Constellium Reports Strong Fourth Quarter and Full Year 2025 Results; Provides Full Year 2026 Guidance
Rhea-AI Summary
Constellium (NYSE: CSTM) reported strong Q4 and full‑year 2025 results: Q4 revenue $2.2B, shipments 365k tons, net income $113M and Adjusted EBITDA $280M. Full‑year 2025 revenue was $8.45B, shipments 1.495M tons, net income $275M, Adjusted EBITDA $846M and free cash flow $178M.
The company repurchased 8.9M shares in 2025, ended the year with 2.5x leverage, and issued 2026 guidance of Adjusted EBITDA $780–$820M (ex metal price lag) and free cash flow >$200M.
Positive
- Revenue +15% for FY 2025 to $8.45B
- Adjusted EBITDA $846M in FY 2025, +36% YoY
- Net income $275M for FY 2025 versus $60M prior year
- Shipments +4% in FY 2025 to 1.495M metric tons
- Share repurchases of $115M in 2025 (8.9M shares)
- 2026 guidance: Adjusted EBITDA $780–$820M and FCF >$200M
Negative
- Aerospace demand lower due to global supply‑chain destocking
- Automotive demand weak in Europe; tariffs negatively affected AS&I
- FY 2025 metal price lag added $126M non‑cash benefit, masking cash operating trends
- Leverage of 2.5x at December 31, 2025
News Market Reaction
On the day this news was published, CSTM gained 9.53%, reflecting a notable positive market reaction. Argus tracked a peak move of +11.5% during that session. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $327M to the company's valuation, bringing the market cap to $3.76B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CSTM is up 0.52% with strong earnings, while peers show mixed moves: AA up 1.50%, ASH down 0.40%. Broader aluminum names like CENX (+8.36%) and KALU (+1.60%) are positive, but others such as MTX and NGVT are slightly negative, suggesting a more stock-specific than sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 29 | Q3 2025 earnings | Positive | -3.8% | Strong Q3 results with raised 2025 guidance and share repurchases. |
| Jul 29 | Q2 2025 earnings | Positive | +5.4% | Q2 revenue growth, solid EBITDA and raised full-year 2025 guidance. |
| Apr 30 | Q1 2025 earnings | Positive | +5.4% | Q1 revenue and EBITDA growth while maintaining 2025 guidance. |
| Feb 20 | FY 2024 earnings | Positive | +14.2% | 2024 results with new 2025 and long-term 2028 financial targets. |
| Jul 23 | Q2 2024 earnings | Negative | -3.0% | Q2 2024 shipment and revenue declines amid weaker market conditions. |
Earnings releases with raised or reiterated guidance have usually seen positive price reactions, though there has been at least one notable selloff on strong results.
Over the last year, Constellium’s earnings reports have highlighted improving profitability and repeated focus on 2025–2028 targets. Q1–Q3 2025 results showed rising revenue, higher Adjusted EBITDA and multiple guidance raises, while 2024 full-year results introduced the long‑term 2028 goals. Despite one negative reaction to strong Q3 2025 results, most earnings events (e.g., on Jul 29, 2025 and Feb 20, 2025) produced gains, framing today’s strong 2025 results and 2026 guidance within a pattern of steadily improving fundamentals.
Historical Comparison
In the past year, CSTM’s earnings releases moved the stock an average of 3.64%. Today’s modest 0.52% uptick sits below that typical earnings-day volatility.
Earnings updates have tracked a path from challenging 2024 results toward higher 2025 EBITDA and reaffirmed 2028 targets of $900M Adjusted EBITDA and $300M Free Cash Flow.
Market Pulse Summary
The stock moved +9.5% in the session following this news. A strong positive reaction aligns with the company’s near-record 2025 performance, including $8.4B in revenue, $275M net income and $846M Adjusted EBITDA. Past earnings have often produced sizable moves, and leverage improved to 2.5x. However, investors may weigh how much of the 2026 EBITDA range of $780–$820M and Free Cash Flow above $200M was already reflected in the share price, given the prior run above the 200‑day average.
Key Terms
adjusted ebitda financial
free cash flow financial
metal price lag financial
segment adjusted ebitda financial
return on invested capital financial
AI-generated analysis. Not financial advice.
