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Constellium (CSTM) investor relations material
Constellium Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue rose 9% year-over-year to $2.1 billion, driven by higher shipments and favorable price/mix, while net income declined to $36 million from $77 million in Q2 2024; Adjusted EBITDA was $146 million, or $159 million excluding a $13 million negative noncash metal price lag.
Shipments increased 2% to 384,000 tonnes; packaging led growth, offsetting declines in automotive and aerospace.
Free cash flow was $41 million for the quarter; $35 million returned to shareholders via repurchase of 3.4 million shares.
Management prioritized cost control, capital discipline, and free cash flow generation amid ongoing tariff and demand uncertainties.
H1 2025 revenue was $4.1 billion (+7% YoY); net income $74 million; Adjusted EBITDA $332 million.
Financial highlights
Adjusted EBITDA for Q2 2025 was $146 million, including a $13 million negative non-cash metal price lag; excluding this, Adjusted EBITDA was $159 million, down from $180 million year-over-year.
Free cash flow for Q2 was $41 million; H1 2025 total reached $38 million.
Leverage at quarter-end was 3.6x, with net debt at $1.9 billion; liquidity stood at $841 million.
Q2 2025 EPS was $0.25 (vs. $0.52 in Q2 2024); gross margin compressed due to higher costs and negative metal price lag.
Capex for H1 2025 was $134 million, focused on maintenance and strategic projects.
Outlook and guidance
2025 Adjusted EBITDA guidance (excluding metal price lag) raised to $620–$650 million; free cash flow expected to exceed $120 million.
Long-term targets reaffirmed: $900 million adjusted EBITDA and $300 million free cash flow by 2028.
Guidance assumes stable macro environment, modest second-half improvement, and benefits from tariff mitigation, scrap spreads, and FX.
Target leverage range of 1.5x–2.5x; expected to be at or below 3.0x by year-end.
Third quarter expected to be stronger than Q2, with normal seasonality leading to a weaker Q4.
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