6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2021

Commission File Number: 001-35931

Constellium SE

(Translation of registrant’s name into English)

Washington Plaza,	300 East Lombard Street
40-44 rue Washington	Suite 1710
75008 Paris	Baltimore, MD 21202
France	United States
(Head Office)

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☒        Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ☐        No  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ☐        No  ☒

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 99.1 is a copy of the press release of Constellium SE (the “Company”), dated April 28, 2021, announcing its financial results for the first quarter ended March 30, 2021.

Attached hereto as Exhibit 99.2 is a copy of a presentation of the Company, dated April 28, 2021, summarizing its financial results for the first quarter ended March 30, 2021.

Exhibit Index

No.	Description
99.1	Press Release issued by Constellium SE on April 28, 2021.
99.2	Presentation posted by Constellium SE on April 28, 2021.

The information contained in Exhibit 99.1 of this Form 6-K (except for the second paragraph containing certain quotes by the Chief Executive Officer, and the section titled “Outlook”), is incorporated by reference into any offering circular or registration statement (or into any prospectus that forms a part thereof) filed by Constellium SE with the Securities and Exchange Commission. Exhibit 99.2 is not incorporated by reference.

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)
April 28, 2021	By:	/s/ Peter R. Matt
	Name:	Peter R. Matt
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

Constellium Reports First Quarter 2021 Results

Paris, April 28, 2021 – Constellium SE (NYSE: CSTM) today reported results for the first quarter ended March 31, 2021.

First quarter 2021 highlights:

• Shipments of 385 thousand metric tons, down 2% compared to Q1 2020

• Revenue of €1.3 billion, down 7% compared to Q1 2020

• Net income of €48 million compared to net loss of €31 million in Q1 2020

• Adjusted EBITDA of €121 million, down 18% compared to Q1 2020

• Cash from Operations of €75 million and Free Cash Flow of €46 million

• Net debt / LTM Adjusted EBITDA of 4.6 at March 31, 2021

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Our team delivered solid first quarter results. Better-than-expected market demand and excellent cost performance propelled us above the top end of our Adjusted EBITDA guidance range. P&ARP demonstrated strong cost control, which helped to offset the effects of several one-off events. A&T results continue to be negatively affected by weak aerospace demand; however, TID has been a bright spot, with improving demand in both the U.S. and Europe. AS&I reported record first quarter Adjusted EBITDA and returned to historical levels of profitability. Lastly, we continue to build on our track record of delivering consistent and significant Free Cash Flow with €46 million generated in the first quarter.

Mr. Germain concluded, “I am optimistic about our prospects for the remainder of 2021, despite some lingering uncertainties. Our end markets, with the exception of aerospace, remain strong. We expect Adjusted EBITDA of €510 million to €530 million and Free Cash Flow in excess of €100 million in 2021. As a result, we expect our leverage to fall well below 4.0x by the end of the year. We continue to be focused on executing our strategy, driving operational performance, and generating Free Cash Flow.”

• Group Summary

	Q1 2021		Q1 2020			Var.
Shipments (k metric tons)		385		393			(2	)%
Revenue (€ millions)		1,341		1,437			(7	)%
Net income / (loss) (€ millions)		48		(31	)		n.m.
Adjusted EBITDA (€ millions)		121		147			(18	)%
Adjusted EBITDA per metric ton (€)		315		375			(16	)%

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.

For the first quarter of 2021, shipments of 385 thousand metric tons decreased 2% compared to the first quarter of the prior year primarily due to lower shipments in the Aerospace & Transportation segment, partially offset by higher shipments in the Automotive Structures & Industry segment. Revenue of €1.3 billion decreased 7% compared to the first quarter of the prior year primarily due to weaker price and mix and lower aerospace shipments, partially offset by higher metal prices. Net income of €48 million increased compared to net loss of €31 million in the first quarter of 2020. Adjusted EBITDA of €121 million decreased 18% compared to the first quarter of the prior year due to weaker results in the Aerospace & Transportation segment, partially offset by improved results in the Automotive Structures & Industry and the Packaging & Automotive Rolled Products segments.