PARIS, Feb. 18, 2026 (GLOBE NEWSWIRE) -- 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 , up28% 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
- 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 , up15% 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
- 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
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
| Group Summary | |||||||||
| Q4 2025 | Q4 2024 | Var. | FY 2025 | FY 2024 | Var. | ||||
| Shipments (k metric tons) | 365 | 328 | 11 | % | 1,495 | 1,438 | 4 | % | |
| Revenue ($ millions) | 2,201 | 1,721 | 28 | % | 8,449 | 7,335 | 15 | % | |
| Net income ($ millions) | 113 | (47 | ) | n.m. | 275 | 60 | 358 | % | |
| Adjusted EBITDA ($ millions) | 280 | 125 | 124 | % | 846 | 623 | 36 | % | |
| Metal price lag (non-cash) ($ millions) | 67 | 25 | n.m. | 126 | 48 | 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 fourth quarter of 2025, the Company had shipments of 365 thousand metric tons, an increase of
For the full year of 2025, the Company had shipments of 1.5 million metric tons, an increase of
| Results by Segment | ||||||||
| Aerospace & Transportation (A&T) | ||||||||
| Q4 2025 | Q4 2024 | Var. | FY 2025 | FY 2024 | Var. | |||
| Shipments (k metric tons) | 53 | 44 | 21 | % | 207 | 209 | (1) % | |
| Revenue ($ millions) | 527 | 430 | 23 | % | 1,968 | 1,816 | 8 | % |
| Segment Adjusted EBITDA ($ millions) | 83 | 58 | 43 | % | 339 | 292 | 16 | % |
| Segment Adjusted EBITDA per metric ton ($) | 1,553 | 1,317 | 18 | % | 1,634 | 1,395 | 17 | % |
For the fourth quarter of 2025, Segment Adjusted EBITDA was
For the full year of 2025, Segment Adjusted EBITDA was
| Packaging & Automotive Rolled Products (P&ARP) | ||||||||
| Q4 2025 | Q4 2024 | Var. | FY 2025 | FY 2024 | Var. | |||
| Shipments (k metric tons) | 265 | 239 | 11 | % | 1,086 | 1,027 | 6 | % |
| Revenue ($ millions) | 1,349 | 1,009 | 34 | % | 5,078 | 4,196 | 21 | % |
| Segment Adjusted EBITDA ($ millions) | 136 | 56 | 143 | % | 353 | 242 | 46 | % |
| Segment Adjusted EBITDA per metric ton ($) | 513 | 234 | 119 | % | 325 | 236 | 38 | % |
For the fourth quarter of 2025, Segment Adjusted EBITDA was
For the full year of 2025, Segment Adjusted EBITDA was
| Automotive Structures & Industry (AS&I) | ||||||||
| Q4 2025 | Q4 2024 | Var. | FY 2025 | FY 2024 | Var. | |||
| Shipments (k metric tons) | 46 | 44 | 5 | % | 202 | 201 | 0 | % |
| Revenue ($ millions) | 368 | 329 | 12 | % | 1,579 | 1,432 | 10 | % |
| Segment Adjusted EBITDA ($ millions) | 5 | 4 | 25 | % | 72 | 74 | (3) % | |
| Segment Adjusted EBITDA per metric ton ($) | 108 | 91 | 19 | % | 357 | 367 | (3) % | |
For the fourth quarter of 2025, Segment Adjusted EBITDA was
For the full year of 2025, 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 December 31, | Year ended December 31, | |||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| A&T | 83 | 58 | 339 | 292 | ||||||||
| P&ARP | 136 | 56 | 353 | 242 | ||||||||
| AS&I | 5 | 4 | 72 | 74 | ||||||||
| Holdings and Corporate(1) | (11 | ) | (18 | ) | (44 | ) | (33 | ) | ||||
| Segment Adjusted EBITDA | 213 | 100 | 720 | 575 | ||||||||
| Metal price lag | 67 | 25 | 126 | 48 | ||||||||
| Adjusted EBITDA | 280 | 125 | 846 | 623 | ||||||||
| Other adjustments | (90 | ) | (115 | ) | (329 | ) | (377 | ) | ||||
| Finance costs - net | (26 | ) | (28 | ) | (109 | ) | (111 | ) | ||||
| Income before tax | 164 | (18 | ) | 408 | 135 | |||||||
| Income tax expense | (51 | ) | (29 | ) | (133 | ) | (75 | ) | ||||
| Net income | 113 | (47 | ) | 275 | 60 | |||||||
(1) Holdings & Corporate reflects activities and the associated financial results of our corporate support functions and our technology centers..
Reconciled 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 16.
