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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.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.
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