Howmet Aerospace · Earnings release · 8-K Exhibit 99

FOR IMMEDIATE

RELEASE

Investor Contact

Media Contact

Paul T. Luther

Rob Morrison

Paul.Luther@howmet.com

Rob.Morrison@howmet.com

Howmet Aerospace

Reports First Quarter 2026 Results

Revenue up 19%

Year over Year; GAAP EPS $1.44, Adjusted EPS $1.22

Record First

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

Guidance Increased

Summary Financial Results

First Quarter

Dollars in Millions; Per share amounts in dollars, diluted

Change

Revenue

GAAP Metrics

Operating Income

Operating Income Margin

bps

Earnings per Share (EPS)

Cash from Operations

Non-GAAP Metrics1

Adjusted EBITDA

Adjusted EBITDA Margin

bps

Adjusted Operating Income

Adjusted Operating Income Margin

bps

Adjusted Earnings per Share (EPS)

Free Cash Flow

1 For more information,

see “Non-GAAP Financial Measures” and the schedules to this release.

Key Activity

·

Secured financing for the acquisition of Consolidated Aerospace Manufacturing, LLC (CAM)

·

Completed acquisition of CAM on April 6, 2026 for approximately $1.8 billion

·

Sold disk forging facility in Savannah, GA on March 31, 2026 for approximately $230 million

PITTSBURGH, PA, May 7, 2026 – Howmet Aerospace (NYSE: HWM) announced results today for the first quarter 2026.

Howmet Aerospace Executive Chairman

and Chief Executive Officer John Plant said, “The Howmet team delivered a strong start to 2026, with revenue, adjusted EBITDA,

adjusted EBITDA margin, and adjusted earnings per share all exceeding the high end of guidance. T2Revenue growth accelerated to 19% year

over year, driven by strong growth across our key end markets, and T3adjusted EBITDA margin expanded 320 basis points year over year to

32.0%. T4Free cash flow performance was outstanding at $359 million after spending $94 million in capital expenditures, supporting the

future growth rate of the Company. T5The free cash flow also enabled $300 million in common stock repurchases.”

1

Mr. Plant continued, “Looking

ahead, we see a robust growth outlook in the key markets Howmet serves with its differentiated products and solutions. T6Commercial aerospace

OEM customers continue to target production rate increases supported by record backlogs. T7Engine spares needs continue to increase, although

an effect could be felt from the Iranian conflict. Defense markets remain healthy, while the gas turbines market is alsovery active. T8We see signs of demand improvement in commercial transportation, although we remain cautious.”

"The beginning of 2026 was very

active regarding the Howmet portfolio, and our updated guidance reflects these changes. T9We closed the CAM and Brunner acquisitions, adding

revenue to Fastening Systems, while also divesting a disk forging business within Engineered Structures. 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."

Dollars in Millions; Per share amounts in dollars, diluted

Low

Baseline

High

Low

Baseline

High

G1G2Revenue

Baseline Change

G3G4Adj. EBITDA1

G5G6Adj. EBITDA Margin1

Baseline Change

G7G8Adj. Earnings per Share1

Baseline Change

G9Free Cash Flow1

Baseline 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 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 reported adjusted EBITDA

of $740 million, up 32% year over year. The year-over-year increase was driven by strong growth

in the commercial aerospace market and the gas turbines market. Adjusted EBITDA margin was up approximately 320 basis points year

2

Segment Results

Engine Products

Dollars in Millions

First Quarter

Change

Third-party sales

Segment adjusted EBITDA

Segment adjusted EBITDA margin

bps

Provision for depreciation and amortization

Engine Products reported first quarter 2026 revenue of $1.25 billion,

an increase of 29% year over year, driven by growth in the commercial aerospace, defense aerospace,

and gas turbines markets. Segment Adjusted EBITDA was $458 million, up 44% year over year, driven by growth in the commercial aerospace,

defense aerospace and gas turbines markets. T10The Segment absorbed approximately 235 net headcount in the quarter in support of expected

revenue increases. Segment Adjusted EBITDA margin increased approximately 400 basis points year over year to 36.6%.

Fastening Systems

Dollars in Millions

First Quarter

Change

Third-party sales

Segment adjusted EBITDA

Segment adjusted EBITDA margin

bps

Provision for depreciation and amortization

Fastening Systems reported revenue

of $471 million, an increase of 14% year over year driven by growth in the commercial aerospace and defense aerospace markets. Segment

Adjusted EBITDA was $150 million, up 18% year over year, driven by growth in the commercial aerospace and defense aerospace markets. Segment

Adjusted EBITDA margin increased approximately 100 basis points year over year to 31.8%.

