Constellium Reports Strong Third Quarter 2026 Results; Raises Full Year 2026 Guidance

Constellium completed a $100 million partial redemption of its 5.625% Senior Notes due June 2028 in July.

Rhea-AI Summary

Constellium (NYSE: CSTM) raised its full-year 2026 guidance after reporting third-quarter adjusted EBITDA, an adjusted earnings measure, of $276 million. Quarterly revenue rose 22% year over year to $2,639 million, while net income increased 35% to $119 million. Shipments fell 1% to 368 thousand metric tons. Aerospace & Transportation and Packaging & Automotive Rolled Products increased segment earnings, while Automotive Structures & Industry declined.

Third-quarter operating cash flow was $186 million, and free cash flow was $128 million. For the first nine months, revenue reached $7,848 million and net income was $463 million. Constellium now expects full-year adjusted EBITDA of $1.03 billion to $1.06 billion, excluding non-cash metal price lag, and free cash flow in excess of $300 million. Leverage was 1.6x at September 30, 2026.

34 points · 2 major

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0 major · 16 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted EBITDA guidance raised to $1.03 billion–$1.06 billion, excluding non-cash metal price lag.
• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 free cash flow guidance raised to in excess of $300 million.
• Moderate pointQ3 revenue increased 22% year over year to $2,639 million.
• Moderate pointQ3 net income increased 35% year over year to $119 million.
• Moderate pointQ3 adjusted EBITDA increased 17% year over year to $276 million.
• Moderate pointQ3 operating cash flow totaled $186 million.
• Moderate pointQ3 free cash flow totaled $128 million.
• Moderate pointSenior Notes due June 2028 underwent a $100 million partial redemption in July. 3% of market cap

26 minor points

• Minor pointNine-month revenue increased 26% year over year to $7,848 million.
• Minor pointNine-month net income increased 186% year over year to $463 million.
• Minor pointNine-month adjusted EBITDA increased 90% year over year to $1,074 million.
• Minor pointNine-month operating cash flow rose to $420 million from $271 million a year earlier.
• Minor pointNine-month free cash flow rose to $223 million from $68 million a year earlier.
• Minor pointSeptember 30 leverage of 1.6x was near the low end of the 1.5x–2.5x target range.
• Minor pointAerospace & Transportation Q3 shipments increased 18% year over year to 59 thousand metric tons.
• Minor pointAerospace & Transportation Q3 revenue increased 38% year over year to $664 million.
• Minor pointAerospace & Transportation Q3 adjusted EBITDA increased 13% year over year to $102 million.
• Minor pointAerospace & Transportation nine-month shipments increased 19% year over year to 184 thousand metric tons.
• Minor pointAerospace & Transportation nine-month revenue increased 36% year over year to $1,954 million.
• Minor pointAerospace & Transportation nine-month adjusted EBITDA increased 33% year over year to $340 million.
• Minor pointAerospace & Transportation nine-month adjusted EBITDA per metric ton increased 11% year over year to $1,845.
• Minor pointPackaging & Automotive Rolled Products Q3 revenue increased 24% year over year to $1,625 million.
• Minor pointPackaging & Automotive Rolled Products Q3 adjusted EBITDA increased 98% year over year to $162 million.
• Minor pointPackaging & Automotive Rolled Products Q3 adjusted EBITDA per metric ton increased 104% year over year to $608.
• Minor pointPackaging & Automotive Rolled Products nine-month revenue increased 28% year over year to $4,782 million.
• Minor pointPackaging & Automotive Rolled Products nine-month adjusted EBITDA increased 120% year over year to $478 million.
• Minor pointPackaging & Automotive Rolled Products nine-month adjusted EBITDA per metric ton increased 128% year over year to $603.
• Minor pointFrance recycling center's continued ramp-up contributed to favorable metal costs in Packaging & Automotive Rolled Products.
• Minor pointAutomotive Structures & Industry nine-month revenue increased 5% year over year to $1,275 million.
• Minor pointAutomotive Structures & Industry nine-month adjusted EBITDA increased 6% year over year to $71 million.
• Minor pointAutomotive Structures & Industry nine-month adjusted EBITDA per metric ton increased 9% year over year to $470.
• Minor pointAutomotive Structures & Industry benefited from lower operating costs in Q3 and the first nine months.
• Minor pointQ3 corporate costs fell to $5 million from $9 million a year earlier.
• Minor pointNine-month non-cash metal price lag contributed $222 million, compared with $59 million a year earlier.

