Constellium Reports Strong Second Quarter and First Half 2026 Results, including Record Segment Adjusted EBITDA; Raises Full Year 2026 Guidance
Rhea-AI Summary
Constellium (NYSE:CSTM) reported strong Q2 and first half 2026 results, highlighted by record quarterly Segment Adjusted EBITDA and a sharp earnings improvement. In Q2 2026, shipments were 381 kt (down 1% year over year), while revenue rose 31% to $2.7 billion and net income increased to $148 million from $36 million. Adjusted EBITDA reached $439 million, up 201%, including a positive non-cash metal price lag impact of $129 million.
For H1 2026, shipments were 751 kt (down 1%), revenue grew 28% to $5.2 billion, net income climbed to $344 million, and Adjusted EBITDA rose to $798 million, including $226 million of positive metal price lag. Segment Adjusted EBITDA set quarterly and half-year records across A&T ($135m Q2; $238m H1), P&ARP ($165m; $317m) and AS&I ($26m; $49m), partially offset by corporate costs. The company generated H1 operating cash flow of $234 million, H1 Free Cash Flow of $95 million, reduced leverage to 1.8x, repurchased 1.8 million shares for $48 million, and completed a $100 million partial redemption of 5.625% Senior Notes due 2028. Based on its outlook, Constellium raised 2026 guidance to Adjusted EBITDA of $980 million–$1.020 billion (excluding metal price lag) and Free Cash Flow above $300 million, and now expects to reach its 2028 targets two years early.
Positive
- Q2 2026 revenue up 31% year over year to $2.7 billion
- Q2 2026 Adjusted EBITDA $439 million, up 201% year over year
- H1 2026 net income $344 million versus $74 million in H1 2025
- Segment Adjusted EBITDA record levels across all three operating segments
- Leverage reduced to 1.8x at June 30, 2026
- Raised 2026 guidance to $980m–$1.020b Adjusted EBITDA excl. metal lag
Negative
- Group shipments down 1% in Q2 and H1 2026
- P&ARP shipments declined 4% in Q2 and 3% in H1 2026
- AS&I shipments flat in Q2 and down 2% in H1 2026
- Higher corporate costs reduced Segment Adjusted EBITDA contribution
- Positive metal price lag $129m Q2, $226m H1 boosts non-cash earnings
News Explained
At June 30, liquidity was $1,058 million, including $895 million available financing, while total debt was $1,923 million.
As of
The liquidity figure therefore combines funds already held with stated access to financing; it is not presented as cash on hand alone.
The July partial redemption left
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 15 | Renewable energy agreement | Positive | +0.0% | Signed long-term agreement to source local renewable electricity for German facilities. |
| Jul 10 | Earnings date notice | Neutral | -1.2% | Announced the July 29 release date for second-quarter 2026 results. |
| Jun 29 | Joint venture divestiture | Positive | -1.9% | Sold a Changchun automotive structures joint venture stake to a Chinese holding company. |
| May 26 | Annual meeting results | Neutral | +6.1% | Shareholders approved board appointments and other annual meeting resolutions. |
| Apr 29 | First-quarter earnings | Positive | +3.7% | Reported record quarterly segment EBITDA and raised full-year 2026 guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history showed three aligned reactions and two divergences, with the prior earnings release aligning with positive news.
Key Terms
adjusted ebitda financial
free cash flow financial
metal price lag financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
PARIS, July 29, 2026 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the second quarter and the first half ended June 30, 2026.
