Constellium : Pres Q1 2025

First Quarter 2025 Earnings Call

April 30, 2025

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.

First Quarter 2025 - Earnings Call - 3

Jean-Marc Germain

Chief Executive Officer

Adjusted EBITDA Bridge

in $ millions

Q1 2025 Highlights

• Safety: Recordable case rate(1)of 1.02 per million hours worked in Q1 2025

• Shipments: 372 thousand tons (-2% YoY)

• Revenue: $2.0 billion (+5% YoY)

• Net income: $38 million

• Adjusted EBITDA: $186 million

  • Includes positive non-cash metal price lag impact of $46 million

  • Includes negative $10 million impact at Valais as a result of the flood

• Cash from Operations: $58 million

• Free Cash Flow: $(3) million

  • Excludes $2 million of cash received for collection of deferred purchase price receivables

  • Includes negative $27 million impact at Valais as the business continued to recover from the flood last year

• Shareholder Returns: repurchased 1.4 million shares of the Company stock for $15 million

• Leverage: 3.3x at March 31, 2025

Solid Q1 results despite continued demand weakness across most of our end markets and the financial impact at Valais from the flood

(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.

Note: Segment Adjusted EBITDA excludes the non-cash impact of metal price lag. Amounts may not sum due to rounding.

First Quarter 2025 - Earnings Call - 5

First 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

Current Assessment of Tariffs and Potential Impact on Constellium



Jack Guo

Chief Financial Officer

Aerospace & Transportation

Segment Adjusted EBITDA of $ 75 million

• Lower aerospace and TID shipments

• Unfavorable price and mix

• Lower operating costs

• Unfavorable $4 million impact of Valais flood(1)

Q1 2025 Performance

	Q1 2025 Q1 2024		% △
Shipments (kt)	51	57	(11)%
Revenue ($m)	468	479	(2)%
Segment Adj. EBITDA ($m)	75	87	(14)%
Segment Adj. EBITDA ($ / t)	1,469	1,513	(3)%

87

25

75

(20)

(1)

(16)

Q1 2024

Volume

Price & Mix

Costs

FX / Other

Q1 2025

Q1 2025 Segment Adjusted EBITDA Bridge

(1)Financial impact at Valais as a result of the flood. Insurance proceeds accounted for below Adjusted EBITDA.

First Quarter 2025 - Earnings Call - 8

Packaging & Automotive

Segment Adjusted EBITDA of $ 60 million

• Higher packaging shipments and improved Muscle Shoals performance; lower automotive and specialty shipments

• Favorable price and mix

• Lower operating costs

• Unfavorable metal costs due to tighter scrap spreads in N.A.

Q1 2025 Performance

Rolled Products

Q1 2025 Q1 2024 % △
Shipments (kt)	269	264	2	%
Revenue ($m)	1,187	1,018	17	%
Segment Adj. EBITDA ($m)	60	48	25	%
Segment Adj. EBITDA ($ / t)	223	182	23	%

9

2

60

48

4

(3)

Q1 2024

Volume

Price & Mix

Costs

FX / Other

Q1 2025

Q1 2025 Segment Adjusted EBITDA Bridge

First Quarter 2025 - Earnings Call - 9

Automotive Structures &

Segment Adjusted EBITDA of $ 16 million

• Lower automotive and industry shipments

• Unfavorable price and mix

• Unfavorable $6 million impact of Valais flood(1)

Q1 2025 Performance

Industry

	Q1 2025 Q1 2024		% △
Shipments (kt)	52	59	(12)%
Revenue ($m)	381	396	(4)%
Segment Adj. EBITDA ($m)	16	32	(50)%
Segment Adj. EBITDA ($ / t)	306	541	(43)%

32

(12)

16

(2)

(1)

(1)

Q1 2024

Volume

Price & Mix

Costs

FX / Other

Q1 2025

Q1 2025 Segment Adjusted EBITDA Bridge

(1)Financial impact at Valais as a result of the flood. Insurance proceeds accounted for below Adjusted EBITDA.

