8-K - CSTM - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 29, 2025

Constellium SE

(Exact name of registrant as specified in its charter)

France	001-35931	98-0667516
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

300 East Lombard Street

Suite 1710

Baltimore, MD 21202

United States

(Address of principal executive office (US))

(443) 420-7861

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to section 12(b) of the Act

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares	CSTM	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in [sic] Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02	Results of Operations and Financial Condition

On July 29, 2025, Constellium SE (the “Company”) issued a press release announcing its financial results for the second quarter of 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The Company is also furnishing an investor presentation relating to its second quarter of 2025 (the “Presentation”), which will be used by the management team for presentations to investors and others. A copy of the Presentation is attached hereto as Exhibit 99.2 and incorporated into this Item 2.02 by reference. The Presentation is also available on the Company’s web site at www.constellium.com.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.	Financial Statements and Exhibits

(d)

Exhibits

The following exhibits are furnished with this report on Form 8-K:

Exhibit<br><br> <br>No.	Description
99.1	Press Release by Constellium SE dated July 29, 2025
99.2	Investor Presentation
104	The cover page of this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

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

	CONSTELLIUM SE
	(Registrant)
July 29, 2025	By:	/s/ Jack Guo
	Name:	Jack Guo
	Title:	Executive Vice President & Chief Financial Officer

Exhibit 99.1

July 29, 2025

Constellium Reports Second Quarter and First Half 2025 Results; Raises Full Year 2025 Guidance

Paris - Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the second quarter and the first half ended June 30, 2025.

Second quarter 2025 highlights:

•	Shipments of 384 thousand metric tons, up 2% compared to Q2 2024
•	Revenue of $2.1 billion, up 9% compared to Q2 2024
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•	Net income of $36 million compared to net income of $77 million in Q2 2024
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•	Adjusted EBITDA of $146 million
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> Includes negative non-cash metal price lag impact of $13 million

•	Segment Adjusted EBITDA of $78 million at A&T, $74 million at P&ARP, $18 million at AS&I, and $(12) million at H&C
•	Cash from Operations of $114 million and Free Cash Flow of $41 million
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•	Repurchased 3.4 million shares of the Company stock for $35 million
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First half 2025 highlights:

•	Shipments of 756 thousand metric tons, stable compared to H1 2024
•	Revenue of $4.1 billion, up 7% compared to H1 2024
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•	Net income of $74 million compared to net income of $99 million in H1 2024
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•	Adjusted EBITDA of $332 million
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> Includes positive non-cash metal price lag impact of $33 million

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

•	Segment Adjusted EBITDA of $153 million at A&T, $135 million at P&ARP, $34 million at AS&I, and $(23) million at H&C
•	Cash from Operations of $172 million and Free Cash Flow of $38 million
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•	Repurchased 4.8 million shares of the Company stock for $50 million
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•	Leverage of 3.6x at June 30, 2025
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Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered solid results in the second quarter despite continued demand weakness across most of our end markets outside of packaging. As I said last quarter, I am proud of our team for their relentless focus on cost reduction efforts and commercial and capital discipline in this uncertain environment. Free Cash Flow was strong at $41 million in the quarter. We repurchased 3.4 million shares for $35 million during the quarter, and we ended the quarter with leverage at 3.6x. We expect this to be the peak for leverage and to trend down as we move through the rest of the year.”

Mr. Germain concluded, “While the tariff and international trade situation remains fluid, given our solid performance in the first half and based on our current outlook, we are raising our guidance for 2025 and now expect Adjusted EBITDA to be in the range of $620 million to $650 million, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $120 million. Our guidance assumes that the overall macroeconomic and end market environment will remain relatively stable. We also remain confident in our ability to deliver on our long-term target of Adjusted EBITDA of $900 million, excluding the non-cash impact of metal price lag, and Free Cash Flow of $300 million, in 2028. We will continue to closely monitor the situation and update our guidance as necessary. Our focus remains on executing our strategy, driving operational performance, generating Free Cash Flow and increasing shareholder value.”

2

Group Summary

	Q2 2025		Q2 2024	Var.		YTD<br><br> <br>2025	YTD<br><br> <br>2024	Var.
Shipments (k metric tons)	384		378	2	%	756	758	0	%
Revenue ($ millions)	2,103		1,932	9	%	4,082	3,812	7	%
Net income ($ millions)	36		77	(53)	%	74	99	(25)	%
Adjusted EBITDA ($ millions)	146		225	n.m.		332	371	n.m.
Metal price lag (non-cash) ($ millions)	(13	)	45	n.m.		33	31	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 2025, shipments of 384 thousand metric tons increased 2% compared to the second quarter of 2024 due to higher shipments in the P&ARP segment, partially offset by lower shipments in the A&T and AS&I segments. Revenue of $2.1 billion increased 9% compared to the second quarter of the prior year primarily due to higher shipments, favorable sales price and mix, including higher metal prices, and favorable foreign exchange translation. Net income of $36 million decreased $41 million compared to net income of $77 million in the second quarter of 2024. Adjusted EBITDA of $146 million decreased $79 million compared to Adjusted EBITDA of $225 million in the second quarter of last year primarily due to an unfavorable change in the non-cash metal price lag impact and weaker results in our A&T, AS&I and H&C segments. This was partially offset by stronger results in our P&ARP segment and favorable foreign exchange translation.

