Howmet Aerospace — May 7, 2026 release

These transactions followed our stated strategy of allocating capital to the businesses that demonstrate higher growth and margin potential. The net revenue effect of the portfolio adjustments in the year's guidance adds approximately $275 million, and the EPS effect is insignificant in 2026 with accretion expected in 2027."   2026 Guidance   Dollars in Millions; Per share amounts in dollars, diluted Q2 2026 Guidance   FY 2026 Guidance   Low Baseline High   Low Baseline High Revenue $2,390 $2,400 $2,410   $9,575 $9,650 $9,725           Baseline Change +$550   Adj. EBITDA 1 $760 $765 $770   $3,025 $3,060 $3,095 Adj. EBITDA Margin 1 31.8% 31.9% 32.0%   31.6% 31.7% 31.8%           Baseline Change +$300 + 140 bps   Adj. Earnings per Share 1 $1.22 $1.23 $1.24   $4.88 $4.94 $5.00           Baseline Change +$0.49   Free Cash Flow 1         $1,700 $1,750 $1,800           Baseline Change +$150     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