Howmet Aerospace (NYSE: HWM) lifts 2026 outlook after 24% Q2 growth

Rhea-AI Filing Summary

Howmet Aerospace reported strong second quarter 2026 results, with revenue of $2.55 billion, up 24% year over year and 21% on an organic basis. GAAP and adjusted diluted EPS were both $1.33, up 33% and 46% respectively. Adjusted EBITDA rose to $817 million, up 39%, with margin expanding 340 basis points to 32.1%. Management stated that revenue, adjusted EBITDA, adjusted EBITDA margin and adjusted EPS all exceeded the high end of guidance.

Free cash flow reached $479 million in the quarter and $838 million for the first half, up 75% year over year, supporting capital deployment. The company completed the $1.8 billion CAM acquisition, repaid a $186 million yen term loan and entered a $300 million cross-currency swap, reducing annualized interest expense by $12 million. Howmet repurchased $300 million of stock in Q2 and $800 million year to date through July, and increased its quarterly dividend 17% to $0.14 per share. Full-year 2026 guidance was raised, with baseline revenue of $10.05 billion, adjusted EBITDA of $3.23 billion, adjusted EPS of $5.27, and free cash flow of $1.9 billion.

Positive

• Revenue and profit growth: Q2 2026 revenue rose 24% year over year to $2,547 million with 21% organic growth; GAAP EPS increased 33% to $1.33 and adjusted EPS 46% to $1.33.
• Margin expansion: Adjusted EBITDA grew 39% to $817 million, and adjusted EBITDA margin expanded 340 basis points to 32.1%, reflecting strong operating leverage across key markets.
• Cash generation and returns: Q2 free cash flow was $479 million (up 39%) and first-half free cash flow $838 million (up 75%), funding $800 million of share repurchases year to date and a 17% dividend increase to $0.14 per share.
• Guidance raised: Full-year 2026 baseline guidance increased to $10.05 billion revenue, $3.23 billion adjusted EBITDA, $5.27 adjusted EPS, and $1.9 billion free cash flow, signaling improved expectations.
• Strategic and balance sheet actions: Howmet closed the $1.8 billion CAM acquisition and executed debt and swap transactions expected to reduce annual interest expense by $12 million while supporting growth in aerospace and gas turbines.

Negative

• Engineered Structures softness: The Engineered Structures segment’s Q2 2026 revenue declined 13% year over year to $269 million and segment adjusted EBITDA fell 6%, reflecting the Savannah facility divestiture and product rationalization.

Filing Explained

Free cash flow was not presented as discretionary cash.

The release describes free cash flow as supporting capital deployment, but its reconciliation says free cash flow is not residual cash available for discretionary spending because mandatory debt service is excluded.

As of August 6, 2026, $697 million remained available under the common-stock repurchase authorization.

The release says the company is not obligated to repurchase any specific number of shares or to do so at any particular time, so that amount is authorization capacity rather than a committed future purchase.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue Q2 2026: $2,547 million GAAP EPS Q2 2026: $1.33 Adjusted EPS Q2 2026: $1.33 +5 more

8 metrics

Revenue Q2 2026 $2,547 million Second quarter 2026 consolidated revenue, up 24% year over year

GAAP EPS Q2 2026 $1.33 Second quarter 2026 diluted GAAP earnings per share, up 33% year over year

Adjusted EPS Q2 2026 $1.33 Second quarter 2026 adjusted diluted EPS, up 46% year over year

Adjusted EBITDA Q2 2026 $817 million Second quarter 2026 adjusted EBITDA, up 39% year over year

Free cash flow Q2 2026 $479 million Second quarter 2026 free cash flow, up 39% year over year

Dividend per share Q3 2026 $0.14 Quarterly common dividend declared for third quarter 2026, 17% above the prior $0.12

FY 2026 revenue guidance baseline $10,000–$10,100 million (baseline $10,050 million) Full-year 2026 revenue guidance range and baseline midpoint

FY 2026 free cash flow guidance baseline $1,850–$1,950 million (baseline $1,900 million) Full-year 2026 free cash flow guidance range and baseline

Key Terms

Adjusted EBITDA, Free cash flow, cross-currency swap, Organic Revenue, +1 more

5 terms

Adjusted EBITDA financial

"The Company reported adjusted EBITDA of $817 million, up 39% year over year."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free cash flow financial

"Free cash flow performance was excellent at $479 million after $104 million in capital expenditures"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

cross-currency swap financial

"entered into a cross-currency swap to synthetically convert the outstanding $300 million"

A cross-currency swap is a contract where two parties exchange loan payments in different currencies — typically swapping both principal and interest at the start and end — so each party effectively borrows in the other’s currency. For investors, these swaps matter because they change a company’s actual currency exposure and borrowing costs, affecting cash flow predictability, balance-sheet risk and the way foreign earnings translate into reported results, similar to rearranging which currency a loan is paid in.

Organic Revenue financial

"Organic revenue is a non-GAAP financial measure."

Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.

Operational tax rate financial

"Operational tax rate is a non-GAAP financial measure."

