Howmet Aerospace Inc. · NYSE:HWM
Howmet Aerospace — Investor Day (March 2026)
72 slides from Howmet Aerospace's investor day presentation, Mar 10, 2026
Slide 1: Howmet Aerospace Technology & Markets Day 2026
Howmet Aerospace Technology & Markets Day 2026 March 10, 2026
Slide 2: Important Information
Important Information 2 Forward – Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward - looking state ments within the meaning of the Private Securities Litigation Reform Act of 1995. Forward - looking statements inclu
Slide 3: Important Information (continued)
Important Information (continued) 3 Non - GAAP Financial Measures Some of the information included in this presentation is derived from Howmet Aerospace’s consolidated financial information b ut is not presented in Howmet Aerospace’s financial statements prepared in accordance with accounting princi
Slide 4: Agenda
Agenda 1. CEO Opening Remarks 2. Engine Products 3. Fastening Systems 4. Engineered Structures 5. Forged Wheels 6. Financial Update 7. Q&A 4
Slide 5: CEO Introduction
CEO Introduction John Plant Executive Chairman and Chief Executive Officer
Slide 6: Howmet Aerospace Strategy
Howmet Aerospace Strategy Focus on what we are good at to drive growth above market rate Underpin strategy with commercial and operational discipline Prioritize major differentiated products for resource allocation Execute a disciplined capital allocation strategy 6
Slide 7: Differentiated Products Deliver Innovative Solutions and Customer Benefits
Differentiated Products Deliver Innovative Solutions and Customer Benefits Innovative Solutions Differentiated Products: Patented airfoils with advanced cooling and coatings for extreme temperature applications Specially - designed fasteners for lightweight composite airframe construction & reduced
Slide 8: Global footprint map
8 Not including locations that serve as sales and administrative offices, distribution centers or warehouses. Map excludes sites associated with the proposed acquisition of Consolidated Aerospace Manufacturing (CAM)
Slide 9: Howmet Aerospace
—— FP HOWMET ULJ AEROSPACE
Slide 10: Expect Post-Pandemic Elongated Recovery in Aero to Continue into 2030s
Expect Post - Pandemic “Elongated Recovery” in Aero to Continue into 2030s Commercial Aero Deliveries Expected to Grow Double Digits through 2027 Source: Jefferies/Cirium data 10 1,144 1,265 1,127 1,404 1,611 1,850 2,005 2,066 2,149 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +9% Delivery CAGR
Slide 11: US Data Center Build Out Requires 70+ GW
US Data Center Build Out Requires 70+ GW — with Increasing Share from Natural Gas 1) McKinsey & Company: Global Energy Perspectives, October 2025 2) McKinsey & Company: US Microgrid Market Overview, November 2025 3) McKinsey & Company: Navigating Through Market Challenges in Building New Gas Plants,
Slide 12: Gas Turbine Demand Has Accelerated Beyond Recent Capacity Additions
Gas Turbine Demand Has Accelerated Beyond Recent Capacity Additions Howmet Gas Turbines Revenue 1 ~$1B 2025 $2B+ Next 3 to 5 Years >2x Heavy Duty Industrial Gas Turbine Extensive Heavy Duty IGT backlog across the industry Small - to Mid - Size Gas Turbines Aeroderivatives Solar Titan 350 GE Aeroderi
Slide 13: Defense Aero Growing With Both Legacy & F-35; Non-Aero Defense Accelerating
Defense Aero Growing With Both Legacy & F - 35; Non - Aero Defense Accelerating 13 Legacy Defense Aero Parts on Every Western - world Military Program ▪ Outlook: Demand for Legacy platforms (e.g., F - 15, F - 16) expected to continue Missiles, Rockets & CCAs Growing Rapidly Off Small Base ▪ Outlook:
Slide 14: Commercial Transportation Potential Market Bottom Q1 2026
