Slide 1: First Quarter 2022 Earnings Call
First Quarter 2022 Earnings Call April 27, 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 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: Q1 2022 Highlights
Ø Safety: Delivered best in class safety performance; recordable case rate of 1.6 in Q1 2022 Ø Shipments: 401kt (+4% YoY) Ø Revenue: €2.0 billion (+48% YoY) Ø VAR: €652 million (+21% YoY) Ø Net income: €179 million Ø Adjusted EBITDA: €167 million (+38% YoY) Ø Cash from Operations: €58 million Ø Free
Slide 6: Peter Matt, Chief Financial Officer
Peter Matt Chief Financial Officer
Slide 7: VAR Bridge Q1 2022 vs. Q1 2021
VAR Bridge Q1 2022 vs. Q1 2021 € millions +21%
Slide 8: Q1 2022 Performance Packaging & Automotive Rolled Products
Q1 Adjusted EBITDA Bridge Q1 2022 Performance Packaging & Automotive Rolled Products Q1 2022 Q1 2021 Var. Shipments (kt) 276 267 3% Revenue (€m) 1,168 766 53% Adj. EBITDA (€m) 82 68 20% Adj. EBITDA (€ / t) 296 255 16% € in millions Ø Adjusted EBITDA of €82 million Ø Higher packaging shipments offset
Slide 9: Q1 2022 Performance Aerospace & Transportation
Q1 2022 Performance Aerospace & Transportation Q1 2022 Q1 2021 Var. Shipments (kt) 55 48 15% Revenue (€m) 385 245 57% Adj. EBITDA (€m) 53 19 169% Adj. EBITDA (€ / t) 961 409 135% Ø Adjusted EBITDA of €53 million Ø Higher aerospace and TID shipments Ø Improved price and mix (including €10M customer c
Slide 10: Q1 2022 Performance Automotive Structures & Industry
Q1 2022 Performance Automotive Structures & Industry Q1 2022 Q1 2021 Var. Shipments (kt) 70 70 n.m. Revenue (€m) 459 350 31% Adj. EBITDA (€m) 37 38 (3)% Adj. EBITDA (€ / t) 520 540 (4)% Ø Adjusted EBITDA of €37 million Ø Higher industry shipments offset lower automotive shipments Ø Improved price an
Slide 11: Q1 Impacts and Focus on Cost Control
Experienced more significant inflationary pressures in Q1 than prior quarters Metal supply remains tight Higher costs for alloying elements like magnesium Non metal costs also higher: Labor Energy (especially in Europe) Maintenance/supplies Transportation Q1 Impacts Continuing Our Focus on Cost Cont
Slide 12: Free Cash Flow
1Q 2022 1Q 2021 Net cash flows from operating activities 58 75 Purchases of property, plant and equipment, net of grants (32) (29) Free Cash Flow 26 46 € in millions Free Cash Flow Highlights Consistent Free Cash Flow Generation Ø Free Cash Flow of €26 million in Q1 Ø Strong Adjusted EBITDA Ø Workin
Slide 13: Net Debt and Liquidity
Ø Leverage at 3.2x, a multi-year low Ø Expect leverage below 3.0x by the end of 2022 Ø No near-term bond maturities Ø Strong liquidity position Ø Gradually reducing excess liquidity added during the pandemic Leverage at 3.2x and expected to head lower € in millions Net Debt and Leverage Maturity Pro
Slide 14: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 15: Potential 2022 Impacts from the War in Ukraine
Potential 2022 Impacts from the War in Ukraine No operations and de minimis sales in Russia or Ukraine Supplier impacts limited thus far, though monitoring situation closely Small amounts of metal input (~4%) from Russian suppliers; potential for lost sales, some offset from higher metal prices More
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 % LTM Revenue Packaging Strong market in North America and in Europe Focus on sustainability driving increased demand for alum
Slide 17: Key Messages and Guidance
Focused on executing our strategy, delivering our long-term EBITDA guidance, and increasing shareholder value Targets Strong performance in 1Q 2022 Record Q1 Adjusted EBITDA despite significant inflationary pressures Solid operational performance, strong cost control, and consistent Free Cash Flow g
Slide 18: Q&A
Q&A @ constellium First Quater 2022 —Eamings Call 18
Slide 19: Appendix
Appendix @ constellium Fist Quater 2022 -Eamings Call 19
Slide 20: VAR Reconciliation
Three months ended March 31, (in millions of Euros) 2022 2021 Revenue 1,979 1,341 Hedged cost of alloyed metal (1,227) (765) Revenue from incidental activities (6) (8) Metal time lag (94) (31) VAR 652 537 Adjusted EBITDA 167 121 VAR Margin 25.7% 22.6% VAR Reconciliation
Slide 21: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended March 31, (in millions of Euros) 2022 2021 Net income 179 48 Income tax expense 39 11 Income before tax 218 59 Finance costs - net 30 55 Income from operations 248 114 Depreciation and amortization 66 63 Restructuring costs — 1 Unrea
Slide 22: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in millions of Euros) Three months ended March 31, 2022 2021 Net cash flows from operating activities 58 75 Purchases of property, plant and equipment (33) (32) Property, plant and equipment grants received 1 3 Free Cash Flow 26 46
Slide 23: Net Debt Reconciliation
(in millions of Euros) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Borrowings 2,138 2,129 2,282 2,257 2,325 Fair value of net debt derivatives, net of margin calls (1) (1) 5 9 25 Cash and cash equivalents (160) (147) (323) (290) (342) Net Debt 1,977 1,981 1,964 1
Slide 24: Reconciliation of Net Income to Adjusted EBITDA (Twelve Months)
Reconciliation of Net Income to Adjusted EBITDA Twelve months ended (in millions of Euros) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Net income / (loss) 393 262 281 202 62 Income tax expense / (benefit) 83 55 48 35 2 Income / (loss) before tax 476 317 329 237 6
Slide 25: Borrowings Table
Borrowings Table At March 31, At December 31, 2022 2021 (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 PGE French Facility (due 2022)