Slide 1: Second Quarter 2022 Earnings Call
Exhibit 99.2 Second Quarter 2022 Earnings Call July 27, 2022
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 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
Slide 4: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 5: Q2 2022 Highlights
Q2 2022 Highlights Adjusted EBITDA Bridge (1) € in millions Ø Safety: YTD recordable case rate of 2.2 Ø Shipments: 424kt (+4% YoY) Ø Revenue: €2.3 billion (+50% YoY) +17% Ø Value-Added Revenue (VAR): €704 million (+22% YoY) Ø Net loss: €(32) million Net Debt / LTM Adjusted EBITDA Ø Record Adj. EBITD
Slide 6: European Natural Gas Availability
European Natural Gas Availability ▪ Increased risk that Russia reduces or stops its flow of natural gas to Europe ▪ Difficult to know if and when it may occur, but good logic for it to be gradual ▪ Europe moving quickly to address the challenge – Member states working to find alternative sources wit
Slide 7: Peter Matt, Chief Financial Officer
Peter Matt Chief Financial Officer
Slide 8: VAR Bridge Q2 2022 vs. Q2 2021
VAR Bridge Q2 2022 vs. Q2 2021 € millions +22% Second Quarter 2022 – Earnings Call 8
Slide 9: Packaging & Automotive Rolled Products Q2 2022 Performance
Packaging & Automotive Rolled Products Q2 2022 Performance Q2 Q2 Ø Record Adjusted EBITDA of €95 million 2022 2021 Var. Ø Higher packaging and automotive Shipments (kt) 292 284 3 % shipments Revenue (€m) 1,348 907 4 9 % Ø Improved price and mix Ø Higher operating costs mainly due to Adj. EBITDA (€m)
Slide 10: Aerospace & Transportation Q2 2022 Performance
Aerospace & Transportation Q2 2022 Performance Q2 Q2 Ø Adjusted EBITDA of €63 million 2022 2021 Var. Shipments (kt) 60 53 13% Ø Higher aerospace shipments Ø Improved price and mix Revenue (€m) 461 287 6 1 % Ø Higher operating costs due to inflation Adj. EBITDA (€m) 63 42 50 % and production ramp-up
Slide 11: Automotive Structures & Industry Q2 2022 Performance
Automotive Structures & Industry Q2 2022 Performance Q2 Q2 Ø Record Adjusted EBITDA of €46 million 2022 2021 Var. Shipments (kt) 72 69 4% Ø Higher industry and automotive shipments Revenue (€m) 501 345 45 % Ø Improved price and mix Adj. EBITDA (€m) 46 41 13 % Ø Higher operating costs mainly due to i
Slide 12: Managing the Current Inflationary Environment
Managing the Current Inflationary Environment Q2 Impacts Looking Forward ▪ Inflationary pressures likely to ▪ Significant inflationary pressures in Q2 continue: – Metal supply remains tight – COVID stimulus – Higher costs for alloying elements – Supply chain challenges like magnesium exacerbated by
Slide 13: Free Cash Flow
Free Cash Flow H1 Free Cash Flow Highlights H1 2022 H1 2021 Net cash flows from Ø Free Cash Flow of €86 million 169 148 operating activities Ø Strong Adjusted EBITDA Purchases of property, plant and equipment, net of (83) (67) Ø Lower cash interest grants Ø Working capital build (mainly related to h
Slide 14: Net Debt and Liquidity
Net Debt and Liquidity Net Debt and Leverage Debt / Liquidity Highlights € in millions Ø Leverage at 3.0x, a multi-year low Ø Despite €90 million FX impact on debt Ø Expect leverage to continue to decline Ø No near-term bond maturities Ø Strong liquidity position Leverage: Net Debt / LTM Adjusted EB
Slide 15: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 16: End Market Updates
End Market Updates Market Commentary % LTM Revenue • Strong market in North America and in Europe; domestic supply remains tight Packaging • Focus on sustainability driving increased demand for aluminium cans 44% • Mid-single digit annual demand growth supported by can-maker capacity additions in bo
Slide 17: Near-Term Challenges, But Well-Positioned to Succeed
Near-Term Challenges, But Well-Positioned to Succeed ▪ Diversified portfolio serving resilient end markets – Packaging - stable and growing – Aerospace/Defense - in recovery/growing – Automotive - operating 15-20% below 2019 baseline with pent up demand ▪ Durable, sustainability-driven secular growt
Slide 18: Q2 Conclusions and Guidance
Q2 Conclusions and Guidance Strong performance in 2Q 2022 Targets – Record Q2 Adjusted EBITDA despite significant 2022 Adjusted EBITDA: inflationary pressures €670 to €690 million – Solid operational performance, strong cost control, and consistent Free Cash Flow generation 2022 Free Cash Flow: – Le
Slide 19: Appendix
Appendix Second Quarter 2022 – Earnings Call 19
Slide 20: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended June 30, Six months ended June 30, (in millions of Euros) 2022 2021 2022 2021 Net (loss) / income (32) 108 147 156 Income tax (benefit) / expense (4) 22 35 33 (Loss) / income before tax (36) 130 182 189 Finance costs - net 32 37 62 9
Slide 21: VAR Reconciliation
VAR Reconciliation Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in millions of Euros) Revenue 2,275 1,518 4,254 2,859 Hedged cost of alloyed metal (1,550) (886) (2,777) (1,651) Revenue from incidental activities (5) (3) (11) (11) Metal time lag (16) (54) (110) (85) VAR
Slide 22: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in millions of Euros) Net cash flows from operating activities 111 73 169 148 Purchases of property, plant and equipment (51) (42) (84) (74) Property, plant and equipment grants received — 4 1 7
Slide 23: Net Debt Reconciliation
Net Debt Reconciliation June 30, March 31, December 31, September 30, June 30, 2022 2022 2021 2021 2021 (in millions of Euros) Borrowings 2,158 2,138 2,129 2,282 2,257 Fair value of net debt derivatives, net of margin (5) (1) (1) 5 9 calls Cash and cash equivalents (156) (160) (147) (323) (290) Net
Slide 24: Reconciliation of Net Income to Adjusted EBITDA (Twelve Months)
Reconciliation of Net Income to Adjusted EBITDA Twelve months ended June 30, March 31, December 31, September 30, June 30, (in millions of Euros) 2022 2022 2021 2021 2021 Net income / (loss) 253 393 262 281 202 Income tax expense / (benefit) 57 83 55 48 35 Income / (loss) before tax 310 476 317 329
Slide 25: Borrowings Table
Borrowings Table At June 30, At December 31, 2022 2021 Nominal Nominal Value in Nominal Value in (Arrangement Accrued Carrying Carrying (in millions of Euros) Currency Rate Euros fees) Interests Value Value Secured Pan-U.S. ABL $ 150 Floating 145 — 1 146 — (due 2026) Secured PGE French Facility € 18