metric tons, including the completion of several restarts and achieved the highest year-to-date shipment volume at the Alumar smelter since its 2022 restart.