Earnings Snapshot

Revenue: $2,547 million · Guidance included

Quarter ended June 30, 2026

Revenue $2,547 million 24% year-over-year increase

GAAP EPS $1.33 33% year-over-year increase

Adjusted EPS $1.33 46% year-over-year increase

Adjusted EBITDA $817 million 39% year-over-year increase

Free cash flow $479 million 39% year-over-year increase

Guidance

For full-year 2026, baseline guidance is $10,050 million revenue, $3,230 million adjusted EBITDA, $5.27 adjusted EPS, and $1,900 million free cash flow, all labeled as increased versus prior baseline levels.

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FAQ

How did Howmet Aerospace (HWM) perform in Q2 2026?

Howmet Aerospace delivered strong Q2 2026 results with revenue of $2,547 million, up 24% year over year. GAAP and adjusted diluted EPS were both $1.33, while adjusted EBITDA reached $817 million and margin expanded to 32.1%, driven by aerospace and gas turbine demand.

What were the key segment results for Howmet Aerospace (HWM) in Q2 2026?

Engine Products revenue rose 32% to $1,373 million with 37.7% adjusted EBITDA margin. Fastening Systems grew 37% to $589 million, Forged Wheels increased 14% to $316 million, while Engineered Structures declined 13% to $269 million due to a divestiture and product rationalization.

What 2026 guidance did Howmet Aerospace (HWM) provide after Q2?

For full-year 2026, Howmet’s baseline guidance calls for $10,050 million revenue, $3,230 million adjusted EBITDA, $5.27 adjusted EPS, and $1,900 million free cash flow. The company labeled this guidance as increased versus prior baseline levels across revenue, earnings and cash flow.

What capital allocation actions has Howmet Aerospace (HWM) taken in 2026?

In 2026, Howmet completed the $1.8 billion CAM acquisition, repurchased $800 million of common stock through July, and raised its quarterly dividend 17% to $0.14 per share. It also repaid a $186 million term loan and executed a $300 million cross-currency swap.

How strong was Howmet Aerospace’s (HWM) cash flow in the first half of 2026?

First-half 2026 cash from operations was $1,036 million, up from $699 million a year earlier. Free cash flow reached $838 million, a 75% year-over-year increase, after $198 million of capital expenditures, supporting acquisitions, debt reduction, share repurchases and dividend growth.

How did Howmet Aerospace’s (HWM) share repurchases and dividend change in 2026?

In Q2 2026 Howmet repurchased $300 million of stock, and by July year-to-date repurchases totaled $800 million. The quarterly dividend on common stock will rise 17% to $0.14 per share in Q3 2026 from $0.12 in Q2.

What impact do Howmet Aerospace’s (HWM) debt actions have on interest expense?

Howmet repaid a $186 million yen-denominated term loan and entered a cross-currency swap on $300 million of 6.75% bonds, synthetically converting them to a yen liability. Together, these actions are expected to reduce annualized interest expense by $12 million.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026 (August 6, 2026)

HOWMET AEROSPACE INC.

(Exact name of registrant as specified in its charter)

Delaware	1-3610	25-0317820
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

201 Isabella Street, Suite 200
Pittsburgh, Pennsylvania		15212-5872
(Address of Principal Executive Offices)		(Zip Code)

Office of Investor Relations (412) 553-1950

Office of the Secretary (412) 553-1940

(Registrant’s telephone numbers, including area code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	HWM	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Howmet Aerospace Inc. issued a press release announcing its financial results for the second quarter of 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Howmet Aerospace Inc. press release dated August 6, 2026.
104	The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HOWMET AEROSPACE INC.
Dated:   August 6, 2026	By:	/s/ Jonathan A. Arena
	Name:	Jonathan A. Arena
	Title:	Executive Vice President, Chief Legal and Compliance Officer and Secretary

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Investor Contact	Media Contact
Paul T. Luther	Rob Morrison
(412) 553-1950	(412) 553-2666
Paul.Luther@howmet.com	Rob.Morrison@howmet.com

Howmet Aerospace Reports Second Quarter 2026 Results

Revenue up 24% Year over Year, Organic Growth 21%; GAAP EPS $1.33, Adjusted EPS $1.33

Strong Second Quarter Cash Generation; $300 Million Deployed for Common Stock Repurchases

Full Year 2026 Guidance Increased

Summary Financial Results

		Second Quarter													Six Months
Dollars in Millions; Per share amounts in dollars, diluted		2026				2025					Change				2026				2025				Change
Revenue		$	2,547			$	2,053				24	%			$	4,860			$	3,995			22	%
GAAP Metrics
Operating Income		$	711			$	521				36	%			$	1,464			$	1,015			44	%
Operating Income Margin			27.9	%			25.4	%			250	bps				30.1	%			25.4	%		470	bps
Earnings per Share (EPS)		$	1.33			$	1.00				33	%			$	2.77			$	1.84			51	%
Cash from Operations		$	583			$	446				31	%			$	1,036			$	699			48	%
Non-GAAP Metrics1
Adjusted EBITDA		$	817			$	589				39	%			$	1,557			$	1,149			36	%
Adjusted EBITDA Margin			32.1	%			28.7	%			340	bps				32.0	%			28.8	%		320	bps
Adjusted Operating Income		$	733			$	520				41	%			$	1,399			$	1,011			38	%
Adjusted Operating Income Margin			28.8	%			25.3	%			350	bps				28.8	%			25.3	%		350	bps
Adjusted Earnings per Share (EPS)		$	1.33			$	0.91				46	%			$	2.56			$	1.77			45	%
Free Cash Flow		$	479			$	344				39	%			$	838			$	478			75	%

¹ For more information, see “Non-GAAP Financial Measures” and the schedules to this release.

