Constellium Reports First Quarter 2025 Results and Maintains Full Year 2025 Guidance
Constellium reported its Q1 2025 results with revenue of $2.0 billion, up 5% from Q1 2024, despite a 2% decrease in shipments to 372,000 metric tons. Net income increased to $38 million from $22 million year-over-year, while Adjusted EBITDA rose to $186 million.
The company maintained its 2025 guidance, expecting Adjusted EBITDA between $600-630 million and Free Cash Flow over $120 million. Notable impacts included a $46 million positive metal price lag and a $10 million negative impact from flooding at Valais operations.
Segment performance varied: Packaging & Automotive showed strength with 25% EBITDA growth, while Aerospace & Transportation declined 14% and Automotive Structures decreased 50%. The company repurchased 1.4 million shares for $15 million and ended Q1 with leverage at 3.3x.
Constellium ha riportato i risultati del primo trimestre 2025 con un fatturato di 2,0 miliardi di dollari, in aumento del 5% rispetto al primo trimestre 2024, nonostante una diminuzione del 2% nelle spedizioni, che si sono attestate a 372.000 tonnellate metriche. L'utile netto è salito a 38 milioni di dollari rispetto ai 22 milioni dell'anno precedente, mentre l'EBITDA rettificato è aumentato a 186 milioni di dollari.
L'azienda ha mantenuto le previsioni per il 2025, prevedendo un EBITDA rettificato tra 600 e 630 milioni di dollari e un flusso di cassa libero superiore a 120 milioni di dollari. Tra gli impatti significativi si segnalano un effetto positivo di 46 milioni di dollari dovuto al ritardo nei prezzi dei metalli e un impatto negativo di 10 milioni di dollari causato dalle inondazioni nelle operazioni di Valais.
Le performance dei segmenti sono state differenti: il Packaging & Automotive ha mostrato una crescita dell'EBITDA del 25%, mentre Aerospace & Transportation ha registrato un calo del 14% e Automotive Structures una diminuzione del 50%. L'azienda ha riacquistato 1,4 milioni di azioni per 15 milioni di dollari e ha chiuso il primo trimestre con un leverage di 3,3x.
Constellium reportó sus resultados del primer trimestre de 2025 con ingresos de 2.0 mil millones de dólares, un aumento del 5% respecto al primer trimestre de 2024, a pesar de una disminución del 2% en los envíos, que alcanzaron las 372,000 toneladas métricas. El ingreso neto aumentó a 38 millones de dólares desde 22 millones año tras año, mientras que el EBITDA ajustado subió a 186 millones de dólares.
La compañía mantuvo su guía para 2025, esperando un EBITDA ajustado entre 600 y 630 millones de dólares y un flujo de caja libre superior a 120 millones de dólares. Impactos notables incluyeron un efecto positivo de 46 millones de dólares por el desfase en los precios del metal y un impacto negativo de 10 millones de dólares debido a inundaciones en las operaciones de Valais.
El desempeño por segmentos varió: Packaging & Automotive mostró fortaleza con un crecimiento del EBITDA del 25%, mientras que Aerospace & Transportation disminuyó un 14% y Automotive Structures cayó un 50%. La compañía recompró 1.4 millones de acciones por 15 millones de dólares y cerró el primer trimestre con un apalancamiento de 3.3x.
Constellium은 2025년 1분기 실적을 발표하며 매출이 20억 달러로 2024년 1분기 대비 5% 증가했으나, 출하량은 37만 2천 미터톤으로 2% 감소했습니다. 순이익은 전년 동기 대비 2200만 달러에서 3800만 달러로 증가했으며, 조정 EBITDA는 1억 8600만 달러로 상승했습니다.
회사는 2025년 가이던스를 유지하며 조정 EBITDA를 6억~6억 3천만 달러, 자유 현금 흐름을 1억 2천만 달러 이상으로 예상하고 있습니다. 주요 영향으로는 금속 가격 지연으로 인한 4600만 달러의 긍정적 효과와 발레 운영 지역 홍수로 인한 1000만 달러의 부정적 영향이 있었습니다.
