J P M O R G A N North America Equity Research 16 July 2026 Alcoa 2Q Results: Cost Headwinds and Supply Fears Overshadow Solid Execution Alcoa's 2Q adj EBITDA of $901M slightly missed pre-print BBG by 2%, largely due to aluminum price volatility at quarter-end. Overall, it was a solid print, with record Aluminum earnings, highest FCF since 2Q22 ($422M), and numerous production records. While guidance implies incremental cost pressures, in-line with our expectations (link), management continues to optimize th ...