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• Results by Segment

• Packaging & Automotive Rolled Products (P&ARP)

	Q1 2021		Q1 2020		Var.
Shipments (k metric tons)		267		269		(1	)%
Revenue (€ millions)		766		752		2	%
Adjusted EBITDA (€ millions)		68		66		3	%
Adjusted EBITDA per metric ton (€)		255		245		4	%

For the first quarter of 2021, Adjusted EBITDA increased 3% compared to the first quarter of 2020 primarily due to strong cost control, partially offset by lower volumes and unfavorable foreign exchange translation. Shipments of 267 thousand metric tons decreased 1% compared to the first quarter of the prior year on lower shipments of packaging rolled products from Muscle Shoals resulting from the strike and adverse weather in February, largely offset by higher shipments of Automotive rolled products. Revenue of €766 million increased 2% compared to the first quarter of 2020 primarily due to higher metal prices.

• Aerospace & Transportation (A&T)

	Q1 2021		Q1 2020		Var.
Shipments (k metric tons)		48		59		(18	)%
Revenue (€ millions)		245		359		(32	)%
Adjusted EBITDA (€ millions)		19		52		(62	)%
Adjusted EBITDA per metric ton (€)		409		887		(54	)%

For the first quarter of 2021, Adjusted EBITDA decreased 62% compared to the first quarter of 2020 primarily due to lower shipments and weaker price and mix, both related to challenging aerospace market conditions resulting from the COVID-19 pandemic, partially offset by strong cost control. Shipments of 48 thousand metric tons decreased 18% compared to the first quarter of the prior year as lower aerospace rolled product shipments were partially offset by higher transportation, industry and defense rolled product shipments. Revenue of €245 million decreased 32% compared to the first quarter of 2020 primarily due to lower shipments and weaker price and mix.

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• Automotive Structures & Industry (AS&I)

	Q1 2021		Q1 2020		Var.
Shipments (k metric tons)		70		65		8	%
Revenue (€ millions)		350		342		2	%
Adjusted EBITDA (€ millions)		38		34		10	%
Adjusted EBITDA per metric ton (€)		540		529		2	%

For the first quarter of 2021, Adjusted EBITDA increased 10% compared to the first quarter of 2020 primarily due to higher shipments on strong demand for automotive and other extruded products and solid cost control, partially offset by weaker price and mix. Shipments of 70 thousand metric tons increased 8% compared to the first quarter of the prior year on higher shipments of both automotive and other extruded products. Revenue of €350 million increased 2% compared to the first quarter of 2020 primarily due to higher shipments and higher metal prices, partially offset by weaker price and mix.

• Net Income

For the first quarter of 2021, net income of €48 million compares to a net loss of €31 million in the first quarter of the prior year. The change in net income is primarily related to a favorable change in unrealized gains and losses on derivatives related to our commodity hedging positions, partially offset by a change in income taxes.

• Cash Flow

Free Cash Flow was €46 million for the first quarter of 2021 compared to €87 million in the first quarter of the prior year. The change was primarily due to lower Adjusted EBITDA and an unfavorable change in working capital, partially offset by lower capital expenditures.

Cash flows from operating activities were €75 million for the first quarter of 2021 compared to cash flows from operating activities of €144 million in the first quarter of the prior year. Constellium increased factored receivables by €6 million in the first quarter of 2021 compared to an increase of €4 million in the first quarter of the prior year.

Cash flows used in investing activities were €29 million for the first quarter of 2021 compared to cash flows used in investing activities of €57 million in the first quarter of the prior year.

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Cash flows used in financing activities were €145 million for the first quarter of 2021 compared to cash flows used in financing activities of €1 million in the first quarter of the prior year. In the first quarter of 2021, Constellium issued $500 million of 3.75% Sustainability-Linked Senior Notes due 2029, using the proceeds and cash on the balance sheet to redeem the $650 million of 6.625% Senior Notes due 2025.

