Slide 1: Fourth Quarter and Full Year 2021 Earnings Call
Fourth Quarter and Full Year 2021 Earnings Call February 23, 2022 Exhibit 99.2
Slide 2: 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 conditi
Slide 3: Non-GAAP measures
Non-GAAP measures This presentation includes information regarding certain non-GAAP financial measures, including 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 resu
Slide 4: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 5: Q4 2021 Highlights
Ø Shipments: 385kt (+3% YoY) Ø Revenue: €1.7 billion (+37% YoY) Ø Net income: €7 million Ø Adj. EBITDA: €147 million (+33% YoY) Ø Cash from Operations: €118 million Ø Free Cash Flow: €14 million Ø Redeemed $200 million of 5.875% Senior Notes due 2026 Adjusted EBITDA and Free Cash Flow Exceeded Guida
Slide 6: FY 2021 Highlights
Ø Safety: Delivered best in class safety performance; recordable case rate(1) of 1.9 in 2021 Ø Shipments: 1.6 million tons (+10% YoY) Ø Revenue: €6.2 billion (+26% YoY) Ø Net income: €262 million Ø Adj. EBITDA: €581 million (+25% YoY) Ø Cash from Operations: €357 million Ø Free Cash Flow: €135 milli
Slide 7: Peter Matt, Chief Financial Officer
Peter Matt Chief Financial Officer
Slide 8: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges Q4 2021 vs. Q4 2020 € millions +33% FY 2021 vs. FY 2020 € millions +25%
Slide 9: Q4 2021 Performance: Packaging & Automotive Rolled Products
Q4 2021 Performance Packaging & Automotive Rolled Products Q4 2021 Q4 2020 Var. Shipments (kt) 272 271 —% Revenue (€m) 1,037 745 39% Adj. EBITDA (€m) 88 82 7% Adj. EBITDA (€ / t) 323 302 7% Q4 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €88 million Ø Weaker mix with higher packaging an
Slide 10: Q4 2021 Performance: Aerospace & Transportation
Q4 2021 Performance Aerospace & Transportation Q4 2021 Q4 2020 Var. Shipments (kt) 53 43 24% Revenue (€m) 321 214 50% Adj. EBITDA (€m) 30 13 142% Adj. EBITDA (€ / t) 579 296 95% Ø Adjusted EBITDA of €30 million Ø Higher TID shipments; aerospace shipments flat YoY Ø Improved price and mix Ø Higher op
Slide 11: Q4 2021 Performance: Automotive Structures & Industry
Q4 2021 Performance Automotive Structures & Industry Q4 2021 Q4 2020 Var. Shipments (kt) 60 60 1% Revenue (€m) 362 299 21% Adj. EBITDA (€m) 31 22 45% Adj. EBITDA (€ / t) 519 360 44% Ø Adjusted EBITDA of €31 million Ø Higher industry shipments, largely offset by lower automotive shipments Ø Improved
Slide 12: Continuing Our Focus on Cost Control in Current Inflationary Environment
Experienced more significant inflationary pressures in Q4 than prior quarters Cost of alloying elements like magnesium modestly higher given contracts Non metal costs higher versus last year, particularly: Labor Energy Maintenance Transportation Solid cost performance by businesses Cost flex in Q4 i
Slide 13: Free Cash Flow
FY 2021 FY 2020 Net cash flows from operating activities 357 334 Purchases of property, plant and equipment, net of grants (222) (177) Other investing activities — — Free Cash Flow 135 157 € in millions 2021 Free Cash Flow Highlights Consistent FCF Generation Ø Free Cash Flow of €135 million Ø Despi
Slide 14: Net Debt and Liquidity
Ø Leverage at 3.4x, a multi-year low Ø Redeemed $200 million of 5.875% Senior Notes due 2026 Ø 2021 actions reduced cash interest run-rate by ~€38 million annually Ø No near-term bond maturities Ø Gradually reducing excess liquidity added during the pandemic Reduced gross debt by >€260 million YoY;
Slide 15: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 16: End Market Updates
Demand generally remains very strong; we are benefiting from sustainability driven, secular growth trends across many of our end markets End Market Updates Market Commentary % of Revenue Packaging Strong market in North America and in Europe Focus on sustainability driving increased demand for alumi
Slide 17: Focused on executing our strategy and increasing shareholder value
Focused on executing our strategy and increasing shareholder value 2022 Adjusted EBITDA: €600 to €620 million 2022 Free Cash Flow: >€150 million Medium-Term Leverage: 2.5x Targets Strong performance in 2021 Record Adj. EBITDA that surpassed 2019 level despite a number of challenges Solid operational
Slide 18: Q&A
Q&A @ constellium Fourth Quarter 2021 -Eamings Cal 18
Slide 19: Appendix
Appendix @ constellium Fourth Quarter 2021 -Eamings Call 19
Slide 20: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended December 31, Year ended December 31, (in millions of Euros) 2021 2020 2021 2020 Net income / (loss) 7 26 262 (17) Income tax expense / (benefit) 2 (5) 55 (17) Income / (loss) before tax 9 21 317 (34) Finance costs - net 41 35 167 159
Slide 21: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in millions of Euros) Three months ended December 31, Year endedDecember 31, 2021 2020 2021 2020 Net cash flows from operating activities 118 71 357 334 Purchases of property, plant and equipment (104) (44) (232) (182) Property, plant and equipment grants received — 1
Slide 22: Net Debt Reconciliation
(in millions of Euros) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Borrowings 2,129 2,282 2,257 2,325 2,391 Fair value of net debt derivatives, net of margin calls (1) 5 9 25 42 Cash and cash equivalents (147) (323) (290) (342) (439) Net Debt 1,981 1,964 1,976
Slide 23: Reconciliation of Net Income to Adjusted EBITDA (Twelve months)
Reconciliation of Net Income to Adjusted EBITDA Twelve months ended (in millions of Euros) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Net income / (loss) 262 281 202 62 (17) Income tax expense / (benefit) 55 48 35 2 (17) Income / (loss) before tax 317 329 237
Slide 24: Borrowings Table
Borrowings Table At December 31, At December 31, 2021 2020 (in millions of Euros) Nominal Value in Currency Nominal Rate Nominal Value in Euros (Arrangement fees) Accrued Interests Carrying Value Carrying Value Secured Pan-U.S. ABL (due 2026) $— Floating — — — — — Secured U.S. DDTL (expired in 2021)