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 Second Quarter 2025 Results Record Revenue Up 9% Year Over Year, Record Profit, Strong Cash from Operations $175 Million Deployed for Common Stock Repurchases, $76 Million Debt Reduction Full Year 2025 Guidance 1 Raised on All Metrics Second Quarter 2025 GAAP Financial Results · Revenue of $2.05 billion, up 9% year over year, driven by Commercial Aerospace, up 8% · Operating Income Margin of 25.4%, up 420 basis points year over year · Net Income of $407 million versus $266 million in the second quarter 2024; Earnings per Share of $1.00 versus $0.65 in the second quarter 2024 · Generated $446 million of Cash from Operations; $339 million of Cash used for Financing Activities; and $97 million of Cash used for Investing Activities · Share repurchases of $175 million; paid $0.10 per share common stock dividend Second Quarter 2025 Adjusted Financial Results · Adjusted EBITDA excluding special items of $589 million, up 22% year over year · Adjusted EBITDA margin excluding special items of 28.7%, up 300 basis points year over year · Adjusted Operating Income Margin excluding special items of 25.3%, up 330 basis points year over year · Adjusted Earnings Per Share excluding special items of $0.91, up 36% year over year · Generated $344 million of free cash flow 2025 Guidance Q3 2025 Guidance FY 2025 Guidance Low Baseline High Low Baseline High Revenue $2.020B $2.030B $2.040B $8.080B $8.130B $8.180B Adj. EBITDA *1 $575M $580M $585M $2.300B $2.320B $2.340B Adj. EBITDA Margin *1 28.5% 28.6% 28.7% 28.5% 28.5% 28.6% Adj. Earnings per Share *1 $0.89 $0.90 $0.91 $3.56 $3.60 $3.64 Free Cash Flow 1 $1.175B $1.225B $1.275B * 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. 1 Key Announcements · Repurchased $175 million of common stock in second quarter 2025 at an average price of $142.36 per share · Repurchased an additional $100 million of common stock in July 2025 at an average price of $182.90 per share · Increased the third quarter dividend by 20% to $0.12 per share on the Company’s common stock · Paid down $76 million of the US dollar-denominated Term Loan in second quarter 2025, reducing annualized interest expense by approximately $4 million · Full Year 2025 Guidance raised on all metrics above the second quarter 2025 outperformance PITTSBURGH, PA, July 31, 2025 – Howmet Aerospace (NYSE: HWM) today reported second quarter 2025 results. The Company reported record second quarter 2025 revenue of $2.05 billion, up 9% year over year, driven by growth in the commercial aerospace market of 8%, growth in the defense aerospace market of 21%, and growth in the industrial and other market of 17%, partially offset by declines in the commercial transportation market of 4%. Howmet Aerospace reported Net Income of $407 million, or $1.00 per share, in the second quarter 2025 versus $266 million, or $0.65 per share, in the second quarter 2024, and included approximately $36 million in net benefits from special items. Net Income excluding special items was $371 million, or $0.91 per share, in the second quarter 2025, versus $276 million, or $0.67 per share, in the second quarter 2024. Second quarter 2025 Operating Income was $521 million, up 31% year over year. Operating Income excluding special items was $520 million, up 26% year over year. Operating Income Margin was 25.4%, up approximately 420 basis points year over year. Second quarter 2025 Adjusted Operating Income Margin excluding special items was 25.3%, up approximately 330 basis points year over year. Second quarter 2025 Adjusted EBITDA excluding special items was $589 million, up 22% year over year. The year-over-year increase was driven by strong growth in the commercial aerospace, defense aerospace, and industrial and other markets, partially offset by declines in the commercial transportation market. Adjusted EBITDA margin excluding special items was up approximately 300 basis points year over year at 28.7%. Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, “The Howmet team delivered another strong set of results in the second quarter 2025, exceeding the high end of guidance on all metrics. Howmet achieved a quarterly record in revenue, surpassing the $2 billion mark, and also drove quarterly records in Adjusted EBITDA * and Adjusted Earnings Per Share*. Adjusted EBITDA Margin* was solid at 28.7%, up 300 basis points year over year, while Free Cash Flow was a second-quarter record at $344 million and marked the ninth consecutive quarter of positive Free Cash Flow generation.” Mr. Plant continued, “Howmet continues to invest in growth backed by customer contracts, with capital expenditures up approximately 60% year over year in the first half 2025. Strong cash generation supported continued return of cash to shareholders with $175 million of share repurchases in the second quarter 2025 and an additional $100 million in July, bringing year-to-date repurchases to $400 million. Furthermore, the Board of Directors declared a 20% increase in the common stock dividend to $0.12 per share in the third quarter 2025. The Company also paid down $76 million of debt in the quarter, further improving the balance sheet, which has never been stronger.” * Excluding special items 2 “Turning to the outlook, the commercial aerospace market should continue to grow, driven by healthy passenger traffic, extraordinarily high OEM backlogs and the desire for new, fuel-efficient aircraft. We acknowledge positive signs for narrow body build rate increases, particularly on the Boeing 737MAX. Demand for engine spares also remains robust across all markets. The defense aerospace market continues to show strength that should carry through 2025. Additionally, demand for industrial gas turbines fueled by significant data center expansion should remain strong for the balance of the year. The commercial transportation market remains weak. Taking these factors into account, the overall picture appears healthy, and we are increasing our full year 2025 guidance on all metrics.” Second Quarter 2025 Segment Performance Engine Products 2Q24 3Q24 4Q24 1Q25 2Q25 (in U.S. dollar millions) Third-party sales $ 933 $ 945 $ 972 $ 996 $1,056 Inter-segment sales $ 1 $ 3 $ 1 $ 2 $ 2 Provision for depreciation and amortization $ 33 $ 34 $ 39 $ 34 $ 35 Segment Adjusted EBITDA $ 292 $ 307 $ 302 $ 325 $ 349 Segment Adjusted EBITDA Margin 31.3% 32.5% 31.1% 32.6% 33.0% Restructuring and other (credits) charges $ (1) $ 1 $ 1 $ — $ — Capital expenditures $ 33 $ 55 $ 76 $ 86 $ 75 Engine Products reported second quarter 2025 revenue of $1.1 billion, an increase of 13% year over year, due to growth in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets, including engines spares growth. Segment Adjusted EBITDA was $349 million, up 20% 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 360 net headcount in the quarter in support of expected revenue increases. Segment Adjusted EBITDA Margin increased approximately 170 basis points year over year to 33.0%. Fastening Systems 2Q24 3Q24 4Q24 1Q25 2Q25 (in U.S. dollar millions) Third-party sales $ 394 $ 392 $ 401 $ 412 $431 Inter-segment sales $ — $ — $ 1 $ — $ — Provision for depreciation and amortization $ 13 $ 12 $ 11 $ 12 $ 12 Segment Adjusted EBITDA $ 101 $ 102 $ 111 $ 127 $ 126 Segment Adjusted EBITDA Margin 25.6% 26.0% 27.7% 30.8% 29.2% Restructuring and other charges $ 2 $ 1 $ 2 $ — $ 1 Capital expenditures $ 5 $ 5 $ 9 $ 10 $ 9 Fastening Systems reported revenue of $431 million, an increase of 9% year over year due to growth in the commercial and defense aerospace markets, partially offset by declines in the commercial transportation market. Segment Adjusted EBITDA was $126 million, up 25% year over year, driven by growth in the commercial and defense aerospace markets as well as productivity gains, partially offset by declines in the commercial transportation market. Segment Adjusted EBITDA Margin increased approximately 360 basis points year over year to 29.2%. 