Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2024

Commission File Number: 001-35931

 

 

Constellium SE

(Translation of registrant’s name into English)

 

 

 

Washington Plaza,		300 East Lombard Street
40-44 rue Washington		Suite 1710
75008 Paris		Baltimore, MD 21202
France		United States
(Head Office)

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒   Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐   No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐   No ☒

 

 

 

---

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 99.1 is a copy of the press release of Constellium SE (the “Company”), dated July 23, 2024, announcing its financial results for the period ended June 30, 2024.

Attached hereto as Exhibit 99.2 is a copy of a presentation of the Company, dated July 23, 2024, summarizing its financial results for the period ended June 30, 2024.

Exhibit Index

 

No.		Description
99.1		Press Release issued by Constellium SE on July 23, 2024.
99.2		Presentation posted by Constellium SE on July 23, 2024.

The information contained in Exhibit 99.1 of this Form 6-K (except for the paragraphs on page 2 containing certain quotes by the Chief Executive Officer, and the section titled “Valais Update/Outlook”), is incorporated by reference into any offering circular or registration statement (or into any prospectus that forms a part thereof) filed by Constellium SE with the Securities and Exchange Commission. Exhibit 99.2 is not incorporated by reference.

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				CONSTELLIUM SE (Registrant)
July 23, 2024				By:		/s/ Jack Guo
				Name:		Jack Guo
				Title:		Chief Financial Officer

Exhibit 99.1

 

July 23, 2024

Constellium Reports Second Quarter and First Half 2024 Results

Paris - Constellium SE (NYSE: CSTM) (“Constellium” or the “Company”) today reported results for the second quarter ended June 30, 2024.

As a reminder of the press release issued on February 21, 2024 and following the SEC comment letter review process, Constellium will no longer report Value-Added Revenue (VAR), a Non-GAAP financial measure. In addition, the Company has revised its definition of consolidated Adjusted EBITDA, a Non-GAAP financial measure, to no longer exclude the non-cash impact of metal price lag from its consolidated Adjusted EBITDA. Constellium will continue to exclude the non-cash impact of metal price lag from its Segment Adjusted EBITDA, which it uses for evaluating the performance of its operating segments. Following the revision of its definition, consolidated Adjusted EBITDA, less the non-cash impact of metal price lag, is equal to consolidated Adjusted EBITDA prior to the revision of its definition. Constellium will continue to provide its investors and other stakeholders with the necessary information to explain the non-cash impact of metal price lag on its reported results.

Second quarter 2024 highlights:

 

•

Shipments of 378 thousand metric tons, down 5% compared to Q2 2023

 

•

Revenue of €1.8 billion, down 8% compared to Q2 2023

 

•

Net income of €71 million compared to net income of €32 million in Q2 2023

 

•

Adjusted EBITDA of €214 million

> Includes non-cash metal price lag impact of €42 million

 

•

Segment Adjusted EBITDA of €64 million at P&ARP, €83 million at A&T, €32 million at AS&I, and €(7) million at H&C

 

•

Cash from Operations of €152 million and Free Cash Flow of €75 million

 

•

Repurchased 1.56 million shares of the Company stock for $32.5 million

 

 

Media Contacts
Investor Relations		Communications
Jason Hershiser		Delphine Dahan-Kocher
Phone: [phone]		Phone: [phone]
[e-mail]		[e-mail]

 

1

---

First half 2024 highlights:

 

•

Shipments of 758 thousand metric tons, down 4% compared to H1 2023

 

•

Revenue of €3.5 billion, down 10% compared to H1 2023

 

•

Net income of €88 million compared to net income of €54 million in H1 2023

 

•

Adjusted EBITDA of €351 million

> Includes non-cash metal price lag impact of €29 million

 

•

Segment Adjusted EBITDA of €107 million at P&ARP, €163 million at A&T, €65 million at AS&I, and €(13) million at H&C

 

•

Cash from Operations of €206 million and Free Cash Flow of €67 million

 

•

Repurchased 1.89 million shares of the Company stock for $39.4 million

 

•

Leverage of 2.5x at June 30, 2024

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Our team delivered solid second quarter results despite a mixed end market demand environment and two large planned maintenance outages we took during the quarter. In late June, we experienced a severe flooding event at our facilities in Sierre and Chippis in the Valais region in Switzerland. While I am grateful that all of our employees are safe, this natural disaster will have some impact on our results in the near-term.”

“Looking at our end markets, aerospace demand remained strong and packaging demand continued to improve. Automotive demand remained stable in the quarter in North America though demand in Europe continued to weaken. We continued to experience weakness in most industrial and specialties markets with no signs of recovery in the near-term. Free Cash Flow was strong in the quarter at €75 million and we ended the quarter with leverage at 2.5x, within our target leverage range of 1.5x to 2.5x. Also in the quarter, we increased our shareholder returns and repurchased 1.56 million shares for $32.5 million,” Mr. Germain continued.

Mr. Germain concluded, “We continue to face uncertainties on the macroeconomic and geopolitical fronts. Overall we like our end market positioning but we are more cautious for the second half of this year. Excluding the impact from the flood, our 2024 Adjusted EBITDA guidance, excluding the non-cash impact of metal price lag, would have been reduced by approximately 5% as a result of the weaker market conditions compared to our prior expectations. However, given the uncertainty around the impact from the severe flooding at our facilities in the Valais region in Switzerland, including the extent of the damage and the timing to restart production, we are pausing our guidance for 2024 (see Valais Update / Outlook on page 7 for additional details). We will continue to update all stakeholders as this situation unfolds. We are confident at this time that the impact from the flood is digestible this year and that it will not impact the long-term prospects of the business. Despite the challenges we are facing in the near-term, we remain confident in our ability to deliver on our Adjusted EBITDA target, excluding the non-cash impact of metal price lag, of over €800 million in 2025. Our focus remains on executing our strategy and increasing shareholder value.”

