Constellium (NYSE: CSTM) boosts 2026 guidance after record Q2 Adjusted EBITDA
Rhea-AI Filing Summary
Constellium SE reported very strong results for the quarter and first half ended June 30, 2026. In Q2 2026, shipments were 381 thousand metric tons (down 1% year over year), while revenue reached $2,748 million, net income $148 million, and Adjusted EBITDA $439 million, including a positive non-cash metal price lag impact of $129 million. All three operating segments delivered higher Segment Adjusted EBITDA, contributing to a new quarterly record.
For the first half of 2026, revenue was $5,209 million and net income $344 million, with Adjusted EBITDA of $798 million. Free Cash Flow was $95 million in H1, including $90 million in Q2, and the company repurchased 1.8 million shares for $48 million. Liquidity at June 30, 2026 was $1,058 million, net debt $1,760 million, and leverage improved to 1.8x. Constellium raised its 2026 outlook to Adjusted EBITDA of $980 million to $1.020 billion (excluding metal price lag) and Free Cash Flow above $300 million, indicating it expects to reach previously stated 2028 financial targets two years early.
Positive
- Q2 2026 revenue rose 31% to $2,748 million, with net income increasing to $148 million from $36 million and Adjusted EBITDA up 201% to $439 million.
- First-half 2026 Adjusted EBITDA reached $798 million and net income $344 million, both substantially higher than 2025, supported by record Segment Adjusted EBITDA across the business.
- Constellium raised 2026 guidance to Adjusted EBITDA of $980 million–$1.020 billion and Free Cash Flow above $300 million, and stated it now expects to achieve its 2028 targets two years early.
- Balance sheet metrics improved, with leverage reduced to 1.8x, liquidity of $1,058 million, net debt down to $1,760 million, and a $100 million partial redemption of the 5.625% Senior Notes due 2028.
- Shareholder returns remained active, with repurchases of 1.8 million ordinary shares for $48 million in H1 2026, including 623 thousand shares for $20 million in Q2.
Negative
- None.
Insights
Analyzing...
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, and exhibit attachments filed with this report.
Key Figures
Q2 2026 revenue: $2,748 million
Q2 2026 net income: $148 million
Q2 2026 Adjusted EBITDA: $439 million
+5 more
8 metrics
Q2 2026 revenue
$2,748 million
Three months ended June 30, 2026 vs $2,103 million in Q2 2025
Q2 2026 net income
$148 million
Up from $36 million in the second quarter of 2025
Q2 2026 Adjusted EBITDA
$439 million
Includes positive non-cash metal price lag impact of $129 million
H1 2026 revenue
$5,209 million
First half of 2026 vs $4,082 million in first half 2025
H1 2026 net income
$344 million
First half of 2026 vs $74 million in first half 2025
Liquidity at June 30, 2026
$1,058 million
Comprised of $163 million cash and $895 million available facilities and factoring
Net debt at June 30, 2026
$1,760 million
Down from $1,824 million at December 31, 2025
2026 Adjusted EBITDA guidance
$980 million to $1.020 billion
Company outlook excluding the non-cash impact of metal price lag
Key Terms
Metal price lag, Segment Adjusted EBITDA, Free Cash Flow, Net debt, +1 more
5 terms
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.
Segment Adjusted EBITDA financial
"The difference between the sum of reported Segment Adjusted EBITDA and the Group Adjusted EBITDA"
Segment adjusted EBITDA is a measure of how much profit a specific part of a company generates from its everyday operations, before counting interest, taxes, depreciation, amortization and one‑off items. Investors use it like checking the fuel efficiency of one car in a fleet: it helps compare which business lines truly earn money, evaluate trend performance, and decide where to invest or cut costs without distortions from financing or accounting choices.
Free Cash Flow financial
"Free Cash Flow is defined as net cash flow from operating activities, less capital expenditures"
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.
Net debt financial
"Net debt is defined as debt plus or minus the fair value of cross currency basis swaps"
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.
Leverage financial
"Leverage is defined as Net debt divided by last twelve months Segment Adjusted EBITDA"
Leverage is the use of borrowed money or other financial tools to try to amplify the returns from an investment, like using a crowbar to move a heavier rock than you could with your hands. It can boost gains when things go well but also magnifies losses and the chances of running into trouble if income or asset values fall, so investors watch leverage to judge both growth potential and financial risk.