3 Engineered Structures 2Q24 3Q24 4Q24 1Q25 2Q25 (in U.S. dollar millions) Third-party sales $ 275 $ 253 $ 275 $ 282 $290 Inter-segment sales $ 3 $ 3 $ 3 $ 3 $ 3 Provision for depreciation and amortization $ 11 $ 10 $ 10 $ 12 $ 10 Segment Adjusted EBITDA $ 40 $ 38 $ 51 $ 60 $ 62 Segment Adjusted EBITDA Margin 14.5% 15.0% 18.5% 21.3% 21.4% Restructuring and other charges (credits) $ 18 $ (3) $ (3) $ (4) $ — Capital expenditures $ 5 $ 5 $ 4 $ 5 $ 6 Engineered Structures reported revenue of $290 million, an increase of 5% year over year due to growth in the defense aerospace market due to the end of destocking on the F-35 program. Segment Adjusted EBITDA was $62 million, up 55% year over year, driven by growth in the defense aerospace market as well as productivity gains. Segment Adjusted EBITDA Margin increased approximately 690 basis points year over year to 21.4%. Forged Wheels 2Q24 3Q24 4Q24 1Q25 2Q25 (in U.S. dollar millions) Third-party sales $ 278 $ 245 $ 243 $ 252 $276 Provision for depreciation and amortization $ 10 $ 10 $ 12 $ 10 $ 10 Segment Adjusted EBITDA $ 75 $ 64 $ 66 $ 68 $ 76 Segment Adjusted EBITDA Margin 27.0% 26.1% 27.2% 27.0% 27.5% Restructuring and other charges (credits) $ 1 $ — $ — $ — $ (1) Capital expenditures $ 9 $ 14 $ 10 $ 15 $ 8 Forged Wheels reported revenue of $276 million, a decrease of 1% year over year due to 11% lower volumes in the commercial transportation market, mostly offset by an increase in aluminum cost pass through. Segment Adjusted EBITDA was $76 million, up 1% year over year, driven by cost reductions in response to lower volumes in the commercial transportation market. Segment Adjusted EBITDA Margin increased approximately 50 basis points year over year to 27.5%. Repurchased $175 Million of Common Stock in Second Quarter 2025, $100 Million in July 2025 In the second quarter 2025, Howmet Aerospace repurchased $175 million of common stock at an average price of $142.36 per share, retiring approximately 1.2 million shares. In July 2025, the Company repurchased an additional $100 million of common stock at an average price of $182.90 per share, retiring approximately 0.5 million shares. Year to date through July 2025, the Company has repurchased $400 million of common stock at an average price of $143.77, retiring approximately 2.8 million shares. As of July 31, 2025, total share repurchase authorization available is $1.797 billion. 4 Quarterly Common Stock Dividend Increases 20% to $0.12 Per Share in Third Quarter 2025 On July 29, 2025, the Board of Directors declared a dividend of $0.12 per share on its common stock to be paid on August 25, 2025 to holders of record as of the close of business on August 8, 2025. The quarterly dividend represents a 20% increase from the second quarter 2025 dividend of $0.10 per share. Paid Down $76 Million of US Dollar-Denominated Term Loan In the second quarter 2025, the Company paid down $76 million of its USD Term Loan, resulting in annualized interest expense savings of approximately $4 million. The Company has $63 million remaining outstanding on the USD Term Loan due November 2026. 2025 Guidance Q3 2025 Guidance FY 2025 Guidance Low Baseline High Low Baseline High Revenue $2.020B $2.030B $2.040B $8.080B $8.130B $8.180B Baseline Change +$100M Adj. EBITDA *1 $575M $580M $585M $2.300B $2.320B $2.340B Adj. EBITDA Margin *1 28.5% 28.6% 28.7% 28.5% 28.5% 28.6% Baseline Change +$70M + 50 bps Adj. Earnings per Share *1 $0.89 $0.90 $0.91 $3.56 $3.60 $3.64 Baseline Change +$0.20 Free Cash Flow 1 $1.175B $1.225B $1.275B Baseline Change +$75M * 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 11:00 AM Eastern Time on Thursday, July 31, 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 July 31, 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 . 5 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. 6 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. 