부문별 실적은 차이가 있었습니다: 포장 및 자동차 부문은 EBITDA가 25% 성장한 반면, 항공우주 및 운송 부문은 14% 감소했고, 자동차 구조물 부문은 50% 감소했습니다. 회사는 140만 주를 1500만 달러에 재매입했으며, 1분기 말 부채비율은 3.3배였습니다.
Constellium a annoncé ses résultats du premier trimestre 2025 avec un chiffre d'affaires de 2,0 milliards de dollars, en hausse de 5 % par rapport au premier trimestre 2024, malgré une baisse de 2 % des expéditions à 372 000 tonnes métriques. Le bénéfice net a augmenté à 38 millions de dollars contre 22 millions d'une année sur l'autre, tandis que l'EBITDA ajusté a progressé à 186 millions de dollars.
L'entreprise a maintenu ses prévisions pour 2025, anticipant un EBITDA ajusté compris entre 600 et 630 millions de dollars et un flux de trésorerie libre supérieur à 120 millions de dollars. Parmi les impacts notables figurent un effet positif de 46 millions de dollars lié au décalage des prix des métaux et un impact négatif de 10 millions de dollars dû aux inondations dans les opérations de Valais.
La performance des segments a varié : Packaging & Automotive a montré une croissance de l'EBITDA de 25 %, tandis que Aerospace & Transportation a diminué de 14 % et Automotive Structures de 50 %. L'entreprise a racheté 1,4 million d'actions pour 15 millions de dollars et a terminé le premier trimestre avec un levier financier de 3,3x.
Constellium meldete seine Ergebnisse für das erste Quartal 2025 mit einem Umsatz von 2,0 Milliarden US-Dollar, was einem Anstieg von 5 % gegenüber dem ersten Quartal 2024 entspricht, trotz eines Rückgangs der Lieferungen um 2 % auf 372.000 metrische Tonnen. Der Nettogewinn stieg von 22 Millionen auf 38 Millionen US-Dollar im Jahresvergleich, während das bereinigte EBITDA auf 186 Millionen US-Dollar zunahm.
Das Unternehmen bestätigte seine Prognose für 2025 und erwartet ein bereinigtes EBITDA zwischen 600 und 630 Millionen US-Dollar sowie einen freien Cashflow von über 120 Millionen US-Dollar. Bedeutende Einflüsse waren ein positiver Metallpreis-Verzögerungseffekt von 46 Millionen US-Dollar und ein negativer Effekt von 10 Millionen US-Dollar durch Überschwemmungen bei den Valais-Standorten.
Die Segmentleistung variierte: Packaging & Automotive zeigte mit einem EBITDA-Wachstum von 25 % Stärke, während Aerospace & Transportation um 14 % und Automotive Structures um 50 % zurückgingen. Das Unternehmen kaufte 1,4 Millionen Aktien für 15 Millionen US-Dollar zurück und schloss das erste Quartal mit einer Verschuldungsquote von 3,3x ab.
- Net income increased to $38M from $22M YoY in Q1
- Adjusted EBITDA grew to $186M from $146M YoY
- P&ARP segment showed strong performance with 25% EBITDA growth
- Revenue increased 5% YoY to $2.0B
- Maintaining 2025 guidance with Adjusted EBITDA of $600-630M
- Positive metal price lag impact of $46M in Q1
- Overall shipments declined 2% YoY to 372k metric tons
- Leverage ratio remains high at 3.3x
- Negative Free Cash Flow of $(3M) in Q1
- A&T segment EBITDA decreased 14% YoY
- AS&I segment EBITDA dropped 50% YoY
- $10M negative impact from Valais flood damage
- Continued demand weakness across most end markets
- Tighter scrap spreads affecting metal costs in North America
Insights
Constellium shows improved profit metrics despite operational challenges; maintained guidance reflects management confidence amid market uncertainties.
Constellium's Q1 2025 financials present a mixed picture with notable improvements in key metrics. Net income increased to
The Adjusted EBITDA of
Free Cash Flow improved to
The company's leverage ratio of 3.3x warrants monitoring but isn't alarming given industry standards. The share repurchase of 1.4 million shares for
Maintaining 2025 guidance (
Segment performance reveals contrasting market dynamics; packaging strength offset by aerospace/automotive weakness while cost controls bolster results.
