Adjusted EBITDA was $313 million, down $542 million sequentially due to lower alumina and aluminum prices and increased U.S. Section 232 tariff costs.
Alumina segment adjusted EBITDA decreased $525 million primarily due to lower prices and higher production, energy, and raw material costs.
Aluminum segment adjusted EBITDA decreased $37 million, impacted by $95 million in tariff costs despite price/mix improvements and higher volumes.
Cash from operations was $488 million with a working capital release of $251 million, ending the quarter with $1.5 billion in cash.
Net income attributable to Alcoa was $164 million, down from $548 million in the prior quarter, with adjusted net income at $103 million or $0.39 per share.
Second quarter 2025 revenue was $3 billion, down 10% sequentially, driven by a 28% decrease in Alumina segment revenue and a 3% increase in Aluminum segment revenue.
Second quarter dividend payments totaled $27 million.
Year-to-date return on equity was 22.5%, days working capital remained flat at 47 days, and free cash flow was positive at $357 million.
Battery category performed well, while Auto Care was softer due to mild weather; the new Podium Series exceeded launch expectations in 15,000 doors.
Energizer delivered a strong third quarter with results ahead of expectations, reflecting margin restoration, growth investments, and operational agility.
Organic sales growth, gross margin improvement, and earnings growth were achieved in the quarter, with EPS at $0.78 excluding production credits, outperforming consensus.
Returned $84 million to shareholders via dividends and share repurchases in the quarter, with an additional $27 million repurchased in July while maintaining leverage.
The acquisition of Advanced Power Solutions is expected to add $40 million to $50 million in net sales for the fiscal year without immediate earnings impact.
Dafinchi