Constellium Reports Strong First Quarter 2026 Results, including Record Quarterly Segment Adjusted EBITDA; Raises Full Year 2026 Guidance
Rhea-AI Summary
Constellium (NYSE:CSTM) reported Q1 2026 results: revenue $2.46B (+24% YoY), net income $196M (Q1 2025: $38M), Adjusted EBITDA $359M (includes $97M non-cash metal price lag). Shipments were 370k metric tons (-1%). Segment EBITDA: A&T $102M, P&ARP $151M, AS&I $24M. Cash from operations $73M; Free Cash Flow $5M. Repurchased 1.2M shares for $28M. Leverage 2.2x at March 31, 2026. Raised 2026 guidance to Adjusted EBITDA $900M–$940M (ex-metal price lag) and Free Cash Flow >$275M.
Positive
- Revenue +24% year-over-year to $2.46B
- Adjusted EBITDA +93% year-over-year to $359M
- Net income increased to $196M from $38M
- P&ARP Segment Adjusted EBITDA +152% to $151M
- Raised 2026 guidance: Adjusted EBITDA $900M–$940M
Negative
- Free Cash Flow only $5M in Q1 2026
- Shipments declined in P&ARP and AS&I (Q1 P&ARP -3%, AS&I -3%)
- Dependence on positive metal price lag ($97M non-cash) in results
- Cannot reconcile Adjusted EBITDA guidance to net income
Key Figures
Market Reality Check
Peers on Argus
Pre‑earnings, aluminum peers showed mixed moves: CENX scanner flag up 3.47%, while broader peers like AA, KALU, MTX and NGVT had modest declines or flat action. Only one close peer appeared in momentum scans, suggesting stock‑specific focus rather than a broad aluminum rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 18 | Q4 & FY 2025 earnings | Positive | +9.5% | Strong Q4 and 2025 metrics with initial 2026 guidance above prior levels. |
| Oct 29 | Q3 2025 earnings | Positive | -3.8% | Strong Q3 results and raised 2025 guidance did not prevent a price drop. |
| Jul 29 | Q2 2025 earnings | Positive | +5.4% | Q2 revenue growth, solid EBITDA and free cash flow with higher 2025 guidance. |
| Apr 30 | Q1 2025 earnings | Positive | +5.4% | Improved Q1 profitability while maintaining 2025 EBITDA and FCF guidance. |
| Feb 20 | Q4 & FY 2024 earnings | Neutral | +14.2% | Mixed 2024 results but introduction of 2025 and new 2028 long‑term targets. |
Earnings and guidance updates have usually triggered positive price reactions, with four aligned moves and one negative divergence despite strong fundamentals and raised targets.
Over the past five earnings cycles, Constellium has repeatedly highlighted growing profitability and raised outlooks. Q1 2025 results showed revenue of $2.0B and Adjusted EBITDA of $186M with maintained guidance, followed by Q2 and Q3 2025 beats and guidance raises. The Q4 2024 and Q4 2025 releases established and then reinforced long‑term 2028 targets and strong 2026 guidance. Today’s Q1 2026 report and guidance hike fit this pattern of progressively stronger financial messaging.
Historical Comparison
In the last five earnings releases, CSTM moved an average of ±6.15%. Those events often paired solid results with raised guidance, similar to the Q1 2026 report and guidance increase.
Earnings releases since 2024 show a progression from mixed results toward steadily improving EBITDA, repeated guidance raises for 2025–2026, and reaffirmed 2028 targets of higher Adjusted EBITDA and Free Cash Flow.
Market Pulse Summary
This announcement highlights record Q1 2026 profitability, with Adjusted EBITDA of $359M, net income of $196M, and revenue of $2.46B. Management raised full‑year 2026 guidance to $900–$940M Adjusted EBITDA and Free Cash Flow above $275M, while keeping leverage at 2.2x. Historically, earnings releases with upgraded outlooks have often coincided with sizable price moves. Investors may track segment EBITDA trends, Free Cash Flow delivery and any changes in market dynamics such as scrap and automotive rolled product supply.