Constellium's Q1 results reveal significant divergence across segments, reflecting varied market dynamics in aluminum end-markets. Most telling is the
Conversely, the Aerospace & Transportation segment saw Adjusted EBITDA decline
The flood impact at Valais operations cost
Management's focus on "cost reduction efforts and commercial and capital discipline" appears to be offsetting some market challenges, allowing maintained guidance despite acknowledged "demand weakness across most end markets outside of packaging." This suggests effective execution on controllable factors while navigating broader market headwinds.
PARIS, April 30, 2025 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the first quarter ended March 31, 2025.
First quarter 2025 highlights:
- Shipments of 372 thousand metric tons, down
2% compared to Q1 2024 - Revenue of
$2.0 billion , up5% compared to Q1 2024 - Net income of
$38 million compared to net income of$22 million in Q1 2024 - Adjusted EBITDA of
$186 million
> Includes positive non-cash metal price lag impact of
> Includes negative
- Segment Adjusted EBITDA of
$75 million at A&T,$60 million at P&ARP,$16 million at AS&I, and$(11) million at H&C
> A&T and AS&I results include negative impact at Valais as a result of the flood
- Cash from Operations of
$58 million and Free Cash Flow of$(3) million
> Excludes
> Includes negative
- Repurchased 1.4 million shares of the Company stock for
$15 million - Leverage of 3.3x at March 31, 2025
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered solid results in the first quarter despite continued demand weakness across most of our end markets outside of packaging and some lingering impacts from the flood last year at our Valais operations. I am proud of our team for their relentless focus on cost reduction efforts and commercial and capital discipline in this uncertain environment. Free Cash Flow was negative
Mr. Germain continued, “While the tariff and international trade situation remains highly unpredictable, at this stage we are maintaining our prior guidance for 2025 and expect Adjusted EBITDA to be in the range of
Group Summary
| Q1 2025 | Q1 2024 | Var. | |
| Shipments (k metric tons) | 372 | 380 | (2)% |
| Revenue ($ millions) | 1,979 | 1,880 | |
| Net income ($ millions) | 38 | 22 | n.m. |
| Adjusted EBITDA ($ millions) | 186 | 146 | n.m. |
| Metal price lag (non-cash) ($ millions) | 46 | (14) | n.m. |
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 and the non-cash impact of metal price lag.
For the first quarter of 2025, shipments of 372 thousand metric tons decreased
Results by Segment
Aerospace & Transportation (A&T)
| Q1 2025 | Q1 2024 | Var. | |
| Shipments (k metric tons) | 51 | 57 | (11)% |
| Revenue ($ millions) | 468 | 479 | (2)% |
| Segment Adjusted EBITDA ($ millions) | 75 | 87 | (14)% |
| Segment Adjusted EBITDA per metric ton ($) | 1,469 | 1,513 | (3)% |
For the first quarter of 2025, Segment Adjusted EBITDA of
Packaging & Automotive Rolled Products (P&ARP)
| Q1 2025 | Q1 2024 | Var. | |
| Shipments (k metric tons) | 269 | 264 | |
| Revenue ($ millions) | 1,187 | 1,018 | |
| Segment Adjusted EBITDA ($ millions) | 60 | 48 | |
| Segment Adjusted EBITDA per metric ton ($) | 223 | 182 |
For the first quarter of 2025, Segment Adjusted EBITDA of
Automotive Structures & Industry (AS&I)
| Q1 2025 | Q1 2024 | Var. | |
| Shipments (k metric tons) | 52 | 59 | (12)% |
| Revenue ($ millions) | 381 | 396 | (4)% |
| Segment Adjusted EBITDA ($ millions) | 16 | 32 | (50)% |
| Segment Adjusted EBITDA per metric ton ($) | 306 | 541 | (43)% |
For the first quarter of 2025, Segment Adjusted EBITDA of
The following table reconciles the total of our segments’ measures of profitability to the group’s net income:
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| A&T | 75 | 87 | ||||
| P&ARP | 60 | 48 | ||||
| AS&I | 16 | 32 | ||||
| Holdings and Corporate | (11) | (7) | ||||
| Segment Adjusted EBITDA | 140 | 160 | ||||
| Metal price lag | 46 | (14) | ||||
| Adjusted EBITDA | 186 | 146 | ||||
| Other adjustments | (97) | (89) | ||||
| Finance costs - net | (27) | (27) | ||||
| Income before tax | 62 | 30 | ||||
| Income tax expense | (24) | (8) | ||||
| Net income | 38 | 22 | ||||
Reconciling items excluded from our Segment Adjusted EBITDA include the following:
Metal price lag
Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established. The metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.
