Constellium raises 2026 free cash flow outlook above $300M
Raised full-year targets set out a 2026 Adjusted EBITDA range and Free Cash Flow in excess of $300 million.
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Form Type
8-K
Rhea-AI Filing Summary
Constellium SE (CSTM) reported Q3 2026 revenue of $2.639 billion, up 22% year over year, and net income of $119 million versus $88 million. Adjusted EBITDA, a non-GAAP measure, was $276 million versus $235 million, including a negative non-cash metal price lag impact of $4 million; shipments were 368,000 metric tons, down 1%. Operating cash flow was $186 million and Free Cash Flow was $128 million. The company repurchased 1.0 million ordinary shares for $30 million; AS&I Segment Adjusted EBITDA fell 36% to $21 million, while A&T and P&ARP reported $102 million and $162 million, respectively.
For the first nine months, revenue was $7.848 billion, up 26%, net income was $463 million versus $162 million, and Adjusted EBITDA was $1.074 billion versus $566 million; Free Cash Flow was $223 million. Constellium raised 2026 guidance to Adjusted EBITDA of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. Net debt was $1.658 billion and leverage was 1.6x at September 30, 2026. On October 22, 2026, the Pan-U.S. ABL amendment increased available commitments from $550 million to $700 million and extended maturity to October 22, 2031.
4 points · 1 major0 major · 1 point
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 Adjusted EBITDA guidance rose to $1.03 billion to $1.06 billion.
- Moderate pointQ3 revenue rose 22% to $2.639 billion.
- Moderate pointQ3 net income was $119 million, versus $88 million in Q3 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 Free Cash Flow guidance is in excess of $300 million.
Negative
- Moderate pointAS&I Q3 Segment Adjusted EBITDA fell 36% to $21 million.
Filing Explained
This 8-K furnishes Constellium’s third-quarter results; the release says Free Cash Flow excludes required debt or lease principal repayments, so it is not residual cash available for discretionary spending.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $2.639 billion
Net income: $119 million
Adjusted EBITDA: $276 million
+5 more
8 metrics
Revenue
$2.639 billion
Q3 2026; up 22% from Q3 2025
Net income
$119 million
Q3 2026; $88 million in Q3 2025
Adjusted EBITDA
$276 million
Q3 2026; $235 million in Q3 2025; includes a negative non-cash metal price lag impact of $4 million
Cash from operations
$186 million
Q3 2026
Free Cash Flow
$128 million
Q3 2026; $30 million in Q3 2025
2026 Adjusted EBITDA guidance
$1.03 billion to $1.06 billion
Excludes the non-cash impact of metal price lag
2026 Free Cash Flow guidance
In excess of $300 million
2026 guidance
Leverage
1.6x
At September 30, 2026
Key Terms
Adjusted EBITDA, Free Cash Flow, metal price lag, Net debt
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA is defined as income / (loss) from continuing operations"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow is defined as net cash flow from operating activities"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
metal price lag financial
"Metal price lag represents the financial impact of the timing difference"
Metal price lag describes the delay between changes in market metal prices and the prices that a mining, smelting, or metal-consuming company actually records in its sales or contracts. It matters to investors because a company’s recent revenue and profit can reflect older, lower or higher metal prices rather than current spot levels, so earnings and cash flow may appear out of step with market moves—like a thermostat that takes time to catch up to the room’s temperature.
Net debt financial
"Net debt is defined as debt plus or minus the fair value"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Earnings Snapshot
Revenue: $2.639 billion · Guidance included
Third quarter of 2026
Revenue
$2.639 billion
Up 22% from Q3 2025
Net income
$119 million
Compared with $88 million in Q3 2025
Adjusted EBITDA
$276 million
Up 17% from Q3 2025
Free Cash Flow
$128 million
Compared with $30 million in Q3 2025
Guidance
For 2026, Adjusted EBITDA of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What 2026 guidance did CSTM raise?
Constellium expects 2026 Adjusted EBITDA of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. The company said it cannot reconcile the Adjusted EBITDA guidance to net income because certain excluded items cannot be reasonably predicted or are not within its control.
AI-generated analysis. How Rhea-AI works. Not financial advice.
