Financial Performance - Shipments for Q4 2024 were 328 thousand metric tons, down 2% from Q4 2023, and full year shipments totaled 1.4 million metric tons, down 4% compared to 2023[10]. - Revenue for Q4 2024 was $1,721 million, a decrease of 1% from Q4 2023, while full year revenue was $7.3 billion, down 6% compared to 2023[10]. - The net loss for Q4 2024 was $47 million, compared to a net income of $5 million in Q4 2023, with full year net income at $60 million, down 62% from $157 million in 2023[10]. - Adjusted EBITDA for Q4 2024 was $125 million, down from $164 million in Q4 2023, and full year Adjusted EBITDA was $623 million, a decrease of 6% from 2023[10]. - Revenue for 2024 was $1.4 billion, a decrease of 19% compared to the previous year, mainly due to lower shipments and unfavorable price and mix, partially offset by higher metal prices[18]. - The net loss for Q4 2024 was $47 million, compared to a net income of $5 million in Q4 2023, attributed to lower gross profit and higher expenses[21]. - Net income for the year ended December 31, 2024, was $60 million, down from $157 million in 2023, representing a decrease of 61.1%[37]. - Total revenue for the year ended December 31, 2024, was $7,335 million, a decrease of 6.3% compared to $7,826 million in 2023[39]. - The adjusted EBITDA for the year ended December 31, 2024, was $623 million, down 5.9% from $662 million in 2023[41]. Segment Performance - Segment Adjusted EBITDA for Aerospace & Transportation (A&T) was $56 million in Q4 2024, down 33% year-over-year, while full year A&T Adjusted EBITDA was $285 million, down 19% from 2023[12]. - Segment Adjusted EBITDA for Packaging & Automotive Rolled Products (P&ARP) was $56 million in Q4 2024, a decrease of 34% compared to Q4 2023, with full year P&ARP Adjusted EBITDA at $242 million, down 21% from 2023[14]. - Segment Adjusted EBITDA for Automotive Structures & Industry (AS&I) was $4 million in Q4 2024, down 83% year-over-year, and full year AS&I Adjusted EBITDA was $74 million, a decrease of 43% from 2023[17]. - For the full year of 2024, Segment Adjusted EBITDA was $74 million, a decrease of 43% compared to 2023, primarily due to lower shipments and a $20 million impact from flooding at Valais[18]. - The adjusted EBITDA for the Aerospace and Transportation segment decreased from $351 million in 2023 to $285 million in 2024, a decline of 18.8%[38]. Cash Flow and Liquidity - Cash from Operations for Q4 2024 was $61 million, while Free Cash Flow was $(85) million, and for the full year, Cash from Operations was $301 million with Free Cash Flow at $(100) million[10]. - Free Cash Flow for 2024 was $(100) million, a decline from $67 million in 2023, primarily due to lower Segment Adjusted EBITDA and higher capital expenditures[23]. - Cash flows from operating activities were $301 million in 2024, down from $432 million in the prior year[24]. - Liquidity at December 31, 2024, was $727 million, consisting of $141 million in cash and cash equivalents and $586 million available under committed lending facilities[26]. - The company reported a net cash flow from operating activities of $301 million for the year ended December 31, 2024, compared to $432 million in 2023, a decrease of 30.3%[37]. - The company reported a net cash flow from operating activities of $61 million for the three months ended December 31, 2024, down from $173 million in the same period of 2023[43]. Debt and Equity - Net debt increased to $1,776 million at December 31, 2024, compared to $1,704 million at the end of 2023[27]. - The long-term debt remained relatively stable, decreasing slightly from $1,888 million in 2023 to $1,879 million in 2024[35]. - The company’s equity attributable to equity holders decreased from $718 million in 2023 to $706 million in 2024, a decline of 1.7%[35]. - Net debt as of December 31, 2024, was $1,776 million, an increase of 4.2% from $1,704 million in 2023[44]. Future Outlook - For 2025, the