Negative

• Moderate pointQ3 group shipments fell 1% year over year to 368 thousand metric tons.
• Minor pointNine-month group shipments fell 1% year over year to 1,120 thousand metric tons.
• Minor pointQ3 non-cash metal price lag was negative $4 million, versus positive $39 million a year earlier.
• Minor pointAutomotive Structures & Industry Q3 adjusted EBITDA declined 36% year over year to $21 million.
• Minor pointAutomotive Structures & Industry Q3 revenue declined 2% year over year to $402 million.

11 minor points

• Minor pointAutomotive Structures & Industry Q3 shipments declined 4% year over year to 46 thousand metric tons.
• Minor pointAutomotive Structures & Industry Q3 adjusted EBITDA per metric ton declined 34% year over year to $454.
• Minor pointAutomotive Structures & Industry nine-month shipments declined 3% year over year to 151 thousand metric tons.
• Minor pointPackaging & Automotive Rolled Products Q3 shipments declined 3% year over year to 266 thousand metric tons.
• Minor pointPackaging & Automotive Rolled Products nine-month shipments declined 3% year over year to 793 thousand metric tons.
• Minor pointAerospace & Transportation Q3 adjusted EBITDA per metric ton declined 4% year over year to $1,724.
• Minor pointAerospace & Transportation faced higher operating costs from higher activity levels in Q3 and the first nine months.
• Minor pointQ3 results faced unfavorable foreign exchange translation.
• Minor pointNine-month corporate costs increased to $37 million from $32 million a year earlier.
• Minor pointNine-month income tax expense increased to $183 million from $82 million a year earlier.
• Minor pointNine-month net income was partly offset by higher selling and administrative expenses.

News Explained

These were completed uses of funds: repurchases returned cash to shareholders, and the 2028 notes’ outstanding principal was reduced.

The company reports repurchasing 2.8 million ordinary shares for $78 million during the first nine months, including 1.0 million shares for $30 million in the third quarter. It also completed a $100 million partial redemption in July of its 5.625% Senior Notes due June 2028, leaving $225 million of principal outstanding.

Key Figures

Q3 revenue: $2.639 billion, up 22% Q3 net income: $119 million, up from $88 million Q3 Adjusted EBITDA: $276 million, up 17% +5 more

Q3 revenue

$2.639 billion, up 22%

Q3 2026 versus Q3 2025

Q3 net income

$119 million, up from $88 million

Q3 2026 versus Q3 2025

Q3 Adjusted EBITDA

$276 million, up 17%

Q3 2026 versus Q3 2025

Q3 shipments

368 thousand metric tons, down 1%

Q3 2026 versus Q3 2025

Q3 Free Cash Flow

$128 million

Q3 2026

2026 Adjusted EBITDA guidance

$1.03 billion to $1.06 billion

Raised guidance; excludes non-cash metal price lag

2026 Free Cash Flow guidance

In excess of $300 million

Raised 2026 guidance

Q3 share repurchases

1.0 million ordinary shares for $30 million

Q3 2026

Previous Earnings Reports

2 past events · Latest: Apr 29

Same Type 2 events

1. Apr 29

   Q1 earnings report

   24h Move

   +3.7%

   Raised 2026 Adjusted EBITDA guidance to $900M–$940M and Free Cash Flow above $275M.

2. Jul 29

   Q2 earnings report

   24h Move

   -5.0%

   Raised 2026 Adjusted EBITDA guidance to $980M–$1.020B and Free Cash Flow above $300M.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, free cash flow, senior notes

3 terms

adjusted ebitda financial

"Adjusted EBITDA was $276 million, an increase of $41 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"We generated Free Cash Flow of $128 million in the third quarter"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

senior notes financial

"completed a $100 million partial redemption of the 5.625% Senior Notes"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PARIS, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the third quarter and the nine months ended September 30, 2026.