Second quarter 2026 highlights:
- Shipments of 381 thousand metric tons, down
1% compared to Q2 2025 - Revenue of
$2.7 billion , up31% compared to Q2 2025 - Net income of
$148 million compared to net income of$36 million in Q2 2025 - Adjusted EBITDA of
$439 million
> Includes positive non-cash metal price lag impact of$129 million - Segment Adjusted EBITDA of
$135 million at A&T,$165 million at P&ARP and$26 million at AS&I, partially offset by corporate costs of$(16) million , together representing a new quarterly record for the Company - Cash from Operations of
$161 million and Free Cash Flow of$90 million - Repurchased 623 thousand of the Company’s ordinary shares for
$20 million - In July, completed a
$100 million partial redemption of the5.625% Senior Notes due June 2028
First half 2026 highlights:
- Shipments of 751 thousand metric tons, down
1% compared to H1 2025 - Revenue of
$5.2 billion , up28% compared to H1 2025 - Net income of
$344 million compared to net income of$74 million in H1 2025 - Adjusted EBITDA of
$798 million
> Includes positive non-cash metal price lag impact of$226 million - Segment Adjusted EBITDA of
$238 million at A&T,$317 million at P&ARP and$49 million at AS&I, partially offset by corporate costs of$(32) million , together representing a record half for the Company - Cash from Operations of
$234 million and Free Cash Flow of$95 million - Repurchased 1.8 million of the Company’s ordinary shares for
$48 million - Leverage of 1.8x at June 30, 2026
“Constellium delivered a new record quarterly Adjusted EBITDA in the second quarter despite uncertainties on the macroeconomic and geopolitical fronts,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “We achieved stronger financial performance across all of our operating segments again this quarter, including record quarterly Segment Adjusted EBITDA at our A&T and P&ARP segments. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics, including an improved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive rolled products in North America, and strong recycling performance in both North America and Europe. We generated Free Cash Flow of
Ms. Joerg continued, “Even though the current landscape remains volatile, we have a strong track record of navigating and executing in any environment. Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA in the range of
_______________________________________
1 Adjusted EBITDA of
Group Summary
| Q2 2026 | Q2 2025 | Var. | YTD 2026 | YTD 2025 | Var. | |||||||
| Shipments (k metric tons) | 381 | 384 | (1)% | 751 | 756 | (1)% | ||||||
| Revenue ($ millions) | 2,748 | 2,103 | 5,209 | 4,082 | ||||||||
| Net income ($ millions) | 148 | 36 | 344 | 74 | ||||||||
| Adjusted EBITDA ($ millions) | 439 | 146 | 798 | 332 | ||||||||
| Metal price lag (non-cash) ($ millions) | 129 | (19) | n.m. | 226 | 20 | 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 second quarter of 2026, the Company had shipments of 381 thousand metric tons, a decrease of
For the first half of 2026, the Company had shipments of 751 thousand metric tons, a decrease of
Results by Segment
Aerospace & Transportation (A&T)
| Q2 2026 | Q2 2025 | Var. | YTD 2026 | YTD 2025 | Var. | |||||||
| Shipments (k metric tons) | 65 | 53 | 125 | 104 | ||||||||
| Revenue ($ millions) | 680 | 492 | 1,289 | 960 | ||||||||
| Segment Adjusted EBITDA ($ millions) | 135 | 84 | 238 | 165 | ||||||||
| Segment Adjusted EBITDA per metric ton ($) | 2,083 | 1,572 | 1,902 | 1,579 | ||||||||
For the second quarter of 2026, Segment Adjusted EBITDA was
For the first half of 2026, Segment Adjusted EBITDA was
Packaging & Automotive Rolled Products (P&ARP)
| Q2 2026 | Q2 2025 | Var. | YTD 2026 | YTD 2025 | Var. | |||||||
| Shipments (k metric tons) | 266 | 276 | (4)% | 527 | 545 | (3)% | ||||||
| Revenue ($ millions) | 1,680 | 1,235 | 3,157 | 2,422 | ||||||||
| Segment Adjusted EBITDA ($ millions) | 165 | 74 | 317 | 135 | ||||||||
| Segment Adjusted EBITDA per metric ton ($) | 621 | 268 | 601 | 248 | ||||||||
For the second quarter of 2026, Segment Adjusted EBITDA was
For the first half of 2026, Segment Adjusted EBITDA was
Automotive Structures & Industry (AS&I)
| Q2 2026 | Q2 2025 | Var. | YTD 2026 | YTD 2025 | Var. | |||||||
| Shipments (k metric tons) | 55 | 55 | 105 | 107 | (2)% | |||||||
| Revenue ($ millions) | 458 | 421 | 873 | 802 | ||||||||
| Segment Adjusted EBITDA ($ millions) | 26 | 18 | 49 | 34 | ||||||||
| Segment Adjusted EBITDA per metric ton ($) | 477 | 329 | 467 | 317 | ||||||||
For the second quarter of 2026, Segment Adjusted EBITDA was
For the first half 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 June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| A&T | 135 | 84 | 238 | 165 | ||||||||
| P&ARP | 165 | 74 | 317 | 135 | ||||||||
| AS&I | 26 | 18 | 49 | 34 | ||||||||
| Holdings and Corporate(1) | (16 | ) | (12 | ) | (32 | ) | (23 | ) | ||||
| Segment Adjusted EBITDA | 310 | 165 | 572 | 312 | ||||||||
| Metal price lag | 129 | (19 | ) | 226 | 20 | |||||||
| Adjusted EBITDA | 439 | 146 | 798 | 332 | ||||||||
| Other adjustments | (197 | ) | (61 | ) | (256 | ) | (158 | ) | ||||
| Finance costs - net | (28 | ) | (29 | ) | (56 | ) | (56 | ) | ||||
| Income before tax | 214 | 56 | 486 | 118 | ||||||||
| Income tax expense | (66 | ) | (20 | ) | (142 | ) | (44 | ) | ||||
| Net income | 148 | 36 | 344 | 74 | ||||||||
(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 the second quarter of 2026 and the first half of both 2025 and 2026, metal price lag was positive, which reflects prices for primary aluminum increasing during the periods. For the second quarter of 2025, metal price lag was negative, which reflects negative metal price lag in Europe as regional premiums were decreasing, partially offset by positive metal price lag in North America as regional premiums were increasing.
Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 16.
Net Income
For the second quarter of 2026, net income of
For the first half 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 used in financing activities were
Liquidity and Net Debt
Liquidity at June 30, 2026 was
Total debt was
In July, the Company completed a
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, metal price lag, 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 second quarter and the first half ended June 30, 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 June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Revenue | 2,748 | 2,103 | 5,209 | 4,082 | ||||||||
| Cost of sales (excluding depreciation and amortization) | (2,268 | ) | (1,840 | ) | (4,309 | ) | (3,556 | ) | ||||
| Depreciation and amortization | (84 | ) | (82 | ) | (167 | ) | (160 | ) | ||||
| Selling and administrative expenses | (101 | ) | (88 | ) | (198 | ) | (166 | ) | ||||
| Research and development expenses | (14 | ) | (12 | ) | (27 | ) | (25 | ) | ||||
| Other gains and losses – net | (39 | ) | 4 | 34 | (1 | ) | ||||||
| Finance costs – net | (28 | ) | (29 | ) | (56 | ) | (56 | ) | ||||
| Income before tax | 214 | 56 | 486 | 118 | ||||||||
| Income tax expense | (66 | ) | (20 | ) | (142 | ) | (44 | ) | ||||
| Net income | 148 | 36 | 344 | 74 | ||||||||
| Attributable to: | ||||||||||||
| Equity holders of Constellium SE | 146 | 36 | 345 | 73 | ||||||||
| Non-controlling interests | 2 | — | (1 | ) | 1 | |||||||
| Net income | 148 | 36 | 344 | 74 | ||||||||
| Earnings per share attributable to the equity holders of Constellium SE (in dollars) | ||||||||||||
| Basic | 1.07 | 0.25 | 2.54 | 0.51 | ||||||||
| Diluted | 1.04 | 0.25 | 2.46 | 0.51 | ||||||||
| Weighted average number of shares (in thousands) | ||||||||||||
| Basic | 135,866 | 140,821 | 135,633 | 141,665 | ||||||||
| Diluted | 140,154 | 142,244 | 140,122 | 143,174 | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited)
| (in millions of U.S. dollars) except share data and as otherwise stated | At June 30, 2026 | At December 31, 2025 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 163 | 120 | ||||
| Trade receivables and other, net | 1,167 | 723 | ||||
| Inventories | 1,877 | 1,407 | ||||
| Fair value of derivative instruments and other financial assets | 66 | 72 | ||||
| Total current assets | 3,273 | 2,322 | ||||
| Non-current assets | ||||||
| Property, plant and equipment, net | 2,481 | 2,585 | ||||
| Goodwill | 46 | 47 | ||||
| Intangible assets, net | 82 | 88 | ||||
| Deferred tax assets | 153 | 270 | ||||
| Trade receivables and other, net | 33 | 31 | ||||
| Fair value of derivative instruments | 2 | 11 | ||||
| Total non-current assets | 2,797 | 3,032 | ||||
| Total assets | 6,070 | 5,354 | ||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Trade payables and other | 2,104 | 1,674 | ||||
| Current portion of long-term debt | 42 | 39 | ||||
| Fair value of derivative instruments | 74 | 18 | ||||
| Income tax payable | 24 | 18 | ||||
| Pension and other benefit obligations | 23 | 24 | ||||
| Provisions | 23 | 25 | ||||
| Total current liabilities | 2,290 | 1,798 | ||||
| Non-current liabilities | ||||||
| Trade payables and other | 162 | 163 | ||||
| Long-term debt | 1,881 | 1,905 | ||||
| Fair value of derivative instruments | 4 | 3 | ||||
| Pension and other benefit obligations | 327 | 338 | ||||
| Provisions | 92 | 106 | ||||
| Deferred tax liabilities | 60 | 70 | ||||
| Total non-current liabilities | 2,526 | 2,585 | ||||
| Total liabilities | 4,816 | 4,383 | ||||
| Commitments and contingencies | ||||||
