Howmet Aerospace — Jul 31, 2025 release

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 imp