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Second Quarter 2025 Earnings Call July 29, 2025
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Forward-Looking Statements Certain statements contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn or industry specific conditions including the impacts of tax and tariff programs, inflation, foreign currency exchange, and industry consolidation; disruption to business operations; natural disasters including severe flooding and other weather-related events; the conflict between Russia and Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 10-K, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. Second Quarter 2025 - Earnings Call - 2
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Non-GAAP Measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow and Net debt. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. Adjusted EBITDA measures are frequently used by securities analysts, investors and other interested parties in their evaluation of Constellium and in comparison to other companies, many of which present an adjusted EBITDA-related performance measure when reporting their results. Adjusted EBITDA, Free Cash Flow and Net debt are not presentations made in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measures. This presentation provides a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. For the definitions or Adjusted EBITDA, Free Cash Flow and Net debt, please refer to our accompanying press release. We are not able to provide a reconciliation of Adjusted EBITDA guidance to net income, the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of realized and unrealized gains and losses on derivative instruments, non-cash impact of metal price lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, our net income in the future. Second Quarter 2025 - Earnings Call - 3
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Jean-Marc Germain Chief Executive Officer
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Q2 2025 Highlights > Safety: Recordable case rate (RCR)(1) of 2.6 per million hours worked in Q2 2025; YTD RCR of 1.8 per million hours worked > Shipments: 384 thousand tons (+2% YoY) > Revenue: $2.1 billion (+9% YoY) > Net income: $36 million > Adjusted EBITDA: $146 million – Includes negative non-cash metal price lag impact of $13 million > Cash from Operations: $114 million > Free Cash Flow: $41 million > Shareholder Returns: repurchased 3.4 million shares of the Company stock for $35 million > Leverage: 3.6x at June 30, 2025 Note: Segment Adjusted EBITDA excludes the non-cash impact of metal price lag. Amounts may not sum due to rounding. Solid Q2 results despite continued demand weakness across most of our end markets Second Quarter 2025 - Earnings Call - 5 Adjusted EBITDA Bridge in $ millions (1) Recordable case rate measures the number of fatalities, serious injuries, lost-time injuries, restricted work injuries, or medical treatments per one million hours worked.
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Current Assessment of Tariffs and Potential Impact on Constellium Second Quarter 2025 - Earnings Call - 6 Tariffs remain a very fluid situation; we are continually monitoring and assessing the potential impact of current and future trade policies; at this stage we believe it presents opportunities for Constellium, and comes with some costs
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Jack Guo Chief Financial Officer
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90 (18) 2 2 2 78 Q2 2024 Volume Price & Mix Costs FX / Other Q2 2025 Q2 2025 Q2 2024 % △ Shipments (kt) 53 60 (11) % Revenue ($m) 492 487 1 % Segment Adj. EBITDA ($m) 78 90 (13) % Segment Adj. EBITDA ($ / t) 1,467 1,506 (3) % Aerospace & Transportation Q2 2025 Segment Adjusted EBITDA Bridge Q2 2025 Performance Second Quarter 2025 - Earnings Call - 8 Segment Adjusted EBITDA of $78 million > Lower aerospace and TID shipments > Favorable price and mix > Lower operating costs > Favorable foreign exchange translation
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66 14 (7) (1) 2 74 Q2 2024 Volume Price & Mix Costs FX / Other Q2 2025 Q2 2025 Q2 2024 % △ Shipments (kt) 276 262 5 % Revenue ($m) 1,235 1,079 14 % Segment Adj. EBITDA ($m) 74 66 12 % Segment Adj. EBITDA ($ / t) 268 252 6 % Packaging & Automotive Rolled Products Q2 2025 Segment Adjusted EBITDA Bridge Q2 2025 Performance Second Quarter 2025 - Earnings Call - 9 Segment Adjusted EBITDA of $74 million > Higher packaging shipments and improved Muscle Shoals performance; lower automotive shipments > Unfavorable price and mix > Lower operating costs; unfavorable metal costs > Favorable foreign exchange translation
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30 (1) (16) 5 0 18 Q2 2024 Volume Price & Mix Costs FX / Other Q2 2025 Q2 2025 Q2 2024 % △ Shipments (kt) 55 56 (1) % Revenue ($m) 421 384 10 % Segment Adj. EBITDA ($m) 18 30 (40) % Segment Adj. EBITDA ($ / t) 329 540 (39) % Automotive Structures & Industry Q2 2025 Segment Adjusted EBITDA Bridge Q2 2025 Performance Second Quarter 2025 - Earnings Call - 10 Segment Adjusted EBITDA of $18 million > Lower automotive; higher industry shipments > Unfavorable price and mix > Lower operating costs; unfavorable net impact from tariffs > Favorable foreign exchange translation
