Slide 1: Second Quarter 2023 Earnings Call
Exhibit 99.2 Second Quarter 2023 Earnings Call July 26, 2023
Slide 2: Forward-Looking Statements
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 opera
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: Q2 2023 Highlights
Q2 2023 Highlights Adjusted EBITDA Bridge (1) Ø Safety: YTD recordable case rate of 1.9 € in millions Ø Shipments: 398kt (-6% YoY) Ø Revenue: €2.0 billion (-14% YoY) +5% Ø Value-Added Revenue: €785 million (+11% YoY) Ø Net income: €32 million Ø Record Adjusted EBITDA: €209 million (+ 5% YoY) Ø Recor
Slide 6: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 7: Value-Added Revenue Bridge Q2 2023 vs. Q2 2022
Value-Added Revenue Bridge Q2 2023 vs. Q2 2022 € millions +11% Second Quarter 2023 – Earnings Call 7
Slide 8: Packaging & Automotive Rolled Products Q2 2023 Performance
Packaging & Automotive Rolled Products Q2 2023 Performance Q2 Q2 Ø Adjusted EBITDA of €79 million 2023 2022 %r Ø Higher automotive shipments; lower Shipments (kt) 272 292 ( 7) % packaging and specialty shipments Revenue (€m) 1,049 1,348 ( 22)% Ø Improved price and mix Ø Higher operating costs mainly
Slide 9: Aerospace & Transportation Q2 2023 Performance
Aerospace & Transportation Q2 2023 Performance Q2 Q2 Ø Adjusted EBITDA of €96 million 2023 2022 %r Ø Higher aerospace shipments; lower TID Shipments (kt) 60 60 — % shipments Revenue (€m) 464 461 1 % Ø Improved price and mix Ø Higher operating costs mainly due to Adj. EBITDA (€m) 96 63 53% inflation
Slide 10: Automotive Structures & Industry Q2 2023 Performance
Automotive Structures & Industry Q2 2023 Performance Q2 Q2 Ø Adjusted EBITDA of €39 million 2023 2022 %r Ø Higher automotive shipments; lower Shipments (kt) 66 72 (8)% industry shipments Revenue (€m) 443 501 (12) % Ø Improved price and mix Ø Higher operating costs mainly due to Adj. EBITDA (€m) 39 4
Slide 11: Managing the Current Inflationary Environment
Managing the Current Inflationary Environment Cost Pressures and Mitigants Addressing Inflationary Pressures YTD Adjusted EBITDA Bridge ▪ Broad based and significant inflationary (2023 vs. 2022) pressures expected to continue throughout € millions 2023 – Metal supply remains tight – Higher costs for
Slide 12: Free Cash Flow
Free Cash Flow H1 2023 Free Cash Flow Highlights H1 2023 H1 2022 € in millions Ø Free Cash Flow of €34 million Net cash flows from 167 169 Ø Strong Adjusted EBITDA operating activities Ø Higher capital expenditures Purchases of property, Ø Increase in working capital plant and equipment, (133) (83)
Slide 13: Net Debt and Liquidity
Net Debt and Liquidity Net Debt and Leverage Debt / Liquidity Highlights € in millions Ø Leverage at 2.7x, a multi-year low Ø Balance sheet approaching target leverage of 2.5x; long-term target leverage range of 1.5x to 2.5x Ø Completed redemption of $50 million of 2026 bonds in July 2023 Ø No near-
Slide 14: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 15: End Market Updates
End Market Updates A Diversified Platform Market Commentary • Inventory adjustments continue in North America and Europe LTM Revenue by End Market • Still seeing signs of demand weakness in both regions given current inflationary environment, lack of promotional activity and Packaging following the
Slide 16: Key Messages and Guidance
Key Messages and Guidance Strong performance in 2Q 2023 – Record Adjusted EBITDA despite a number of challenges Targets including significant inflationary pressures – Aerospace and automotive shipments continued to rebound 2023 Adjusted EBITDA: – Solid operational performance and strong cost control
Slide 17: Appendix
Appendix Second Quarter 2023 – Earnings Call 17
Slide 18: VAR Reconciliation
VAR Reconciliation Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in millions of Euros) Revenue 1,950 2,275 3,906 4,254 Hedged cost of alloyed metal (1,188) (1,550) (2,398) (2,777) Revenue from incidental activities (7) (5) (14) (11) Metal price lag 30 (16) 45 (110) VAR 7
Slide 19: 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 Euros) 2023 2022 2023 2022 Net income / (loss) 32 (32) 54 147 Income tax expense / (benefit) 12 (4) 17 35 Income / (loss) before tax 44 (36) 71 182 Finance costs - net 35 32 70 62 In
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in millions of Euros) Net cash flows from operating activities 133 111 167 169 Purchases of property, plant and equipment, (65) (51) (133) (83) net of grants received Free Cash Flow 68 60 34 86 H
Slide 21: Net Debt Reconciliation
Net Debt Reconciliation June 30, March 31, December 31, September 30, June 30, 2023 2023 2022 2022 2022 (in millions of Euros) Borrowings 2,028 2,099 2,056 2,169 2,158 Fair value of net debt derivatives, net of margin — 1 1 (1) (5) calls Cash and cash equivalents (178) (193) (166) (171) (156) Net De
Slide 22: Reconciliation of Net Income to Adjusted EBITDA (Twelve Months)
Reconciliation of Net Income to Adjusted EBITDA Twelve months ended June 30, March 31, December 31, September 30, June 30, (in millions of Euros) 2023 2023 2022 2022 2022 Net income 215 151 308 285 253 Income tax (benefit) / expense (123) (139) (105) (100) 57 Income before tax 92 12 203 185 310 Fina
Slide 23: Borrowings Table
Borrowings Table At June 30, At December 31, 2023 2022 Nominal Nominal Value in Nominal Value in (Arrangement Accrued Carrying Carrying (in millions of Euros) Currency Rate Euros fees) Interests Value Value Secured Pan-U.S. ABL $ 97 Floating 89 — 1 90 81 (due 2026) Senior Unsecured Notes Issued Nove