 

		2

---

Group Summary

 

		Q2 2024				Q2 2023				Var.				YTD 2024				YTD 2023				Var.
Shipments (k metric tons)			378				398				(5	)%			758				787				(4	)%
Revenue (€ millions)			1,795				1,950				(8	)%			3,526				3,906				(10	)%
Net income (€ millions)			71				32				n.m.				88				54				n.m.
Adjusted EBITDA (€ millions)			214				179				n.m.				351				329				n.m.
Metal price lag (non-cash) (€ millions)			42				(30	)			n.m.				29				(45	)			n.m.

The difference between the sum of reported segment revenue and total group revenue includes revenue from certain non-core activities and inter-segment eliminations. The difference between the sum of reported Segment Adjusted EBITDA and the Group Adjusted EBITDA is related to Holdings and Corporate and the impact of metal price lag.

For the second quarter of 2024, shipments of 378 thousand metric tons decreased 5% compared to the second quarter of 2023 mostly due to lower shipments in the P&ARP and AS&I segments. Revenue of €1.8 billion decreased 8% compared to the second quarter of the prior year primarily due to lower shipments and unfavorable price and mix, partially offset by higher metal prices. Net income of €71 million increased €39 million compared to net income of €32 million in the second quarter of 2023. Adjusted EBITDA of €214 million increased €35 million compared to Adjusted EBITDA of €179 million in the second quarter of last year primarily due to a favorable change in the non-cash metal price lag impact, partially offset by weaker results in each of our segments.

For the first half of 2024, shipments of 758 thousand metric tons decreased 4% compared to the first half of 2023 mostly due to lower shipments in the P&ARP and AS&I segments. Revenue of €3.5 billion decreased 10% compared to the first half of 2023 primarily due to lower shipments and lower metal prices. Net income of €88 million increased €34 million compared to net income of €54 million in the first half of 2023. Adjusted EBITDA of €351 million increased €22 million compared to the first half of 2023 primarily due to a favorable change in the non-cash metal price lag impact, partially offset by weaker results in each of our segments.

Results by Segment

Packaging & Automotive Rolled Products (P&ARP)

 

		Q2 2024				Q2 2023				Var.				YTD 2024				YTD 2023				Var.
Shipments (k metric tons)			262				272				(4	)%			526				531				(1	)%
Revenue (€ millions)			1,001				1,049				(5	)%			1,939				2,079				(7	)%
Segment Adjusted EBITDA (€ millions)			64				79				(19	)%			107				134				(20	)%
Segment Adjusted EBITDA per metric ton (€)			244				291				(16	)%			203				253				(20	)%

 

		3

---

For the second quarter of 2024, Segment Adjusted EBITDA of €64 million decreased 19% compared to the second quarter of 2023 primarily due to lower shipments, unfavorable price and mix, and higher costs mainly due to operating challenges and unfavorable metal costs at our Muscle Shoals facility. Shipments of 262 thousand metric tons decreased 4% compared to the second quarter of the prior year mostly due to lower shipments of packaging and automotive rolled products. Revenue of €1.0 billion decreased 5% compared to the second quarter of 2023 primarily due to lower shipments and unfavorable price and mix, partially offset by higher metal prices.

For the first half of 2024, Segment Adjusted EBITDA of €107 million decreased 20% compared to the first half of 2023 as a result of unfavorable price and mix and higher costs mainly due to weather-related impacts in the first quarter, operating challenges and unfavorable metal costs at our Muscle Shoals facility. Shipments of 526 thousand metric tons decreased 1% compared to the first half of 2023. Revenue of €1.9 billion decreased 7% compared to the first half of 2023 primarily due to unfavorable price and mix and lower metal prices.

Aerospace & Transportation (A&T)

 

		Q2 2024				Q2 2023				Var.				YTD 2024				YTD 2023				Var.
Shipments (k metric tons)			60				60				0	%			117				118				(1	)%
Revenue (€ millions)			452				464				(3	)%			893				916				(3	)%
Segment Adjusted EBITDA (€ millions)			83				96				(14	)%			163				169				(3	)%
Segment Adjusted EBITDA per metric ton (€)			1,395				1,613				(14	)%			1,397				1,418				(1	)%

For the second quarter of 2024, Segment Adjusted EBITDA of €83 million decreased 14% compared to the second quarter of 2023 primarily due to unfavorable price and mix, partially offset by lower costs. Shipments of 60 thousand metric tons were stable compared to the second quarter of the prior year. Revenue of €452 million decreased 3% compared to the second quarter of 2023 primarily due to unfavorable price and mix.

For the first half of 2024, Segment Adjusted EBITDA of €163 million decreased 3% compared to the first half of 2023 primarily due to lower shipments and unfavorable price and mix, partially offset by lower costs. Shipments of 117 thousand metric tons decreased 1% compared to the first half of 2023. Revenue of €893 million decreased 3% compared to the first half of 2023 primarily due to lower metal prices.

 

		4

---

Automotive Structures & Industry (AS&I)

 

		Q2 2024				Q2 2023				Var.				YTD 2024				YTD 2023				Var.
Shipments (k metric tons)			56				66				(15	)%			115				138				(16	)%
Revenue (€ millions)			357				443				(19	)%			721				926				(22	)%
Segment Adjusted EBITDA (€ millions)			32				39				(19	)%			65				82				(21	)%
Segment Adjusted EBITDA per metric ton (€)			573				597				(4	)%			563				598				(6	)%

For the second quarter of 2024, Segment Adjusted EBITDA of €32 million decreased 19% compared to the second quarter of 2023 primarily due to lower shipments and unfavorable price and mix, partially offset by lower costs. Shipments of 56 thousand metric tons decreased 15% compared to the second quarter of the prior year due to lower shipments of automotive and other extruded products, including the sale of Constellium Extrusions Deutschland GmbH (“CED”) in September 2023. Revenue of €357 million decreased 19% compared to the second quarter of 2023 primarily due to lower shipments and unfavorable price and mix.