Earnings Snapshot
Q2 2026 revenue: $2,748 million · Guidance included
quarter and first half ended June 30, 2026
Q2 2026 revenue
$2,748 million
up 31% vs Q2 2025
Q2 2026 net income
$148 million
up from $36 million in Q2 2025
Q2 2026 Adjusted EBITDA
$439 million
up 201% vs Q2 2025
H1 2026 net income
$344 million
up from $74 million in H1 2025
Guidance
Adjusted EBITDA of $980 million to $1.020 billion for 2026, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Constellium (CSTM) perform in the second quarter of 2026?
Constellium delivered strong Q2 2026 results, with revenue of $2,748 million, net income of $148 million, and Adjusted EBITDA of $439 million. Revenue grew 31% year over year and Adjusted EBITDA rose 201%, driven by stronger segment performance and favorable metal price lag.
What were Constellium’s (CSTM) first-half 2026 financial results?
For the first half of 2026, Constellium generated revenue of $5,209 million, net income of $344 million, and Adjusted EBITDA of $798 million. These results represent significant increases versus H1 2025, supported by better segment profitability and favorable non-cash metal price lag.
What guidance did Constellium (CSTM) provide for full-year 2026?
Constellium raised its 2026 guidance, now expecting Adjusted EBITDA of $980 million to $1.020 billion excluding metal price lag and Free Cash Flow above $300 million. Management indicated that, with this outlook, it now expects to achieve its previously announced 2028 financial targets two years early.
What is Constellium’s (CSTM) leverage and liquidity as of June 30, 2026?
At June 30, 2026, Constellium reported leverage of 1.8x based on net debt to last-twelve-months Segment Adjusted EBITDA. Liquidity totaled $1,058 million, comprising $163 million of cash and cash equivalents and $895 million of availability under committed lending facilities and factoring arrangements.
How much stock did Constellium (CSTM) repurchase and what debt actions did it take in 2026?
In the first half of 2026, Constellium repurchased 1.8 million ordinary shares for $48 million, including 623 thousand shares for $20 million in Q2. In July, the company also completed a $100 million partial redemption of its 5.625% Senior Notes due June 2028.
How did Constellium’s segments perform in Q2 2026 (CSTM)?
In Q2 2026, Aerospace & Transportation delivered Segment Adjusted EBITDA of $135 million, Packaging & Automotive Rolled Products $165 million, and Automotive Structures & Industry $26 million. All three segments improved year over year, contributing to record quarterly Segment Adjusted EBITDA for the company.
July 29, 2026 Constellium Reports Strong Second Quarter and First Half 2026 Results, including Record Segment Adjusted EBITDA; Raises Full Year 2026 Guidance Paris - Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the second quarter and the first half ended June 30, 2026. Second quarter 2026 highlights: • Shipments of 381 thousand metric tons, down 1% compared to Q2 2025 • Revenue of $2.7 billion, up 31% compared to Q2 2025 • Net income of $148 million compared to net income of $36 million in Q2 2025 • Adjusted EBITDA of $439 million > Includes positive non-cash metal price lag impact of $129 million • Segment Adjusted EBITDA of $135 million at A&T, $165 million at P&ARP and $26 million at AS&I, partially offset by corporate costs of $(16) million, together representing a new quarterly record for the Company • Cash from Operations of $161 million and Free Cash Flow of $90 million • Repurchased 623 thousand of the Company’s ordinary shares for $20 million • In July, completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028 First half 2026 highlights: • Shipments of 751 thousand metric tons, down 1% compared to H1 2025 • Revenue of $5.2 billion, up 28% compared to H1 2025 • Net income of $344 million compared to net income of $74 million in H1 2025 • Adjusted EBITDA of $798 million > Includes positive non-cash metal price lag impact of $226 million • Segment Adjusted EBITDA of $238 million at A&T, $317 million at P&ARP and $49 million at AS&I, partially offset by corporate costs of $(32) million, together representing a record half for the Company • Cash from Operations of $234 million and Free Cash Flow of $95 million • Repurchased 1.8 million of the Company’s ordinary shares for $48 million • Leverage of 1.8x at June 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 a new record quarterly Adjusted EBITDA in the second quarter despite uncertainties on the macroeconomic and geopolitical fronts,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “We achieved stronger financial performance across all of our operating segments again this quarter, including record quarterly Segment Adjusted EBITDA at 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 $90 million in the second quarter, and during the quarter we returned $20 million to shareholders through the repurchase of 623 thousand ordinary shares. We ended the quarter with leverage at 1.8x, within our target leverage range of 1.5x to 2.5x. In July, we completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028.” 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 $980 million to $1.020 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. With this revised guidance, we now expect to achieve our 2028 targets1 two years ahead of schedule. 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 1 Adjusted EBITDA of $900 million, excluding the non-cash impact of metal price lag, and Free Cash Flow of $300 million, by 2028.
