Equity Snap: Alcoa Corp (AA US): 2Q26 results broadly in line with expectations

Research evidence excerpt

Equity Snap: Alcoa Corp (AA US): 2Q26 results broadly in line with expectations

16 July 2026

Equity Snap: Alcoa Corp (AA US) Equities Metals & Mining

2Q26 results broadly in line with expectations United States

◆ 2Q26 results broadly in line with expectations Jonathan Brandt, CFA

Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper

HSBC Securities (USA) Inc.

Alcoa Corp (AA US, USD48.58, Buy, TP USD82.00) jon.brandt@us.hsbc.com

(Priced as of 15 Jul 2026) +1 212 525 4499

Gustavo Hwang*, CFA

Revenue at USD4.0bn (+31% y-o-y, +24% q-o-q) came broadly in line with HSBC Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper

and consensus estimates: Alumina revenues decreased by 3% q-o-q driven by Banco HSBC S.A.

gustavo.hwang@hsbc.com

lower volumes and price from bauxite offtake and supply agreements. Aluminum +55 11 2802 3257

revenues increased 31% driven by higher shipments and prices. Ishan Jain*

Analyst, Metals & Mining, Pulp & Paper

EBITDA at USD901m (+188% y-o-y, +51% q-o-q) came broadly in line with HSBC Securities and Capital Markets (India) Private

Limited

HSBCe and market expectations: The positive sequential performance was mainly ishanjain@hsbc.co.in

driven by higher aluminum prices and shipments. This was partially offset by higher +91 80 4550 3767

production costs in the Alumina segment, increased tariff costs on imported

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

aluminum, higher energy prices – due to the ME conflict – and lower third-party not registered/ qualified pursuant to FINRA regulations

energy sales.

Net income at USD407m (+148% y-o-y, -4% q-o-q) below HSBCe and consensus

expectations: The negative sequential performance reflects the unfavorable mark-

to-market changes on Ma’aden shares and energy contracts, unfavorable FX and