Net Income
For the fourth quarter of 2025, net income of
For the full year of 2025, net income of
Cash Flow
Cash flows from operating activities were
Free Cash Flow was
Cash flows used in investing activities were
Cash flows used in financing activities were
Liquidity and Net Debt
Liquidity at December 31, 2025 was
Total debt was
Outlook
Based on our current outlook, for 2026 we expect Adjusted EBITDA, excluding 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 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, initiatives with respect to operational excellence, functional cost savings and structural cost reductions and their potential impact, 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; 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 fourth quarter and full year ended December 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, Adjusted NOPAT, Invested Capital, Adjusted ROIC 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.
Adjusted Return on Invested Capital (“Adjusted ROIC”) is defined as Adjusted Net Operating Profit after Tax (“Adjusted NOPAT”), a non-GAAP measure, divided by Invested Capital, a non-GAAP measure. The calculation of Adjusted ROIC together with a reconciliation of Adjusted NOPAT to Net Income, the most comparable U.S. GAAP measure, are presented in the schedules to this press release. Management believes Adjusted ROIC is useful in assessing the effectiveness of our capital allocation over time. Adjusted ROIC is not calculated based on measures prepared in accordance with U.S. GAAP and should not be considered as an alternative to similar metrics calculated based on measures prepared in accordance with U.S. GAAP.
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.
Other
The Company’s 2026 Annual General Meeting of Shareholders (the “2026 AGM”) will be held on May 21, 2026. Pursuant to Rule 14a-8 (“Rule 14a-8”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company is setting a deadline for receipt of Rule 14a-8 shareholder proposals that is a reasonable time before the Company begins to print and send its proxy materials for the 2026 AGM. Shareholders who wish to have a Rule 14a-8 proposal considered for inclusion in the Company’s proxy statement for the 2026 AGM must ensure that their proposal is received at the registered office of the Company at Washington Plaza, 40-44 Rue Washington, 75008 Paris, France, no later than March 16, 2026, which the Company has determined is a reasonable time before the Company begins to print and send its proxy materials. Such shareholder proposals must also comply with the other requirements of Rule 14a-8 in order to be eligible pursuant to such rule for inclusion in the Company’s proxy statement for the 2026 AGM.
| 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 |
| CONSOLIDATED INCOME STATEMENTS (unaudited) | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenue | 2,201 | 1,721 | 8,449 | 7,335 | ||||||||
| Cost of sales (excluding depreciation and amortization) | (1,854 | ) | (1,513 | ) | (7,262 | ) | (6,397 | ) | ||||
| Depreciation and amortization | (86 | ) | (77 | ) | (330 | ) | (304 | ) | ||||
| Selling and administrative expenses | (81 | ) | (93 | ) | (332 | ) | (313 | ) | ||||
| Research and development expenses | (14 | ) | (10 | ) | (51 | ) | (49 | ) | ||||
| Other gains and losses – net | 24 | (18 | ) | 43 | (26 | ) | ||||||
| Finance costs – net | (26 | ) | (28 | ) | (109 | ) | (111 | ) | ||||
| Income/ (loss) before tax | 164 | (18 | ) | 408 | 135 | |||||||
| Income tax expense | (51 | ) | (29 | ) | (133 | ) | (75 | ) | ||||
| Net income / (loss) | 113 | (47 | ) | 275 | 60 | |||||||
| Attributable to: | ||||||||||||
| Equity holders of Constellium | 112 | (48 | ) | 273 | 56 | |||||||
| Non-controlling interests | 1 | 1 | 2 | 4 | ||||||||
| Net income / (loss) | 113 | (47 | ) | 275 | 60 | |||||||
| Earnings / (loss) per share attributable to the equity holders of Constellium (in dollars) | |||||||||
| Basic | 0.82 | (0.34 | ) | 1.95 | 0.38 | ||||
| Diluted | 0.80 | (0.34 | ) | 1.92 | 0.38 | ||||
| Weighted average number of shares, (in thousands) | |||||||||