October 28, 2026 Constellium Reports Strong Third Quarter 2026 Results; Raises Full Year 2026 Guidance Paris - Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the third quarter and the nine months ended September 30, 2026. Third quarter 2026 highlights: • Shipments of 368 thousand metric tons, down 1% compared to Q3 2025 • Revenue of $2.6 billion, up 22% compared to Q3 2025 • Net income of $119 million compared to net income of $88 million in Q3 2025 • Adjusted EBITDA of $276 million > Includes negative non-cash metal price lag impact of $4 million • Segment Adjusted EBITDA of $102 million at A&T, $162 million at P&ARP and $21 million at AS&I, partially offset by corporate costs of $(5) million, together representing a new third quarter record for the Company • Cash from Operations of $186 million and Free Cash Flow of $128 million • Returned $30 million to shareholders through the share repurchase program Nine months ended September 30, 2026 highlights: • Shipments of 1.1 million metric tons, down 1% compared to YTD 2025 • Revenue of $7.8 billion, up 26% compared to YTD 2025 • Net income of $463 million compared to net income of $162 million in YTD 2025 • Adjusted EBITDA of $1.1 billion > Includes positive non-cash metal price lag impact of $222 million • Segment Adjusted EBITDA of $340 million at A&T, $478 million at P&ARP and $71 million at AS&I, partially offset by corporate costs of $(37) million, together representing a record first nine months for the Company • Cash from Operations of $420 million and Free Cash Flow of $223 million • Returned $78 million to shareholders through the share repurchase program • Leverage of 1.6x at September 30, 2026 Media Contacts Investor Relations Communications Jason Hershiser Delphine Dahan-Kocher Phone: +1 443 988-0600 Phone: +1 443 420 7860 investor-relations@constellium.com delphine.dahan-kocher@constellium.com 1
“Constellium delivered another strong quarter, including record third quarter Adjusted EBITDA, despite the ongoing uncertainties on the macroeconomic and geopolitical fronts,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “We achieved strong financial performance across all of our operating segments again this quarter, including record third quarter Segment Adjusted EBITDA at both our A&T and P&ARP segments. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics, including an improved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive rolled products in North America, and strong recycling performance in both North America and Europe. We generated Free Cash Flow of $128 million in the third quarter, and during the quarter we returned $30 million to shareholders through the repurchase of 1.0 million ordinary shares. As a reminder, in July we completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028. We ended the quarter with leverage at 1.6x, near the low end of our target leverage range of 1.5x to 2.5x.” Ms. Joerg continued, "Even though the current landscape remains volatile, we have a strong track record of navigating and executing in any environment. Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA in the range of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. Looking ahead, we like our end market position and we are optimistic about our prospects, which include harvesting the benefits from our previously announced return-seeking investments and capturing future market opportunities. Our focus remains on executing our strategy, driving operational performance, controlling cost, maintaining commercial and capital discipline, generating Free Cash Flow and increasing shareholder value.” 2
Group Summary Q3 2026 Q3 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 368 373 (1) % 1,120 1,130 (1) % Revenue ($ millions) 2,639 2,166 22 % 7,848 6,248 26 % Net income ($ millions) 119 88 35 % 463 162 186 % Adjusted EBITDA ($ millions) 276 235 17 % 1,074 566 90 % Metal price lag (non-cash) ($ millions) (4) 39 n.m. 222 59 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 non-cash impact of metal price lag. For the third quarter of 2026, the Company had shipments of 368 thousand metric tons, a decrease of 1% compared to the third quarter of 2025 due to lower shipments in the P&ARP and AS&I segments, partially offset by higher shipments in the A&T segment. Revenue was $2.6 billion, an increase of 22% compared to the third quarter of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income of $119 million reflected an increase of $31 million compared to net income of $88 million in the third quarter of 2025. Adjusted EBITDA was $276 million, an increase of $41 million compared to Adjusted EBITDA of $235 million in the third quarter of 2025 due to stronger results in our A&T and P&ARP segments and lower corporate costs, partially offset by weaker results in our AS&I segment, an unfavorable change in the non-cash metal price lag impact, and unfavorable foreign exchange translation. For the first nine months of 2026, the Company had shipments of 1.1 million metric tons, a decrease of 1% compared to the first nine months of 2025 due to lower shipments in the P&ARP and AS&I segments, partially offset by higher shipments in the A&T segment. Revenue was $7.8 billion, an increase of 26% compared to the first nine months of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income of $463 million reflected an increase of $301 million compared to net income of $162 million in the first nine months of 2025. Adjusted EBITDA was $1.1 billion, an increase of $508 million compared to the first nine months of 2025 due to stronger results in each of our operating segments, a favorable change in the non-cash metal price lag impact, and favorable foreign exchange translation, partially offset by higher corporate costs. 3
