Slide 1: First Quarter 2024 Earnings Call
First Quarter 2024 Earnings Call April 24, 2024 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 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: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 5: Q1 2024 Highlights
Ø Safety: Delivered strong safety performance; recordable case rate(1) of 2.2 per million hours worked in Q1 2024 Ø Shipments: 380 thousand tons (-2% YoY) Ø Revenue: €1.7 billion (-12% YoY) Ø Net income: €17 million Ø Cash from Operations: €54 million Ø Free Cash Flow: €(8) million Ø Shareholder Ret
Slide 6: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 7: Q1 Segment Adjusted EBITDA Bridge: Packaging & Automotive Rolled Products
Q1 Segment Adjusted EBITDA Bridge Packaging & Automotive Rolled Products Q1 2024 Q1 2023 %r Shipments (kt) 264 259 2% Revenue (€m) 938 1,030 (9)% Segment Adj. EBITDA (€m) 43 55 (21)% Segment Adj. EBITDA (€ / t) 165 213 (23)% Q1 2024 Performance Ø Segment Adjusted EBITDA of €43 million Ø Higher packa
Slide 8: Q1 Segment Adjusted EBITDA Bridge: Aerospace & Transportation
Q1 Segment Adjusted EBITDA Bridge Aerospace & Transportation Q1 2024 Q1 2023 %r Shipments (kt) 57 58 (1)% Revenue (€m) 441 452 (2)% Segment Adj. EBITDA (€m) 80 73 10% Segment Adj. EBITDA (€ / t) 1,382 1,246 11% Ø Segment Adjusted EBITDA of €80 million Ø Higher aerospace shipments; lower TID shipment
Slide 9: Q1 Segment Adjusted EBITDA Bridge: Automotive Structures & Industry
Q1 Segment Adjusted EBITDA Bridge Q1 2024 Performance Automotive Structures & Industry Q1 2024 Q1 2023 %r Shipments (kt) 59 72 (17)% Revenue (€m) 364 483 (25)% Segment Adj. EBITDA (€m) 33 43 (23)% Segment Adj. EBITDA (€ / t) 558 599 (7)% Ø Segment Adjusted EBITDA of €33 million Ø Lower automotive an
Slide 10: Free Cash Flow
Free Cash Flow Q1 2024 Q1 2023 Q1 2024 Free Cash Flow Highlights Ø Free Cash Flow of €(8) million Ø Compared to Q1 2023, less cash used for working capital and lower capital expenditures, partially offset by lower Adjusted EBITDA Ø Repurchased 330 thousand shares for $6.9 million Net cash flows from
Slide 11: Net Debt and Liquidity
Ø Leverage of 2.4x at quarter-end Ø Target leverage range of 1.5x to 2.5x Ø No near-term bond maturities Ø Strong liquidity position Ø Moody's upgraded credit rating to Ba3 with a stable outlook on April 15, 2024 Ø S&P upgraded credit rating to BB- with a stable outlook in November 2023 € in million
Slide 12: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 13: Market Commentary
Market Commentary Packaging Canstock inventory adjustments appear behind us in both North America and Europe; canstock shipments up YoY last 3 quarters Demand still relatively low in the current environment Long-term trends remain in place with low to mid-single digit growth expected in both North A
Slide 14: Investing in Our Aerospace Assets to Strengthen Market Leadership
Investing in Our Aerospace Assets to Further Strengthen Our Market Leadership Position Replacing 3 legacy casting centers with 2 new casting centers in Ravenswood, WV dedicated to aerospace and TID products Total investment of ~$150M, split between maintenance and return-seeking capex Supported by a
Slide 15: Solid Performance in 1Q 2024
Targets Solid performance in 1Q 2024 Solid 1Q results despite mixed end market demand and significant weather-related impacts at Muscle Shoals facility A&T delivered record 1Q Segment Adjusted EBITDA as the recovery in aerospace continued Launched share repurchased program in March; repurchased 330
Slide 16: Appendix
Appendix constellium First Quarter 2024 —Eamings Cal 16
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Three months ended March 31, (in millions of Euros) 2024 2023 Net income 17 22 Income tax expense 8 5 Income before tax 25 27 Finance costs - net 33 35 Income from operations 58 62 Depreciation and amortization 71 72 Unrealized losses on derivatives 3 8 Unrealized exchange gains from the remeasureme
Slide 18: Free Cash Flow Reconciliation
(in millions of Euros) Three months ended March 31, 2024 2023 Net cash flows from operating activities 54 34 Purchases of property, plant and equipment, net of grants received (62) (68) Free Cash Flow (8) (34) Free Cash Flow Reconciliation (in millions of Euros) 2023 2022 2021 2020 2019 Net cash flo
Slide 19: Net Debt Reconciliation
(in millions of Euros) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Borrowings 1,883 1,868 1,909 2,028 2,099 Fair value of net debt derivatives, net of margin calls 1 (2) — — 1 Cash and cash equivalents (180) (202) (159) (178) (193) Net Debt 1,704 1,664 1,750 1,85
Slide 20: Reconciliation of Net Income to LTM Segment Adjusted EBITDA
Twelve months ended (in millions of Euros) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Net income 124 129 148 215 151 Income tax expense / (benefit) 70 67 32 (123) (139) Income before tax 194 196 180 92 12 Finance costs - net 139 141 139 139 136 Income from opera
Slide 21: Borrowings Table
At March 31, At December 31, 2024 2023 (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 — — — — — Senior Unsecured Notes Issued November 2017 and due 2026