美國鋁公司 (AA) 2026 Q2 法說會逐字稿

Good afternoon and welcome to the Alcoa Corporation second quarter 2026 earnings presentation and conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Louis Langlois. Senior Vice President of Treasury and Capital Markets. Please go ahead.

下午好，歡迎參加美國鋁業公司（Alcoa Corporation）2026 年第二季財報簡報與電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把會議交給 Louis Langlois。財務與資本市場資深副總裁。請開始。

Thank you, and good day, everyone. I'm joined today by William Oplinger, our Alcoa Corporation President and Chief Executive Officer, and Molly Beerman, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Bill and Molly.

謝謝，各位好。今天與我一同出席的有美國鋁業公司總裁兼執行長 William Oplinger，以及執行副總裁兼財務長 Molly Beerman。在 Bill 與 Molly 發表評論後，我們將回答各位的問題。

As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations. That are subject to various assumptions and caveats. Factors that may cause a company's actual results to differ materially from these statements are included into this presentation and our SEC filings.

提醒各位，今天的討論將包含與未來事件及預期相關的前瞻性陳述。這些陳述受各種假設與保留條款所限制。可能導致公司實際結果與這些陳述存在重大差異的因素，已載於本簡報以及我們向美國證券交易委員會（SEC）提交的文件中。

In addition, we have included some non-GAAP financial measures in this presentation. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation.

此外，本簡報包含若干非 GAAP 財務衡量指標。就歷史非 GAAP 財務衡量指標而言，與最直接可比的 GAAP 財務衡量指標之調節表可於今日簡報的附錄中查閱。

We have not presented quantitative reconciliations of certain forward-looking non-GAAP financial measures for reasons noted on this slide. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings press release and slide presentation are available on our website.

基於本投影片所述原因，我們未就若干前瞻性非 GAAP 財務衡量指標提供量化調節。我們今天討論中任何提及 EBITDA 之處，均指調整後 EBITDA。最後，如先前所公告，財報新聞稿與投影片簡報已公布於我們的網站。

Now I'd like to turn over the call to Bill.

現在我想把電話會議交給 Bill。

Thank you, Louie, and welcome to our second quarter 2026 earnings conference call. Today, we'll review our second-quarter performance, discuss our markets, and provide an update on strategic initiatives, including the previously announced acquisition of South32's upstream aluminum value chain assets.

謝謝你，Louie，也歡迎各位參加我們 2026 年第二季財報電話會議。今天我們將回顧第二季表現、討論市場狀況，並更新策略性計畫進展，包括先前已宣布收購 South32 上游鋁價值鏈資產一案。

Starting with safety, our top priority. Our performance remained stable, and we continue to see improving trends with key injury metrics declining on a 12-month rolling basis. We are maintaining a strong focus on operational discipline, leadership presence in the field, and fatality risk management to sustain our progress.

先從安全談起，這是我們的首要任務。我們的表現維持穩定，且在關鍵傷害指標方面持續呈現改善趨勢，以 12 個月滾動基礎計算的數據正在下降。我們將持續高度聚焦於作業紀律、領導階層在現場的投入，以及致命風險管理，以維持我們的進展。

We have initiated an effort to eliminate fatality risks associated with live work from our operations and expanded our global fatality prevention team to further strengthen our safety culture and risk management capabilities.

我們已啟動一項工作，旨在消除營運中與帶電作業相關的致命風險，並擴編全球致命事故預防團隊，以進一步強化我們的安全文化與風險管理能力。

Operationally, we delivered another quarter of stable and reliable performance across most of our system. Our focus on operational excellence resulted in year-to-date production records at four smelters and one refinery.

在營運方面，我們在系統大多數環節再度交出穩定且可靠的季度表現。我們對卓越營運的專注，使得截至目前為止，四座冶煉廠與一座精煉廠創下產量紀錄。

Sequentially, we increased primary aluminum production by 30,000 metric tons. Including the completion of several restarts and achieved the highest year-to-date shipment volume at the Alumar smelter since its 2022 restart. This allowed us to fully benefit from higher metal prices during the quarter.

按季比較，我們的原鋁產量增加 3 萬公噸。其中包括完成數項復產，並使 Alumar 冶煉廠自 2022 年復產以來創下截至目前為止最高的出貨量。這使我們得以在本季充分受益於較高的金屬價格。

We also achieved significant labor relations milestones in the quarter, securing multi-year collective agreements through 2030 with the AWU in Western Australia. And with the United Steelworkers for our two US smelters and the ABI smelter in Quebec. We also successfully concluded negotiations in Norway and at Alumar in Brazil.

本季我們也在勞資關係方面取得重要里程碑，與西澳的 AWU 達成延續至 2030 年的多年期集體協議。並與美國兩座冶煉廠及魁北克 ABI 冶煉廠的美國鋼鐵工人聯合會（United Steelworkers）達成協議。我們也在挪威以及巴西 Alumar 成功完成談判。

These agreements provide important workforce stability and support our long-term operating plans. Strategically, we continue to advance initiatives that strengthen and grow our business. In May, we announced a $65 million investment to expand the Mosjoen Casthouse in Norway.

這些協議提供重要的人力穩定性，並支持我們的長期營運計畫。在策略面，我們持續推進強化並擴大業務的各項計畫。5 月，我們宣布投資 6,500 萬美元擴建挪威 Mosjoen 鑄造廠（Casthouse）。

The project will increase annual production capacity by up to 75,000 metric tons, while adding the capability to incorporate post-consumer recycled aluminum into the casting process, further enhancing our value-added product portfolio. Just a few days ago, we announced the final investment decision to construct a gallium production facility to be co-located at our Wagerup Alumina Refinery in Western Australia.

該專案將把年產能提高最多 7.5 萬公噸，同時新增在鑄造流程中導入消費後回收鋁的能力，進一步強化我們的高附加價值產品組合。就在幾天前，我們宣布最終投資決策，將在西澳的 Wagerup 氧化鋁精煉廠旁興建一座鎵（gallium）生產設施。

Largely funded by the governments of Australia, Japan, and the United States, this facility will create a new western-aligned source of a critical mineral which supports semiconductor, advanced manufacturing, and defense supply chains.

該設施主要由澳洲、日本與美國政府出資，將建立一個與西方陣營對齊的關鍵礦物新來源，以支援半導體、先進製造與國防供應鏈。

It also reinforces the strategic importance of Alcoa's Australian refining assets beyond aluminum production alone. Last and most importantly, we announced the largest transaction for Alcoa Corporation, the strategic acquisition of South32's interest in bauxite, alumina and aluminum assets, which we will refer to as Ally Group.

這也進一步凸顯美國鋁業在澳洲的精煉資產之策略重要性，不僅限於鋁的生產。最後也是最重要的是，我們宣布了美國鋁業公司史上最大的一筆交易：策略性收購 South32 在鋁土礦、氧化鋁與鋁資產中的權益，我們將其稱為 Ally Group。

This acquisition is about creating long-term shareholder value. First, the strategic fit is compelling. We're bringing together highly complementary assets that are mostly in close geographic proximity to our existing portfolio. This creates opportunities to improve performance by leveraging our combined expertise and scale.

這項收購的核心在於創造長期股東價值。首先，策略契合度極具吸引力。我們將整合高度互補的資產，且多數在地理位置上與我們現有資產組合相近。這將帶來機會，透過結合我們的專業能力與規模來提升績效。

Second, the acquisition unlocks significant value through synergies. We have identified approximately $900 million of net present value synergies. Including roughly $50 million of run rate cost savings starting in the first year following closing. These synergies are backed by numerous initiatives identified during due diligence by our subject matter experts.

第二，這項收購可透過協同效益釋放顯著價值。我們已辨識約 9 億美元的淨現值（NPV）協同效益。其中包括在交割完成後第一年起，約 5,000 萬美元的年度化成本節省。這些協同效益由我們的領域專家在盡職調查期間所辨識的多項計畫所支持。

The estimates are not high-level consultant projections. They are each highly actionable and based on areas where Alcoa has a demonstrated track record of execution. Third, the acquisition delivers compelling financial results. These assets enhance our ability to generate stronger cash flow through the cycle and improve our position on the global alumina and aluminum cost curves.