• Liquidity and Net Debt

Liquidity at March 31, 2021 was €982 million, comprised of €342 million of cash and cash equivalents and €640 million available under our committed lending facilities and factoring arrangements.

Net debt was €2,008 million at March 31, 2021 compared to €1,994 million at December 31, 2020, as Free Cash Flow generation was more than offset by foreign exchange translation.

• Outlook

Based on our current outlook, we expect Adjusted EBITDA in a range of €510 million to €530 million for the full year of 2021.

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 lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income in the future.

• Recent developments

On April 27, 2021, the Pan-U.S. ABL was amended to extend the maturity date of the asset-based revolving facility to April 2026 and terminate the undrawn $166 million delayed draw term loan facility.

In April 2021, Constellium notified the lenders that the PGE French Facility maturity will be extended to May 2022.

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• 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; disruption to business operations, including the length and magnitude of disruption resulting from the global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; 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 20-F, 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 aluminium products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated €4.9 billion in revenue in 2020.

Constellium’s earnings materials for the first quarter ended March 31, 2021, are also available on the company’s website (www.constellium.com).

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CONSOLIDATED INCOME STATEMENT (UNAUDITED)

	Three months ended March 31,
(in millions of Euros)	2021			2020
Revenue		1,341			1,437
Cost of sales		(1,199	)		(1,284	)
Gross profit		142			153
Selling and administrative expenses		(60	)		(66	)
Research and development expenses		(11	)		(13	)
Other gains and losses—net		43			(68	)
Income from operations		114			6
Finance costs—net		(55	)		(45	)
Income / (loss) before income tax		59			(39	)
Income tax (expense) / benefit		(11	)		8
Net income / (loss)		48			(31	)
Net income / (loss) attributable to:
Equity holders of Constellium		46			(31	)
Non-controlling interests		2			—
Net income / (loss)		48			(31	)
Earnings per share attributable to the equity holders of Constellium (in Euros)
Basic		0.33			(0.22	)
Diluted		0.32			(0.22	)
Weighted average number of shares (in thousands)
Basic		139,963			137,867
Diluted		145,896			137,867

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED)

	Three months ended March 31,
(in millions of Euros)	2021			2020
Net income / (loss)		48			(31	)
Other comprehensive income / (loss)
Items that will not be reclassified subsequently to the consolidated income statement
Remeasurement on post-employment benefit obligations		65			(6	)
Income tax on remeasurement on post-employment benefit obligations		(13	)		(1	)
Items that may be reclassified subsequently to the consolidated income statement
Cash flow hedges		(11	)		(5	)
Income tax on hedges		3			2
Currency translation differences		13			—
Other comprehensive income / (loss)		57			(10	)
Total comprehensive income / (loss)		105			(41	)
Attributable to:
Equity holders of Constellium		102			(41	)
Non-controlling interests		3			—
Total comprehensive income / (loss)		105			(41	)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

(in millions of Euros)	At March 31, 2021			At December 31, 2020
Assets
Current assets
Cash and cash equivalents		342			439
Trade receivables and other		533			406
Inventories		703			582
Other financial assets		60			39
		1,638			1,466
Non-current assets
Property, plant and equipment		1,917			1,906
Goodwill		436			417
Intangible assets		61			61
Deferred tax assets		179			193
Trade receivables and other		66			68
Other financial assets		12			18
		2,671			2,663
Total Assets		4,309			4,129
Liabilities
Current liabilities
Trade payables and other		1,127			905
Borrowings		82			92
Other financial liabilities		44			46
Income tax payable		22			20
Provisions		21			23
		1,296			1,086
Non-current liabilities
Trade payables and other		34			32
Borrowings		2,243			2,299
Other financial liabilities		19			41
Pension and other post-employment benefit obligations		605			664
Provisions		96			98
Deferred tax liabilities		10			10
		3,007			3,144
Total Liabilities		4,303			4,230
Equity
Share capital		3			3
Share premium		420			420
Retained deficit and other reserves		(432	)		(538	)
Equity attributable to equity holders of Constellium		(9	)		(115	)
Non-controlling interests		15			14
Total Equity		6			(101	)
Total Equity and Liabilities		4,309			4,129