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> Free Cash Flow of $38 million; compared to H1 2024: – Favorable change in working capital – Lower capex – Lower cash taxes – Lower Segment Adjusted EBITDA – Higher cash interest > Repurchased 4.8 million shares for $50 million in $ millions H1 2025 H1 2024 Net cash flows from operating activities 172 175 Purchases of property, plant and equipment net of property, plant and equipment inflows (134) (151) Free Cash Flow 38 24 Collection of deferred purchase price receivables 2 40 Track Record of Free Cash Flow(1) Generation in $ millions 81 67 (100) 171 164 (15) Free Cash Flow (FCF) FCF + Cash received for collection of deferred purchase price receivables 2022 2023 2024 H1 2025 Free Cash Flow Highlights Current 2025 Expectations Second Quarter 2025- Earnings Call - 11 (1) Excludes $85 million, $97 million, and $90 million of cash received for collection of deferred purchase price receivables for the 2024, 2023 and 2022 periods, respectively, as a result of IFRS to U.S. GAAP conversion. >120 > Free Cash Flow: >$120 million – Capex: ~$325 million – Cash interest: ~$125 million – Cash taxes: ~$45 million – TWC/Other: modest use of cash Free Cash Flow 2025E
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> Leverage of 3.6x at quarter-end > Target leverage range of 1.5x to 2.5x – Expect to be at or below 3.0x by the end of 2025 > No bond maturities until 2028 > Strong liquidity position Debt / Liquidity Highlights Net Debt and Liquidity Maturity Profile(1) in $ millions Liquidity in $ millions 0 0 0 325 922 0 0 702 2025 2026 2027 2028 2029 2030 2031 2032 Net Debt and Leverage in $ millions 1,670 1,745 1,776 1,826 1,895 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 929 873 727 800 841 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Strong balance sheet and improved financial flexibility give us confidence to manage varying business conditions Leverage = Net Debt / LTM Segment Adjusted EBITDA, which excludes non-cash impact of metal price lag (1) See Debt Table in the Appendix for more details Second Quarter 2025- Earnings Call - 12 2.4x 2.7x 3.1x 3.3x 3.6x
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Jean-Marc Germain Chief Executive Officer
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End Market Outlook Second Quarter 2025- Earnings Call - 14Sources: CRU International, Aluminum Rolled Products Market Outlook May 2025. Aerospace 13% of LTM revenues Packaging 42% of LTM revenues Automotive 27% of LTM revenues Other Specialties 18% of LTM revenues Current Market Trends: > Demand in North America has softened > Demand remains weak in Europe > Tariff uncertainty Current Market Trends: > Demand has stabilized at low levels in North America > Demand remains weak in Europe Current Market Trends: > Demand remains healthy in both North America and Europe Current Market Trends: > Demand has stabilized in aviation and space; military aircraft remains healthy > OEMs continue to deal with supply chain challenges SECULAR GROWTH > Fuel economy > Lightweighting > Reduced emissions > Electric vehicles > Safety DIVERSIFIED CYCLES > Diversified end markets with separate cycles > Lightweighting in Transportation SECULAR GROWTH > Sustainability > Recyclability > Can makers adding capacity to meet long-term demand LT SECULAR GROWTH > Fuel economy > Lightweighting > Long-term market trends expected to remain intact CAGR (2024-2029): demand for aluminum canstock market North America: 3.6% Europe: 4.1% CAGR (2024-2029): demand for aerospace aluminum rolled product market North America + Europe: 8.5% Est. New Commercial Aircraft >42K between 2024 and 2043 CAGR (2024-2029): consumption of aluminum auto body sheet North America: 3.2% Europe: 7.8% Growth is expected to be in-line with or above gross domestic product (GDP)
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Solid performance in Q2 2025 with improvement in H2 2025 > Solid Q2 results despite continued demand weakness across most of our end markets outside of packaging > Remain focused on strong cost control, Free Cash Flow generation, and commercial and capital discipline > Returned $35 million to shareholders through the repurchase of 3.4 million shares during the quarter > Tariffs are creating uncertainty in many of our end markets, especially automotive, but we are proactively managing the business to the current environment > H2 2025 outlook includes timing of certain tariff mitigations and customer compensations, more favorable scrap purchasing, Valais ramp-up, and favorable foreign exchange translation Exciting future ahead with opportunities to grow our business and enhance profitability and returns > Portfolio serving diversified and generally resilient end markets > Durable, sustainability-driven secular growth trends driving increased demand for our products > Infinitely recyclable aluminum is part of the circular economy > Previously-indicated Adjusted EBITDA drivers within our control; market recoveries provide additional upside > Execution focused with proven ability to flex costs > Substantial value creation opportunities remain longer