Key Terms
adjusted ebitda financial
free cash flow financial
segment adjusted ebitda financial
metal price lag financial
AI-generated analysis. Not financial advice.
PARIS, April 29, 2026 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the first quarter ended March 31, 2026.
First quarter 2026 highlights:
- Shipments of 370 thousand metric tons, down
1% compared to Q1 2025 - Revenue of
$2.5 billion , up24% compared to Q1 2025 - Net income of
$196 million compared to net income of$38 million in Q1 2025 - Adjusted EBITDA of
$359 million - Includes positive non-cash metal price lag impact of
$97 million
- Includes positive non-cash metal price lag impact of
- Segment Adjusted EBITDA of
$102 million at A&T,$151 million at P&ARP and$24 million at AS&I, partially offset by corporate costs of$(15) million , together representing a record quarter for the Company - Cash from Operations of
$73 million and Free Cash Flow of$5 million - Repurchased 1.2 million shares of the Company stock for
$28 million - Leverage of 2.2x at March 31, 2026
“Constellium delivered strong results in the first quarter despite uncertainties on the macroeconomic and geopolitical fronts,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “We achieved improved financial performance across all of our operating segments, including record quarterly Adjusted EBITDA. P&ARP delivered record quarterly Adjusted EBITDA, and A&T delivered record first quarter Adjusted EBITDA. During the quarter we benefited from current market dynamics, including supply shortages of automotive rolled products in North America, improved aerospace and TID environment, and favorable scrap and metal dynamics in North America. We generated Free Cash Flow of
Ms. Joerg continued, "While uncertainties persist on the macroeconomic and geopolitical fronts, we like our end market positioning and we are optimistic about our prospects for the remainder of this year and beyond. Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA in the range of
Group Summary
| Q1 2026 | Q1 2025 | Var. | ||||
| Shipments (k metric tons) | 370 | 372 | (1)% | |||
| Revenue ($ millions) | 2,461 | 1,979 | ||||
| Net income ($ millions) | 196 | 38 | ||||
| Adjusted EBITDA ($ millions) | 359 | 186 | ||||
| Metal price lag (non-cash) ($ millions) | 97 | 39 | 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 2026, the Company had shipments of 370 thousand metric tons, a decrease of
Results by Segment
Aerospace & Transportation (A&T)
| Q1 2026 | Q1 2025 | Var. | ||||
| Shipments (k metric tons) | 60 | 51 | ||||
| Revenue ($ millions) | 609 | 468 | ||||
| Segment Adjusted EBITDA ($ millions) | 102 | 82 | ||||
| Segment Adjusted EBITDA per metric ton ($) | 1,697 | 1,606 | ||||
For the first quarter of 2026, Segment Adjusted EBITDA was
Packaging & Automotive Rolled Products (P&ARP)
| Q1 2026 | Q1 2025 | Var. | ||||
| Shipments (k metric tons) | 261 | 269 | (3)% | |||
| Revenue ($ millions) | 1,477 | 1,187 | ||||
| Segment Adjusted EBITDA ($ millions) | 151 | 60 | ||||
| Segment Adjusted EBITDA per metric ton ($) | 578 | 223 | ||||
For the first quarter of 2026, Segment Adjusted EBITDA was
Automotive Structures & Industry (AS&I)
| Q1 2026 | Q1 2025 | Var. | ||||
| Shipments (k metric tons) | 51 | 52 | (3)% | |||
| Revenue ($ millions) | 415 | 381 | ||||
| Segment Adjusted EBITDA ($ millions) | 24 | 16 | ||||
| Segment Adjusted EBITDA per metric ton ($) | 471 | 306 | ||||
For the first quarter of 2026, Segment Adjusted EBITDA was
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. dollars) | 2026 | 2025 | ||||
| A&T | 102 | 82 | ||||
| P&ARP | 151 | 60 | ||||
| AS&I | 24 | 16 | ||||
| Holdings and Corporate(1) | (15) | (11) | ||||
| Segment Adjusted EBITDA | 262 | 147 | ||||
| Metal price lag | 97 | 39 | ||||
| Adjusted EBITDA | 359 | 186 | ||||
| Other adjustments | (59) | (97) | ||||
| Finance costs - net | (28) | (27) | ||||
| Income before tax | 272 | 62 | ||||
| Income tax expense | (76) | (24) | ||||
| Net income | 196 | 38 | ||||
(1) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
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, which is a non-cash financial impact. 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 all the periods in the table above metal price lag was positive, which reflects prices for primary aluminum increasing during the period.
Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 15.
Net Income
For the first quarter of 2026, net income of
Cash Flow
Cash flows from operating activities were
Free Cash Flow was
Cash flows used in investing activities were
Cash flows from financing activities were
Liquidity and Net Debt
Liquidity at March 31, 2026 was
Total debt was
Outlook
Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA 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 constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release contains “forward-looking statements” with respect to our business, results of operations and financial condition, including, among others, statements regarding anticipated macroeconomic, end-market and industry environments, our areas of execution focus, and earnings guidance. You can identify forward-looking statements because they contain words such as, but not limited to, “anticipates,” “approximately,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “likely,” “may,” “plans,” “should,” “targets,” “will,” “would,” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties and are based on underlying assumptions that may prove incorrect. 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; global or regional economic downturns 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; geopolitical tensions and conflicts, including the ongoing conflict between Russia and Ukraine and the ongoing conflict involving the United States, Israel and Iran; 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, 2026 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. We believe that Adjusted EBITDA is frequently used by securities analysts, investors and other stakeholders in their evaluation of the Company’s performance.
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.
CONSOLIDATED INCOME STATEMENT (unaudited)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollars) | 2026 | 2025 | ||||
| Revenue | 2,461 | 1,979 | ||||
| Cost of sales (excluding depreciation and amortization) | (2,041) | (1,716) | ||||
| Depreciation and amortization | (83) | (78) | ||||
| Selling and administrative expenses | (97) | (78) | ||||
| Research and development expenses | (13) | (13) | ||||
| Other gains and losses – net | 73 | (5) | ||||
| Finance costs – net | (28) | (27) | ||||
| Income before tax | 272 | 62 | ||||
| Income tax expense | (76) | (24) | ||||
| Net income | 196 | 38 | ||||
| Attributable to: | ||||||
| Equity holders of Constellium | 199 | 37 | ||||
| Non-controlling interests | (3) | 1 | ||||
| Net income | 196 | 38 | ||||
| Earnings per share attributable to the equity holders of Constellium (in dollars) | ||||||
| Basic | 1.47 | 0.26 | ||||
| Diluted | 1.42 | 0.26 | ||||
| Weighted average number of shares (in thousands) | ||||||
| Basic | 135,395 | 142,495 | ||||
| Diluted | 140,085 | 144,090 | ||||
CONSOLIDATED BALANCE SHEETS (unaudited)
| (in millions of U.S. dollars) except share data and as otherwise stated | At March 31, 2026 | At December 31, 2025 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 143 | 120 | ||||
| Trade receivables and other, net | 1,005 | 723 | ||||
| Inventories | 1,671 | 1,407 | ||||
| Fair value of derivatives instruments and other financial assets | 132 | 72 | ||||
| Total current assets | 2,951 | 2,322 | ||||
| Non-current assets | ||||||
| Property, plant and equipment, net | 2,524 | 2,585 | ||||
| Goodwill | 47 | 47 | ||||
| Intangible assets, net | 84 | 88 | ||||
| Deferred tax assets | 202 | 270 | ||||