Commercial Transportation Potential Market Bottom Q1 2026; Improvement in 2H 14 Macro Environment Improving - Improving Freight Rates - Tariffs stabilizing Regulatory Standards Affirmed - 2027 U.S. EPA NOx emissions standard will proceed 2026 Market: Expect N. America HD Truck Builds Recover in 2H -
Slide 15: Engine Products
Engine Products 15 Merrick Murphy President, Engine Products
Slide 16: Engine Products: Differentiated by Howmet Technology & Scale
Engine Products: Differentiated by Howmet Technology & Scale Casting Techniques Cooling Techniques Complex Shapes Coating Techniques Enhanced Strength AI, Digital Manufacturing & Automation Improved Fuel Efficiency Reduced Emissions Reduced Weight Predictable Overhaul Cycles Fuel Flexibility Speed t
Slide 17: Positioned to Meet & Exceed Market Growth in Investment Castings
Positioned to Meet & Exceed Market Growth in Investment Castings Air Flow Management Mechanical Properties of Superalloys Manufacturing & Process Control Aero Airfoils: Commercial & Military Gas Turbines 2 TWO Structural Castings Market Leadership Our Ability to Scale Our Technology 70+ Year Know -
Slide 18: Scaling to Meet Increasing Market Demand
Scaling to Meet Increasing Market Demand Expanding our Vertical Integration Advantage Casting Expansion Core Expansion Tooling Expansion Coating Expansion Unrivaled Scale Global Footprint: ~30 locations, 3 continents Strategically located: Close to all key OEMs Largest Global Capacity Commercial Aer
Slide 19: Present Since the Beginning & Delivering Solutions for the Future
FUTURE TECHNOLOGY FLOW Present Since the Beginning & Delivering Solutions for the Future 1 st Operational Turbo - Fan (JT3D) Solids / EQ Simple Cooling More Complex Cooling / Single - Wall Advanced Casting Process: DS / SC for Creep Advanced Cooling / Fine Features Multi - Wall / Digital Thread 1 st
Slide 20: The Technologies Behind the Solutions
The Technologies Behind the Solutions: Turning Impossible Into Routine 2D Cooling Air blown through high pressure turbine (HPT) components enables operation in environments above their melting point 3D Cooling “Multiwall” 4 - Wall Design 3 - Wall Design HPT Airfoils Airfoils Transition from 2D to 3D
Slide 21: Over a Decade of Leading, Learning & Advancing Through Data
Over a Decade of Leading, Learning & Advancing Through Data %áƌá NߝoŞăĈň ŞňƒƌįŞŕ Alloys Operations Cores Wax Dies Howmet Digital Thread: Linking Raw Materials, Process Conditions and Machines throughout the Integrated Supply Chain to Castings Cores, Wax Patterns & Castings 2D marked Cores, Wax Patt
Slide 22: Vertical Integration Makes it all Possible
Vertical Integration Makes it all Possible, Optimized by our Digital Thread Bond and Wear Coatings Core Forming Core Kiln Fire Wax Pattern Injection Mold Assembly Shell & Molds De - wax Slurry Core Compound Elementals & Melting Alloys Core Removal Metal Finishing Press Auto - clave Open Kettle Advan
Slide 23: Howmet Produces Large DS Blades
Howmet Produces Large DS Blades Greater Than 3 Feet Long Pushing the Boundaries: Transferring Aero Airfoils Technology to Gas Turbines Larger Blades and Vanes (length and width) = More Power Output Land - Based Turbines Adopt Multiwall Cooling Schemes Similar to Commercial and Military Aero Engines
Slide 24: Engine Products: Investing for Aerospace and Power Generation
Engine Products: Investing for Aerospace and Power Generation Core Tooling Manufacturing Tempcraft - Brecksville, OH Compound/Setter Manufacturing Morristown, TN Core Manufacturing Morristown, TN Core Manufacturing Whitehall, MI Rate Tooling Focused Purchased Camcraft Ltd Oct. '24 Yield Focused Auto
