EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE Investor Contact Media Contact Paul T. Luther Rob Morrison (412) 553-1950 (412) 553-2666 Paul.Luther@howmet.com Rob.Morrison@howmet.com Howmet Aerospace Reports First Quarter 2025 Results Record Revenue Up 6% Year Over Year, Record Profit, Strong Cash from Operations $125 Million Deployed for Common Stock Repurchases, Additional $100 Million in April Full Year 2025 Guidance 1 : Revenue Range Widened, Increases to Adj. EBITDA*, Adj. EPS*, Free Cash Flow First Quarter 2025 GAAP Financial Results · Revenue of $1.94 billion, up 6% year over year, driven by Commercial Aerospace, up 9% · Operating Income Margin of 25.4% · Net Income of $344 million versus $243 million in the first quarter 2024; Earnings per Share of $0.84 versus $0.59 in the first quarter 2024 · Generated $253 million of Cash from Operations; $167 million of Cash used for Financing Activities; and $115 million of Cash used for Investing Activities · Share repurchases of $125 million; $0.10 per share common stock dividend, up 100% year over year First Quarter 2025 Adjusted Financial Results · Adjusted EBITDA excluding special items of $560 million, up 28% year over year · Adjusted EBITDA margin excluding special items of 28.8%, up 480 basis points year over year · Adjusted Operating Income Margin excluding special items of 25.3%, up 500 basis points year over year · Adjusted Earnings Per Share excluding special items of $0.86, up 51% year over year · Generated $134 million of free cash flow 2025 Guidance: Includes current assumptions of tariff impacts Q2 2025 Guidance FY 2025 Guidance Low Baseline High Low Baseline High Revenue $1.980B $1.990B $2.000B $7.880B $8.030B $8.180B Adj. EBITDA *1 $555M $560M $565M $2.225B $2.250B $2.275B Adj. EBITDA Margin *1 28.0% 28.1% 28.3% 28.2% 28.0% 27.8% Adj. Earnings per Share *1 $0.85 $0.86 $0.87 $3.36 $3.40 $3.44 Free Cash Flow 1 $1.100B $1.150B $1.200B * Excluding special items 1 Reconciliations of the forward-looking non-GAAP measures to the most directly comparable GAAP measures, as well as the directly comparable GAAP measures, are not available without unreasonable efforts due to the variability and complexity of the charges and other components excluded from the non-GAAP measures – for further detail, see “2025 Guidance” below. Key Announcements · Repurchased $125 million of common stock in first quarter 2025 at average price of $124.24 per share · Repurchased an additional $100 million of common stock in April 2025 at average price of $125.61 per share · Paid a quarterly dividend of $0.10 per share on the Company’s common stock in first quarter 2025, up 100% from first quarter 2024’s $0.05 dividend per share · Fitch Ratings upgraded Howmet Aerospace’s Long-Term Issuer Default Rating from BBB to BBB+ on March 31, 2025 · Full Year 2025 Guidance: Revenue range widened with increases to Adj. EBITDA*, Adj. EPS*, and Free Cash Flow PITTSBURGH, PA, May 1, 2025 – Howmet Aerospace (NYSE: HWM) today reported first quarter 2025 results. The Company reported record first quarter 2025 revenue of $1.94 billion, up 6% year over year, primarily driven by growth in the commercial aerospace market of 9%. Howmet Aerospace reported Net Income of $344 million, or $0.84 per share, in the first quarter 2025 versus $243 million, or $0.59 per share, in the first quarter 2024, and included approximately $7 million in net charges from special items. Net Income excluding special items was $351 million, or $0.86 per share, in the first quarter 2025, versus $238 million, or $0.57 per share, in the first quarter 2024. First quarter 2025 Operating Income was $494 million, up 34% year over year. Operating Income excluding special items was $491 million, up 33% year over year. Operating Income Margin was 25.4%, up approximately 520 basis points year over year. First quarter 2025 Adjusted Operating Income Margin excluding special items was 25.3%, up approximately 500 basis points year over year. First quarter 2025 Adjusted EBITDA excluding special items was $560 million, up 28% year over year. The year-over-year increase was driven by strong growth and performance in the commercial and defense aerospace markets, partially offset by declines in the commercial transportation market. Adjusted EBITDA margin excluding special items was up approximately 480 basis points year over year at 28.8%. Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, “The Howmet team delivered a solid start to 2025, setting quarterly records in revenue, Adjusted EBITDA * , Adjusted EBITDA margin*, and Adjusted Earnings Per Share* while exceeding all aspects of our baseline guidance. Margin progression within the Fastening Systems and Engineered Structures segments was particularly noteworthy. Free cash flow was healthy at $134 million, up from $95 million in the prior year, and marked the eighth consecutive quarter of positive free cash flow generation.” Mr. Plant continued, “Free cash flow was deployed with a $0.10 per share common stock dividend, up 25% from the prior quarter, $125 million of common stock repurchases in the first quarter 2025, and an additional $100 million of repurchases in April. Howmet Aerospace’s strong balance sheet continues to be recognized by the rating agencies, with Fitch upgrading its debt rating on the Company to BBB+, three notches into Investment Grade.” * Excluding special items “Turning to the outlook, the commercial aerospace market remains poised for continued growth. Air passenger traffic continues to grow, led more recently by Europe and Asia Pacific. There has been some recent moderation in North American traffic growth, driven by tariff-related and economic uncertainty. Nevertheless, Howmet Aerospace’s engine and airframe OEM customers continue to demonstrate growth, with record backlogs supported by under-build of aircraft in recent years and the desire for new, fuel-efficient aircraft. We continue to expect healthy growth in the defense aerospace market as well as industrial and other, with demand for industrial gas turbine fueled by significant data center expansion. For commercial transportation, a potential increase in truck builds in the second half of 2025 is less certain, given tariff-related and economic uncertainty in North America. However, our premium products and strong market position should allow Howmet Aerospace to continue to outperform the overall market. While the tariff situation remains fluid, we expect to pass on tariff-related costs to our customers. Taking these factors into account including the impact of tariffs, for the full year 2025 guidance, the revenue range has been widened with increases to Adjusted EBITDA*, Adjusted EPS*, and Free Cash Flow. The balance sheet continues to strengthen, and liquidity remains healthy.” First Quarter 2025 Segment Performance Engine Products 1Q24 2Q24 3Q24 4Q24 1Q25 (in U.S. dollar millions) Third-party sales $ 885 $ 933 $ 945 $ 972 $ 996 Inter-segment sales $ 2 $ 1 $ 3 $ 1 $ 2 Provision for depreciation and amortization $ 33 $ 33 $ 34 $ 39 $ 34 Segment Adjusted EBITDA $ 249 $ 292 $ 307 $ 302 $ 325 Segment Adjusted EBITDA Margin 28.1 % 31.3 % 32.5 % 31.1 % 32.6 % Restructuring and other charges (credits) $ — $ (1 ) $ 1 $ 1 $ — Capital expenditures $ 55 $ 33 $ 55 $ 76 $ 86 Engine Products reported first quarter 2025 revenue of $996 million, an increase of 13% year over year, due to growth in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets. Segment Adjusted EBITDA was $325 million, up 31% year over year, driven by favorable growth in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets. The Segment absorbed approximately 500 net headcount in the quarter in support of expected revenue increases. Segment Adjusted EBITDA margin increased approximately 450 basis points year over year to 32.6%. Fastening Systems 1Q24 2Q24 3Q24 4Q24 1Q25 (in U.S. dollar millions) Third-party sales $ 389 $ 394 $ 392 $ 401 $ 412 Inter-segment sales $ — $ — $ — $ 1 $ — Provision for depreciation and amortization $ 11 $ 13 $ 12 $ 11 $ 12 Segment Adjusted EBITDA $ 92 $ 101 $ 102 $ 111 $ 127 Segment Adjusted EBITDA Margin 23.7 % 25.6 % 26.0 % 27.7 % 30.8 % Restructuring and other charges (credits) $ — $ 2 $ 1 $ 2 $ — Capital expenditures $ 7 $ 5 $ 5 $ 9 $ 10 Fastening