For the first half of 2025, shipments of 756 thousand metric tons were stable compared to the first half of 2024 due to higher shipments in the P&ARP segment offset by lower shipments in the A&T and AS&I segments. Revenue of $4.1 billion increased 7% compared to the first half of 2024 primarily due to favorable sales price and mix, including higher metal prices. Net income of $74 million decreased $25 million compared to net income of $99 million in the first half of 2024. Adjusted EBITDA of $332 million decreased $39 million compared to the first half of 2024 due to weaker results in our A&T, AS&I and H&C segments, partially offset by stronger results in our P&ARP segment.

3

Results by Segment

Aerospace & Transportation (A&T)

	Q2 2025	Q2 2024
Shipments (k metric tons)	53	60	(11)	%	104	117	(11)	%
Revenue ($ millions)	492	487	1	%	960	966	(1)	%
Segment Adjusted EBITDA ($ millions)	78	90	(13)	%	153	177	(14)	%
Segment Adjusted EBITDA per metric ton ($)	1,467	1,506	(3)	%	1,468	1,511	(3)	%

For the second quarter of 2025, Segment Adjusted EBITDA of $78 million decreased 13% compared to the second quarter of 2024 primarily due to lower shipments, partially offset by favorable price and mix, lower operating costs and favorable foreign exchange translation. Shipments of 53 thousand metric tons decreased 11% compared to the second quarter of 2024 due to lower shipments of aerospace and transportation, industry and defense (TID) rolled products. Revenue of $492 million increased 1% compared to the second quarter of 2024 primarily due to favorable sales price and mix, including higher metal prices, and favorable foreign exchange translation, mostly offset by lower shipments.

For the first half of 2025, Segment Adjusted EBITDA of $153 million decreased 14% compared to the first half of 2024 primarily due to lower shipments and unfavorable price and mix, partially offset by lower operating costs. Shipments of 104 thousand metric tons decreased 11% compared to the first half of 2024 due to lower shipments of aerospace and TID rolled products. Revenue of $960 million decreased 1% compared to the first half of 2024 primarily due to lower shipments, mostly offset by favorable sales price and mix, including higher metal prices.

Packaging & Automotive Rolled Products (P&ARP)

	Q2 2025	Q2 2024
Shipments (k metric tons)	276	262	5	%	545	526	4	%
Revenue ($ millions)	1,235	1,079	14	%	2,422	2,097	15	%
Segment Adjusted EBITDA ($ millions)	74	66	12	%	135	114	18	%
Segment Adjusted EBITDA per metric ton ($)	268	252	6	%	248	217	14	%
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For the second quarter of 2025, Segment Adjusted EBITDA of $74 million increased 12% compared to the second quarter of 2024 primarily due to higher shipments and improved Muscle Shoals performance, lower operating costs and favorable foreign exchange translation, partially offset by unfavorable price and mix and unfavorable metal costs. Shipments of 276 thousand metric tons increased 5% compared to the second quarter of 2024 due to higher shipments of packaging rolled products, partially offset by lower shipments of automotive rolled products. Revenue of $1.2 billion increased 14% compared to the second quarter of 2024 primarily due to higher shipments, favorable sales price and mix, including higher metal prices, and favorable foreign exchange translation.

For the first half of 2025, Segment Adjusted EBITDA of $135 million increased 18% compared to the first half of 2024 primarily due to higher shipments and improved Muscle Shoals performance, favorable price and mix and lower operating costs, partially offset by unfavorable metal costs. Shipments of 545 thousand metric tons increased 4% compared to the first half of 2024 due to higher shipments of packaging rolled products, partially offset by lower shipments of automotive and specialty rolled products. Revenue of $2.4 billion increased 15% compared to the first half of 2024 primarily due to higher shipments and favorable sales price and mix, including higher metal prices.

Automotive Structures & Industry (AS&I)

	Q2 2025	Q2 2024
Shipments (k metric tons)	55	56	(1)	%	107	115	(7)	%
Revenue ($ millions)	421	384	10	%	802	779	3	%
Segment Adjusted EBITDA ($ millions)	18	30	(40)	%	34	63	(46)	%
Segment Adjusted EBITDA per metric ton ($)	329	540	(39)	%	317	549	(42)	%

For the second quarter of 2025, Segment Adjusted EBITDA of $18 million decreased 40% compared to the second quarter of 2024 primarily due to unfavorable price and mix and the unfavorable net impact from tariffs, partially offset by lower operating costs and favorable foreign exchange translation. Shipments of 55 thousand metric tons decreased 1% compared to the second quarter of the prior year due to lower shipments of automotive extruded products mostly offset by higher shipments of other extruded products. Revenue of $421 million increased 10% compared to the second quarter of 2024 primarily due to favorable sales price and mix, including higher metal prices, and favorable foreign exchange translation.