這些估算並非高層次的顧問推估。每一項都具高度可執行性，且基於美國鋁業已證明具備執行紀錄的領域。第三，這項收購帶來具吸引力的財務成果。這些資產將提升我們在景氣循環中創造更強勁現金流的能力，並改善我們在全球氧化鋁與鋁成本曲線上的位置。

We expect the acquisition to be accretive to our earnings per share and cash flow metrics immediately after close, with additional upside as synergies are captured over time. Let me provide some additional context on the transaction based on questions we've received from investors.

我們預期該收購在交割完成後將立即對每股盈餘與現金流指標具增益效果，且隨著協同效益逐步實現，仍有進一步上行空間。我想根據投資人提出的問題，提供一些關於本交易的補充背景。

I've got our rationale for the mix of cash and equity considerations, $3.1 billion and $1 billion, respectively. In our view, the stock consideration as well as the contingent value right provides for risk sharing between the buyer and seller. Commodity prices can and will change, and we believe this structure adapts to that dynamic. Mitigating Alcoa's exposure to those market-driven value changes.

關於現金與股權對價的組合，我們的理由是：現金 31 億美元、股權 10 億美元。我們認為，股票對價以及或有價值權（contingent value right）可使買賣雙方進行風險分攤。大宗商品價格可能且必然會變動，我們相信此結構能因應這種動態。從而降低美國鋁業對這些由市場驅動之價值變動的曝險。

This results in a fair transaction, one that is appreciated by both sets of shareholders. In addition, Alcoa shares not distributed to South32 shareholders must be liquidated in an orderly manner to mitigate volatility from South32's liquidation. The agreement prevents South32 from selling shares in excess of 20% of our average daily trading volume. On any one trading day for three months following completion.

這使交易更為公平，並能獲得雙方股東的認同。此外，未分配給 South32 股東的美國鋁業股份必須以有序方式處分，以降低 South32 出售持股所造成的波動。協議禁止 South32 在交割完成後三個月內的任何單一交易日，出售超過我們平均每日成交量 20% 的股份。在任何一個交易日皆適用，為期三個月。

Considering our leverage post-close, we set the cash consideration to a level that allows us to limit debt and not exceed a leverage ratio of 2.0 times based on recent pricing. Both Moody's and S&P recently affirmed Alcoa's current credit ratings and outlook based on the pro forma transaction.

考量交易完成後的槓桿水準，我們將現金對價設定在一個可讓我們限制負債、並在近期定價基礎上不超過 2.0 倍槓桿比率的水準。穆迪與標普近期亦基於該交易的備考（pro forma）情境，確認了 Alcoa 目前的信用評等與展望。

Additionally, we want to clarify certain elements of the transaction structure, which includes three important components: the locked box, the ticking fee, and the contingent value right, or CVR. Starting with the locked box, this structure allows Alcoa to benefit from the cash flow generated by the acquired assets going back to April 1, 2026.

此外，我們希望釐清交易架構中的若干要素，其包含三個重要組成：鎖箱（locked box）、計時費（ticking fee）以及或有價值權（contingent value right，CVR）。先從鎖箱機制談起，該架構使 Alcoa 得以享有自 2026 年 4 月 1 日起由所收購資產所產生的現金流。

As the assets generate cash, those amounts accrued to Alcoa. And offset the cash consideration to be paid at closing. Based on publicly available information, we estimate the locked box to hold more than $200 million as of June 30, 2026. This value will fluctuate until closing, but it gives a sense of the magnitude this mechanism could generate for Alcoa.

隨著資產產生現金，該等金額將累積歸屬於 Alcoa。並用以抵減交割時需支付的現金對價。根據公開可得資訊，我們估計截至 2026 年 6 月 30 日，鎖箱內將累積超過 2 億美元。該價值將在交割前持續波動，但可讓各位了解此機制可能為 Alcoa 帶來的量級。

Second, there is a ticking fee. Beginning after South32 shareholder approval in October or November, we will pay a negotiated 5% annualized fee on the $3.1 billion cash consideration to compensate South32 for its cost of capital. We estimate approximately $80 million to $100 million in ticking fees to be paid at closing.

第二項是計時費。自 South32 股東於 10 月或 11 月批准後開始，我們將就 31 億美元現金對價支付協商後的年化 5% 費用，以補償 South32 的資本成本。我們估計交割時將支付約 8,000 萬至 1 億美元的計時費。

Third, there is a CVR that aligns revenue sharing with market performance. If alumina or aluminum prices exceed agreed thresholds, South32 can participate in a portion of that upside, up to a maximum of $750 million over four years. Between July 1, and closing of the transaction, market prices will impact the calculation of both the locked box and the CVR.

第三項是 CVR，使收益分享與市場表現相一致。若氧化鋁或鋁價高於約定門檻，South32 可參與部分上行收益，四年合計最高上限為 7.5 億美元。自 7 月 1 日至交易交割期間，市場價格將影響鎖箱與 CVR 的計算。

If markets remain strong, Alcoa benefits through higher earnings and cash flow from these assets in the locked box and the CVR if markets are exceptionally strong, we will retain most of the value for our shareholders, while a portion of that value will be shared with South32 through the CVR that is capped at $750 million.

若市場維持強勁，Alcoa 將透過鎖箱中這些資產帶來的較高獲利與現金流而受益；若市場異常強勁，我們將為股東保留大部分價值，同時透過上限為 7.5 億美元的 CVR 與 South32 分享其中一部分價值。

The acquisition strengthens our leadership position in the upstream value chain. We expect to increase our annual production capacity by approximately 5.2 million metric tons of alumina, a pro forma 53% increase, and approximately 900,000 metric tons of primary aluminum, a pro forma 37% increase.

本次收購強化了我們在上游價值鏈的領導地位。我們預期年度產能將增加約 520 萬公噸氧化鋁（備考增加 53%），以及約 90 萬公噸原鋁（備考增加 37%）。

The transaction represents a meaningful expansion of our portfolio in markets where we continue to see attractive long-term fundamentals. At our Investor Day last year, we outlined our long-term view that the world will need more alumina and more aluminum driven by electrification, grid investment, transportation, packaging, and broader industrial growth. That thesis has not changed.

此交易代表我們在長期基本面仍具吸引力的市場中，對投資組合進行了具意義的擴張。在去年投資人日上，我們闡述了長期觀點：在電氣化、電網投資、運輸、包裝以及更廣泛的工業成長帶動下，全球將需要更多氧化鋁與更多鋁。這一論點並未改變。

Over the next decade, we expect primary aluminum demand outside of China to grow by approximately 7 million metric tons. While alumina demand is expected to increase by approximately 18 million metric tons. These are significant growth opportunities, particularly in regions where customers increasingly value secure, reliable and sustainable supply.

未來十年，我們預期中國以外的原鋁需求將成長約 700 萬公噸。而氧化鋁需求預期將增加約 1,800 萬公噸。這些都是重大的成長機會，特別是在客戶日益重視安全、可靠且永續供應的地區。

The challenge is that new supply will be difficult and expensive to bring online. While we expect additional capacity to be built through restarts and expansions, the capital required to develop new refining and smelting capacity today is substantially higher than historical costs, especially when you compare with past expansions in China.

挑戰在於新增供給將難以且昂貴地投產。雖然我們預期可透過復產與擴產來建置額外產能，但在當前環境下開發新的精煉與冶煉產能所需資本，顯著高於歷史成本，尤其是與過去在中國的擴產相比。

That's where the acquisition of the Ally Group assets is particularly attractive. Rather than spending years developing new assets, we are acquiring high-quality, large-scale operations. That are already producing and integrated into the value chain.

這正是收購 Ally Group 資產特別具吸引力之處。我們不必花費多年開發新資產，而是收購高品質、具規模的營運。這些營運已在生產，並已整合進價值鏈。

Importantly, we are acquiring that capacity to a valuation that is well below replacement cost. Simply put, the acquisition allows Alcoa to participate more fully in the long-term growth of the aluminum industry through acquiring assets that would be difficult, time-consuming and more costly to replicate today. Now, I'll turn it over to Molly to take us through the financial results.

重要的是，我們以遠低於重置成本（replacement cost）的估值取得該等產能。簡言之，透過收購在今日難以複製、耗時且成本更高的資產，本次收購使 Alcoa 能更充分參與鋁產業的長期成長。接下來我將交給 Molly，帶領大家回顧財務結果。

Thank you, Bill. Revenue increased by 24% to $4 billion, which is the highest quarterly revenue in Alcoa Corporation's almost 10-year history. In the Alumina segment, third-party revenue decreased by 3% to $637 million on lower volumes and price from bauxite offtake and supply agreements.