Group Summary Q2 2026 Q2 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 381 384 (1) % 751 756 (1) % Revenue ($ millions) 2,748 2,103 31 % 5,209 4,082 28 % Net income ($ millions) 148 36 311 % 344 74 365 % Adjusted EBITDA ($ millions) 439 146 201 % 798 332 140 % Metal price lag (non-cash) ($ millions) 129 (19) n.m. 226 20 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 second quarter of 2026, the Company had shipments of 381 thousand metric tons, a decrease of 1% compared to the second quarter of 2025 due to lower shipments in the P&ARP segment, partially offset by higher shipments in the A&T segment. Revenue was $2.7 billion, an increase of 31% compared to the second quarter of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income of $148 million reflected an increase of $112 million compared to net income of $36 million in the second quarter of 2025. Adjusted EBITDA was $439 million, an increase of $293 million compared to Adjusted EBITDA of $146 million in the second quarter 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. For the first half of 2026, the Company had shipments of 751 thousand metric tons, a decrease of 1% compared to the first half 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 $5.2 billion, an increase of 28% compared to the first half of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income of $344 million reflected an increase of $270 million compared to net income of $74 million in the first half of 2025. Adjusted EBITDA was $798 million, an increase of $466 million compared to the first half of 2025 due to stronger results in each of our operating segments, a favorable change in the non-cash metal price lag impact, and favorable foreign exchange translation, partially offset by higher corporate costs. 3
Results by Segment Aerospace & Transportation (A&T) Q2 2026 Q2 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 65 53 21 % 125 104 20 % Revenue ($ millions) 680 492 38 % 1,289 960 34 % Segment Adjusted EBITDA ($ millions) 135 84 61 % 238 165 44 % Segment Adjusted EBITDA per metric ton ($) 2,083 1,572 32 % 1,902 1,579 20 % For the second quarter of 2026, Segment Adjusted EBITDA was $135 million, an increase of 61% compared to the second quarter 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 65 thousand metric tons reflected an increase of 21% compared to the second quarter 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 $680 million, an increase of 38% compared to the second quarter of 2025 due to higher shipments and higher revenue per ton, including higher metal prices. For the first half of 2026, Segment Adjusted EBITDA was $238 million, an increase of 44% compared to the first half 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 125 thousand metric tons reflected an increase of 20% compared to the first half 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 $1.3 billion, an increase of 34% compared to the first half of 2025 due to higher shipments and higher revenue per ton, including higher metal prices. Packaging & Automotive Rolled Products (P&ARP) Q2 2026 Q2 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 266 276 (4) % 527 545 (3) % Revenue ($ millions) 1,680 1,235 36 % 3,157 2,422 30 % Segment Adjusted EBITDA ($ millions) 165 74 123 % 317 135 135 % Segment Adjusted EBITDA per metric ton ($) 621 268 131 % 601 248 143 % For the second quarter of 2026, Segment Adjusted EBITDA was $165 million, an increase of 123% compared to the second quarter of 2025 primarily due to favorable price and mix, 4
favorable metal costs at Muscle Shoals and Neuf-Brisach, and favorable foreign exchange translation, partially offset by lower shipments. Shipments of 266 thousand metric tons reflected a decrease of 4% compared to the second quarter 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 $1.7 billion, an increase of 36% compared to the second quarter of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. For the first half of 2026, Segment Adjusted EBITDA was $317 million, an increase of 135% compared to the first half of 2025 primarily due to favorable price and mix, favorable metal costs at Muscle Shoals and Neuf-Brisach, and favorable foreign exchange translation, partially offset by lower shipments. Shipments of 527 thousand metric tons reflected a decrease of 3% compared to the first half 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 $3.2 billion, an increase of 30% compared to the first half of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Automotive Structures & Industry (AS&I) Q2 2026 Q2 2025 Var. YTD 2026 YTD 2025 Var. Shipments (k metric tons) 55 55 0 % 105 107 (2) % Revenue ($ millions) 458 421 9 % 873 802 9 % Segment Adjusted EBITDA ($ millions) 26 18 44 % 49 34 44 % Segment Adjusted EBITDA per metric ton ($) 477 329 45 % 467 317 47 % For the second quarter of 2026, Segment Adjusted EBITDA was $26 million, an increase of 44% compared to the second quarter of 2025 primarily due to lower operating costs and favorable foreign exchange translation, partially offset by unfavorable price and mix. Shipments of 55 thousand metric tons were flat compared to the second quarter of 2025 due to stable shipments of both automotive and other extruded products. Revenue was $458 million, an increase of 9% compared to the second quarter of 2025 due to higher revenue per ton, including higher metal prices. For the first half of 2026, Segment Adjusted EBITDA was $49 million, an increase of 44% compared to the first half of 2025 primarily due to lower operating costs and favorable foreign exchange translation, partially offset by lower shipments and unfavorable price and mix. Shipments of 105 thousand metric tons reflected a decrease of 2% compared to the first half of 2025 mainly due to lower shipments of automotive and other extruded products. Revenue was $873 million, an increase of 9% compared to the first half 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 June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 A&T 135 84 238 165 P&ARP 165 74 317 135 AS&I 26 18 49 34 Holdings and Corporate(1) (16) (12) (32) (23) Segment Adjusted EBITDA 310 165 572 312 Metal price lag 129 (19) 226 20 Adjusted EBITDA 439 146 798 332 Other adjustments (197) (61) (256) (158) Finance costs - net (28) (29) (56) (56) Income before tax 214 56 486 118 Income tax expense (66) (20) (142) (44) Net income 148 36 344 74 (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 second quarter of 2026 and the first half of both 2025 and 2026, metal price lag was positive, which reflects prices for primary aluminum increasing during the periods. For the second quarter of 2025, metal price lag was negative, which reflects negative metal price lag in Europe as regional premiums were decreasing, partially offset by positive metal price lag in North America as regional premiums were increasing. Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 16. 6
Net Income For the second quarter of 2026, net income of $148 million compares to net income of $36 million in the second 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 higher selling and administrative expenses, unfavorable changes in other gains and losses and higher income tax expense. For the first half of 2026, net income of $344 million compares to net income of $74 million in the first half of 2025. 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 $234 million for the first half of 2026 compared to cash flows from operating activities of $172 million in the first half of the prior year. Free Cash Flow was $95 million in the first half of 2026 compared to $38 million in the first half 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, higher capital expenditures and higher cash taxes. Cash flows used in investing activities were $137 million for the first half of 2026 compared to cash flows used in investing activities of $131 million in the first half of the prior year. Cash flows used in financing activities were $51 million for the first half of 2026 compared to cash flows used in financing activities of $62 million in the first half of prior year. During the first half of 2026, the Company repurchased 1.8 million ordinary shares of the Company for $48 million. During the first half of 2025, the Company repurchased 4.8 million ordinary shares of the Company for $50 million. Liquidity and Net Debt Liquidity at June 30, 2026 was $1,058 million, comprised of $163 million of cash and cash equivalents and $895 million available under our committed lending facilities and factoring arrangements. Total debt was $1,923 million at June 30, 2026, compared to $1,944 million at December 31, 2025. Net debt was $1,760 million at June 30, 2026, compared to $1,824 million at December 31, 2025. 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 $980 million to $1.020 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. 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 second quarter and the first half ended June 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 June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Revenue 2,748 2,103 5,209 4,082 Cost of sales (excluding depreciation and amortization) (2,268) (1,840) (4,309) (3,556) Depreciation and amortization (84) (82) (167) (160) Selling and administrative expenses (101) (88) (198) (166) Research and development expenses (14) (12) (27) (25) Other gains and losses – net (39) 4 34 (1) Finance costs – net (28) (29) (56) (56) Income before tax 214 56 486 118 Income tax expense (66) (20) (142) (44) Net income 148 36 344 74 Attributable to: Equity holders of Constellium SE 146 36 345 73 Non-controlling interests 2 — (1) 1 Net income 148 36 344 74 Earnings per share attributable to the equity holders of Constellium SE (in dollars) Basic 1.07 0.25 2.54 0.51 Diluted 1.04 0.25 2.46 0.51 Weighted average number of shares (in thousands) Basic 135,866 140,821 135,633 141,665 Diluted 140,154 142,244 140,122 143,174 12
