Finance
Constellium SE (NYSE: CSTM) ("Constellium", the "Company" or the “Group”) today reported results for the third quarter and the nine months ended September 30, 2025.
Third quarter 2025 highlights:
- Shipments of 373 thousand metric tons, up 6% compared to Q3 2024
- Revenue of $2.2 billion, up 20% compared to Q3 2024
- Net income of $88 million compared to net income of $8 million in Q3 2024
- Adjusted EBITDA of $235 million (> Includes positive non-cash metal price lag impact of $39 million)
- Segment Adjusted EBITDA of $90 million at A&T, $82 million at P&ARP, $33 million at AS&I, and $(9) million at H&C
- Cash from Operations of $99 million and Free Cash Flow of $30 million
- Repurchased 1.7 million shares of the Company stock for $25 million
Nine months ended September 30, 2025 highlights:
- Shipments of 1.1 million metric tons, up 2% compared to YTD 2024
- Revenue of $6.2 billion, up 11% compared to YTD 2024
- Net income of $162 million compared to net income of $107 million in YTD 2024
- Adjusted EBITDA of $566 million (> Includes positive non-cash metal price lag impact of $59 million*)
- Segment Adjusted EBITDA of $256 million at A&T1, $217 million at P&ARP, $67 million at AS&I, and $(32) million at H&C
- Cash from Operations of $271 million and Free Cash Flow of $68 million
- Repurchased 6.5 million shares of the Company stock for $75 million
- Leverage of 3.1x at September 30, 2025
Other highlights:
Constellium announced it appointed Ingrid Joerg as its new Chief Executive Officer, effective January 1, 2026; Jean-Marc Germain to retire his role as Chief Executive Officer of Constellium, effective December 31, 2025
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “I am very pleased with the strong execution and results our team delivered in the quarter despite the uncertain macroeconomic environment. Looking across our end markets, packaging demand remained healthy in the quarter, and we continued to benefit from improved operational performance at Muscle Shoals. Aerospace demand remained stable though commercial aerospace OEMs continued to deal with supply chain challenges. Automotive demand remained weak in Europe and relatively stable in North America. Industrial market conditions in North America and Europe became more stable, and our shipments in Europe improved in the quarter given the post-flood recovery in Valais. We delivered record third quarter Adjusted EBITDA and strong Free Cash Flow of $30 million in the quarter. We also reduced our leverage to 3.1x, and we repurchased 1.7 million shares for $25 million during the quarter.”
Mr. Germain concluded, “We expect recent demand trends in our end markets to continue through the remainder of 2025 and the overall macroeconomic environment to remain relatively stable, and we expect to benefit from recent market dynamics, including improved scrap spreads in North America. While the tariff and international trade situation remains fluid, given our strong performance year-to-date and based on our current outlook, we are raising our guidance for 2025 and now expect Adjusted EBITDA to be in the range of $670 million to $690 million, excluding the non-cash impact of metal price lag, and Free Cash Flow to remain in excess of $120 million. 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. Our focus remains on executing our strategy, driving operational performance, generating Free Cash Flow and increasing shareholder value.”
* During the third quarter of 2025, the Company identified and corrected certain immaterial errors affecting metal price lag and the resulting Segment Adjusted EBITDA for the A&T segment for certain prior periods in 2025 and 2024. See page 8 and 9 for more details.