Results by Segment Aerospace & Transportation (A&T) Q3 2026 Q3 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 59 50 18 % 184 154 19 % Revenue ($ millions) 664 481 38 % 1,954 1,441 36 % Segment Adjusted EBITDA ($ millions) 102 90 13 % 340 256 33 % Segment Adjusted EBITDA per metric ton ($) 1,724 1,796 (4) % 1,845 1,662 11 % For the third quarter of 2026, Segment Adjusted EBITDA was $102 million, an increase of 13% compared to the third quarter of 2025 primarily due to higher shipments and favorable price and mix, partially offset by higher operating costs given higher activity levels and unfavorable foreign exchange translation. Shipments of 59 thousand metric tons reflected an increase of 18% compared to the third quarter of 2025 due to higher shipments of aerospace and TID rolled products, which benefited from an improved market environment. Revenue was $664 million, an increase of 38% compared to the third quarter of 2025 due to higher shipments and higher revenue per ton, including higher metal prices. For the first nine months of 2026, Segment Adjusted EBITDA was $340 million, an increase of 33% compared to the first nine months of 2025 primarily due to higher shipments, favorable price and mix, and favorable foreign exchange translation, partially offset by higher operating costs given higher activity levels. Shipments of 184 thousand metric tons reflected an increase of 19% compared to the first nine months of 2025 due to higher shipments of aerospace and TID rolled products, which benefited from an improved market environment. TID also benefited from supply shortages of automotive rolled products in North America. Revenue was $2.0 billion, an increase of 36% compared to the first nine months of 2025 due to higher shipments and higher revenue per ton, including higher metal prices. Packaging & Automotive Rolled Products (P&ARP) Q3 2026 Q3 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 266 275 (3) % 793 820 (3) % Revenue ($ millions) 1,625 1,307 24 % 4,782 3,729 28 % Segment Adjusted EBITDA ($ millions) 162 82 98 % 478 217 120 % Segment Adjusted EBITDA per metric ton ($) 608 298 104 % 603 265 128 % For the third quarter of 2026, Segment Adjusted EBITDA was $162 million, an increase of 98% compared to the third quarter of 2025 primarily due to favorable price and mix and favorable metal costs at both Muscle Shoals and Neuf-Brisach, including the continued ramp up of our recycling center in France, partially offset by lower shipments. Shipments of 266 thousand 4
metric tons reflected a decrease of 3% compared to the third quarter of 2025 due to lower shipments of packaging rolled products, partially offset by higher shipments of automotive rolled products, which benefited from supply shortages in North America. Revenue was $1.6 billion, an increase of 24% compared to the third quarter of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. For the first nine months of 2026, Segment Adjusted EBITDA was $478 million, an increase of 120% compared to the first nine months of 2025 primarily due to favorable price and mix, favorable metal costs at both Muscle Shoals and Neuf-Brisach, including the continued ramp up of our recycling center in France, and favorable foreign exchange translation, partially offset by lower shipments. Shipments of 793 thousand metric tons reflected a decrease of 3% compared to the first nine months of 2025 mainly due to lower shipments of packaging rolled products, partially offset by higher shipments of automotive rolled products, which benefited from supply shortages in North America. Revenue was $4.8 billion, an increase of 28% compared to the first nine months of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Automotive Structures & Industry (AS&I) Q3 2026 Q3 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 46 48 (4) % 151 155 (3) % Revenue ($ millions) 402 409 (2) % 1,275 1,211 5 % Segment Adjusted EBITDA ($ millions) 21 33 (36) % 71 67 6 % Segment Adjusted EBITDA per metric ton ($) 454 683 (34) % 470 431 9 % For the third quarter of 2026, Segment Adjusted EBITDA was $21 million, a decrease of 36% compared to the third quarter of 2025 primarily due to lower shipments and unfavorable price and mix primarily driven by net customer compensation for underperformance of an automotive program received in the third quarter of 2025, partially offset by lower operating costs. Shipments of 46 thousand metric tons reflected a decrease of 4% compared to the third quarter of 2025 due to lower shipments of both automotive and other extruded products. Revenue was $402 million, a decrease of 2% compared to the third quarter of 2025 due to lower shipments, partially offset by higher revenue per ton, including higher metal prices. For the first nine months of 2026, Segment Adjusted EBITDA was $71 million, an increase of 6% compared to the first nine months of 2025 primarily due to lower operating costs and favorable foreign exchange translation, partially offset by lower shipments and unfavorable price and mix primarily driven by net customer compensation for underperformance of an automotive program received in the third quarter of 2025. Shipments of 151 thousand metric tons reflected a decrease of 3% compared to the first nine months of 2025 due to lower shipments of both automotive and other extruded products. Revenue was $1.3 billion, an increase of 5% compared to the first nine months of 2025 primarily due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. 5