Engineered Structures

Dollars in Millions

First Quarter

Change

Third-party sales

(3%)

Segment adjusted EBITDA

(1%)

Segment adjusted EBITDA margin

bps

Provision for depreciation and amortization

Engineered Structures reported revenue of $294 million, a decrease

of 3% year over year, driven by further product rationalization. Segment Adjusted EBITDA

was $66 million, flat year over year. Segment

Adjusted EBITDA margin increased approximately 40 basis points year over year to 22.4%.

Forged Wheels

Dollars in Millions

First Quarter

Change

Third-party sales

Segment adjusted EBITDA

Segment adjusted EBITDA margin

bps

Provision for depreciation and amortization

3

Forged Wheels reported revenue of $295

million, an increase of 17% year over year, with 11% lower volumes in the commercial transportation

market more than offset by an increase in aluminum and other inflationary cost pass through. Segment Adjusted EBITDA was $90 million

and increased 32% year over year, driven by cost reductions, including lower net headcount, in response to lower volumes in the commercial

transportation market. Segment Adjusted EBITDA margin increased approximately 350 basis points year over year to 30.5%.

Secured Acquisition Financing for

Consolidated Aerospace Manufacturing, LLC (CAM)

On March 3, 2026, the Company issued

$400 million aggregate principal amount of 3.75% notes due 2028, $300 million aggregate principal amount of 3.90% notes due 2029, and

$500 million aggregate principal amount of 4.75% notes due 2036. The Company secured the financing for the acquisition of CAM with these

note issuances, combined with $450 million borrowed under its commercial paper program and approximately $150 million in cash sourced

from the sale of the Savannah disk forging facility.

Completed Acquisition of CAM for

approximately $1.8 Billion

On April 6, 2026, the Company completed

the acquisition of 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.

Acquired Brunner Manufacturing Co.

Inc.

acquired Brunner Manufacturing Co. Inc., a privately held producer of high-quality fastener products based in Mauston, WI in an all-cash

transaction for approximately $120 million. The transaction will enhance Howmet Aerospace’s product offerings and market opportunities

with larger-size fasteners.

Sold Disk Forging Facility in Savannah,

GA

sold its Savannah, GA disk forging facility that operated within the Engineered Structures segment for approximately $230million. The sale resulted in a $93 million pre-tax gain that was treated as a special

item.

Titanium Alloy Operation Moved from

Engine Products to Engineered Structures

In the first

quarter 2026, the Company moved a titanium alloy production operation from Engine Products to Engineered Structures for better operational

alignment. The comparable periods of Engine Products and Engineered Structures have been recast to reflect the new alignment. The recasting

had no impact on the Company's consolidated results, financial position, or cash flows.

Repurchased $300 Million of Common

In the first quarter 2026, Howmet Aerospace

repurchased $300 million of common stock at an average price of $230.43 per share, retiring approximately 1.3 million shares. In April 2026,

the Company repurchased an additional $150 million of common stock at an average price of $246.18per share, retiring approximately 0.6 million shares.

As of May 4, 2026, total share repurchase authorization available was $1,047 million.

Quarterly Common Stock Dividend of

paid a quarterly dividend of $0.12 per share on its common stock, up 20% from the $0.10 per share dividend paid in the first quarter

2025. The Board of Directors declared a quarterly dividend of $0.12 per share on the Company’s

common stock to be paid on May 26, 2026 to the holders of record of the common stock at the close of business on May 8, 2026.

4

Fitch Ratings upgraded Howmet Aerospace

to A-

upgraded its Long-Term Issuer Default Rating of Howmet Aerospace from BBB+ to A-, four notches into investment grade. All three major

credit rating agencies rate Howmet Aerospace at least three notches into Investment Grade.

Howmet Aerospace will hold its quarterly

conference call at 10:00 AM Eastern Time on Thursday, May 7, 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 May 7, 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. Special items,

including Restructuring and other (credits) charges, are excluded from Adjusted EBITDA. Current and prior periods’ Adjusted EBITDA

calculations have not changed although the definitions have been simplified.

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.; 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

Sales

$

$

$

Cost of goods sold (exclusive of expenses below)

Selling, general administrative, and other expenses

Research and development expenses

9

8

Provision for depreciation and amortization

Restructuring and other (credits) charges

)

(4

)

Operating income

Loss on debt redemption

—

—

Interest expense, net

Other expense, net

2

7

9

Income before income taxes

Provision for income taxes

Net income

$

$

$

Amounts Attributable to Howmet Aerospace Common Shareholders:

Earnings per share - basic(1):

Net income per share

$

$

$

Average number of shares(2)(3)

Earnings per share - diluted(1):

Net income per share

$

$

$

Average number of shares(2)(3)

Common stock outstanding at the end of the period

(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)

Assets

Current assets:

Cash and cash equivalents

$

$

Receivables from customers, less allowances of $— in both 2026 and 2025

Inventories

Prepaid expenses and other current assets

Total current assets

Properties, plants, and equipment, net

Goodwill

Deferred income taxes

Intangibles, net

Other noncurrent assets

Total assets

$

$

Liabilities

Current liabilities:

