Constellium posts record Q4 adjusted EBITDA

Constellium SE, headquartered in Paris, with operations primarily in Europe and the U.S., has reported financial results for the fourth quarter and the full year ended Dec. 31, 2025, which include 365,000 metric tons in shipments during the quarter, 11 percent more than in the final quarter of 2024, and 1.5 million metric tons of shipments for the full year, 4 percent more than in 2024. The company recorded revenue of $2.2 billion in the final quarter of 2025, up 28 percent compared with the same period in 2024. For the full year, Constellium reported revenue of $8.4 billion, up 15 percent from 2024.

In the fourth quarter, Constellium reported net income of $113 million compared with a net loss of $47 million in the final quarter of 2024, and adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, of $280 million, which includes a positive noncash metal price lag impact of $67 million.

Its segment adjusted EBITDA was $83 million in Aerospace & Transportation (A&T), $136 million in Packaging & Automotive Rolled Products (P&ARP) and $5 million in Automotive Structures & Industry (AS&I), with corporate costs that totaled $11 million, representing a record fourth when taken together, according to the company.

For the full year, Constellium reported net income of $275 million compared with $60 million in 2024 and adjusted EBITDA of $846 million, which includes $126 million in noncash metal price lag.

Annual segment adjusted EBITDA totaled $339 million in A&T, $353 million in P&ARP and $72 million in AS&I. Corporate costs for the year totaled of $44 million. Consellium says the figures represent its second-best year ever.  

“Constellium delivered near record results in 2025 despite the uncertain macroeconomic and end-market environment, including record fourth quarter adjusted EBITDA,” says Ingrid Joerg, Constellium chief executive officer. “

She says packaging demand remained healthy throughout 2025, and Constellium continued to benefit from better operational performance at its Muscle Shoals, Alabama, site, which includes five casting units, hot and cold rolling mills and a slitting and finishing center that supplies aluminum sheet to the packaging and automotive markets.

Joerg adds that aerospace demand was lower, with continued destocking of aluminum products in the global aerospace supply chain, though high-value-add products demand remained strong.

“Automotive demand remained weak in Europe and relatively stable in North America, and in the fourth quarter, we benefited from increased demand due to short-term supply shortages in the United States,” she adds.

“Industrial market conditions in North America and Europe became more stable, and our shipments in Europe improved during the year given the postflood recovery in Valais, Switzerland.”

After the U.S. tariff announcements last year, North American aluminum prices, which are based on the London Metal Exchange price plus the Midwest Premium, rose sharply, and certain spot scrap aluminum spreads improved from historically tight levels, Joerg adds.

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She says she expects recent demand trends across the company’s end markets to continue into the early part of 2026 at least and the overall macroeconomic environment to remain relatively stable. Joerg also expects to benefit from supply shortages for automotive rolled products and improved scrap spreads in North America.

“We have a relentless focus on operational excellence, which will allow us to capitalize on current and future opportunities, and we are proactively managing the business to the current environment,” Joerg says.

Constellium has rolled out its Vision 2028, a groupwide excellence program focused on operational efficiencies and cost reductions that underpins its 2028 targets. The company is targeting operational improvements that include higher productivity, debottlenecking, automation, metal optimization and the reduction of input consumption and waste. Its cost reductions are focused on portfolio optimization, linking overhead and selling, general and administrative expenses to strategic outcomes, procurement savings and automation to enhance efficiencies.

“Based on our current outlook, we expect adjusted EBITDA to be in the range of $780 million to $820 million, excluding the noncash impact of metal price lag, and free cash flow in excess of $200 million in 2026,” Joerg says

She adds that the company is confident in its ability to deliver on targeted adjusted EBITDA of $900 million, excluding the noncash impact of metal price lag, and free cash flow of $300 million by 2028.” Our focus remains on executing on our strategy, driving operational performance, controlling costs, generating free cash flow and increasing shareholder value.”

Constellium prepared an earnings deck with additional details that accompanied its earnings report.