| Shareholders' equity | ||||||
| Ordinary shares, par value | 4 | 4 | ||||
| Additional paid in capital | 712 | 693 | ||||
| Accumulated other comprehensive income | 34 | 54 | ||||
| Retained earnings | 673 | 354 | ||||
| Treasury shares 11,292,156 at June 30, 2026 and 11,395,182 at December 31, 2025 | (177 | ) | (153 | ) | ||
| Equity attributable to equity holders of Constellium SE | 1,246 | 952 | ||||
| Non-controlling interests | 8 | 19 | ||||
| Total equity | 1,254 | 971 | ||||
| Total equity and liabilities | 6,070 | 5,354 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net income | 148 | 36 | 344 | 74 | ||||||||
| Adjustments | ||||||||||||
| Depreciation and amortization | 84 | 82 | 167 | 160 | ||||||||
| Impairment of assets | (1 | ) | — | 3 | — | |||||||
| Pension and other long-term benefits | 5 | 2 | 7 | 4 | ||||||||
| Finance costs - net | 28 | 29 | 56 | 56 | ||||||||
| Income tax expense | 66 | 20 | 142 | 44 | ||||||||
| Unrealized losses / (gains) on derivatives - net and from remeasurement of monetary assets and liabilities - net | 102 | (35 | ) | 59 | (24 | ) | ||||||
| Losses on disposal | 1 | 1 | 1 | 1 | ||||||||
| Other - net | 14 | 11 | 32 | 22 | ||||||||
| Changes in working capital | ||||||||||||
| Inventories | (216 | ) | 4 | (495 | ) | (65 | ) | |||||
| Trade receivables | (169 | ) | 12 | (418 | ) | (261 | ) | |||||
| Trade payables | 154 | (38 | ) | 480 | 241 | |||||||
| Other | 12 | 23 | (24 | ) | 5 | |||||||
| Change in provisions | (15 | ) | (1 | ) | (13 | ) | (2 | ) | ||||
| Pension and other long-term benefits paid | (11 | ) | (12 | ) | (25 | ) | (25 | ) | ||||
| Interest paid | (21 | ) | (24 | ) | (50 | ) | (53 | ) | ||||
| Income tax paid | (20 | ) | 4 | (32 | ) | (5 | ) | |||||
| Net cash flows from operating activities | 161 | 114 | 234 | 172 | ||||||||
| Purchases of property, plant and equipment | (77 | ) | (77 | ) | (149 | ) | (146 | ) | ||||
| Property, plant and equipment inflows | 6 | 4 | 10 | 12 | ||||||||
| Collection of deferred purchase price receivable | — | — | — | 2 | ||||||||
| Acquisition of subsidiaries net of cash acquired | — | — | — | — | ||||||||
| Proceeds from disposals, net of cash | 2 | — | 2 | — | ||||||||
| Other investing activities | — | 1 | — | 1 | ||||||||
| Net cash flows used in investing activities | (69 | ) | (72 | ) | (137 | ) | (131 | ) | ||||
| Repurchase of ordinary shares | (20 | ) | (35 | ) | (48 | ) | (50 | ) | ||||
| Proceeds from issuance of long-term debt | — | — | — | — | ||||||||
| Repayments of long-term debt | (1 | ) | (2 | ) | (2 | ) | (3 | ) | ||||
| Net change in revolving credit facilities and short-term debt | (46 | ) | 23 | 4 | 28 | |||||||
| Finance lease repayments | (2 | ) | (1 | ) | (4 | ) | (3 | ) | ||||
| Payment of financing costs and redemption fees | — | — | — | — | ||||||||
| Transactions with non-controlling interests | (2 | ) | (2 | ) | (6 | ) | (4 | ) | ||||
| Other financing activities | — | (19 | ) | 5 | (30 | ) | ||||||
| Net cash flows used in financing activities | (71 | ) | (36 | ) | (51 | ) | (62 | ) | ||||
| Net increase / (decrease) in cash and cash equivalents | 21 | 6 | 46 | (21 | ) | |||||||
| Cash and cash equivalents - beginning of the period | 143 | 118 | 120 | 141 | ||||||||
| Net increase / (decrease) in cash and cash equivalents | 21 | 6 | 46 | (21 | ) | |||||||
| Effect of exchange rate changes on cash and cash equivalents | (1 | ) | 9 | (3 | ) | 13 | ||||||
| Cash and cash equivalents - end of period | 163 | 133 | 163 | 133 | ||||||||
SEGMENT ADJUSTED EBITDA
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| A&T | 135 | 84 | 238 | 165 | ||||||||
