Howmet Aerospace — Feb 12, 2026 release

Luther Rob Morrison (412) 553-1950 (412) 553-2666 Paul.Luther@howmet.com Rob.Morrison@howmet.com   Howmet Aerospace Reports Fourth Quarter and Full Year 2025 Results FY 2025: Record Revenue, Up 11% Year Over Year; Record Profit and Cash from Operations FY 2025: GAAP EPS Up 32% Year Over Year; Adjusted EPS * Up 40% Year Over Year FY 2025: $700 Million Deployed for Common Stock Repurchases; $265 Million Debt Reduction FY 2026: Revenue Growth Guidance at Approximately 10%, Expect Improved Profit and Cash Generation   Fourth Quarter 2025 GAAP Financial Results   · Revenue of $2.2 billion, up 15% year over year (YoY), driven by Commercial Aerospace, up 13% · Operating Income Margin of 22.6%, down 90 basis points YoY · Net Income of $372 million versus $314 million in the fourth quarter 2024; Earnings per Share (EPS) of $0.92, up 19% YoY · Generated $654 million of Cash from Operations; $449 million of Cash used for Financing Activities; and $122 million of Cash used for Investing Activities · Share repurchases of $200 million; paid $0.12 per share common stock dividend   Fourth Quarter 2025 Adjusted Financial Results   · Adjusted EBITDA excluding special items of $653 million, up 29% YoY · Adjusted EBITDA margin excluding special items of 30.1%, up 330 basis points YoY · Adjusted Operating Income Margin excluding special items of 26.8%, up 380 basis points YoY · Adjusted EPS excluding special items of $1.05, up 42% YoY · Generated $530 million of Free Cash Flow   Full Year 2025 GAAP Financial Results   · Revenue of $8.3 billion, up 11% YoY, driven by Commercial Aerospace, up 12% · Operating Income Margin of 24.8%, up 280 basis points YoY · Net Income of $1.5 billion versus $1.2 billion in 2024; EPS of $3.71 versus $2.81 in 2024 · Generated $1.9 billion of Cash from Operations; $1.3 billion of Cash used for Financing Activities; and $0.4 billion of Cash used for Investing Activities · Share repurchases of $700 million; paid $0.44 per share common stock dividend   Full Year 2025 Adjusted Financial Results   · Adjusted EBITDA excluding special items of $2.4 billion, up 26% YoY · Adjusted EBITDA margin excluding special items of 29.3%, up 350 basis points YoY · Adjusted Operating Income Margin excluding special items of 25.8%, up 380 basis points YoY · Adjusted EPS excluding special items of $3.77, up 40% YoY · Generated $1.4 billion of Free Cash Flow     * Excluding special items     1       2026 Guidance     Q1 2026 Guidance   FY 2026 Guidance   Low Baseline High   Low Baseline High Revenue $2.225B $2.235B $2.245B   $9.000B $9.100B $9.200B Adj. EBITDA *1 $680M $685M $690M   $2.710B $2.760B $2.810B Adj. EBITDA Margin *1 30.6% 30.6% 30.7%   30.1% 30.3% 30.5% Adj. Earnings per Share *1 $1.09 $1.10 $1.11   $4.35 $4.45 $4.55 Free Cash Flow 1         $1.550B $1.600B $1.650B   Key Announcements   · Entered into definitive agreement to acquire Consolidated Aerospace Manufacturing, LLC (CAM) from Stanley Black & Decker, Inc. (NYSE: SWK) for an all-cash purchase price of approximately $1.8 billion on December 22, 2025 · Acquired Brunner Manufacturing Co. Inc., a small, privately held producer of high-quality fastener products in an all-cash transaction on February 6, 2026 · Repurchased $200 million of common stock in fourth quarter 2025 at an average price of $194.61 per share · Repurchased additional $150 million of common stock in 2026 year to date at an average price of $215.28 per share · Paid a quarterly dividend of $0.12 per share on common stock in fourth quarter 2025, up 50% YoY. Declared a dividend of $0.12 per share on common stock in the first quarter 2026 · Issued $500 million of 4.55% Notes due 2032; Redeemed all outstanding principal amount of $625 million of 5.90% Notes due 2027; Reduces annualized interest expense by approximately $14 million. Debt actions taken during 2025 reduc