Howmet Aerospace — Jul 31, 2025 release

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 C