For the first quarter of 2025, metal price lag is positive which reflects London Metal Exchange (LME) prices for aluminum increasing during the period. For the first quarter of 2024, metal price lag was negative which reflected LME prices for aluminum decreasing during the period.
Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 17.
Net Income
For the first quarter of 2025, net income of
Cash Flow
Free Cash Flow was
Cash flows from operating activities were
Cash flows used in investing activities were
Cash flows used in financing activities were
Liquidity and Net Debt
Liquidity at March 31, 2025 was
Net debt was
Outlook
Based on our current outlook, for 2025 we expect Adjusted EBITDA, which excludes the non-cash impact of metal price lag, to be in the range of
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, 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.
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 or industry specific conditions including the impacts of tax and tariff programs, inflation, foreign currency exchange, and industry consolidation; disruption to business operations; natural disasters including severe flooding and other weather-related events; the conflict between Russia and Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; 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 10-K, 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 aluminum products for a broad scope of markets and applications, including aerospace, packaging and automotive. Constellium generated
Constellium’s earnings materials for the first quarter ended March 31, 2025 are also available on the company’s website (www.constellium.com).
Non-GAAP measures
In addition to the results reported in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”), this press release includes information regarding certain financial measures which are not prepared in accordance with U.S. GAAP (“non-GAAP measures”). The non-GAAP measures used in this press release are: Adjusted EBITDA, Free Cash Flow and Net debt. Reconciliations to the most directly comparable U.S. GAAP 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 U.S. GAAP disclosures and should not be considered an alternative to the U.S. GAAP measures and may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA is not a presentation made in accordance with U.S. GAAP, 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 U.S. GAAP. The most directly comparable U.S. GAAP measure to Adjusted EBITDA is our net income or loss for the relevant period.
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, share based compensation expense, non-operating gains / (losses) on pension and other post-employment benefits, factoring expenses, 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.
We believe Adjusted EBITDA is useful to investors as it illustrates the underlying performance of continuing operations by excluding certain non-recurring and non-operating items. Similar concepts of Adjusted EBITDA are frequently used by securities analysts, investors and other stakeholders in their evaluation of our company and in comparison, to other companies, many of which present an Adjusted EBITDA-related performance measure when reporting their results.
Free Cash Flow is defined as net cash flow from operating activities, less capital expenditures, net of property, plant and equipment inflows. 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 U.S. GAAP and should not be considered as an alternative to operating cash flows determined in accordance with U.S. GAAP. 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 debt 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 U.S. GAAP, and should not be considered as an alternative to debt determined in accordance with U.S. GAAP. Leverage is defined as Net debt divided by last twelve months Segment Adjusted EBITDA, which excludes the non-cash impact of metal price lag.