For the first half of 2024, Segment Adjusted EBITDA of €65 million decreased 21% compared to the first half of 2023 primarily due to to lower shipments and unfavorable price and mix, partially offset by lower costs. Shipments of 115 thousand metric tons decreased 16% compared to the first half of 2023 due to lower shipments of automotive and other extruded products, including the sale of CED in September 2023. Revenue of €721 million decreased 22% compared to the first half of 2023 primarily due to lower shipments, unfavorable price and mix and lower metal prices.

The following table reconciles the total of our segments’ measures of profitability to the group’s Income from Operations:

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
P&ARP			64				79				107				134
A&T			83				96				163				169
AS&I			32				39				65				82
Holdings and Corporate			(7	)			(5	)			(13	)			(11	)
Segment Adjusted EBITDA			172				209				322				374
Metal price lag			42				(30	)			29				(45	)
Adjusted EBITDA			214				179				351				329
Other adjustments			(87	)			(100	)			(166	)			(188	)
Income from operations			127				79				185				141

 

		5

---

Reconciling items excluded from our Segment Adjusted EBITDA include the following:

Metal price lag

Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium’s Revenue are established and when aluminium purchase prices included in Cost of sales are established. The metal price lag will generally increase our earnings in times of rising primary aluminium prices and decrease our earnings in times of declining primary aluminium prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.

For both the second quarter and the first half of 2024, metal price lag is positive which reflects LME prices for aluminium increasing during the period. For both the second quarter and the first half of 2023, metal price lag is negative which reflects LME prices for aluminium decreasing during the period.

Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 16.

Net Income

For the second quarter of 2024, net income of €71 million compares to net income of €32 million in the second quarter of the prior year. The increase in net income is primarily related to favorable changes in gains and losses on derivatives mostly related to our hedging positions and lower selling and administrative expenses, partially offset by lower gross profit and higher income tax expense.

For the first half of 2024, net income of €88 million compares to net income of €54 million in the first half of the prior year. The increase in net income is primarily related to favorable changes in gains and losses on derivatives mostly related to our hedging positions, partially offset by lower gross profit and higher income tax expense.

Cash Flow

Free Cash Flow was €67 million in the first half of 2024 compared to €34 million in the first half of the prior year. The increase in Free Cash Flow was primarily due to a favorable change in working capital, partially offset by lower Segment Adjusted EBITDA and higher cash taxes.

Cash flows from operating activities were €206 million for the first half of 2024 compared to cash flows from operating activities of €167 million in the first half of the prior year.

Cash flows used in investing activities were €139 million for the first half of 2024 compared to cash flows used in investing activities of €133 million in first half of the prior year.

 

		6

---

Cash flows used in financing activities were €56 million for first half of 2024 compared to cash flows used in financing activities of €19 million in the first half of the prior year. During the first half of 2024, the Company repurchased 1.89 million shares of the Company stock for $39.4 million.

Liquidity and Net Debt

Liquidity at June 30, 2024 was €869 million, comprised of €213 million of cash and cash equivalents and €656 million available under our committed lending facilities and factoring arrangements.

Net debt was €1,682 million at June 30, 2024 compared to €1,664 million at December 31, 2023.

Valais Update / Outlook

In late June we experienced unprecedented flooding in the Valais region of Switzerland, devastating the region, including industrial activities at Constellium and elsewhere. Constellium’s plate and extrusion shops in Sierre and casthouse in Chippis were severely flooded and operations have remained suspended since the flood. All Constellium employees have been confirmed safe, but there is significant damage to the equipment and facilities. Cleaning and drying operations, as well as the testing and maintenance phase, are all underway.

To put our Valais operations into perspective, we employ around 700 employees in the region across three locations, out of approximately 12,000 total Constellium employees. The total finishing capacity of Sierre is 70 to 75 thousand metric tons, or less than 5% of Constellium’s shipments, and an even lower percentage of our total manufacturing capacity. Given the fact that Sierre primarily serves the TID and industry extrusion markets in Europe, the capacity utilization pre-flood was lower than compared to a more normal demand environment.

We are working closely with our insurance company and the latest insurance estimates have a gross damage assessment of approximately €135 million. This figure includes estimated damages, cleaning costs and business interruption expenses. This gross damage assessment is before consideration of our insurance claim of up to €50 million, the impact of mitigation plans which are currently underway, and potential government assistance, of which certain benefits have already been approved.

Excluding the impact from the flood, our 2024 Adjusted EBITDA guidance, excluding the non-cash impact of metal price lag, would have been reduced by approximately 5% as a result of the weaker market conditions compared to our prior expectations. However, given the uncertainty around the impact from the severe flooding at our facilities in Switzerland, including the extent of the damage and the timing to restart production, we are pausing our guidance for 2024. Also excluding the impact from the flood, we now expect to generate Free Cash Flow in 2024 of over €100 million. We are confident at this time that the impact from the flood is digestible this year. At this stage, we are prioritizing the restart based on criticality of equipment and customer needs. Finally, we remain confident in our ability to deliver on our Adjusted EBITDA target, excluding the non-cash impact of metal price lag, of over €800 million in 2025.

 

		7

---

We are not able to provide a reconciliation of this Adjusted EBITDA guidance to net income, the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of realized and unrealized gains and losses on derivative instruments, non-cash impact of metal price lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income in the future.

Recent Developments

Constellium’s facility in Muscle Shoals, Alabama has been selected by the U.S. Department of Defense (DoD) for an investment under Title III, Defense Production Act to rebuild its Direct Chill aluminum casting center. The funding was awarded via the Defense Production Act Investments (DPAI) Program. Constellium will use the funds to install state-of-the-art casting equipment on the site of a dismantled casting center intended to add up to 300 million pounds of annual casting capacity. With this added capacity, the plant expects to increase its recycled input, reduce its use of primary metal, and provide the U.S. industrial base an additional, self-reliant, domestic source of supply for aluminium rolling ingot. The total investment for this project is approximately $65 million, and includes DoD funding of $23 million.