The following table reconciles the total of our segments’ measures of profitability to the group’s net income: Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 A&T 102 90 340 256 P&ARP 162 82 478 217 AS&I 21 33 71 67 Holdings and Corporate(1) (5) (9) (37) (32) Segment Adjusted EBITDA 280 196 852 507 Metal price lag (4) 39 222 59 Adjusted EBITDA 276 235 1,074 566 Other adjustments (89) (82) (345) (239) Finance costs - net (27) (27) (83) (83) Income before tax 160 126 646 244 Income tax expense (41) (38) (183) (82) Net income 119 88 463 162 (1) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities. 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 aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established, which is a non-cash financial impact. 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 the third quarter of 2026, metal price lag was negative, which reflects prices for primary aluminum decreasing during the period. For the third quarter of 2025 and the first nine months of both 2026 and 2025, metal price lag was positive, which reflects prices for primary aluminum increasing during the periods. Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 16. 6
Net Income For the third quarter of 2026, net income of $119 million compares to net income of $88 million in the third quarter of the prior year. The increase in net income is primarily related to higher gross profit (revenue less cost of sales, excluding depreciation and amortization), partially offset by unfavorable changes in other gains and losses. For the first nine months of 2026, net income of $463 million compares to net income of $162 million in the first nine months of the prior year. The increase in net income is primarily related to higher gross profit (revenue less cost of sales, excluding depreciation and amortization) and favorable changes in other gains and losses, partially offset by higher selling and administrative expenses and higher income tax expense. Cash Flow Cash flows from operating activities were $420 million for the first nine months of 2026 compared to cash flows from operating activities of $271 million in the first nine months of the prior year. Free Cash Flow was $223 million in the first nine months of 2026 compared to $68 million in the first nine months of the prior year. The increase in Free Cash Flow was primarily due to higher Segment Adjusted EBITDA, partially offset by an unfavorable change in working capital. Cash flows used in investing activities were $195 million for the first nine months of 2026 compared to cash flows used in investing activities of $200 million in the first nine months of the prior year. Cash flows used in financing activities were $184 million for the first nine months of 2026 compared to cash flows used in financing activities of $103 million in the first nine months of the prior year. During the first nine months of 2026, the Company repurchased 2.8 million ordinary shares of the Company for $78 million and redeemed $100 million out of the $325 million outstanding aggregate principal amount of its 5.625% Senior Notes due June 2028. During the first nine months of 2025, the Company repurchased 6.5 million ordinary shares of the Company for $75 million. Liquidity and Net Debt Liquidity at September 30, 2026 was $992 million, comprised of $158 million of cash and cash equivalents and $834 million available under our committed lending facilities and factoring arrangements. Total debt was $1,817 million at September 30, 2026, compared to $1,944 million at December 31, 2025. Net debt was $1,658 million at September 30, 2026, compared to $1,824 million at December 31, 2025. As a reminder, in July the Company completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028, leaving $225 million aggregate principal amount outstanding. 7
Outlook Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA in the range of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. 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, 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 On October 22, 2026, the Pan-U.S. ABL was amended to, among other things, increase the available commitments from $550 million to $700 million and extend the maturity to October 22, 2031. 8
Forward-looking statements Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release contains “forward-looking statements” with respect to our business, results of operations and financial condition, including, among others, statements regarding anticipated macroeconomic, end- market and industry environments, our areas of execution focus, and earnings guidance. You can identify forward-looking statements because they contain words such as, but not limited to, “anticipates,” “approximately,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “likely,” “may,” “plans,” “should,” “targets,” “will,” “would,” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties and are based on underlying assumptions that may prove incorrect. 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; global or regional economic downturns or industry specific conditions, including the impacts of tax and tariff programs, inflation, foreign currency exchange, and industry consolidation; disruption to business operations; natural disasters including severe flooding and other weather-related events; geopolitical tensions and conflicts, including the ongoing conflict between Russia and Ukraine and the ongoing conflict involving the United States, Israel and Iran; 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 10-K, 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 aluminum products for a broad scope of markets and applications, including aerospace, packaging and automotive. Constellium generated $8.4 billion of revenue in 2025. Constellium’s earnings materials for the third quarter and the nine months ended September 30, 2026 are also available on the company’s website (www.constellium.com). 9