謝謝你，Bill。營收成長 24% 至 40 億美元，為 Alcoa Corporation 近 10 年來最高的單季營收。在氧化鋁事業部門，因鋁土礦包銷（offtake）與供應協議的出貨量與價格較低，第三方營收下降 3% 至 6.37 億美元。

Alumina shipping volumes were flat sequentially as higher shipments from wage drop were mostly offset by lower trading activity and operational stability issues at the Pinjarra Refinery in the second quarter. In the Aluminum segment, third-party revenue increased by 31% to $3.3 billion due to higher shipments, an increase in average realized third-party price, and higher value-add product premiums.

氧化鋁出貨量較前一季持平；工資下調帶來的較高出貨量，大多被較低的交易活動以及第二季 Pinjarra 精煉廠營運穩定性問題所抵銷。在鋁事業部門，由於出貨量增加、第三方平均實現價格上升，以及增值產品溢價提高，第三方營收成長 31% 至 33 億美元。

Aluminum shipments increased 113,000 metric tons sequentially, reflecting higher production from capacity restarts at San Ciprian, Alumar, Lista and Portland. Volumes repositioned in the first quarter and sold in the second quarter, improving shipment performance and typical seasonal uplift after the first quarter low point.

鋁出貨量較前一季增加 11.3 萬公噸，反映 San Ciprian、Alumar、Lista 與 Portland 產能復產帶來的較高產量。第一季重新配置的銷量在第二季售出，改善了出貨表現，並呈現第一季低點後典型的季節性回升。

Second quarter net income attributable to Alcoa was $407 million. Versus the prior quarter of $425 million, with earnings per common share decreasing to $1.53 per share. On an adjusted basis, net income attributable to Alcoa was $562 million, up $189 million from the first quarter.

第二季歸屬於 Alcoa 的淨利為 4.07 億美元。相較前一季 4.25 億美元，每股普通股盈餘降至每股 1.53 美元。以調整後口徑計，歸屬於 Alcoa 的淨利為 5.62 億美元，較第一季增加 1.89 億美元。

This increase resulted primarily from higher aluminum prices and shipments, partially offset by unfavorable currency impacts. Due to the absence of gains recognized in the first quarter, unfavorable energy impacts, and unfavorable production costs in the alumina segment. These impacts exclude $155 million of special items, primarily related to mark-to-market changes on the modern shares. Adjusted EBITDA was $901 million.

此增幅主要來自鋁價與出貨量提高，部分被不利的匯率影響所抵銷。此外，亦受到第一季認列之收益不再出現、不利的能源影響，以及氧化鋁事業部門不利的生產成本影響。上述影響不包含 1.55 億美元的特殊項目，主要與 modern shares 的按市價評價（mark-to-market）變動相關。調整後 EBITDA 為 9.01 億美元。

We delivered a strong quarter operationally and financially. While our reported results were modestly below consensus, the variance was driven by lower-than-expected aluminum price realization late in the quarter as LME prices declined sharply in the final two weeks of June. Our annual pricing sensitivities, which are based on a 15-day lag for simplicity, do not account for the steep changes near quarter-end.

我們在營運與財務面皆交出強勁的一季。雖然我們的報告結果略低於市場共識，但差異主要來自季末鋁價實現低於預期，因 LME 價格在 6 月最後兩週大幅下跌。我們的年度價格敏感度為求簡化係以 15 天落後期為基礎，未能反映季末附近的劇烈變動。

Importantly, this does not change the underlying strength of the business or the quality of our operational execution. We remain focused on providing transparent insight, especially in periods of heightened price volatility.

重要的是，這並不改變業務的基本強勁程度或我們營運執行的品質。我們仍專注於提供透明的洞見，特別是在價格波動加劇的期間。

Now let's look at the key drivers of EBITDA. Adjusted EBITDA increased $306 million sequentially to $901 million on record results in the aluminum segment. The alumina segment adjusted EBITDA decreased $56 million on higher production costs and unfavorable cost absorption, mainly at the Pinjarra refinery due to operational instability experienced during the quarter and higher fuel oil and diesel prices.

現在讓我們看看 EBITDA 的關鍵驅動因素。受鋁事業部門創紀錄表現帶動，調整後 EBITDA 較前一季增加 3.06 億美元至 9.01 億美元。氧化鋁事業部門調整後 EBITDA 則因生產成本上升與不利的成本吸收而下降 5,600 萬美元，主要發生在 Pinjarra 精煉廠，原因為本季經歷的營運不穩定，以及燃料油與柴油價格上漲。

The aluminum segment adjusted EBITDA increased $379 million, primarily due to metal prices, including LME and regional premiums, higher aluminum shipping volumes. And improved margins from higher value-add product mix and premiums. We delivered on opportunities as customers in North America and Europe sought alternate supply after disruptions to Middle East suppliers.

鋁業務部門調整後 EBITDA 增加 3.79 億美元，主要受金屬價格（包括 LME 與區域升水）上漲以及鋁出貨量增加所帶動。以及更高附加價值產品組合與升水帶來的利潤率改善。在中東供應商受干擾後，北美與歐洲客戶尋求替代供應來源，我們把握機會交出成果。

In the second quarter, the aluminum segment delivered record segment adjusted EBITDA of $1.1 billion and EBITDA margin of 32.3%. This reflects not only the benefit of higher metal prices. But also, our ability to convert strong market conditions into bottom-line performance.

第二季，鋁業務部門創下部門調整後 EBITDA 11 億美元的紀錄，EBITDA 利潤率為 32.3%。這不僅反映金屬價格上漲的效益。也反映我們將強勁市場環境轉化為獲利表現的能力。

Key contributors to the sequential performance were stable operations and disciplined cost management, effective production ramp-up adding approximately 25,000 metric tons, flexible casting capacity which converted approximately 30,000 metric tons of prime metal into value-added product shipments with the added product premium. And overall strong shipping performance with 726,000 metric tons delivered.

推動環比表現的關鍵因素包括營運穩定與嚴謹的成本管理、有效的產能爬坡新增約 25,000 公噸、以及具彈性的鑄造產能，將約 30,000 公噸的優質金屬轉換為附加價值產品出貨並取得額外產品溢價。以及整體強勁的出貨表現，交付 726,000 公噸。

Moving on to cash flow activities for the second quarter. We ended June with a strong cash balance of $1.4 billion, supported by $422 million of free cash flow generation. Cash from operations was $608 million, anchored by strong EBITDA, partially offset by an increase in working capital, mostly from higher metal prices and accounts receivable.

接著說明第二季的現金流活動。我們在 6 月底的現金餘額強勁，達 14 億美元，主要由 4.22 億美元的自由現金流所支撐。營運活動現金流為 6.08 億美元，以強勁 EBITDA 為基礎，但部分被營運資金增加所抵銷，主要來自金屬價格上漲與應收帳款增加。

This enabled the company to redeem the remaining $219 million of our 2028 notes on May 15, at par value. This is aligned with our previously stated goal to de-lever and further strengthen our balance sheet. Cash tax payments of $152 million primarily related to payment of prior period income taxes in Australia.

這使公司得以於 5 月 15 日以面額贖回剩餘 2.19 億美元的 2028 年到期票據。這與我們先前所述去槓桿並進一步強化資產負債表的目標一致。現金稅款支付 1.52 億美元，主要與澳洲支付前期所得稅相關。

Net payments on debt also included payments on short-term borrowings associated with inventory repositioning in the first quarter. During the second quarter, the company contributed $24 million to the Gallium joint venture as a final investment decision was reached between the partners. This is Alcoa's only expected contribution to the joint venture.

債務的淨支付亦包含與第一季庫存重新配置相關的短期借款償付。第二季，公司向鎵（Gallium）合資企業投入 2,400 萬美元，因合作夥伴間已達成最終投資決策。這是 Alcoa 對該合資企業唯一預期的出資。

Turning to our key financial metrics for the second quarter and the first half of 2026. Return on equity through the first half of the year was 26.4%. Through the first half, we have returned $53 million in cash to shareholders through our regular quarterly dividend.