Constellium signed a long-term agreement with Lotte Infracell, a subsidiary of Lotte Aluminium, a leading provider of aluminium solutions, to supply foilstock for Lotte’s battery foil applications in Europe. This partnership highlights Constellium’s commitment to the growing electric vehicle market and highlights its strategic focus on the cutting-edge automotive aluminium solutions. Under this agreement, Constellium will supply high-quality foilstock from its Singen site in Germany. The total investment for this project is approximately €30 million, with contractual support of Lotte Aluminium.

 

		8

---

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations; natural disasters including severe flooding and other weather-related events; the Russian war on Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

About Constellium

Constellium (NYSE: CSTM) is a global sector leader that develops innovative, value-added aluminium products for a broad scope of markets and applications, including packaging, automotive and aerospace. Constellium generated €7.2 billion of revenue in 2023.

Constellium’s earnings materials for the second quarter ended June 30, 2024 are also available on the company’s website (www.constellium.com).

 

		9

---

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
Revenue			1,795				1,950				3,526				3,906
Cost of sales			(1,605	)			(1,737	)			(3,175	)			(3,532	)
Gross profit			190				213				351				374
Selling and administrative expenses			(74	)			(80	)			(149	)			(151	)
Research and development expenses			(13	)			(13	)			(28	)			(26	)
Other gains and losses - net			24				(41	)			11				(56	)
Income from operations			127				79				185				141
Finance costs - net			(32	)			(35	)			(65	)			(70	)
Income before tax			95				44				120				71
Income tax expense			(24	)			(12	)			(32	)			(17	)
Net income			71				32				88				54
Net income attributable to:
Equity holders of Constellium			71				31				87				51
Non-controlling interests			—				1				1				3
Net income			71				32				88				54
Earnings per share attributable to the equity holders of Constellium, (in Euros)
Basic			0.48				0.21				0.59				0.35
Diluted			0.48				0.21				0.58				0.34
Weighted average number of shares, (in thousands)
Basic			146,272				146,543				146,534				145,429
Diluted			149,040				148,191				149,670				148,191

 

		10

---

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
Net income			71				32				88				54
Other comprehensive income / (loss)
Items that will not be reclassified subsequently to the consolidated income statement
Remeasurement on post-employment benefit obligations			11				5				34				4
Income tax on remeasurement on post-employment benefit obligations			(3	)			(3	)			(6	)			(2	)
Items that may be reclassified subsequently to the consolidated income statement
Cash flow hedges			(2	)			1				(4	)			4
Income tax on cash flow hedges			1				—				1				(1	)
Currency translation differences			9				—				22				(13	)
Other comprehensive income / (loss)			16				3				47				(8	)
Total comprehensive income			87				35				135				46
Attributable to:
Equity holders of Constellium			87				34				134				44
Non-controlling interests			—				1				1				2
Total comprehensive income			87				35				135				46

 

		11

---

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

 

(in millions of Euros)		At June 30, 2024				At December 31, 2023
Assets
Current assets
Cash and cash equivalents			213				202
Trade receivables and other			693				490
Inventories			1,134				1,098
Other financial assets			22				30
			2,062				1,820
Non-current assets
Property, plant and equipment			2,084				2,047
Goodwill			477				462
Intangible assets			45				47
Deferred tax assets			234				252
Trade receivables and other			35				31
Other financial assets			2				2
			2,877				2,841
Total Assets			4,939				4,661
Liabilities
Current liabilities
Trade payables and other			1,431				1,263
Borrowings			53				54
Other financial liabilities			30				34
Income tax payable			19				19
Provisions			19				18
			1,552				1,388
Non-current liabilities
Trade payables and other			68				59
Borrowings			1,842				1,814
Other financial liabilities			11				8
Pension and other post-employment benefit obligations			380				411
Provisions			86				89
Deferred tax liabilities			27				28
			2,414				2,409
Total Liabilities			3,966				3,797
Equity
Share capital			3				3
Share premium			420				420
Retained earnings and other reserves			529				420
Equity attributable to equity holders of Constellium			952				843
Non-controlling interests			21				21
Total Equity			973				864
Total Equity and Liabilities			4,939				4,661

 

		12

---

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

 

(in millions of Euros)		Share capital				Share premium				Treasury shares				Re- measurement				Cash flow hedges				Foreign currency translation reserve				Other reserves				Retained earnings				Total				Non-controlling interests				Total equity
At January 1, 2024			3				420				—				13				(4	)			16				121				274				843				21				864
Net income			—				—				—				—				—				—				—				87				87				1				88
Other comprehensive income / (loss)			—				—				—				28				(3	)			22				—				—				47				—				47
Total comprehensive income / (loss)			—				—				—				28				(3	)			22				—				87				134				1				135
Share-based compensation			—				—				—				—				—				—				12				—				12				—				12
Repurchase of ordinary shares			—				—				(37	)			—				—				—				—				—				(37	)			—				(37	)
Allocation of treasury shares to share-based compensation plan vested			—				—				27				—				—				—				(27	)			—				—				—				—
Transactions with non-controlling interests			—				—				—				—				—				—				—				—				—				(1	)			(1	)
At June 30, 2024			3				420				(10	)			41				(7	)			38				106				361				952				21				973
(in millions of Euros)		Share capital				Share premium				Treasury shares				Re- measurement				Cash flow hedges				Foreign currency translation reserve				Other reserves				Retained earnings				Total				Non-controlling interests				Total equity
At January 1, 2023			3				420				—				28				(10	)			41				101				148				731				21				752
Net income			—				—				—				—				—				—				—				51				51				3				54
Other comprehensive income / (loss)			—				—				—				2				3				(12	)			—				—				(7	)			(1	)			(8	)
Total comprehensive income / (loss)			—				—				—				2				3				(12	)			—				51				44				2				46
Share-based compensation			—				—				—				—				—				—				10				—				10				—				10
Transactions with non-controlling interests			—				—				—				—				—				—				—				—				—				(2	)			(2	)
At June 30, 2023			3				420				—				30				(7	)			29				111				199				785				21				806