Third quarter 2026 highlights:

• Shipments of 368 thousand metric tons, down 1% compared to Q3 2025
• Revenue of $2.6 billion, up 22% compared to Q3 2025
• Net income of $119 million compared to net income of $88 million in Q3 2025
• Adjusted EBITDA of $276 million
     > Includes negative non-cash metal price lag impact of $4 million
• Segment Adjusted EBITDA of $102 million at A&T, $162 million at P&ARP and $21 million at AS&I, partially offset by corporate costs of $(5) million, together representing a new third quarter record for the Company
• Cash from Operations of $186 million and Free Cash Flow of $128 million
• Returned $30 million to shareholders through the share repurchase program
  
  

Nine months ended September 30, 2026 highlights:

• Shipments of 1.1 million metric tons, down 1% compared to YTD 2025
• Revenue of $7.8 billion, up 26% compared to YTD 2025
• Net income of $463 million compared to net income of $162 million in YTD 2025
• Adjusted EBITDA of $1.1 billion
     > Includes positive non-cash metal price lag impact of $222 million
• Segment Adjusted EBITDA of $340 million at A&T, $478 million at P&ARP and $71 million at AS&I, partially offset by corporate costs of $(37) million, together representing a record first nine months for the Company
• Cash from Operations of $420 million and Free Cash Flow of $223 million
• Returned $78 million to shareholders through the share repurchase program
• Leverage of 1.6x at September 30, 2026
  
  

“Constellium delivered another strong quarter, including record third quarter Adjusted EBITDA, despite the ongoing uncertainties on the macroeconomic and geopolitical fronts,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “We achieved strong financial performance across all of our operating segments again this quarter, including record third quarter Segment Adjusted EBITDA at both 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 $128 million in the third quarter, and during the quarter we returned $30 million to shareholders through the repurchase of 1.0 million ordinary shares. As a reminder, in July we completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028. We ended the quarter with leverage at 1.6x, near the low end of our target leverage range of 1.5x to 2.5x.”

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 $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. Looking ahead, we like our end market position and we are optimistic about our prospects, which include harvesting the benefits from our previously announced return-seeking investments and capturing future market opportunities. Our focus remains on executing our strategy, driving operational performance, controlling cost, maintaining commercial and capital discipline, generating Free Cash Flow and increasing shareholder value.”

Group Summary

	Q3 2026	Q3 2025	Var.	YTD 2026	YTD 2025	Var.
Shipments (k metric tons)	368	373	(1)%	1,120	1,130	(1)%
Revenue ($ millions)	2,639	2,166	22%	7,848	6,248	26%
Net income ($ millions)	119	88	35%	463	162	186%
Adjusted EBITDA ($ millions)	276	235	17%	1,074	566	90%
Metal price lag (non-cash) ($ millions)	(4)	39	n.m.	222	59	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 third quarter of 2026, the Company had shipments of 368 thousand metric tons, a decrease of 1% compared to the third quarter of 2025 due to lower shipments in the P&ARP and AS&I segments, partially offset by higher shipments in the A&T segment. Revenue was $2.6 billion, an increase of 22% compared to the third quarter of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income of $119 million reflected an increase of $31 million compared to net income of $88 million in the third quarter of 2025. Adjusted EBITDA was $276 million, an increase of $41 million compared to Adjusted EBITDA of $235 million in the third quarter of 2025 due to stronger results in our A&T and P&ARP segments and lower corporate costs, partially offset by weaker results in our AS&I segment, an unfavorable change in the non-cash metal price lag impact, and unfavorable foreign exchange translation.

For the first nine months of 2026, the Company had shipments of 1.1 million metric tons, a decrease of 1% compared to the first nine months of 2025 due to lower shipments in the P&ARP and AS&I segments, partially offset by higher shipments in the A&T segment. Revenue was $7.8 billion, an increase of 26% compared to the first nine months of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income of $463 million reflected an increase of $301 million compared to net income of $162 million in the first nine months of 2025. Adjusted EBITDA was $1.1 billion, an increase of $508 million compared to the first nine months of 2025 due to stronger results in each of our operating segments, a favorable change in the non-cash metal price lag impact, and favorable foreign exchange translation, partially offset by higher corporate costs.