| Basic | 136,779 | 144,361 | 139,678 | 145,719 | |||||
| Diluted | 140,253 | 144,361 | 141,941 | 148,004 | |||||
| CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||
| (in millions of U.S. dollars) except share data and as otherwise stated | At December 31, 2025 | At December 31, 2024 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 120 | 141 | ||||
| Trade receivables and other, net | 723 | 486 | ||||
| Inventories | 1,407 | 1,181 | ||||
| Fair value of derivatives instruments and other financial assets | 72 | 26 | ||||
| Total current assets | 2,322 | 1,834 | ||||
| Non-current assets | ||||||
| Property, plant and equipment, net | 2,585 | 2,408 | ||||
| Goodwill | 47 | 46 | ||||
| Intangible assets, net | 88 | 97 | ||||
| Deferred tax assets | 270 | 311 | ||||
| Trade receivables and other, net | 31 | 36 | ||||
| Fair value of derivatives instruments | 11 | 2 | ||||
| Total non-current assets | 3,032 | 2,900 | ||||
| Total assets | 5,354 | 4,734 | ||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Trade payables and other | 1,674 | 1,309 | ||||
| Current portion of long-term debt | 39 | 39 | ||||
| Fair value of derivatives instruments | 18 | 33 | ||||
| Income tax payable | 18 | 18 | ||||
| Pension and other benefit obligations | 24 | 22 | ||||
| Provisions | 25 | 25 | ||||
| Total current liabilities | 1,798 | 1,446 | ||||
| Non-current liabilities | ||||||
| Trade payables and other | 163 | 156 | ||||
| Long-term debt | 1,905 | 1,879 | ||||
| Fair value of derivatives instruments | 3 | 21 | ||||
| Pension and other benefit obligations | 338 | 375 | ||||
| Provisions | 106 | 91 | ||||
| Deferred tax liabilities | 70 | 39 | ||||
| Total non-current liabilities | 2,585 | 2,561 | ||||
| Total liabilities | 4,383 | 4,007 | ||||
| Commitments and contingencies | ||||||
| Shareholder's equity | ||||||
| Ordinary shares, par value | 4 | 4 | ||||
| Additional paid in capital | 693 | 674 | ||||
| Accumulated other comprehensive income | 54 | (14 | ) | |||
| Retained earnings | 354 | 93 | ||||
| Treasury shares 11,395,182 at December 31, 2025 and 3,296,576 at December 31, 2024 | (153 | ) | (51 | ) | ||
| Equity attributable to equity holders of Constellium | 952 | 706 | ||||
| Non-controlling interests | 19 | 21 | ||||
| Total equity | 971 | 727 | ||||
| Total equity and liabilities | 5,354 | 4,734 | ||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income / (loss) | 113 | (47 | ) | 275 | 60 | |||||||
| Adjustments | ||||||||||||
| Depreciation and amortization | 86 | 77 | 330 | 304 | ||||||||
| Impairment of assets | 21 | 11 | 21 | 24 | ||||||||
| Pension and other long-term benefits | 2 | 4 | 9 | 10 | ||||||||
| Finance costs - net | 26 | 28 | 109 | 111 | ||||||||
| Income tax expense | 51 | 29 | 133 | 75 | ||||||||
| Unrealized (gains) /losses on derivatives - net and from remeasurement of monetary assets and liabilities - net | (21 | ) | 22 | (59 | ) | 2 | ||||||
| Losses on disposal | 3 | 1 | 4 | 4 | ||||||||
| Other - net | 8 | 6 | 44 | 39 | ||||||||
| Changes in working capital | ||||||||||||
| Inventories | (40 | ) | 36 | (149 | ) | (24 | ) | |||||
| Trade receivables | 77 | 108 | (203 | ) | (50 | ) | ||||||
| Trade payables | (53 | ) | (164 | ) | 168 | (40 | ) | |||||
| Other | 2 | (8 | ) | 9 | (24 | ) | ||||||
| Change in provisions | 7 | (1 | ) | 6 | 2 | |||||||
| Pension and other long-term benefits paid | (10 | ) | (10 | ) | (54 | ) | (52 | ) | ||||
| Interest paid | (21 | ) | (21 | ) | (104 | ) | (93 | ) | ||||
| Income tax paid | (33 | ) | (10 | ) | (50 | ) | (47 | ) | ||||
| Net cash flows from operating activities | 218 | 61 | 489 | 301 | ||||||||
| Purchases of property, plant and equipment | (109 | ) | (151 | ) | (330 | ) | (413 | ) | ||||
| Property, plant and equipment inflows | 1 | 5 | 19 | 12 | ||||||||
| Collection of deferred purchase price receivable | — | 21 | 2 | 85 | ||||||||
| Acquisition of subsidiaries net of cash acquired | — | — | — | 3 | ||||||||
| Proceeds from disposals, net of cash | (1 | ) | — | (1 | ) | — | ||||||
| Other investing activities | — | — | 1 | — | ||||||||