CONSOLIDATED BALANCE SHEETS (unaudited) (in millions of U.S. dollars) except share data and as otherwise stated At June 30, 2026 At December 31, 2025 Assets Current assets Cash and cash equivalents 163 120 Trade receivables and other, net 1,167 723 Inventories 1,877 1,407 Fair value of derivative instruments and other financial assets 66 72 Total current assets 3,273 2,322 Non-current assets Property, plant and equipment, net 2,481 2,585 Goodwill 46 47 Intangible assets, net 82 88 Deferred tax assets 153 270 Trade receivables and other, net 33 31 Fair value of derivative instruments 2 11 Total non-current assets 2,797 3,032 Total assets 6,070 5,354 Liabilities Current liabilities Trade payables and other 2,104 1,674 Current portion of long-term debt 42 39 Fair value of derivative instruments 74 18 Income tax payable 24 18 Pension and other benefit obligations 23 24 Provisions 23 25 Total current liabilities 2,290 1,798 Non-current liabilities Trade payables and other 162 163 Long-term debt 1,881 1,905 Fair value of derivative instruments 4 3 Pension and other benefit obligations 327 338 Provisions 92 106 Deferred tax liabilities 60 70 Total non-current liabilities 2,526 2,585 Total liabilities 4,816 4,383 Commitments and contingencies Shareholders' equity Ordinary shares, par value €0.02, 146,819,884 shares issued at June 30, 2026 and at December 31, 2025; 135,527,728 and 135,424,702 shares outstanding at June 30, 2026 and at December 31, 2025, respectively 4 4 Additional paid in capital 712 693 Accumulated other comprehensive income 34 54 Retained earnings 673 354 Treasury shares 11,292,156 at June 30, 2026 and 11,395,182 at December 31, 2025 (177) (153) Equity attributable to equity holders of Constellium SE 1,246 952 Non-controlling interests 8 19 Total equity 1,254 971 Total equity and liabilities 6,070 5,354 13
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Three months ended June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 148 36 344 74 Adjustments Depreciation and amortization 84 82 167 160 Impairment of assets (1) — 3 — Pension and other long-term benefits 5 2 7 4 Finance costs - net 28 29 56 56 Income tax expense 66 20 142 44 Unrealized losses / (gains) on derivatives - net and from remeasurement of monetary assets and liabilities - net 102 (35) 59 (24) Losses on disposal 1 1 1 1 Other - net 14 11 32 22 Changes in working capital Inventories (216) 4 (495) (65) Trade receivables (169) 12 (418) (261) Trade payables 154 (38) 480 241 Other 12 23 (24) 5 Change in provisions (15) (1) (13) (2) Pension and other long-term benefits paid (11) (12) (25) (25) Interest paid (21) (24) (50) (53) Income tax paid (20) 4 (32) (5) Net cash flows from operating activities 161 114 234 172 Purchases of property, plant and equipment (77) (77) (149) (146) Property, plant and equipment inflows 6 4 10 12 Collection of deferred purchase price receivable — — — 2 Acquisition of subsidiaries net of cash acquired — — — — Proceeds from disposals, net of cash 2 — 2 — Other investing activities — 1 — 1 Net cash flows used in investing activities (69) (72) (137) (131) Repurchase of ordinary shares (20) (35) (48) (50) Proceeds from issuance of long-term debt — — — — Repayments of long-term debt (1) (2) (2) (3) Net change in revolving credit facilities and short-term debt (46) 23 4 28 Finance lease repayments (2) (1) (4) (3) Payment of financing costs and redemption fees — — — — Transactions with non-controlling interests (2) (2) (6) (4) Other financing activities — (19) 5 (30) Net cash flows used in financing activities (71) (36) (51) (62) Net increase / (decrease) in cash and cash equivalents 21 6 46 (21) Cash and cash equivalents - beginning of the period 143 118 120 141 Net increase / (decrease) in cash and cash equivalents 21 6 46 (21) Effect of exchange rate changes on cash and cash equivalents (1) 9 (3) 13 Cash and cash equivalents - end of period 163 133 163 133 14
