Howmet Aerospace · Earnings release · 8-K Exhibit 99

Exhibit

FOR

IMMEDIATE RELEASE

Investor Contact

Media Contact

Paul T. Luther

Rob Morrison

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

Change

Change

Revenue

$

$

%

$

$

%

GAAP Metrics

Operating Income

$

$

%

$

$

%

Operating Income Margin

%

%

bps

%

%

bps

Earnings per Share (EPS)

$

$

%

$

$

%

Cash from Operations

$

$

%

$

$

%

Non-GAAP Metrics1

Adjusted EBITDA

$

$

%

$

$

%

Adjusted EBITDA Margin

%

%

bps

%

%

bps

Adjusted Operating Income

$

$

%

$

$

%

Adjusted Operating Income Margin

%

%

bps

%

%

bps

Adjusted Earnings per Share (EPS)

$

$

%

$

$

%

Free Cash Flow

$

$

%

$

$

%

1For 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. T1Revenue growth

was healthy at 24% year over year and 21% excluding the net impact of the three asset transactions completed this year. T2Adjusted 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 T3free cash flow also enabled $800 million in common stock repurchases year to date through July, an amount already greater than total

Mr.

Plant continued, “Looking ahead, Howmet is well positioned, with all our major markets in growth mode. T4More 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. T5Demand 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.”

"T6Our

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. T7We 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."

Guidance

Dollars in Millions; Per share amounts in dollars, diluted

Low

Baseline

High

Low

Baseline

High

G1Revenue

$

$

$

$

$

$

Baseline

Change

G2Adj. EBITDA1

$

$

$

$

$

$

G3Adj. EBITDA Margin1

%

%

%

%

%

%

Baseline

Change

G4Adj. Earnings per Share1

$

$

$

$

$

$

Baseline

Change

G5Free Cash Flow1

$

$

$

Baseline

Change

1Reconciliations 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

Change

Third-party sales

$

$

%

Segment adjusted EBITDA

$

$

%

Segment adjusted EBITDA margin

%

%

bps

Provision for depreciation and amortization

$

$

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

Change

Third-party sales

$

$

%

Segment adjusted EBITDA

$

$

%

Segment adjusted EBITDA margin

%

%

bps

Provision for depreciation and amortization

$

$

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

Change

Third-party sales

$

$

)%

Segment adjusted EBITDA

$

$

(6

)%

Segment adjusted EBITDA margin

%

%

bps

Provision for depreciation and amortization

$

$

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

Change

Third-party sales

$

$

%

Segment adjusted EBITDA

$

$

%

Segment adjusted EBITDA margin

%

%

bps

Provision for depreciation and amortization

$

$

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%. T8The combined effect of these debt actions will reduce annualized interest expense by $12 million.

Repurchased

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 $697million.

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

Sales

$

$

$

Cost of goods sold (exclusive of expenses below)

Selling, general administrative, and other expenses

Research and development expenses

8

9

9

Provision for depreciation and amortization

Restructuring and other credits

—

)

—

Operating income

Interest expense, net

Other expense, net

2

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

1

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)

Six months ended

Operating activities

Net income

$

$

Adjustments to reconcile net income to cash provided from operations:

Depreciation and amortization

Deferred income taxes

9

Restructuring and other credits

)

(4

)

Net realized and unrealized losses

8

Net periodic pension cost

Stock-based compensation

Other

5

2

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

)

6

Increase in accounts payable, trade

Decrease in accrued expenses

)

)

Decrease in taxes, including income taxes

)

)

Pension contributions

)

)

Increase in noncurrent assets

(7

)

(2

)

Increase (decrease) in noncurrent liabilities

4

)

Cash provided from operations

Financing Activities

Net change in commercial paper

—

Additions to debt

—

Repurchases and payments on debt

)

)

Debt issuance costs

)

—

Repurchases of common stock

)

)

Dividends paid to shareholders

)

)

Taxes paid for net share settlement of equity awards

)

)

Other

(5

)

(2

)

Cash provided from (used for) financing activities

)

Investing Activities

Capital expenditures

)

)

Acquisitions, net of cash acquired

)

—

Proceeds from the sale of assets and businesses

8

Other

2

1

Cash used for investing activities

)

)

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

—

—

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

$

2

$

3

$

2

$

1

$

8

$

2

$

3

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other charges

$

—

$

—

$

—

$

$

$

—

$

—

Capital expenditures

$

$

$

$

$

$

$

Fastening Systems

Third-party sales

$

$

$

$

$

$

$

Inter-segment sales

$

—

$

—

$

—

$

1

$

1

$

—

$

—

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other charges (credits)

$

—

$

1

$

—

$

(1

)

$

—

$

—

$

—

Capital expenditures

$

$

9

$

$

$

$

$

Engineered Structures

Third-party sales

$

$

$

$

$

$

$

Inter-segment sales

$

7

$

8

$

7

$

4

$

$

8

$

8

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other credits

$

(4

)

$

—

$

—

$

—

$

(4

)

$

)

$

—

Capital expenditures

$

6

$

7

$

$

$

$

$

8

Forged Wheels

Third-party sales

$

$

$

$

$

$

$

Provision for depreciation and amortization

$

$

$

$

$

$

$

Segment Adjusted EBITDA

$

$

$

$

$

$

$

Segment Adjusted EBITDA Margin

%

%

%

%

%

%

%

Restructuring and other credits

$

—

$

(1

)

$

—

$

—

$

(1

)

$

—

$

—

Capital expenditures

$

$

8

$

9

$

4

$

$

3

$

4

Differences

between the total segment and consolidated totals are in Corporate.

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

Operating income

$

$

$

$

$

$

$

Segment provision for depreciation and amortization

Unallocated amounts:

Restructuring and other (credits) charges

(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 (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

Acquisition and acquisition-related costs(2)

$

—

$

—

$

—

$

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

$

(2)

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

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

Cash provided from operations

$

$

$

Capital expenditures

)

)

)

Free cash flow

$

$

$

Cash provided from (used for) financing activities

$

)

Cash provided from (used for) 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

Six months ended

Net income

$

$

$

$

$

Diluted earnings per share ("EPS")

$

$

$

$

$

Average number of diluted shares

Special items:

Restructuring and other credits(1)

—

)

—

(4

)

)

Acquisition and acquisition-related costs(2)

—

7

—

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

(1

)

—

—

—

—

Subtotal: Pre-tax special items

(1

)

)

(4

)

)

Tax impact of Pre-tax special items(3)

—

(4

)

1

Subtotal

(1

)

)

(3

)

)

Discrete and other tax special items(4)

)

)

)

)

)

Total: After-tax special items

)

)

—

)

)

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, 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.

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

Effective

tax rate,

as reported

Special

Operational

tax rate, as

adjusted

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 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.

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

Sales

$

$

$

$

$

Operating income

$

$

$

$

$

Operating income margin

%

%

%

%

%

Operating income

$

$

$

$

$

Add:

Restructuring and other credits

$

—

$

)

$

—

(4

)

)

Acquisition and acquisition-related costs(1)

—

6

—

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

(1

)

—

—

—

—

Adjusted operating income

$

$

$

$

$

Adjusted operating income margin

%

%

%

%

%

Provision for depreciation and amortization

Adjusted EBITDA

$

$

$

$

$

Adjusted EBITDA margin

%

%

%

%

%

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.

Howmet

Aerospace Inc. and subsidiaries

Calculation