Results by Segment

Aerospace & Transportation (A&T)

	Q3 2026	Q3 2025	Var.	YTD 2026	YTD 2025	Var.
Shipments (k metric tons)	59	50	18%	184	154	19%
Revenue ($ millions)	664	481	38%	1,954	1,441	36%
Segment Adjusted EBITDA ($ millions)	102	90	13%	340	256	33%
Segment Adjusted EBITDA per metric ton ($)	1,724	1,796	(4)%	1,845	1,662	11%

For the third quarter of 2026, Segment Adjusted EBITDA was $102 million, an increase of 13% compared to the third quarter of 2025 primarily due to higher shipments and favorable price and mix, partially offset by higher operating costs given higher activity levels and unfavorable foreign exchange translation. Shipments of 59 thousand metric tons reflected an increase of 18% compared to the third quarter of 2025 due to higher shipments of aerospace and TID rolled products, which benefited from an improved market environment. Revenue was $664 million, an increase of 38% compared to the third quarter of 2025 due to higher shipments and higher revenue per ton, including higher metal prices.

For the first nine months of 2026, Segment Adjusted EBITDA was $340 million, an increase of 33% compared to the first nine months of 2025 primarily due to higher shipments, favorable price and mix, and favorable foreign exchange translation, partially offset by higher operating costs given higher activity levels. Shipments of 184 thousand metric tons reflected an increase of 19% compared to the first nine months of 2025 due to higher shipments of aerospace and TID rolled products, which benefited from an improved market environment. TID also benefited from supply shortages of automotive rolled products in North America. Revenue was $2.0 billion, an increase of 36% compared to the first nine months of 2025 due to higher shipments and higher revenue per ton, including higher metal prices.

Packaging & Automotive Rolled Products (P&ARP)

	Q3 2026	Q3 2025	Var.	YTD 2026	YTD 2025	Var.
Shipments (k metric tons)	266	275	(3)%	793	820	(3)%
Revenue ($ millions)	1,625	1,307	24%	4,782	3,729	28%
Segment Adjusted EBITDA ($ millions)	162	82	98%	478	217	120%
Segment Adjusted EBITDA per metric ton ($)	608	298	104%	603	265	128%

For the third quarter of 2026, Segment Adjusted EBITDA was $162 million, an increase of 98% compared to the third quarter of 2025 primarily due to favorable price and mix and favorable metal costs at both Muscle Shoals and Neuf-Brisach, including the continued ramp up of our recycling center in France, partially offset by lower shipments. Shipments of 266 thousand metric tons reflected a decrease of 3% compared to the third quarter of 2025 due to lower shipments of packaging rolled products, partially offset by higher shipments of automotive rolled products, which benefited from supply shortages in North America. Revenue was $1.6 billion, an increase of 24% compared to the third quarter of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments.

For the first nine months of 2026, Segment Adjusted EBITDA was $478 million, an increase of 120% compared to the first nine months of 2025 primarily due to favorable price and mix, favorable metal costs at both Muscle Shoals and Neuf-Brisach, including the continued ramp up of our recycling center in France, and favorable foreign exchange translation, partially offset by lower shipments. Shipments of 793 thousand metric tons reflected a decrease of 3% compared to the first nine months of 2025 mainly due to lower shipments of packaging rolled products, partially offset by higher shipments of automotive rolled products, which benefited from supply shortages in North America. Revenue was $4.8 billion, an increase of 28% compared to the first nine months of 2025 due to higher revenue per ton, including higher metal prices, partially offset by lower shipments.

Automotive Structures & Industry (AS&I)

	Q3 2026	Q3 2025	Var.	YTD 2026	YTD 2025	Var.
Shipments (k metric tons)	46	48	(4)%	151	155	(3)%
Revenue ($ millions)	402	409	(2)%	1,275	1,211	5%
Segment Adjusted EBITDA ($ millions)	21	33	(36)%	71	67	6%
Segment Adjusted EBITDA per metric ton ($)	454	683	(34)%	470	431	9%

For the third quarter of 2026, Segment Adjusted EBITDA was $21 million, a decrease of 36% compared to the third quarter of 2025 primarily due to lower shipments and unfavorable price and mix primarily driven by net customer compensation for underperformance of an automotive program received in the third quarter of 2025, partially offset by lower operating costs. Shipments of 46 thousand metric tons reflected a decrease of 4% compared to the third quarter of 2025 due to lower shipments of both automotive and other extruded products. Revenue was $402 million, a decrease of 2% compared to the third quarter of 2025 due to lower shipments, partially offset by higher revenue per ton, including higher metal prices.

