Finance
Constellium SE (NYSE: CSTM) ("Constellium" or the "Company") today reported results for the second quarter and the first half ended June 30, 2026.
Second quarter 2026 highlights:
- Shipments of 381 thousand metric tons, down 1% compared to Q2 2025
- Revenue of $2.7 billion, up 31% compared to Q2 2025
- Net income of $148 million compared to net income of $36 million in Q2 2025
- Adjusted EBITDA of $439 million > Includes positive non-cash metal price lag impact of $129 million
- Segment Adjusted EBITDA of $135 million at A&T, $165 million at P&ARP and $26 million at AS&I, partially offset by corporate costs of $(16) million, together representing a new quarterly record for the Company
- Cash from Operations of $161 million and Free Cash Flow of $90 million
- Repurchased 623 thousand of the Company’s ordinary shares for $20 million
- In July, completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028
First half 2026 highlights:
- Shipments of 751 thousand metric tons, down 1% compared to H1 2025
- Revenue of $5.2 billion, up 28% compared to H1 2025
- Net income of $344 million compared to net income of $74 million in H1 2025
- Adjusted EBITDA of $798 million > Includes positive non-cash metal price lag impact of $226 million
- Segment Adjusted EBITDA of $238 million at A&T, $317 million at P&ARP and $49 million at AS&I, partially offset by corporate costs of $(32) million, together representing a record half for the Company
- Cash from Operations of $234 million and Free Cash Flow of $95 million
- Repurchased 1.8 million of the Company’s ordinary shares for $48 million
- Leverage of 1.8x at June 30, 2026
“Constellium delivered a new record quarterly Adjusted EBITDA in the second quarter despite uncertainties on the macroeconomic and geopolitical fronts,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “We achieved stronger financial performance across all of our operating segments again this quarter, including record quarterly Segment Adjusted EBITDA at our A&T and P&ARP segments. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics, including an improved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive rolled products in North America, and strong recycling performance in both North America and Europe. We generated Free Cash Flow of $90 million in the second quarter, and during the quarter we returned $20 million to shareholders through the repurchase of 623 thousand ordinary shares. We ended the quarter with leverage at 1.8x, within our target leverage range of 1.5x to 2.5x. In July, we completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028.”
Ms. Joerg continued, "Even though the current landscape remains volatile, we have a strong track record of navigating and executing in any environment. Based on our current outlook, we are raising our guidance for 2026 and now expect Adjusted EBITDA in the range of $980 million to $1.020 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. With this revised guidance, we now expect to achieve our 2028 targets* two years ahead of schedule. Looking ahead, we like our end market position and we are optimistic about our prospects which include harvesting the benefits from our previously announced return-seeking investments and capturing future market opportunities. Our focus remains on executing our strategy, driving operational performance, controlling cost, maintaining commercial and capital discipline, generating Free Cash Flow and increasing shareholder value.”
*Adjusted EBITDA of $900 million, excluding the non-cash impact of metal price lag, and Free Cash Flow of $300 million, by 2028.