Finance
Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the fourth quarter and the full year ended December 31, 2025.
Fourth quarter 2025 highlights:
- Shipments of 365 thousand metric tons, up 11% compared to Q4 2024
- Revenue of $2.2 billion, up 28% compared to Q4 2024
- Net income of $113 million compared to a net loss of $47 million in Q4 2024
- Adjusted EBITDA of $280 million (> Includes positive non-cash metal price lag impact of $67 million)
- Segment Adjusted EBITDA of $83 million at A&T, $136 million at P&ARP and $5 million at AS&I, and corporate costs of $(11) million, together representing a record fourth quarter for the Company
- Cash from Operations of $218 million and Free Cash Flow of $110 million
- Repurchased 2.4 million shares of the Company stock for $40 million
Full year 2025 highlights:
- Shipments of 1.5 million metric tons, up 4% compared to 2024
- Revenue of $8.4 billion, up 15% compared to 2024
- Net income of $275 million compared to net income of $60 million in 2024
- Adjusted EBITDA of $846 million (> Includes positive non-cash metal price lag impact of $126 million)
- Segment Adjusted EBITDA of $339 million at A&T, $353 million at P&ARP and $72 million at AS&I, and corporate costs of $(44) million, together representing the Company’s second best year ever
- Cash from Operations of $489 million and Free Cash Flow of $178 million
- Repurchased 8.9 million shares of the Company stock for $115 million
- Adjusted Return on Invested Capital (Adjusted ROIC) of 9.0%
- Leverage of 2.5x at December 31, 2025
“Constellium delivered near record results in 2025 despite the uncertain macroeconomic and end market environment, including record fourth quarter Adjusted EBITDA,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “I want to thank each of our 11,500 employees for their commitment and relentless focus on safety and serving our customers. Looking across our end markets in 2025, packaging demand remained healthy, and we continued to benefit from improved operational performance at Muscle Shoals. Aerospace demand was lower driven by continued destocking of aluminum products in the global Aerospace supply chain, though demand for high value add products remained strong. Automotive demand remained weak in Europe and relatively stable in North America, and in the fourth quarter we benefited from increased demand due to short-term supply shortages in the United States. Industrial market conditions in North America and Europe became more stable, and our shipments in Europe improved during the year given the post-flood recovery in Valais, Switzerland. Following the U.S. tariff announcements in 2025, market aluminum prices (LME price + Midwest Premium) have risen sharply in North America, and certain spot scrap aluminum spreads have improved from historically tight levels. We generated strong Free Cash Flow of $178 million in 2025, and during the year we returned $115 million to shareholders through the repurchase of 8.9 million shares. I am pleased to report we reduced our leverage to 2.5x at the end of 2025.”
Ms. Joerg continued, “Looking ahead to 2026, we currently expect recent demand trends in our end markets to continue into at least the early part of 2026 and the overall macroeconomic environment to remain relatively stable, and we expect to benefit from recent market dynamics, including supply shortages for automotive rolled products as well as improved scrap spreads in North America. We have a relentless focus on operational excellence which will allow us to capitalize on current and future opportunities, and we are proactively managing the business to the current environment. On that front, I am pleased to announce today that we are rolling out Vision 2028, our next group-wide excellence program across two pillars including operational efficiencies and cost reductions, which underpins our 2028 targets.”
Ms. Joerg concluded, “Based on our current outlook, we expect Adjusted EBITDA to be in the range of $780 million to $820 million, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $200 million in 2026. We also remain confident in our ability to deliver on our targets of Adjusted EBITDA of $900 million, excluding the non-cash impact of metal price lag, and Free Cash Flow of $300 million, by 2028. Our focus remains on executing on our strategy, driving operational performance, controlling costs, generating Free Cash Flow and increasing shareholder value.”