Constellium (CSTM) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly and half-year Adjusted EBITDA, with Q2 2026 Adjusted EBITDA at $439 million, up 201% year-over-year, and strong performance across all segments, driven by operational focus, cost control, and improved market dynamics, especially in aerospace, transportation, and recycling.

• Revenue rose 31% year-over-year in Q2 2026 to $2.7 billion, with net income of $148 million, up from $36 million in Q2 2025.

• Free Cash Flow was $90 million in Q2 and $95 million for H1 2026, with $20 million returned to shareholders via share repurchases in Q2.

• Safety performance improved, with a recordable case rate of 1.3 per million hours YTD, down from 1.9 in 2025.

• Maintains optimism for the remainder of 2026, focusing on strategy execution, operational performance, cost control, and shareholder value.

Financial highlights

• Q2 2026 Adjusted EBITDA was $439 million, including a $129 million positive non-cash metal price lag; H1 2026 Adjusted EBITDA was $798 million, up 140% year-over-year.

• Net income for Q2 2026 was $148 million; basic EPS for Q2 2026 was $1.07, up from $0.25 in Q2 2025.

• Free Cash Flow was $90 million in Q2 and $95 million for H1 2026.

• Leverage ratio at June 30, 2026 was 1.8x, within the target range of 1.5–2.5x.

• Liquidity at June 30, 2026 was $1,058 million, including $163 million in cash.

Outlook and guidance

• Raised 2026 guidance: Adjusted EBITDA (excluding metal price lag) targeted at $980 million–$1.02 billion; Free Cash Flow expected to exceed $300 million.

• CapEx guidance unchanged at $330 million, including $100 million for return-seeking projects.

• 2028 targets now expected to be achieved two years ahead of schedule.

• Guidance assumes stable macroeconomic conditions and continuation of current demand trends.

• Focus remains on operational execution, cost control, and capital discipline amid ongoing macroeconomic and geopolitical volatility.