company expects Adjusted EBITDA in the range of $600 million to $630 million and Free Cash Flow in excess of $120 million[9]. - Long-term targets for 2028 include an expected Adjusted EBITDA of $900 million and Free Cash Flow of $300 million[9]. - The company expects Adjusted EBITDA for 2025 to be in the range of $600 million to $630 million and Free Cash Flow to exceed $120 million[29]. Other Financial Metrics - Total assets decreased from $4,933 million in 2023 to $4,734 million in 2024, a decline of approximately 4.0%[35]. - Cash and cash equivalents at the end of 2024 were $141 million, down from $223 million at the end of 2023, a decrease of 36.8%[37]. - The company incurred restructuring costs of $11 million in 2024 related to cost reduction programs in the United States and Europe[42]. - The financial impact of the Valais flood in 2024 was $33 million of Adjusted EBITDA and $45 million of Free Cash Flow[28]. - The metal price lag adjustment for the year ended December 31, 2024, negatively impacted earnings by $55 million, compared to a positive impact of $92 million in 2023[45]. - Total invested capital as of December 31, 2024, was $3,202 million, slightly up from $3,173 million in 2023[45]. - The Adjusted Return on Invested Capital (ROIC) for 2024 was 5.5%, a decrease from 10.5% in 2023[45]. - The company repurchased ordinary shares worth $79 million during the year ended December 31, 2024[37].

Core Viewpoint - Constellium SE reported challenging financial results for Q4 and full year 2024, with significant impacts from operational disruptions and market conditions, while outlining a strategic shift to U.S. GAAP reporting and future growth targets [2][7][29]. Financial Performance Fourth Quarter 2024 Highlights - Shipments decreased by 2% to 328 thousand metric tons compared to Q4 2023 - Revenue fell by 1% to $1,721 million compared to Q4 2023 - Net loss of $47 million compared to net income of $5 million in Q4 2023 - Adjusted EBITDA was $125 million, impacted by a $15 million loss due to flooding at Valais and a positive $27 million from non-cash metal price lag [6][8][21]. Full Year 2024 Highlights - Shipments totaled 1.4 million metric tons, down 4% from 2023 - Revenue decreased by 6% to $7.3 billion compared to 2023 - Net income of $60 million, down from $157 million in 2023 - Adjusted EBITDA was $623 million, affected by a $33 million impact from flooding at Valais [9][21][23]. Segment Performance Aerospace & Transportation (A&T) - Q4 shipments decreased by 7% to 44 thousand metric tons - Revenue fell by 2% to $430 million - Segment Adjusted EBITDA decreased by 33% to $56 million due to lower shipments and flooding impacts [10][12]. Packaging & Automotive Rolled Products (P&ARP) - Q4 shipments remained stable at 239 thousand metric tons - Revenue increased by 8% to $1,009 million - Segment Adjusted EBITDA decreased by 34% to $56 million, primarily due to unfavorable metal costs [13][14]. Automotive Structures & Industry (AS&I) - Q4 shipments decreased by 13% to 44 thousand metric tons - Revenue fell by 8% to $329 million - Segment Adjusted EBITDA decreased by 83% to $4 million, significantly impacted by flooding [15][17]. Cash Flow and Liquidity - Free Cash Flow was $(100) million for 2024, down from $67 million in 2023, primarily due to lower Segment Adjusted EBITDA and higher capital expenditures [23][24]. - Cash from operations was $301 million for 2024, compared to $432 million in the prior year [24]. - Liquidity at December 31, 2024, was $727 million, consisting of $141 million in cash and $586 million available under lending facilities [26]. Strategic Outlook - For 2025, the company expects Adjusted EBITDA in the range of $600 million to $630 million and Free Cash Flow exceeding $120 million [29]. - Long-term targets for 2028 include Adjusted EBITDA of $900 million and Free Cash Flow of $300 million, assuming stable macroeconomic conditions and no tariff impacts [29].

