Constellium (CSTM) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 20% year-over-year to $2.2 billion, with net income surging to $88 million from $8 million in Q3 2024, driven by higher shipments and improved pricing across all segments.

• Adjusted EBITDA reached $235 million (up 85% year-over-year), including a $39 million non-cash metal price lag benefit.

• All three operating segments reported higher revenues and improved Adjusted EBITDA, with AS&I showing the largest percentage gain.

• Free Cash Flow for Q3 was $30 million, with $68 million year-to-date and $75 million spent on share repurchases.

• Ingrid Joerg appointed as CEO effective January 2026, succeeding Jean-Marc Germain.

Financial highlights

• Shipments rose 6% year-over-year to 373,000 tons; Q3 revenue: $2.2 billion (+20% YoY); net income: $88 million (vs. $8 million in Q3 2024); EPS: $0.63 basic.

• Adjusted EBITDA for Q3: $235 million (up from $127 million in Q3 2024); nine-month Adjusted EBITDA: $566 million.

• Free Cash Flow: $30 million for Q3; $68 million year-to-date.

• Share repurchases: 1.7 million shares in Q3 for $25 million; 6.5 million shares YTD for $75 million.

• Leverage at 3.1x as of September 30, 2025; liquidity at $831 million; net debt at $1.89 billion.

Outlook and guidance

• 2025 guidance raised: Adjusted EBITDA (excluding metal price lag) targeted at $670–$690 million and Free Cash Flow in excess of $120 million.

• Long-term targets reaffirmed: Adjusted EBITDA of $900 million and Free Cash Flow of $300 million by 2028.

• Guidance incorporates tariff impacts, customer compensations, improved scrap spreads, and modest benefit from supply chain disruptions.