接著看 2026 年第二季與上半年關鍵財務指標。截至上半年，股東權益報酬率為 26.4%。截至上半年，我們透過例行季度股利向股東返還 5,300 萬美元現金。

Supported by strong free cash flow generation in the first half of '26, we ended June with a cash balance of $1.4 billion and adjusted net debt of $1.4 billion, within the top end of our adjusted net debt target range. This is the result of consistent, stable operational and commercial performance and disciplined capital allocation. It positions us well to optimize the financing mix for the Ally Group acquisition.

在 2026 年上半年強勁自由現金流的支撐下，我們於 6 月底的現金餘額為 14 億美元，調整後淨負債為 14 億美元，位於我們調整後淨負債目標區間的上緣。這是穩健一致的營運與商業表現，以及嚴謹資本配置的成果。也使我們能在 Ally Group 收購案上更好地優化融資組合。

Turning to the outlook, we are lowering our full-year alumina production and shipment expectations to 9.5 million to 9.6 million metric tons and 11.5 million to 11.6 million metric tons, respectively, due primarily to challenges at the Pinjarra refinery during the second quarter. The operation was experiencing instability in late March, which was further complicated when the supply of natural gas was disrupted by Cyclone Narelle, forcing the site to reduce process flow.

展望未來，我們下調全年氧化鋁產量與出貨量預期，分別至 950 萬至 960 萬公噸，以及 1,150 萬至 1,160 萬公噸，主要因第二季 Pinjarra 精煉廠面臨挑戰。該廠於 3 月下旬出現不穩定情況，之後又因熱帶氣旋 Narelle 造成天然氣供應中斷而更為複雜，迫使廠區降低製程流量。

While the refinery has since returned to stable operations and is performing well, we do not expect to fully recover the production and shipment volumes that were lost during the second quarter. We are increasing our full-year outlook for other corporate expenses to approximately $180 million, primarily reflecting unfavorable currency impacts and costs related to certain strategic initiatives.

雖然該精煉廠此後已恢復穩定運轉且表現良好，但我們預期無法完全彌補第二季流失的產量與出貨量。我們將全年其他公司費用展望上調至約 1.8 億美元，主要反映不利匯率影響以及與部分策略性計畫相關的成本。

We are also increasing our full-year depreciation expense to approximately $660 million, primarily due to currency impacts and changes in asset lives at certain bauxite mining operations. For the third quarter at the segment level, alumina segment performance is expected to be net favorable by approximately $10 million due to recovered stability at the Pinjarra Refinery, lower energy prices, primarily diesel and fuel oil, partially offset by planned maintenance at the Alumar Refinery and Juruti mine.

我們也將全年折舊費用上調至約 6.6 億美元，主要因匯率影響以及部分鋁土礦採礦作業的資產年限變動。以第三季分部層級來看，氧化鋁部門表現預期將淨有利約 1,000 萬美元，原因包括 Pinjarra 精煉廠恢復穩定、能源價格下降（主要為柴油與燃料油），但部分被 Alumar 精煉廠與 Juruti 礦山的計畫性維修所抵銷。

Aluminum segment performance is expected to be flat as improved productivity from the higher production levels and operating efficiencies fully offset higher carbon prices and seasonally lower third-party energy sales in Brazil.

鋁部門表現預期持平，因較高產量水準與營運效率帶來的生產力提升，將完全抵銷較高的碳價格以及巴西第三方能源銷售季節性下降的影響。

Based on recent pricing and expected lower shipments, which exclude the 30,000 tons repositioned in the first quarter and sold in the second quarter. Section 232 tariff costs on US imports of aluminum from Canada are expected to decrease by approximately $10 million.

根據近期價格與預期較低的出貨量（不包含第一季重新配置並於第二季售出的 30,000 噸）。對自加拿大進口至美國的鋁所課徵之 232 條款關稅成本，預期將降低約 1,000 萬美元。

Alumina costs in the aluminum segment are expected to be unfavorable by $10 million. Below EBITDA, other expenses in the second quarter included unfavorable currency impacts of approximately $5 million, which may not recur. Based on recent pricing, the company expects third quarter operational tax expense to approximate $80 million to $90 million. Now, I'll turn it back to Bill.

鋁部門中的氧化鋁成本預期將不利 1,000 萬美元。在 EBITDA 以下，第二季其他費用包含約 500 萬美元的不利匯率影響，該影響可能不會重複發生。根據近期價格，公司預期第三季營運稅費約為 8,000 萬至 9,000 萬美元。現在我把時間交還給 Bill。

Thanks, Molly. During the quarter, alumina prices remained relatively stable despite ongoing geopolitical disruptions in the Middle East. We continue to see a divergence between China and ex-China markets. In China, higher consumption and refinery disruptions kept the market relatively tight. Demand outpaced supply growth, supporting domestic aluminum prices and driving imports.

謝謝，Molly。本季氧化鋁價格在中東地緣政治干擾持續的情況下仍相對穩定。我們持續看到中國與非中國市場之間的分歧。在中國，較高的消費與精煉廠干擾使市場相對吃緊。需求增速超過供給增速，支撐國內鋁價並帶動進口。

At the same time, shift yield prices remained elevated amid continued uncertainty around Guinea's bauxite exports. Outside China, conditions remain more challenging. Middle East disruptions have reduced demand and weighed on refinery margins. While supply adjustments have not yet fully rebalanced the market.

同時，在幾內亞鋁土礦出口持續存在不確定性的背景下，現貨氧化鋁價格仍維持在高檔。中國以外地區的情況仍更具挑戰。中東干擾降低了需求並壓抑精煉利潤率。而供給調整尚未完全使市場重新達到平衡。

Looking ahead, new smelting capacity in Indonesia and anticipated smelter restarts in the Middle East should increase alumina demand and move the ex-China market toward a better balance in the second half of the year.

展望未來，印尼新增的冶煉產能以及中東預期的冶煉廠重啟，應會提升氧化鋁需求，並在下半年推動非中國市場朝更佳平衡邁進。

For Alcoa, our focus remains on what we can control, operating reliably, serving our customers and remaining well positioned to capture value when markets improve. During the quarter, the Pinjarra refinery returned to stable operating rates following the challenges experienced earlier this year, and Alumar continued to deliver strong operational performance.

對 Alcoa 而言，我們仍聚焦於可控事項：可靠營運、服務客戶，並保持良好定位，以在市場改善時掌握價值。本季，Pinjarra 精煉廠在今年稍早遭遇挑戰後已恢復穩定運轉水準，而 Alumar 也持續交出強勁的營運表現。

Importantly, the disruptions in the Middle East have not impacted our long-term Alumina sales contracts as volumes continue to move and we maintain our strong customer relationships. Moving on to Aluminum. While LME has returned to pre-Middle East conflict levels following a macro-driven correction, aluminum fundamentals remain strong.

重要的是，中東的干擾並未影響我們長期氧化鋁銷售合約，因為出貨量仍持續流動，我們也維持與客戶的穩固關係。接著談鋁。雖然 LME 在宏觀因素驅動的修正後已回到中東衝突前的水準，但鋁的基本面仍然強勁。

The market remains tight, inventories are low, the global market is still expected to be in deficit this year, and a meaningful amount of Middle East production remains offline with uncertain restart timelines. Demand continues to be resilient, particularly in North America and Europe, where markets remain structurally short of metal.

市場仍然吃緊、庫存偏低、全球市場今年仍預期供不應求，且相當一部分中東產量仍處於停產狀態，重啟時程不確定。需求持續展現韌性，特別是在北美與歐洲，這些市場在結構上仍然缺金屬供應。

We are also seeing continued efforts by customers to localize supply chains and reduce reliance on imported metal, particularly in value-add products such as billet, foundry alloy and rod. As a result, regional and value-added product premiums continued to strengthen during the quarter, even as LME prices moved lower.

我們也看到客戶持續努力在地化供應鏈，並降低對進口金屬的依賴，特別是在鋁錠（billet）、鑄造合金（foundry alloy）與鋁桿（rod）等加值產品上。因此，儘管LME價格走低，本季區域性與加值產品溢價仍持續走強。

Our global footprint and strong regional presence position us well in markets where reliable supply is increasingly valued. As a result, our value-added product volumes increased 30,000 metric tons sequentially, and our 2026 order book is stronger than it was at this time last year across all major regions and product categories.