Key Activity

	·	Completed acquisition of CAM on April 6, 2026 for approximately $1.8 billion
	·	Paid down the Company's $186 million Japanese Yen-denominated term loan facility and entered into a separate $300 million cross-currency swap, reducing annualized interest expense by $12 million
	·	Increased the third quarter common stock dividend by 17% to $0.14 per share

1

PITTSBURGH, PA, August 6, 2026 – Howmet Aerospace (NYSE: HWM) announced results today for the second quarter 2026.

Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, “The Howmet team delivered a strong set of results, with revenue, adjusted EBITDA, adjusted EBITDA margin, and adjusted earnings per share all exceeding the high end of guidance. Revenue growth was healthy at 24% year over year and 21% excluding the net impact of the three asset transactions completed this year. Adjusted EBITDA margin expanded 340 basis points year over year to 32.1%, including the absorption of the CAM fastener acquisition in April. Free cash flow performance was excellent at $479 million after $104 million in capital expenditures, supporting the future growth rate of the Company. The free cash flow also enabled $800 million in common stock repurchases year to date through July, an amount already greater than total repurchases in 2025.”

Mr. Plant continued, “Looking ahead, Howmet is well positioned, with all our major markets in growth mode. More robust build rates for commercial aircraft are supported by record backlogs, while engine spares needs continue to increase. Defense markets remain healthy, and the focus for missiles, drones and collaborative combat aircraft continues with growth expected over the medium term. Demand in the gas turbines market is extraordinary with customers already revisiting and adding to their demand outlooks. The commercial transportation market has begun to recover, as anticipated.”

"Our capital expenditure requirements continue to increase, and we already see the need to increase this further in 2027 to support future organic growth expectations in both the aerospace and gas turbines markets. We closed the CAM acquisition in April, and the integration is on track. Continued healthy cash generation will allow us to achieve pre-CAM leverage levels in short order, with the Company well positioned to consider all paths of capital deployment optionality going forward."

2026 Guidance

		Q3 2026 Guidance												FY 2026 Guidance
Dollars in Millions; Per share amounts in dollars, diluted		Low				Baseline				High				Low				Baseline				High
Revenue		$	2,565			$	2,575			$	2,585			$	10,000			$	10,050			$	10,100
															Baseline				+$400
															Change
Adj. EBITDA1		$	825			$	830			$	835			$	3,210			$	3,230			$	3,250
Adj. EBITDA Margin1			32.2	%			32.2	%			32.3	%			32.1	%			32.1	%			32.2	%
															Baseline				+$170
															Change				+ 40 bps
Adj. Earnings per Share1		$	1.34			$	1.35			$	1.36			$	5.23			$	5.27			$	5.31
															Baseline				+$0.33
															Change
Free Cash Flow1														$	1,850			$	1,900			$	1,950
															Baseline				+$150
															Change

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 second quarter 2026 revenue of $2.55 billion, up 24% year over year with organic growth of 21%, and Adjusted EPS of $1.33, up 46% year over year. Revenue was driven by 28% growth in the commercial aerospace market, 11% growth in the defense aerospace market and 38% growth in the gas turbines market.

2

The Company reported adjusted EBITDA of $817 million, up 39% year over year. The year-over-year increase was driven by strong growth in the commercial aerospace, defense aerospace, and gas turbines markets. Adjusted EBITDA margin was up approximately 340 basis points year over year at 32.1%.

Segment Results

Engine Products

		Second Quarter
Dollars in Millions		2026				2025				Change
Third-party sales		$	1,373			$	1,038				32	%
Segment adjusted EBITDA		$	517			$	343				51	%
Segment adjusted EBITDA margin			37.7	%			33.0	%			470	bps
Provision for depreciation and amortization		$	42			$	35

Engine Products reported second quarter 2026 revenue of $1.37 billion, an increase of 32% year over year, driven by growth in the commercial aerospace, defense aerospace, and gas turbines markets. Segment Adjusted EBITDA was $517 million, up 51% year over year, driven by growth in the commercial aerospace, defense aerospace, and gas turbines markets. The Segment absorbed approximately 485 net headcount in the quarter in support of expected revenue increases. Segment Adjusted EBITDA margin increased approximately 470 basis points year over year to 37.7%.

Fastening Systems

		Second Quarter
Dollars in Millions		2026				2025				Change
Third-party sales		$	589			$	431				37	%
Segment adjusted EBITDA		$	177			$	126				40	%
Segment adjusted EBITDA margin			30.1	%			29.2	%			90	bps
Provision for depreciation and amortization		$	20			$	12

Fastening Systems reported revenue of $589 million, an increase of 37% year over year, driven by growth in the commercial aerospace and defense aerospace markets. Revenue includes the impacts from the CAM and Brunner acquisitions. Segment Adjusted EBITDA was $177 million, up 40% year over year, driven by growth in the commercial aerospace and defense aerospace markets and including contributions from the acquisitions. Segment Adjusted EBITDA margin increased approximately 90 basis points year over year to 30.1%.