Slide 25: Engine Products: Major Takeaways
Engine Products: Major Takeaways Howmet Technology, Scale & Speed to Market Differentiate Recognized by Top Customers Across Our Markets All Markets Howmet Serves are Growing Commercial Aerospace (Rate Production & Spares) Ramping, Power Generation Accelerating, Missiles & Drones Emerging Our Invest
Slide 26: Fastening Systems
Fastening Systems 26 Vagner Finelli President, Fastening Systems
Slide 27: Fastening Systems | Overview
Aerospace and industrial fasteners , latches, fluid fittings and installation tools Nose to tail on commercial and military defense aircraft , jet engines and gas turbines Commercial transportation vehicles, renewable energy (solar and wind) , construction and industrial equipment Proprietary techno
Slide 28: Unparalleled Global Profile, Diversified Market Mix
28 Unparalleled Global Profile, Diversified Market Mix Carson, CA City of Industry, CA Fullerton, CA Torrance, CA Simi Valley, CA Tucson, AZ MEXICO Ciudad Acuña Waco, TX Kingston, NY UNITED STATES UNITED KINGDOM Leicester Redditch Telford FRANCE St. Cosme - en - Vairais Toulouse Us Cergy GERMANY Hil
Slide 29: Fastening Systems products and competitive position
Revenue % of FY25 Total Highlights Competitive Position Products Market Segment Broadest product offerings 440+ patents 30% of revenue from patented or proprietary products Unique offering of supply chain solutions through integrated Distribution channel Single - Sided Blind Bolts Lockbolts and Coll
Slide 30: Multi-Pronged Above Market Growth Approach
Single Sided Application Automated Assembly Composite Materials Light Weight In - the - Field Installation Total Assembly Value Industrial Gas Turbines Distribution Services MRO Business Jets Application Tooling Renewable Energy Inorganic Vertical Integration Best Cost Country Dual Sourcing Supply C
Slide 31: Industry Leader in Purposeful Innovation
Industry Leading Brands Aero - Lite® BobTail® BomTail® Camloc® Eddy Bolt ® Major Peer Howmet ~2.7x Patents Howmet Major Peer ~3.4x Trademarks Pending Granted Strong Intellectual Property Position Ergo - Tech ® Flite - Tite® Huck® Mairoll® Mark - IV ® 2015 2025 2 world - class R&D centers with dedica
Slide 32: Ergo-Tech - Superior Blind Bolt Technology
Ergo - Tech ® – Superior Blind Bolt Technology A one side access fastening system Pre - assembled, two component structural fastener enabling efficient single - sided installation Wide adoption since 2018, allowing automation, increased build rates and improved ergonomic Family of offerings includin
Slide 33: Expanding Capabilities and Reach - CAM/Brunner
Brunner Manufacturing Consolidated Aerospace Manufacturing 1) 33 Expanding Capabilities and Reach – CAM/Brunner 1) Acquisition not yet closed; Subject to Regulatory Approvals Desirable expansion in engineered products (couplings, tubing, quick release pins) and fluid fittings Expansion of Howmet dis
Slide 34: Resilient Business With Potential to Improve
Resilient Business With Potential to Improve Motivated and Capable Team Proven track record of execution Commercially and operationally disciplined Unwavering attitude, turning every stone Multi - Pronged Above Market Growth Potential Introduction of purposeful product innovation and expansion of qu
Slide 35: Engineered Structures
Engineered Structures John Wall President, Engineered Structures
Slide 36: Engineered Structures - Our Journey
Engineered Structures - Our Journey 36 Operational Excellence Margin Management Product Mix Business Rationalization Business Rationalization • Rooftop Reductions (5) • Tactical and Measured Investment • Intensify Resource Deployment Product Mix • SKU Reduction (eliminate the noise) • Exit Highly Co