For the first half of 2025, Segment Adjusted EBITDA of $34 million decreased 46% compared to the first half of 2024 primarily due to lower shipments, unfavorable price and mix and the unfavorable net impact from tariffs, partially offset by lower operating costs. Shipments of 107 thousand metric tons decreased 7% compared to the first half of 2024 due to lower shipments of automotive extruded products, partially offset by higher shipments of other extruded products. Revenue of $802 million increased 3% compared to the first half of 2024 primarily due to favorable sales price and mix, including higher metal prices, partially offset by lower shipments and unfavorable price and mix.

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. dollar)	2025			2024			2025			2024
A&T		78			90			153			177
P&ARP		74			66			135			114
AS&I		18			30			34			63
Holdings and Corporate		(12	)		(6	)		(23	)		(14	)
Segment Adjusted EBITDA		159			180			299			340
Metal price lag		(13	)		45			33			31
Adjusted EBITDA		146			225			332			371
Other adjustments		(61	)		(96	)		(158	)		(185	)
Finance costs - net		(29	)		(25	)		(56	)		(52	)
Income before tax		56			104			118			134
Income tax expense		(20	)		(27	)		(44	)		(35	)
Net income		36			77			74			99

Reconciled 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 metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.

For 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. For the first half of 2025, metal price lag was positive, which reflects positive metal price lag in North America as regional premiums were increasing, partially offset by negative metal price lag in Europe as regional premiums were decreasing. For the second quarter and first half of 2024, metal price lag was positive, which reflects regional premiums increasing during the periods in both North America and Europe.

6

Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 19

Net Income

For the second quarter of 2025, net income of $36 million compares to net income of $77 million in the second quarter of the prior year. The decrease in net income is primarily related to lower gross profit (revenue less cost of sales, excluding depreciation and amortization), higher selling and administrative expenses and unfavorable changes in other gains and losses.

For the first half of 2025, net income of $74 million compares to net income of $99 million in the first half of 2024. The decrease in net income is primarily related to higher depreciation and amortization, and higher selling and administrative expenses and income tax expense.

Cash Flow

Free Cash Flow was $38 million in the first half of 2025 compared to $24 million in the first half of 2024. The increase in Free Cash Flow was primarily due to a favorable change in working capital, lower capital expenditures and lower cash taxes, partially offset by lower Segment Adjusted EBITDA and higher cash interest.

Cash flows from operating activities were $172 million for the first half of 2025 compared to cash flows from operating activities of $175 million in the first half of the prior year.

Cash flows used in investing activities were $131 million for the first half of 2025 compared to cash flows used in investing activities of $111 million in the first half of the prior year, which included the collection of deferred purchase price receivables of $40 million.

Cash flows used in financing activities were $62 million for first half of 2025 compared to cash flows used in financing activities of $51 million in the first half of the prior year. During the first half of 2025, the Company repurchased 4.8 million shares of the Company stock for $50 million. During the first half of 2024, the Company repurchased 1.9 million shares of the Company stock for $39 million.

7

Liquidity and Net Debt

Liquidity at June 30, 2025 was $841 million, comprised of $133 million of cash and cash equivalents and $708 million available under our committed lending facilities and factoring arrangements.

Net debt was $1,895 million at June 30, 2025 compared to $1,776 million at December 31, 2024.

Outlook

Based on our current outlook, for 2025 we expect Adjusted EBITDA, which excludes the non-cash impact of metal price lag, to be in the range of $620 million to $650 million and Free Cash Flow in excess of $120 million. For 2028, we expect Adjusted EBITDA, which excludes the non-cash impact of metal price lag, of $900 million and Free Cash Flow 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, 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

As of June 30, 2025, Constellium no longer qualifies as a Foreign Private Issuer, as determined by Rule 3b-4 under the Securities Exchange Act of 1934. Beginning in 2025, Constellium was already voluntarily electing to file annual reports on Form 10-K and quarterly reports on Form 10-Q with the Securities and Exchange Commission (“SEC”). Beginning on January 1, 2026, Constellium will continue to file annual reports on Form 10-K and quarterly reports on Form 10-Q and will also file all other required U.S. domestic forms with the SEC.

8

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn 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; the conflict between Russia and Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 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 $7.3 billion of revenue in 2024.

Constellium’s earnings materials for the second quarter and the first half ended June 30, 2025 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. Similar concepts of Adjusted EBITDA are frequently used by securities analysts, investors and other stakeholders in their evaluation of our company and in comparison, to other companies, many of which present an Adjusted EBITDA-related performance measure when reporting their results.

10

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.