7 Howmet Aerospace Inc. and subsidiaries Statement of Consolidated Operations (unaudited) (in U.S. dollar millions, except per-share and share amounts) Quarter ended June 30, 2025 March 31, 2025 June 30, 2024 Sales $ 2,053 $ 1,942 $ 1,880 Cost of goods sold (exclusive of expenses below) 1,365 1,290 1,287 Selling, general administrative, and other expenses 89 85 97 Research and development expenses 9 8 7 Provision for depreciation and amortization 69 69 69 Restructuring and other (credits) charges — (4 ) 22 Operating income 521 494 398 Interest expense, net 38 39 49 Other expense, net 14 9 15 Income before income taxes 469 446 334 Provision for income taxes 62 102 68 Net income $ 407 $ 344 $ 266 Amounts Attributable to Howmet Aerospace Common Shareholders: Earnings per share - basic (1) : Net income per share $ 1.01 $ 0.85 $ 0.65 Average number of shares (2)(3) 404 405 408 Earnings per share - diluted (1) : Net income per share $ 1.00 $ 0.84 $ 0.65 Average number of shares (2)(3) 406 407 411 Common stock outstanding at the end of the period 404 404 408 (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. 8 Howmet Aerospace Inc. and subsidiaries Consolidated Balance Sheet (unaudited) (in U.S. dollar millions) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 545 $ 564 Receivables from customers, less allowances of $— in both 2025 and 2024 888 689 Other receivables 14 20 Inventories 1,964 1,840 Prepaid expenses and other current assets 283 249 Total current assets 3,694 3,362 Properties, plants, and equipment, net 2,526 2,386 Goodwill 4,065 4,010 Deferred income taxes 31 35 Intangibles, net 467 475 Other noncurrent assets 263 251 Total assets $ 11,046 $ 10,519 Liabilities Current liabilities: Accounts payable, trade $ 1,028 $ 948 Accrued compensation and retirement costs 263 305 Taxes, including income taxes 64 60 Accrued interest payable 59 59 Other current liabilities 181 171 Long-term debt due within one year 5 6 Total current liabilities 1,600 1,549 Long-term debt 3,253 3,309 Accrued pension benefits 613 625 Accrued other postretirement benefits 52 54 Other noncurrent liabilities and deferred credits 486 428 Total liabilities 6,004 5,965 Equity Howmet Aerospace shareholders’ equity: Preferred stock 55 55 Common stock 404 405 Additional capital 2,898 3,206 Retained earnings 3,434 2,766 Accumulated other comprehensive loss (1,749 ) (1,878 ) Total equity 5,042 4,554 Total liabilities and equity $ 11,046 $ 10,519 9 Howmet Aerospace Inc. and subsidiaries Statement of Consolidated Cash Flows (unaudited) (in U.S. dollar millions) Six months ended June 30, 2025 2024 Operating activities Net income $ 751 $ 509 Adjustments to reconcile net income to cash provided from operations: Depreciation and amortization 138 136 Deferred income taxes 12 67 Restructuring and other (credits) charges (4 ) 22 Net realized and unrealized losses 11 13 Net periodic pension cost 21 20 Stock-based compensation 39 38 Other 2 7 Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments: Increase in receivables (170 ) (100 ) Increase in inventories (81 ) (109 ) Decrease in prepaid expenses and other current assets 6 5 Increase in accounts payable, trade 74 6 Decrease in accrued expenses (47 ) (17 ) (Decrease) increase in taxes, including income taxes (20 ) 13 Pension contributions (15 ) (17 ) Increase in noncurrent assets (2 ) (7 ) Decrease in noncurrent liabilities (16 ) (12 ) Cash provided from operations 699 574 Financing Activities Repurchases and payments on debt (77 ) (23 ) Repurchases of common stock (300 ) (210 ) Proceeds from exercise of employee stock options 1 6 Dividends paid to shareholders (83 ) (42 ) Taxes paid for net share settlement of equity awards (44 ) (32 ) Other (3 ) — Cash used for financing activities (506 ) (301 ) Investing Activities Capital expenditures (221 ) (137 ) Proceeds from the sale of assets and businesses 8 8 Other 1 — Cash used for investing activities (212 ) (129 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (2 ) Net change in cash, cash equivalents and restricted cash (19 ) 142 Cash, cash equivalents and restricted cash at beginning of period 565 610 Cash, cash equivalents and restricted cash at end of period $ 546 $ 752 10 Howmet Aerospace Inc. and subsidiaries Segment Information (unaudited) (in U.S. dollar millions) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 Engine Products Third-party