Constellium SE

Good day. Thank you for standing by. Welcome to the Constellium Second Quarter 2021 Earnings Call. At this time, our participants are now in listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during a session, you will need to press star 1 on your telephone. Please be aware that today's conference may be recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Ryan Wendling, Director of Investor Relations. Please go ahead.

Thank you, Operator. I would like to welcome everyone to our second quarter 2021 earnings call. On the call today are our Chief Executive Officer, Jean-Marc Germain, and our Chief Financial Officer, Peter Mast. After the presentation, we will have a Q&A session. A copy of the slide presentation for today's call is available on our website at Constellium.com, and today's call is being recorded. Before we begin, I'd like to encourage everyone to visit the company's website and take a look at our recent filings. Today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, future events and expectations, and may involve known and unknown risks and uncertainties. For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statement, please refer to the factors presented under the heading Risk Factors in our annual report on Form 20F. All information in this presentation is as of the date of the presentation. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. In addition, today's presentation includes information regarding certain non-GAAP financial measures. Please see the Reconciliations of Non-GAAP Financial Measures attached in today's slide presentation, which supplement our IFRS disclosures. I would now like to hand the call over to Jean-Marc.

Jean-Marc Jean- Thank you, Ryan. Good morning, good afternoon, everyone, and thank you for your interest in our Constellium. Let's turn to slide five and discuss the highlights from our second quarter results. Shipments were 406,000 tubs, that's up 31% compared to the second quarter of 2020. Revenue increased 47% to 1.5 billion euros. This was primarily due to higher shipments and higher metal prices. Remember, while our revenues are affected by changes in metal prices, we operate a pass-through business model, which minimizes our exposure to metal risks. Our net income of €108 million compares to a net loss of €32 million in the second quarter of 2020. Adjusted EBITDA was a record €170 million, 110% above the second quarter of 2020, and 2% above our previous record from the second quarter of 2019. PARP and ASNI each reported record adjusted EBITDA As a result of our strong first half performance and our outlook for the second half, we are increasing our 2021 guidance for adjusted EBITDA to a range of 545 million to 560 million euros. That is up from our previous guidance of 510 to 530 million euros. We extended our track record of free cash flow generation with 35 million euros in the quarter bringing our first half total to 81 million euros. We now expect free cash flow in excess of 125 million euros in 2021. Moving now to leverage. As you can see in the chart on the right, our leverage declined to 3.7 times at the end of the second quarter, down nearly a full turn from the first quarter and back to our pre-COVID low. We remain committed to deleveraging and we expect to deleverage further in the back half of the year. Lastly, Constellium was included within the Russell 2000 Index in June. We believe index inclusion is very important and are excited to be included in this benchmark index. Overall, I am extremely proud of our second quarter performance and the tremendous performance of all of our teams. We delivered strong adjusted EBITDA solid free cash flow generation, and substantial deleveraging. This performance is a clear validation of our business model and our strategy. Now, let's turn to slide six to discuss our ESG highlights of the first half. At Constellium, the health and safety of our employees is also a priority. Constellium delivered a recordable case rate of 1.8 in the first half of 2021. in line with our record low performance in 2020. Our safety results are among the best in the industry and we remain committed to continuous improvement. In the first half of the year, we issued two sustainability-linked bonds. Our February issuance was the first SLB in the metals industry. Now, approximately 40% of our outstanding bonds now have a sustainability-linked feature. Over the course of 2021, we will be developing our 2030 sustainability strategy, which will establish a new set of sustainability targets and the steps to achieve them. I can say with confidence that aluminum will be an important part of the solution, given its unique characteristics. Constellium is very well positioned compared to global competitors on the basis of its current carbon footprint. A key aspect of our strategy will be delivering on our investment to increase our recycling capacity in Europe. This project will lower our costs, generate an attractive return on investment, and help further reduce our overall carbon footprint. Constellium is also dedicated to gender diversity across the organization. I am proud to say that our board of directors reflects this commitment. With two additional female directors added to our board at our 2021 AGM, We now comprise over 40% of our board members. With that, I will now hand the call over to Peter for further details on our financial performance. Peter?