Howmet Aerospace — May 7, 2026 release

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 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.   Consolidated Results   Howmet Aerospace reported first quarter 2026 revenue of $2.31 billion, up 19% year over