Aluminum Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › ALUMINUM

Buyers Fund Upstream Integration as the Market Marks Metal Beta Lower

This update covers what moved, what companies announced and what changed in the transaction record across the aluminum value chain from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   MATERIALS › MATERIALS › ALUMINUM

   This is the cover slide introducing the aluminum bi-weekly industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on the aluminum sector covering the two weeks of September 14–28, 2026. Over the following pages we walk through what changed, who moved and why, what transacted, and what it means for operators, buyers and advisers.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › ALUMINUM Buyers Fund Upstream Integration as the Market Marks Metal Beta Lower This update covers what moved, what companies announced and what changed in the transaction record across the aluminum value chain from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Upstream Financing Closes While Metal-Exposed Equities Give Ground

   This slide summarizes the two-week period's key market and deal developments in one page.

   Across the eight covered names, the median close-to-close move was -0.4% against +1.6% for the S&P 500, so the aluminum group underperformed the broader market over the two weeks. At the same time, an upstream acquisition financing closed, showing that deal funding progressed even as equity performance diverged across the value chain. We read the divergence as the market separating conversion-led earnings from primary metal exposure. That split is the lens we use for the rest of this update, and it tells buyers and operators where to focus attention first.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Upstream Financing Closes While Metal-Exposed Equities Give Ground The two-week period in one page · 8 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 4 of 8 Covered Names Fell; The Median Move Was -0.4% The covered set was evenly divided over the two-week period while the S&P 500 returned +1.6%. Tredegar Corporation (TG) led at +4.9% and Alcoa Corporation (AA) was the weakest at -8.7%. 2 The Period's Agreed Transaction Was Funded Rather than Newly Priced Alcoa Corporation (AA) closed a $2,600,000,000 senior notes offering to pay the cash consideration for South32's bauxite, alumina and aluminum assets. The trailing record of 32 transactions carries a median of 7.3x EV / EBITDA. 3 Conversion-Led Names Held up Better than Primary-Metal Exposure Tredegar Corporation (TG) rose +4.9% while Alcoa Corporation (AA) at -8.7%, Ardagh Metal Packaging S.A. (AMBP) at -8.4% and Century Aluminum Company (CENX) at -7.6% all fell. The spread is consistent with the market treating conversion margin and metal exposure as separate engines. 4 The Window Extends the Standing Two-Engine View Rather than Challenging It NeuraCap's standing valuation lens puts the sector median at 5.4x CY2027E EV / EBITDA, with the Discount tier at 4.1x. Alcoa Corporation (AA) and Century Aluminum Company (CENX) sit in that Discount tier and carried the period's larger declines. +4.9% Best mover — Tredegar Corporation (TG) worst: AA -8.7% · 4 up / 4 down of 8 covered -0.4% Sector median two-week return vs S&P 500 +1.6% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   A Converter Gains on Leadership News While Primary Exposure Sells Off

   This slide ranks the covered public equities by two-week price move and links each move to a recorded driver.

   Tredegar Corporation (TG) led the group at +4.9%, coinciding with its recorded leadership announcement, while Alcoa Corporation (AA) was the weakest performer at -8.7%. The sector median move was -0.4% against a +1.6% S&P 500 return, and our materiality bar for the period was set at ±5.4% on a sector-relative basis. We attribute each move only to the filings and headlines recorded in the window, and where no driver is on record we say so plainly. This pattern reinforces that conversion-exposed names are being priced differently from primary-metal-exposed names right now.

   Everything on this page

   PUBLIC MARKET MOVERS A Converter Gains on Leadership News While Primary Exposure Sells Off Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.4% · S&P 500 +1.6% · materiality bar ±5.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -0.4% Alcoa Corporation (AA) -8.7% Shares moved following Alcoa's announced closing on Sep 23 of a $2,600,000,000 senior notes offering to fund the cash consideration for South32's bauxite, alumina and aluminum assets; the weakest single day came earlier, on Sep 18. Funding upstream integration with debt puts the cost-curve and alumina self-sufficiency case under immediate scrutiny. COMPANY-SPECIFIC Ardagh Metal Packaging S.A. (AMBP) -8.4% No notable in-window news was identified that clearly explains the move. The -8.4% return sits well below the -0.4% median for the covered set. Packaging-linked converters can move with can-sheet demand expectations well ahead of any company release. UNEXPLAINED Century Aluminum Company (CENX) -7.6% No notable in-window news was identified that clearly explains the move. The -7.6% return sits well below the -0.4% median for the covered set. Cost curve position and unhedged metal exposure drive Discount-tier upstream returns more than any single release. UNEXPLAINED Tredegar Corporation (TG) +4.9% Shares moved following Tredegar's September 15 appointment of Cindy Yao as Vice President, Chief Financial Officer and Treasurer, disclosed in an 8-K and company release; the strongest single day, +2.2%, came on Sep 15. Finance leadership news still moves converters when earnings quality and capital discipline are the open questions. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Alcoa Locks in the Cash for Its Upstream Assets; Tredegar Sets Its Finance Seat

   This slide presents the two-week period's highest-impact news items, including Alcoa's financing close and Tredegar's finance leadership change.