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

(in millions of Euros)	Share capital		Share premium		Re- measurement			Cash flow hedges			Foreign currency translation reserve			Other reserves		Retained losses			Total			Non-controlling interests			Total equity
At January 1, 2021		3		420		(192	)		9			(13	)		68		(410	)		(115	)		14			(101	)
Net income		—		—		—			—			—			—		46			46			2			48
Other comprehensive income / (loss)		—		—		52			(8	)		12			—		—			56			1			57
Total comprehensive income / (loss)		—		—		52			(8	)		12			—		46			102			3			105
Share-based compensation		—		—		—			—			—			4		—			4			—			4
Transactions with non-controlling interests		—		—		—			—			—			—		—			—			(2	)		(2	)
At March 31, 2021		3		420		(140	)		1			(1	)		72		(364	)		(9	)		15			6
(in millions of Euros)	Share capital		Share premium		Re- measurement			Cash flow hedges			Foreign currency translation reserve			Other reserves		Retained losses			Total			Non-controlling interests			Total equity
At January 1, 2020		3		420		(177	)		(10	)		4			53		(389	)		(96	)		11			(85	)
Net loss		—		—		—			—			—			—		(31	)		(31	)		—			(31	)
Other comprehensive loss		—		—		(7	)		(3	)		—			—		—			(10	)		—			(10	)
Total comprehensive loss		—		—		(7	)		(3	)		—			—		(31	)		(41	)		—			(41	)
Share-based compensation		—		—		—			—			—			3		—			3			—			3
Transactions with non-controlling interests		—		—		—			—			—			—		—			—			—			—
At March 31, 2020		3		420		(184	)		(13	)		4			56		(420	)		(134	)		11			(123	)

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CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

	Three months ended March 31,
(in millions of Euros)	2021			2020
Net income / (loss)		48			(31	)
Adjustments
Depreciation and amortization		63			66
Pension and other post-employment benefits service costs		7			7
Finance costs - net		55			45
Income tax expense / (benefit)		11			(8	)
Unrealized (gains) / losses on derivatives - net and from remeasurement of monetary assets and liabilities - net		(30	)		55
Other - net		2			3
Change in working capital
Inventories		(109	)		(17	)
Trade receivables		(108	)		(50	)
Trade payables		183			158
Other		7			(17	)
Change in provisions		(4	)		(2	)
Pension and other post-employment benefits paid		(11	)		(12	)
Interest paid		(44	)		(50	)
Income tax refunded / (paid)		5			(3	)
Net cash flows from operating activities		75			144
Purchases of property, plant and equipment		(32	)		(57	)
Property, plant and equipment grants received		3			—
Net cash flows used in investing activities		(29	)		(57	)
Proceeds from issuance of Senior Notes		412			—
Repayment of Senior Notes		(535	)		—
Proceeds from U.S. revolving credit facilities		—			3
Proceeds from other borrowings		2			3
Repayment of other borrowings		(2	)		(3	)
Lease repayments		(9	)		(8	)
Payment of financing costs and redemption fees		(16	)		—
Other financing activities		3			4
Net cash flows used in financing activities		(145	)		(1	)
Net (decrease) / increase in cash and cash equivalents		(99	)		86
Cash and cash equivalents - beginning of period		439			184
Effect of exchange rate changes on cash and cash equivalents		2			—
Cash and cash equivalents - end of period		342			270

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SEGMENT ADJUSTED EBITDA

	Three months ended March 31,
(in millions of Euros)	2021			2020
P&ARP		68			66
A&T		19			52
AS&I		38			34
H&C		(4	)		(5	)
Total		121			147