Engineered Structures

		Second Quarter
Dollars in Millions		2026				2025				Change
Third-party sales		$	269			$	308				(13	)%
Segment adjusted EBITDA		$	64			$	68				(6	)%
Segment adjusted EBITDA margin			23.8	%			22.1	%			170	bps
Provision for depreciation and amortization		$	11			$	10

Engineered Structures reported revenue of $269 million, a decrease of 13% year over year, driven by the divestiture of the Savannah disk forging facility and product rationalization. Segment Adjusted EBITDA was $64 million, a decrease of 6% year over year on the exit of lower-margin business including the divestiture. Segment Adjusted EBITDA margin increased approximately 170 basis points year over year to 23.8%.

3

Forged Wheels

		Second Quarter
Dollars in Millions		2026				2025				Change
Third-party sales		$	316			$	276				14	%
Segment adjusted EBITDA		$	88			$	76				16	%
Segment adjusted EBITDA margin			27.8	%			27.5	%			30	bps
Provision for depreciation and amortization		$	10			$	10

Forged Wheels reported revenue of $316 million, an increase of 14% year over year, with 8% lower volumes in the commercial transportation market more than offset by an increase in aluminum and other inflationary cost pass through. Volumes increased 7% sequentially from the first quarter 2026, reflecting the beginning of the recovery of the North American commercial transportation market. Segment Adjusted EBITDA was $88 million and increased 16% year over year, driven by cost reductions, including lower net headcount, in response to lower volumes. Segment Adjusted EBITDA margin increased approximately 30 basis points year over year to 27.8% despite the impact of higher aluminum cost pass through. 

Completed Acquisition of CAM for Approximately $1.8 Billion

On April 6, 2026, the Company completed the acquisition of Consolidated Aerospace Manufacturing, LLC (CAM) for approximately $1.8 billion from Stanley Black & Decker, Inc. CAM is a leading global designer and manufacturer of precision fasteners, fluid fittings, and other complex, highly engineered products for demanding aerospace and defense applications.

Debt Actions in Second Quarter Reduce Annualized Interest Expense by Approximately $12 Million

On May 22, 2026, the Company repaid the outstanding principal amount of its Japanese Yen-denominated, senior unsecured term loan facility for approximately $186 million with cash on hand. The Company also entered into a cross-currency swap to synthetically convert the outstanding $300 million aggregate principal amount of its 6.75% Bonds due 2028 into a Japanese Yen liability for a fixed interest rate of approximately 3.88%. The combined effect of these debt actions will reduce annualized interest expense by $12 million.

Repurchased $300 Million of Common Stock in Second Quarter 2026; $200 Million in July 2026

In the second quarter 2026, Howmet Aerospace repurchased $300 million of common stock at an average price of $250.61 per share, retiring approximately 1.2 million shares. In July 2026, the Company repurchased an additional $200 million of common stock at an average price of $276.61 per share, retiring approximately 0.7 million shares. Year to date through July, the Company has repurchased $800 million of shares at an average price of $248.29 per share, exceeding the $700 million of shares repurchased in all of 2025. As of August 6, 2026, total share repurchase authorization available was $697 million.

Quarterly Common Stock Dividend Increases 17% to $0.14 Per Share in Third Quarter 2026

On July 27, 2026, the Board of Directors declared a dividend of $0.14 per share on its common stock to be paid on August 25, 2026 to holders of record as of the close of business on August 7, 2026. The quarterly dividend represents a 17% increase from the second quarter 2026 dividend of $0.12 per share.

4

Howmet Aerospace will hold its quarterly conference call at 10:00 AM Eastern Time on Thursday, August 6, 2026. The call will be webcast via www.howmet.com. The press release and presentation materials will be available at approximately 7:00 AM ET on August 6, via the “Investors” section of the Howmet Aerospace website.

About Howmet Aerospace

Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace, gas turbine, and transportation industries. The Company’s primary businesses focus on engine components, fastening systems, and airframe structural components necessary for mission-critical performance and efficiency, including in aerospace, defense, and gas turbine applications, as well as forged aluminum wheels for commercial transportation. With approximately 1,200 granted and pending patents, the Company’s differentiated technologies enable lighter, more fuel-efficient aircraft and commercial trucks to operate with a lower carbon footprint. For more information, visit www.howmet.com.

Dissemination of Company Information

Howmet Aerospace intends to make future announcements regarding Company developments and financial performance through its website at www.howmet.com.

