Alcoa Corp

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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ALCOA CORPORATION

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Notice of 2026

Annual Meeting of

Stockholders

and Proxy Statement

Our Purpose

Turn Raw Potential into Real Progress· Our Purpose extends beyond what we make today. It’s why we exist and how we make the world better. It reflects what we’ve always been and provides clear direction for our future and helps keep us rooted to our strengths.· Our Purpose helps guide every goal we set, decision we make, action we take, and strategy we implement.

Our Vision

Build a Legacy of Excellence for Future Generations· Our Vision sets a clear ambition: to run the safest and most reliable operations in the industry while developing the talents of our people and shaping the future.· We’re turning today’s work into a stronger future — not just for Alcoa, but for the industry and world we help build. · Combined with our Purpose and Values, Alcoa is working to create and deliver a high performing organization focused on operational excellence and continuous improvement.

Our Strategic Priorities

Excel Today· We are sharpening how we operate now by improving safety, consistently elevating daily performance, and driving discipline in every function, at every site. Continuously Improve· Continuously improving embeds curiosity into our culture and encourages constant learning and growth. We challenge ourselves to spot problems early, capture learning fast and share what works — so that progress becomes a habit, not a project. Invest for Tomorrow· Investing for tomorrow keeps us focused on what’s next. This helps us invest and build for the future while delivering today, so we don’t just keep pace with change, we lead it.

201 Isabella Street, Suite 500

Pittsburgh, Pennsylvania 15212

March 19, 2026

Dear Alcoa Stockholders:

We are pleased to invite you to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Alcoa Corporation (“Alcoa,” or the “Company”) to be held virtually via live webcast on Wednesday, May 6, 2026, at 5:30 p.m., Eastern Daylight Time (“EDT”) (Thursday, May 7, 2026, at 7:30 a.m. Australian Eastern Standard Time (“AEST")). You will be able to attend the Annual Meeting online by visiting www.virtualshareholdermeeting.com/AA2026.

We believe that hosting a virtual Annual Meeting enables greater stockholder attendance and participation from any location around the world, improves meeting efficiency and safety, effectively allows us to communicate with our stockholders, and reduces the cost and environmental impact of the Annual Meeting.

At the Annual Meeting, stockholders will vote on the matters set forth in the 2026 Proxy Statement (the “Proxy Statement”) and the accompanying notice of the Annual Meeting. The Proxy Statement describes our governance structure and our executive compensation program, which “pays for performance.” We believe that both our corporate governance structure and compensation program reinforce our alignment with stockholder interests.

Your vote is important. Whether or not you will attend and participate in the Annual Meeting, we hope that your shares are represented and voted. In advance of the Annual Meeting on May 6, please cast your vote through the internet, by telephone, or by mail. Instructions on how to vote are found in the section entitled “Questions and Answers About the Annual Meeting and Voting” in the Proxy Statement.

Alcoa is grounded in our Purpose, guided by our Values, and inspired by our new Vision: Build a Legacy of Excellence for Future Generations. In 2025, we maintained our pace of delivering on key objectives while achieving annual production records at five smelters and one refinery. We continue to build on our positive momentum through disciplined operational and financial execution, along with strategic initiatives to maximize value creation, including by closing the sale of our interest in the Ma’aden joint venture, forming a partnership to support the long-term outlook of the San Ciprián complex in Spain, and announcing the permanent closure of the Kwinana refinery in Australia. We are driven by our vision of building a legacy of excellence for future generations, and are committed to our principles of safety, stability and operational excellence as a means to deliver value to our stockholders.

Finally, on behalf of the Board of Directors, we recognize Dr. Ernesto Zedillo, for his years of service and contributions to the Alcoa Corporation board of directors since 2016 and previously to the Alcoa Inc. board of directors from 2002 to 2016. Dr. Zedillo is not standing for re-election at the Annual Meeting. We thank him for his leadership of the Safety, Sustainability and Public Issues Committee and valuable insights. Alcoa has benefited significantly from his guidance and perspective.

Sincerely,

Table of Contents

Proposal 1: Election of 11 Director Nominees to Serve for One-Year Terms Expiring in 2027

Proposal 2: Ratification of the Appointment of PricewaterhouseCoopers LLP as the Company's Independent Auditor for 2026

Proposal 4: Approval of the Alcoa Corporation

Stock and Incentive Compensation Plan (as

Amended and Restated)

Proposal 3: Approval, on an Advisory Basis, of the Company’s 2025 Named Executive Officer Compensation

i