SHIPMENTS AND REVENUE BY PRODUCT LINE

	Three months ended March 31,
(in k metric tons)	2021			2020
Packaging rolled products		194			203
Automotive rolled products		63			57
Specialty and other thin-rolled products		10			9
Aerospace rolled products		13			30
Transportation, industry, defense and other rolled products		35			29
Automotive extruded products		34			31
Other extruded products		36			34
Total shipments		385			393
(in millions of Euros)
Packaging rolled products		519			524
Automotive rolled products		208			193
Specialty and other thin-rolled products		39			35
Aerospace rolled products		87			223
Transportation, industry, defense and other rolled products		158			136
Automotive extruded products		201			199
Other extruded products		149			143
Other and inter-segment eliminations		(20	)		(16	)
Total revenue		1,341			1,437

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NON-GAAP MEASURES

Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)

	Three months ended March 31,
(in millions of Euros)	2021			2020
Net income / (loss)		48			(31	)
Income tax expense / (benefit)		11			(8	)
Income / (loss) before income tax		59			(39	)
Finance costs - net		55			45
Income from operations		114			6
Depreciation and amortization		63			66
Restructuring costs		1			—
Unrealized (gains) / losses on derivatives		(28	)		53
Unrealized exchange (gains) / losses from the remeasurement of monetary assets and liabilities - net		(2	)		2
Share based compensation costs		4			3
Metal price lag (A)		(31	)		15
Start-up and development costs		—			2
Adjusted EBITDA		121			147

(A) Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium’s Revenue are established and when aluminium purchase prices included in Cost of sales are established. The Group accounts for inventory using a weighted average price basis and this adjustment aims to remove the effect of volatility in LME prices. The calculation of the Group metal price lag adjustment is based on an internal standardized methodology calculated at each of Constellium’s manufacturing sites and is primarily calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of cost of sales, based on the quantity sold in the period.

13

Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure)

	Three months ended March 31,
(in millions of Euros)	2021			2020
Net cash flows from operating activities		75			144
Purchases of property, plant and equipment		(32	)		(57	)
Property, plant and equipment grants received		3			—
Free Cash Flow		46			87

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

(in millions of Euros)	At March 31, 2021			At December 31, 2020
Borrowings		2,325			2,391
Fair value of cross currency basis swaps, net of margin calls		25			42
Cash and cash equivalents		(342	)		(439	)
Net debt		2,008			1,994

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Non-GAAP measures

In addition to the results reported in accordance with International Financial Reporting Standards (“IFRS”), this press release includes information regarding certain financial measures which are not prepared in accordance with IFRS (“non-GAAP measures”). The non-GAAP measures used in this press release are: Adjusted EBITDA, Adjusted EBITDA per metric ton, Free Cash Flow and Net debt. Reconciliations to the most directly comparable IFRS 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 IFRS disclosures and should not be considered an alternative to the IFRS measures and may not be comparable to similarly titled measures of other companies.

In considering the financial performance of the business, management and our chief operational decision maker, as defined by IFRS, analyze the primary financial performance measure of Adjusted EBITDA in all of our business segments. The most directly comparable IFRS measure to Adjusted EBITDA is our net income or loss for the period. We believe Adjusted EBITDA, as defined below, is useful to investors and is used by our management for measuring profitability because it excludes the impact of certain non-cash charges, such as depreciation, amortization, impairment and unrealized gains and losses on derivatives as well as items that do not impact the day-to-day operations and that management in many cases does not directly control or influence. Therefore, such adjustments eliminate items which have less bearing on our core operating performance.

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 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, metal price lag, share based compensation expense, 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.

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Adjusted EBITDA is the measure of performance used by management in evaluating our operating performance, in preparing internal forecasts and budgets necessary for managing our business and, specifically in relation to the exclusion of the effect of favorable or unfavorable metal price lag, this measure allows management and the investor to assess operating results and trends without the impact of our accounting for inventories. We use the weighted average cost method in accordance with IFRS which leads to the purchase price paid for metal impacting our cost of goods sold and therefore profitability in the period subsequent to when the related sales price impacts our revenues. Management believes this measure also provides additional information used by our lending facilities providers with respect to the ongoing performance of our underlying business activities. Historically, we have used Adjusted EBITDA in calculating our compliance with financial covenants under certain of our loan facilities.