Investor Relations
Jason Hershiser
Phone: +1 443 988-0600
investor-relations@constellium.com
Communications
Delphine Dahan-Kocher
Phone: +1 443 420 7860
delphine.dahan-kocher@constellium.com
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| Revenue | 1,979 | 1,880 | ||||
| Cost of sales (excluding depreciation and amortization) | (1,716) | (1,635) | ||||
| Depreciation and amortization | (78) | (75) | ||||
| Selling and administrative expenses | (78) | (80) | ||||
| Research and development expenses | (13) | (15) | ||||
| Other gains and losses - net | (5) | (18) | ||||
| Finance costs - net | (27) | (27) | ||||
| Income before tax | 62 | 30 | ||||
| Income tax expense | (24) | (8) | ||||
| Net income | 38 | 22 | ||||
| Attributable to: | ||||||
| Equity holders of Constellium | 37 | 21 | ||||
| Non-controlling interests | 1 | 1 | ||||
| Net income | 38 | 22 | ||||
| Earnings per share attributable to the equity holders of Constellium (in dollars) | ||||||
| Basic | 0.26 | 0.14 | ||||
| Diluted | 0.26 | 0.14 | ||||
| Weighted average number of shares (in thousands) | ||||||
| Basic | 142,495 | 146,796 | ||||
| Diluted | 144,090 | 150,211 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| Net income | 38 | 22 | ||||
| Net change in post-employment benefit obligations | (3) | (5) | ||||
| Income tax on net change in post-employment benefit obligations | 1 | 2 | ||||
| Net change in cash flow hedges | 12 | (2) | ||||
| Income tax on cash flow hedges | (3) | — | ||||
| Currency translation differences | 4 | (6) | ||||
| Other comprehensive income / (loss) | 11 | (11) | ||||
| Total comprehensive income | 49 | 11 | ||||
| Attributable to: | ||||||
| Equity holders of Constellium | 48 | 10 | ||||
| Non-controlling interests | 1 | 1 | ||||
| Total comprehensive income | 49 | 11 | ||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| (in millions of U.S. dollar, except share data) | At March 31, 2025 | At December 31, 2024 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 118 | 141 | ||||
| Trade receivables and other, net | 818 | 486 | ||||
| Inventories | 1,278 | 1,181 | ||||
| Fair value of derivatives instruments and other financial assets | 22 | 26 | ||||
| Total current assets | 2,236 | 1,834 | ||||
| Non-current assets | ||||||
| Property, plant and equipment, net | 2,456 | 2,408 | ||||
| Goodwill | 46 | 46 | ||||
| Intangible assets, net | 94 | 97 | ||||
| Deferred tax assets | 294 | 311 | ||||
| Trade receivables and other, net | 38 | 36 | ||||
| Fair value of derivatives instruments | 4 | 2 | ||||
| Total non-current assets | 2,932 | 2,900 | ||||
| Total assets | 5,168 | 4,734 | ||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Trade payables and other | 1,665 | 1,309 | ||||
| Short-term debt | 35 | 39 | ||||
| Fair value of derivatives instruments | 42 | 33 | ||||
| Income tax payable | 17 | 18 | ||||
| Pension and other benefit obligations | 23 | 22 | ||||
| Provisions | 26 | 25 | ||||
| Total current liabilities | 1,808 | 1,446 | ||||
| Non-current liabilities | ||||||
| Trade payables and other | 160 | 156 | ||||
| Long-term debt | 1,908 | 1,879 | ||||
| Fair value of derivatives instruments | 10 | 21 | ||||
| Pension and other benefit obligations | 377 | 375 | ||||
| Provisions | 92 | 91 | ||||
| Deferred tax liabilities | 48 | 39 | ||||
| Total non-current liabilities | 2,595 | 2,561 | ||||
| Total liabilities | 4,403 | 4,007 | ||||
| Commitments and contingencies | ||||||
| Shareholder's equity | ||||||
| Ordinary shares, par value | 4 | 4 | ||||
| Additional paid in capital | 513 | 513 | ||||
| Accumulated other comprehensive income | (1) | (14) | ||||
| Retained earnings and other reserves | 229 | 203 | ||||
| Equity attributable to equity holders of Constellium | 745 | 706 | ||||
| Non-controlling interests | 20 | 21 | ||||
| Total equity | 765 | 727 | ||||