Systems reported revenue of $412 million, an increase of 6% year over year due to growth in the commercial aerospace market, partially offset by declines in the commercial transportation market. Segment Adjusted EBITDA was $127 million, up 38% year over year, driven by growth in the commercial aerospace market as well as productivity gains, partially offset by declines in the commercial transportation market. Segment Adjusted EBITDA margin increased approximately 710 basis points year over year to 30.8%. Engineered Structures 1Q24 2Q24 3Q24 4Q24 1Q25 (in U.S. dollar millions) Third-party sales $ 262 $ 275 $ 253 $ 275 $ 282 Inter-segment sales $ 1 $ 3 $ 3 $ 3 $ 3 Provision for depreciation and amortization $ 11 $ 11 $ 10 $ 10 $ 12 Segment Adjusted EBITDA $ 37 $ 40 $ 38 $ 51 $ 60 Segment Adjusted EBITDA Margin 14.1 % 14.5 % 15.0 % 18.5 % 21.3 % Restructuring and other charges (credits) $ — $ 14 $ 1 $ (3 ) $ (4 ) Capital expenditures $ 6 $ 5 $ 5 $ 4 $ 5 Engineered Structures reported revenue of $282 million, an increase of 8% year over year due to growth in the defense aerospace market. Segment Adjusted EBITDA was $60 million, up 62% year over year, driven by growth in the defense aerospace market as well as productivity gains. Segment Adjusted EBITDA margin increased approximately 720 basis points year over year to 21.3%. Forged Wheels 1Q24 2Q24 3Q24 4Q24 1Q25 (in U.S. dollar millions) Third-party sales $ 288 $ 278 $ 245 $ 243 $ 252 Provision for depreciation and amortization $ 10 $ 10 $ 10 $ 12 $ 10 Segment Adjusted EBITDA $ 82 $ 75 $ 64 $ 66 $ 68 Segment Adjusted EBITDA Margin 28.5 % 27.0 % 26.1 % 27.2 % 27.0 % Restructuring and other charges (credits) $ — $ — $ 1 $ — $ — Capital expenditures $ 12 $ 9 $ 14 $ 10 $ 15 Forged Wheels reported revenue of $252 million, a decrease of 13% year over year due to lower volumes in the commercial transportation market, partially offset by an increase in aluminum and other inflationary cost pass through. Segment Adjusted EBITDA was $68 million and decreased 17% year over year due to lower volumes in the commercial transportation market. Segment Adjusted EBITDA margin decreased approximately 150 basis points year over year to 27.0%. Repurchased $125 Million of Common Stock in First Quarter 2025, $100 Million in April 2025 In the first quarter 2025, Howmet Aerospace repurchased $125 million of common stock at an average price of $124.24 per share, retiring approximately 1.0 million shares. In April 2025, the Company repurchased an additional $100 million of common stock at an average price of $125.61 per share, retiring approximately 0.8 million shares. As of April 30, 2025, total share repurchase authorization available was $1.972 billion. Quarterly Common Stock Dividend of $0.10 Per Share Paid in First Quarter 2025 On February 25, 2025, the Company paid a quarterly dividend of $0.10 per share on its common stock, up 100% from the $0.05 per share dividend paid in the first quarter 2024. The Board of Directors announced a quarterly dividend of $0.10 per share on the Company’s common stock to be paid on May 27, 2025 to the holders of record of the common stock at the close of business on May 9, 2025. Fitch Upgraded Howmet Aerospace Rating to BBB+ On March 31, 2025, Fitch Ratings upgraded Howmet Aerospace’s Long-Term Issuer Default Rating from BBB to BBB+, three notches into Investment Grade. 2025 Guidance: Includes current assumptions of tariff impacts Q2 2025 Guidance FY 2025 Guidance Low Baseline High Low Baseline High Revenue $1.980B $1.990B $2.000B $7.880B $8.030B $8.180B Adj. EBITDA *1 $555M $560M $565M $2.225B $2.250B $2.275B Adj. EBITDA Margin *1 28.0% 28.1% 28.3% 28.2% 28.0% 27.8% Adj. Earnings per Share *1 $0.85 $0.86 $0.87 $3.36 $3.40 $3.44 Free Cash Flow 1 $1.100B $1.150B $1.200B * Excluding Special Items 1 Reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures, as well as the directly comparable GAAP measures, are not available without unreasonable efforts due to the variability and complexity of the charges and other components excluded from the non-GAAP measures, such as gains or losses on sales of assets, taxes, and any future