Record Revenue Up 6% Year Over Year, Record Profit, Strong Cash from Operations

$125 Million Deployed for Common Stock Repurchases, Additional $100 Million in April

Full Year 2025 Guidance¹: Revenue Range Widened, Increases to Adj. EBITDA*, Adj. EPS*, Free Cash Flow

PITTSBURGH–(BUSINESS WIRE)–Howmet Aerospace (NYSE:HWM):

First Quarter 2025 GAAP Financial Results

• Revenue of $1.94 billion, up 6% year over year, driven by Commercial Aerospace, up 9%
• Operating Income Margin of 25.4%
• Net Income of $344 million versus $243 million in the first quarter 2024; Earnings per Share of $0.84 versus $0.59 in the first quarter 2024
• Generated $253 million of Cash from Operations; $167 million of Cash used for Financing Activities; and $115 million of Cash used for Investing Activities
• Share repurchases of $125million; $0.10 per share common stock dividend, up 100% year over year

First Quarter 2025 Adjusted Financial Results

• Adjusted EBITDA excluding special items of $560 million, up 28% year over year
• Adjusted EBITDA margin excluding special items of 28.8%, up 480 basis points year over year
• Adjusted Operating Income Margin excluding special items of 25.3%, up 500 basis points year over year
• Adjusted Earnings Per Share excluding special items of $0.86, up 51% year over year
• Generated $134million of free cash flow

2025 Guidance: Includes current assumptions of tariff impacts
	Q2 2025 Guidance				FY 2025 Guidance
	Low	Baseline	High		Low	Baseline	High
Revenue	$1.980B	$1.990B	$2.000B		$7.880B	$8.030B	$8.180B
Adj. EBITDA*1	$555M	$560M	$565M		$2.225B	$2.250B	$2.275B
Adj. EBITDA Margin*1	28.0%	28.1%	28.3%		28.2%	28.0%	27.8%
Adj. Earnings per Share*1	$0.85	$0.86	$0.87		$3.36	$3.40	$3.44
Free Cash Flow1					$1.100B	$1.150B	$1.200B
* Excluding special Items
1 Reconciliations of the forward-looking non-GAAP measures to the most directly comparable GAAP 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 – for further detail, see “2025 Guidance” below.

Key Announcements

• Repurchased $125million of common stock in first quarter 2025 at average price of $124.24 per share
• Repurchased an additional $100 million of common stock in April 2025 at average price of $125.61 per share
• Paid a quarterly dividend of $0.10 per share on the Company’s common stock in first quarter 2025, up 100% from first quarter 2024’s $0.05 dividend per share
• Fitch Ratings upgraded Howmet Aerospace’s Long-Term Issuer Default Rating from BBB to BBB+ on March 31, 2025
• Full Year 2025 Guidance: Revenue range widened with increases to Adj. EBITDA*, Adj. EPS*, and Free Cash Flow

Howmet Aerospace (NYSE: HWM) today reported first quarter 2025 results. The Company reported record first quarter 2025 revenue of $1.94 billion, up 6% year over year, primarily driven by growth in the commercial aerospace market of 9%.

Howmet Aerospace reported Net Income of $344 million, or $0.84 per share, in the first quarter 2025 versus $243 million, or $0.59 per share, in the first quarter 2024, and included approximately $7 million in net charges from special items. Net Income excluding special items was $351 million, or $0.86 per share, in the first quarter 2025, versus $238 million, or $0.57 per share, in the first quarter 2024.

First quarter 2025 Operating Income was $494 million, up 34% year over year. Operating Income excluding special items was $491 million, up 33% year over year. Operating Income Margin was 25.4%, up approximately 520 basis points year over year. First quarter 2025 Adjusted Operating Income Margin excluding special items was 25.3%, up approximately 500 basis points year over year.

First quarter 2025 Adjusted EBITDA excluding special items was $560 million, up 28% year over year. The year-over-year increase was driven by strong growth and performance in the commercial and defense aerospace markets, partially offset by declines in the commercial transportation market. Adjusted EBITDA margin excluding special items was up approximately 480 basis points year over year at 28.8%.

Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, “The Howmet team delivered a solid start to 2025, setting quarterly records in revenue, Adjusted EBITDA*, Adjusted EBITDA margin*, and Adjusted Earnings Per Share* while exceeding all aspects of our baseline guidance. Margin progression within the Fastening Systems and Engineered Structures segments was particularly noteworthy. Free cash flow was healthy at $134 million, up from $95 million in the prior year, and marked the eighth consecutive quarter of positive free cash flow generation.”

Mr. Plant continued, “Free cash flow was deployed with a $0.10 per share common stock dividend, up 25% from the prior quarter, $125 million of common stock repurchases in the first quarter 2025, and an additional $100 million of repurchases in April. Howmet Aerospace’s strong balance sheet continues to be recognized by the rating agencies, with Fitch upgrading its debt rating on the Company to BBB+, three notches into Investment Grade.”

“Turning to the outlook, the commercial aerospace market remains poised for continued growth. Air passenger traffic continues to grow, led more recently by Europe and Asia Pacific. There has been some recent moderation in North American traffic growth, driven by tariff-related and economic uncertainty. Nevertheless, Howmet Aerospace’s engine and airframe OEM customers continue to demonstrate growth, with record backlogs supported by under-build of aircraft in recent years and the desire for new, fuel-efficient aircraft. We continue to expect healthy growth in the defense aerospace market as well as industrial and other, with demand for industrial gas turbine fueled by significant data center expansion. For commercial transportation, a potential increase in truck builds in the second half of 2025 is less certain, given tariff-related and economic uncertainty in North America. However, our premium products and strong market position should allow Howmet Aerospace to continue to outperform the overall market. While the tariff situation remains fluid, we expect to pass on tariff-related costs to our customers. Taking these factors into account including the impact of tariffs, for the full year 2025 guidance, the revenue range has been widened with increases to Adjusted EBITDA*, Adjusted EPS*, and Free Cash Flow. The balance sheet continues to strengthen, and liquidity remains healthy.”

Contacts

Investor Contact
Paul T. Luther
(412) 553-1950
Paul.Luther@howmet.com

Media Contact
Rob Morrison
(412) 553-2666
Rob.Morrison@howmet.com