Constellium Se · NYSE:CSTM
Constellium — Q3 2026 Earnings Presentation
21 slides from Constellium's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Earnings Call
Third Quarter 2026 Earnings Call October 28, 2026
Slide 2: Forward-Looking Statements
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 a
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow and Net debt. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this
Slide 4: Ingrid Joerg, Chief Executive Officer
Ingrid Joerg Chief Executive Officer
Slide 5: Q3 2026 Highlights
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 m
Slide 6: Jack Guo, Chief Financial Officer
Jack Guo Chief Financial Officer
Slide 7: Q3 2026 Financials
Q3 2026 Financials Adjusted EBITDA Bridge > Shipments: 368 thousand tons (-1% YoY) in $ millions > 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
Slide 8: Aerospace & Transportation
Aerospace & Transportation Q3 2026 Performance Q3 2026 Q3 2025 %△ Segment A djusted EBITDA of $102 million Shipments (kt) 59 50 18 % > Higher aerospace and TID shipments Revenue ($m) 664 481 38 % > Favorable price and mix > Higher operating costs given higher activity levels Segment Adj. EBITDA ($m)
Slide 9: Packaging & Automotive Rolled Products
Packaging & Automotive Rolled Products Q3 2026 Performance Q3 2026 Q3 2025 %△ Segment A djusted EBITDA of $162 million Shipments (kt) 266 275 (3)% > Higher automotive shipments (benefiting from supply shortages in North America); lower packaging shipments Revenue ($m) 1,625 1,307 24 % > Favorable pr
Slide 10: Automotive Structures & Industry
Automotive Structures & Industry Q3 2026 Performance Q3 2026 Q3 2025 %△ Segment A djusted EBITDA of $21 million Shipments (kt) 46 48 (4)% > Lower automotive and industry shipments Revenue ($m) 402 409 (2)% > Unfavorable price and mix (Q3 2025 included net customer compensation for underperformance o
Slide 11: Free Cash Flow
Free Cash Flow YTD 2026 Free Cash Flow Highlights in $ millions YTD 2026 YTD 2025 Net cash flows from operating activities 420 271 > Free Cash Flow of $223 million; higher compared to Purchases of property, plant and YTD 2025 primarily as a result of: equipment net of property, plant and (197) (203)
Slide 12: Net Debt and Liquidity
Net Debt and Liquidity Net Debt and Leverage Debt / Liquidity Highlights in $ millions > Leverage of 1.6x at quarter-end 1,891 1,824 1,829 1,760 1,658 – Target leverage range of 1.5x to 2.5x > Strong liquidity position; no bond maturities until 2028 3.1x 2.5x 2.2x > In July 2026, completed a $100 mi
Slide 13: Ingrid Joerg, Chief Executive Officer
Ingrid Joerg Chief Executive Officer
Slide 14: End Market Update
End Market Update > OEMs with record backlogs and rising delivery ambitions Aerospace > Robust demand for high value-add products serving commercial aviation, space and military opportunities LTM Segment Adjusted EBITDA(1) Transportation, > Onshoring, semiconductor infrastructure build and strong ex
Slide 15: Looking Ahead
Looking Ahead > Growth in aerospace, TID and cansheet in North America and Europe Updated 2026 Guidance > Stable demand with strong mix for automotive body sheet in North America > Automotive and other specialties expected to remain weak in Europe 2026 Adjusted EBITDA(1) > Healthy scrap environment
Slide 16: Appendix
SN Appendix 5 Constellium
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended Nine months ended September 30, 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 De
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 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) (
Slide 19: Net Debt Reconciliation
Net Debt Reconciliation (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, (1) — (1) — 1 net of margin calls Cash and cash equivalents (158) (163) (143) (120)
Slide 20: Reconciliation of LTM Segment Adjusted EBITDA to Net Income
Reconciliation of LTM Segment Adjusted EBITDA to Net Income Twelve months ended (in millions of U.S. dollars) September 30, 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)
Slide 21: Debt Table
Debt Table At At September 30, December 31, 2026 2025 Nominal Debt Value in Nominal Effective issuance Accrued Carrying Carrying (in millions of U.S. dollars) Currency rate rate Face Value costs interest value value Secured Pan-U.S. ABL (due 2029) $ — Floating 5.1 % — — 1 1 — Senior Unsecured Notes