For the first nine months of 2026, Segment Adjusted EBITDA was $71 million, an increase of 6% compared to the first nine months of 2025 primarily due to lower operating costs and favorable foreign exchange translation, partially offset by lower shipments and unfavorable price and mix primarily driven by net customer compensation for underperformance of an automotive program received in the third quarter of 2025. Shipments of 151 thousand metric tons reflected a decrease of 3% compared to the first nine months of 2025 due to lower shipments of both automotive and other extruded products. Revenue was $1.3 billion, an increase of 5% compared to the first nine months of 2025 primarily due to higher revenue per ton, including higher metal prices, partially offset by lower shipments.

The following table reconciles the total of our segments’ measures of profitability to the group’s net income:

		Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
A&T		102		90		340		256
P&ARP		162		82		478		217
AS&I		21		33		71		67
Holdings and Corporate(1)		(5)		(9)		(37)		(32)
Segment Adjusted EBITDA		280		196		852		507
Metal price lag		(4)		39		222		59
Adjusted EBITDA		276		235		1,074		566
Other adjustments		(89)		(82)		(345)		(239)
Finance costs - net		(27)		(27)		(83)		(83)
Income before tax		160		126		646		244
Income tax expense		(41)		(38)		(183)		(82)
Net income		119		88		463		162
(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 third quarter of 2026, metal price lag was negative, which reflects prices for primary aluminum decreasing during the period. For the third quarter of 2025 and the first nine months of both 2026 and 2025, metal price lag was positive, which reflects prices for primary aluminum increasing during the periods.

Other adjustments are detailed in the Reconciliation of net income to Adjusted EBITDA Table on page 16.

Net Income

For the third quarter of 2026, net income of $119 million compares to net income of $88 million in the third quarter of the prior year. The increase in net income is primarily related to higher gross profit (revenue less cost of sales, excluding depreciation and amortization), partially offset by unfavorable changes in other gains and losses.

For the first nine months of 2026, net income of $463 million compares to net income of $162 million in the first nine months of the prior year. The increase in net income is primarily related to higher gross profit (revenue less cost of sales, excluding depreciation and amortization) and favorable changes in other gains and losses, partially offset by higher selling and administrative expenses and higher income tax expense.

Cash Flow

Cash flows from operating activities were $420 million for the first nine months of 2026 compared to cash flows from operating activities of $271 million in the first nine months of the prior year.

Free Cash Flow was $223 million in the first nine months of 2026 compared to $68 million in the first nine months of the prior year. The increase in Free Cash Flow was primarily due to higher Segment Adjusted EBITDA, partially offset by an unfavorable change in working capital.

Cash flows used in investing activities were $195 million for the first nine months of 2026 compared to cash flows used in investing activities of $200 million in the first nine months of the prior year.

Cash flows used in financing activities were $184 million for the first nine months of 2026 compared to cash flows used in financing activities of $103 million in the first nine months of the prior year. During the first nine months of 2026, the Company repurchased 2.8 million ordinary shares of the Company for $78 million and redeemed $100 million out of the $325 million outstanding aggregate principal amount of its 5.625% Senior Notes due June 2028. During the first nine months of 2025, the Company repurchased 6.5 million ordinary shares of the Company for $75 million.

Liquidity and Net Debt

Liquidity at September 30, 2026 was $992 million, comprised of $158 million of cash and cash equivalents and $834 million available under our committed lending facilities and factoring arrangements.

Total debt was $1,817 million at September 30, 2026, compared to $1,944 million at December 31, 2025. Net debt was $1,658 million at September 30, 2026, compared to $1,824 million at December 31, 2025.

As a reminder, in July the Company completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028, leaving $225 million aggregate principal amount outstanding.

Outlook

Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA in the range of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million.

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.

Recent Developments

On October 22, 2026, the Pan-U.S. ABL was amended to, among other things, increase the available commitments from $550 million to $700 million and extend the maturity to October 22, 2031.

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 $8.4 billion of revenue in 2025.