 

		13

---

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
Net income			71				32				88				54
Adjustments
Depreciation and amortization			74				72				145				144
Pension and other post-employment benefits service costs			4				5				10				11
Finance costs - net			32				35				65				70
Income tax expense			24				12				32				17
Unrealized (gains) / losses on derivatives - net and from remeasurement of monetary assets and liabilities - net			(4	)			20				(2	)			28
Losses on disposal			—				—				1				6
Other - net			6				7				12				10
Change in working capital
Inventories			(40	)			72				(23	)			150
Trade receivables			(42	)			(7	)			(186	)			(224	)
Trade payables			61				(98	)			153				(14	)
Other			19				23				10				6
Change in provisions			—				(1	)			(2	)			(2	)
Pension and other post-employment benefits paid			(11	)			(9	)			(20	)			(19	)
Interest paid			(26	)			(29	)			(56	)			(63	)
Income tax paid			(16	)			(1	)			(21	)			(7	)
Net cash flows from operating activities			152				133				206				167
Purchases of property, plant and equipment			(78	)			(65	)			(146	)			(134	)
Property, plant and equipment grants received			1				—				7				1
Net cash flows used in investing activities			(77	)			(65	)			(139	)			(133	)
Repurchase of ordinary shares			(31	)			—				(37	)			—
Repayments of long-term borrowings			(2	)			(2	)			(4	)			(5	)
Net change in revolving credit facilities and short-term borrowings			(1	)			(66	)			—				7
Lease repayments			(7	)			(9	)			(13	)			(16	)
Transactions with non-controlling interests			(1	)			(3	)			(3	)			(3	)
Other financing activities			—				—				1				(2	)
Net cash flows used in financing activities			(42	)			(80	)			(56	)			(19	)
Net increase / (decrease) in cash and cash equivalent			33				(12	)			11				15
Cash and cash equivalents - beginning of period			180				193				202				166
Transfer of cash and cash equivalents from assets classified as held for sale			—				(2	)			—				(1	)
Effect of exchange rate changes on cash and cash equivalents			—				(1	)			—				(2	)
Cash and cash equivalents - end of period			213				178				213				178

 

		14

---

SEGMENT ADJUSTED EBITDA

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
P&ARP			64				79				107				134
A&T			83				96				163				169
AS&I			32				39				65				82
Holdings and Corporate			(7	)			(5	)			(13	)			(11	)

SHIPMENTS AND REVENUE BY PRODUCT LINE

 

		Three months ended June 30,								Six months ended June 30,
(in k metric tons)		2024				2023				2024				2023
Packaging rolled products			187				194				374				377
Automotive rolled products			69				71				140				141
Specialty and other thin-rolled products			6				7				12				13
Aerospace rolled products			25				26				52				51
Transportation, industry, defense and other rolled products			35				34				65				67
Automotive extruded products			33				38				69				78
Other extruded products			22				28				45				60
Total shipments			378				398				758				787
(in millions of Euros)
Packaging rolled products			677				699				1,295				1,384
Automotive rolled products			296				312				583				616
Specialty and other thin-rolled products			29				38				62				79
Aerospace rolled products			244				271				507				524
Transportation, industry, defense and other rolled products			208				192				386				391
Automotive extruded products			233				280				475				573
Other extruded products			123				163				246				353
Other and inter-segment eliminations			(16	)			(5	)			(28	)			(14	)
Total revenue			1,795				1,950				3,526				3,906

Amounts may not sum due to rounding.

Certain reclassifications have been made to prior year amounts to conform to the current year presentation.

 

		15

---

NON-GAAP MEASURES

Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
Net income			71				32				88				54
Income tax expense			24				12				32				17
Income before tax			95				44				120				71
Finance costs - net			32				35				65				70
Income from operations			127				79				185				141
Depreciation and amortization			74				72				145				144
Restructuring costs (A)			3				—				3				—
Unrealized (gains) / losses on derivatives			(3	)			20				—				28
Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net			—				1				(2	)			—
Share based compensation costs			6				7				12				10
Losses on disposal (B)			—				—				1				6
Other (C)			7				—				7				—
Adjusted EBITDA (D)			214				179				351				329
of which Metal price lag (E)			42				(30	)			29				(45	)

 

(A)	For the three and six months ended June 30, 2024, restructuring costs amounted to €3 million and were related to cost improvement programs in Europe and in the U.S.

(B)	For the six months ended June 30, 2023, gains and losses on disposal costs net of transaction costs included a €5 million loss related to the sale of Constellium Ussel S.A.S. completed on February 2, 2023.

(C)	For the three and six months ended June 30, 2024, other was related to €5 million of inventory impairment as a result of flooding in Sierre and Chippis facilities at the end of June 2024 as well as €2 million of costs associated with non-recurring corporate transformation projects.

(D)	Adjusted EBITDA includes the non-cash impact of metal price lag as presented on the line below.

(E)

Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium’s Revenue are established and when aluminium purchase prices included in Cost of sales are established. The metal price lag will generally increase our earnings in times of rising primary aluminium prices and decrease our earnings in times of declining primary aluminium prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.