First Quarter 2025 - Earnings Call - 10

in $ millions	Q1 2025	Q1 2024
Net cash flows from operating activities	58	37
Purchases of property, plant and
equipment net of property, plant and equipment inflows	(61)	(67)
Free Cash Flow	(3)	(30)
Collection of deferred purchase price receivables	2	17

Free Cash Flow

• Free Cash Flow of $(3) million; compared to Q1 2024:

  • Favorable change in working capital and lower capex

  • Lower Segment Adjusted EBITDA

  • Excludes $2 million of cash received for collection of deferred purchase price receivables; includes $27 million flood impact at Valais

• Including collection of deferred purchase price receivables and excluding Valais flood impact, Q1 2025 Free Cash Flow of $26 million

• Repurchased 1.4 million shares for $15 million

Q1 2025 Free Cash Flow Highlights

Track Record of Free Cash Flow(1)Generation in $ millions
			>120
81	67
		(100)
2022	2023	2024	2025E

Current 2025 Expectations

• Free Cash Flow: >$120 million

  • Capex: ~$330 million

  • Cash interest: ~$120 million

  • Cash taxes: ~$40 million

  • TWC/Other: modest source of cash

(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.

First Quarter 2025- Earnings Call - 11

Strong balance sheet and improved financial flexibility give us confidence to manage varying business conditions

First Quarter 2025- Earnings Call - 12

Net Debt and Liquidity

Leverage = Net Debt / LTM Segment Adjusted EBITDA, which excludes non-cash impact of metal price lag

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Q1 2024

3.1x

2.7x

2.4x

2.3x

3.3x

1,826

1,776

1,745

1,670

1,712

Net Debt and Leverage

in $ millions

• Leverage of 3.3x at quarter-end

• Target leverage range of 1.5x to 2.5x

• No bond maturities until 2028

• Strong liquidity position

Debt / Liquidity Highlights

Maturity Profile(1) in $ millions
	884
				674
325
2025 2026 2027 2028	2029	2030	2031	2032
(1)See Debt Table in the Appendix for more details

Liquidity in $ millions
848	929	873	727	800
Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025

Jean-Marc Germain

Chief Executive Officer

Automotive

28% of LTM revenues

Current Market Trends:

• Demand in North America has softened

• Demand remains weak in Europe

• Tariff uncertainty

SECULAR GROWTH

• Fuel economy

• Lightweighting

• Reduced emissions

• Electric vehicles

• Safety

End Market Outlook

Aerospace

14% of LTM revenues

Current Market Trends:

• Demand has stabilized in aviation and space; military aircraft remains healthy

• OEMs continue to deal with supply chain challenges

Packaging

41% of LTM revenues

Current Market Trends:

• Demand remains healthy in both North America and Europe

LT SECULAR GROWTH

• Fuel economy

• Lightweighting

• Long-term market trends expected to remain intact

SECULAR GROWTH

• Sustainability

• Recyclability

• Can makers adding capacity to meet long-term demand

CAGR (2024-2029): demand for aerospace aluminum rolled product market

North America + Europe: 8.2%

Est. New Commercial Aircraft

>42K between 2024 and 2043

CAGR (2024-2029): demand for aluminum canstock market

North America: 3.1%

Europe: 4.2%

CAGR (2024-2029): consumption of aluminum auto body sheet

North America: 6.1%

Europe: 7.8%

Sources: CRU International, Aluminum Rolled Products Market Outlook February 2025.

Other Specialties

17% of LTM revenues

Current Market Trends:

• Demand has stabilized at low levels in North America

• Demand remains weak in Europe

DIVERSIFIED CYCLES

• Diversified end markets with separate cycles

• Lightweighting in Transportation

Growth is expected to be in-line with or above gross domestic product (GDP)

First Quarter 2025- Earnings Call - 14

Targets

2025 Adjusted EBITDA(1)

$600 million to $630 million

---

2025 Free Cash Flow

>$120 million

---

2028 Adjusted EBITDA(1)

$900 million

---

2028 Free Cash Flow

$300 million

---

Leverage

1.5x - 2.5x

Key Messages and Guidance Solid performance in Q1 2025

• Solid Q1 results despite continued demand weakness across most of our end markets outside of packaging and the financial impact at Valais as the business continued to recover from the flood last year

• Remain focused on strong cost control, Free Cash Flow generation, and commercial and capital discipline

• Returned $15 million to shareholders through the repurchase of 1.4 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

  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 $206 million remaining on existing share repurchase program(2)(3)

Focused on executing our strategy and increasing shareholder value

(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.

