Allan Gray holds 4.7% passive stake in Alcoa (NYSE: AA)

Rhea-AI Filing Summary

Allan Gray Australia Pty Ltd filed an amended Schedule 13G disclosing beneficial ownership of 12,091,626 CHESS Depositary Interests, each representing one share of Alcoa Corp common stock, equal to 4.7% of the class. Allan Gray has sole voting and dispositive power over all of these securities.

The firm states the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Alcoa. Other persons have rights to receive dividends or sale proceeds from these securities, while Allan Gray remains the reporting beneficial owner.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Alcoa Corp

(Name of Issuer)

CHESS Depositary Interests, each representing 1 unit of Common Stock

(Title of Class of Securities)

013872106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 013872106

1

Names of Reporting Persons

Allan Gray Australia Pty Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,091,626.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,091,626.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,091,626.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Alcoa Corp
(b)	Address of issuer's principal executive offices: 201 ISABELLA STREET, SUITE 500, PITTSBURGH, PENNSYLVANIA 15212
Item 2.
(a)	Name of person filing: Allan Gray Australia Pty Ltd
(b)	Address or principal business office or, if none, residence: LEVEL 2, CHALLIS HOUSE 4-10 MARTIN PLACE SYDNEY, Australia NSW 2000
(c)	Citizenship: Allan Gray Australia Pty Ltd - AUSTRALIA
(d)	Title of class of securities: CHESS Depositary Interests, each representing 1 unit of Common Stock
(e)	CUSIP No.: 013872106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Equivalent to IA.
Item 4.	Ownership
(a)	Amount beneficially owned: 12,091,626
(b)	Percent of class: 4.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Allan Gray Australia Pty Ltd - 12,091,626
	(ii) Shared power to vote or to direct the vote: Allan Gray Australia Pty Ltd - 0
	(iii) Sole power to dispose or to direct the disposition of: Allan Gray Australia Pty Ltd - 12,091,626
	(iv) Shared power to dispose or to direct the disposition of: Allan Gray Australia Pty Ltd - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Other persons have the right to receive dividends from, the power to direct the receipt of dividends from, or the right to receive the proceeds from the sale of, the securities of the issuer identified in Item 4(a) that are beneficially owned by Allan Gray Australia Pty Ltd.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Allan Gray Australia Pty Ltd is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Allan Gray Australia Pty Ltd

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-fact
Date:	02/17/2026

FAQ

What ownership in Alcoa Corp (AA) does Allan Gray report in this filing?

Allan Gray Australia Pty Ltd reports beneficial ownership of 12,091,626 CHESS Depositary Interests in Alcoa Corp, representing 4.7% of the class. Each CHESS Depositary Interest corresponds to one unit of Alcoa common stock.

Is Allan Gray a passive investor in Alcoa Corp (AA) according to this Schedule 13G/A?

Yes. Allan Gray certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Alcoa. This aligns with passive investment reporting on Schedule 13G.

How much voting power over Alcoa (AA) securities does Allan Gray hold?

Allan Gray Australia Pty Ltd reports sole voting power over 12,091,626 CHESS Depositary Interests and no shared voting power. It also has sole dispositive power over the same number of securities, with no shared dispositive power.

What percentage of Alcoa Corp (AA) does this 13G/A amendment represent?

The filing states Allan Gray beneficially owns 4.7% of the class of Alcoa Corp CHESS Depositary Interests. This ownership level is explicitly disclosed in the ownership section of the Schedule 13G/A Amendment No. 4.

Who else can receive dividends or sale proceeds from Allan Gray’s Alcoa (AA) holdings?

The filing notes that other persons have the right to receive dividends, direct the receipt of dividends, or receive proceeds from sales of the Alcoa securities beneficially owned by Allan Gray, even though Allan Gray remains the reported beneficial owner.

What is the key event date cited in Allan Gray’s Alcoa (AA) Schedule 13G/A?

The Schedule identifies 12/31/2025 as the Date of Event Which Requires Filing. This is the reference date for the ownership information and percentage of class reported in the amendment.