Group 1 - Constellium SE announced a minimum price increase of $0.15 per pound for all flat rolled products shipped in the US due to recent market dynamics and economic drivers [1] - The price increase is effective immediately, as contracts allow, with select products potentially requiring higher increases [1] Group 2 - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, including aerospace, packaging, and automotive [2] - The company generated $7.8 billion in revenue in 2023 [2]

PARIS, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) will host a conference call and webcast on Thursday, February 20, 2025, at 10:00 AM (Eastern Time) to announce its fourth quarter and full year 2024 results. The press release will be sent before market opening. The conference call will be hosted by Jean-Marc Germain, Chief Executive Officer, and Jack Guo, Senior Vice President and Chief Financial Officer. Details of the conference call, webcast and accompanying presentation will be availa ...

Core Viewpoint - Constellium SE intends to voluntarily file its SEC reports on U.S. domestic issuer forms starting in 2025, which is expected to enhance comparability with other U.S. domestic filers and improve strategic flexibility [1][2]. Financial Reporting Changes - The company will begin reporting its financial statements in U.S. Dollars and in accordance with U.S. GAAP, starting with the fourth quarter and full year 2024 results, transitioning from previous reporting in Euros under IFRS [2][4]. - Historical figures for the full year 2022 and 2023, as well as the first three quarters of 2024, will be restated in U.S. Dollars under U.S. GAAP [2]. Impact of Transition to U.S. GAAP - Changes in operating leases will affect the income statement and balance sheet, with lease expenses classified differently under U.S. GAAP compared to IFRS [5]. - The statement of cash flows will also reflect different classifications for lease payments under U.S. GAAP [6]. - Factoring fees will be classified as selling and administrative expenses under U.S. GAAP, differing from their treatment as finance costs under IFRS [7]. - Goodwill impairment will be treated differently, with potential reversals of PP&E impairment under U.S. GAAP [9]. - Pension costs will be amortized over the remaining service period under U.S. GAAP, contrasting with full recognition under IFRS [10][11]. Financial Performance Metrics - For the fiscal year ended December 31, 2023, Constellium reported revenue of €7,239 million, translating to approximately $7,826 million under U.S. GAAP [16]. - The net income for the same period was €129 million, which translates to approximately $151 million under U.S. GAAP [16]. - Adjusted EBITDA for the year was reported at €713 million, approximately $722 million under U.S. GAAP [16]. Cash Flow Analysis - Net cash flows from operating activities for the fiscal year 2023 were €506 million, translating to approximately $432 million under U.S. GAAP [16]. - Free Cash Flow was reported at €170 million, approximately $67 million under U.S. GAAP, with adjustments for deferred purchase price receivables [16]. Company Overview - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, including aerospace, automotive, and packaging, generating $7.8 billion in revenue in 2023 [14].