restructuring or impairment charges. In addition, there is inherent variability already included in the GAAP measures, including, but not limited to, price/mix and volume. Howmet Aerospace believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. Howmet Aerospace will hold its quarterly conference call at 10:00 AM Eastern Time on Thursday, May 1, 2025. The call will be webcast via www.howmet.com. The press release and presentation materials will be available at approximately 7:00 AM ET on May 1, via the “Investors” section of the Howmet Aerospace website. About Howmet Aerospace Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged aluminum wheels for commercial transportation. With approximately 1,170 granted and pending patents, the Company’s differentiated technologies enable lighter, more fuel-efficient aircraft and commercial trucks to operate with a lower carbon footprint. For more information, visit www.howmet.com . Dissemination of Company Information Howmet Aerospace intends to make future announcements regarding Company developments and financial performance through its website at www.howmet.com . Forward-Looking Statements This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates", "believes", "could", “envisions”, "estimates", "expects", "forecasts", "goal", "guidance", "intends", "may", "outlook", "plans", “poised”, "projects", "seeks", "sees", "should", "targets", "will", "would", or other words of similar meaning. All statements that reflect Howmet Aerospace’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition of markets; future financial results or operating performance; future strategic actions; Howmet Aerospace's strategies, outlook, and business and financial prospects; and any future dividends, debt issuances, debt reduction and repurchases of its common stock. These statements reflect beliefs and assumptions that are based on Howmet Aerospace’s perception of historical trends, current conditions and expected future developments, as well as other factors Howmet Aerospace believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial market conditions generally, or unfavorable changes in the markets served by Howmet Aerospace, including due to escalating tariff and other trade policies and the resulting impacts on Howmet Aerospace’s supply and distribution chains, as well as on market volatility and global trade generally; (b) the impact of potential cyber attacks and information technology or data security breaches; (c) the loss of significant customers or adverse changes in customers’ business or financial conditions; (d) manufacturing difficulties or other issues that impact product performance, quality or safety; (e) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (f) failure to attract and retain a qualified workforce and key personnel, labor disputes or other employee relations issues; (g) the inability to achieve improvement in or strengthening of financial performance, operations or competitiveness anticipated or targeted; (h) inability to meet increased demand, production targets or commitments; (i) competition from new product offerings, disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to Howmet Aerospace’s global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) failure to comply with government contracting regulations; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in Howmet Aerospace’s Form 10-K for the year ended December 31, 2024 and other reports filed with the U.S. Securities and Exchange Commission. Market projections are subject to the risks discussed above and other risks in the market. Under its share repurchase program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time. The declaration of any future dividends is subject to the discretion and approval of the Board of Directors after the Board’s consideration of all factors it deems relevant and subject to applicable law. The Company may modify, suspend, or cancel its share repurchase program or its dividend policy in any manner and at any time that it may deem necessary or appropriate. Credit ratings are not a recommendation to buy or hold any Howmet