Constellium (CSTM) Q3 2026 earnings summary

Executive summary

• Record Q3 Adjusted EBITDA of $276 million followed record first-half results; favorable markets, improved price/mix, recycling performance and cost discipline supported higher FY 2026 guidance.

• Q3 revenue rose 22% YoY to $2.639 billion and net income increased to $119 million from $88 million; shipments declined 1% to 368 kt.

• YTD recordable case rate was 1.65 per million hours worked versus 1.91 in 2025; Q3 rate was 2.1.

Financial highlights

• Q3 Adjusted EBITDA rose 17% YoY to $276 million, including a negative $4 million non-cash metal price lag; excluding lag, EBITDA was a record $280 million, up 43% from $196 million.

• Q3 cash from operations was $186 million and Free Cash Flow was $128 million; 9M cash from operations was $420 million and Free Cash Flow was $223 million versus $68 million in 2025.

• Nine-month revenue increased 26% to $7.848 billion; net income was $463 million versus $162 million and Adjusted EBITDA was $1.074 billion versus $566 million.

• 9M Adjusted EBITDA included $222 million of non-cash metal price lag versus $59 million in 2025; the Q3 lag was negative $4 million.

Outlook and guidance

• FY 2026 Adjusted EBITDA guidance, excluding non-cash metal price lag, increased to $1.03 billion–$1.06 billion; Free Cash Flow is expected to exceed $300 million.

• FY 2026 assumptions include stable macro conditions, recent end-market demand trends, normal Q1 seasonality and typical plant outages; CapEx is expected at ~$330 million, cash interest at ~$125 million and cash taxes at ~$105 million.

• Working capital and other are expected to use more cash than prior guidance, partly reflecting a high-metal-price environment; 9M Free Cash Flow growth reflected higher Segment Adjusted EBITDA, partly offset by working capital.

• Q4 faces typical seasonality, maintenance, a shifted recycling outage, tapering Oswego-related auto benefits, Section 338 tariffs and timing-related headquarters expense; markets and customer demand remain good.

• 2027 outlook anticipates growth in aerospace, TID and can sheet, stable North American automotive demand, and continued weakness in European automotive and other specialties.