Adjusted EBITDA is not a presentation made in accordance with IFRS, 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 IFRS.

Free Cash Flow is defined as net cash flow from operating activities less capital expenditure net of grants received, equity contributions and loans to joint ventures and other investing activities. 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 IFRS and should not be considered as an alternative to operating cash flows determined in accordance with IFRS. 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 borrowings 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 IFRS, and should not be considered as an alternative to borrowings determined in accordance with IFRS.

16

EX-99.2

First Quarter 2021 Earnings Call April 28, 2021 Exhibit 99.2

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; disruption to business operations, including the length and magnitude of disruption resulting from the global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; 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 20-F, 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. Forward-looking statements

Non-GAAP measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA per metric ton, 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, Adjusted EBITDA per Metric Ton, Free Cash Flow and Net debt are not presentations made in accordance with IFRS and may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures. This presentation provides a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. 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 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.

Jean-Marc Germain Chief Executive Officer

Adj. EBITDA Above Guidance Range; Strong FCF Generation Q1 2021 Highlights Ø Shipments of 385kt, down 2% YoY Ø Revenue decreased 7% YoY to €1.3 billion Ø Net income of €48 million Ø Adj. EBITDA of €121 million, down 18% YoY Ø Cash from Operations of €75 million Ø Free Cash Flow of €46 million Ø Leverage of 4.6x € in millions Adjusted EBITDA Bridge FCF Trend by Quarter € in millions

2020 Sustainability Performance 2020 Sustainability Highlights SPT 1: GHG Emissions Intensity SPT 2: Recycled Input Ø Safety: Recordable Case Rate of 1.82*, a record low for CSTM Ø Landfilled waste: 33% reduction in waste sent to landfill vs. 2015 Ø Energy Efficiency: 3.3% improvement versus 2015 Ø ASI Certifications: Singen, Neuf-Brisach, Dahenfeld, Gottmadingen Ø Recognition: Ecovadis "Platinum", MSCI "AA", ISS "Prime" Ø ESG Bond: Issued the first Sustainability-Linked Bond in the metals sector in Q1 2021 Ø Recycling Investment: Planning to invest in >60kt of recycling capacity in Europe Ø Preparing 2030 Sustainability Strategy * Per one million hours worked.

Peter Matt Chief Financial Officer

Q1 2021 Performance Packaging and Automotive Rolled Products Q1 Adjusted EBITDA Bridge € in millions Q1 2021 Q1 2020 Var. Shipments (kt) 267 269 (1)% Revenue (€m) 766 752 2% Adj. EBITDA (€m) 68 66 3% Adj. EBITDA (€ / t) 255 245 4% Ø Adjusted EBITDA of €68 million Ø Lower packaging shipments from the strike and adverse weather at Muscle Shoals, partially offset by record automotive shipments Ø Strong cost control, notably favorable metal costs, improved recovery, and reduced labor costs Ø Unfavorable FX translation

Q1 2021 Performance Aerospace and Transportation Q1 2021 Q1 2020 Var. Shipments (kt) 48 59 (18)% Revenue (€m) 245 359 (32)% Adj. EBITDA (€m) 19 52 (62)% Adj. EBITDA (€ / t) 409 887 (54)% Q1 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €19 million Ø Lower aerospace shipments partially offset by higher TID shipments Ø Weaker price and mix in aerospace Ø Strong cost control, notably maintenance, labor, and favorable metal costs Ø Unfavorable FX translation