sales $ 885 $ 933 $ 945 $ 972 $ 3,735 $ 996 $ 1,056 Inter-segment sales $ 2 $ 1 $ 3 $ 1 $ 7 $ 2 $ 2 Provision for depreciation and amortization $ 33 $ 33 $ 34 $ 39 $ 139 $ 34 $ 35 Segment Adjusted EBITDA $ 249 $ 292 $ 307 $ 302 $ 1,150 $ 325 $ 349 Segment Adjusted EBITDA Margin 28.1 % 31.3 % 32.5 % 31.1 % 30.8 % 32.6 % 33.0 % Restructuring and other (credits) charges $ — $ (1 ) $ 1 $ 1 $ 1 $ — $ — Capital expenditures $ 55 $ 33 $ 55 $ 76 $ 219 $ 86 $ 75 Fastening Systems Third-party sales $ 389 $ 394 $ 392 $ 401 $ 1,576 $ 412 $ 431 Inter-segment sales $ — $ — $ — $ 1 $ 1 $ — $ — Provision for depreciation and amortization $ 11 $ 13 $ 12 $ 11 $ 47 $ 12 $ 12 Segment Adjusted EBITDA $ 92 $ 101 $ 102 $ 111 $ 406 $ 127 $ 126 Segment Adjusted EBITDA Margin 23.7 % 25.6 % 26.0 % 27.7 % 25.8 % 30.8 % 29.2 % Restructuring and other charges $ — $ 2 $ 1 $ 2 $ 5 $ — $ 1 Capital expenditures $ 7 $ 5 $ 5 $ 9 $ 26 $ 10 $ 9 Engineered Structures Third-party sales $ 262 $ 275 $ 253 $ 275 $ 1,065 $ 282 $ 290 Inter-segment sales $ 1 $ 3 $ 3 $ 3 $ 10 $ 3 $ 3 Provision for depreciation and amortization $ 11 $ 11 $ 10 $ 10 $ 42 $ 12 $ 10 Segment Adjusted EBITDA $ 37 $ 40 $ 38 $ 51 $ 166 $ 60 $ 62 Segment Adjusted EBITDA Margin 14.1 % 14.5 % 15.0 % 18.5 % 15.6 % 21.3 % 21.4 % Restructuring and other charges (credits) $ — $ 18 $ (3 ) $ (3 ) $ 12 $ (4 ) $ — Capital expenditures $ 6 $ 5 $ 5 $ 4 $ 20 $ 5 $ 6 Forged Wheels Third-party sales $ 288 $ 278 $ 245 $ 243 $ 1,054 $ 252 $ 276 Provision for depreciation and amortization $ 10 $ 10 $ 10 $ 12 $ 42 $ 10 $ 10 Segment Adjusted EBITDA $ 82 $ 75 $ 64 $ 66 $ 287 $ 68 $ 76 Segment Adjusted EBITDA Margin 28.5 % 27.0 % 26.1 % 27.2 % 27.2 % 27.0 % 27.5 % Restructuring and other charges (credits) $ — $ 1 $ — $ — $ 1 $ — $ (1 ) Capital expenditures $ 12 $ 9 $ 14 $ 10 $ 45 $ 15 $ 8 Differences between the total segment and consolidated totals are in Corporate. 11 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 2Q25 Income before income taxes $ 303 $ 334 $ 354 $ 392 $ 1,383 $ 446 $ 469 Loss on debt redemption — — 6 — 6 — — Interest expense, net 49 49 44 40 182 39 38 Other expense, net 17 15 17 13 62 9 14 Operating income $ 369 $ 398 $ 421 $ 445 $ 1,633 $ 494 $ 521 Segment provision for depreciation and amortization 65 67 66 72 270 68 67 Unallocated amounts: Restructuring and other charges (credits) — 22 (1) — 21 (4) — Corporate expense (1) 26 21 25 13 85 22 25 Total Segment Adjusted EBITDA $ 460 $ 508 $ 511 $ 530 $ 2,009 $ 580 $ 613 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 2Q25 Plant fire reimbursements, net $ — $ (6) $ — $ (12) $ (18) $ — $ — Costs (benefits) associated with closures, supply chain disruptions, and other items 1 — (1) 1 1 1 (1) Total Pre-tax special items included in Corporate expense $ 1 $ (6) $ (1) $ (11) $ (17) $ 1 $ (1) 12 Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollars millions) Reconciliation of Free cash flow Quarter ended Six months ended 1Q25 2Q25 2Q25 Cash provided from operations $ 253 $ 446 $ 699 Capital expenditures (119 ) (102 ) (221 ) Free cash flow $ 134 $ 344 $ 478 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. 13 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 2Q24 1Q25 2Q25 Net income $ 266 $ 344 $ 407 Diluted earnings per share ("EPS") $ 0.65 $ 0.84 $ 1.00 Average number of diluted shares 411 407 406 Special items: Restructuring and other charges (credits) (1) 22 (4 ) — Plant fire reimbursements, net (6 ) — — Costs (benefits) associated with closures, supply chain disruptions, and other items — 1 (1 ) Subtotal: Pre-tax special items 16 (3 ) (1 ) Tax impact of Pre-tax special items (2) — 1 — Subtotal 16 (2 ) (1 ) Discrete and other tax special items (3) (6 ) 9 (35 ) Total: After-tax special items 10 7 (36 ) Net income excluding Special items $ 276 $ 351 $ 371 Diluted EPS excluding Special items $ 0.67 $ 0.86 $ 0.91 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 charges (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) 2Q24 includes non-cash Special items of a loss on sale of a small manufacturing