| Net cash flows used in investing activities | (109 | ) | (125 | ) | (309 | ) | (313 | ) | ||||
| Repurchase of ordinary shares | (40 | ) | (18 | ) | (115 | ) | (79 | ) | ||||
| Proceeds from issuance of long-term debt | — | (3 | ) | — | 671 | |||||||
| Repayments of long-term debt | (1 | ) | 1 | (6 | ) | (689 | ) | |||||
| Net change in revolving credit facilities and short-term debt | (72 | ) | 53 | (55 | ) | 54 | ||||||
| Finance lease repayments | (1 | ) | (2 | ) | (6 | ) | (8 | ) | ||||
| Payment of financing costs and redemption fees | — | — | — | (14 | ) | |||||||
| Transactions with non-controlling interests | — | (1 | ) | (7 | ) | (5 | ) | |||||
| Other financing activities | 2 | 15 | (26 | ) | 9 | |||||||
| Net cash flows used in financing activities | (112 | ) | 45 | (215 | ) | (61 | ) | |||||
| Net decrease in cash and cash equivalents | (3 | ) | (19 | ) | (35 | ) | (73 | ) | ||||
| Cash and cash equivalents - beginning of the period | 122 | 170 | 141 | 223 | ||||||||
| Net decrease in cash and cash equivalents | (3 | ) | (19 | ) | (35 | ) | (73 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 1 | (10 | ) | 14 | (9 | ) | ||||||
| Cash and cash equivalents - end of year | 120 | 141 | 120 | 141 | ||||||||
| SEGMENT ADJUSTED EBITDA | ||||||||
| Three months ended December 31, | Year ended December 31, | |||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||
| A&T | 83 | 58 | 339 | 292 | ||||
| P&ARP | 136 | 56 | 353 | 242 | ||||
| AS&I | 5 | 4 | 72 | 74 | ||||
| SHIPMENTS AND REVENUE BY PRODUCT LINE | ||||||||
| Three months ended December 31, | Year ended December 31, | |||||||
| (in k metric tons) | 2025 | 2024 | 2025 | 2024 | ||||
| Aerospace rolled products | 22 | 22 | 89 | 97 | ||||
| Transportation, industry, defense and other rolled products | 31 | 22 | 119 | 112 | ||||
| Packaging rolled products | 205 | 179 | 837 | 746 | ||||
| Automotive rolled products | 57 | 56 | 232 | 260 | ||||
| Specialty and other thin-rolled products | 3 | 4 | 17 | 21 | ||||
| Automotive extruded products | 26 | 29 | 114 | 127 | ||||
| Other extruded products | 20 | 15 | 88 | 75 | ||||
| Total shipments | 365 | 328 | 1,495 | 1,438 | ||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Aerospace rolled products | 270 | 265 | 1,068 | 1,063 | ||||||||
| Transportation, industry, defense and other rolled products | 257 | 165 | 900 | 753 | ||||||||
| Packaging rolled products | 1,007 | 722 | 3,771 | 2,878 | ||||||||
| Automotive rolled products | 318 | 265 | 1,201 | 1,201 | ||||||||
| Specialty and other thin-rolled products | 24 | 22 | 105 | 117 | ||||||||
| Automotive extruded products | 220 | 218 | 962 | 960 | ||||||||
| Other extruded products | 147 | 111 | 617 | 472 | ||||||||
| Other and inter-segment eliminations | (43 | ) | (46 | ) | (176 | ) | (108 | ) | ||||
| Total Revenue by product line | 2,201 | 1,721 | 8,449 | 7,335 | ||||||||
Amounts may not sum due to rounding.
| NON-GAAP MEASURES | ||||||||||||
| Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure) | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income / (loss) | 113 | (47 | ) | 275 | 60 | |||||||
| Income tax expense | 51 | 29 | 133 | 75 | ||||||||
| Finance costs – net | 26 | 28 | 109 | 111 | ||||||||
| Expenses on factoring arrangements | 5 | 6 | 21 | 22 | ||||||||
| Depreciation and amortization | 86 | 77 | 330 | 304 | ||||||||
| Impairment of assets (A) | 21 | 11 | 21 | 24 | ||||||||
| Restructuring costs (B) | — | 4 | 3 | 11 | ||||||||
| Unrealized (gains) / losses on derivatives | (22 | ) | 20 | (56 | ) | 1 | ||||||
| Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net | 1 | — | — | (1 | ) | |||||||
| Pension and other post-employment benefits - non - operating gains | (4 | ) | (1 | ) | (14 | ) | (11 | ) | ||||
| Share based compensation | (1 | ) | 6 | 19 | 25 | |||||||
| Losses on disposal | 3 | 1 | 4 | 4 | ||||||||
| Other (C) | 1 | (9 | ) | 1 | (2 | ) | ||||||
| Adjusted EBITDA1 | 280 | 125 | 846 | 623 | ||||||||
| of which Metal price lag(D) | 67 | 25 | 126 | 48 | ||||||||
1Adjusted EBITDA includes the non-cash impact of metal price lag.
