Constellium (CSTM) Q1 2025 earnings summary

Executive summary

• Revenue rose 5% year-over-year to $2 billion in Q1 2025, driven by higher metal prices despite a 2% decline in shipments to 372,000 tons; net income increased to $38 million from $22 million, with adjusted EBITDA at $186 million, including a $46 million positive metal price lag and a $10 million negative impact from Valais flood recovery.

• Free cash flow was negative $3 million, impacted by $27 million in flood-related costs at Valais; excluding these, free cash flow was $26 million.

• 1.4 million shares were repurchased for $15 million, with $206 million remaining in the program; leverage stood at 3.3x at quarter-end.

• Safety performance was strong, with a recordable case rate of 1.02 per million hours worked, surpassing internal targets.

Financial highlights

• Revenue reached $1,979 million in Q1 2025, up 5% from Q1 2024, primarily due to higher metal prices.

• Net income was $38 million, up from $22 million year-over-year, with EPS at $0.26 versus $0.14.

• Adjusted EBITDA was $186 million (including metal price lag), or $140 million excluding it; segment performance was mixed.

• Free cash flow was negative $3 million, impacted by flood recovery costs; cash from operations improved to $58 million.

• Share repurchases totaled $15 million (1.4 million shares) in the quarter.

Outlook and guidance

• 2025 guidance maintained: adjusted EBITDA (ex-metal price lag) of $600–$630 million and free cash flow over $120 million.

• Long-term targets reaffirmed: adjusted EBITDA of $900 million and free cash flow of $300 million by 2028.

• Guidance assumes stable macroeconomic and end-market conditions, with mitigating actions for tariffs.