Forward-Looking Statements

This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "could," “envisions,” "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," “poised,” "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements that reflect Howmet Aerospace’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition of markets; future financial results or operating performance; future strategic actions; Howmet Aerospace's strategies, outlook, and business and financial prospects; any future dividends, debt issuances, debt reduction and repurchases of its common stock; and statements regarding any acquisitions, including expected benefits. These statements reflect beliefs and assumptions that are based on Howmet Aerospace’s perception of historical trends, current conditions and expected future developments, as well as other factors Howmet Aerospace believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial market conditions generally, or unfavorable changes in the markets served by Howmet Aerospace, including due to escalating tariff and other trade policies and energy costs, and the resulting impacts on Howmet Aerospace’s supply and distribution chains, as well as on market volatility and global trade generally; (b) the impact of potential cyber attacks and information technology or data security breaches; (c) the loss of significant customers or adverse changes in customers’ business or financial conditions; (d) manufacturing difficulties or other issues that impact product performance, quality or safety; (e) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (f) failure to attract and retain a qualified workforce and key personnel, labor disputes or other employee relations issues; (g) the inability to achieve anticipated or targeted financial performance, operations or competitiveness, or realization of expected benefits from acquisitions, including the effective integration of acquired businesses; (h) inability to meet increased demand, production targets or commitments; (i) competition from new product offerings, disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to Howmet Aerospace’s global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) failure to comply with government contracting regulations; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in Howmet Aerospace’s Form 10-K for the year ended December 31, 2025 and other reports filed with the U.S. Securities and Exchange Commission. Market projections are subject to the risks discussed above and other risks in the market. Under its share repurchase program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time. The declaration of any future dividends is subject to the discretion and approval of the Board of Directors after the Board’s consideration of all factors it deems relevant and subject to applicable law. The Company may modify, suspend, or cancel its share repurchase program or any dividend policy in any manner and at any time that it may deem necessary or appropriate. Credit ratings are not a recommendation to buy or hold any Howmet Aerospace securities, and they may be revised or revoked at any time at the sole discretion of the credit rating organizations. The statements in this release are made as of the date of this release, even if subsequently made available by Howmet Aerospace on its website or otherwise. Howmet Aerospace disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

5

Non-GAAP Financial Measures

Some of the information included in this release is derived from Howmet Aerospace’s consolidated financial information but is not presented in Howmet Aerospace’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

Adjusted EBITDA is defined as Operating Income excluding Restructuring and other (credits) charges, Special Items and provision for depreciation and amortization.

Other Information

In this press release, the acronym “FY” means “full year”; “Q” means “quarter”; “YoY” means year over year; “Adj.” means adjusted; Howmet, Howmet Aerospace, or the Company means Howmet Aerospace Inc.; "organic growth" refers to the Company's revenue growth excluding the impact of acquisitions and divestitures; and references to performance by Howmet Aerospace or its segments as “record” mean its best result since April 1, 2020 when Howmet Aerospace Inc. (previously named Arconic Inc.) separated from Arconic Corporation.

6

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Operations (unaudited)

(in U.S. dollar millions, except per-share and share amounts)

		Quarter ended
		June 30, 2026				March 31, 2026				June 30, 2025
Sales		$	2,547			$	2,313			$	2,053
Cost of goods sold (exclusive of expenses below)			1,596				1,459				1,365
Selling, general administrative, and other expenses			148				111				89
Research and development expenses			8				9				9
Provision for depreciation and amortization			84				74				69
Restructuring and other credits			—				(93	)			—
Operating income			711				753				521
Interest expense, net			51				43				38
Other expense, net			11				2				14
Income before income taxes			649				708				469
Provision for income taxes			115				128				62
Net income		$	534			$	580			$	407
Amounts Attributable to Howmet Aerospace Common Shareholders:
Earnings per share - basic(1):
Net income per share		$	1.33			$	1.45			$	1.01
Average number of shares(2)(3)			400				401				404
Earnings per share - diluted(1):
Net income per share		$	1.33			$	1.44			$	1.00
Average number of shares(2)(3)			402				403				406
Common stock outstanding at the end of the period			400				401				404

	(1)	In order to calculate both basic and diluted earnings per share through December 31, 2025, preferred stock dividends declared of less than $1 for the quarters presented need to be subtracted from Net income.
	(2)	For the quarters presented, the difference between the diluted average number of shares and the basic average number of shares relates to share equivalents associated with outstanding restricted stock unit awards and employee stock options.
	(3)	As average shares outstanding are used in the calculation of both basic and diluted earnings per share, the full impact of share repurchases is not fully realized in earnings per share ("EPS") in the period of repurchase since share repurchases may occur at varying points during a period.

7

Howmet Aerospace Inc. and subsidiaries

Consolidated Balance Sheet (unaudited)

(in U.S. dollar millions)

		June 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	563			$	742
Receivables from customers, less allowances of $— in both 2026 and 2025			1,040				779
Inventories			2,183				1,849
Prepaid expenses and other current assets			407				409
Total current assets			4,193				3,779
Properties, plants, and equipment, net			2,817				2,593
Goodwill			5,084				4,022
Deferred income taxes			48				40
Intangibles, net			869				457
Other noncurrent assets			240				288
Total assets		$	13,251			$	11,179
Liabilities
Current liabilities:
Accounts payable, trade		$	1,149			$	845
Accrued compensation and retirement costs			304				343
Taxes, including income taxes			87				77
Accrued interest payable			62				47
Deferred revenue			119				147
Other current liabilities			134				121
Long-term debt due within one year			1				191
Short-term borrowings			450				—
Total current liabilities			2,306				1,771
Long-term debt, less amount due within one year			4,050				2,859
Accrued pension benefits			511				546
Accrued other postretirement benefits			34				38
Other noncurrent liabilities and deferred credits			618				612
Total liabilities			7,519				5,826
Equity
Howmet Aerospace shareholders’ equity:
Common stock			400				402
Additional capital			1,919				2,531
Retained earnings			5,110				4,093
Accumulated other comprehensive loss			(1,697	)			(1,673	)
Total equity			5,732				5,353
Total liabilities and equity		$	13,251			$	11,179