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 STATEMENTS (unaudited)

	Three months ended June 30,						Six months ended June 30,
(in millions of U.S. dollar)	2025			2024			2025			2024
Revenue		2,103			1,932			4,082			3,812
Cost of sales (excluding depreciation<br><br> <br>and amortization)		(1,840	)		(1,652	)		(3,556	)		(3,287	)
Depreciation and amortization		(82	)		(76	)		(160	)		(151	)
Selling and administrative expenses		(88	)		(75	)		(166	)		(155	)
Research and development expenses		(12	)		(13	)		(25	)		(28	)
Other gains and losses - net		4			13			(1	)		(5	)
Finance costs - net		(29	)		(25	)		(56	)		(52	)
Income before tax		56			104			118			134
Income tax expense		(20	)		(27	)		(44	)		(35	)
Net income		36			77			74			99
Attributable to:
Equity holders of Constellium		36			76			73			97
Non-controlling interests		—			1			1			2
Net income		36			77			74			99
Earnings per share attributable to the<br><br> <br>equity holders of Constellium (in dollars)
---	---	---	---	---
Basic	0.25	0.52	0.51	0.66
Diluted	0.25	0.51	0.51	0.65
Weighted average number of shares,<br><br> <br>(in thousands)
Basic	140,821	146,272	141,665	146,534
Diluted	142,244	149,233	143,174	149,722
12
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

	Three months ended June 30,						Six months ended June 30,
(in millions of U.S. dollar)	2025			2024			2025			2024
Net income		36			77			74			99
Other comprehensive income / (loss)
Net change in post-employment benefit obligations		—			(4	)		(3	)		(9	)
Income tax on net change in post-employment benefit obligations		(1	)		—			—			2
Net change in cash flow hedges		25			(2	)		37			(4	)
Income tax on cash flow hedges		(7	)		1			(10	)		1
Currency translation adjustments		11			—			15			(6	)
Other comprehensive income / (loss)		28			(5	)		39			(16	)
Total comprehensive income		64			72			113			83
Attributable to:
Equity holders of Constellium		63			71			111			81
Non-controlling interests		1			1			2			2
Total comprehensive income		64			72			113			83
13
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CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions of U.S. dollar, except share data)
Assets
Current assets
Cash and cash equivalents	133	141
Trade receivables and other, net	805	486
Inventories	1,328	1,181
Fair value of derivatives instruments and other financial assets	46	26
Total current assets	2,312	1,834
Non-current assets
Property, plant and equipment, net	2,564	2,408
Goodwill	47	46
Intangible assets, net	93	97
Deferred tax assets	291	311
Trade receivables and other, net	40	36
Fair value of derivatives instruments	21	2
Total non-current assets	3,056	2,900
Total assets	5,368	4,734
Liabilities
Current liabilities
Trade payables and other	1,717	1,309
Current portion of long-term debt	54	39
Fair value of derivatives instruments	32	33
Income tax payable	18	18
Pension and other benefit obligations	24	22
Provisions	28	25
Total current liabilities	1,873	1,446
Non-current liabilities
Trade payables and other	169	156
Long-term debt	1,972	1,879
Fair value of derivatives instruments	3	21
Pension and other benefit obligations	394	375
Provisions	94	91
Deferred tax liabilities	64	39
Total non-current liabilities	2,696	2,561
Total liabilities	4,569	4,007
Commitments and contingencies
Shareholder's equity
Ordinary shares, par value 0.02, 146,819,884 shares issued at June 30, 2025 and 2024	4	4
Additional paid in capital	513	513
Accumulated other comprehensive income	26	(14	)
Retained earnings and other reserves	237	203
Equity attributable to equity holders of Constellium	780	706
Non-controlling interests	19	21
Total equity	799	727
Total equity and liabilities	5,368	4,734

All values are in Euros.

14

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited)

(in millions of U.S. dollar)
At January 1, 2025	4	513	(51	)	(14	)	161	93		706		21		727
Net income	—	—	—		—		—	37		37		1		38
Other comprehensive income	—	—	—		11		—	—		11		—		11
Total comprehensive income	—	—	—		11		—	37		48		1		49
Share-based compensation	—	—	—		—		6	—		6		—		6
Repurchase of ordinary shares	—	—	(15	)	—		—	—		(15	)	—		(15	)
Allocation of treasury shares to share-based compensation plan vested	—	—	12		—		—	(12	)	—		—		—
Other	—	—	—		2		—	(2	)	—		—		—
Transactions with non-controlling interests	—	—	—		—		—	—		—		(2	)	(2	)
At March 31, 2025	4	513	(54	)	(1	)	167	116		745		20		765
Net income	—	—	—		—		—	36		36		—		36
Other comprehensive income	—	—	—		27		—	—		27		1		28
Total comprehensive income	—	—	—		27		—	36		63		1		64
Share-based compensation	—	—	—		—		7	—		7		—		7
Repurchase of ordinary shares	—	—	(35	)	—		—	—		(35	)	—		(35	)
Allocation of treasury shares to share-based compensation plan vested	—	—	—		—		—	—		—		—		—
Other	—	—	—		—		—	—		—		—		—
Transactions with non-controlling interests	—	—	—		—		—	—		—		(2	)	(2	)
At June 30, 2025	4	513	(89	)	26		174	152		780		19		799
15
---