我們的全球布局與強大的區域據點，使我們在可靠供應日益受到重視的市場中具備良好定位。因此，我們的加值產品出貨量較前一季增加3萬公噸，且我們2026年的訂單簿在所有主要區域與產品類別上，都比去年此時更為強勁。

As we wrap up, I'd like to leave you with three key messages. First, Alcoa delivered a strong second quarter. We executed well across the business, and those efforts translated directly into stronger operational and financial results. Second, we executed on strategic initiatives. Third, we have momentum entering the second half of the year. We remain focused on the things we can control, safety, operational stability, cost discipline, and execution.

在結束之前，我想留給各位三個關鍵訊息。第一，Alcoa交出強勁的第二季表現。我們在各項業務上執行到位，這些努力直接轉化為更佳的營運與財務成果。第二，我們落實了策略性計畫。第三，我們在進入下半年時具備動能。我們仍專注於可控事項：安全、營運穩定、成本紀律與執行力。

At the same time, we will progress the milestones related to the acquisition of Ally Group. Advance our Australia mine approvals and unlock value from our transformation assets. We are proud of what we accomplished in the second quarter, excited about the opportunities ahead and confident in our ability to deliver value for our shareholders.

同時，我們也將推進與收購Ally Group相關的里程碑。推動澳洲礦場核准進度，並從我們的轉型資產中釋放價值。我們為第二季的成果感到自豪，對前方機會感到振奮，並對為股東創造價值的能力充滿信心。

With that, let's open the floor for questions. Operator, please begin the Q&A session.

接下來，我們開放提問。接線員，請開始問答環節。

(Operator Instructions)

(接線員指示)

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

Hi, thank you for taking my questions. Maybe starting on 3Q Outlook, you mentioned that you expect energy prices to be lower. Can you maybe talk about what diesel and fuel costs are you assuming or prices you're assuming in that, especially relative to current environment?

嗨，謝謝讓我提問。先從第三季展望開始，您提到預期能源價格會更低。能否談談在這個假設中，您對柴油與燃料成本（或價格）的假設為何，特別是相對於目前的環境？

Pardon me, this is the operator. We're unable to hear the main speaker location.

不好意思，我是接線員。我們聽不到主要講者所在位置的聲音。

Can you hear us?

你們聽得到我們嗎？

No, we can, yes.

不，我們可以，是的。

Yes. Can you move to the next question? Did you hear the reply from Molly?

是的。可以請進到下一個問題嗎？你們有聽到Molly的回覆嗎？

No, we did not, sir. Please go ahead.

沒有，我們沒有聽到，先生。請繼續。

Okay, let's try it again. So thanks, Katja. If you think about how we guided for the second quarter on energy costs, we guided diesel down unfavorable $5 million and fuel oil unfavorable $15 million. As we turn to the third quarter, we see some improvement, and diesel and fuel oil now are $5 million favorable in the third quarter. Our outlook is based on $90 per barrel fuel oil, so you could see some upside if prices moderate.

好，那我們再試一次。謝謝你，Katja。如果你回想我們對第二季能源成本的指引，我們當時指引柴油不利5百萬美元、燃料油不利1,500萬美元。展望第三季，我們看到一些改善，柴油與燃料油在第三季現在是有利5百萬美元。我們的展望是以燃料油每桶90美元為基礎，因此若價格回落，你可能會看到一些上行空間。

Okay. Thank you. And maybe my second question is on the asset monetization. Can you provide an update what the status there is?

好的。謝謝。我第二個問題是關於資產變現。能否更新一下目前的進度狀態？

Sure. So we're still targeting $500 million to $1 billion over the next between now and 2030. We have substantially completed the negotiations on the Massena East transaction, and we continue to work through the papering that up at this point. So we feel that we are confident that we'll get that one done, and then there will be others to follow after that.

當然。我們仍以現在到2030年之間達成5億到10億美元為目標。我們已大致完成Massena East交易的談判，目前仍在進行文件作業。因此我們有信心能完成這筆交易，之後也會有其他案子接續進行。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通。

Good afternoon. This is Bennett on for Bill. Thank you for taking my questions. Considering the resiliency and the value-add premiums, what sort of additional opportunities are you seeing to flex for the capacity on that front, on the casting side that is?

午安。我是Bennett，代Bill發言。謝謝讓我提問。考量需求韌性與加值溢價，在鑄造端這一塊，你們看到哪些額外機會可以彈性調整產能？

So we still have some capacity in North America. It is fairly small. I would say an estimate would be that we're about 95% full-on capacity between Europe and North America. If I step back and look at the order books, the order book for value-add products, as you said, has remained solid and demand trends are varying by region and segment.

我們在北美仍有一些產能空間。但規模相當小。我估計歐洲與北美合計的產能利用率大約已達95%。如果我退一步看訂單簿，如你所說，加值產品的訂單簿仍然穩健，而需求趨勢則因地區與細分市場而異。

We've been able to increase our order books based in Europe and North America on the uncertainty of supply in the Middle East. Foundry and billet markets are experiencing an uptick in North America as spot demand customers look to backfill the Middle East supply. Slab continues to be strong in North America. In Europe, packaging is the most robust.

由於中東供應不確定性，我們得以在歐洲與北美增加訂單簿。在北美，鑄造合金與鋁錠市場正出現回升，因為現貨需求客戶希望補上中東供應缺口。在北美，鋁板錠（slab）仍然強勁。在歐洲，包裝需求最為強勁。

Rod is solid, while automotive slab demand is still soft. Foundry and slab demand are rising in Europe, supported by the Middle East disruptions with foundry strength concentrated around the Mediterranean. We are seeing some weakness in the B&C market due to the overall high billet prices and demand outlook for extruders is short, that's in largely in Europe. So that's the view of the order book at this point.

鋁桿（rod）表現穩健，但汽車用鋁板錠需求仍偏弱。在歐洲，鑄造合金與鋁板錠需求正在上升，受中東干擾影響而帶動，其中鑄造合金的強勢主要集中在地中海周邊。由於鋁錠價格整體偏高，加上擠型廠（extruders）的需求展望偏短期，我們在B&C（建築與營造）市場看到一些疲弱，這主要發生在歐洲。以上是目前訂單簿的觀察。

Thanks for that. And then within aluminum, you guys restarted about a quarter of your curtailed capacity quarter-over-quarter. So outside of Warrick, how should we think about the trajectory of further restarts moving forward there? Could we see these fully restarted by the end of this year even?

謝謝說明。另外在鋁冶煉方面，你們本季相較前一季重啟了約四分之一的減產產能。那麼除了Warrick之外，未來進一步重啟的軌跡應該如何看待？甚至有可能在今年底前全部重啟嗎？

We'll continue to get benefit from restarting. Alumar. Alumar sits at around, as of today, around 95% restarted. So they still have some room for restart there. You'll also get the full quarter benefit associated from the ramp-up at Alumar. In addition to that, there's still some opportunity to ramp some small volume in Portland.

我們會持續受益於重啟。Alumar。截至今天，Alumar大約已重啟到95%。所以那邊仍有一些重啟空間。你也會在Alumar爬坡（ramp-up）上看到完整一季的效益。此外，在Portland仍有機會再拉升一小部分產量。

Portland is running at about the highest level it's run -- well, it is the highest level it's run since. Since becoming an independent company. So Portland is doing great. There's still some capacity there. Those are the really the two areas that you'll get the benefit going into the third quarter.

Portland目前的運轉水準大概是它自—嗯，這是它自成為獨立公司以來的最高水準。所以Portland表現非常好。那裡仍有一些產能空間。這兩個地方基本上就是你在第三季會看到效益的主要來源。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Thank you, operator. This is Henry Hurrell on for Nick. I wanted to follow-up on the Massena East sale. So with New York's moratorium on data centers announced this past week, will that have any impact on negotiations or closing going forward?

謝謝，接線員。我是Henry Hurrell，代Nick發言。我想追問Massena East出售案。鑑於紐約州本週宣布對資料中心的暫停令（moratorium），這是否會對後續談判或交割造成任何影響？

So we and the developer are assessing the executive order that was signed by the governor. At this point, we don't have a complete assessment of it, but we're moving forward. And as we said that the transaction is largely negotiated at this point, it's just working through the final contracts.

因此，我們與開發商正在評估州長簽署的行政命令。目前我們尚未完成對其的全面評估，但我們正持續推進。而且如我們所說，這筆交易在此時點基本上已談妥，接下來只是把最終合約處理完成。

And then on Pinjarra, just wondering if the lower bauxite grade had any impact or was the 2Q shortfall and then the full-year revision purely based on the operational instability you saw in March and then also the cyclone?

