Slide 1: Fourth Quarter and Full Year 2024 Earnings Call
Fourth Quarter and Full Year 2024 Earnings Call February 20, 2025
Slide 2: Forward-Looking Statements
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 opera
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, Adjusted NOPAT, Invested Capital, Adjusted ROIC and Net debt. These measures are presented because management uses this information to monitor and evalua
Slide 4: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 5: Safety is Our Top Priority
Safety is Our Top Priority Our Decin and Changchun operations both completed 2 million working hours without a recordable case in 2024 Valais A&T completed 1 million working hours without a recordable case in 2024 13 sites finished 2024 with zero recordable cases 4 sites completed multi-year stretch
Slide 6: Q4 2024 Highlights
Q4 2024 Highlights Shipments: 328 thousand tons (-2% YoY) Revenue: $1.7 billion (-1% YoY) Net loss: $(47) million Adjusted EBITDA: $125 million Includes negative $15 million impact at Valais as a result of the flood Includes positive non-cash metal price lag impact of $27 million Cash from Operation
Slide 7: FY 2024 Highlights
FY 2024 Highlights Shipments: 1.4 million tons (-4% YoY) Revenue: $7.3 billion (-6% YoY) Net income: $60 million Adjusted EBITDA: $623 million Includes negative $33 million impact at Valais as a result of the flood Includes positive non-cash metal price lag impact of $55 million Cash from Operations
Slide 8: Current Assessment of Section Tariffs and Potential Impact on Constellium
Current Assessment of Section 232 Tariffs and Potential Impact on Constellium Fourth Quarter 2024 - Earnings Call - 8 Tariffs remain a very fluid situation; we are continually monitoring and assessing the potential impact of current and future trade policies; at this stage we believe it presents opp
Slide 9: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 10: Aerospace & Transportation
Q4 2024 Q4 2023 % △ Shipments (kt) 44 48 (7)% Revenue ($m) 430 439 (2)% Segment Adj. EBITDA ($m) 56 83 (33)% Segment Adj. EBITDA ($ / t) 1,271 1,747 (27)% Aerospace & Transportation Q4 2024 Segment Adjusted EBITDA Bridge Q4 2024 Performance Fourth Quarter 2024 - Earnings Call - 10 (1) (1) Financial
Slide 11: Packaging & Automotive Rolled Products
Q4 2024 Q4 2023 % △ Shipments (kt) 239 238 —% Revenue ($m) 1,009 930 8% Segment Adj. EBITDA ($m) 56 85 (34)% Segment Adj. EBITDA ($ / t) 234 357 (34)% Packaging & Automotive Rolled Products Q4 2024 Segment Adjusted EBITDA Bridge Q4 2024 Performance Fourth Quarter 2024 - Earnings Call - 11 FY 2024 Se
Slide 12: Automotive Structures & Industry
Q4 2024 Q4 2023 % △ Shipments (kt) 44 50 (13)% Revenue ($m) 329 358 (8)% Segment Adj. EBITDA ($m) 4 23 (83)% Segment Adj. EBITDA ($ / t) 91 458 (80)% Automotive Structures & Industry Q4 2024 Segment Adjusted EBITDA Bridge Q4 2024 Performance Fourth Quarter 2024 - Earnings Call - 12 (1) (1) Financial
Slide 13: Free Cash Flow of $(100) million
Free Cash Flow of $(100) million(1); compared to 2023: Includes $45 million impact at Valais as a result of the flood Lower Segment Adjusted EBITDA Higher capital expenditures Lower working capital Excluding Valais flood impact and including collection of deferred purchase price receivables, 2024 Fr
Slide 14: Leverage of 3.1x at year-end; net debt and liquidity
Leverage of 3.1x at year-end, or 2.9x excluding Valais flood impact Target leverage range of 1.5x to 2.5x No bond maturities until 2028 Strong liquidity position Debt / Liquidity Highlights Net Debt and Liquidity Maturity Profile(1) in $ millions Liquidity in $ millions Net Debt and Leverage in $ mi
Slide 15: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 16: End Market Outlook
End Market Outlook Fourth Quarter 2024- Earnings Call - 16 Sources: CRU International, Aluminum Rolled Products Market Outlook November 2024. Aerospace 15% of 2024 revenues Packaging 39% of 2024 revenues Automotive 29% of 2024 revenues Other Specialties 17% of 2024 revenues Current Market Trends: De
Slide 17: Confident in Our Adjusted EBITDA Target of $900 million in 2028
Confident in Our Adjusted EBITDA(1) Target of $900 million in 2028 Fourth Quarter 2024 - Earnings Call - 17 (1) Excludes the non-cash impact of metal price lag. Assumes no impact from tariffs and that the macroeconomic and geopolitical environment remains generally stable. Growth assumptions general
Slide 18: Very challenging environment in 2024
Very challenging environment in 2024 Results impacted by market-driven headwinds (demand weakness across most end markets and tight scrap spreads in North America) and weather-related events (cold weather and snow in Muscle Shoals in January and severe flooding event in Valais in June) Started up ne
Slide 19: Appendix
a Appendix + Constellium
Slide 20: Update on Flooding Situation in the Valais
Update on Flooding Situation in the Valais Fourth Quarter 2024 - Earnings Call - 20 Financial Impact at Valais as a Result of the Flood In late June 2024, Constellium’s plate and extrusion shops in Sierre, as well as the casthouse in Chippis, were severely flooded As of today, the business is on tra
Slide 21: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended December 31, For years ended December 31, (in millions of U.S. dollar) 2024 2023 2024 2023 Net (loss) / income (47) 5 60 157 Income tax expense 29 42 75 75 (Loss) / income before tax (18) 47 135 232 Finance costs - net 28 26 111
Slide 22: Free Cash Flow Reconciliation
Three months ended December 31, (in millions of U.S. dollar) 2024 2023 Net cash flows from operating activities 61 173 Purchases of property, plant and equipment net of property, plant and equipment inflows (146) (137) Free Cash Flow (85) 36 Collection of deferred purchase price receivables 21 22 (i
Slide 23: Net Debt Reconciliation
Net Debt Reconciliation ≥130 (in millions of U.S. dollar) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Borrowings 1,918 1,914 1,898 1,906 1,929 Fair value of net debt derivatives, net of margin calls (1) 1 — 1 (2) Cash and cash equivalents (141) (170) (228) (19
Slide 24: Reconciliation of LTM Segment Adjusted EBITDA to Net Income
Reconciliation of LTM Segment Adjusted EBITDA to Net Income ≥130 Twelve months ended (in millions of U.S. dollar) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 P&ARP 242 271 278 296 305 A&T 285 312 345 359 351 AS&I 74 93 110 119 129 H&C (33) (29) (32) (33) (31)
Slide 25: Reconciliation of Net Income to Adjusted NOPAT and Adjusted ROIC
Reconciliation of Net Income to Adjusted NOPAT and Adjusted ROIC ≥130 Fourth Quarter 2024 - Earnings Call - 25 Year ended December 31, (in millions of U.S. dollar) 2024 2023 Net income 60 157 Income tax expense 75 75 Income before tax 135 232 Finance costs - net 111 111 Expenses on factoring arrange
Slide 26: Borrowings Table
Borrowings Table ≥130 Fourth Quarter 2024 - Earnings Call - 26 At December 31, 2024 2023 (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) $ 55 Floating 6.53