8

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in U.S. dollar millions)

		Six months ended
		June 30,
		2026				2025
Operating activities
Net income		$	1,114			$	751
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization			158				138
Deferred income taxes			9				12
Restructuring and other credits			(93	)			(4	)
Net realized and unrealized losses			8				11
Net periodic pension cost			23				21
Stock-based compensation			57				39
Other			5				2
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables			(196	)			(170	)
Increase in inventories			(165	)			(81	)
(Increase) decrease in prepaid expenses and other current assets			(53	)			6
Increase in accounts payable, trade			279				74
Decrease in accrued expenses			(59	)			(47	)
Decrease in taxes, including income taxes			(27	)			(20	)
Pension contributions			(21	)			(15	)
Increase in noncurrent assets			(7	)			(2	)
Increase (decrease) in noncurrent liabilities			4				(16	)
Cash provided from operations			1,036				699
Financing Activities
Net change in commercial paper			450				—
Additions to debt			1,200				—
Repurchases and payments on debt			(186	)			(77	)
Debt issuance costs			(12	)			—
Repurchases of common stock			(600	)			(300	)
Dividends paid to shareholders			(97	)			(83	)
Taxes paid for net share settlement of equity awards			(65	)			(44	)
Other			(5	)			(2	)
Cash provided from (used for) financing activities			685				(506	)
Investing Activities
Capital expenditures			(198	)			(221	)
Acquisitions, net of cash acquired			(1,929	)			—
Proceeds from the sale of assets and businesses			225				8
Other			2				1
Cash used for investing activities			(1,900	)			(212	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			—				—
Net change in cash, cash equivalents and restricted cash			(179	)			(19	)
Cash, cash equivalents and restricted cash at beginning of period			743				565
Cash, cash equivalents and restricted cash at end of period		$	564			$	546

9

Howmet Aerospace Inc. and subsidiaries

Segment Information (unaudited)

(in U.S. dollar millions)

			1Q25				2Q25				3Q25				4Q25				2025				1Q26				2Q26
Engine Products
Third-party sales		$	974			$	1,038			$	1,087			$	1,143			$	4,242			$	1,253			$	1,373
Inter-segment sales		$	2			$	3			$	2			$	1			$	8			$	2			$	3
Provision for depreciation and amortization		$	33			$	35			$	37			$	39			$	144			$	38			$	42
Segment Adjusted EBITDA		$	318			$	343			$	362			$	393			$	1,416			$	458			$	517
Segment Adjusted EBITDA Margin			32.6	%			33.0	%			33.3	%			34.4	%			33.4	%			36.6	%			37.7	%
Restructuring and other charges		$	—			$	—			$	—			$	88			$	88			$	—			$	—
Capital expenditures		$	85			$	74			$	73			$	84			$	316			$	59			$	77
Fastening Systems
Third-party sales		$	412			$	431			$	448			$	454			$	1,745			$	471			$	589
Inter-segment sales		$	—			$	—			$	—			$	1			$	1			$	—			$	—
Provision for depreciation and amortization		$	12			$	12			$	12			$	12			$	48			$	13			$	20
Segment Adjusted EBITDA		$	127			$	126			$	138			$	139			$	530			$	150			$	177
Segment Adjusted EBITDA Margin			30.8	%			29.2	%			30.8	%			30.6	%			30.4	%			31.8	%			30.1	%
Restructuring and other charges (credits)		$	—			$	1			$	—			$	(1	)		$	—			$	—			$	—
Capital expenditures		$	10			$	9			$	13			$	20			$	52			$	17			$	11
Engineered Structures
Third-party sales		$	304			$	308			$	307			$	307			$	1,226			$	294			$	269
Inter-segment sales		$	7			$	8			$	7			$	4			$	26			$	8			$	8
Provision for depreciation and amortization		$	13			$	10			$	10			$	10			$	43			$	10			$	11
Segment Adjusted EBITDA		$	67			$	68			$	64			$	66			$	265			$	66			$	64
Segment Adjusted EBITDA Margin			22.0	%			22.1	%			20.8	%			21.5	%			21.6	%			22.4	%			23.8	%
Restructuring and other credits		$	(4	)		$	—			$	—			$	—			$	(4	)		$	(93	)		$	—
Capital expenditures		$	6			$	7			$	10			$	13			$	36			$	12			$	8
Forged Wheels
Third-party sales		$	252			$	276			$	247			$	264			$	1,039			$	295			$	316
Provision for depreciation and amortization		$	10			$	10			$	11			$	11			$	42			$	11			$	10
Segment Adjusted EBITDA		$	68			$	76			$	73			$	79			$	296			$	90			$	88
Segment Adjusted EBITDA Margin			27.0	%			27.5	%			29.6	%			29.9	%			28.5	%			30.5	%			27.8	%
Restructuring and other credits		$	—			$	(1	)		$	—			$	—			$	(1	)		$	—			$	—
Capital expenditures		$	15			$	8			$	9			$	4			$	36			$	3			$	4

Differences between the total segment and consolidated totals are in Corporate.