 

		16

---

Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2024				2023				2024				2023
Net cash flows from operating activities			152				133				206				167
Purchases of property, plant and equipment, net of grants received			(77	)			(65	)			(139	)			(133	)
Free Cash Flow			75				68				67				34

Reconciliation of borrowings to Net debt (a non-GAAP measure)

 

(in millions of Euros)		At June 30, 2024				At December 31, 2023
Borrowings			1,895				1,868
Fair value of net debt derivatives, net of margin calls			—				(2	)
Cash and cash equivalents			(213	)			(202	)
Net debt			1,682				1,664

 

		17

---

Non-GAAP measures

In addition to the results reported in accordance with International Financial Reporting Standards (“IFRS”), this press release includes information regarding certain financial measures which are not prepared in accordance with IFRS (“non-GAAP measures”). The non-GAAP measures used in this press release are: Adjusted EBITDA, Free Cash Flow and Net debt. Reconciliations to the most directly comparable IFRS financial measures are presented in the schedules to this press release. We believe these non-GAAP measures are important supplemental measures of our operating and financial performance. By providing these measures, together with the reconciliations, we believe we are enhancing investors’ understanding of our business, our results of operations and our financial position, as well as assisting investors in evaluating the extent to which we are executing our strategic initiatives. However, these non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures and may not be comparable to similarly titled measures of other companies.

Adjusted EBITDA is defined as income / (loss) from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation and amortization as adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange differences on transactions which do not qualify for hedge accounting, share based compensation expense, effects of certain purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain incremental costs and other exceptional, unusual or generally non-recurring items.

The most directly comparable IFRS measure to Adjusted EBITDA is our net income or loss for the period. We believe Adjusted EBITDA, as defined below, is useful to investors and is used by our management for measuring profitability because it excludes the impact of certain non-cash charges, such as depreciation, amortization, impairment and unrealized gains and losses on derivatives as well as items that do not impact the day-to-day operations and that management in many cases does not directly control or influence. Therefore, such adjustments eliminate items which have less bearing on our core operating performance.

Adjusted EBITDA measures are frequently used by securities analysts, investors and other interested parties in their evaluation of Constellium and in comparison to other companies, many of which present an Adjusted EBITDA-related performance measure when reporting their results.

Adjusted EBITDA is the measure of performance used by management in evaluating our operating performance, in preparing internal forecasts and budgets necessary for managing our business. Management believes this measure also provides additional information used by our lending facilities providers with respect to the ongoing performance of our underlying business activities. Historically, we have used Adjusted EBITDA in calculating our compliance with financial covenants under certain of our loan facilities.

 

		18

---

Adjusted EBITDA is not a presentation made in accordance with IFRS, is not a measure of financial condition, liquidity or profitability and should not be considered as an alternative to profit or loss for the period, revenues or operating cash flows determined in accordance with IFRS.

Free Cash Flow is defined as net cash flow from operating activities less capital expenditure, net of grants received. Management believes that Free Cash Flow is a useful measure of the net cash flow generated or used by the business as it takes into account both the cash generated or consumed by operating activities, including working capital, and the capital expenditure requirements of the business. However, Free Cash Flow is not a presentation made in accordance with IFRS and should not be considered as an alternative to operating cash flows determined in accordance with IFRS. Free Cash Flow has certain inherent limitations, including the fact that it does not represent residual cash flows available for discretionary spending, notably because it does not reflect principal repayments required in connection with our debt or capital lease obligations.

Net debt is defined as borrowings plus or minus the fair value of cross currency basis swaps net of margin calls less cash and cash equivalents and cash pledged for the issuance of guarantees. Management believes that Net debt is a useful measure of indebtedness because it takes into account the cash and cash equivalent balances held by the Company as well as the total external debt of the Company. Net debt is not a presentation made in accordance with IFRS, and should not be considered as an alternative to borrowings determined in accordance with IFRS. Leverage is defined as Net debt divided by last twelve months Segment Adjusted EBITDA, which excludes the non-cash impact of metal price lag.

 

		19

Second Quarter 2024 Earnings Call July 23, 2024 Exhibit 99.2

---

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 condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations; natural disasters including severe flooding and other weather-related events; the Russian war on Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. Second Quarter 2024 - Earnings Call -

---

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 information to also be useful for investors. Adjusted EBITDA measures are frequently used by securities analysts, investors and other interested parties in their evaluation of Constellium and in comparison to other companies, many of which present an adjusted EBITDA-related performance measure when reporting their results. Adjusted EBITDA, Free Cash Flow and Net debt are not presentations made in accordance with IFRS and may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures. This presentation provides a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. We are not able to provide a reconciliation of Adjusted EBITDA guidance to net income, the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of realized and unrealized gains and losses on derivative instruments, non-cash impact of metal price lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, our net income in the future. Second Quarter 2024 - Earnings Call -

---

Jean-Marc Germain Chief Executive Officer

---

Q2 2024 Highlights Safety: Recordable case rate (RCR)(1) of ~1.9 per million hours worked in Q2 2024; YTD RCR of ~2.1 per million hours worked Shipments: 378 thousand tons (-5% YoY) Revenue: €1.8 billion (-8% YoY) Net income: €71 million Cash from Operations: €152 million Free Cash Flow: €75 million Shareholder Returns: repurchased 1.56 million shares for $32.5 million Leverage: 2.5x at June 30, 2024 In late June we experienced an unprecedented flooding event at our operations in the Valais region of Switzerland (1) Recordable case rate measures the number of fatalities, serious injuries, lost-time injuries, restricted work injuries, or medical treatments per one million hours worked. Note: Segment Adjusted EBITDA excludes the non-cash impact of metal price lag. Adjusted EBITDA: €214 million Includes non-cash metal price lag impact of €42 million Solid Q2 results despite mixed end market demand environment and two large planned maintenance outages Adjusted EBITDA Bridge in € millions Second Quarter 2024 - Earnings Call -

---

Jack Guo Chief Financial Officer

---

Segment Adjusted EBITDA of €64 million Lower packaging and automotive shipments Unfavorable price and mix Operating challenges at Muscle Shoals Unfavorable metal costs Q2 2024 Performance Packaging & Automotive Rolled Products Q2 2024 Segment Adjusted EBITDA Bridge Q2 2024 Q2 2023 % △ Shipments (kt) 262 272 (4)% Revenue (€m) 1,001 1,049 (5)% Segment Adj. EBITDA (€m) 64 79 (19)% Segment Adj. EBITDA (€ / t) 244 291 (16)% Second Quarter 2024 - Earnings Call -