(A) For the year ended December 31, 2025, we recognized impairment related to property, plant and equipment primarily in our Valais extrusion operations and at two other AS&I facilities. For the year ended December 31, 2024, impairment related to property, plant and equipment in our Valais operations.
(B) For the year ended December 31, 2025 and 2024 restructuring costs were related to cost reduction programs in the United States and in Europe.
(C) For the year ended December 31, 2025, Other mainly includes
For the year ended December 31, 2024, Other mainly includes
(D) 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 December 31, | Year ended December 31, | |||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net cash flows from operating activities | 218 | 61 | 489 | 301 | ||||||||
| Purchases of property, plant and equipment | (109 | ) | (151 | ) | (330 | ) | (413 | ) | ||||
| Property, plant and equipment inflows | 1 | 5 | 19 | 12 | ||||||||
| Free Cash Flow | 110 | (85 | ) | 178 | (100 | ) | ||||||
| Reconciliation of borrowings to Net debt (a non-GAAP measure) | ||||||
| (in millions of U.S. dollars) | At December 31, 2025 | At December 31, 2024 | ||||
| Debt | 1,944 | 1,918 | ||||
| Fair value of cross currency basis swaps, net of margin calls | — | (1 | ) | |||
| Cash and cash equivalents | (120 | ) | (141 | ) | ||
| Net debt | 1,824 | 1,776 | ||||
| Reconciliation of Net income to Adjusted NOPAT and Adjusted ROIC (non-GAAP measures) | ||||||
| Year ended December 31, | ||||||
| (in millions of U.S. dollars) | 2025 | 2024 | ||||
| Net income | 275 | 60 | ||||
| Income tax expense | 133 | 75 | ||||
| Income before tax | 408 | 135 | ||||
| Finance costs - net | 109 | 111 | ||||
| Expenses on factoring arrangements | 21 | 22 | ||||
| Unrealized (gains) / losses on derivatives | (56 | ) | 1 | |||
| Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities - net | — | (1 | ) | |||
| Share based compensation costs | 19 | 25 | ||||
| Metal price lag | (126 | ) | (48 | ) | ||
| Losses on disposals | 4 | 4 | ||||
| Other | 1 | (2 | ) | |||
| Tax impact(1) | (93 | ) | (66 | ) | ||
| Adjusted NOPAT (A) | 287 | 181 | ||||
| (in millions of U.S. dollars) | At December 31, 2024 | At December 31, 2023 | ||||
| Intangible assets | 97 | 104 | ||||
| Property, plant and equipment, net | 2,408 | 2,422 | ||||
| Trade receivables and other, net - current | 486 | 531 | ||||
| Derecognized trade receivables(2) | 376 | 402 | ||||
| Inventories | 1,181 | 1,197 | ||||
| Trade payables and other - current | (1,309 | ) | (1,411 | ) | ||
| Provisions - current | (25 | ) | (21 | ) | ||
| Income tax payable | (18 | ) | (22 | ) | ||
| Total Invested Capital (B) | 3,196 | 3,202 | ||||
| | | |||||
| 2025 | 2024 | |||||
| Adjusted NOPAT for fiscal year (A) | 287 | 181 | ||||
| Total invested capital as of December 31 of prior year (B) | 3,196 | 3,202 | ||||
| Adjusted ROIC (A)/(B) | 9.0 | % | 5.7 | % | ||
(1) Tax impact on net operating profit computed using the Group's average statutory tax rate
(2) Trade receivables derecognized under our factoring agreements
FAQ
What were Constellium's (CSTM) Q4 2025 revenue and shipments?
How much Adjusted EBITDA and net income did Constellium (CSTM) report for full‑year 2025?
What guidance did Constellium (CSTM) provide for 2026 Adjusted EBITDA and free cash flow?
How did Constellium (CSTM) return capital to shareholders in 2025?
What operational and market challenges did Constellium (CSTM) cite for 2025 performance?
How material was metal price lag in Constellium's (CSTM) 2025 results?