10

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures (unaudited)

(in U.S. dollar millions) 

Reconciliation of Total Segment Adjusted EBITDA to Consolidated Operating income

			1Q25				2Q25				3Q25				4Q25				2025				1Q26				2Q26
Operating income		$	494			$	521			$	542			$	489			$	2,046			$	753			$	711
Segment provision for depreciation and amortization			68				67				70				72				277				72				83
Unallocated amounts:
Restructuring and other (credits) charges			(4	)			—				—				88				84				(93	)			—
Corporate expense(1)			22				25				25				28				100				32				52
Total Segment Adjusted EBITDA		$	580			$	613			$	637			$	677			$	2,507			$	764			$	846

Total Segment Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Total Segment Adjusted EBITDA provides additional information with respect to the Company's operating performance and the Company’s ability to meet its financial obligations. The Total Segment Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Howmet’s definition of Total Segment Adjusted EBITDA is defined as Operating Income excluding Restructuring and other (credits) charges and Special items and Provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges, are excluded from Adjusted EBITDA.

⁽¹⁾ Pre-tax special items included in Corporate expense 

			1Q25				2Q25				3Q25				4Q25				2025				1Q26				2Q26
Acquisition and acquisition-related costs(2)		$	—			$	—			$	—			$	2			$	2			$	6			$	22
Costs (benefits) associated with closures, supply chain disruptions, and other items			1				(1	)			—				1				1				—				—
Total Pre-tax special items included in Corporate expense		$	1			$	(1	)		$	—			$	3			$	3			$	6			$	22

⁽²⁾ Interest expense of $1 related to the CAM acquisition financing in 1Q26.

11

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in U.S. dollars millions)

Reconciliation of Free cash flow

		Quarter ended								Six months ended
		1Q26				2Q26				2Q26
Cash provided from operations		$	453			$	583			$	1,036
Capital expenditures			(94	)			(104	)			(198	)
Free cash flow		$	359			$	479			$	838
Cash provided from (used for) financing activities		$	1,226				(541	)			685
Cash provided from (used for) investing activities		$	14				(1,914	)			(1,900	)

The Accounts Receivable Securitization program remains unchanged at $250 outstanding.

Free cash flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures (due to the fact that these expenditures are considered necessary to maintain and expand the Company's asset base and are expected to generate future cash flows from operations). It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

12

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in U.S. dollar millions, except per-share and share amounts) 

Reconciliation of Adjusted Net income

		Quarter ended												Six months ended
		2Q25				1Q26				2Q26				June 30, 2025				June 30, 2026
Net income		$	407			$	580			$	534			$	751			$	1,114
Diluted earnings per share ("EPS")		$	1.00			$	1.44			$	1.33			$	1.84			$	2.77
Average number of diluted shares			406				403				402				407				402
Special items:
Restructuring and other credits(1)			—				(93	)			—				(4	)			(93	)
Acquisition and acquisition-related costs(2)			—				7				22				—				29
Benefits associated with closures, supply chain disruptions, and other items			(1	)			—				—				—				—
Subtotal: Pre-tax special items			(1	)			(86	)			22				(4	)			(64	)
Tax impact of Pre-tax special items(3)			—				30				(4	)			1				26
Subtotal			(1	)			(56	)			18				(3	)			(38	)
Discrete and other tax special items(4)			(35	)			(30	)			(18	)			(26	)			(48	)
Total: After-tax special items			(36	)			(86	)			—				(29	)			(86	)
Adjusted Net income		$	371			$	494			$	534			$	722			$	1,028
Adjusted EPS		$	0.91			$	1.22			$	1.33			$	1.77			$	2.56

Adjusted Net income and Adjusted EPS are non-GAAP financial measures. Management believes that these measures are meaningful to investors because management reviews the operating results of the Company excluding the impacts of Restructuring and other credits, Discrete tax items, and Other special items (collectively, “Special items”). There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Net income and Diluted EPS determined under GAAP as well as Adjusted Net income and Adjusted EPS.

⁽¹⁾ Restructuring and other credits for the quarter ended 1Q26 and the six months ended June 30, 2026 included a gain on the sale of the Company's disk forging facility in Savannah, GA within Engineered Structures.

⁽²⁾ Includes legal and advisory costs, amortization expense of inventory step-up recorded in accordance with purchase accounting, and other acquisition-related costs for CAM and Brunner. Additionally, interest expense of $1 related to the CAM acquisition financing in 1Q26.

⁽³⁾ The Tax impact of Pre-tax special items is based on the applicable statutory rates whereby the difference between such rates and the Company’s consolidated estimated annual effective tax rate is itself a Special item.

⁽⁴⁾ Discrete tax items for each period included the following:

· for 2Q25, benefits related to U.S. accounting method changes for certain prior period transaction and other costs ($17), an excess benefit for stock compensation ($13), and a net benefit related to U.S. federal and state research and development ("R&D") credits claimed for prior years ($5).