(in millions of U.S. dollar)
At January 1, 2024	4	513	—		—		136	65		718		24		742
Net income	—	—	—		—		—	21		21		1		22
Other comprehensive loss	—	—	—		(11	)	—	—		(11	)	—		(11	)
Total comprehensive (loss) / income	—	—	—		(11	)	—	21		10		1		11
Share-based compensation	—	—	—		—		6	—		6		—		6
Repurchase of ordinary shares	—	—	(7	)	—		—	—		(7	)	—		(7	)
Allocation of treasury shares to share-based compensation plan vested	—	—	—		—		—	—		—		—		—
Transactions with non-controlling interests	—	—	—		—		—	—		—		(1	)	(1	)
At March 31, 2024	4	513	(7	)	(11	)	142	86		727		24		751
Net income	—	—	—		—		—	76		76		1		77
Other comprehensive loss	—	—	—		(5	)	—	—		(5	)	—		(5	)
Total comprehensive (loss) / income	—	—	—		(5	)	—	76		71		1		72
Share-based compensation	—	—	—		—		7	—		7		—		7
Repurchase of ordinary shares	—	—	(32	)	—		—	—		(32	)	—		(32	)
Allocation of treasury shares to share-based compensation plan vested	—	—	28		—		—	(28	)	—		—		—
Transactions with non-controlling interests	—	—	—		—		—	—		—		(2	)	(2	)
At June 30, 2024	4	513	(11	)	(16	)	149	134		773		23		796
16
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three months ended June 30,						Six months ended June 30,
(in millions of U.S. dollar)	2025			2024			2025			2024
Net income		36			77			74			99
Adjustments
Depreciation and amortization		82			76			160			151
Impairment of assets		—			5			—			8
Pension and other long-term benefits		2			2			4			4
Finance costs - net		29			25			56			52
Income tax expense		20			27			44			35
Unrealized gains on derivatives - net and from remeasurement of monetary assets and liabilities - net		(35	)		(4	)		(24	)		(1	)
Losses on disposal		1			—			1			1
Other - net		11			13			22			26
Changes in working capital
Inventories		4			(43	)		(65	)		(27	)
Trade receivables		12			(68	)		(261	)		(241	)
Trade payables		(38	)		64			241			164
Other		23			12			5			(4	)
Change in provisions		(1	)		—			(2	)		(2	)
Pension and other long-term benefits paid		(12	)		(12	)		(25	)		(22	)
Interest paid		(24	)		(20	)		(53	)		(46	)
Income tax paid		4			(16	)		(5	)		(22	)
Net cash flows from operating activities		114			138			172			175
Purchases of property, plant and equipment		(77	)		(84	)		(146	)		(158	)
Property, plant and equipment inflows		4			—			12			7
Collection of deferred purchase price receivable		—			23			2			40
Other investing activities		1			—			1			—
Net cash flows used in investing activities		(72	)		(61	)		(131	)		(111	)
Repurchase of ordinary shares		(35	)		(32	)		(50	)		(39	)
Repayments of long-term debt		(2	)		(3	)		(3	)		(5	)
Net change in revolving credit facilities and short-term debt		23			(1	)		28			—
Finance lease repayments		(1	)		(3	)		(3	)		(5	)
Transactions with non-controlling interests		(2	)		(2	)		(4	)		(3	)
Other financing activities		(19	)		—			(30	)		1
Net cash flows used in financing activities		(36	)		(41	)		(62	)		(51	)
Net increase / (decrease) in cash and cash equivalents		6			36			(21	)		13
Cash and cash equivalents - beginning of the period		118			194			141			223
Net increase / (decrease) in cash and cash equivalents		6			36			(21	)		13
Effect of exchange rate changes on cash and cash equivalents		9			(2	)		13			(8	)
Cash and cash equivalents - end of period		133			228			133			228
17
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SEGMENT ADJUSTED EBITDA

	Three months ended June 30,						Six months ended June 30,
(in millions of U.S. dollar)	2025			2024			2025			2024
A&T		78			90			153			177
P&ARP		74			66			135			114
AS&I		18			30			34			63
Holdings and Corporate		(12	)		(6	)		(23	)		(14	)

SHIPMENTS AND REVENUE BY PRODUCT LINE

	Three months ended June 30,				Six months ended June 30,
(in k metric tons)	2025		2024		2025		2024
Aerospace rolled products		22		25		46		52
Transportation, industry, defense and other rolled products		31		35		59		65
Packaging rolled products		213		187		417		374
Automotive rolled products		59		69		119		140
Specialty and other thin-rolled products		6		6		10		12
Automotive extruded products		29		33		60		69
Other extruded products		25		22		47		45
Total shipments		384		378		756		758
	Three months ended June 30,						Six months ended June 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
(in millions of U.S. dollar)	2025			2024			2025			2024
Aerospace rolled products		267			262			534			548
Transportation, industry, defense and other rolled products		226			225			427			418
Packaging rolled products		912			729			1,780			1,400
Automotive rolled products		295			319			586			631
Specialty and other thin-rolled products		27			30			55			66
Automotive extruded products		249			251			483			514
Other extruded products		173			133			320			266
Other and inter-segment eliminations		(45	)		(17	)		(102	)		(30	)
Total Revenue by product line		2,103			1,932			4,082			3,812

Amounts may not sum due to rounding.