另外關於 Pinjarra，我想請教較低的鋁土礦品位是否有任何影響？還是說第二季的短缺以及全年指引下修，純粹是基於你們在三月看到的營運不穩定，以及颶風的影響？

So there was really two things that occurred at Pinjarra. The first was that we had what's called an oxalate outbreak, and that's due to organic compounds in the bauxite. Normally, we will be able to handle that pretty effectively. That was compounded by the curtailment related to the cyclone.

Pinjarra 那邊其實發生了兩件事。第一是我們遇到所謂的草酸鹽爆發（oxalate outbreak），這是由鋁土礦中的有機化合物所致。通常我們能相當有效地處理。而這又因颶風相關的限產而雪上加霜。

And so the combination of those two had the negative impact. Pinjarra struggled significantly in April and May, came back up in June and as of today is running very well. So it was a combination of those two factors.

因此這兩者的組合造成了負面影響。Pinjarra 在四月和五月明顯吃緊，六月回升，而截至今天運轉狀況非常好。所以是這兩個因素共同造成的。

Might just clarify that it was the natural gas supply that was interrupted that caused the curtailment.

我補充澄清一下，造成限產的是天然氣供應中斷。

The curtailment due to the natural gas interruption.

因天然氣中斷而導致的限產。

Got it. Thanks for the color, Bill and Molly and continued best of luck.

了解。謝謝補充說明，Bill 和 Molly，也祝你們接下來一切順利。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行（Wells Fargo）。

I wanted to take a step back and ask a little bit about -- I know you referred to the aluminum price retreat, of course, of latent attributed to macro factors, but your last slide deck talked extensively about the disruptions in the Middle East. And you talked about -- you alluded to them again this time, but yet the aluminum price, as you point out, has gone to pre-Iran conflict levels.

我想先退一步，問一些更宏觀的問題——我知道你提到鋁價回落，當然其中一部分可歸因於總體因素，但你們上一份簡報花了很多篇幅談到中東的干擾。這次你們也再次提到、也有所暗示，但如你所指出，鋁價卻已回到伊朗衝突前的水準。

So what do you attribute that to? And along those same lines, some people are worried about China contributing to that retreat and overproducing. What do you think is happening in China?

你認為這主要是什麼原因？同樣地，有些人擔心中國也在促成這波回落、並且過度生產。你認為中國那邊正在發生什麼？

So I'll address both Timna. The first answer is sentiment. The fundamentals from when the Iran conflict started have not fundamentally changed. So we believe at this point, there's between three and three and a half million metric tons of capacity offline within the Strait of Hormuz. And that caused prices to run up.

Timna，我會一併回覆這兩點。第一個答案是：市場情緒。自伊朗衝突開始以來，基本面並沒有出現根本性的改變。因此我們認為，目前在荷姆茲海峽區域有約 300 萬到 350 萬公噸的產能處於停擺狀態。而這推升了價格。

Subsequently, when the conflict resolution was announced, that caused prices to run down. The fundamentals haven't really changed at this point. That capacity is still offline. As the strait stays closed for longer, it becomes more difficult for the existing capacity, which is still another 3 million to 4 million metric tons in the region to continue to operate.

之後當宣布衝突解決時，價格就回落。但基本面在此時點其實沒有真正改變。那部分產能仍然停擺。而且海峽關閉時間越久，區域內仍在運轉的既有產能——約另外 300 萬到 400 萬公噸——要持續運作就會變得更困難。

So, we believe it's sentiment driven. Within China, we are now projecting that China will run between 45 million and 46 million metric tons of production during the course of the year. Yes, that is higher than the 45 million metric ton cap. We don't believe that's a signal of a change in philosophy within China. They have not okayed capacity increases. This is just creeping the assets that they have given the high metal price.

所以我們認為這是由情緒所驅動。至於中國，我們目前預估中國全年產量將介於 4,500 萬到 4,600 萬公噸。是的，這高於 4,500 萬公噸的上限。但我們不認為這代表中國的政策理念有所改變。他們並未核准新增產能。這只是因金屬價格偏高，使他們把既有資產的產出逐步往上拉。

Okay, super helpful. Thank you. And I guess if I could just one more on the comment on exporting less from China to the US contributing to the lower tariff amount paid. Just curious how you're envisioning that going forward. Is it still just about the right price and are you counting on or contemplating any change in tariff policy anytime soon?

好的，非常有幫助。謝謝。另外我還想追問一點：你提到從加拿大出口到美國的量變少，導致支付的關稅金額較低。我想了解你們對未來的看法。是否仍然只是取決於合適的價格？你們是否預期或考慮短期內關稅政策會有任何變動？

Can you restate that one, Timna? You said exporting, I thought, from China to the US.

Timna，你可以再重述一次嗎？你剛剛說的是從中國出口到美國，我聽起來是這樣。

I meant Canada, sorry, yeah, Canada to the US I was talking about your Canadian exports to the US and how you're mentioning a tariff change being a little smaller just because of lower volumes. So just curious why that was the case and how you're thinking about the tariff going forward?

我指的是加拿大，抱歉，是加拿大出口到美國——我在說你們加拿大對美國的出口，以及你們提到關稅變動幅度較小只是因為量比較低。所以我想了解為什麼會這樣，以及你們對後續關稅的看法？

Timna, that is all just volume-related. And remember, we had repositioned those tons. From the first quarter that then were sold in the second. So we had a higher tariff rate in the second than we expect into the third. So no change in the rate, simply volume.

Timna，那完全是與出貨量相關。而且請記得，我們已經重新配置了那些公噸數。第一季的量延後到第二季才出售。因此第二季的關稅金額比我們預期第三季會看到的更高。所以稅率沒有變，只是量的問題。

Glyn Lawcock, Barrenjoey.

Glyn Lawcock，Barrenjoey。

Afternoon, Bill and Molly. Firstly, Bill, one for you. Obviously, you spent the month of June here in Australia, obviously negotiating with South32, but you obviously probably caught up with the EPA and other government agencies. Just any thoughts on how things are progressing here now with regard to the permitting side? Anything you'd want to call out or is it all still going well?

下午好，Bill 和 Molly。首先 Bill 問你一題。很明顯你六月在澳洲待了一個月，主要是在和 South32 談判，但你應該也和環保署（EPA）及其他政府機關見面了。想請問就許可（permitting）面向而言，目前進展如何？有沒有什麼想特別指出的，還是整體仍然進行得很順利？

Yes. So, Glyn, thanks for asking the question. And I spent five weeks in Australia and I enjoyed it tremendously, I should say. It is a wonderful place, great coffee and even in the winter, the weather was really nice. So as far as the approvals go, our approvals are continuing on the current path and are progressing well.

是的。Glyn，謝謝你的提問。我在澳洲待了五週，我必須說我非常享受。那是一個很棒的地方，咖啡很好喝，即使是冬天，天氣也很宜人。就核准進度而言，我們的核准仍沿著目前的路徑推進，且進展良好。

When I was in Australia, I met with many of the key stakeholders of the process directly. My meetings reaffirmed my confidence in ultimately securing the mining approvals. That said, they also highlighted the number of important steps remaining in the process. As a result. While my confidence in the outcome remains unchanged, the timing could extend beyond our original expectations.

我在澳洲期間，直接與流程中的許多關鍵利害關係人會面。這些會議再次強化了我對最終取得採礦核准的信心。但同時也凸顯出流程中仍有許多重要步驟尚待完成。因此，雖然我對結果的信心不變，但時程可能會比我們原先預期更長。

You recall that we had said we would have our ministerial approval by the end of the year. If the approvals are delayed beyond that, we have contingency plans in place for various scenarios that would support the operations. We've built in contingency of six months delay, where there will be no impact ore supply and no expected impact on quality or cost.

你們記得我們曾說過，預計在年底前取得部長核准。如果核准延後超過那個時間點，我們已針對各種情境準備了應變方案，以支撐營運。我們已納入延後六個月的緩衝，在此情況下礦石供應不會受影響，品質或成本也預期不會受到影響。

And if it goes beyond that, we have secondary contingency plans where we would consider modifying mining operations and flow rate at the refineries to avoid an ore gap. And so nothing has fundamentally changed regarding our confidence in securing the approvals through our recent engagement with the stakeholders in Australia.

