Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call April 29, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation contains “forward-looking statements” with respect to our business, results of operations a
Slide 3: Non-GAAP Measures
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
Slide 4: Ingrid Joerg, Chief Executive Officer
Ingrid Joerg Chief Executive Officer
Slide 5: Q1 2026 Highlights
Q1 2026 Highlights Adjusted EBITDA Bridge > Safety: Recordable case rate(1) of 1.16 per million hours worked (vs. in $ millions 1.91 per million hours worked in 2025) > Shipments: 370 thousand tons (-1% YoY) > Revenue: $2.5 billion (+24% YoY) > Net income: $196 million > Adjusted EBITDA: $359 millio
Slide 6: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 7: Aerospace & Transportation
Aerospace & Transportation Q1 2026 Performance Q1 2026 Q1 2025 %△ Segment A djusted EBITDA of $102 million Shipments (kt) 60 51 18 % > Higher aerospace shipments; higher TID shipments (including automotive coils from Ravenswood) Revenue ($m) 609 468 30 % > Unfavorable price and mix Segment Adj. EBIT
Slide 8: Packaging & Automotive Rolled Products
Packaging & Automotive Rolled Products Q1 2026 Performance Q1 2026 Q1 2025 %△ Segment A djusted EBITDA of $151 million Shipments (kt) 261 269 (3)% > Higher automotive shipments (benefiting from supply shortages in North America); lower packaging shipments Revenue ($m) 1,477 1,187 24 % > Favorable pr
Slide 9: Automotive Structures & Industry
Automotive Structures & Industry Q1 2026 Performance Q1 2026 Q1 2025 %△ Segment A djusted EBITDA of $24 million Shipments (kt) 51 52 (3)% > Lower automotive and industry shipments Revenue ($m) 415 381 9% > Unfavorable price and mix > Lower operating costs Segment Adj. EBITDA ($m) 24 16 50 % > Favora
Slide 10: Free Cash Flow
Free Cash Flow Q1 2026 Free Cash Flow Highlights in $ millions Q1 2026 Q1 2025 Net cash flows from operating activities 73 58 > Free Cash Flow of $5 million; higher compared to 2025 Purchases of property, plant and primarily as a result of: equipment net of property, plant and (68) (61) – Higher Seg
Slide 11: Net Debt and Liquidity
Net Debt and Liquidity Net Debt and Leverage Debt / Liquidity Highlights in $ millions > Leverage of 2.2x at quarter-end 1,826 1,895 1,891 1,824 1,829 – Expected to trend lower in 2026 3.5x – Target leverage range of 1.5x to 2.5x 3.2x 3.1x 2.5x 2.2x > No bond maturities until 2028 Q1 2025 Q2 2025 Q3
Slide 12: Ingrid Joerg, Chief Executive Officer
Ingrid Joerg Chief Executive Officer
Slide 13: End Market Outlook
End Market Outlook Aerospace Packaging Automotive Other Specialties 13% of LTM revenues 44% of LTM revenues 26% of LTM revenues 17% of LTM revenues > Steady demand > Demand healthy in NA and EU > Relatively stable demand in NA > Stable demand in NA and EU – Aluminum destocking appears to be – Alumin
Slide 14: Key Messages and Guidance
Key Messages and Guidance Strong performance in Q1 2026 Targets > Strong Q1 results despite macroeconomic and geopolitical uncertainties > Benefiting from current market dynamics, including supply shortages for automotive rolled products 2026 Adjusted EBITDA(1) in NA, improved aerospace and TID envi
Slide 15: Appendix
SN Appendix 5 Constellium
Slide 16: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended March 31, (in millions of U.S. dollars) 2026 2025 Net income 196 38 Income tax expense 76 24 Finance costs – net 28 27 Expenses on factoring arrangements 4 5 Depreciation and amortization 83 78 Impairment of assets 4 — Restructuring
Slide 17: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Three months ended March 31, (in millions of U.S. dollars) 2026 2025 Net cash flows from operating activities 73 58 Purchases of property, plant and equipment net of property, plant and equipment inflows (68) (61) Free Cash Flow 5 (3) Collection of deferred purchase pri
Slide 18: Net Debt Reconciliation
Net Debt Reconciliation (in millions of U.S. dollars) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total debt 1,973 1,944 2,012 2,026 1,943 Fair value of net debt derivatives, (1) — 1 2 1 net of margin calls Cash and cash equivalents (143) (120) (122) (133) (118)
Slide 19: Reconciliation of LTM Segment Adjusted EBITDA to Net Income
Reconciliation of LTM Segment Adjusted EBITDA to Net Income Twelve months ended (in millions of U.S. dollars) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 A&T 359 339 313 276 287 P&ARP 444 353 273 263 255 AS&I 80 72 71 46 57 Holdings & Corporate (1) (48) (44) (50)
Slide 20: Debt Table
Debt Table At At March 31, December 31, 2026 2025 Nominal Debt Value in Nominal Effective issuance Accrued Carrying Carrying (in millions of U.S. dollars) Currency rate rate Face Value costs interest value value Secured Pan-U.S. ABL (due 2029) $ 50 Floating 4.96 % 50 — 1 51 — Senior Unsecured Notes