Non-GAAP measures In addition to the results reported in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”), this press release includes information regarding certain financial measures which are not prepared in accordance with U.S. GAAP (“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 U.S. GAAP 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 U.S. GAAP disclosures and should not be considered an alternative to the U.S. GAAP measures and may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a presentation made in accordance with U.S. GAAP, 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 U.S. GAAP. The most directly comparable U.S. GAAP measure to Adjusted EBITDA is our net income or loss for the relevant period. 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, non-operating gains / (losses) on pension and other post-employment benefits, factoring expenses, 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. We believe Adjusted EBITDA is useful to investors as it illustrates the underlying performance of continuing operations by excluding certain non-recurring and non-operating items. We believe that Adjusted EBITDA is frequently used by securities analysts, investors and other stakeholders in their evaluation of the Company’s performance. Free Cash Flow is defined as net cash flow from operating activities, less capital expenditures, net of property, plant and equipment inflows. 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 U.S. GAAP and should not be considered as an alternative to operating cash flows determined in accordance with U.S. GAAP. 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. 10
Net debt is defined as debt 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 U.S. GAAP and should not be considered as an alternative to debt determined in accordance with U.S. GAAP. Leverage is defined as Net debt divided by last twelve months Segment Adjusted EBITDA, which excludes the non-cash impact of metal price lag. 11
CONSOLIDATED INCOME STATEMENT (unaudited) Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Revenue 2,639 2,166 7,848 6,248 Cost of sales (excluding depreciation and amortization) (2,272) (1,852) (6,581) (5,408) Depreciation and amortization (82) (84) (249) (244) Selling and administrative expenses (84) (85) (282) (251) Research and development expenses (12) (12) (39) (37) Other gains and losses – net (2) 20 32 19 Finance costs – net (27) (27) (83) (83) Income before tax 160 126 646 244 Income tax expense (41) (38) (183) (82) Net income 119 88 463 162 Attributable to: Equity holders of Constellium SE 117 88 462 161 Non-controlling interests 2 — 1 1 Net income 119 88 463 162 Earnings per share attributable to the equity holders of Constellium SE (in dollars) Basic 0.87 0.63 3.41 1.14 Diluted 0.84 0.62 3.31 1.13 Weighted average number of shares (in thousands) Basic 134,875 138,669 135,378 140,655 Diluted 138,987 140,525 139,741 142,280 12
CONSOLIDATED BALANCE SHEETS (unaudited) (in millions of U.S. dollars) except share data and as otherwise stated At September 30, 2026 At December 31, 2025 Assets Current assets Cash and cash equivalents 158 120 Trade receivables and other, net 1,003 723 Inventories 1,905 1,407 Fair value of derivative instruments and other financial assets 42 72 Total current assets 3,108 2,322 Non-current assets Property, plant and equipment, net 2,461 2,585 Goodwill 47 47 Intangible assets, net 79 88 Deferred tax assets 124 270 Trade receivables and other, net 35 31 Fair value of derivative instruments 1 11 Total non-current assets 2,747 3,032 Total assets 5,855 5,354 Liabilities Current liabilities Trade payables and other 1,943 1,674 Current portion of long-term debt 39 39 Fair value of derivative instruments 39 18 Income tax payable 29 18 Pension and other benefit obligations 23 24 Provisions 23 25 Total current liabilities 2,096 1,798 Non-current liabilities Trade payables and other 161 163 Long-term debt 1,778 1,905 Fair value of derivative instruments 13 3 Pension and other benefit obligations 318 338 Provisions 90 106 Deferred tax liabilities 58 70 Total non-current liabilities 2,418 2,585 Total liabilities 4,514 4,383 Commitments and contingencies Shareholders' equity Ordinary shares, par value €0.02, 140,819,884 and 146,819,884 shares issued at September 30, 2026 and at December 31, 2025, respectively; 134,536,604 and 135,424,702 shares outstanding at September 30, 2026 and at December 31, 2025, respectively 4 4 Additional paid in capital 623 693 Accumulated other comprehensive income 28 54 Retained earnings 790 354 Treasury shares 6,283,280 at September 30, 2026 and 11,395,182 at December 31, 2025 (111) (153) Equity attributable to equity holders of Constellium SE 1,334 952 Non-controlling interests 7 19 Total equity 1,341 971 Total equity and liabilities 5,855 5,354 13
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 119 88 463 162 Adjustments Depreciation and amortization 82 84 249 244 Impairment of assets — — 3 — Pension and other long-term benefits 3 3 10 7 Finance costs - net 27 27 83 83 Income tax expense 41 38 183 82 Unrealized (gains) /losses on derivatives - net and from remeasurement of monetary assets and liabilities - net (4) (14) 55 (38) Losses on disposal — — 1 1 Other - net 16 14 48 36 Changes in working capital Inventories (32) (44) (527) (109) Trade receivables 151 (19) (267) (280) Trade payables (170) (20) 310 221 Other 20 2 (4) 7 Change in provisions (2) 1 (15) (1) Pension and other long-term benefits paid (15) (19) (40) (44) Interest paid (29) (30) (79) (83) Income tax paid (21) (12) (53) (17) Net cash flows from operating activities 186 99 420 271 Purchases of property, plant and equipment (61) (75) (210) (221) Property, plant and equipment inflows 3 6 13 18 Collection of deferred purchase price receivable — — — 2 Proceeds from disposals, net of cash — — 2 — Other investing activities — — — 1 Net cash flows used in investing activities (58) (69) (195) (200) Repurchase of ordinary shares (30) (25) (78) (75) Repayments of long-term debt (104) (2) (106) (5) Net change in revolving credit facilities and short-term debt 2 (11) 6 17 Finance lease repayments (2) (2) (6) (5) Transactions with non-controlling interests (3) (3) (9) (7) Other financing activities 4 2 9 (28) Net cash flows used in financing activities (133) (41) (184) (103) Net (decrease) / increase in cash and cash equivalents (6) (11) 41 (32) Cash and cash equivalents - beginning of the period 163 133 120 141 Net (decrease) / increase in cash and cash equivalents (6) (11) 41 (32) Effect of exchange rate changes on cash and cash equivalents — — (3) 13 Cash and cash equivalents - end of period 158 122 158 122 14