SEGMENT ADJUSTED EBITDA Three months ended June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 A&T 135 84 238 165 P&ARP 165 74 317 135 AS&I 26 18 49 34 SHIPMENTS AND REVENUE BY PRODUCT LINE Three months ended June 30, Six months ended June 30, (in k metric tons) 2026 2025 2026 2025 Aerospace rolled products 25 22 52 46 Transportation, industry, defense and other rolled products 39 31 73 59 Packaging rolled products 193 213 383 417 Automotive rolled products 68 59 135 119 Specialty and other thin-rolled products 5 6 9 10 Automotive extruded products 29 29 59 60 Other extruded products 25 25 46 47 Other and inter-segment eliminations (4) — (6) — Total shipments 381 384 751 756 Three months ended June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Aerospace rolled products 350 267 679 534 Transportation, industry, defense and other rolled products 330 226 610 427 Packaging rolled products 1,188 912 2,235 1,780 Automotive rolled products 458 295 861 586 Specialty and other thin-rolled products 33 27 62 55 Automotive extruded products 266 249 528 483 Other extruded products 192 173 345 320 Other and inter-segment eliminations (70) (45) (110) (102) Total Revenue by product line 2,748 2,103 5,209 4,082 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 June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 148 36 344 74 Income tax expense 66 20 142 44 Income before tax 214 56 486 118 Finance costs – net 28 29 56 56 Expenses on factoring arrangements 5 6 9 11 Depreciation and amortization 84 82 167 160 Impairment of assets (1) — 3 — Restructuring costs 2 1 5 2 Unrealized losses / (gains) on derivatives 102 (33) 60 (21) Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net — (1) (1) — Pension and other post-employment benefits - non-operating gains (4) (4) (7) (7) Share based compensation 8 7 19 13 Losses on disposal 1 1 1 1 Other (A) — 2 — (1) Adjusted EBITDA1 439 146 798 332 of which Metal price lag (B) 129 (19) 226 20 1Adjusted EBITDA includes the non-cash impact of metal price lag. (A) For the three months ended June 30, 2025, Other mainly includes $2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 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 June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net cash flows from operating activities 161 114 234 172 Purchases of property, plant and equipment (77) (77) (149) (146) Property, plant and equipment inflows 6 4 10 12 Free Cash Flow 90 41 95 38 Reconciliation of Total debt to Net debt (a non-GAAP measure) (in millions of U.S. dollars) At June 30, 2026 At December 31, 2025 Debt 1,923 1,944 Fair value of cross currency basis swaps, net of margin calls — — Cash and cash equivalents (163) (120) Net debt 1,760 1,824 17
Second Quarter 2026 Earnings Call July 29, 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. Second 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. Second Quarter 2026 - Earnings Call - 3
Ingrid Joerg Chief Executive Officer
Q2 2026 Highlights > Safety: Recordable case rate (RCR)(1) of 1.5 per million hours worked in Q2 2026; 2026 YTD RCR of 1.3 per million hours worked (vs. 1.9 per million hours worked in 2025) > Shipments: 381 thousand tons (-1% YoY) > Revenue: $2.7 billion (+31% YoY) > Net income: $148 million > Adjusted EBITDA: $439 million – Includes positive non-cash metal price lag impact of $129 million > Cash from Operations: $161 million > Free Cash Flow: $90 million > Shareholder Returns: repurchased 623 thousand of the Company’s ordinary shares for $20 million > Leverage: 1.8x at June 30, 2026 > In July, completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028, leaving $225 million aggregate principal amount outstanding (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. Amounts may not sum due to rounding. Record results despite macroeconomic and geopolitical uncertainties Second Quarter 2026 - Earnings Call - 5 Adjusted EBITDA Bridge in $ millions
Jack Guo Chief Financial Officer
84 40 16 (7) 2 135 Q2 2025 Volume Price & Mix Costs FX / Other Q2 2026 Q2 2026 Q2 2025 % △ Shipments (kt) 65 53 21 % Revenue ($m) 680 492 38 % Segment Adj. EBITDA ($m) 135 84 61 % Segment Adj. EBITDA ($ / t) 2,083 1,572 32 % Aerospace & Transportation Q2 2026 Segment Adjusted EBITDA Bridge Q2 2026 Performance Second Quarter 2026 - Earnings Call - 7 Segment Adjusted EBITDA of $135 mil l ion > Higher aerospace shipments; higher TID shipments (including automotive coils from Ravenswood) > Favorable price and mix > Higher operating costs given higher activity levels > Favorable foreign exchange translation
74 (5) 20 74 2 165 Q2 2025 Volume Price & Mix Costs FX / Other Q2 2026 Q2 2026 Q2 2025 % △ Shipments (kt) 266 276 (4) % Revenue ($m) 1,680 1,235 36 % Segment Adj. EBITDA ($m) 165 74 123 % Segment Adj. EBITDA ($ / t) 621 268 131 % Packaging & Automotive Rolled Products Q2 2026 Segment Adjusted EBITDA Bridge Q2 2026 Performance Second Quarter 2026 - Earnings Call - 8 Segment Adjusted EBITDA of $165 mil l ion > Higher automotive shipments (benefiting from supply shortages in North America); lower packaging shipments > Favorable price and mix > Mostly favorable metal costs > Favorable foreign exchange translation