| P&ARP | 165 | 74 | 317 | 135 | ||||||||
| AS&I | 26 | 18 | 49 | 34 | ||||||||
SHIPMENTS AND REVENUE BY PRODUCT LINE
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (in k metric tons) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Aerospace rolled products | 25 | 22 | 52 | 46 | ||||||||
| Transportation, industry, defense and other rolled products | 39 | 31 | 73 | 59 | ||||||||
| Packaging rolled products | 193 | 213 | 383 | 417 | ||||||||
| Automotive rolled products | 68 | 59 | 135 | 119 | ||||||||
| Specialty and other thin-rolled products | 5 | 6 | 9 | 10 | ||||||||
| Automotive extruded products | 29 | 29 | 59 | 60 | ||||||||
| Other extruded products | 25 | 25 | 46 | 47 | ||||||||
| Other and inter-segment eliminations | (4 | ) | — | (6 | ) | — | ||||||
| Total shipments | 381 | 384 | 751 | 756 | ||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Aerospace rolled products | 350 | 267 | 679 | 534 | ||||||||
| Transportation, industry, defense and other rolled products | 330 | 226 | 610 | 427 | ||||||||
| Packaging rolled products | 1,188 | 912 | 2,235 | 1,780 | ||||||||
| Automotive rolled products | 458 | 295 | 861 | 586 | ||||||||
| Specialty and other thin-rolled products | 33 | 27 | 62 | 55 | ||||||||
| Automotive extruded products | 266 | 249 | 528 | 483 | ||||||||
| Other extruded products | 192 | 173 | 345 | 320 | ||||||||
| Other and inter-segment eliminations | (70 | ) | (45 | ) | (110 | ) | (102 | ) | ||||
| Total Revenue by product line | 2,748 | 2,103 | 5,209 | 4,082 | ||||||||
Amounts may not sum due to rounding.
NON-GAAP MEASURES
Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net income | 148 | 36 | 344 | 74 | ||||||||
| Income tax expense | 66 | 20 | 142 | 44 | ||||||||
| Income before tax | 214 | 56 | 486 | 118 | ||||||||
| Finance costs – net | 28 | 29 | 56 | 56 | ||||||||
| Expenses on factoring arrangements | 5 | 6 | 9 | 11 | ||||||||
| Depreciation and amortization | 84 | 82 | 167 | 160 | ||||||||
| Impairment of assets | (1 | ) | — | 3 | — | |||||||
| Restructuring costs | 2 | 1 | 5 | 2 | ||||||||
| Unrealized losses / (gains) on derivatives | 102 | (33 | ) | 60 | (21 | ) | ||||||
| Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net | — | (1 | ) | (1 | ) | — | ||||||
| Pension and other post-employment benefits - non-operating gains | (4 | ) | (4 | ) | (7 | ) | (7 | ) | ||||
| Share based compensation | 8 | 7 | 19 | 13 | ||||||||
| Losses on disposal | 1 | 1 | 1 | 1 | ||||||||
| Other (A) | — | 2 | — | (1 | ) | |||||||
| Adjusted EBITDA1 | 439 | 146 | 798 | 332 | ||||||||
| of which Metal price lag (B) | 129 | (19 | ) | 226 | 20 | |||||||
1Adjusted EBITDA includes the non-cash impact of metal price lag.
| (A) | For the three months ended June 30, 2025, Other mainly includes |
| (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 June 30, | Six months ended June 30, | |||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net cash flows from operating activities | 161 | 114 | 234 | 172 | ||||||||
| Purchases of property, plant and equipment | (77 | ) | (77 | ) | (149 | ) | (146 | ) | ||||
| Property, plant and equipment inflows | 6 | 4 | 10 | 12 | ||||||||
| Free Cash Flow | 90 | 41 | 95 | 38 | ||||||||
Reconciliation of Total debt to Net debt (a non-GAAP measure)
| (in millions of U.S. dollars) | At June 30, 2026 | At December 31, 2025 | ||||
| Debt | 1,923 | 1,944 | ||||
| Fair value of cross currency basis swaps, net of margin calls | — | — | ||||
| Cash and cash equivalents | (163 | ) | (120 | ) | ||
| Net debt | 1,760 | 1,824 | ||||
| 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 | |