Constellium’s earnings materials for the third quarter and the nine months ended September 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 September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
Revenue		2,639		2,166		7,848		6,248
Cost of sales (excluding depreciation and amortization)		(2,272)		(1,852)		(6,581)		(5,408)
Depreciation and amortization		(82)		(84)		(249)		(244)
Selling and administrative expenses		(84)		(85)		(282)		(251)
Research and development expenses		(12)		(12)		(39)		(37)
Other gains and losses – net		(2)		20		32		19
Finance costs – net		(27)		(27)		(83)		(83)
Income before tax		160		126		646		244
Income tax expense		(41)		(38)		(183)		(82)
Net income		119		88		463		162
Attributable to:
Equity holders of Constellium SE		117		88		462		161
Non-controlling interests		2		—		1		1
Net income		119		88		463		162

Earnings per share attributable to the equity holders of Constellium SE (in dollars)
Basic		0.87		0.63		3.41		1.14
Diluted		0.84		0.62		3.31		1.13
Weighted average number of shares (in thousands)
Basic		134,875		138,669		135,378		140,655
Diluted		138,987		140,525		139,741		142,280

CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions of U.S. dollars) except share data and as otherwise stated		At September 30, 2026		At December 31, 2025
Assets
Current assets
Cash and cash equivalents		158		120
Trade receivables and other, net		1,003		723
Inventories		1,905		1,407
Fair value of derivative instruments and other financial assets		42		72
Total current assets		3,108		2,322
Non-current assets
Property, plant and equipment, net		2,461		2,585
Goodwill		47		47
Intangible assets, net		79		88
Deferred tax assets		124		270
Trade receivables and other, net		35		31
Fair value of derivative instruments		1		11
Total non-current assets		2,747		3,032
Total assets		5,855		5,354
Liabilities
Current liabilities
Trade payables and other		1,943		1,674
Current portion of long-term debt		39		39
Fair value of derivative instruments		39		18
Income tax payable		29		18
Pension and other benefit obligations		23		24
Provisions		23		25
Total current liabilities		2,096		1,798
Non-current liabilities
Trade payables and other		161		163
Long-term debt		1,778		1,905
Fair value of derivative instruments		13		3
Pension and other benefit obligations		318		338
Provisions		90		106
Deferred tax liabilities		58		70
Total non-current liabilities		2,418		2,585
Total liabilities		4,514		4,383
Commitments and contingencies
Shareholders' equity
Ordinary shares, par value €0.02, 140,819,884 and 146,819,884 shares issued at September 30, 2026 and at December 31, 2025, respectively; 134,536,604 and 135,424,702 shares outstanding at September 30, 2026 and at December 31, 2025, respectively		4		4
Additional paid in capital		623		693
Accumulated other comprehensive income		28		54
Retained earnings		790		354
Treasury shares 6,283,280 at September 30, 2026 and 11,395,182 at December 31, 2025		(111)		(153)
Equity attributable to equity holders of Constellium SE		1,334		952
Non-controlling interests		7		19
Total equity		1,341		971
Total equity and liabilities		5,855		5,354

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

		Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
Net income		119		88		463		162
Adjustments
Depreciation and amortization		82		84		249		244
Impairment of assets		—		—		3		—
Pension and other long-term benefits		3		3		10		7
Finance costs - net		27		27		83		83
Income tax expense		41		38		183		82
Unrealized (gains) /losses on derivatives - net and from remeasurement of monetary assets and liabilities - net		(4)		(14)		55		(38)
Losses on disposal		—		—		1		1
Other - net		16		14		48		36
Changes in working capital
Inventories		(32)		(44)		(527)		(109)
Trade receivables		151		(19)		(267)		(280)
Trade payables		(170)		(20)		310		221
Other		20		2		(4)		7
Change in provisions		(2)		1		(15)		(1)
Pension and other long-term benefits paid		(15)		(19)		(40)		(44)
Interest paid		(29)		(30)		(79)		(83)
Income tax paid		(21)		(12)		(53)		(17)
Net cash flows from operating activities		186		99		420		271
Purchases of property, plant and equipment		(61)		(75)		(210)		(221)
Property, plant and equipment inflows		3		6		13		18
Collection of deferred purchase price receivable		—		—		—		2
Proceeds from disposals, net of cash		—		—		2		—
Other investing activities		—		—		—		1
Net cash flows used in investing activities		(58)		(69)		(195)		(200)
Repurchase of ordinary shares		(30)		(25)		(78)		(75)
Repayments of long-term debt		(104)		(2)		(106)		(5)
Net change in revolving credit facilities and short-term debt		2		(11)		6		17
Finance lease repayments		(2)		(2)		(6)		(5)
Transactions with non-controlling interests		(3)		(3)		(9)		(7)
Other financing activities		4		2		9		(28)
Net cash flows used in financing activities		(133)		(41)		(184)		(103)
Net (decrease) / increase in cash and cash equivalents		(6)		(11)		41		(32)
Cash and cash equivalents - beginning of the period		163		133		120		141
Net (decrease) / increase in cash and cash equivalents		(6)		(11)		41		(32)
Effect of exchange rate changes on cash and cash equivalents		—		—		(3)		13
Cash and cash equivalents - end of period		158		122		158		122

