Third Quarter 2023 Earnings Call

October 25, 2023

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; disruption to business operations; the Russian war on Ukraine; 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 20-F, 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.

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Non-GAAP Measures

This presentation includes information regarding certain non-GAAP financial measures, including VAR, Adjusted EBITDA, Adjusted EBITDA per metric ton, 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. VAR, Adjusted EBITDA, Adjusted EBITDA per Metric Ton, Free Cash Flow and Net debt are not presentations made in accordance with IFRS and may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures. This presentation provides a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

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, metal 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.

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Jean-Marc Germain

Chief Executive Officer

Q3 2023 Highlights

  • Safety: YTD recordable case rate(1) of 2.1
  • Shipments: 369kt (-5% YoY)
  • Revenue: €1.7 billion (-15% YoY)
  • Value-AddedRevenue: €704 million (+5% YoY)
  • Net income: €64 million
  • Record Q3 Adj. EBITDA: €168 million (+5% YoY)
    • Record Q3 Adj. EBITDA in A&T
  • Cash from Operations: €154 million
  • Free Cash Flow: €78 million
    • In addition, closed the sale of our soft alloy extrusion business in Germany for cash consideration of €48.8 million
  • Leverage: 2.5x at September 30, 2023

Adjusted EBITDA Bridge

€ in millions

+5%

Net Debt / LTM Adjusted EBITDA

Down

0.5x

  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.

Strong Q3 results despite significant inflationary pressure and demand headwinds

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Jack Guo

Chief Financial Officer

Value-Added Revenue Bridge

Q3 2023 vs. Q3 2022

€ millions

+5%

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Packaging & Automotive Rolled Products

Q3 2023 Performance

  • Adjusted EBITDA of €67 million
    • Higher automotive shipments; lower packaging and specialty shipments
    • Improved price and mix
    • Higher operating costs mainly due to inflation, operating challenges at Muscle Shoals and unfavorable metal costs
    • Unfavorable FX translation

Q3

Q3

%r

2023

2022

Shipments (kt)

261

267

(2)%

Revenue (€m)

954

1,140

(16)%

Adj. EBITDA (€m)

67

78

(14)%

Adj. EBITDA (€ / t)

256

291

(12)%

Q3 Adjusted EBITDA Bridge

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Aerospace & Transportation

Q3 2023 Performance

  • Adjusted EBITDA of €79 million
    • Higher aerospace shipments; lower TID shipments
    • Improved price and mix
    • Higher operating costs mainly due to inflation
    • Unfavorable FX translation

Q3

Q3

%r

2023

2022

Shipments (kt)

53

55

(3)%

Revenue (€m)

404

432

(6)%

Adj. EBITDA (€m)

79

45

76%

Adj. EBITDA (€ / t)

1,480

807

83%

Q3 Adjusted EBITDA Bridge

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Automotive Structures & Industry

Q3 2023 Performance

  • Adjusted EBITDA of €26 million
    • Lower industry and automotive shipments
    • Improved price and mix
    • Higher operating costs mainly due to inflation

Q3

Q3

%r

2023

2022

Shipments (kt)

55

65

(15)%

Revenue (€m)

370

473

(22)%

Adj. EBITDA (€m)

26

35

(27)%

Adj. EBITDA (€ / t)

467

544

(14)%

Q3 Adjusted EBITDA Bridge

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Attachments

Disclaimer

Constellium SE published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 10:31:43 UTC.