Aerospace securities, and they may be revised or revoked at any time at the sole discretion of the credit rating organizations. The statements in this release are made as of the date of this release, even if subsequently made available by Howmet Aerospace on its website or otherwise. Howmet Aerospace disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law. Non-GAAP Financial Measures Some of the information included in this release is derived from Howmet Aerospace’s consolidated financial information but is not presented in Howmet Aerospace’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release. Other Information In this press release, the acronym “FY” means “full year”; “Q” means “quarter”; “YoY” means year over year; “Adj.” means adjusted; and references to performance by Howmet Aerospace or its segments as “record” mean its best result since April 1, 2020 when Howmet Aerospace Inc. (previously named Arconic Inc.) separated from Arconic Corporation. Howmet Aerospace Inc. and subsidiaries Statement of Consolidated Operations (unaudited) (in U.S. dollar millions, except per-share and share amounts) Quarter ended March 31, 2025 December 31, 2024 March 31, 2024 Sales $ 1,942 $ 1,891 $ 1,824 Cost of goods sold (exclusive of expenses below) 1,290 1,289 1,290 Selling, general administrative, and other expenses 85 77 88 Research and development expenses 8 7 10 Provision for depreciation and amortization 69 73 67 Restructuring and other credits (4 ) — — Operating income 494 445 369 Interest expense, net 39 40 49 Other expense, net 9 13 17 Income before income taxes 446 392 303 Provision for income taxes 102 78 60 Net income $ 344 $ 314 $ 243 Amounts Attributable to Howmet Aerospace Common Shareholders: Earnings per share - basic (1) : Net income per share $ 0.85 $ 0.77 $ 0.59 Average number of shares (2)(3) 405 406 410 Earnings per share - diluted (1) : Net income per share $ 0.84 $ 0.77 $ 0.59 Average number of shares (2)(3) 407 408 412 Common stock outstanding at the end of the period 404 405 408 (1) In order to calculate both basic and diluted earnings per share, preferred stock dividends declared of less than $1 for the quarters presented need to be subtracted from Net income. (2) For the quarters presented, the difference between the diluted average number of shares and the basic average number of shares relates to share equivalents associated with outstanding restricted stock unit awards and employee stock options. (3) As average shares outstanding are used in the calculation of both basic and diluted earnings per share, the full impact of share repurchases is not fully realized in earnings per share ("EPS") in the period of repurchase since share repurchases may occur at varying points during a period. Howmet Aerospace Inc. and subsidiaries Consolidated Balance Sheet (unaudited) (in U.S. dollar millions) March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 536 $ 564 Receivables from customers, less allowances of $— in both 2025 and 2024 888 689 Other receivables 13 20 Inventories 1,902 1,840 Prepaid expenses and other current assets 215 249 Total current assets 3,554 3,362 Properties, plants, and equipment, net 2,440 2,386 Goodwill 4,028 4,010 Deferred income taxes 32 35 Intangibles, net 470 475 Other noncurrent assets 248 251 Total assets $ 10,772 $ 10,519 Liabilities Current liabilities: Accounts payable, trade $ 991 $ 948 Accrued compensation and retirement costs 235 305 Taxes, including income taxes 105 60 Accrued interest payable 32 59 Other current liabilities 178 171 Long-term debt due within one year 7 6 Total current liabilities 1,548 1,549 Long-term debt 3,317 3,309 Accrued pension benefits 625 625 Accrued other postretirement benefits 54 54 Other noncurrent liabilities and deferred credits 436 428 Total liabilities 5,980 5,965 Equity Howmet Aerospace shareholders’ equity: Preferred stock 55 55 Common stock 404 405 Additional capital 3,095 3,206 Retained earnings 3,068 2,766 Accumulated other comprehensive loss (1,830 ) (1,878 ) Total equity 4,792 4,554 Total liabilities and equity $ 10,772 $ 10,519 Howmet Aerospace Inc. and subsidiaries Statement of