· for 1Q26, an excess benefit for stock compensation ($21);

· for 2Q26, a benefit to release a valuation allowance related to U.S. foreign tax credits ($22), a benefit to release a valuation allowance related to U.S. state tax losses ($10), a benefit to release a tax reserve in Germany ($3), an excess benefit for stock compensation ($1), and a charge to establish an international withholding tax reserve $16;

· for the six months ended 2Q25, benefits related to U.S. accounting method changes for certain prior period transaction and other costs ($17), an excess benefit for stock compensation ($14), a net benefit related to U.S. federal and state R&D credits claimed for prior years ($5), a net charge related to the expiration of a tax holiday in China $6, a charge for a tax reserve established in Germany $2, and a net charge for other small items $2; and

· for the six months ended 2Q26, a benefit to release a valuation allowance related to U.S. foreign tax credits ($22), an excess benefit for stock compensation ($22), a benefit to release a valuation allowance related to U.S. state tax losses ($10), a benefit to release a tax reserve in Germany ($3), and a charge to establish an international withholding tax reserve $16.

13

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in U.S. dollar millions)

Reconciliation of Operational tax rate

		Quarter ended												Six months ended
		2Q26												2Q26
		Effective tax rate, as reported				Special items(1)(2)				Operational tax rate, as adjusted				Effective tax rate, as reported				Special items(1)(2)				Operational tax rate, as adjusted
Income before income taxes		$	649			$	22			$	671			$	1,357			$	(64	)		$	1,293
Provision for income taxes		$	115			$	22			$	137			$	243			$	22			$	265
Tax rate			17.7	%							20.4	%			17.9	%							20.5	%

Operational tax rate is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of the Company excluding the impacts of Special items. There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both the Effective tax rate determined under GAAP as well as the Operational tax rate.

⁽¹⁾ Pre-tax special items for 2Q26 included Acquisition and acquisition-related costs $22. Pre-tax special items for the six months ended 2Q26 included Restructuring and other credits ($93) and Acquisition and acquisition-related costs $29.

⁽²⁾ Tax Special items includes discrete tax items, the tax impact on Special items based on the applicable statutory rates, the difference between such rates and the Company’s consolidated estimated annual effective tax rate and other tax related items. Discrete tax items for each period included the following:

· for the quarter ended 2Q26, a benefit to release a valuation allowance related to U.S. foreign tax credits ($22), a benefit to release a valuation allowance related to U.S. state tax losses ($10), a benefit to release a tax reserve in Germany ($3), an excess benefit for stock compensation ($1), and a charge to establish an international withholding tax reserve $16.

· for the six months ended 2Q26, a benefit to release a valuation allowance related to U.S. foreign tax credits ($22), an excess benefit for stock compensation ($22), a benefit to release a valuation allowance related to U.S. state tax losses ($10), a benefit to release a tax reserve in Germany ($3), and a charge to establish an international withholding tax reserve $16.

14

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in U.S. dollars millions)

Reconciliation of Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, and Adjusted EBITDA margin

		Quarter ended												Six months ended
		2Q25				1Q26				2Q26				June 30, 2025				June 30, 2026
Sales		$	2,053			$	2,313			$	2,547			$	3,995			$	4,860
Operating income		$	521			$	753			$	711			$	1,015			$	1,464
Operating income margin			25.4	%			32.6	%			27.9	%			25.4	%			30.1	%
Operating income		$	521			$	753			$	711			$	1,015			$	1,464
Add:
Restructuring and other credits		$	—			$	(93	)		$	—				(4	)			(93	)
Acquisition and acquisition-related costs(1)			—				6				22				—				28
Benefits associated with closures, supply chain disruptions, and other items			(1	)			—				—				—				—
Adjusted operating income		$	520			$	666			$	733			$	1,011			$	1,399
Adjusted operating income margin			25.3	%			28.8	%			28.8	%			25.3	%			28.8	%
Provision for depreciation and amortization			69				74				84				138				158
Adjusted EBITDA		$	589			$	740			$	817			$	1,149			$	1,557
Adjusted EBITDA margin			28.7	%			32.0	%			32.1	%			28.8	%			32.0	%

Adjusted operating income and Adjusted operating income margin are non-GAAP financial measures. Special items, including Restructuring and other credits, are excluded from Adjusted operating income. Management believes that these measures are meaningful to investors because management reviews the operating results of the Company excluding the impacts of Special items. There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Operating income and Operating income margin determined under GAAP as well as Adjusted operating income and Adjusted operating income margin.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Management believes that these measures are meaningful to investors because they provide additional information with respect to the Company's operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. The Company's definition of Adjusted EBITDA is defined as Operating Income excluding Restructuring and other credits and Special items and Provision for depreciation and amortization. Special items, including Restructuring and other credits, are excluded from Adjusted EBITDA.

⁽¹⁾ Interest expense of $1 related to the CAM acquisition financing in 1Q26.

15

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in U.S. dollars millions)

Reconciliation of Organic Revenue

		Quarter ended												Six months ended
		2Q25				2Q26				% Change				June 30, 2025				June 30, 2026				% Change
Sales		$	2,053			$	2,547				24	%		$	3,995			$	4,860				22	%
Less:
Net Acquisitions and Divestitures		$	34			$	100							$	65			$	146
Total: Organic Revenue		$	2,019			$	2,447				21	%		$	3,930			$	4,714				20	%

Organic revenue is a non-GAAP financial measure. Management believes this measure is meaningful to investors as it presents revenue on a comparable basis for all periods presented excluding the impact of the acquisitions of CAM (acquired April 2026) and Brunner (acquired February 2026) and the sale of the disk forging facility in Savannah, GA (divested March 2026). Management believes that it is appropriate to consider both Sales determined under GAAP as well as Organic Revenue.

16

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