| Total equity and liabilities | 5,168 | 4,734 | ||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| (in millions of U.S. dollar) | Ordinary shares | Additional paid in capital | Treasury shares | Accumulated other comprehensive income / (loss) | Other reserves | Retained earnings | Total | Non- controlling interests | Total equity | |||||||||||||||
| At January 1, 2025 | 4 | 513 | (51) | (14) | 161 | 93 | 706 | 21 | 727 | |||||||||||||||
| Net income | — | — | — | — | — | 37 | 37 | 1 | 38 | |||||||||||||||
| Other comprehensive income / (loss) | — | — | — | 13 | — | — | 13 | — | 13 | |||||||||||||||
| Total comprehensive income / (loss) | — | — | — | 13 | — | 37 | 50 | 1 | 51 | |||||||||||||||
| Share-based compensation | — | — | — | — | 6 | — | 6 | — | 6 | |||||||||||||||
| Repurchase of ordinary shares | — | — | (15) | — | — | — | (15) | — | (15) | |||||||||||||||
| Allocation of treasury shares to share-based compensation plan vested | — | — | 12 | — | — | (12) | — | — | — | |||||||||||||||
| Transactions with non-controlling interests | — | — | — | — | — | — | — | (2) | (2) | |||||||||||||||
| At March 31, 2025 | 4 | 513 | (54) | (1) | 167 | 116 | 744 | 21 | 765 | |||||||||||||||
| (in millions of U.S. dollar) | Ordinary shares | Additional paid in capital | Treasury shares | Accumulated other comprehensive income / (loss) | Other reserves | Retained earnings | Total | Non- controlling interests | Total equity | |||||||||||||||
| At January 1, 2024 | 4 | 513 | — | — | 136 | 65 | 718 | 24 | 742 | |||||||||||||||
| Net income | — | — | — | — | — | 21 | 21 | 1 | 22 | |||||||||||||||
| Other comprehensive income / (loss) | — | — | — | (11) | — | — | (11) | — | (11) | |||||||||||||||
| Total comprehensive income / (loss) | — | — | — | (11) | — | 21 | 10 | 1 | 11 | |||||||||||||||
| Share-based compensation | — | — | — | — | 6 | — | 6 | — | 6 | |||||||||||||||
| Repurchase of ordinary shares | — | — | (7) | — | — | — | (7) | — | (7) | |||||||||||||||
| Allocation of treasury shares to share-based compensation plan vested | — | — | — | — | — | — | — | — | — | |||||||||||||||
| Transactions with non-controlling interests | — | — | — | — | — | — | — | (1) | (1) | |||||||||||||||
| At March 31, 2024 | 4 | 513 | (7) | (11) | 142 | 86 | 727 | 24 | 751 | |||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| Net income | 38 | 22 | ||||
| Adjustments | ||||||
| Depreciation and amortization | 78 | 75 | ||||
| Impairment of assets | — | 3 | ||||
| Pension and other long-term benefits | 2 | 2 | ||||
| Finance costs - net | 27 | 27 | ||||
| Income tax expense | 24 | 8 | ||||
| Unrealized losses on derivatives - net and from remeasurement of monetary assets and liabilities - net | 11 | 3 | ||||
| Losses on disposal | — | 1 | ||||
| Other - net | 11 | 13 | ||||
| Changes in working capital | ||||||
| Inventories | (69) | 16 | ||||
| Trade receivables | (273) | (173) | ||||
| Trade payables | 279 | 100 | ||||
| Other | (18) | (16) | ||||
| Change in provisions | (1) | (2) | ||||
| Pension and other long-term benefits paid | (13) | (10) | ||||
| Interest paid | (29) | (26) | ||||
| Income tax paid | (9) | (6) | ||||
| Net cash flows from operating activities | 58 | 37 | ||||
| Purchases of property, plant and equipment | (69) | (74) | ||||
| Property, plant and equipment inflows | 8 | 7 | ||||
| Collection of deferred purchase price receivable | 2 | 17 | ||||
| Net cash flows used in investing activities | (59) | (50) | ||||
| Repurchase of ordinary shares | (15) | (7) | ||||
| Repayments of long-term debt | (1) | (2) | ||||
| Net change in revolving credit facilities and short-term debt | 5 | 1 | ||||
| Finance lease repayments | (2) | (2) | ||||
| Transactions with non-controlling interests | (2) | (1) | ||||
| Other financing activities | (11) | 1 | ||||
| Net cash flows used in financing activities | (26) | (10) | ||||
