2Q26: EBITDA Miss But Strong FCF; 3Q Cost Guide Positive; WA Permitting Timeline Maybe Slower CITI'S TAKE AA reported 2Q26 adj. EBITDA of $901m vs Citi $946m. FCF was stronger than expected even with working capital slightly negative & the best since 2022. The EBITDA miss vs our model was in alumina shipments due to Pinjarra instability & cyclone impact (nat gas disruption) - note: 3% cut to annual guidance to 9.5-9.6mt. 3Q cost guidance looks generally better- than-expected with diesel & fuel oil a bit low ...