facility in Engineered Structures $14 and other exit costs, including accelerated depreciation $1. (2) 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. (3) Discrete tax items for each period included the following: • for 2Q24, an excess benefit for stock compensation ($5); • 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; and • for 2Q25, benefits related to U.S. accounting method changes for certain prior period transaction and other costs ($17), an excess benefit for stock compensation ($13), and a net benefit related to U.S. federal and state research and development (“R&D”) credits claimed for prior years ($5). 14 Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollar millions) Reconciliation of Operational tax rate 2Q25 Six months ended 2Q25 Effective tax rate, as reported Special items (1)(2) Operational tax rate, as adjusted Effective tax rate, as reported Special items (1)(2) Operational tax rate, as adjusted Income before income taxes $ 469 $ (1 ) $ 468 $ 915 $ (4 ) $ 911 Provision for income taxes $ 62 $ 35 $ 97 $ 164 $ 25 $ 189 Tax rate 13.2 % 20.7 % 17.9 % 20.7 % 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 2Q25 included Costs (benefits) associated with closures, supply chain disruptions, and other items ($1). Pre-tax special items for the six months ended 2Q25 included Restructuring and other credits ($4). (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 each period included the following: • for 2Q25, benefits related to U.S. accounting method changes for certain prior period transaction and other costs ($17), an excess benefit for stock compensation ($13), and a net benefit related to U.S. federal and state research and development (“R&D”) credits claimed for prior years ($5); and • for the six months ended 2Q25, benefits related to U.S. accounting method changes for certain prior period transaction and other costs ($17), an excess benefit for stock compensation ($14), a net benefit related to U.S. federal and state research and development (“R&D”) credits claimed for prior years ($5), 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 $2. 15 Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollars millions) Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin excluding Special items Quarter ended 2Q24 1Q25 2Q25 Sales $ 1,880 $ 1,942 $ 2,053 Operating income $ 398 $ 494 $ 521 Operating income margin 21.2 % 25.4 % 25.4 % Net income $ 266 $ 344 $ 407 Add: Provision for income taxes $ 68 $ 102 $ 62 Other expense, net 15 9 14 Interest expense, net 49 39 38 Restructuring and other charges (credits) 22 (4 ) — Provision for depreciation and amortization 69 69 69 Adjusted EBITDA $ 489 $ 559 $ 590 Add: Plant fire reimbursements, net $ (6 ) $ — $ — Costs (benefits) associated with closures, supply chain disruptions, and other items — 1 (1 ) Adjusted EBITDA excluding Special items $ 483 $ 560 $ 589 Adjusted EBITDA margin excluding Special items 25.7 % 28.8 % 28.7 % Adjusted EBITDA, Adjusted EBITDA excluding Special items, and Adjusted EBITDA margin excluding Special items 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 charges (credits), are excluded from Adjusted EBITDA. 16 Howmet Aerospace Inc. and subsidiaries Calculation of Financial Measures (unaudited), continued (in U.S. dollar millions) Reconciliation of Adjusted Operating Income Excluding Special Items and Adjusted Operating Income Margin Excluding Special Items Quarter ended 2Q24 1Q25 2Q25 Sales $ 1,880 $ 1,942 $ 2,053 Operating income $ 398 $ 494 $ 521 Operating income margin 21.2 % 25.4 % 25.4 % Add: Restructuring and other charges (credits) $ 22 $ (4 ) $ — Plant fire reimbursements, net (6 ) — — Costs (benefits) associated with closures, supply chain disruptions, and other items — 1 (1 ) Adjusted operating income excluding Special items $ 414 $ 491 $ 520 Adjusted operating income margin excluding Special items 22.0 % 25.3 % 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 charges (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. 17

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.