   The two most consequential events of the window are Alcoa Corporation's (AA) closing of financing tied to its upstream asset purchase and Tredegar Corporation's (TG) appointment to its finance seat. Each item on this page links back to the underlying filing or article so the evidence trail is verifiable. Our "why it matters" reads are calibrated judgments tied to that recorded evidence, not restatements of it as fact. Together these two events frame the rest of the update: one is a financing story, the other a leadership story, and both help explain the equity moves on the prior page.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Alcoa Locks in the Cash for Its Upstream Assets; Tredegar Sets Its Finance Seat The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire Alcoa closes senior notes offering to fund cash consideration for South32's bauxite The financing puts committed capital behind deeper bauxite and alumina self-sufficiency, the value driver that most directly sets cost curve position. It moves the transaction from agreement to funded. Upstream integration is being paid for in cash, so power tenure and alumina supply stay the asset-quality test. Sep 15 · 8-K · SEC EDGAR Tredegar appoints Cindy Yao as Vice President, Chief Financial Officer and Treasurer, effective September 21 A settled finance seat signals the company is positioning for continuity in capital allocation and cost structure at a conversion-led business. Converters are staffing for margin durability, not for metal-price windfalls. Sep 15 · NEWS · Business Wire Alcoa schedules third quarter 2026 results and conference call for October 15 It sets the date for the sector's next detailed read on realized price, conversion margin and the integration of the acquired upstream assets. The next hard data point on upstream earnings quality lands in mid-October. Sep 24 · NEWS · GlobeNewsWire FG Nexus Inc. Announces Name Change to FG Communities Holdings Inc. Ticker symbols to change from FGNX and FGNXP to FGC and FGCPP on Nasdaq Charlotte, NC, Sept. 24, 2026 (GLOBE NEWSWIRE) -- FG Nexus (Nasdaq: FGNX, FGNXP) (the “Company”) announced that it has filed a Certificate of Amendment to its amended and restated articles

5. 05
   M&A & STRATEGIC ACTIVITY

   Funding Closes on Alcoa's Acquisition of South32's Upstream Portfolio

   This slide details the closed financing behind Alcoa's acquisition of South32's upstream portfolio and places it against the precedent transaction record.

   Alcoa Corporation (AA) closed a $2,600,000,000 senior notes offering to fund the cash consideration for South32's bauxite, alumina and aluminum assets, the period's one agreed transaction by company announcement. Against a precedent set of 32 recorded deals with a median of 7.3x EV/LTM EBITDA, this financing close tells us capital markets remain open for upstream aluminum consolidation. We read the reasoning behind the deal as a NeuraCap interpretation of the recorded evidence, not an asserted certainty. For buyers evaluating upstream exposure, this closed financing is a live reference point for how similar deals can be structured and funded.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Funding Closes on Alcoa's Acquisition of South32's Upstream Portfolio September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 32 recorded deals · median 7.3x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 23 · Alcoa Corporation (AA) Alcoa closes $2,600,000,000 of senior notes to pay the cash consideration for South32's bauxite The closing indicates a strategic buyer willing to commit funded capital for bauxite and alumina integration rather than for conversion assets alone. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 32 Recorded precedent transactions the reference set buyers and sellers price against 7.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisers

   This slide translates the two-week period's events into implications for operators, acquirers and advisers.

   For owners and operators, margin per tonne is doing the talking: names moved in both directions, and conversion-led earnings held up better than metal-exposed ones. For acquirers, Alcoa Corporation's (AA) $2,600,000,000 senior notes close shows how cash consideration for bauxite, alumina and aluminum assets is being financed today. For advisers, the evidence to lead with is the split between Tredegar Corporation (TG) at +4.9% and the Discount-tier declines at Alcoa Corporation (AA) and Century Aluminum Company (CENX). These are NeuraCap observations, not recommendations, and they point toward conversion margin as the more resilient story in the current window.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 5.4x 7 companies in the study 3 valuation tiers Standing thesis: Aluminum Prices Off Two Engines: Integrated Upstream Metal and Conversion-Led Downstream Models FOR OWNERS & OPERATORS Margin per Tonne Is Doing the Talking Companies in the space moved in both directions, and the separation favoured conversion-led earnings. FOR ACQUIRERS The Reference Set Gained a Funded Upstream Deal, Not a New Multiple Alcoa Corporation (AA) closing $2,600,000,000 of senior notes shows how cash consideration for bauxite, alumina and aluminum assets is being financed. FOR ADVISORS Lead with Conversion Margin Versus Metal Exposure The evidence to open with is the split between Tredegar Corporation (TG) at +4.9% and the Discount-tier declines at Alcoa Corporation (AA) and Century Aluminum Company (CENX), plus a funded upstream acquisition and a scheduled October results date.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the important notice.

   Every figure in this update links to the record it was taken from, and the publishers and filings drawn on for the period are listed on this page. Our attribution language is calibrated: where a driver is recorded, we link to it; where none is recorded, we say so. This methodology keeps the distinction between observed fact and NeuraCap's interpretive reads clear throughout the deck. For readers relying on this update, that transparency is what makes each claim on the preceding pages checkable.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Aluminum Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T093733Z_332_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · sec.gov · globenewswire.com

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