SEGMENT ADJUSTED EBITDA Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 A&T 102 90 340 256 P&ARP 162 82 478 217 AS&I 21 33 71 67 SHIPMENTS AND REVENUE BY PRODUCT LINE Three months ended September 30, Nine months ended September 30, (in k metric tons) 2026 2025 2026 2025 Aerospace rolled products 23 21 75 67 Transportation, industry, defense and other rolled products 36 29 109 88 Packaging rolled products 201 215 584 631 Automotive rolled products 61 56 196 175 Specialty and other thin-rolled products 4 4 13 14 Automotive extruded products 26 27 85 88 Other extruded products 20 21 66 68 Other and inter-segment eliminations (3) — (9) (1) Total shipments 368 373 1,120 1,130 Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Aerospace rolled products 330 265 1,008 798 Transportation, industry, defense and other rolled products 335 216 945 643 Packaging rolled products 1,186 984 3,421 2,764 Automotive rolled products 409 298 1,269 883 Specialty and other thin-rolled products 31 26 92 81 Automotive extruded products 241 259 769 742 Other extruded products 161 150 506 470 Other and inter-segment eliminations (53) (31) (163) (133) Total Revenue by product line 2,639 2,166 7,848 6,248 Amounts may not sum due to rounding. 15
NON-GAAP MEASURES Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure) Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 119 88 463 162 Income tax expense 41 38 183 82 Income before tax 160 126 646 244 Finance costs – net 27 27 83 83 Expenses on factoring arrangements 6 5 15 16 Depreciation and amortization 82 84 249 244 Impairment of assets — — 3 — Restructuring costs — 1 5 3 Unrealized (gains) / losses on derivatives (5) (13) 55 (34) Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net — (1) (1) (1) Pension and other post-employment benefits - non-operating gains (3) (3) (10) (10) Share based compensation 8 7 27 20 Losses / (gains) on disposal — — 1 1 Other (A) 1 2 1 — Adjusted EBITDA1 276 235 1,074 566 of which Metal price lag (B) (4) 39 222 59 1Adjusted EBITDA includes the non-cash impact of metal price lag. (A) For the nine months ended September 30, 2025, Other mainly includes $9 million of insurance proceeds and $8 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). (B) Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established, which is a non-cash financial impact. 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 September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net cash flows from operating activities 186 99 420 271 Purchases of property, plant and equipment (61) (75) (210) (221) Property, plant and equipment inflows 3 6 13 18 Free Cash Flow 128 30 223 68 Reconciliation of Total debt to Net debt (a non-GAAP measure) (in millions of U.S. dollars) At September 30, 2026 At December 31, 2025 Debt 1,817 1,944 Fair value of cross currency basis swaps, net of margin calls (1) — Cash and cash equivalents (158) (120) Net debt 1,658 1,824 17
Third Quarter 2026 Earnings Call October 28, 2026
Forward-Looking Statements Certain statements contained in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation contains “forward-looking statements” with respect to our business, results of operations and financial condition, including, among others, statements regarding anticipated macroeconomic, end-market and industry environments, our areas of execution focus, and earnings guidance. You can identify forward-looking statements because they contain words such as, but not limited to, “anticipates,” “approximately,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “likely,” “may,” “plans,” “should,” “targets,” “will,” “would,” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties and are based on underlying assumptions that may prove incorrect. 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; global or regional economic downturns or industry specific conditions, including the impacts of tax and tariff programs, inflation, foreign currency exchange, and industry consolidation; disruption to business operations; natural disasters including severe flooding and other weather-related events; geopolitical tensions and conflicts, including the ongoing conflict between Russia and Ukraine and the ongoing conflict involving the United States, Israel and Iran; 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 10-K, 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 presentation. 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. Third Quarter 2026 - Earnings Call - 2
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. Adjusted EBITDA, Free Cash Flow and Net debt are not presentations made in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measures. This presentation provides a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. For the definitions of Adjusted EBITDA, Free Cash Flow and Net debt, please refer to our accompanying press release. 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, 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. Third Quarter 2026 - Earnings Call - 3
Ingrid Joerg Chief Executive Officer
Q3 2026 Highlights > Recordable case rate (RCR)(1) of 2.1 per million hours worked in Q3 2026; 2026 YTD RCR of 1.65 per million hours worked (vs. 1.91 per million hours worked in 2025) > Record third quarter Adjusted EBITDA(2), following record performance in the first half of the year – Favorable market dynamics, including aerospace and TID, automotive in North America and cansheet in North America and Europe – Improved price/mix and strong recycling benefits in North America and Europe – Disciplined operational focus and cost control > Continued ramp up of our recycling center in Neuf-Brisach > Customer qualifications for our third Airware casthouse in Issoire are underway > Balanced capital allocations including share repurchases and gross debt reduction (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. (2) Excludes the non-cash impact of metal price lag. Another quarter with strong execution and record Adjusted EBITDA(2) Third Quarter 2026 - Earnings Call - 5
