Slide 1: Second Quarter 2026 Earnings Call
Second Quarter 2026 Earnings Call July 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: Q2 2026 Highlights
Q2 2026 Highlights Adjusted EBITDA Bridge > Safety: Recordable case rate (RCR)(1) of 1.5 per million hours worked in $ millions in Q2 2026; 2026 YTD RCR of 1.3 per million hours worked (vs. 1.9 per million hours worked in 2025) > Shipments: 381 thousand tons (-1% YoY) > Revenue: $2.7 billion (+31% Y
Slide 6: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 7: Aerospace & Transportation
Aerospace & Transportation Q2 2026 Performance Q2 2026 Q2 2025 %△ Segment A djusted EBITDA of $135 million Shipments (kt) 65 53 21 % > Higher aerospace shipments; higher TID shipments (including automotive coils from Ravenswood) Revenue ($m) 680 492 38 % > Favorable price and mix Segment Adj. EBITDA
Slide 8: Packaging & Automotive Rolled Products
Packaging & Automotive Rolled Products Q2 2026 Performance Q2 2026 Q2 2025 %△ Segment A djusted EBITDA of $165 million Shipments (kt) 266 276 (4)% > Higher automotive shipments (benefiting from supply shortages in North America); lower packaging shipments Revenue ($m) 1,680 1,235 36 % > Favorable pr
Slide 9: Automotive Structures & Industry
Automotive Structures & Industry Q2 2026 Performance Q2 2026 Q2 2025 %△ Segment A djusted EBITDA of $26 million Shipments (kt) 55 55 —% > Stable automotive and industry shipments Revenue ($m) 458 421 9% > Unfavorable price and mix > Lower operating costs Segment Adj. EBITDA ($m) 26 18 44 % > Favorab
Slide 10: Free Cash Flow
Free Cash Flow H1 2026 Free Cash Flow Highlights in $ millions H1 2026 H1 2025 Net cash flows from operating activities 234 172 > Free Cash Flow of $95 million; higher compared to H1 Purchases of property, plant and 2025 primarily as a result of: equipment net of property, plant and (139) (134) equi
Slide 11: Net Debt and Liquidity
Net Debt and Liquidity Net Debt and Leverage Debt / Liquidity Highlights in $ millions > Leverage of 1.8x at quarter-end 1,895 1,891 1,824 1,829 1,760 – Expected to trend lower in 2026 3.5x – Target leverage range of 1.5x to 2.5x 3.1x 2.5x > No bond maturities until 2028 2.2x 1.8x – In July, complet
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 > Improved demand > Demand healthy in NA and EU > Relatively resilient demand in NA; > Stable demand in NA and EU – Aluminum destocking continues to – A
Slide 14: Key Messages and Guidance
Key Messages and Guidance Strong performance in Q2 2026 > Record quarterly Adjusted EBITDA despite macroeconomic and geopolitical uncertainties Updated Guidance > Benefiting from current market dynamics, including improved environments in aerospace and TID, supply shortages for automotive rolled pro
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 June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 148 36 344 74 Income tax expense 66 20 142 44 Finance costs – net 28 29 56 56 Expenses on factoring arrangements 5 6 9 11 Depreciation an
Slide 17: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Three months ended June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net cash flows from operating activities 161 114 234 172 Purchases of property, plant and equipment net of property, plant and equipment inflows (71) (73) (139) (134)
Slide 18: Net Debt Reconciliation
Net Debt Reconciliation (in millions of U.S. dollars) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total debt 1,923 1,973 1,944 2,012 2,026 Fair value of net debt derivatives, — (1) — 1 2 net of margin calls Cash and cash equivalents (163) (143) (120) (122) (133) N
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) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 A&T 411 359 339 313 276 P&ARP 535 444 353 273 263 AS&I 87 80 72 71 46 Holdings & Corporate (1) (51) (48) (44)
Slide 20: Debt Table
Debt Table At At June 30, 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) $ — Floating 5.08 % — — 1 1 — Senior Unsecured Notes Issu