SEGMENT ADJUSTED EBITDA

		Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
A&T		102		90		340		256
P&ARP		162		82		478		217
AS&I		21		33		71		67

SHIPMENTS AND REVENUE BY PRODUCT LINE

		Three months ended September 30,				Nine months ended September 30,
(in k metric tons)		2026		2025		2026		2025
Aerospace rolled products		23		21		75		67
Transportation, industry, defense and other rolled products		36		29		109		88
Packaging rolled products		201		215		584		631
Automotive rolled products		61		56		196		175
Specialty and other thin-rolled products		4		4		13		14
Automotive extruded products		26		27		85		88
Other extruded products		20		21		66		68
Other and inter-segment eliminations		(3)		—		(9)		(1)
Total shipments		368		373		1,120		1,130

		Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
Aerospace rolled products		330		265		1,008		798
Transportation, industry, defense and other rolled products		335		216		945		643
Packaging rolled products		1,186		984		3,421		2,764
Automotive rolled products		409		298		1,269		883
Specialty and other thin-rolled products		31		26		92		81
Automotive extruded products		241		259		769		742
Other extruded products		161		150		506		470
Other and inter-segment eliminations		(53)		(31)		(163)		(133)
Total Revenue by product line		2,639		2,166		7,848		6,248
Amounts may not sum due to rounding.

NON-GAAP MEASURES
Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)

		Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
Net income		119		88		463		162
Income tax expense		41		38		183		82
Income before tax		160		126		646		244
Finance costs – net		27		27		83		83
Expenses on factoring arrangements		6		5		15		16
Depreciation and amortization		82		84		249		244
Impairment of assets		—		—		3		—
Restructuring costs		—		1		5		3
Unrealized (gains) / losses on derivatives		(5)		(13)		55		(34)
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net		—		(1)		(1)		(1)
Pension and other post-employment benefits - non-operating gains		(3)		(3)		(10)		(10)
Share based compensation		8		7		27		20
Losses / (gains) on disposal		—		—		1		1
Other (A)		1		2		1		—
Adjusted EBITDA1		276		235		1,074		566
of which Metal price lag(B)		(4)		39		222		59
1Adjusted EBITDA includes the non-cash impact of metal price lag. (A) For the nine months ended September 30, 2025, Other mainly includes $9 million of insurance proceeds and $8 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). (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 September 30,				Nine months ended September 30,
(in millions of U.S. dollars)		2026		2025		2026		2025
Net cash flows from operating activities		186		99		420		271
Purchases of property, plant and equipment		(61)		(75)		(210)		(221)
Property, plant and equipment inflows		3		6		13		18
Free Cash Flow		128		30		223		68

Reconciliation of Total debt to Net debt (a non-GAAP measure) 

(in millions of U.S. dollars)		At September 30, 2026		At December 31, 2025
Debt		1,817		1,944
Fair value of cross currency basis swaps, net of margin calls		(1)		—
Cash and cash equivalents		(158)		(120)
Net debt		1,658		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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Constellium's raised full-year 2026 guidance?

Constellium expects adjusted EBITDA of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and free cash flow in excess of $300 million. Both expectations represent raised full-year 2026 guidance.

How much did Constellium earn in the third quarter of 2026?

Constellium reported net income of $119 million for Q3 2026, compared with $88 million in Q3 2025. Revenue increased 22% year over year to $2,639 million, and adjusted EBITDA increased 17% to $276 million.

What does metal price lag mean for Constellium's results?

Metal price lag is the non-cash effect of timing differences between aluminum prices used in revenue and aluminum purchase prices included in cost of sales. Its negative effect in Q3 2026 reflected declining primary aluminum prices during the period.

Why did Constellium's Automotive Structures & Industry earnings fall in Q3 2026?

Automotive Structures & Industry adjusted EBITDA fell primarily because of lower shipments and unfavorable price and product mix. The comparison included net customer compensation for an automotive program's underperformance received in Q3 2025. Lower operating costs partly offset these effects.