Jack Guo Chief Financial Officer
Q3 2026 Financials > Shipments: 368 thousand tons (-1% YoY) > Revenue: $2.6 billion (+22% YoY) > Net income: $119 million > Adjusted EBITDA: $276 million – Includes negative non-cash metal price lag impact of $4 million > Cash from Operations: $186 million > Free Cash Flow: $128 million > Shareholder Returns: repurchased 1.0 million of the Company’s ordinary shares for $30 million > Leverage: 1.6x at September 30, 2026 Note: Segment Adjusted EBITDA excludes the non-cash impact of metal price lag. Amounts may not sum due to rounding. Record Q3 results despite ongoing macroeconomic and geopolitical uncertainties Third Quarter 2026 - Earnings Call - 7 Adjusted EBITDA Bridge in $ millions
90 34 20 (40) (2) 102 Q3 2025 Volume Price & Mix Costs FX / Other Q3 2026 Q3 2026 Q3 2025 % △ Shipments (kt) 59 50 18 % Revenue ($m) 664 481 38 % Segment Adj. EBITDA ($m) 102 90 13 % Segment Adj. EBITDA ($ / t) 1,724 1,796 (4) % Aerospace & Transportation Q3 2026 Segment Adjusted EBITDA Bridge Q3 2026 Performance Third Quarter 2026 - Earnings Call - 8 Segment Adjusted EBITDA of $102 mil l ion > Higher aerospace and TID shipments > Favorable price and mix > Higher operating costs given higher activity levels > Unfavorable foreign exchange translation
82 (7) 18 70 (1) 162 Q3 2025 Volume Price & Mix Costs FX / Other Q3 2026 Q3 2026 Q3 2025 % △ Shipments (kt) 266 275 (3) % Revenue ($m) 1,625 1,307 24 % Segment Adj. EBITDA ($m) 162 82 98 % Segment Adj. EBITDA ($ / t) 608 298 104 % Packaging & Automotive Rolled Products Q3 2026 Segment Adjusted EBITDA Bridge Q3 2026 Performance Third Quarter 2026 - Earnings Call - 9 Segment Adjusted EBITDA of $162 mil l ion > Higher automotive shipments (benefiting from supply shortages in North America); lower packaging shipments > Favorable price and mix > Favorable metal costs > Unfavorable foreign exchange translation
33 (6) (23) 18 (1) 21 Q3 2025 Volume Price & Mix Costs FX / Other Q3 2026 Q3 2026 Q3 2025 % △ Shipments (kt) 46 48 (4) % Revenue ($m) 402 409 (2) % Segment Adj. EBITDA ($m) 21 33 (36) % Segment Adj. EBITDA ($ / t) 454 683 (34) % Automotive Structures & Industry Q3 2026 Segment Adjusted EBITDA Bridge Q3 2026 Performance Third Quarter 2026 - Earnings Call - 10 Segment Adjusted EBITDA of $21 mil l ion > Lower automotive and industry shipments > Unfavorable price and mix (Q3 2025 included net customer compensation for underperformance of an auto program) > Lower operating costs > Unfavorable foreign exchange translation
171 164 (15) 180 FCF + Cash received for collection of deferred purchase price receivables 2022 2023 2024 2025 2026E > Free Cash Flow of $223 million; higher compared to YTD 2025 primarily as a result of: – Higher Segment Adjusted EBITDA, lower capex, and lower cash interest, partially offset by an unfavorable change in working capital and higher cash taxes > Repurchased 2.8 million of the Company’s ordinary shares for $78 million > Free Cash Flow: >$300 million – Capex: ~$330 million – Cash interest: ~$125 million – Cash taxes: ~$105 million – TWC/Other: use of cash given high metal price environment > Expect to use FCF generated for debt reduction and share repurchase program in $ millions YTD 2026 YTD 2025 Net cash flows from operating activities 420 271 Purchases of property, plant and equipment net of property, plant and equipment inflows (197) (203) Free Cash Flow 223 68 Collection of deferred purchase price receivables — 2 Track Record of Free Cash Flow Generation(1) in $ millions YTD 2026 Free Cash Flow Highlights Current 2026 Guidance Third Quarter 2026 - Earnings Call - 11(1) Includes $2 million, $85 million, $97 million, and $90 million of cash received for collection of deferred purchase price receivables for the 2025, 2024, 2023 and 2022 periods, respectively, as a result of IFRS to U.S. GAAP conversion. >300 Free Cash Flow (1)
> Leverage of 1.6x at quarter-end – Target leverage range of 1.5x to 2.5x > Strong liquidity position; no bond maturities until 2028 > In July 2026, completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028 > In October 2026, extended Pan-U.S. ABL maturity to 2031 and increased facility size to $700 million Debt / Liquidity Highlights Net Debt and Liquidity Maturity Profile in $ millions Liquidity(1) in $ millions 0 0 225 841 0 0 691 2026 2027 2028 2029 2030 2031 2032 Net Debt and Leverage in $ millions 831 866 904 1,058 992 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Strong balance sheet and financial flexibility to manage varying business conditions Leverage = Net Debt / LTM Segment Adjusted EBITDA, which excludes non-cash impact of metal price lag Third Quarter 2026 - Earnings Call - 12(1) Liquidity is comprised of cash and cash equivalents and availability under our committed lending facilities and factoring arrangements. 1,891 1,824 1,829 1,760 1,658 3.1x 2.5x 2.2x 1.8x 1.6x Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Ingrid Joerg Chief Executive Officer