Accounts payable, trade

$

$

Accrued compensation and retirement costs

Taxes, including income taxes

Accrued interest payable

Deferred revenue

Other current liabilities

Long-term debt due within one year

Short-term borrowings

—

Total current liabilities

Long-term debt, less amount due within one year

Accrued pension benefits

Accrued other postretirement benefits

Other noncurrent liabilities and deferred credits

Total liabilities

Equity

Howmet Aerospace shareholders’ equity:

Common stock

Additional capital

Retained earnings

Accumulated other comprehensive loss

)

)

Total equity

Total liabilities and equity

$

$

8

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Cash Flows

(unaudited)

(in U.S. dollar millions)

First quarter ended

Operating activities

Net income

$

$

Adjustments to reconcile net income to cash provided from operations:

Depreciation and amortization

Deferred income taxes

Restructuring and other credits

)

(4

)

Net realized and unrealized losses

4

5

Net periodic pension cost

Stock-based compensation

Other

3

3

Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:

Increase in receivables

)

)

Increase in inventories

)

)

(Increase) decrease in prepaid expenses and other current assets

)

Increase in accounts payable, trade

Decrease in accrued expenses

)

)

Increase in taxes, including income taxes

Increase in noncurrent assets

(5

)

(1

)

Decrease in noncurrent liabilities

)

)

Cash provided from operations

Financing Activities

Net change in commercial paper

—

Additions to debt

—

Repurchases and payments on debt

—

(1

)

Debt issuance costs

)

—

Repurchases of common stock

)

)

Dividends paid to shareholders

)

)

Taxes paid for net share settlement of equity awards

)

—

Other

—

1

Cash provided from (used for) financing activities

)

Investing Activities

Capital expenditures

)

)

Acquisitions, net of cash acquired

)

—

Proceeds from the sale of assets and businesses

5

Sale of investments

2

—

Other

(1

)

(1

)

Cash provided from (used for) investing activities

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

—

1

Net change in cash, cash equivalents and restricted cash

)

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

$

$

9

Howmet Aerospace Inc. and subsidiaries

Segment Information (unaudited)

(in U.S. dollar millions)

Engine Products

Third-party sales

$

$

$

$

$

$

$

Inter-segment sales

$

6

$

2

$

3

$

2

$

1

$

8

$

2

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other charges

$

1

$

—

$

—

$

—

$

$

$

—

Capital expenditures

$

$

$

$

$

$

$

Fastening Systems

Third-party sales

$

$

$

$

$

$

$

Inter-segment sales

$

1

$

—

$

—

$

—

$

1

$

1

$

—

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other charges (credits)

$

5

$

—

$

1

$

—

$

(1

)

$

—

$

—

Capital expenditures

$

$

$

9

$

$

$

$

Engineered Structures

Third-party sales

$

$

$

$

$

$

$

Inter-segment sales

$

$

7

$

8

$

7

$

4

$

$

8

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other charges (credits)

$

$

(4

)

$

—

$

—

$

—

$

(4

)

$

)

Capital expenditures

$

$

6

$

7

$

$

$

$

Forged Wheels

Third-party sales

$

$

$

$

$

$

$

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other charges (credits)

$

1

$

—

$

(1

)

$

—

$

—

$

(1

)

$

—

Capital expenditures

$

$

$

8

$

9

$

4

$

$

3

Differences

between the total segment and consolidated totals are in Corporate.

In the first quarter of 2026, the Company

reorganized Howmet’s segments by moving a titanium alloy location from Engine Products to Engineered Structures as it better aligns

with the operations of the Engineered Structures segment. The comparable periods of Engine Products and Engineered Structures have been

recast to reflect the new alignment. The recasting had no impact on the Company’s consolidated results, financial position or cash

flows.

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

Income before income taxes

$

$

$

$

$

$

$

Loss on debt redemption

6

—

—

—

—

Interest expense, net

Other expense, net

9

7

2

Operating income

$

$

$

$

$

$

$

Segment provision for depreciation and amortization

Unallocated amounts:

Restructuring and other charges (credits)

(4

)

—

—

)

Corporate expense(1)

Total Segment Adjusted EBITDA

$

$

$

$

$

$

$

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 charges (credits) and Special items and Provision for depreciation and amortization. Special items,

including Restructuring and other charges (credits), are excluded from Adjusted EBITDA. Current and prior periods’ Segment Adjusted

EBITDA calculations have not changed although the definitions have been simplified. Differences between the total segment and consolidated

totals are in Corporate.

(1) Pre-tax special

items included in Corporate expense

Acquisition and acquisition-related costs(1)

$

—

$

—

$

—

$

2

$

2

$

6

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

(1)

Excludes interest expense related

to the Consolidated Aerospace Manufacturing, LLC acquisition.