Slide 37: Unique and Differentiated Assets
Unique and Differentiated Assets 37 Titanium Products Forging Extrusions Machining & Assembly Manufacturing capabilities built on decades of aerospace and defense expertise | Assets the industry depends on
Slide 38: Proven Material and Process Expertise to Meet Market Needs
Proven Material and Process Expertise to Meet Market Needs Delivered Solutions: Drivers to Achieve: Market Needs: Improved Fuel Efficiency Weight Reduction High Operating Temperature Speed to Market Scalability Ti Mill Products Monolithic Al & Ti Structural Forgings Wheel & Brake and Fan Blade Forgi
Slide 39: Diversified Product Offering
Diversified Product Offering Highly Engineered Structural Products | Pushing the Boundaries of Manufacturing Capabilities 39 Wheel and Brake / Fan Blade / Propeller Radar / Defense Systems Defense Aerospace Fuselage / Wing Structures
Slide 40: Adding Value through Synergy
Adding Value through Synergy 40 Designed to Withstand 9G’s o f Force >150 Components Integrated into 1 Monolithic Forging
Slide 41: Disciplined Approach to a Dynamic Market
Disciplined Approach to a Dynamic Market 41 Commercial Aero Defense Aero Defense Land & Sea Wide Body Ramp Readiness Geopolitical Events Internally Focused Cautious Investment Opportunistic Capacity Commercially Selective Quality over Quantity
Slide 42: Disciplined Approach to a Dynamic Market
Disciplined Approach to a Dynamic Market 42 Commercial Aero Defense Aero Defense Land & Sea Wide Body Ramp Readiness Geopolitical Events Internally Focused Cautious Investment Opportunistic Capacity Commercially Selective Quality over Quantity Well Positioned on Widebody Strong F - 35 Content Increa
Slide 43: Forged Wheels
43 Forged Wheels Randall Scheps President, Forged Wheels
Slide 44: Positioned to Win
Positioned to Win #1 Brand, Design Control, Precision Assets at Scale Attractive Market Howmet Advantage 44 #1 Global Brand Full Design Control Precision Assets Scale M egatrends Driving Conversion from Steel to Forged Aluminum Safety Critical Large Addressable Market 70% of Market is Untapped Alcoa
Slide 45: Forged Wheels highlights and competitive position
Revenue % of FY25 Total Highlights Competitive Position Key OEM Customers Market Segment ~80% Share of Aluminum Market Proprietary MagnaForce® Alloy Strong Brand Recognition ~90% Share of Aluminum Market Growing Share vs. Steel Wheels Proprietary Dura - Bright ® Surface Treatment ~40% Share of Alumi
Slide 46: 70% of the Market is Untapped
70% of the Market is Untapped Market Growth Drivers Regulatory Emissions Regulations Weight Limits New Energy Vehicles Economic Fuel Costs Network Efficiency Maintenance Costs Large Opportunity to Convert Steel to Aluminum Global Truck Wheels by Material 30% ~ 70% 80% 20% 30% 70% 85% Aluminum Wheels
Slide 47: In Tune with Fleet Needs; Strong Value Proposition
In Tune with Fleet Needs; Strong Value Proposition We Deliver Fleets Need Lower Operating Costs More Payload Reliability Ease of Maintenance Appearance Lighter and Stronger than Steel Up to 5% Better Fuel Efficiency 1 Up to 3% More Payload (1,400 lbs.) 1 World Class Quality Million Mile Durability #
Slide 48: Largest Distribution Network
Largest Distribution Network 50,000+ Fleet Relationships 4x Capacity of Next Competitor Full Value - Chain Control Highly Automated Production Positioned to Win Distributor Manufacturing Operations Sales Office Distribution Center Monterrey Cleveland, OH Barberton, OH Chillicothe, OH UNITED STATES M
Slide 49: Innovation Driving Leadership and Margin