Q1 2021 Performance Automotive Structures and Industry Q1 2021 Q1 2020 Var. Shipments (kt) 70 65 8% Revenue (€m) 350 342 2% Adj. EBITDA (€m) 38 34 10% Adj. EBITDA (€ / t) 540 529 2% Q1 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €38 million Ø Record automotive shipments; higher industry shipments Ø Weaker price and mix, primarily in industry Ø Strong cost control, notably labor

Q1 Cost Highlights Strong cost performance across segments Extraordinary events in P&ARP (strike, adverse weather, semiconductor shortage) A&T managing well despite lower aerospace shipment levels Higher activity levels in AS&I Refinancing reduced interest cost by €20m p.a. Horizon 2022 Update Multiple pillars of opportunity, including: Structural cost reduction: €75m annualized target, expect to be fully achieved in 2021 Metal savings: increased recycling, maximizing cast house yields Operational excellence: improve equipment reliability, uptime, yield Procurement savings Each initiative provides years of cost improvement opportunities Q1 2021 Q1 2020 Var. Revenue (€m) 1,341 1,437 (7)% Costs (€m) 1,220 1,290 (5)% Adj. EBITDA (€m) 121 147 (18)% Q1 Cost Performance Q1 Cost Flex * Cost flex calculated as change in costs over change in revenue for the 2021 period compared to 2020 period. Costs calculated as Revenue less Adjusted EBITDA.

Net Debt and Liquidity € in millions Net Debt and Leverage Ø Committed to deleveraging Ø Reduced gross debt and cash interest in February refinancing Ø Expect to resume deleveraging in Q2 2021 Ø Targeting leverage of 2.5x Ø No near term bond maturities Ø Extended maturity of ABL to 2026 Ø Strong liquidity position Maturity Profile Liquidity Significant liquidity with no near-term bond maturities € in millions € in millions Leverage: Net Debt / LTM Adjusted EBITDA Debt / Liquidity Highlights * Does not include State Loans

Jean-Marc Germain Chief Executive Officer

End Market Updates Diversified end market exposure; primarily targeting secular growth markets Market Highlights % LTM Revenue Packaging Secular Growth Strong market in North America and in Europe Focus on sustainability driving increased demand for aluminium cans Canmakers adding capacity in both North America and Europe to meet demand 41% Automotive Secular Growth Lightweighting mega-trend penetration driving increased demand for rolled and extruded products Demand for luxury cars, light trucks, and SUVs remains strong Semiconductor availability creating some continued uncertainty despite strong demand from consumers 28% Aerospace Long-term Secular Growth Supply chain destocking continues in the near-term OEMs maintain reduced build rates Vaccination rollout driving increased passenger traffic Long-term trends expected to remain intact (increased passenger traffic, higher build rates for single aisle aircraft) 9% Other Specialties Diversified Cycles Transportation, Industry and Defense (Rolled): North America: Strong transportation, industry, and defense markets Europe: Strong defense market; fast improving industry market Industry (Extrusions): Europe: Strong demand 22%

Solid performance in Q1 2021 Exceeded our Adj. EBITDA guidance range Continued to deliver strong cost performance Extended track record of consistent FCF generation Sustainability Mega-Trends are a Significant Opportunity Circular Economy: Infinitely recyclable aluminium can and increasing our recycling footprint Lightweighting, reducing emissions, and improving safety in transportation Electrification of the automotive fleet Issued landmark Sustainability-Linked Note Optimistic about 2021 Providing full year guidance for Adj. EBITDA and FCF Focused on executing our strategy End markets remain strong (except aerospace) Expect substantial deleveraging beginning in Q2 2021 Key Messages and Guidance Focused on delivering on our strategy and increasing shareholder value 2021 Adjusted EBITDA: €510 to €530 million 2021 Free Cash Flow: >€100 million Long-Term Leverage: 2.5x Targets

