Preheat the oven to 375°F (190°C). Grease a 15x10x1-inch baking pan with butter or non-stick spray.
In a medium saucepan, combine 3/4 cup butter, 1 cup water, and 1/4 cup baking cocoa. Bring to a boil over medium heat, stirring occasionally. Remove from heat and let cool to room temperature (about 15 minutes).
In a large mixing bowl, whisk together 2 1/2 cups all-purpose flour, 2 cups sugar, 1 teaspoon baking soda, and 1/2 teaspoon salt.
Pour the cooled cocoa mixture into the dry ingredients and mix until smooth. Add 2 eggs, 1/2 cup buttermilk, 1 teaspoon vanilla extract, and 1 teaspoon almond extract. Beat until well combined.
Pour the batter into the prepared pan, spreading it evenly. Bake for 20–22 minutes, or until a toothpick inserted near the center comes out clean. Cool in the pan for 10 minutes.
In a saucepan, melt 1/2 cup butter with 1/4 cup milk over medium heat. Remove from heat and stir in 3 cups confectioners’ sugar, 1/4 cup baking cocoa, and 1 teaspoon vanilla extract. Beat until smooth.
Spread the frosting evenly over the warm cake. Let the cake cool completely before slicing.