Financial Performance - Shipments of 352 thousand metric tons in Q3 2024, down 5% compared to Q3 2023[7] - Revenue of €1.6 billion in Q3 2024, down 5% compared to Q3 2023[7] - Net income of €3 million in Q3 2024, a decrease of €61 million compared to net income of €64 million in Q3 2023[7] - Adjusted EBITDA of €110 million in Q3 2024, down €31 million from €141 million in Q3 2023[12] - For Q3 2024, net income was €3 million, a decrease from €64 million in Q3 2023, primarily due to lower gross profit and a prior year gain from the sale of the CED business[26] - For the first nine months of 2024, net income was €91 million, down from €118 million in the same period of 2023, attributed to lower gross profit and prior year gains[27] - Total comprehensive income for Q3 2024 was €97 million, down from €146 million in Q3 2023[46] - Adjusted EBITDA for Q3 2024 was €110 million, compared to €141 million in Q3 2023, reflecting a decrease of 22%[51] - Revenue for Q3 2024 was €1,639 million, down from €1,720 million in Q3 2023, representing a decline of 4.7%[50] Cash Flow and Liquidity - Free Cash Flow was negative €10 million in Q3 2024, including a €6 million impact from the flood at Valais[9] - Free Cash Flow for the first nine months of 2024 was €57 million, compared to €112 million in the prior year, mainly due to lower Segment Adjusted EBITDA and higher capital expenditures[28] - Cash flows from operating activities were €292 million for the first nine months of 2024, down from €321 million in the same period of 2023[29] - Cash flows used in investing activities increased to €232 million in the first nine months of 2024 from €161 million in the prior year, which included €47 million from the sale of CED in 2023[30] - As of September 30, 2024, liquidity was €778 million, consisting of €152 million in cash and cash equivalents and €626 million available under committed lending facilities[32] Debt and Financial Position - Net debt increased to €1,677 million at September 30, 2024, compared to €1,664 million at December 31, 2023[33] - Net debt as of September 30, 2024, was €1,677 million, an increase from €1,664 million at the end of 2023[54] Future Outlook - For 2024, Adjusted EBITDA is expected to be in the range of €580 million to €600 million, excluding an estimated one-time impact of €30 million to €40 million from the flood[10] - The company expects Adjusted EBITDA for 2024 to be in the range of €580 million to €600 million, excluding the estimated one-time impact from the flood[37] Share Repurchase and Restructuring - Repurchased 1.2 million shares for $21 million in Q3 2024[7] - The company repurchased ordinary shares worth €56 million during the nine months ended September 30, 2024[46] - The company reported a restructuring cost of €4 million for Q3 2024 related to cost improvement programs[51] Non-GAAP Measures - The company reports non-GAAP measures including Adjusted EBITDA, Free Cash Flow, and Net Debt to enhance investors' understanding of its financial performance[55] - Adjusted EBITDA is defined as income from continuing operations before certain expenses, providing a clearer view of profitability by excluding non-cash charges and items not impacting day-to-day operations[56][57] - Free Cash Flow is calculated as net cash flow from operating activities minus capital expenditures, reflecting the cash generated or consumed by the business[61] - Net Debt is defined as total borrowings adjusted for cash and cash equivalents, providing insight into the company's indebtedness[62] - Leverage is calculated as Net Debt divided by the last twelve months Segment Adjusted EBITDA, excluding non-cash impacts[62] - Adjusted EBITDA is a key performance measure used by management for evaluating operating performance and preparing internal forecasts[59] - The company emphasizes that non-GAAP measures should not be considered alternatives to IFRS measures, as they have inherent limitations[60] - Free Cash Flow does not account for principal repayments related to debt or capital lease obligations, limiting its representation of available cash[61] - The company believes that these non-GAAP measures are important for assessing the execution of strategic initiatives[55] - Adjusted EBITDA is frequently used by analysts and investors for comparison with other companies in the industry[58] Impact of Flooding - The financial impact of flooding at Valais in Q3 2024 was €17 million of Adjusted EBITDA and €6 million of Free Cash Flow, with an expected full-year impact of €30 million to €40 million of Adjusted EBITDA[36]

