Constellium (CSTM) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and strong full-year 2025 results, surpassing expectations despite macroeconomic and end-market uncertainty.

• Demonstrated robust cost control, operational excellence, and capital discipline, positioning well for 2026 opportunities.

• Launched Vision 2028 program to drive productivity, automation, operational efficiencies, and cost reductions.

• Returned $115 million to shareholders via repurchase of 8.9 million shares and reduced leverage to 2.5x.

• Benefited from improved operational performance at Muscle Shoals and post-flood recovery in Valais.

Financial highlights

• Q4 2025: Shipments 365k tons (+11% YoY), revenue $2.2B (+28% YoY), net income $113M, Adjusted EBITDA $280M (includes $67M positive metal price lag), free cash flow $110M.

• FY 2025: Shipments 1.5M tons (+4% YoY), revenue $8.4B (+15% YoY), net income $275M, Adjusted EBITDA $846M (includes $126M positive metal price lag), free cash flow $178M.

• 2025 adjusted EBITDA (excluding metal price lag) was the second-best year ever.

• Returned $115 million to shareholders via repurchase of 8.9 million shares.

• Free Cash Flow of $178 million for 2025, a significant improvement from $(100) million in 2024.

Outlook and guidance

• 2026 Adjusted EBITDA (excluding metal price lag) targeted at $780–$820 million; Free Cash Flow expected to exceed $200 million.

• 2028 targets reiterated: $900 million Adjusted EBITDA and $300 million Free Cash Flow.

• Guidance assumes stable macro environment and continuation of recent demand trends.

• Leverage targeted at 1.5x–2.5x for 2026.

• Capex for 2026 expected at ~$315M, cash interest ~$125M, cash taxes ~$70M.