First Quarter 2025 - Earnings Call - 15

Appendix





Reconciliation of Net Income to Adjusted EBITDA

(in millions of U.S. dollar)	Three months ended March 31, 2025 2024
Net income	38	22
Income tax expense	24	8
Income before tax	62	30
Finance costs - net	27	27
Expenses on factoring arrangements	5	5
Depreciation and amortization	78	75
Impairment of assets	-	3
Restructuring costs	1	-
Unrealized losses on derivatives	12	4
Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities - net	1	(2)
Pension and other post-employment benefits - non - operating gains	(3)	(3)
Share based compensation costs	6	6
Losses on disposal	-	1
Other	(3)	-
Adjusted EBITDA	186	146
of which Metal price lag (1)	46	(14)

(1)Excluded in Segment Adjusted EBITDA

First Quarter 2025 - Earnings Call - 17

Free Cash Flow Reconciliation

(in millions of U.S. dollar)	Three months ended March 31, 2025 2024
Net cash flows from operating activities	58	37
Purchases of property, plant and equipment net of property, plant and equipment inflows	(61)	(67)
Free Cash Flow	(3)	(30)

Collection of deferred purchase price receivables 2 17

(in millions of U.S. dollar)	Year ended December 31, 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

First Quarter 2025 - Earnings Call - 18

Net Debt Reconciliation

March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
1,943	1,918	1,914	1,898	1,906
1	(1)	1	-	1
(118)	(141)	(170)	(228)	(195)
1,826	1,776	1,745	1,670	1,712

(in millions of U.S. dollar)

Borrowings

Fair value of net debt derivatives, net of margin calls

Cash and cash equivalents

Net Debt

LTM Segment Adjusted EBITDA(1)	547	568	648	702	741
Leverage	3.3x	3.1x	2.7x	2.4x	2.3x

(1)Segment Adjusted EBITDA excludes non-cash metal price lag

First Quarter 2025 - Earnings Call - 19

Reconciliation of LTM Segment Adjusted EBITDA to Net Income

(in millions of U.S. dollar)	Twelve months ended
	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
P&ARP	255	242	271	278	296
A&T	273	285	312	345	359
AS&I	57	74	93	110	119
H&C	(38)	(33)	(29)	(32)	(33)
Segment Adjusted EBITDA	547	568	648	702	741
Metal price lag	115	55	14	(12)	(89)
Adjusted EBITDA	663	623	662	689	653
Depreciation and amortization	(307)	(304)	(299)	(302)	(301)
Impairment of assets	(21)	(24)	(21)	(22)	(22)
Share based compensation costs	(24)	(25)	(25)	(24)	(25)
Pension and other post-employment benefits - non service costs	11	11	13	13	14
Restructuring costs	(12)	(11)	(7)	(3)	(1)
Unrealized (losses) / gains on derivatives	(9)	(1)	21	28	2
Unrealized exchange (losses) / gains from the remeasurement of monetary assets and liabilities - net	(2)	1	(1)	-	(1)
Losses / (gains) on disposal	(4)	(4)	(3)	44	44
Expenses on factoring arrangements	(22)	(22)	(23)	(23)	(23)
Other	6	2	(10)	(9)	(1)
Finance costs - net	(112)	(111)	(109)	(107)	(111)
Income before tax	168	135	200	286	229
Income tax expense	(92)	(76)	(88)	(94)	(75)
Net income	75	60	112	192	154

(1)Segment Adjusted EBITDA excludes non-cash metal price lag First Quarter 2025 - Earnings Call - 20

At March 31,

At December 31,

(in millions of U.S. dollar)	2025							2024
	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)	$ 60	Floating	5.57 %	60	-	-	60	56
Senior Unsecured Notes
Issued June 2020 and due 2028	$ 325	5.625 %	6.05 %	325	(3)	5	327	323
Issued February 2021 and due 2029	$ 500	3.750 %	4.05 %	500	(5)	9	504	500
Issued June 2021 and due 2029	€ 300	3.125 %	3.41 %	324	(3)	2	323	313
Issued August 2024 and due 2032	$ 350	6.375 %	6.77 %	350	(6)	3	347	353
Issued August 2024 and due 2032	€ 300	5.375 %	5.73 %	324	(5)	3	322	313
Finance lease liabilities				30	-	-	30	30
Other loans				30	-	-	30	30
Total debt				1,943	(22)	22	1,943	1,918

Debt Table

Of which non-current	1,908	1,879
Of which current	35	39

First Quarter 2025 - Earnings Call - 21