End Market Update Third Quarter 2026 - Earnings Call - 14*Demand trend characteristics are forward-looking and subject to risks and uncertainties. See “Forward-Looking Statements.” (1) Excludes the non-cash impact of metal price lag and Holdings and Corporate. Aerospace Transportation, Industry, Defense Packaging Automotive 7% 55% 38% A&T P&ARP AS&I > OEMs with record backlogs and rising delivery ambitions > Robust demand for high value-add products serving commercial aviation, space and military opportunities LTM Segment Adjusted EBITDA(1) > Onshoring, semiconductor infrastructure build and strong expected recovery in commercial transportation driving healthy outlook in NA > Defense ramping up in EU; Industry relatively stable in EU > Aluminum continuing to gain share against other substrates > Can makers adding capacity to meet long-term demand > Long-term demand for cansheet healthy in NA and EU > Relatively resilient demand in NA, balanced with tariff uncertainties > Weak demand in EU, with OEMs facing stiffer competition Other (Europe) > Healthy outlook for rail and selected hard alloy extrusion markets > Specialties and soft alloy extrusion markets remain weak and levered to the health of EU industrial economy
> Growth in aerospace, TID and cansheet in North America and Europe > Stable demand with strong mix for automotive body sheet in North America > Automotive and other specialties expected to remain weak in Europe > Healthy scrap environment in Europe, and in North America, although potentially less favorable than record 2026 but difficult to predict at this stage > Benefits from return seeking investments: – Recycling center in Neuf-Brisach continues to ramp up – New Airware casthouse to begin commercial shipments in early 2027 – Muscle Shoals casting center to start up mid 2027 – Other debottlenecking investments to meet growing demand for rolled products > Vision 2028 program well underway; focused on mitigating headwinds, including Section 338 tariffs > Balanced capital allocations including capital investments, shareholder returns and debt reductions Looking Ahead Focused on executing our strategy and increasing shareholder value Updated 2026 Guidance (1) Excludes the non-cash impact of metal price lag. Third Quarter 2026 - Earnings Call - 15 2026 Adjusted EBITDA(1) $1.03 billion to $1.06 billion ——— 2026 Free Cash Flow >$300 million
Appendix
Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 119 88 463 162 Income tax expense 41 38 183 82 Finance costs – net 27 27 83 83 Expenses on factoring arrangements 6 5 15 16 Depreciation and amortization 82 84 249 244 Impairment of assets — — 3 — Restructuring costs — 1 5 3 Unrealized (gains) / losses on derivatives (5) (13) 55 (34) Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net — (1) (1) (1) Pension and other post-employment benefits - non-operating gains (3) (3) (10) (10) Share based compensation 8 7 27 20 Losses / (gains) on disposal — — 1 1 Other 1 2 1 — Adjusted EBITDA 276 235 1,074 566 of which Metal price lag (1) (4) 39 222 59 Third Quarter 2026 - Earnings Call - 17 (1) Excluded in Segment Adjusted EBITDA
Three months ended September 30, Nine months ended September 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net cash flows from operating activities 186 99 420 271 Purchases of property, plant and equipment net of property, plant and equipment inflows (58) (69) (197) (203) Free Cash Flow 128 30 223 68 Collection of deferred purchase price receivables — — — 2 Year ended December 31, (in millions of U.S. dollars) 2025 2024 2023 2022 Net cash flows from operating activities 489 301 432 365 Purchases of property, plant and equipment net of property, plant and equipment inflows (311) (401) (365) (284) Free Cash Flow 178 (100) 67 81 Collection of deferred purchase price receivables 2 85 97 90 Third Quarter 2026 - Earnings Call - 18 Free Cash Flow Reconciliation
Net Debt Reconciliation ≥130 (in millions of U.S. dollars) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total debt 1,817 1,923 1,973 1,944 2,012 Fair value of net debt derivatives, net of margin calls (1) — (1) — 1 Cash and cash equivalents (158) (163) (143) (120) (122) Net debt 1,658 1,760 1,829 1,824 1,891 LTM Segment Adjusted EBITDA(1) 1,065 982 835 720 607 Leverage 1.6x 1.8x 2.2x 2.5x 3.1x (1) Segment Adjusted EBITDA excludes non-cash metal price lag Third Quarter 2026 - Earnings Call - 19
Reconciliation of LTM Segment Adjusted EBITDA to Net Income ≥130 Twelve months ended (in millions of U.S. dollars) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 A&T 423 411 359 339 313 P&ARP 614 535 444 353 273 AS&I 75 87 80 72 71 Holdings & Corporate (1) (47) (51) (48) (44) (50) Segment Adjusted EBITDA 1,065 982 835 720 607 Metal price lag 288 332 184 126 85 Adjusted EBITDA 1,353 1,313 1,020 846 691 Depreciation and amortization (335) (337) (336) (330) (321) Impairment of assets (24) (24) (25) (21) (11) Share based compensation (26) (25) (24) (19) (26) Pension and other post-employment benefits - non service costs 14 15 14 14 11 Restructuring costs (6) (6) (6) (3) (7) Unrealized (losses) / gains on derivatives (33) (25) 110 56 13 Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net — 2 2 — 1 Losses on disposal (4) (4) (4) (4) (2) Expenses on factoring arrangements (20) (20) (20) (21) (21) Other (2) (3) (4) (1) 10 Finance costs – net (110) (109) (110) (109) (112) Income before tax 809 776 617 408 226 Income tax expense (233) (230) (185) (133) (112) Net income 576 546 433 275 114 Note: Segment Adjusted EBITDA excludes non-cash metal price lag (1) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities. Third Quarter 2026 - Earnings Call - 20
Debt Table ≥130 Third Quarter 2026 - Earnings Call - 21 At September 30, At December 31, 2026 2025 (in millions of U.S. dollars) Nominal Value in Currency Nominal rate Effective rate Face Value Debt issuance costs Accrued interest Carrying value Carrying value Secured Pan-U.S. ABL (due 2029) $ — Floating 5.1 % — — 1 1 — Senior Unsecured Notes Issued June 2020 and due 2028 $ 225 5.625 % 6.05 % 225 (1) 4 228 323 Issued February 2021 and due 2029 $ 500 3.750 % 4.05 % 500 (3) 9 506 500 Issued June 2021 and due 2029 € 300 3.125 % 3.41 % 341 (2) 2 341 355 Issued August 2024 and due 2032 $ 350 6.375 % 6.77 % 350 (5) 3 348 353 Issued August 2024 and due 2032 € 300 5.375 % 5.73 % 341 (5) 2 338 354 Finance lease liabilities 27 — — 27 32 Other loans 28 — — 28 27 Total debt 1,812 (16) 21 1,817 1,944 Of which non-current 1,778 1,905 Of which current 39 39