Profitability Boosted by Aluminium Prices
Alcoa Corporation has announced its financial results for the first quarter of 2026, highlighting an increase in profitability driven by higher aluminium prices. The company reported a net income of $425 million, or $1.60 per share.
Revenue for this period reached $3.2 billion, a decrease from the $3.4 billion reported in the fourth quarter of 2025. Despite the decreased revenue, net income attributable to Alcoa Corporation was significantly higher than the previous quarter's $213 million.
Adjusted net income for Alcoa stood at $373 million, or $1.40 per share, excluding special items totaling $52 million. Adjusted EBITDA, excluding special items, increased to $595 million from $527 million sequentially.
Production and Shipments
Alumina production decreased by 5 per cent sequentially to 2.4 million metric tons, primarily due to maintenance at Australian refineries. Aluminium production remained stable at 607,000 metric tons, with ongoing efforts to restart the San Ciprián smelter.
Third-party shipments of alumina fell by 31 per cent sequentially, impacted by shipment delays in Australia, the Middle East conflict, and Cyclone Narelle. Aluminium shipments decreased by 8 per cent, influenced by inventory repositioning and reduced trading.
Alcoa ended the quarter with a cash balance of $1.4 billion and announced the redemption of $219 million of 6.125% Senior Notes due 2028, set for May 2026. The company continues to focus on capital allocation and strategic initiatives.
The experienced team at Alcoa adeptly managed challenges such as the Middle East conflict and Cyclone Narelle. President and CEO William F. Oplinger stated, “We delivered a solid quarter excluding shipment timing impacts, which we expect to realize in the second quarter of 2026.”
The San Ciprián smelter in Spain is undergoing a restart, with safe completion achieved in April 2026. This progress contributed positively to the aluminium production figures.
Alcoa's strategic initiatives include disciplined capital allocation. Continued efforts in this area are evidenced by the planned redemption of senior notes and improvements in adjusted EBITDA.
Production in the alumina segment faced challenges, primarily due to seasonal maintenance cycles in Australia. Meanwhile, the aluminium segment saw stable production levels, with the San Ciprián restart offsetting some of the period's shorter duration.
Revenue in the alumina segment decreased by 33 per cent due to lower shipments and prices from bauxite offtake and supply agreements. However, the aluminium segment experienced increased third-party revenue due to the ongoing San Ciprián smelter restart.