---

Aerospace & Transportation Q2 2024 Segment Adjusted EBITDA Bridge Q2 2024 Q2 2023 % △ Shipments (kt) 60 60 —% Revenue (€m) 452 464 (3)% Segment Adj. EBITDA (€m) 83 96 (14)% Segment Adj. EBITDA (€ / t) 1,395 1,613 (14)% Segment Adjusted EBITDA of €83 million Stable aerospace and TID shipments Unfavorable price and mix Lower costs Q2 2024 Performance Second Quarter 2024 - Earnings Call -

---

Automotive Structures & Industry Q2 2024 Segment Adjusted EBITDA Bridge Q2 2024 Q2 2023 % △ Shipments (kt) 56 66 (15)% Revenue (€m) 357 443 (19)% Segment Adj. EBITDA (€m) 32 39 (19)% Segment Adj. EBITDA (€ / t) 573 597 (4)% Segment Adjusted EBITDA of €32 million Lower automotive and industry shipments (Q2 2023 includes CED business which was sold in Q3 2023) Unfavorable price and mix Lower costs Unfavorable FX/Other Q2 2024 Performance Second Quarter 2024 - Earnings Call -

---

Free Cash Flow of €67 million; compared to H1 2023: Lower working capital Lower cash interest Lower Segment Adjusted EBITDA Higher capital expenditures Higher cash taxes Repurchased 1.89 million shares for $39.4 million Free Cash Flow Track Record of Free Cash Flow Generation in € millions in € millions H1 2024 H1 2023 Net cash flows from operating activities 206 167 Purchases of property, plant and equipment, net of grants received (139) (133) Free Cash Flow 67 34 H1 2024 Free Cash Flow Highlights Free Cash Flow: >€100 million Capex: ~€370 million Cash interest: ~€125 million Cash taxes: ~€55 million TWC/Other: modest use of cash Current 2024 Expectations(1) Second Quarter 2024 - Earnings Call - (1) Excludes any impact from the Valais flood.

---

Leverage of 2.5x at quarter-end Target leverage range of 1.5x to 2.5x No near-term bond maturities Strong liquidity position Debt / Liquidity Highlights Net Debt and Liquidity Maturity Profile(1) in € millions Liquidity in € millions Net Debt and Leverage in € millions Strong balance sheet and improved financial flexibility give us confidence to manage varying business conditions Leverage = Net Debt / LTM Segment Adjusted EBITDA, which excludes non-cash impact of metal price lag (1) See Borrowings Table in the Appendix for more details Second Quarter 2024 - Earnings Call -

---

Jean-Marc Germain Chief Executive Officer

---

Transportation, Industry and Defense (Rolled): Demand remains weak Industry (Europe Extrusions): Demand remains weak across industrial markets and visibility is low Other Specialties (Rolled) Demand remains weak Production of light vehicles near pre-COVID levels in North America; remains well below in Europe Demand remains stable in North America; demand continues to weaken in Europe Consumer demand for luxury cars, light trucks, and SUVs remains steady in North America Lightweighting megatrend driving increased demand for rolled and extruded products; long-term electrification trend still intact Canstock inventory adjustments appear behind us in both North America and Europe Demand continues to improve in both North America and Europe Promotional activities at the retail level remain below historical levels Long-term trends remain in place with low to mid-single digit growth expected in both North America and Europe Packaging 37% Automotive 29% End Market Updates Commercial aircraft backlogs are robust today Long-term trends expected to remain intact, including increased passenger traffic Major OEMs remain focused on increasing build rates for both narrow and wide body aircraft, though supply chain struggles are slowing the ramp Demand remains strong in business/regional jet, defense and space Aerospace 15% Specialties 19% A Diversified Platform Second Quarter 2024 - Earnings Call - Note: Percentages are based on LTM Revenue as of June 30, 2024.

---

Rebuilding Muscle Shoals Direct Chill casting center with a grant from the Department of Defense (DoD) Continuing to Plant Seeds Today for Future Growth and Profitability Total investment of ~$65 million, supported by a DoD grant of $23 million Increase annual casting capacity by up to 300 million pounds Expected to increase recycled input and reduce use of primary metal Provide the U.S. industrial base with an additional, self-reliant, domestic source of supply for aluminium rolling ingot Casting center expected to ramp up in H2 2026 Both projects expected to be funded within existing return-seeking capex levels and to well-exceed our target IRR of 15% New finishing lines in Singen in partnership with Lotte Infracell Total investment of ~€30 million, with contractual support of Lotte Infracell Constellium to supply foilstock for electric vehicle battery applications in Europe Provides diversification of the customer base for our specialty foilstock Expect project to be completed by the end of 2025, with scheduled ramp-up in 2026 Second Quarter 2024 - Earnings Call -

---

Update on Flooding Situation in the Valais Unprecedented flooding in the Valais region of Switzerland in late June, devastating the region, including industrial activities at Constellium and elsewhere Constellium’s plate and extrusion shops in Sierre and casthouse in Chippis severely flooded; operations have remained suspended All Constellium employees confirmed safe, but significant damage to equipment and facilities Cleaning and drying operations as well as testing and maintenance phase underway Mitigation plans underway to continue serving our customers, including optimization of internal industrial capacity ~700 employees in the Valais region, out of ~12,000 total for Constellium Sierre finishing capacity is 70-75kt, or less than 5% of our shipments, and an even lower percentage of our total manufacturing capacity Second Quarter 2024 - Earnings Call - Significant progress has been made and we are committed to limiting the impact to our customers