Financial Data and Key Metrics - Shipments were 352,000 tons, down 5% YoY, primarily due to lower shipments in A&T and AS&I segments [5] - Revenue decreased 5% YoY to EUR 1.6 billion, driven by lower shipments, partially offset by higher metal prices [5] - Net income was EUR 3 million, compared to EUR 64 million in Q3 2023, which included a EUR 36 million gain from the sale of the CED business [6] - Adjusted EBITDA was EUR 110 million, including a negative impact of EUR 17 million from the Valais flood and EUR 3 million from metal price lag [6] - Excluding the flood and metal price lag impacts, adjusted EBITDA was EUR 130 million, down from EUR 168 million in Q3 2023 [6] - Free cash flow was negative EUR 10 million, including a EUR 6 million negative impact from the Valais flood [8] - Leverage at the end of Q3 was 2.8x, slightly above the target range of 1.5x to 2.5x [14] Segment Performance PARP Segment - Adjusted EBITDA of EUR 61 million, down 9% YoY [9] - Packaging shipments increased 3% YoY, while automotive shipments decreased 6% due to weakening demand in North America and Europe [9] - Costs were a headwind of EUR 6 million due to unfavorable metal costs [9] A&T Segment - Adjusted EBITDA of EUR 47 million, down 41% YoY [10] - Volume was a EUR 10 million headwind due to lower TID shipments, impacted by the Valais flood [10] - Price and mix were a EUR 12 million headwind due to softer pricing in TID and weaker aerospace mix [10] AS&I Segment - Adjusted EBITDA of EUR 10 million, down 61% YoY [11] - Volume was a EUR 2 million headwind due to lower shipments in automotive and industrial extruded products [11] - Price and mix were a EUR 8 million headwind, primarily due to softer pricing in industrial markets [11] Market Performance - Packaging demand remained healthy, with promotional activity up YoY but below historical levels [18] - Aerospace demand slowed due to supply chain challenges, with demand shifting to the right [7][16] - Automotive demand softened in North America and weakened further in Europe, particularly in luxury and electric vehicle segments [7][17] - Industrial markets in North America and Europe saw sharp declines, with trailer builds down 25%-30% YoY [32][33] Strategic Direction and Industry Competition - The company is accelerating its Vision '25 Cost Improvement Program, targeting over EUR 25 million in cost savings for 2025 [12][30] - New investments in recycling and casting centers are expected to contribute EUR 35-40 million to EBITDA in 2025 [27] - The company remains confident in the long-term fundamentals of its markets, particularly in aerospace, automotive, and packaging [16][17][18] Management Commentary on Operating Environment and Future Outlook - The company expects adjusted EBITDA for 2024 to be in the range of EUR 580-600 million, excluding the impact of the Valais flood and metal price lag [24] - Market conditions deteriorated rapidly in Q3, with no signs of recovery in the near term [24][25] - The company is cautious heading into 2025, with adjusted EBITDA targets delayed pending market recovery [25] Other Important Information - The Valais flood had a significant impact on Q3 results, with an estimated full-year impact of EUR 30-40 million on adjusted EBITDA and EUR 60-70 million on free cash flow [21] - Operations in Valais are expected to fully resume by the end of November 2024, with production ramp-up completed by Q1 2025 [20][21] - The company repurchased 1.2 million shares for US $21 million in Q3, bringing the year-to-date total to 3.1 million shares for over US $60 million [8][13] Q&A Session Summary Question: What are the non-market-related EBITDA drivers? - The Neuf-Brisach recycling center is expected to contribute EUR 35-40 million to EBITDA in 2025 [27] - Vision '25 cost savings are expected to exceed EUR 25 million in 2025 [27] - Aerospace contract re-pricing is expected to contribute between EUR 15-25 million [27] Question: What are the signs of recovery in key markets? - No signs of recovery in automotive and industrial markets, with further declines observed [38] - Aerospace demand is expected to recover as supply chain challenges are resolved, but timing remains uncertain [39][40] Question: What is the impact of the Valais flood on 2025? - The flood impact is expected to be split two-thirds to AS&I and one-third to A&T [53] - Some cash flow impact may extend into 2025, but insurance proceeds will offset these costs [54] Question: What is the free cash flow outlook for 2024? - The company is not providing specific free cash flow guidance due to uncertain market conditions and timing of working capital benefits [55]

Third Quarter 2024 Earnings Call October 23, 2024 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 c ...