term, planting the seeds today for future growth and profitability > Strong balance sheet and Free Cash Flow generation allow financial flexibility and balanced capital allocations > Approximately $171 million remaining on existing share repurchase program(2)(3) Key Messages and Guidance Focused on executing our strategy and increasing shareholder value Targets (1) Excludes the non-cash impact of metal price lag. (2) Full execution of share repurchase program will require shareholder approval annually at the Annual General Meeting. (3) Expires December 31, 2026. Second Quarter 2025 - Earnings Call - 15 2025 Adjusted EBITDA(1) $620 million to $650 million ——— 2025 Free Cash Flow >$120 million ——— 2028 Adjusted EBITDA(1) $900 million ——— 2028 Free Cash Flow $300 million ——— Leverage 1.5x - 2.5x
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Appendix
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Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended June 30, Six months ended June 30, (in millions of U.S. dollar) 2025 2024 2025 2024 Net income 36 77 74 99 Income tax expense 20 27 44 35 Income before tax 56 104 118 134 Finance costs - net 29 25 56 52 Expenses on factoring arrangements 6 5 11 10 Depreciation and amortization 82 76 160 151 Impairment of assets — 5 — 8 Restructuring costs 1 3 2 3 Unrealized gains on derivatives (33) (4) (21) — Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net (1) — — (2) Pension and other post-employment benefits - non - operating gains (4) (4) (7) (7) Share based compensation costs 7 7 13 13 Losses on disposal 1 — 1 1 Other 2 8 (1) 8 Adjusted EBITDA 146 225 332 371 of which Metal price lag (1) (13) 45 33 31 Second Quarter 2025 - Earnings Call - 17 (1) Excluded in Segment Adjusted EBITDA
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Three months ended June 30, Six months ended June 30, (in millions of U.S. dollar) 2025 2024 2025 2024 Net cash flows from operating activities 114 138 172 175 Purchases of property, plant and equipment net of property, plant and equipment inflows (73) (84) (134) (151) Free Cash Flow 41 54 38 24 Collection of deferred purchase price receivables — 23 2 40 Year ended December 31, (in millions of U.S. dollar) 2024 2023 2022 Net cash flows from operating activities 301 432 365 Purchases of property, plant and equipment net of property, plant and equipment inflows (401) (365) (284) Free Cash Flow (100) 67 81 Collection of deferred purchase price receivables 85 97 90 Second Quarter 2025 - Earnings Call - 18 Free Cash Flow Reconciliation
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Net Debt Reconciliation ≥130 (in millions of U.S. dollar) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Borrowings 2,026 1,943 1,918 1,914 1,898 Fair value of net debt derivatives, net of margin calls 2 1 (1) 1 — Cash and cash equivalents (133) (118) (141) (170) (228) Net Debt 1,895 1,826 1,776 1,745 1,670 LTM Segment Adjusted EBITDA(1) 526 547 568 648 702 Leverage 3.6x 3.3x 3.1x 2.7x 2.4x (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2025 - Earnings Call - 19
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Reconciliation of LTM Segment Adjusted EBITDA to Net Income ≥130 Twelve months ended (in millions of U.S. dollar) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 P&ARP 263 255 242 271 278 A&T 261 273 285 312 345 AS&I 46 57 74 93 110 H&C (43) (38) (33) (29) (32) Segment Adjusted EBITDA 526 547 568 648 702 Metal price lag 56 115 55 14 (12) Adjusted EBITDA 583 663 623 662 689 Depreciation and amortization (313) (307) (304) (299) (302) Impairment of assets (16) (21) (24) (21) (22) Share based compensation costs (25) (24) (25) (25) (24) Pension and other post-employment benefits - non service costs 11 11 11 13 13 Restructuring costs (10) (12) (11) (7) (3) Unrealized (losses) / gains on derivatives 19 (9) (1) 21 28 Unrealized exchange (losses) / gains from the remeasurement of monetary assets and liabilities – net (1) (2) 1 (1) — Losses / (gains) on disposal (1) (4) (4) (3) 44 Expenses on factoring arrangements (22) (22) (22) (23) (23) Other 9 6 2 (10) (9) Finance costs - net (115) (112) (111) (109) (107) Income before tax 119 168 135 200 286 Income tax expense (85) (92) (76) (88) (94) Net income 34 75 60 112 192 (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2025 - Earnings Call - 20
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Debt Table ≥130 Second Quarter 2025 - Earnings Call - 21 At June 30, At December 31, 2025 2024 (in millions of U.S. dollar) Nominal Value in Currency Nominal rate Effective rate Face Value Debt issuance costs Accrued interest Carrying value Carrying value Secured Pan-U.S. ABL (due 2029) $ 70 Floating 5.74 % 70 — 1 71 56 Senior Unsecured Notes Issued June 2020 and due 2028 $ 325 5.625 % 6.05 % 325 (3) 1 323 323 Issued February 2021 and due 2029 $ 500 3.750 % 4.05 % 500 (4) 4 500 500 Issued June 2021 and due 2029 € 300 3.125 % 3.41 % 351 (3) 5 353 313 Issued August 2024 and due 2032 $ 350 6.375 % 6.77 % 350 (6) 8 352 353 Issued August 2024 and due 2032 € 300 5.375 % 5.73 % 352 (6) 7 353 313 Finance lease liabilities 31 — — 31 30 Other loans 43 — — 43 30 Total debt 2,022 (22) 26 2,026 1,918 Of which non-current 1,972 1,879 Of which current 54 39