Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call October 29, 2025
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 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: Q3 2025 Highlights
Q3 2025 Highlights Adjusted EBITDA Bridge > Safety: Recordable case rate (RCR)(1) of 1.7 per million hours worked in $ millions in Q3 2025; YTD RCR of 1.8 per million hours worked > Shipments: 373 thousand tons (+6% YoY) > Revenue: $2.2 billion (+20% YoY) > Net income: $88 million > Adjusted EBITDA:
Slide 6: Current Assessment of Tariffs and Potential Impact on Constellium
Current Assessment of Tariffs and Potential Impact on Constellium > As a reminder, we are mostly “local for local” in the regions we operate > Our gross tariff exposure is mostly concentrated at our metal supply from Canada to our operations in the U.S. > We have made significant progress on pass-th
Slide 7: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 8: Aerospace & Transportation
Aerospace & Transportation Q3 2025 Performance Q3 2025 Q3 2024 %△ S egment Adj ust ed E BI TDA of $ 9 0 m i l lion Shipments (kt) 50 48 4% > Higher TID shipments; lower aerospace shipments > Favorable price and mix Revenue ($m) 481 421 14 % > Lower operating costs Segment Adj. EBITDA ($m) 90 54 67 %
Slide 9: Packaging & Automotive Rolled Products
Packaging & Automotive Rolled Products Q3 2025 Performance Q3 2025 Q3 2024 %△ S egment Adj ust ed E BI TDA of $ 8 2 m i l lion Shipments (kt) 275 261 5% > Higher packaging shipments and improved Muscle Shoals performance; lower automotive and specialty shipments Revenue ($m) 1,307 1,090 20 % > Favor
Slide 10: Automotive Structures & Industry
Automotive Structures & Industry Q3 2025 Performance Q3 2025 Q3 2024 %△ S egment Adj ust ed E BI TDA of $ 3 3 m i l lion Shipments (kt) 48 42 14 % > Higher industry shipments; lower automotive shipments > Favorable price and mix, including net customer compensation for Revenue ($m) 409 323 27 % unde
Slide 11: Free Cash Flow
Free Cash Flow YTD 2025 Free Cash Flow Highlights in $ millions YTD 2025 YTD 2024 > YTD Free Cash Flow of $68 million; higher compared to Net cash flows from operating activities 271 240 YTD 2024 as a result of: – Higher Segment Adjusted EBITDA Purchases of property, plant and equipment net of prope
Slide 12: Net Debt and Liquidity
Net Debt and Liquidity Net Debt and Leverage Debt / Liquidity Highlights in $ millions > Leverage of 3.1x at quarter-end > Target leverage range of 1.5x to 2.5x – Expect to be below 3.0x by the end of 2025 > No bond maturities until 2028 > Strong liquidity position Leverage = Net Debt / LTM Segment
Slide 13: Ingrid Joerg, Chief Operating Officer, CEO Appointee
Ingrid Joerg Chief Operating Officer, CEO Appointee
Slide 14: End Market Outlook
End Market Outlook Aerospace Packaging Automotive Other Specialties 13% of LTM revenues 43% of LTM revenues 26% of LTM revenues 18% of LTM revenues Current Market Trends: Current Market Trends: Current Market Trends: Current Market Trends: > OEMs with record backlogs; > Demand remains healthy in > D
Slide 15: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 16: Key Messages and Guidance
Key Messages and Guidance Strong performance in Q3 2025; expect to finish the year strong Targets > Strong execution and results in Q3 despite uncertain macroeconomic environment and continued demand weakness across many of our end markets 2025 Adjusted EBITDA(1) > Remain focused on strong cost cont
Slide 17: Appendix
SN Appendix e Constellium
Slide 18: Revision of Certain Disclosures in Previously Issued Financial Statements
Revision of Certain Disclosures in Previously Issued Financial Statements During the third quarter of 2025, the Group identified and corrected certain immaterial errors affecting metal price lag and the resulting Segment Adjusted EBITDA for the A&T segment for certain prior periods in 2025 and 2024.
Slide 19: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2025 2024 2025 2024 Net income 88 8 162 107 Income tax expense 38 11 82 46 Income before tax 126 19 244 153 Finance costs - net 27 31 83 83 Expenses on facto
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2025 2024 2025 2024 Net cash flows from operating activities 99 65 271 240 Purchases of property, plant and equipment net of property, plant and equipment inflows (69) (104) (
Slide 21: Net Debt Reconciliation
Net Debt Reconciliation (in millions of U.S. dollars) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Borrowings 2,012 2,026 1,943 1,918 1,914 Fair value of net debt derivatives, 1 2 1 (1) 1 net of margin calls Cash and cash equivalents (122) (133) (118) (141) (1
Slide 22: 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) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 P&ARP 273 263 255 242 271 A&T 313 276 287 292 317 AS&I 71 46 57 74 93 H&C (50) (43) (38) (33) (29) Segmen
Slide 23: Debt Table
Debt Table At At September 30, December 31, 2025 2024 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) $ 70 Floating 5.83 % 70 — 1 71 56 Senior Unsecured N