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollars millions)

Reconciliation of Free cash flow

Quarter ended

Cash provided from operations

$

$

Capital expenditures

)

)

Free cash flow

$

$

Cash (used for) provided from financing activities

$

)

$

Cash (used for) provided from investing activities

$

)

$

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.

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

Net income

$

$

$

Diluted earnings per share ("EPS")

$

$

$

Average number of diluted shares

Special items:

Restructuring and other (credits) charges(1)

(4

)

)

Loss on debt redemption

—

—

Acquisition and acquisition-related costs(2)

—

2

7

Costs associated with closures, supply chain disruptions, and other items

1

1

—

Subtotal: Pre-tax special items

(3

)

)

Tax impact of Pre-tax special items(3)

1

)

Subtotal

(2

)

)

Discrete and other tax special items(4)

9

)

)

Total: After-tax special items

7

)

Adjusted Net income

$

$

$

Adjusted EPS

$

$

$

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) charges, 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. The change in the titles of and removal

of "excluding special items" from Net income excluding Special items and Diluted EPS excluding Special items to Adjusted Net

income and Adjusted EPS has not changed the definition of these measures.

(1)

Restructuring and other (credits) charges for the quarter ended March 31, 2026 included a gain on the sale of the Company's disk forging facility in Savannah, GA within Engineered Structures. Restructuring and other (credits) charges for the quarter ended December 31, 2025 included a non-cash pension settlement charge of $89 primarily resulting from the purchase of group annuity contracts with a third-party carrier to pay and administer future annuity payments for its U.K. pension plan which reduced gross pension obligations.

(2)

Includes legal and advisory costs, amortization expense of inventory step-up recorded in accordance with purchase accounting, and other acquisition-related costs. Additionally, includes interest expense related to the Consolidated Aerospace Manufacturing, LLC acquisition.

(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 1Q25, 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 $1;

·

for 4Q25, a benefit to release a valuation allowance related to U.S. foreign tax credits ($8), a benefit to release a valuation allowance related to U.S. state tax losses and credits ($6), a net benefit for prior year tax adjustments ($4), an excess benefit for stock compensation ($3), a benefit related to re-establishing a tax holiday in China ($4), a net benefit for other small items ($2), and a charge related to the expiration of a tax holiday in China $2; and

·

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

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollar millions)

Reconciliation of Operational tax

rate

Effective

tax rate,

as

reported

Special

Operational

tax rate, as

adjusted

Income before income taxes

$

$

)

$

Provision for income taxes

$

$

—

$

Tax rate

%

%

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 1Q26 included

Restructuring and other credits ($93) and Acquisition and acquisition-related costs $7.

(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 1Q26 included an excess benefit

for stock compensation ($21). (Tax deduction is based on stock price at vesting date while book expense is based on stock price at

grant date.)

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollars millions)

Reconciliation of Adjusted EBITDA

and Adjusted EBITDA margin

Quarter ended

Sales

$

$

$

Operating income

$

$

$

Operating income margin

%

%

%

Operating income

$

$

$

Add:

Restructuring and other (credits) charges

$

(4

)

$

$

)

Provision for depreciation and amortization

Acquisition and acquisition-related costs(1)

—

2

6

Costs associated with closures, supply chain disruptions, and other items

1

1

—

Adjusted EBITDA

$

$

$

Adjusted EBITDA margin

%

%

%

Adjusted EBITDA and Adjusted EBITDA

margin are non-GAAP financial measures. The removal of "excluding special items" from

Adjusted EBITDA and Adjusted EBITDA margin has not changed the definition of these 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) charges

and Special items and Provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges,

are excluded from Adjusted EBITDA. Current and prior periods’ Adjusted EBITDA calculations have not changed although the definitions

have been simplified.

(1)

Excludes interest expense related

to the Consolidated Aerospace Manufacturing, LLC acquisition.

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollar millions)

Reconciliation of Adjusted Operating

Income and Adjusted Operating Income Margin

Quarter ended

Sales

$

$

$

Operating income

$

$

$

Operating income margin

%

%

%

Operating income

$

$

$

Add:

Restructuring and other (credits) charges

$

(4

)

$

$

)

Acquisition and acquisition-related costs(1)

—

2

6

Costs associated with closures, supply chain disruptions, and other items

1

1

—

Adjusted operating income

$

$

$

Adjusted operating income margin

%

%

%

Adjusted operating income and Adjusted

operating income margin are non-GAAP financial measures. Special items, including Restructuring and other (credits) charges, 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. The

removal of "excluding special items" from Adjusted operating income and Adjusted operating income margin has not changed the

definition of these measures.

(1)

Excludes interest expense related

to the Consolidated Aerospace Manufacturing, LLC acquisition.