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HA AR Cvr Inside Cmyk Copy 2019 ANNUAL REPORT HOWMET AEROSPACE | 2019 ANNUAL REPORT | 01 2019 OVERVIEW 2019 TOTAL REVENUE $14.2B 20% 9% REVENUE BY MARKET 45% 26% Howmet Aerospace (NYSE: HWM) is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The AEROSPACE Company’s primary businesses focus on jet engine components, aerospace fastening systems and titanium COMMERCIAL TRANSPORTATION structural parts necessary for mission-critical performance and efficiency in aerospace and defense BUILDING AND CONSTRUCTION applications, as well as forged wheels for commercial transportation. Howmet Aerospace is transforming the INDUSTRIAL AND OTHER next phase of more fuel-efficient, quieter aerospace engines and sustainable ground transportation. For more information: www.howmet.com EMPLOYEES 41,700 LOCATIONS* 87 COUNTRIES* 28 FACING PAGE: Howmet Aerospace produces highly engineered * Not including 42 locations that serve as sales and administrative oɝces, products for the aerospace market including (clockwise from top) aero distribution centers or warehouses. engine blades, titanium seat track, forged aero brake components, and a veriety of fastening system products. FOLLOW @HOWMETAEROSPACE LINKED IN | TWITTER | FACEBOOK | INSTAGRAM | YOU TUBE 02 2019 Howmet Aerospace Shareholder Letter April 15, 2020 Dear Shareholder, In February 2019, I joined Arconic Inc. as Chief IXHOHɝFLHQWDLUFUDIWWRRSHUDWHZLWKDORZHUFDUERQ ([HFXWLYH2ɝFHUWROHDGWKH&RPSDQ\LQDGL΍HUHQW IRRWSULQW *OREDO 5ROOHG 3URGXFWV ZKLFK EHFDPH direction – one that involved a series of swift and Arconic Corporation, grew 2019 organic revenue by GHFLVLYH DFWLRQV WKDW GURYH IXQGDPHQWDO DQG VHJPHQW RSHUDWLQJ SURȴW E\ $ PDMRU LPSURYHPHQWV LQ SURȴW DQG IUHH FDVK ȵRZ LQYHVWPHQW WKDW WUDQVLWLRQHG D NH\ PLOO IURP generation. We set a path for disposal of eight packaging to industrial products will enable Arconic EXVLQHVVHVDQGDSODQQHGEUHDNXSRIWKH&RPSDQ\ WR EHQHȴW IURP JURZWK LQ WKH 86 LQGXVWULDO LQWRWZRSXUHSOD\HQWLWLHV:HDFFRPSOLVKHGPXFK DOXPLQXPPDUNHW RIWKLVGXULQJWKHQH[WPRQWKVDQGLQ$SULO ZHFRPSOHWHGWKHVHSDUDWLRQLQWRWZRLQGHSHQGHQW :H KDYH GHOLYHUHG RQ WKH FRPPLWPHQWV :H IRFXVHG FRPSDQLHV Ȃ +RZPHW $HURVSDFH ΖQF DQG returned $1.15 billion to shareholders through Arconic Corporation. share repurchases and drove a return on assets of Ȃ DQ LQFUHDVH RI EDVLV SRLQWV RYHU WKH These actions enabled Arconic’s businesses to deliver SULRU \HDU :LWK DQ VWRFN SULFH LQFUHDVH strong returns in 2019 and prepared the two new Arconic’s total shareholder return (including FRPSDQLHV IRU ORQJ WHUP SURȴWDEOH JURZWK 7KH\ GLYLGHQGV JUHZ E\ LQ Ζ KDYH HYHU\ DOVRSURYLGHGWKHFRPSDQLHVZLWKWKHVROLGȴQDQFLDO FRQȴGHQFHWKDWWKHVHDFWLRQVZLOOFRQWLQXHWRGHOLYHU position and operational resiliency that proved DERYHPDUNHW UHWXUQV IRU +RZPHW $HURVSDFH DQG FUXFLDO ZKHQ WKH &29Ζ' FULVLV LPSDFWHG WKH Arconic Corporation. DHURVSDFHPDUNHWLQ)HEUXDU\ :HȴQLVKHGWKH\HDUZLWKPLOOLRQOHVVGHEWDQG Engineered Products & Forgings, which took the JUHDWHU DGMXVWHG IUHH FDVK ȵRZ H[FOXGLQJ +RZPHW $HURVSDFH QDPH JUHZ RUJDQLF VHSDUDWLRQ FRVWV WKDQ LQ ZKLOH FRPSOHWLQJ UHYHQXHE\DQGVHJPHQWRSHUDWLQJSURȴWE\ PDMRU FDSLWDO LQYHVWPHQWV WKDW ZLOO GHOLYHU VWURQJ +RZPHW $HURVSDFH LV SULQFLSDOO\ IRFXVHG RQ WKH DQGVXVWDLQDEOHUHWXUQVIRUWKH+RZPHWEXVLQHVVHV aerospace sector, which represents over 70% of its %\IRFXVLQJRQWHFKQRORJLHVWKDWHQDEOHXVWRR΍HU UHYHQXH EDVH DQG ZKHUH WKH &RPSDQ\ȇV KLJKO\ GL΍HUHQWLDWHG SURGXFWV ZH ZHUH DEOH WR GL΍HUHQWLDWHG WHFKQRORJLHV HQDEOH OLJKWHU PRUH FRPPDQGSULFHLQFUHDVHVLQ HOWMET AEROSPACE | 2019 ANNUAL REPORT | 03 Because the businesses of Howmet Aerospace are vital to key industry sectors and to national defense, we are well positioned for the rebound of the global economy. As a result of restructuring, overhead reductions IXQGDPHQWDO ODVWLQJ FKDQJHV DQG V\VWHPLF DQGRSHUDWLRQDOLPSURYHPHQWVZHEHJDQZLWK LPSURYHPHQWV WR WKH EDODQFH VKHHW FRVW VWUXFWXUH DQDSSUR[LPDWHO\PLOOLRQOHDQHUFRVWVWUXFWXUH and business operations so that now, as two public In fact, post-separation, the total corporate FRPSDQLHVZHFDQXQORFNXQWDSSHGYDOXHLQKHUHQW RYHUKHDG FRVW RI +RZPHW $HURVSDFH DQG $UFRQLF in the businesses of both. Corporation is less than that of Arconic Inc.’s 2019 overhead cost. :KLOH WKH PDQDJHPHQW WHDP KDV VXFFHVVIXOO\ strengthened the balance sheet and cost structure and prepared our businesses for continued SURȴWDEOHJURZWKZLWKLQVHSDUDWHSXEOLFFRPSDQLHV the Board of Directors has helped to identify OHDGHUV PDQDJHPHQW WHDPV DQG QHZ %RDUG JOHN C. PLANT PHPEHUV IRU +RZPHW $HURVSDFH DQG $UFRQLF Executive Chairman and Co-Chief Executive Officer Corporation who can – and will – continue to deliver Howmet Aerospace Inc. IRUWKHVKDUHKROGHUVRI+RZPHW$HURVSDFH7KRVH leaders have been working to navigate the EXVLQHVVHV WKURXJK WKH SDQGHPLF PDLQWDLQLQJ HVVHQWLDO RSHUDWLRQV LQ VXSSRUW RI +RZPHWȇV FXVWRPHUV DQG UHGXFLQJ FRVWV WR SUHVHUYH WKH &RPSDQ\ȇVȴQDQFLDOVWUHQJWKWKURXJKWKHHFRQRPLF crisis. %HFDXVHWKHEXVLQHVVHVRI+RZPHW$HURVSDFHDUH vital to key industry sectors and to national defense, we are well positioned for the rebound of the global HFRQRP\ Ζ DP FRQȴGHQW WKDW ZH KDYH PDGH 04 Business Highlights The strategic and operational actions taken across our aerospace businesses in 2019 have prepared Howmet Aerospace to launch as an independent public company with a strong financial position and a highly differentiated portfolio of products. Fortified by collaborative customer relationships built over the past eight decades and investments in product and process technologies, Howmet’s businesses are well positioned to help drive the industry’s recovery from the impact of this year’s pandemic crisis. Classified as an “essential strategic infrastructure” company, Howmet’s manufacturing facilities operated throughout the crisis to be prepared for the anticipated post-COVID-19 surge in commercial air travel, and to continue to support space and defense programs, including production of the F-35 Joint Strike Fighter. As the economy recovers from the crisis, the Howmet’s largest business segment, Engine aerospace industry will return to building the next Systems, has the number one market position in generation of aircraft, while meeting the growing airfoils and rings, the critical engine components demand for spare parts to keep the current fleet that operate under the most extreme flying. Howmet’s businesses compete on more than temperatures. The temperature in a modern 90% of the structural and rotating aero-engine parts commercial aircraft engine turbine reaches 2,500 of today’s commercial fleet, a coverage that degrees Fahrenheit, while the F-35 Joint Strike increases on the next-generation platforms. Fighter’s turbine operates at 3,600 degrees Modernization of the commercial and defense Fahrenheit (ASME, 2007). Achieving that level of platforms is driven by an array of challenging performance requires an array of super-alloy performance requirements that Howmet is uniquely metals and multi-chemistry coatings, precision able to satisfy. To achieve greater fuel economies, design and engineering, and sophisticated reduced emissions, passenger comfort and manufacturing processes that Howmet is uniquely maintenance efficiencies, our customers look to the able to provide. The heavy usage of the aging fleet precision engineering, materials science expertise and the extreme pressures and harsh and advanced manufacturing processes that environments in which the newer engines must Howmet’s three business segments offer. operate combine to create a continuous F-35 JOINT STRIKE FIGHTER HOWMET AEROSPACE | 2019 ANNUAL REPORT | 05 requirement for the production and supply of spare engine parts across all engine components – a major growth opportunity for Howmet. The Howmet Structure Systems segment holds the number one position in the U.S. defense market. As a major subcontractor to the F-35 Joint Strike Fighter program of the U.S. Department of Defense, Howmet provides the forging and titanium partnership essential to support an aircraft platform that is subjected to greater stress and performance requirements than any currently in production. With 90% of programmed F-35s yet to be delivered, AERO ENGINE BLADES Howmet’s Forgings and titanium mill products will be supplying the program for many years and our worldwide facilities will play an important role in the program’s global supply chain supporting the F-35s deployed with U.S. and Allied armed forces. In the commercial market, the emphasis on weight reduction on next generation aircraft plays to Howmet’s combination of titanium and aluminum capabilities. Howmet Fastening Systems is number one in a global aerospace market that is increasingly dependent on the technological differentiation that SINGLE-PIECE Howmet can uniquely offer. The operating MONOLITHIC FORGED performance requirements and environmental BULKHEAD FOR THE F-35. stresses associated with next-generation aerospace structures create a demand for the reliability and durability of Howmet’s precision-engineered fastener systems compared to previous commodity products. In addition, the trend towards more composite materials in aircraft structures requires greater sophistication of fasteners to bond laminated surfaces, provide protection against lightning strikes and facilitate faster installation. Those factors have had a major impact on increasing the value of Howmet’s differentiated fastener systems and are expanding its non-aerospace markets. Fasteners that meet the ruggedness of aerospace applications are now in demand by the automotive, commercial
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