18 0 (5) 12 1 26 Q2 2025 Volume Price & Mix Costs FX / Other Q2 2026 Q2 2026 Q2 2025 % △ Shipments (kt) 55 55 — % Revenue ($m) 458 421 9 % Segment Adj. EBITDA ($m) 26 18 44 % Segment Adj. EBITDA ($ / t) 477 329 45 % Automotive Structures & Industry Q2 2026 Segment Adjusted EBITDA Bridge Q2 2026 Performance Second Quarter 2026 - Earnings Call - 9 Segment Adjusted EBITDA of $26 mil l ion > Stable automotive and industry shipments > Unfavorable price and mix > Lower operating costs > Favorable 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 $95 million; higher compared to H1 2025 primarily as a result of: – Higher Segment Adjusted EBITDA, partially offset by an unfavorable change in working capital, higher capex and higher cash taxes > Repurchased 1.8 million of the Company’s ordinary shares for $48 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 share repurchase program and debt reduction in $ millions H1 2026 H1 2025 Net cash flows from operating activities 234 172 Purchases of property, plant and equipment net of property, plant and equipment inflows (139) (134) Free Cash Flow 95 38 Collection of deferred purchase price receivables — 2 Track Record of Free Cash Flow Generation(1) in $ millions H1 2026 Free Cash Flow Highlights Current 2026 Guidance Second Quarter 2026 - Earnings Call - 10(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 1.8x at quarter-end – Expected to trend lower in 2026 – Target leverage range of 1.5x to 2.5x > No bond maturities until 2028 – In July, completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028 > Strong liquidity position Debt / Liquidity Highlights Net Debt and Liquidity Maturity Profile(1) in $ millions Liquidity(2) in $ millions 0 0 0 325 842 0 0 692 2025 2026 2027 2028 2029 2030 2031 2032 Net Debt and Leverage in $ millions 841 831 866 904 1,058 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 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 Second Quarter 2026 - Earnings Call - 11(1) As of June 30, 2026. See Debt Table in the Appendix for more details. Subsequent to June 30, 2026, the Company partially redeemed $100 million of the 5.625% Senior Notes due June 2028, leaving $225 million aggregate principal amount outstanding. (2) Liquidity is comprised of cash and cash equivalents and availability under our committed lending facilities and factoring arrangements. 1,895 1,891 1,824 1,829 1,760 3.5x 3.1x 2.5x 2.2x 1.8x Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Ingrid Joerg Chief Executive Officer
End Market Outlook Second Quarter 2026 - Earnings Call - 13 (1) Sources: CRU International, Aluminum Rolled Products Market Outlook May 2026, LMC Global Data, and latest management estimates. *Estimates and demand trend characteristics are forward-looking and subject to risks and uncertainties. See “Forward-Looking Statements.” Aerospace 13% of LTM revenues Packaging 44% of LTM revenues Automotive 26% of LTM revenues Other Specialties 17% of LTM revenues > Relatively resilient demand in NA; weak demand in EU – Short term benefits from Oswego fire in the US, balanced with tariff uncertainties – Chinese competition in EU on BEV; EU OEMs facing stiffer competition in China – Lightweighting, fuel efficiency and safety trends to continue > Stable demand in NA and EU – Domestic mill competitive positions – Defense spending – Onshoring and semiconductor infrastructure build – Lightweighting in transportation > Demand healthy in NA and EU – Aluminum continuing to gain share against other substrates – Can makers adding capacity to meet long-term demand > Improved demand – Aluminum destocking continues to ease – Demand for high value add products remains strong – OEMs with record backlogs and rising delivery ambitions – Higher global passenger traffic > High value-added product portfolio > R&D, IP, proprietary alloys > Portfolio on SUVs and light trucks in NA and premium vehicles and EVs in EU > Diversification with different cycles across various markets > Focus on niche, high value-added products > Relatively stable and recession resilient > Strong base-load > Levered to recycling and sustainability opportunities > High value-added product portfolio > R&D, IP, proprietary alloys > Space and military opportunities CRU CAGR (2025-2030) NA: 2.7% EU: 3.5% CRU CAGR (2025-2030) NA + EU: 8.6% Est. New Commercial Aircraft ~43K between 2024 and 2044 LMC CAGR (2025-2030) NA: 1.8% EU: 1.0% In-line with or above gross domestic product (GDP) C ur re nt M ar ke t Tr en ds A ttr ac tiv en es s 3rd P ar ty M ar ke t G ro w th E st .(1 )