18

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. dollar)	2025			2024			2025			2024
Net income		36			77			74			99
Income tax expense		20			27			44			35
Finance costs - net		29			25			56			52
Expenses on factoring arrangements		6			5			11			10
Depreciation and amortization		82			76			160			151
Impairment of assets (B)		—			5			—			8
Restructuring costs		1			3			2			3
Unrealized gains on derivatives		(33	)		(4	)		(21	)		—
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net		(1	)		—			—			(2	)
Pension and other post-employment benefits - non - operating gains		(4	)		(4	)		(7	)		(7	)
Share based compensation costs		7			7			13			13
Losses / (gains) on disposal		1			—			1			1
Other (C)		2			8			(1	)		8
Adjusted EBITDA^1^		146			225			332			371
of which Metal price lag (A)		(13	)		45			33			31

^1^Adjusted EBITDA includes the non-cash impact of metal price lag

(A)	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,<br> which is a non-cash financial impact. The metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The calculation of metal<br> 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,<br> less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.
(B)	For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.
---	---
(C)	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<br> insurance proceeds and $7 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the three and six months ended June 30, 2024, other was related to $6 million of inventory impairment as a result<br> of the flooding of our facilities in Valais (Switzerland) at the end of June 2024 as well as $2 million of costs associated with non-recurring corporate transformation projects.
---	---
19
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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. dollar)	2025			2024			2025			2024
Net cash flows from operating activities		114			138			172			175
Purchases of property, plant and equipment		(77	)		(84	)		(146	)		(158	)
Property, plant and equipment inflows		4			—			12			7
Free Cash Flow		41			54			38			24

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

(in millions of U.S. dollar)
Debt	2,026		1,918
Fair value of cross currency basis swaps,<br><br> <br>net of margin calls	2		(1	)
Cash and cash equivalents	(133	)	(141	)
Net debt	1,895		1,776
20
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Exhibit 99.2

Second Quarter 2025 Earnings Call July 29, 2025

Forward-Looking Statements Certain statements contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn 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; the conflict between Russia and Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 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. Second Quarter 2025 - 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 and in comparison to other companies, many of which present an adjusted EBITDA-related performance measure when reporting their results. Adjusted EBITDA, Free Cash Flow and Net debt are not presentations made in accordance with 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 or 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, non-cash impact of metal price lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, our net income in the future. Second Quarter 2025 - Earnings Call - 3

Jean-Marc Germain Chief Executive Officer

Q2 2025 Highlights Safety: Recordable case rate (RCR)(1) of 2.6 per million hours worked in Q2 2025; YTD RCR of 1.8 per million hours worked Shipments: 384 thousand tons (+2% YoY) Revenue: $2.1 billion (+9% YoY) Net income: $36 million Adjusted EBITDA: $146 million Includes negative non-cash metal price lag impact of $13 million Cash from Operations: $114 million Free Cash Flow: $41 million Shareholder Returns: repurchased 3.4 million shares of the Company stock for $35 million Leverage: 3.6x at June 30, 2025 Note: Segment Adjusted EBITDA excludes the non-cash impact of metal price lag. Amounts may not sum due to rounding. Solid Q2 results despite continued demand weakness across most of our end markets Second Quarter 2025 - Earnings Call - 5 Adjusted EBITDA Bridge in $ millions (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.

Current Assessment of Tariffs and Potential Impact on Constellium Second Quarter 2025 - Earnings Call - 6 Tariffs remain a very fluid situation; we are continually monitoring and assessing the potential impact of current and future trade policies; at this stage we believe it presents opportunities for Constellium, and comes with some costs

Jack Guo Chief Financial Officer

Q2 2025 Q2 2024 % △ Shipments (kt) 53 60 (11) % Revenue ($m) 492 487 1 % Segment Adj. EBITDA ($m) 78 90 (13) % Segment Adj. EBITDA ($ / t) 1,467 1,506 (3) % Aerospace & Transportation Q2 2025 Segment Adjusted EBITDA Bridge Q2 2025 Performance Second Quarter 2025 - Earnings Call - 8 Segment Adjusted EBITDA of $78 million Lower aerospace and TID shipments Favorable price and mix Lower operating costs Favorable foreign exchange translation

Q2 2025 Q2 2024 % △ Shipments (kt) 276 262 5 % Revenue ($m) 1,235 1,079 14 % Segment Adj. EBITDA ($m) 74 66 12 % Segment Adj. EBITDA ($ / t) 268 252 6 % Packaging & Automotive Rolled Products Q2 2025 Segment Adjusted EBITDA Bridge Q2 2025 Performance Second Quarter 2025 - Earnings Call - 9 Segment Adjusted EBITDA of $74 million Higher packaging shipments and improved Muscle Shoals performance; lower automotive shipments Unfavorable price and mix Lower operating costs; unfavorable metal costs Favorable foreign exchange translation