Q&A

Appendix

Reconciliation of Net Income to Adjusted EBITDA Three months ended March 31, (in millions of Euros) 2021 2020 Net income / (loss) 48 (31 ) Income tax expense / (benefit) 11 (8 ) Income / (loss) before income tax 59 (39 ) Finance costs - net 55 45 Income from operations 114 6 Depreciation and amortization 63 66 Restructuring costs 1 — Unrealized (gains) / losses on derivatives (28 ) 53 Unrealized exchange (gains) / losses from the remeasurement of monetary assets and liabilities - net (2 ) 2 Share based compensation costs 4 3 Metal price lag (31 ) 15 Start-up and development costs — 2 Adjusted EBITDA 121 147

(in millions of Euros) Three months ended March 31, 2021 March 31, 2020 Net cash flows from operating activities 75 144 Purchases of property, plant and equipment (32) (57) Property, plant and equipment grants received 3 — Free Cash Flow 46 87 Free Cash Flow Reconciliation

(in millions of Euros) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Borrowings 2,325 2,391 2,456 2,536 2,399 Fair value of cross currency basis swaps, net of margin calls 25 42 26 5 1 Cash and cash equivalents (342) (439) (432) (378) (270) Net Debt 2,008 1,994 2,050 2,163 2,130 LTM Adjusted EBITDA 439 465 475 488 574 Leverage 4.6x 4.3x 4.3x 4.4x 3.7x Net Debt Reconciliation

Reconciliation of Net Income to Adjusted EBITDA Twelve months ended (in millions of Euros) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Net income / (loss) 62 (17) (21) (40) 8 Income tax expense / (benefit) 2 (17) (22) (25) (4) Income / (loss) before income tax 64 (34) (43) (65) 4 Finance costs - net 169 159 164 173 174 Share of income of joint-ventures — — 3 3 3 Income from operations 233 125 124 111 181 Depreciation and amortization 256 259 269 271 265 Impairment of assets 43 43 14 5 — Restructuring costs 14 13 15 14 4 Unrealized (gains) / losses on derivatives (97) (16) (19) (6) 51 Unrealized exchange (gains) / losses from the remeasurement of monetary assets and liabilities – net (5) (1) (1) 1 3 Losses / (gains) on pension plans amendments 2 2 — 1 (1) Share based compensation costs 15 15 15 17 16 Metal price lag (37) 8 39 55 43 Start-up and development costs 3 5 8 10 11 Losses on disposals 4 4 3 1 2 Bowling Green one-time costs related to the acquisition — — (1) (1) (1) Other 8 8 9 9 — Adjusted EBITDA 439 465 475 488 574

Borrowings Table At March 31, At December 31, 2021 2020 (in millions of Euros) Nominal Value in Currency Nominal Rate Nominal Value in Euros (Arrangement fees) Accrued Interests Carrying Value Carrying Value Secured Pan-U.S. ABL (due 2022) $ — Floating — — — — — Secured U.S. DDTL (due 2022) $ — Floating — — — — — Secured PGE French Facility (due 2026) € 180 Floating 180 — 1 181 180 Secured German Facility (due 2022) € — 2.000 % — — — — — Secured Inventory Facility (due 2023) € — Floating — — — — — Senior Unsecured Notes Issued May 2014 and due 2024 $ 400 5.750 % 341 (2) 7 346 325 Issued February 2017 and due 2025 $ — 6.625 % — — — — 534 Issued November 2017 and due 2026 $ 500 5.875 % 426 (5) 3 424 411 Issued November 2017 and due 2026 € 400 4.250 % 400 (5) 2 397 401 Issued June 2020 and due 2028 $ 325 5.625 % 277 (6) 5 276 260 Issued February 2021 and due 2029 € 500 3.750 % 426 (7) 2 421 — Unsecured Revolving Credit Facility (due 2021) € — Floating — — — — — Unsecured Swiss Facility (due 2025) CHF 20 1.175 % 18 — — 18 18 Unsecured German Facility (due 2022) € — 2.120 % — — — — — Lease liabilities 193 — 1 194 195 Other loans 67 — 1 68 67 Total Borrowings     2,328 (25) 22 2,325 2,391 Of which non-current     2,243 2,299 Of which current 82 92