| Trade receivables and other, net | 33 | 31 | ||||
| Fair value of derivatives instruments | 4 | 11 | ||||
| Total non-current assets | 2,894 | 3,032 | ||||
| Total assets | 5,845 | 5,354 | ||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Trade payables and other | 1,973 | 1,674 | ||||
| Current portion of long-term debt | 35 | 39 | ||||
| Fair value of derivatives instruments | 37 | 18 | ||||
| Income tax payable | 20 | 18 | ||||
| Pension and other benefit obligations | 23 | 24 | ||||
| Provisions | 30 | 25 | ||||
| Total current liabilities | 2,118 | 1,798 | ||||
| Non-current liabilities | ||||||
| Trade payables and other | 158 | 163 | ||||
| Long-term debt | 1,938 | 1,905 | ||||
| Fair value of derivatives instruments | 3 | 3 | ||||
| Pension and other benefit obligations | 329 | 338 | ||||
| Provisions | 101 | 106 | ||||
| Deferred tax liabilities | 66 | 70 | ||||
| Total non-current liabilities | 2,595 | 2,585 | ||||
| Total liabilities | 4,713 | 4,383 | ||||
| Commitments and contingencies | ||||||
| Shareholders' equity | ||||||
| Ordinary shares, par value | 4 | 4 | ||||
| Additional paid in capital | 704 | 693 | ||||
| Accumulated other comprehensive income | 39 | 54 | ||||
| Retained earnings | 529 | 354 | ||||
| Treasury shares 10,669,434 at March 31, 2026 and 11,395,182 at December 31, 2025 | (157) | (153) | ||||
| Equity attributable to equity holders of Constellium | 1,119 | 952 | ||||
| Non-controlling interests | 13 | 19 | ||||
| Total equity | 1,132 | 971 | ||||
| Total equity and liabilities | 5,845 | 5,354 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
| Three months ended March 31, | ||||||
| (in millions of U.S. dollars) | 2026 | 2025 | ||||
| Net income | 196 | 38 | ||||
| Adjustments | ||||||
| Depreciation and amortization | 83 | 78 | ||||
| Impairment of assets | 4 | — | ||||
| Pension and other long-term benefits | 2 | 2 | ||||
| Finance costs - net | 28 | 27 | ||||
| Income tax expense | 76 | 24 | ||||
| Unrealized (gains) /losses on derivatives - net and from remeasurement of monetary assets and liabilities - net | (43) | 11 | ||||
| Other - net | 18 | 11 | ||||
| Changes in working capital | ||||||
| Inventories | (279) | (69) | ||||
| Trade receivables | (249) | (273) | ||||
| Trade payables | 326 | 279 | ||||
| Other | (36) | (18) | ||||
| Change in provisions | 2 | (1) | ||||
| Pension and other long-term benefits paid | (14) | (13) | ||||
| Interest paid | (29) | (29) | ||||
| Income tax paid | (12) | (9) | ||||
| Net cash flows from operating activities | 73 | 58 | ||||
| Purchases of property, plant and equipment | (72) | (69) | ||||
| Property, plant and equipment inflows | 4 | 8 | ||||
| Collection of deferred purchase price receivable | — | 2 | ||||
| Net cash flows used in investing activities | (68) | (59) | ||||
| Repurchase of ordinary shares | (28) | (15) | ||||
| Repayments of long-term debt | (1) | (1) | ||||
| Net change in revolving credit facilities and short-term debt | 50 | 5 | ||||
| Finance lease repayments | (2) | (2) | ||||
| Transactions with non-controlling interests | (4) | (2) | ||||
| Other financing activities | 5 | (11) | ||||
| Net cash flows from / (used in) financing activities | 20 | (26) | ||||
| Net increase / (decrease) in cash and cash equivalents | 25 | (27) | ||||
| Cash and cash equivalents - beginning of the period | 120 | 141 | ||||
| Net increase / (decrease) in cash and cash equivalents | 25 | (27) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (2) | 4 | ||||