Q2 2025 Q2 2024 % △ Shipments (kt) 55 56 (1) % Revenue ($m) 421 384 10 % Segment Adj. EBITDA ($m) 18 30 (40) % Segment Adj. EBITDA ($ / t) 329 540 (39) % Automotive Structures & Industry Q2 2025 Segment Adjusted EBITDA Bridge Q2 2025 Performance Second Quarter 2025 - Earnings Call - 10 Segment Adjusted EBITDA of $18 million Lower automotive; higher industry shipments Unfavorable price and mix Lower operating costs; unfavorable net impact from tariffs Favorable foreign exchange translation

Free Cash Flow of $38 million; compared to H1 2024: Favorable change in working capital Lower capex Lower cash taxes Lower Segment Adjusted EBITDA Higher cash interest Repurchased 4.8 million shares for $50 million in $ millions H1 2025 H1 2024 Net cash flows from operating activities 172 175 Purchases of property, plant and equipment net of property, plant and equipment inflows (134) (151) Free Cash Flow 38 24 Collection of deferred purchase price receivables 2 40 Track Record of Free Cash Flow(1) Generation in $ millions H1 2025 Free Cash Flow Highlights Current 2025 Expectations Second Quarter 2025- Earnings Call - 11 (1) Excludes $85 million, $97 million, and $90 million of cash received for collection of deferred purchase price receivables for the 2024, 2023 and 2022 periods, respectively, as a result of IFRS to U.S. GAAP conversion. >120 Free Cash Flow: >$120 million Capex: ~$325 million Cash interest: ~$125 million Cash taxes: ~$45 million TWC/Other: modest use of cash Free Cash Flow 2025E

Leverage of 3.6x at quarter-end Target leverage range of 1.5x to 2.5x Expect to be at or below 3.0x by the end of 2025 No bond maturities until 2028 Strong liquidity position Debt / Liquidity Highlights Net Debt and Liquidity Maturity Profile(1) in $ millions Liquidity in $ millions Net Debt and Leverage in $ millions Strong balance sheet and improved financial flexibility give us confidence to manage varying business conditions Leverage = Net Debt / LTM Segment Adjusted EBITDA, which excludes non-cash impact of metal price lag (1) See Debt Table in the Appendix for more details Second Quarter 2025- Earnings Call - 12

Jean-Marc Germain Chief Executive Officer

End Market Outlook Second Quarter 2025- Earnings Call - 14 Sources: CRU International, Aluminum Rolled Products Market Outlook May 2025. Aerospace 13% of LTM revenues Packaging 42% of LTM revenues Automotive 27% of LTM revenues Other Specialties 18% of LTM revenues Current Market Trends: Demand in North America has softened Demand remains weak in Europe Tariff uncertainty Current Market Trends: Demand has stabilized at low levels in North America Demand remains weak in Europe Current Market Trends: Demand remains healthy in both North America and Europe Current Market Trends: Demand has stabilized in aviation and space; military aircraft remains healthy OEMs continue to deal with supply chain challenges SECULAR GROWTH Fuel economy Lightweighting Reduced emissions Electric vehicles Safety DIVERSIFIED CYCLES Diversified end markets with separate cycles Lightweighting in Transportation SECULAR GROWTH Sustainability Recyclability Can makers adding capacity to meet long-term demand LT SECULAR GROWTH Fuel economy Lightweighting Long-term market trends expected to remain intact CAGR (2024-2029): demand for aluminum canstock market North America: 3.6% Europe: 4.1% CAGR (2024-2029): demand for aerospace aluminum rolled product market North America + Europe: 8.5% Est. New Commercial Aircraft >42K between 2024 and 2043 CAGR (2024-2029): consumption of aluminum auto body sheet North America: 3.2% Europe: 7.8% Growth is expected to be in-line with or above gross domestic product (GDP)

Solid performance in Q2 2025 with improvement in H2 2025 Solid Q2 results despite continued demand weakness across most of our end markets outside of packaging Remain focused on strong cost control, Free Cash Flow generation, and commercial and capital discipline Returned $35 million to shareholders through the repurchase of 3.4 million shares during the quarter Tariffs are creating uncertainty in many of our end markets, especially automotive, but we are proactively managing the business to the current environment H2 2025 outlook includes timing of certain tariff mitigations and customer compensations, more favorable scrap purchasing, Valais ramp-up, and favorable foreign exchange translation Exciting future ahead with opportunities to grow our business and enhance profitability and returns Portfolio serving diversified and generally resilient end markets Durable, sustainability-driven secular growth trends driving increased demand for our products Infinitely recyclable aluminum is part of the circular economy Previously-indicated Adjusted EBITDA drivers within our control; market recoveries provide additional upside Execution focused with proven ability to flex costs Substantial value creation opportunities remain longer term, planting the seeds today for future growth and profitability Strong balance sheet and Free Cash Flow generation allow financial flexibility and balanced capital allocations Approximately $171 million remaining on existing share repurchase program(2)(3) Key Messages and Guidance Focused on executing our strategy and increasing shareholder value Targets (1) Excludes the non-cash impact of metal price lag. (2) Full execution of share repurchase program will require shareholder approval annually at the Annual General Meeting. (3) Expires December 31, 2026. Second Quarter 2025 - Earnings Call - 15 2025 Adjusted EBITDA(1) $620 million to $650 million ——— 2025 Free Cash Flow >$120 million ——— 2028 Adjusted EBITDA(1) $900 million ——— 2028 Free Cash Flow $300 million ——— Leverage 1.5x - 2.5x