| Net decrease in cash and cash equivalents | (27) | (23) | ||||
| Cash and cash equivalents - beginning of the period | 141 | 223 | ||||
| Effect of exchange rate changes on cash and cash equivalents | 4 | (6) | ||||
| Cash and cash equivalents - end of period | 118 | 194 | ||||
SEGMENT ADJUSTED EBITDA
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| A&T | 75 | 87 | ||||
| P&ARP | 60 | 48 | ||||
| AS&I | 16 | 32 | ||||
| Holdings and Corporate | (11) | (7) | ||||
SHIPMENTS AND REVENUE BY PRODUCT LINE
| Three months ended March 31, | ||||||
| (in k metric tons) | 2025 | 2024 | ||||
| Aerospace rolled products | 24 | 27 | ||||
| Transportation, industry, defense and other rolled products | 28 | 30 | ||||
| Packaging rolled products | 204 | 187 | ||||
| Automotive rolled products | 60 | 71 | ||||
| Specialty and other thin-rolled products | 4 | 6 | ||||
| Automotive extruded products | 31 | 36 | ||||
| Other extruded products | 22 | 23 | ||||
| Total shipments | 372 | 380 | ||||
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| Aerospace rolled products | 267 | 286 | ||||
| Transportation, industry, defense and other rolled products | 201 | 193 | ||||
| Packaging rolled products | 868 | 671 | ||||
| Automotive rolled products | 291 | 311 | ||||
| Specialty and other thin-rolled products | 28 | 36 | ||||
| Automotive extruded products | 234 | 263 | ||||
| Other extruded products | 147 | 133 | ||||
| Other and inter-segment eliminations | (57) | (13) | ||||
| Total Revenue by product line | 1,979 | 1,880 | ||||
Amounts may not sum due to rounding.
NON-GAAP MEASURES
Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| Net income | 38 | 22 | ||||
| Income tax expense | 24 | 8 | ||||
| Income before tax | 62 | 30 | ||||
| Finance costs - net | 27 | 27 | ||||
| Expenses on factoring arrangements | 5 | 5 | ||||
| Depreciation and amortization | 78 | 75 | ||||
| Impairment of assets (B) | — | 3 | ||||
| Restructuring costs | 1 | — | ||||
| Unrealized losses on derivatives | 12 | 4 | ||||
| Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net | 1 | (2) | ||||
| Pension and other post-employment benefits - non - operating gains | (3) | (3) | ||||
| Share based compensation costs | 6 | 6 | ||||
| Losses on disposal | — | 1 | ||||
| Other (C) | (3) | — | ||||
| Adjusted EBITDA1 | 186 | 146 | ||||
| of which Metal price lag (A) | 46 | (14) | ||||
1Adjusted EBITDA includes the non-cash impact of metal price lag
| (A) | Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established. The metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period. | |
| (B) | For the three months ended March 31, 2024, impairment related to property, plant and equipment in our Valais operations. | |
| (C) | For the three months ended March 31, 2025, other included | |
Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollar) | 2025 | 2024 | ||||
| Net cash flows from operating activities | 58 | 37 | ||||
| Purchases of property, plant and equipment | (69) | (74) | ||||
| Property, plant and equipment inflows | 8 | 7 | ||||
| Free Cash Flow | (3) | (30) | ||||
Reconciliation of borrowings to Net debt (a non-GAAP measure)
| (in millions of U.S. dollar) | At March 31, 2025 | At December 31, 2024 | ||||
| Debt | 1,943 | 1,918 | ||||
| Fair value of cross currency basis swaps, net of margin calls | 1 | (1 | ) | |||
| Cash and cash equivalents | (118 | ) | (141 | ) | ||
| Net debt | 1,826 | 1,776 | ||||
FAQ
What is Constellium's (CSTM) Q1 2025 revenue and how does it compare to Q1 2024?
How many shares did CSTM repurchase in Q1 2025 and at what cost?
What is Constellium's (CSTM) Adjusted EBITDA guidance for 2025?
How did the Valais flood impact CSTM's Q1 2025 financial results?
What is CSTM's long-term financial target for 2028?
How did CSTM's net income change in Q1 2025 vs Q1 2024?