| Cash and cash equivalents - end of period | 143 | 118 | ||||
SEGMENT ADJUSTED EBITDA
| Three months ended March 31, | ||||||
| (in millions of U.S. dollars) | 2026 | 2025 | ||||
| A&T | 102 | 82 | ||||
| P&ARP | 151 | 60 | ||||
| AS&I | 24 | 16 | ||||
SHIPMENTS AND REVENUE BY PRODUCT LINE
| Three months ended March 31, | ||||||
| (in k metric tons) | 2026 | 2025 | ||||
| Aerospace rolled products | 27 | 24 | ||||
| Transportation, industry, defense and other rolled products | 33 | 28 | ||||
| Packaging rolled products | 191 | 204 | ||||
| Automotive rolled products | 67 | 60 | ||||
| Specialty and other thin-rolled products | 4 | 4 | ||||
| Automotive extruded products | 30 | 31 | ||||
| Other extruded products | 21 | 22 | ||||
| Other and inter-segment eliminations | (2) | — | ||||
| Total shipments | 370 | 372 | ||||
| Three months ended March 31, | ||||||
| (in millions of U.S. dollars) | 2026 | 2025 | ||||
| Aerospace rolled products | 329 | 267 | ||||
| Transportation, industry, defense and other rolled products | 280 | 201 | ||||
| Packaging rolled products | 1,046 | 868 | ||||
| Automotive rolled products | 403 | 291 | ||||
| Specialty and other thin-rolled products | 28 | 28 | ||||
| Automotive extruded products | 262 | 234 | ||||
| Other extruded products | 153 | 147 | ||||
| Other and inter-segment eliminations | (40) | (57) | ||||
| Total Revenue by product line | 2,461 | 1,979 | ||||
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. dollars) | 2026 | 2025 | ||||
| Net income | 196 | 38 | ||||
| Income tax expense | 76 | 24 | ||||
| Income before tax | 272 | 62 | ||||
| Finance costs – net | 28 | 27 | ||||
| Expenses on factoring arrangements | 4 | 5 | ||||
| Depreciation and amortization | 83 | 78 | ||||
| Impairment of assets | 4 | — | ||||
| Restructuring costs | 3 | 1 | ||||
| Unrealized (gains) / losses on derivatives | (42) | 12 | ||||
| Unrealized exchange (gains) / losses from the remeasurement of monetary assets and liabilities – net | (1) | 1 | ||||
| Pension and other post-employment benefits - non - operating gains | (3) | (3) | ||||
| Share based compensation | 11 | 6 | ||||
| Gains / (losses) on disposal | — | — | ||||
| Other (A) | — | (3) | ||||
| Adjusted EBITDA1 | 359 | 186 | ||||
| of which Metal price lag (B) | 97 | 39 | ||||
1Adjusted EBITDA includes the non-cash impact of metal price lag
| (A) | For the three months ended March 31, 2025, other included | |
| (B) | 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, which is a non-cash financial impact. 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. | |
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. dollars) | 2026 | 2025 | ||||
| Net cash flows from operating activities | 73 | 58 | ||||
| Purchases of property, plant and equipment | (72) | (69) | ||||
| Property, plant and equipment inflows | 4 | 8 | ||||
| Free Cash Flow | 5 | (3) | ||||
Reconciliation of Total debt to Net debt (a non-GAAP measure)
| (in millions of U.S. dollars) | At March 31, 2026 | At December 31, 2025 | ||||
| Debt | 1,973 | 1,944 | ||||
| Fair value of cross currency basis swaps, net of margin calls | (1) | — | ||||
| Cash and cash equivalents | (143) | (120) | ||||
| Net debt | 1,829 | 1,824 | ||||
_________________________
1 Adjusted EBITDA of
2 Adjusted EBITDA of
| Media Contacts | |
| Investor Relations | Communications |
| Jason Hershiser | Delphine Dahan-Kocher |
| Phone: +1 443 988-0600 | Phone: +1 443 420-7860 |
| investor-relations@constellium.com | delphine.dahan-kocher@constellium.com |