Financial Performance - Constellium reported quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.40 per share, and down from $0.47 per share a year ago, representing an earnings surprise of -95% [1] - The company posted revenues of $1.8 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 8.82%, and down from $1.87 billion year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.43 on revenues of $2.02 billion, and for the current fiscal year, it is $1.47 on revenues of $7.87 billion [4] - The estimate revisions trend for Constellium is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [4] Industry Context - The Metal Products - Distribution industry, to which Constellium belongs, is currently in the bottom 11% of over 250 Zacks industries, suggesting a challenging environment for stock performance [5] - Empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [5]

Financial Performance - Shipments in Q3 2024 were 352 thousand metric tons, down 5% compared to Q3 2023 [3] - Revenue in Q3 2024 was €1.6 billion, down 5% compared to Q3 2023 [3] - Net income in Q3 2024 was €3 million, compared to €64 million in Q3 2023 [3] - Adjusted EBITDA in Q3 2024 was €110 million, down from €141 million in Q3 2023 [3] - Free Cash Flow in Q3 2024 was negative €10 million, impacted by €6 million due to the flood in Valais [3] - For the first nine months of 2024, shipments were 1.1 million metric tons, down 4% compared to the same period in 2023 [3] - Revenue for the first nine months of 2024 was €5.2 billion, down 8% compared to the same period in 2023 [3] - Net income for the first nine months of 2024 was €91 million, compared to €118 million in the same period in 2023 [3] - Adjusted EBITDA for the first nine months of 2024 was €461 million, down from €470 million in the same period in 2023 [3] Segment Performance - Packaging & Automotive Rolled Products (P&ARP) segment reported Adjusted EBITDA of €61 million in Q3 2024, down 9% compared to Q3 2023 [9] - Aerospace & Transportation (A&T) segment reported Adjusted EBITDA of €47 million in Q3 2024, down 41% compared to Q3 2023 [12] - Automotive Structures & Industry (AS&I) segment reported Adjusted EBITDA of €10 million in Q3 2024, down 61% compared to Q3 2023 [13] - For the first nine months of 2024, P&ARP segment Adjusted EBITDA was €168 million, down 17% compared to the same period in 2023 [10] - A&T segment Adjusted EBITDA for the first nine months of 2024 was €210 million, down 15% compared to the same period in 2023 [13] - AS&I segment Adjusted EBITDA for the first nine months of 2024 was €75 million, down 31% compared to the same period in 2023 [14] Market Conditions - Packaging demand remained healthy during Q3 2024, while aerospace demand slowed due to supply chain challenges [3] - Automotive demand softened in North America and weakened further in Europe during Q3 2024 [3] - Industrial markets in North America experienced a sharp decline in demand, with further weakness in Europe [3] - The company expects Adjusted EBITDA for 2024 to be in the range of €580 million to €600 million, excluding the impact of the flood in Valais [24] Operational Challenges - The flood in Valais, Switzerland, negatively impacted Adjusted EBITDA by €17 million in Q3 2024 and Free Cash Flow by €6 million [3] - The company expects the total impact of the flood in 2024 to be €30 million to €40 million on Adjusted EBITDA and €60 million to €70 million on Free Cash Flow [23] - Operations in Valais are partially resumed, with full operations expected by the end of November 2024 [22] Share Repurchases and Debt - The company repurchased 1.2 million shares for $21 million in Q3 2024 and 3.1 million shares for $60.4 million in the first nine months of 2024 [3] - Leverage stood at 2.8x at the end of Q3 2024 [3] - The company issued $350 million of 6.375% Senior Notes due 2032 and €300 million of 5.375% Senior Notes due 2032 in Q3 2024 [20] Non-GAAP Measures - The company revised its definition of consolidated Adjusted EBITDA to no longer exclude the non-cash impact of metal price lag [2] - Metal price lag had a negative impact of €3 million in Q3 2024 and a positive impact of €26 million in the first nine months of 2024 [3] - Free Cash Flow for the first nine months of 2024 was €57 million, down from €112 million in the same period in 2023 [19]