若延後時間超過那個範圍，我們還有第二層的應變方案，會考慮調整採礦作業以及精煉廠的流量，以避免出現礦石供應缺口。因此，透過近期與澳洲利害關係人的互動，我們對取得核准的信心並沒有根本性的改變。

We did gain additional insight into the work that remains to be completed before approvals can be finalized. Importantly, this is a matter of timing rather than outcome, and I am confident in ultimately securing the necessary approvals.

我們確實對在核准最終定案前仍需完成的工作有了更多了解。重要的是，這是時間點的問題而非結果的問題，我有信心最終能取得必要的核准。

All right, great, thanks, Bill. And my second question is for Molly. Molly, you gave a response earlier just to what's happening on the aluminum business and its costs. Just on the Ally side, obviously, your Q3 guide says efficiencies, production growth will offset some of the cost pressure from, I think it was carbon.

好的，很好，謝謝你，Bill。我的第二個問題是給 Molly 的。Molly，你先前針對鋁業務及其成本的情況做了回應。就 Ally 這邊來看，顯然你們的第三季指引提到效率提升、產量成長將抵消部分成本壓力，我想那是碳相關的成本。

If you think about where we are now, with those input costs, those minority ones which are on a one to two-month lag coke pitch, et cetera, are they now becoming a tailwind as we head into Q4 then, or are they still elevated?

如果你想想我們現在的狀況，這些投入成本，那些少數項目（有 1 到 2 個月落後期的，例如焦炭、瀝青等），在我們邁入第四季時是否正開始轉為順風（利多），還是仍然偏高？

So, Glyn, when we talked about the carbon costs, purchase prices being elevated during the second quarter, we indicated with the lag that that would show up in the third quarter. So part of our outlook in the third quarter, we mentioned those higher carbon costs, that's about $15 million unfavorable.

所以，Glyn，當我們談到碳成本時，第二季採購價格偏高，我們指出因為有落後期，這會在第三季反映出來。因此在我們第三季展望中提到的較高碳成本，大約是不利 1,500 萬美元。

And so, Molly, then what does that look like now? Is that the carbon costs coming down such that you'll now gain that back as a tailwind, you think, after Q3?

那麼，Molly，現在看起來如何？碳成本是否正在下降，以致你認為在第三季之後會轉為順風、把這部分拿回來？

Carbon prices are -- purchase prices are remaining high right now. So we're continuing to watch that and look into the fourth quarter, but I don't have any -- again, they're holding steady at the higher rate. I will, just on caustic, I'm going to add this one since you opened the door, Glyn.

碳價格——採購價格目前仍維持在高檔。所以我們會持續觀察並看向第四季，但我沒有任何——再說一次，它們仍穩定在較高水準。另外，既然你提到了，Glyn，我也補充一下苛性鈉。

We had talked about caustic spiking as well during the second quarter. Now, caustic did have a price correction. Now, that's about a six-month lag for us, so you'll see some impact in the fourth quarter on that, although, again, we're seeing a rapid price correction there. So whatever we pass through in the fourth quarter shouldn't hang around for long. We're already seeing caustic coming back down.

我們也談到第二季苛性鈉價格同樣飆升。現在苛性鈉確實出現價格修正。對我們而言大約有六個月的落後期，所以你會在第四季看到一些影響；不過，同樣地，我們看到那邊的價格修正很快。因此我們在第四季轉嫁出去的部分不會維持太久。我們已經看到苛性鈉價格正在回落。

All right. Thanks very much.

好的。非常感謝。

Chris Lafemina, Jefferies.

Chris Lafemina，Jefferies。

First, I wanted to ask, I think, Molly, you mentioned that the change in the depreciation guidance was due to shorter assumed mine lives. I was just wondering what's going on there, which mines and why have you changed the mine life assumptions to lead to a higher depreciation charge?

首先我想問一下，我想是 Molly，你提到折舊指引的變動是因為假設的礦山年限較短。我只是想了解那邊發生了什麼事，是哪些礦山？以及為什麼你們改變礦山年限假設，導致折舊費用更高？

It's lives of certain ask that some of it is pre-mining. The accretion there and there was one more that is now escaping me, but it's not the mine life itself that's shorter.

是某些資產的年限，其中一部分是前期採礦（pre-mining）。那邊有折現回增（accretion），另外還有一項我一時想不起來，但並不是礦山年限本身變短。

And secondly, so in the first half of the year, you typically have cash outflow for working capital, but this was obviously a pretty unusual year with the conflict. And I think in the first half of the year, working capital was about $700 million for the cash drain.

第二個問題是，上半年你們通常會有營運資金的現金流出，但今年因為衝突顯然相當不尋常。我想上半年營運資金造成的現金流出大約是 7 億美元。

And I'm wondering how much of that we should expect to reverse in the second half of the year. Could that be material reversal in that working capital build and lead to a significant increase in cash flow in the second half of the year?

我想問下半年預期會有多少回轉？營運資金的增加是否可能出現顯著回轉，並在下半年帶來現金流的大幅增加？

So, Chris, if you look at our historical pattern on working capital, we do consume a lot of working capital cash in the first quarter, and then it comes down. We generated significant amount of cash in the second quarter. Over $600 million from operations. Our free cash flow is $422 million. We did have a little bit of working capital build related to high metal prices and accounts receivable.

所以，Chris，如果你看我們歷史上的營運資金模式，第一季我們確實會消耗大量營運資金現金，之後就會下降。我們在第二季產生了可觀的現金。營運活動現金流超過 6 億美元。自由現金流是 4.22 億美元。我們確實有一些營運資金增加，與金屬價格偏高及應收帳款有關。

But when you look at it on a day's basis, we're two days better than we were in the first quarter of '26, and one day better than we were a year ago quarter. And you can use those year ago quarters and watch it come down. We've been pretty closely tracking. Through '26, as we did to '25, and in history, you'll see that the day's tracking holds up across the whole year. So, yes, you'll see working capital come down as prices move and you look at it versus sales.

但如果以天數來看，我們比 26 年第一季改善了 2 天，也比一年前同季改善了 1 天。你可以用那些去年同期的季度來看，並觀察它如何下降。我們一直追蹤得相當緊密。在 26 年的走勢與 25 年及過往歷史相似；你會看到以天數追蹤的指標在全年都能維持一致。所以，是的，當價格變動、以及你把它相對於銷售來看時，你會看到營運資金下降。

Carlos De Alba, Morgan Stanley.

Carlos De Alba，Morgan Stanley。

Hello, Bill and Molly, just wanted to -- on Alumina, in the second quarter, the sequential guidance for the second quarter was something the adjusted sequential guidance on the business consideration was something of around $50 million unfavorable and the guidance for the third quarter is about $10 million net favorable.

你好，Bill 和 Molly，我想問——關於氧化鋁，在第二季，對該業務的調整後環比指引大概是不利 5,000 萬美元，而第三季的指引大約是淨有利 1,000 萬美元。

So those $50 million that were lost, is that how much of that is related to the Alumina, the lower Alumina shipments and how much maybe is perhaps because the Pinjarra costs have not fully normalized? And if it is the second part or that second component, when would you expect those to normalize, maybe in the fourth quarter?

那麼，損失的這 5,000 萬美元中，有多少與氧化鋁出貨量較低有關？又有多少可能是因為 Pinjarra 的成本尚未完全正常化？如果是後者或那個第二個組成部分，你預期何時會正常化，可能在第四季嗎？

So Carlos, when we increase the guidance during the second quarter to $55 million, that included $30 million for Pinjarra. And when we gave the update now in the third quarter, and we have a net favorable of $10 million, we do have within that the full 30 recovery on Pinjarra. We also have the lower energy prices of about $5 million, but that is offset. By the planned maintenance at both the Alumar Refinery and Juruti mine for the net of 10.

所以 Carlos，當我們在第二季把指引上調到 5,500 萬美元時，其中包含 Pinjarra 的 3,000 萬美元。而我們現在在第三季提供更新，淨有利 1,000 萬美元，其中確實包含 Pinjarra 全額 3,000 萬美元的回收。我們也有能源價格下降約 500 萬美元，但這被抵銷。抵銷因素是 Alumar 精煉廠與 Juruti 礦山的計畫性維修，因此淨額為 1,000 萬美元。

And maybe Bill, you discussed during the Alumina market update, the fact that Guinea is restricting exports of bauxite, but they are also trying to attract investments in alumina refinery, and I remember this has been going on for 30, 40 years, but now maybe the Chinese will build that capacity, how do you see that impacting the outlook for alumina in the coming years?