Appendix

Reconciliation of Net Income to Adjusted EBITDA ≥130 Three months ended June 30, Six months ended June 30, (in millions of U.S. dollar) 2025 2024 2025 2024 Net income 36 77 74 99 Income tax expense 20 27 44 35 Income before tax 56 104 118 134 Finance costs - net 29 25 56 52 Expenses on factoring arrangements 6 5 11 10 Depreciation and amortization 82 76 160 151 Impairment of assets — 5 — 8 Restructuring costs 1 3 2 3 Unrealized gains on derivatives (33) (4) (21) — Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net (1) — — (2) Pension and other post-employment benefits - non - operating gains (4) (4) (7) (7) Share based compensation costs 7 7 13 13 Losses on disposal 1 — 1 1 Other 2 8 (1) 8 Adjusted EBITDA 146 225 332 371 of which Metal price lag (1) (13) 45 33 31 Second Quarter 2025 - Earnings Call - 17 (1) Excluded in Segment Adjusted EBITDA

Three months ended June 30, Six months ended June 30, (in millions of U.S. dollar) 2025 2024 2025 2024 Net cash flows from operating activities 114 138 172 175 Purchases of property, plant and equipment net of property, plant and equipment inflows (73) (84) (134) (151) Free Cash Flow 41 54 38 24 Collection of deferred purchase price receivables — 23 2 40 Year ended December 31, (in millions of U.S. dollar) 2024 2023 2022 Net cash flows from operating activities 301 432 365 Purchases of property, plant and equipment net of property, plant and equipment inflows (401) (365) (284) Free Cash Flow (100) 67 81 Collection of deferred purchase price receivables 85 97 90 Second Quarter 2025 - Earnings Call - 18 Free Cash Flow Reconciliation

Net Debt Reconciliation ≥130 (in millions of U.S. dollar) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Borrowings 2,026 1,943 1,918 1,914 1,898 Fair value of net debt derivatives, net of margin calls 2 1 (1) 1 — Cash and cash equivalents (133) (118) (141) (170) (228) Net Debt 1,895 1,826 1,776 1,745 1,670 LTM Segment Adjusted EBITDA(1) 526 547 568 648 702 Leverage 3.6x 3.3x 3.1x 2.7x 2.4x (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2025 - Earnings Call - 19

Reconciliation of LTM Segment Adjusted EBITDA to Net Income ≥130 Twelve months ended (in millions of U.S. dollar) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 P&ARP 263 255 242 271 278 A&T 261 273 285 312 345 AS&I 46 57 74 93 110 H&C (43) (38) (33) (29) (32) Segment Adjusted EBITDA 526 547 568 648 702 Metal price lag 56 115 55 14 (12) Adjusted EBITDA 583 663 623 662 689 Depreciation and amortization (313) (307) (304) (299) (302) Impairment of assets (16) (21) (24) (21) (22) Share based compensation costs (25) (24) (25) (25) (24) Pension and other post-employment benefits - non service costs 11 11 11 13 13 Restructuring costs (10) (12) (11) (7) (3) Unrealized (losses) / gains on derivatives 19 (9) (1) 21 28 Unrealized exchange (losses) / gains from the remeasurement of monetary assets and liabilities – net (1) (2) 1 (1) — Losses / (gains) on disposal (1) (4) (4) (3) 44 Expenses on factoring arrangements (22) (22) (22) (23) (23) Other 9 6 2 (10) (9) Finance costs - net (115) (112) (111) (109) (107) Income before tax 119 168 135 200 286 Income tax expense (85) (92) (76) (88) (94) Net income 34 75 60 112 192 (1) Segment Adjusted EBITDA excludes non-cash metal price lag Second Quarter 2025 - Earnings Call - 20

Debt Table ≥130 Second Quarter 2025 - Earnings Call - 21 At June 30, At December 31, 2025 2024 (in millions of U.S. dollar) 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) $ 70 Floating 5.74 % 70 — 1 71 56 Senior Unsecured Notes Issued June 2020 and due 2028 $ 325 5.625 % 6.05 % 325 (3) 1 323 323 Issued February 2021 and due 2029 $ 500 3.750 % 4.05 % 500 (4) 4 500 500 Issued June 2021 and due 2029 € 300 3.125 % 3.41 % 351 (3) 5 353 313 Issued August 2024 and due 2032 $ 350 6.375 % 6.77 % 350 (6) 8 352 353 Issued August 2024 and due 2032 € 300 5.375 % 5.73 % 352 (6) 7 353 313 Finance lease liabilities 31 — — 31 30 Other loans 43 — — 43 30 Total debt 2,022 (22) 26 2,026 1,918 Of which non-current 1,972 1,879 Of which current 54 39