Innovation Driving Leadership and Margin 49 Dura - Bright® Patented Surface Treatment Bright and C orrosion Resistant, No Polishing High Value for Fleets MagnaForce® Proprietary Aluminum Forging A lloy 17% Stronger than Standard Alloy Suite of Design and Production Technologies
Slide 50: The Outlook is Bright
The Outlook is Bright 52 48 50 #1 Global Brand Full Design Control Precision Assets Scale
Slide 51: Financial Overview
Financial Overview 51 Patrick Winterlich EVP and Chief Financial Officer
Slide 52: 2020-2025: Commercial / Operational Performance Driving Results
2020 – 2025: Commercial / Operational Performance Driving Results ~9% Revenue CAGR ~17% Adj. EBITDA CAGR; Margin up 870 bps; Top Decile Adj. EBITDA Margins vs Aerospace Peers ~37% Adj. EPS CAGR; ~50% Interest Expense Reduction, ~640 bps operational tax rate improvement ~$4.5B Cumulative Free Cash Fl
Slide 53: 2020-2025: Balance Sheet Improvements Driving Increased Deployment
2020 – 2025: Balance Sheet Improvements Driving Increased Deployment Gross Debt Reduction ~$2B Net Debt/EBITDA Improved from ~3x to 1x Pension/OPEB Gross Liability Reduction ~50% ~$2.4B Common Stock Repurchases ~$430M Common Stock Dividends Fortress Balance Sheet Paired with Balanced Capital Deploym
Slide 54: Significant Progress in Segment Adj. EBITDA Margin
Significant Progress in Segment Adj. EBITDA Margin Future ∆ from 2019 2025 202 4 202 3 … 2019 • New Gen Aero Airfoils Growth • Gas Turbines Airfoils Growth • Spares Growth • Productivity +1,060 bps 33.3 % 30.8 % 27.2% … 22.7% Engine Products • Widebody Recovery • CAM Acquisition 1 • Distribution Str
Slide 55: Industry-Leading Market Position and Products: The Foundation for Growth
Industry - Leading Market Position and Products: The Foundation for Growth 55 Technology and Solutions Leadership Position with: Material Science Process Technology Scale Quality Solving the Needs of: Higher Engine Temperatures & Pressures Increased Adoption of Composite Airframes Lowering Maintenan
Slide 56: Beyond 2025: Expect Continued Growth Across All Metrics
Beyond 2025: Expect Continued Growth Across All Metrics 70%+ Increase in Revenue* 2020 2025 2026 Guidance $5.3B $8.3B ~$9.1B 9% CAGR +~10% 2020 2025 2026 Guidance 20.6% 29.3% ~ 30.3% + 870 bps + ~100 bps $0.77 $3.77 2020 2025 2026 Guidance ~$4.45 37% CAGR +~18% ~970 bps Improvement in Adj. EBITDA Ma
Slide 57: Higher Margins, Lower Interest and Pension Costs Driving FCF
Higher Margins, Lower Interest and Pension Costs Driving FCF Adj. EBITDA up $1.3B , to $2.4B in 2025 Adj. EBITDA margin up ~870 bps , to 29.3% in 2025 Debt actions reduced annualized interest expense by over 50% , from ~$315M to ~$150M in 2025 Pension/OPEB Net liability reduction of ~50% , from ~$1.
Slide 58: Revenue to Cash: Strong Conversion, and Getting Stronger
Revenue to Cash: Strong Conversion, and Getting Stronger 58 682 977 1,431 2023 2024 2025 2026 Guidance ~1,600 Free Cash Flow ($M) 2023 2024 2025 2026 Guidance 10.3% 13.1% 17.3% ~ 17.6% Free Cash Flow % of Revenue 2027+ See Appendix for reconciliations Reflects 2026 Guidance Baseline provided at Q4 2
Slide 59: Strategy Underpinned by Operating Play Book for Enhanced Margins & Cash
Strategy Underpinned by Operating Play Book for Enhanced Margins & Cash Strategic Initiatives Differentiated Major Product Lines Drive Growth Above Market Drive Labor Productivity and Automation in Manufacturing; Potential to Increase Margins Capex Prioritization - Investing for Growth and Return Ge
Slide 60: Robust Platform for Growth: Capex, Share Repurchase and Disciplined M&A