---

Currently expected Valais impact We are working closely with our insurance company and the latest insurance estimates have a gross damage assessment of approximately €135 million Includes estimated damages, cleaning costs and business interruption expenses The gross damage assessment is before consideration of insurance claim of up to €50 million, impact of mitigation plans which are underway, and potential government assistance (certain benefits already approved) Outlook Given the uncertainty around the impact from the severe flooding at our facilities in Switzerland, including the extent of the damage and the timing to restart production, we are pausing our guidance for 2024 Excluding the impact from the flood, our 2024 Adjusted EBITDA guidance(1) would have been reduced by approximately 5% as a result of the weaker market conditions We are confident at this time that the impact from the flood is digestible this year At this stage, we are prioritizing the restart based on criticality of equipment and customer needs We remain confident in delivering our Adjusted EBITDA target(1) of over €800 million in 2025 Targets Outlook We are confident at this time the impact from the flood is digestible this year and that it will not impact the long-term prospects of the business Second Quarter 2024 - Earnings Call - (1) Excludes the non-cash impact of metal price lag. (2) Excludes any impact from the Valais flood. 2024 Adjusted EBITDA(1) Paused ——— 2024 Free Cash Flow(2) >€100 million ——— 2025 Adjusted EBITDA(1) >€800 million ——— Leverage 1.5x - 2.5x

---

Solid performance in Q2 2024 Solid 2Q results despite mixed end market demand and two large planned maintenance outages Strong Free Cash Flow in the quarter of €75 million Increased share repurchases in Q2; H1 2024 repurchased 1.89 million shares for $39.4 million Operations in the Valais region in Switzerland impacted by significant flooding event in late June Exciting future ahead with opportunities to grow our business and enhance profitability and returns Diversified portfolio serving generally resilient end markets Durable, sustainability-driven secular growth trends driving increased demand for our products Infinitely recyclable aluminium is part of the circular economy Substantial value creation opportunities remain longer term; planting the seeds today for future growth and profitability Execution focused with proven ability to flex costs Strong balance sheet and Free Cash Flow generation allow financial flexibility and balanced capital allocations Approximately $260 million remaining on existing share repurchase program(1)(2) Key Messages Focused on executing our strategy and increasing shareholder value Second Quarter 2024 - Earnings Call - (1) Full execution of share repurchase program will require shareholder approval annually at the Annual General Meeting. (2) Expires December 2026.

---

Appendix

---

Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended June 30, Six months ended June 30, (in millions of Euros) 2024 2023 2024 2023 Net income 71 32 88 54 Income tax expense 24 12 32 17 Income before tax 95 44 120 71 Finance costs - net 32 35 65 70 Income from operations 127 79 185 141 Depreciation and amortization 74 72 145 144 Restructuring costs 3 — 3 — Unrealized (gains) / losses on derivatives (3) 20 — 28 Unrealized exchange (gains) / losses from the remeasurement of monetary assets and liabilities - net — 1 (2) — Share based compensation costs 6 7 12 10 Losses on disposal — — 1 6 Other 7 — 7 — Adjusted EBITDA 214 179 351 329 of which Metal price lag(1) 42 (30) 29 (45) Second Quarter 2024 - Earnings Call - (1) Excluded in Segment Adjusted EBITDA

---

Free Cash Flow Reconciliation Three months ended June 30, Six months ended June 30, (in millions of Euros) 2024 2023 2024 2023 Net cash flows from operating activities 152 133 206 167 Purchases of property, plant and equipment, net of grants received (77) (65) (139) (133) Free Cash Flow 75 68 67 34 (in millions of Euros) 2023 2022 2021 2020 2019 Net cash flows from operating activities 506 451 357 334 447 Purchases of property, plant and equipment, net of grants received (336) (269) (222) (177) (271) Free Cash Flow 170 182 135 157 176 Second Quarter 2024 - Earnings Call -

---

Net Debt Reconciliation ≥130 (in millions of Euros) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Borrowings 1,895 1,883 1,868 1,909 2,028 Fair value of net debt derivatives, net of margin calls — 1 (2) — — Cash and cash equivalents (213) (180) (202) (159) (178) Net Debt 1,682 1,704 1,664 1,750 1,850 LTM Segment Adjusted EBITDA(1) 661 697 713 690 682 Leverage 2.5x 2.4x 2.3x 2.5x 2.7x (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2024 - Earnings Call -

---

Reconciliation of LTM Segment Adjusted EBITDA to Net Income ≥130 Twelve months ended (in millions of Euros) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 P&ARP 256 271 283 272 283 A&T 318 331 324 304 270 AS&I 116 123 133 139 148 H&C (29) (28) (27) (25) (19) Segment Adjusted EBITDA 661 697 713 690 682 Metal price lag (12) (83) (86) (141) (184) Adjusted EBITDA 649 615 627 549 498 Share based compensation costs (22) (23) (20) (20) (19) Losses on pension plan amendments — — — 47 47 Depreciation and amortization (295) (293) (294) (299) (295) Restructuring costs (3) — — (1) (1) Unrealized (gains) / losses on derivatives 25 2 (3) 14 10 Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net — (1) (2) 1 — Losses on disposal 34 34 29 28 (9) Other (7) — — — — Income from operations 381 333 337 319 231 Finance costs - net (136) (139) (141) (139) (139) Income before tax 245 194 196 180 92 Income tax expense (82) (70) (67) (32) 123 Net income 163 124 129 148 215 (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2024 - Earnings Call -

---

Borrowings Table ≥130 At June 30, 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 $250 5.875% 234 (1) 5 238 230 Issued November 2017 and due 2026 $400 4.250% 400 (2) 6 404 404 Issued June 2020 and due 2028 $325 5.625% 303 (3) 1 301 291 Issued February 2021 and due 2029 $500 3.750% 467 (5) 4 466 452 Issued June 2021 and due 2029 $300 3.125% 300 (3) 4 301 300 Lease liabilities 151 — 1 152 154 Other loans 33 — — 33 37 Total Borrowings 1,888 (14) 21 1,895 1,868 Of which non-current 1,842 1,814 Of which current 53 54 Second Quarter 2024 - Earnings Call -

---