Strong performance in Q2 2026 > Record quarterly Adjusted EBITDA despite macroeconomic and geopolitical uncertainties > Benefiting from current market dynamics, including improved environments in aerospace and TID, supply shortages for automotive rolled products in NA, and strong recycling performance in NA and EU > Remain focused on cost control, Free Cash Flow generation, and commercial and capital discipline > Returned $20 million to shareholders through the repurchase of 623 thousand ordinary shares during the quarter and reduced leverage to 1.8x at quarter-end > Impact from the Middle East conflict appears manageable at this time; long-term impacts remain uncertain Exciting future ahead with opportunities to grow our business and enhance profitability and returns > Portfolio serving diversified and generally resilient end markets where infinitely recyclable aluminum is part of the circular economy > Durable and attractive secular growth trends driving increased demand for our products > Previously-indicated Adjusted EBITDA drivers within our control; market recoveries provide additional upside > Execution focused with proven ability to flex costs > Strong balance sheet and Free Cash Flow generation allow financial flexibility and balanced capital allocations including capital investments, shareholder returns and debt reductions Key Messages and Guidance Focused on executing our strategy and increasing shareholder value Updated Guidance (1) Excludes the non-cash impact of metal price lag. Second Quarter 2026 - Earnings Call - 14 2026 Adjusted EBITDA(1) $980 million to $1.020 billion ——— 2026 Free Cash Flow >$300 million
Appendix
Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net income 148 36 344 74 Income tax expense 66 20 142 44 Finance costs – net 28 29 56 56 Expenses on factoring arrangements 5 6 9 11 Depreciation and amortization 84 82 167 160 Impairment of assets (1) — 3 — Restructuring costs 2 1 5 2 Unrealized losses / (gains) on derivatives 102 (33) 60 (21) Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net — (1) (1) — Pension and other post-employment benefits - non-operating gains (4) (4) (7) (7) Share based compensation 8 7 19 13 Other — 2 — (1) Adjusted EBITDA 439 146 798 332 of which Metal price lag (1) 129 (19) 226 20 Second Quarter 2026 - Earnings Call - 16 (1) Excluded in Segment Adjusted EBITDA
Three months ended June 30, Six months ended June 30, (in millions of U.S. dollars) 2026 2025 2026 2025 Net cash flows from operating activities 161 114 234 172 Purchases of property, plant and equipment net of property, plant and equipment inflows (71) (73) (139) (134) Free Cash Flow 90 41 95 38 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 Second Quarter 2026 - Earnings Call - 17 Free Cash Flow Reconciliation
Net Debt Reconciliation ≥130 (in millions of U.S. dollars) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total debt 1,923 1,973 1,944 2,012 2,026 Fair value of net debt derivatives, net of margin calls — (1) — 1 2 Cash and cash equivalents (163) (143) (120) (122) (133) Net debt 1,760 1,829 1,824 1,891 1,895 LTM Segment Adjusted EBITDA(1) 982 835 720 607 541 Leverage 1.8x 2.2x 2.5x 3.1x 3.5x (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2026 - Earnings Call - 18
Reconciliation of LTM Segment Adjusted EBITDA to Net Income ≥130 Twelve months ended (in millions of U.S. dollars) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 A&T 411 359 339 313 276 P&ARP 535 444 353 273 263 AS&I 87 80 72 71 46 Holdings & Corporate (1) (51) (48) (44) (50) (43) Segment Adjusted EBITDA 982 835 720 607 541 Metal price lag 332 184 126 85 41 Adjusted EBITDA 1,313 1,020 846 691 583 Depreciation and amortization (337) (336) (330) (321) (313) Impairment of assets (24) (25) (21) (11) (16) Share based compensation (25) (24) (19) (26) (25) Pension and other post-employment benefits - non service costs 15 14 14 11 11 Restructuring costs (6) (6) (3) (7) (10) Unrealized gains / (losses) on derivatives (25) 110 56 13 19 Unrealized exchange gains / (losses) from the remeasurement of monetary assets and liabilities – net 2 2 — 1 (1) Losses on disposal (4) (4) (4) (2) (1) Expenses on factoring arrangements (20) (20) (21) (21) (22) Other (3) (4) (1) 10 9 Finance costs – net (109) (110) (109) (112) (115) Income before tax 776 617 408 226 119 Income tax expense (230) (185) (133) (112) (85) Net income 546 433 275 114 34 Note: Segment Adjusted EBITDA excludes non-cash metal price lag (1) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities. Second Quarter 2026 - Earnings Call - 19
Debt Table ≥130 Second Quarter 2026 - Earnings Call - 20 At June 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 5.08 % — — 1 1 — Senior Unsecured Notes Issued June 2020 and due 2028(1) $ 325 5.625 % 6.05 % 325 (2) 1 324 323 Issued February 2021 and due 2029 $ 500 3.750 % 4.05 % 500 (3) 4 501 500 Issued June 2021 and due 2029 € 300 3.125 % 3.41 % 342 (2) 4 344 355 Issued August 2024 and due 2032 $ 350 6.375 % 6.77 % 350 (5) 8 353 353 Issued August 2024 and due 2032 € 300 5.375 % 5.73 % 342 (5) 7 344 354 Finance lease liabilities 28 — 1 29 32 Other loans 27 — — 27 27 Total debt 1,914 (17) 26 1,923 1,944 Of which non-current 1,881 1,905 Of which current 42 39 (1) Subsequent to June 30, 2026, the Company partially redeemed $100 million of the 5.625% Senior Notes due June 2028, leaving $225 million aggregate principal amount outstanding.