Consolidated Cash Flows (unaudited) (in U.S. dollar millions) First quarter ended March 31, 2025 2024 Operating activities Net income $ 344 $ 243 Adjustments to reconcile net income to cash provided from operations: Depreciation and amortization 69 67 Deferred income taxes 18 32 Restructuring and other credits (4 ) — Net realized and unrealized losses 5 7 Net periodic pension cost 10 10 Stock-based compensation 14 15 Other 3 1 Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments: Increase in receivables (189 ) (127 ) Increase in inventories (49 ) (31 ) Decrease in prepaid expenses and other current assets 24 23 Increase in accounts payable, trade 58 22 Decrease in accrued expenses (91 ) (87 ) Increase in taxes, including income taxes 60 15 Pension contributions — (2 ) Increase in noncurrent assets (1 ) (2 ) Decrease in noncurrent liabilities (18 ) (9 ) Cash provided from operations 253 177 Financing Activities Repurchases and payments on debt (1 ) — Repurchases of common stock (125 ) (150 ) Proceeds from exercise of employee stock options 1 5 Dividends paid to shareholders (42 ) (21 ) Taxes paid for net share settlement of equity awards — (12 ) Cash used for financing activities (167 ) (178 ) Investing Activities Capital expenditures (119 ) (82 ) Proceeds from the sale of assets and businesses 5 7 Other (1 ) — Cash used for investing activities (115 ) (75 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 — Net change in cash, cash equivalents and restricted cash (28 ) (76 ) Cash, cash equivalents and restricted cash at beginning of period 565 610 Cash, cash equivalents and restricted cash at end of period $ 537 $ 534 Howmet Aerospace Inc. and subsidiaries Segment Information (unaudited) (in U.S. dollar millions) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 Engine Products Third-party sales $ 885 $ 933 $ 945 $ 972 $ 3,735 $ 996 Inter-segment sales $ 2 $ 1 $ 3 $ 1 $ 7 $ 2 Provision for depreciation and amortization $ 33 $ 33 $ 34 $ 39 $ 139 $ 34 Segment Adjusted EBITDA $ 249 $ 292 $ 307 $ 302 $ 1,150 $ 325 Segment Adjusted EBITDA Margin 28.1 % 31.3 % 32.5 % 31.1 % 30.8 % 32.6 % Restructuring and other (credits) charges $ — $ (1 ) $ 1 $ 1 $ 1 $ — Capital expenditures $ 55 $ 33 $ 55 $ 76 $ 219 $ 86 Fastening Systems Third-party sales $ 389 $ 394 $ 392 $ 401 $ 1,576 $ 412 Inter-segment sales $ — $ — $ — $ 1 $ 1 $ — Provision for depreciation and amortization $ 11 $ 13 $ 12 $ 11 $ 47 $ 12 Segment Adjusted EBITDA $ 92 $ 101 $ 102 $ 111 $ 406 $ 127 Segment Adjusted EBITDA Margin 23.7 % 25.6 % 26.0 % 27.7 % 25.8 % 30.8 % Restructuring and other charges $ — $ 2 $ 1 $ 2 $ 5 $ — Capital expenditures $ 7 $ 5 $ 5 $ 9 $ 26 $ 10 Engineered Structures Third-party sales $ 262 $ 275 $ 253 $ 275 $ 1,065 $ 282 Inter-segment sales $ 1 $ 3 $ 3 $ 3 $ 10 $ 3 Provision for depreciation and amortization $ 11 $ 11 $ 10 $ 10 $ 42 $ 12 Segment Adjusted EBITDA $ 37 $ 40 $ 38 $ 51 $ 166 $ 60 Segment Adjusted EBITDA Margin 14.1 % 14.5 % 15.0 % 18.5 % 15.6 % 21.3 % Restructuring and other charges (credits) $ — $ 14 $ 1 $ (3 ) $ 12 $ (4 ) Capital expenditures $ 6 $ 5 $ 5 $ 4 $ 20 $ 5 Forged Wheels Third-party sales $ 288 $ 278 $ 245 $ 243 $ 1,054 $ 252 Provision for depreciation and amortization $ 10 $ 10 $ 10 $ 12 $ 42 $ 10 Segment Adjusted EBITDA $ 82 $ 75 $ 64 $ 66 $ 287 $ 68 Segment Adjusted EBITDA Margin 28.5 % 27.0 % 26.1 % 27.2 % 27.2 % 27.0 % Restructuring and other charges $ — $ — $ 1 $ — $ 1 $ — Capital expenditures $ 12 $ 9 $ 14 $ 10 $ 45 $ 15 Differences between the total segment and consolidated totals are in Corporate. Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited) (in U.S. dollar millions) Reconciliation of Total Segment Adjusted EBITDA to Consolidated Income Before Income Taxes 1Q24 2Q24 3Q24 4Q24 2024 1Q25 Income before income taxes $ 303 $ 334 $ 354 $ 392 $ 1,383 $ 446 Loss on debt redemption — — 6 — 6 — Interest expense, net 49 49 44 40 182 39 Other expense, net 17 15 17 13 62 9 Operating income $ 369 $ 398 $ 421 $ 445 $ 1,633 $ 494 Segment provision for depreciation and amortization 65 67 66 72 270 68 Unallocated amounts: Restructuring and other charges (credits) — 22 (1 ) — 21 (4 ) Corporate expense (1) 26 21 25 13 85 22 Total Segment Adjusted EBITDA $ 460 $ 508 $ 511 $ 530 $ 2,009 $ 580 Total Segment Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Total Segment Adjusted EBITDA provides additional information with respect to the Company's operating performance and the Company’s ability to meet its financial obligations. The Total Segment Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Howmet’s definition of Total Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation and amortization. Special items, including Restructuring and other charges (credits), are excluded from net margin and Segment Adjusted EBITDA. Differences between the total segment and consolidated totals are in Corporate. (1) Pre-tax special items included in Corporate expense 1Q24 2Q24 3Q24 4Q24 2024 1Q25 Plant fire reimbursements, net $ — $ (6 ) $ — $ (12 ) $ (18 ) $ — Costs (benefits) associated with closures, supply chain disruptions, and other items 1 — (1 ) 1 1 1 Total Pre-tax special items included in Corporate expense $ 1 $ (6 ) $ (1 ) $ (11 ) $ (17 ) $ 1 Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollars millions) Reconciliation of Free cash flow Quarter ended 1Q24 1Q25 Cash provided from operations $ 177 $ 253 Capital expenditures (82 ) (119 ) Free cash flow $ 95 $ 134 The Accounts Receivable Securitization program remains unchanged at $250 outstanding. Free cash flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures (due to the fact that these expenditures are considered necessary to maintain and expand the Company's asset base and are expected to generate future cash flows from operations). It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollar millions, except per-share and share amounts) Reconciliation of Net income excluding Special items Quarter ended 1Q24 4Q24 1Q25 Net income $ 243 $ 314 $ 344 Diluted earnings per share ("EPS") $ 0.59 $ 0.77 $ 0.84 Average number of diluted shares 412 408 407 Special items: Restructuring and other credits — — (4 ) Plant fire reimbursements, net — (12 ) — Costs associated with closures, supply chain disruptions, and other items 1 1 1 Subtotal: Pre-tax special items 1 (11 ) (3 ) Tax impact of Pre-tax special items (1) — 2 1 Subtotal 1 (9 ) (2 ) Discrete and other tax special items (2) (6 ) (2 ) 9 Total: After-tax special items (5 ) (11 ) 7 Net income excluding Special items $ 238 $ 303 $ 351 Diluted EPS excluding Special items $ 0.57 $ 0.74 $ 0.86 Net income excluding Special items and Diluted EPS excluding Special items are non-GAAP financial measures. Management believes that these measures are meaningful to investors because management reviews the operating results of the Company excluding the impacts of Restructuring and other credits, Discrete tax items, and Other special items (collectively, “Special items”). There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Net income and Diluted EPS determined under GAAP as well as Net income excluding Special items and Diluted EPS excluding Special items. (1) The Tax impact of Pre-tax special items is based on the applicable statutory rates whereby the difference between such rates and the Company’s consolidated estimated annual effective tax rate is itself a Special item. (2) Discrete tax items for each period included the following: • for 1Q24, a benefit to release a valuation allowance related to U.S. foreign tax credits ($6), and a net benefit for other small items ($1); • for 4Q24, a benefit to release a valuation allowance related to U.S. state tax losses and credits ($6), an excess tax benefit for stock compensation ($1), a charge for prior year audit assessments and tax adjustments $4, and a charge to adjust a valuation allowance related to U.S. foreign tax credits $2; and • for 1Q25, a net charge related to the expiration of a tax holiday in China $6, a charge for a tax reserve established in Germany $2, and a net charge for other small items $1. Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollar millions) Reconciliation of Operational tax rate 1Q25 Effective tax rate, as reported Special items (1)(2) Operational tax rate, as adjusted Income before income taxes $ 446 $ (3 ) $ 443 Provision for income taxes $ 102 $ (10 ) $ 92 Tax rate 22.9 % 20.8 % Operational tax rate is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of the Company excluding the impacts of Special items. There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both the Effective tax rate determined under GAAP as well as the Operational tax rate. (1) Pre-tax special items for 1Q25 included Restructuring and other credits ($4), partially offset by Costs associated with closures, supply chain disruptions, and other items $1. (2) Tax Special items includes discrete tax items, the tax impact on Special items based on the applicable statutory rates, the difference between such rates and the Company’s consolidated estimated annual effective tax rate and other tax related items. Discrete tax items for 1Q25 included a net charge related to the expiration of a tax holiday in China $6, a charge for a tax reserve established in Germany $2, and a net charge for other small items $1. Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollars millions) Reconciliation of Adjusted EBITDA and Adjusted EBITDA Quarter ended margin excluding Special items 1Q24 4Q24 1Q25 Sales $ 1,824 $ 1,891 $ 1,942 Operating income $ 369 $ 445 $ 494 Operating income margin 20.2 % 23.5 % 25.4 % Net income $ 243 $ 314 $ 344 Add: Provision for income taxes $ 60 $ 78 $ 102 Other expense, net 17 13 9 Interest expense, net 49 40 39 Restructuring and other credits — — (4 ) Provision for depreciation and amortization 67 73 69 Adjusted EBITDA $ 436 $ 518 $ 559 Add: Plant fire reimbursements, net $ — $ (12 ) $ — Costs associated with closures, supply chain disruptions, and other items 1 1 1 Adjusted EBITDA excluding Special items $ 437 $ 507 $ 560 Adjusted EBITDA margin excluding Special items 24.0 % 26.8 % 28.8 % Incremental margin Quarter ended 1Q24 1Q25 1Q25 YoY Third-party sales (a) $1,824 $1,942 $118 Operating income (b) $369 $494 $125 Adjusted EBITDA excluding Special items (c) $437 $560 $123 Incremental operating income margin (b)/(a) 106% Incremental margin (c)/(a) 104% Adjusted EBITDA, Adjusted EBITDA excluding Special items, Adjusted EBITDA margin excluding Special items, Third-party sales, and Incremental margin are non-GAAP financial measures. Management believes that these measures are meaningful to investors because they provide additional information with respect to the Company's operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. The Company's definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold, Selling, general administrative, and other expenses, Research and development expenses, and Provision for depreciation and amortization. Special items, including Restructuring and other credits, are excluded from Adjusted EBITDA. Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollar millions) Reconciliation of Adjusted Operating Income Excluding Special Quarter ended Items and Adjusted Operating Income Margin Excluding Special Items 1Q24 4Q24 1Q25 Sales $ 1,824 $ 1,891 $ 1,942 Operating income $ 369 $ 445 $ 494 Operating income margin 20.2 % 23.5 % 25.4 % Add: Restructuring and other credits $ — $ — $ (4 ) Plant fire reimbursements, net — (12 ) — Costs associated with closures, supply chain disruptions, and other items 1 1 1 Adjusted operating income excluding Special items $ 370 $ 434 $ 491 Adjusted operating income margin excluding Special items 20.3 % 23.0 % 25.3 % Adjusted operating income excluding Special items and Adjusted operating income margin excluding Special items are non-GAAP financial measures. Special items, including Restructuring and other credits, are excluded from Adjusted operating income. Management believes that these measures are meaningful to investors because management reviews the operating results of the Company excluding the impacts of Special items. There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Operating income determined under GAAP as well as Operating income excluding Special items.

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other guidance in this release

Text is the filed exhibit, verbatim.