Robust Platform for Growth Capex, Share Repurchase and Disciplined M&A 60 Cumulative Capital Deployment ($B) 2020 - 2025 $2.1B $0.4B $2.4B $1.5B Capex ~$6.4B Deployed Since 2020 Debt Paydown Dividends Share Repurchase Investing for Growth Capex $450M - $490M Complete ~$1.8B CAM Acquisition Vigilant
Slide 61: Howmet Aerospace
fl HOWMET UJ AEROSPACE 61
Slide 62: Q&A
62 Q&A: Joining John Plant, Executive Chairman & CEO Patrick Winterlich EVP & Chief Financial Officer Merrick Murphy President, Engine Products John Wall President, Engineered Structures Vagner Finelli President, Fastening Systems Randall Scheps President, Forged Wheels
Slide 63: Appendix
Appendix rr LJ HOWMET AEROSPACE
Slide 64: 2026 Guidance
2026 Guidance (Provided at Q4 2025 Earnings on Feb 12, 2026) 64 2026 Guidance excludes acquisitions 1) Excluding special items 2) Assumes ~$25M of miscellaneous other expenses in FY 2026 What we expect in 2026 FY 2026 Guidance Q1 2026 Guidance ▪ FY 2026 Revenue up ~10% vs. FY 2025 ▪ FY 2026 Adj EBIT
Slide 65: Reconciliation of Income from Continuing Operations / Net Income Excluding Special Items
65 Reconciliation of Income from Continuing Operations / Net Income Excluding Special Items FY 202 5 FY 2024 FY 2023 FY 2022 FY 2021 FY 202 0 ($ in millions, except per - share amounts) $ 1,508 $1,155 $765 $469 $258 $211 Income from continuing operations after income taxes / Net income (1) $ 3 . 71
Slide 66: Reconciliation of Adjusted EBITDA Excluding Special Items and Allocation Adjustments
66 Reconciliation of Adjusted EBITDA Excluding Special Items and Allocation Adjustments FY 202 5 FY 202 4 FY 202 3 FY 2022 FY 2021 FY 2020 FY 2019 ($ in millions) $ 1,508 $ 1,155 $ 765 $469 $258 $211 $ 126 Income from continuing operations after income taxes / Net income (1) Add: $ 332 $ 228 $ 210 $
Slide 67: Reconciliation of 2020 and 2025 Operational Tax Rate
67 Reconciliation of 2020 and 2025 Operational Tax Rate Year ended December 31, 202 5 Year ended December 31, 202 0 ($ in millions) Operational tax rate, a s adjusted Special items (1)(2) Effective tax rate, a s reported Operational tax rate, a s adjusted Special items (1)(2) Effective tax rate, a s
Slide 68: Reconciliation of 2020 and 2021 Adjusted Free Cash Flow
68 Reconciliation of 2020 and 2021 Adjusted Free Cash Flow including Pre - Separation Allocations as a Percentage of Adjusted Income from Continuing Operations (Adjusted Free Cash Flow Conversion) FY 2021 FY 2020 ($ in millions) $449 $ 9 Cash provided from operations (a) 267 422 Cash receipts from s
Slide 69: Reconciliation of 2022-2025 Adjusted Free Cash Flow Conversion
69 Reconciliation of 2022 – 2025 Adjusted Free Cash Flow Conversion FY 2025 FY 2024 FY 2023 FY 2022 ($ in millions) $1,884 $1,298 $901 $733 Cash provided from operations (453) (321) (219) (193) Capital expenditures $1,431 $977 $682 $540 Free cash flow ("FCF") (a) $1,508 $1,155 $765 $469 Net Income (
Slide 70: Calculation of Segment Adjusted EBITDA Margin
70 Calculation of Segment Adjusted EBITDA Margin FY 2025 FY 202 4 FY 202 3 FY 2022 F Y 2021 FY 2020 FY 2019 ($ in millions) Engine Products $ 4,320 $ 3,735 $ 3,266 $ 2,698 $ 2,282 $ 2,406 $ 3,320 Third - party sales $ 1,438 $ 1,150 $ 887 $ 729 $ 564 $ 540 $ 752 Segment Adjusted EBITDA 33.3 % 30 . 8
Slide 71: Reconciliation of Net Debt to Adjusted EBITDA Excluding Special Items
71 Reconciliation of Net Debt to Adjusted EBITDA Excluding Special Items Trailing - 12 months ended ($ in millions) December 31, 2025 December 31, 2020 $1,508 $211 Income from continuing operations after income taxes / Net income (1) Add: 332 (40) (Benefit) p rovision for income taxes 40 74 Other ex
Slide 72: rr) HOWMET
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