Constellium
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Constellium (CSTM) investor relations material

Constellium Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • Achieved record Q4 and strong full-year 2025 results, surpassing expectations despite macroeconomic and end-market uncertainty.

  • Demonstrated robust cost control, operational excellence, and capital discipline, positioning well for 2026 opportunities.

  • Launched Vision 2028 program to drive productivity, automation, operational efficiencies, and cost reductions.

  • Returned $115 million to shareholders via repurchase of 8.9 million shares and reduced leverage to 2.5x.

  • Benefited from improved operational performance at Muscle Shoals and post-flood recovery in Valais.

Financial highlights

  • Q4 2025: Shipments 365k tons (+11% YoY), revenue $2.2B (+28% YoY), net income $113M, Adjusted EBITDA $280M (includes $67M positive metal price lag), free cash flow $110M.

  • FY 2025: Shipments 1.5M tons (+4% YoY), revenue $8.4B (+15% YoY), net income $275M, Adjusted EBITDA $846M (includes $126M positive metal price lag), free cash flow $178M.

  • 2025 adjusted EBITDA (excluding metal price lag) was the second-best year ever.

  • Returned $115 million to shareholders via repurchase of 8.9 million shares.

  • Free Cash Flow of $178 million for 2025, a significant improvement from $(100) million in 2024.

Outlook and guidance

  • 2026 Adjusted EBITDA (excluding metal price lag) targeted at $780–$820 million; Free Cash Flow expected to exceed $200 million.

  • 2028 targets reiterated: $900 million Adjusted EBITDA and $300 million Free Cash Flow.

  • Guidance assumes stable macro environment and continuation of recent demand trends.

  • Leverage targeted at 1.5x–2.5x for 2026.

  • Capex for 2026 expected at ~$315M, cash interest ~$125M, cash taxes ~$70M.

Detail 2026 auto rolled product supply shortages
Quantify Muscle Shoals operational improvement
Expected 2026 metal price lag impact on EBITDA?
What drives H2 2026 EBITDA tapering?
Vision 2028: Key operational efficiency targets?
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Frequently asked questions

Constellium SE is a global manufacturer of high-value aluminum products and solutions. The company serves industries such as aerospace, automotive, and packaging, offering products including rolled, extruded, and structural aluminum components. Constellium focuses on lightweighting, sustainability, and performance to meet the demands of its clients. The company is headquartered in Paris, France, and its shares are listed on the NYSE.

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