另外，Bill，你在氧化鋁市場更新時提到幾內亞正在限制鋁土礦出口，但他們也試圖吸引氧化鋁精煉廠的投資；我記得這已經談了 30、40 年了，但現在也許中國會建這些產能，你怎麼看這對未來幾年氧化鋁展望的影響？

I don't see it having a major impact on the alumina outlook over the next few years, Carlos. You've got to remember, as you all know, the aluminum market is around 150 million metric tons. There are a number of projects that are being discussed in Guinea, but they're not huge volumes at this point.

Carlos，我不認為這會在未來幾年對氧化鋁展望造成重大影響。你必須記得，如各位所知，鋁市場大約是 1.5 億公噸。幾內亞正在討論一些專案，但就目前而言規模並不大。

Where we are seeing some volume increase, as you well know, is Indonesia. But we believe that's also manageable to be absorbed into the market.

我們看到一些量的增加，如你所知，是在印尼。但我們認為那也能被市場吸收、屬於可控範圍。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券。

Thank you, operator, and thank you, Bill and Molly, for taking my questions. Could you speak to US demand? I mean, it does seem there's been some modest softness in US aluminum demand, but it also appears that it could just be destocking.

謝謝，接線員，也謝謝 Bill 和 Molly 回答我的問題。能否談談美國需求？我的意思是，看起來美國鋁需求確實有些溫和走弱，但也似乎可能只是去庫存。

Are you seeing that? And then do you have any sense of how long that might persist? And then similarly, I mean, do you see any contrary indicators that, I mean, there could actually be any true demand destruction at this point? Thanks for your comments.

你們有看到這種情況嗎？另外，你們對這種情況可能會持續多久有沒有概念？同樣地，我是說，你們是否看到任何相反的指標，表示在目前這個時間點其實可能出現真正的需求破壞？謝謝你們的評論。

So I'll go back to what I had said on another on a prior question. In North America, foundry and billet markets we see are strong. And it's very hard to bifurcate whether that's good underlying strength in demand or whether it's more customers that are looking to backfill Middle Eastern supply.

我回到我在先前另一個問題中提到的。在北美，我們看到鑄造合金與鋁棒（billet）市場很強勁。而且很難區分這是需求基本面本來就強，還是更多客戶在尋求補足中東供應的缺口。

But we have seen notably strong foundry demand into Mexico, where we've been able to book large volumes. Alongside smaller but steady billet requests across the customer base. We think that end-market conditions are largely consistent in slab and packaging is leading the way on slab demand.

但我們確實看到對墨西哥的鑄造合金需求特別強勁，我們也因此能夠簽下大量訂單。同時，客戶群中也有較小但穩定的鋁棒需求。我們認為，板錠（slab）的終端市場狀況大致一致，而包裝是帶動板錠需求的主力。

We've had in the building and construction market, both in Europe and in North America, we are seeing a little bit softness in building and construction. And especially in the case of Europe, we are seeing a shortening up of the order books as far as being able to see how far out customers are looking on orders.

在建築與營建市場方面，無論在歐洲或北美，我們都看到一些走弱。尤其在歐洲，我們看到訂單簿的可視性縮短，也就是客戶下單能看到的時間拉得更短。

So we're not seeing weakness in North America at this point. In fact, it's been a strong second quarter and projecting a strong third quarter.

所以目前我們在北美沒有看到疲弱。事實上，第二季表現強勁，並且預期第三季也會很強。

That's extremely helpful. And if I could ask one follow-up on San Ciprian, congratulations on the ramp in Q2. With respect to the ramp, would you describe it as being unscheduled for your plans, in particular, profitability by year-end 2027? And could you help guide us to where the EBITDA would have been in Q2 '26?

這非常有幫助。如果我可以再追問一個關於 San Ciprian 的問題，恭喜你們在第二季順利爬坡。就這次爬坡而言，你們會形容它是符合你們的計畫時程嗎，特別是到 2027 年底達成獲利？另外，你們能否協助我們了解 2026 年第二季的 EBITDA 可能會是多少？

Let me take it qualitatively, and Molly will give you some numbers. The ramp-up, once we restarted the ramp-up after the power outage that occurred, what, last year, the ramp-up was, first of all, safe, and that's most important. Second of all, on time and on budget.

我先從定性角度回答，Molly 會給你一些數字。在去年發生停電之後，我們重新啟動爬坡；首先，爬坡過程是安全的，這是最重要的。其次，按時且在預算內完成。

So we were very pleased with the ramp-up performance of the San Ciprian smelter. We're also seeing that in today's environment, that's a competitive smelter. Ultimately, we need to have a power supply that solves there. And as we have power through 2027. But it was very -- I was very pleased with the ramp-up in San Ciprian.

因此，我們對 San Ciprian 冶煉廠的爬坡表現非常滿意。我們也看到在當前環境下，那是一座具競爭力的冶煉廠。最終，我們需要在那裡解決電力供應問題。而我們已有電力供應可延續到 2027 年。但 San Ciprian 的爬坡表現讓我非常——我非常滿意。

During the second quarter, the EBITDA of the smelter did fully cover the refinery losses, so that's on an EBITDA basis. However, when you look at the whole site, it continues to consume cash. With the refinery cash losses as well as the CapEx needed there for the residue storage area. And the smelter has consumed cash for working capital build in connection with the restart. So doing well on EBITDA, at least from the complex as a whole, but we still have work on cash.

在第二季，冶煉廠的 EBITDA 已完全覆蓋精煉廠的虧損，這是以 EBITDA 口徑來看。不過，若看整個園區，仍在消耗現金。原因包括精煉廠的現金虧損，以及殘渣儲存區所需的資本支出（CapEx）。此外，冶煉廠在重啟相關的營運資金建立上也消耗了現金。所以 EBITDA 表現不錯，至少就整個綜合體而言是如此，但在現金面我們仍有工作要做。

John Tumazos, John Tumazos Very Independent Research.

John Tumazos，John Tumazos Very Independent Research。

Thank you. Looking ahead five or so years to the renewal of the power contract in South Africa, some of the literature concerning it discusses that power rates in South Africa. For other customers average six times what the smelter pays. Clearly, you're not going to want to pay six times more. Do you expect to build solar or wind capacity or provide some of your own power when the contract expires, at least in part?

謝謝。展望大約五年後南非電力合約續約，相關文獻提到南非的電價，其他客戶平均是冶煉廠支付的六倍。顯然你們不會想支付六倍的價格。當合約到期時，你們是否預期會建置太陽能或風電容量，或至少部分自供電？

John, five years out on a transaction that we haven't closed yet is difficult to speculate. What I can tell you is that South Africa's electricity market reforms have been supporting a more competitive and reliable power system. They do have growing renewable generation and increased participation from independent power producers.

John，對一筆我們尚未完成交割的交易，在五年後的情況做推測是很困難的。我能告訴你的是，南非的電力市場改革一直在支持更具競爭力且更可靠的電力系統。他們的再生能源發電正在成長，且獨立電力生產商的參與也在增加。

Government and regulatory support for energy-intensive industries combined with some internationally competitive power pricing are encouraging developments for industrial users like aluminum shelters. As you probably know, South32 has already been -- has begun discussions with Eskom, and we would expect to continue advancing those conversations as soon as we get it closed, as soon as we get the deal closed, I should say.

政府與監管機構對高耗能產業的支持，加上一些具國際競爭力的電價水準，對像鋁冶煉廠這類工業用戶而言是令人鼓舞的發展。如你可能知道的，South32 已經——已開始與 Eskom 展開討論；而我們預期一旦完成交割，就會持續推進這些對話，我是說，一旦交易完成。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Oplinger for any closing remarks.

問答環節到此結束。我想把會議交回給 Oplinger 先生作結語。

Thank you for joining our call. Molly and I look forward to sharing further progress when we speak again in October. And that concludes the call.

感謝各位參加我們的電話會議。Molly 和我期待在 10 月再次與各位通話時，分享更多進展。本次電話會議到此結束。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議現已結束。感謝各位出席今天的簡報。您現在可以掛線。