Howmet Aerospace — May 7, 2026 release

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 year, and Adjusted EPS of $1.22, up 42% year over year. Revenue was driven by 20% growth in the commercial aerospace market, 10% growth in the defense aerospace market and 39% growth in the gas turbines market.   The Company r