Earnings

Constellium Raises 2026 Ebitda Outlook After a Third-Quarter Record in Segment Profit

The Tip Desk · November 9, 2026 · 3 min read

The aluminum processor now expects full-year Adjusted EBITDA of $1.03 billion to $1.06 billion excluding metal price lag, after third-quarter Segment Adjusted EBITDA of $280 million.

Constellium SE (CSTM) raised its 2026 outlook after a third quarter in which segment profitability set a third-quarter record even as group Adjusted EBITDA fell from the second quarter.

The aluminum processor now expects Adjusted EBITDA of $1.03 billion to $1.06 billion for the full year, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million. That range is higher than the $900 million to $940 million Adjusted EBITDA outlook and Free Cash Flow in excess of $275 million it issued after the first quarter.

Group Adjusted EBITDA was $276 million in the third quarter, including a negative non-cash metal price lag of $4 million, compared with $439 million in the second quarter, which included a positive lag of $129 million. Primary aluminum prices decreased during the third quarter, the company said, producing the negative lag.

Segment Adjusted EBITDA was $280 million, a new third-quarter record, after $102 million at Aerospace & Transportation, $162 million at Packaging & Automotive Rolled Products and $21 million at Automotive Structures & Industry, partially offset by corporate costs of $5 million.

Revenue was $2.6 billion, up 22% from a year earlier, after a 31% year-over-year increase in the second quarter. Shipments were 368 thousand metric tons, down 1%, matching the 1% year-over-year decline in the second quarter. The company attributed the revenue increase to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Net income was $119 million.

A&T was the volume engine. Shipments of 59 thousand metric tons rose 18% from a year earlier on higher aerospace and transportation, industry and defense rolled products, which the company said benefited from an improved market environment. Revenue was $664 million. Segment Adjusted EBITDA was $102 million, up 13%, on higher shipments and favorable price and mix, partially offset by higher operating costs and unfavorable foreign exchange.

P&ARP posted the largest profit swing. Segment Adjusted EBITDA was $162 million, up 98% from a year earlier, on shipments of 266 thousand metric tons, down 3%, and revenue of $1.6 billion, up 24%. The company said the increase was primarily due to favorable price and mix and favorable metal costs at Muscle Shoals and Neuf-Brisach, including the continued ramp-up of its recycling center in France, partially offset by lower shipments. Packaging volumes fell; automotive rolled products rose on North American supply shortages.

AS&I was the exception. Segment Adjusted EBITDA was $21 million, down 36% from a year earlier, on shipments of 46 thousand metric tons, down 4%, and revenue of $402 million, down 2%. The company said the decline was primarily due to lower shipments and unfavorable price and mix, primarily driven by net customer compensation for underperformance of an automotive program received in the third quarter of 2025, partially offset by lower operating costs.

Cash generation improved from the second quarter. Free Cash Flow was $128 million. Cash from operations was $186 million. The company returned $30 million to shareholders through the repurchase of 1.0 million ordinary shares. In July it completed a $100 million partial redemption of the 5.625% Senior Notes due June 2028. Leverage was 1.6x at September 30, near the low end of its 1.5x to 2.5x target range.

Chief Executive Officer Ingrid Joerg said the company benefited from operational focus, cost control and improved market dynamics, including the aerospace and TID environment, North American automotive rolled-product shortages and recycling performance in North America and Europe. Based on the current outlook, the company said it is raising 2026 guidance and is optimistic about prospects that include harvesting previously announced return-seeking investments.

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