Slide 1: Fourth Quarter and Full Year 2025 Earnings Call
Fourth Quarter and Full Year 2025 Earnings Call February 18, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release contains “forward-looking statements” with respect to our business, results of operations
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: Ingrid Joerg, Chief Executive Officer
Ingrid Joerg Chief Executive Officer
Slide 5: 2025 Safety Highlights
2025 Safety Highlights Recordable Case Rate(1) Safety is Our Top Priority > Decin completed 3 million working hours without a recordable case > Our Issoire and Neuf Brisach operations both completed 1 million working hours without a recordable case > 8 sites finished with zero recordable cases > 6 s
Slide 6: Q4 2025 Highlights
Q4 2025 Highlights > Shipments: 365 thousand tons (+11% YoY) > Revenue: $2.2 billion (+28% YoY) > Net income: $113 million > Adjusted EBITDA: $280 million – Includes positive non-cash metal price lag impact of $67 million > Cash from Operations: $218 million > Free Cash Flow: $110 million > Sharehol
Slide 7: FY 2025 Highlights
FY 2025 Highlights > Shipments: 1.5 million tons (4% YoY) > Revenue: $8.4 billion (15% YoY) > Net income: $275 million > Adjusted EBITDA: $846 million – Includes positive non-cash metal price lag impact of $126 million > Cash from Operations: $489 million > Free Cash Flow: $178 million > Shareholder
Slide 8: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 9: Aerospace & Transportation Q4 2025 Performance
Q4 2025 Q4 2024 % △ Shipments (kt) 53 44 21 % Revenue ($m) 527 430 23 % Segment Adj. EBITDA ($m) 83 58 43 % Segment Adj. EBITDA ($ / t) 1,553 1,317 18 % Aerospace & Transportation Q4 2025 Performance Fourth Quarter 2025 - Earnings Call - 9 Segment Adjusted EBITDA of $83 mil l ion > Stable aerospace
Slide 10: Packaging & Automotive Rolled Products Q4 2025 Performance
56 19 15 40 6 136 Q4 2024 Volume Price & Mix Costs FX / Other Q4 2025 242 48 20 34 9 353 FY 2024 Volume Price & Mix Costs FX / Other FY 2025 Q4 2025 Q4 2024 % △ Shipments (kt) 265 239 11 % Revenue ($m) 1,349 1,009 34 % Segment Adj. EBITDA ($m) 136 56 143 % Segment Adj. EBITDA ($ / t) 513 234 119 % P
Slide 11: Automotive Structures & Industry Q4 2025 Performance
Q4 2025 Q4 2024 % △ Shipments (kt) 46 44 5 % Revenue ($m) 368 329 12 % Segment Adj. EBITDA ($m) 5 4 25 % Segment Adj. EBITDA ($ / t) 108 91 19 % Automotive Structures & Industry Q4 2025 Performance Fourth Quarter 2025 - Earnings Call - 11 Segment Adjusted EBITDA of $5 mil l ion > Higher industry shi
Slide 12: Announcing Vision 2028, Our Next Group-Wide Excellence Program
Announcing Vision 2028, Our Next Group-Wide Excellence Program Vision 2028 is a critical building block in our roadmap to our 2028 targets Fourth Quarter 2025 - Earnings Call - 12 Operational Efficiencies Cost Reductions > Portfolio optimization > Link overhead and SG&A spending to strategic outcome
Slide 13: Free Cash Flow
> Free Cash Flow of $178 million; higher compared to 2024 as a result of: – Higher Segment Adjusted EBITDA and lower capex, partially offset by higher cash interest – Free Cash Flow in 2024 would have been $30 million excluding Valais flood impact and including collection of deferred purchase price
Slide 14: Net Debt and Liquidity
1,776 1,826 1,895 1,891 1,824 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 > Leverage of 2.5x at year-end, at upper end of our target range – Expect to trend lower in 2026 – Target leverage range of 1.5x to 2.5x > No bond maturities until 2028 > No outstanding borrowings under Pan U.S. ABL facility > Str
Slide 15: Ingrid Joerg, Chief Executive Officer
Ingrid Joerg Chief Executive Officer
Slide 16: End Market Outlook
End Market Outlook Fourth Quarter 2025 - Earnings Call - 16 (1) Sources: CRU International, Aluminum Rolled Products Market Outlook November 2025, which may not reflect the latest management estimates. Aerospace 13% of LTM revenues Packaging 45% of LTM revenues Automotive 25% of LTM revenues Other S
Slide 17: Strong performance in 2025 and exciting future ahead
Strong performance in 2025, well ahead of our expectations coming into the year > Strong execution and results in 2025 despite uncertain macroeconomic and end market environment > Remain focused on cost control, Free Cash Flow generation, and commercial and capital discipline > Returned $115 million
Slide 18: Appendix
os, Appendix e Constellium
Slide 19: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended December 31, Year ended December 31, (in millions of U.S. dollars) 2025 2024 2025 2024 Net income / (loss) 113 (47) 275 60 Income tax expense 51 29 133 75 Finance costs – net 26 28 109 111 Expenses on factoring arrangements 5 6
Slide 20: Free Cash Flow Reconciliation
Three months ended December 31, (in millions of U.S. dollars) 2025 2024 Net cash flows from operating activities 218 61 Purchases of property, plant and equipment net of property, plant and equipment inflows (108) (146) Free Cash Flow 110 (85) Collection of deferred purchase price receivables — 21 Y
Slide 21: Net Debt Reconciliation
Net Debt Reconciliation ≥130 (in millions of U.S. dollars) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Borrowings 1,944 2,012 2,026 1,943 1,918 Fair value of net debt derivatives, net of margin calls — 1 2 1 (1) Cash and cash equivalents (120) (122) (133) (118
Slide 22: 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. dollars) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 A&T 339 313 276 287 292 P&ARP 353 273 263 255 242 AS&I 72 71 46 57 74 Holdings & Corporate (1) (44) (
Slide 23: Reconciliation of Net Income to Adjusted NOPAT and Adjusted ROIC
Reconciliation of Net Income to Adjusted NOPAT and Adjusted ROIC ≥130 Fourth Quarter 2025 - Earnings Call - 23 Year ended December 31, (in millions of U.S. dollars) 2025 2024 Net income 275 60 Income tax expense 133 75 Income before tax 408 135 Finance costs - net 109 111 Expenses on factoring arran
Slide 24: Debt Table
Debt Table ≥130 Fourth Quarter 2025 - Earnings Call - 24 At December 31, At December 31, 2025 2024 (in millions of U.S. dollars) 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) $ — Flo