Howmet Aerospace : 4Q22 Analyst Presentation

Fourth Quarter and Full Year 2022 Earnings Call

John Plant: Executive Chairman and Chief Executive Officer

Ken Giacobbe: EVP and Chief Financial Officer

February 14, 2023

Important Information

Forward-Looking Statements

This presentation 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," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," "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 end markets; future financial results or operating performance; future strategic actions; Howmet Aerospace's strategies, outlook, and business and financial prospects; and any future repurchases of its debt or equity securities. 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; (b) unfavorable changes in the markets served by Howmet Aerospace; (c) the impact of potential cyber attacks and information technology or data security

breaches; (d) the loss of significant customers or adverse changes in customers' business or financial conditions; (e) manufacturing difficulties or other issues that

impact product performance, quality or safety; (f) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (g) failure to attract and retain a qualified workforce and key personnel; (h) uncertainty of the duration, extent and impact of the COVID-19 pandemic on Howmet Aerospace's business, results of operations, and financial condition; (i) the inability to achieve revenue growth, cash generation, restructuring plans, cost reductions, improvement in profitability, or strengthening of competitiveness and operations anticipated or targeted; (j) inability to meet increased demand, production targets or commitments; (k) competition from new product offerings, disruptive technologies or other developments; (l) geopolitical, economic, and regulatory risks relating to Howmet Aerospace's global operations, including geopolitical and diplomatic tensions, instabilities and conflicts, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (m) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation, which can expose Howmet Aerospace to substantial costs and liabilities; (n) failure to comply with government contracting regulations; (o) adverse changes in discount rates or investment returns on pension assets; and (p) the other risk factors summarized in Howmet Aerospace's Form 10-K for the year ended December 31, 2021 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. The statements in this presentation are made as of the date of this presentation, 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.

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Important Information (continued)

Non-GAAP Financial Measures

Some of the information included in this presentation 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 Appendix to this presentation. Howmet Aerospace has not provided reconciliations of any forward-lookingnon-GAAP financial measures (including Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Earnings per Share, each excluding special items, and Free Cash Flow) to the most directly comparable GAAP financial measures because such reconciliations, 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 the effects of foreign currency movements, gains or losses on sales of assets, taxes, and any future restructuring or impairment charges. These reconciling items are in addition to the inherent variability already included in the GAAP measures, which includes, but is not limited to, price/mix and volume. Howmet Aerospace believes such reconciliations of forward-lookingnon-GAAP financial measures would imply a degree of precision that would be confusing or misleading to investors.

Where values are denoted, M=USD millions and B=USD billions.

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2022 Highlights

Revenue and Profitability Excluding Special Items1	Q4 2021	Q3 2022	Q4 2022		FY 2021	FY 2022
	Revenue	$1.285B	$1.433B	$1.513B		$4.972B	$5.663B
	Adj EBITDA1	$296M	$323M	$336M		$1,135M	$1,276M
	Adj EBITDA Margin1	23.0%	22.5%	22.2%		22.8%	22.5%
	Adj Earnings Per Share2	$0.30	$0.36	$0.38	$1.01	$1.40

• FY Revenue up 14% YoY, driven by Commercial Aerospace up 28% YoY
• FY Adj EBITDA1 up 12% YoY and Adj Earnings Per Share2 up 39% YoY

FY 2022 Balance Sheet and Cash Flow

• Record Free Cash Flow3 of $540M, including ~($235M) Inventory build for Commercial Aero; FCF Conversion4 ~91%
• Ending Cash Balance of $792M
• Q4 Repurchased ~1.7M shares of Common Stock for $65M; FY Repurchased ~11.4M shares of Common Stock for $400M
• Q4 Repurchased $9M of Debt with Cash on Hand; FY Repurchased $69M of Debt; Annualized Interest Expense savings ~$4M
• Record Net Debt-to-LTM EBITDA5 at 2.6x; All Long-Term Debt unsecured at fixed rates; $1B Revolver undrawn

1) Net Income (GAAP): Q4 2021 = $77M, FY 2021 = $258M, Q3 2022 = $80M, Q4 2022 = $111M, FY 2022 = $469M	2) EPS (GAAP): Q4 2021 = $0.18, FY 2021 = $0.59, Q3 2022 = $0.19, Q4 2022 =	4
$0.26, FY 2022 = $1.11	3) FY 2022: Cash provided from operations = $733M, Cash used for financing activities = ($526M), Cash used for investing activities = ($135M) 4) Free Cash Flow Conversion
= Free Cash Flow divided by Net Income excluding Special items 5) Adjusted for special items; Last twelve month (LTM) Howmet adjusted EBITDA See appendix for reconciliations

Q4 2022 Revenue Up 18% YoY, driven by Commercial Aero Up 29%

Q4 2022 Revenue by Market	Revenue by Market	Q4
(% of total)	(% change)	YoY

FY22

YoY

Industrial

& Other

14% 1

Commercial

Transportation

21%

Aerospace -

Defense

17%

~60% in 2019		Aerospace - Commercial	29%
	Aerospace - Defense	13%
Aerospace -
	Subtotal - Aerospace	24%
Commercial
48%
		Commercial Transportation	12%
		Industrial & Other 1	1%
		Total Revenue	18%

28%

(3%)

18%

14%

(1%)

14%

1) IGT represents ~45%, general Industrial represents ~35%, and Oil & Gas represents ~20% of total Industrial & Other

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