Constellium SE (CSTM)

Constellium reported third-quarter 2026 revenue of $2.6 billion on 28 October, up 22 percent from a year earlier, and net income of $119 million 1.

Revenue rose because revenue per ton was higher, including higher metal prices, while shipments fell 1 percent to 368 thousand metric tons 1.

Segment Adjusted EBITDA, a profit measure that leaves out the non-cash metal price lag, was $280 million, a new third quarter record for the company 1.

Chief Executive Ingrid Joerg credited cost control and improved markets, including supply shortages of automotive rolled products in North America 1.

The company raised its 2026 guidance to Adjusted EBITDA of $1.03 billion to $1.06 billion, excluding metal price lag, and free cash flow in excess of $300 million 1.

On 22 October 2026 it amended its Pan-U.S. credit facility, raising the available commitments from $550 million to $700 million and extending the maturity to 2031 1.

Constellium makes specialty aluminum sheet, plate and extrusions, and the annual report says it has more than 50 years of manufacturing experience 3.

In October 2014 the company, then Constellium N.V., signed a unit purchase agreement for Wise Metals Holdings, the owner of the Muscle Shoals, Alabama, rolling mill that now sits in its packaging segment 3.

In June 2024 flooding from the Rhone River hit its Valais plants in Switzerland, and the annual report counts a $13 million negative effect on 2024 segment profit 3.

In 2025 revenue rose 15 percent to $8,449 million from $7,335 million, on higher shipments and higher revenue per ton, including higher metal prices 3.

Tariffs explain part of that: the average Midwest premium, the extra cost of aluminum bought in the United States, rose from $432 to $1,298 a ton, and the company passes metal cost through to customers 3.

Aerospace demand was lower in 2025 as the supply chain worked off its stock of aluminum products, while packaging stayed healthy and the Muscle Shoals plant improved 3.

Management said on its February 2026 call that 2025 Adjusted EBITDA excluding metal price lag was $720 million against $575 million a year before, and that free cash flow was $178 million 4.

The company repurchased 8.9 million of its own shares for $115 million in 2025 and cut leverage to 2.5 times 4.

Ingrid Joerg became chief executive on 1 January 2026, succeeding Jean-Marc Germain, who retired on 31 December 2025 3.

The company also stopped qualifying as a foreign private issuer on 30 June 2025, so from 2026 it files the same 10-K, 10-Q and 8-K reports as US companies 3.

What it does

Constellium turns aluminum into rolled and extruded products for aerospace, space, defense, packaging, automotive, commercial transportation and general industry 3.

Its products are priced from three parts: the LME metal price, a regional premium and a conversion margin, the fee for turning metal into a finished product 3.

Packaging and Automotive Rolled Products

This is the largest segment, with $5,067 million of 2025 revenue, 60 percent of the total 3.

It supplies canstock and closure stock for beverage and food cans, foilstock for flexible packaging, and car body sheet, heat exchanger material and battery foil, and is a key recycler of used beverage cans 3.

In the third quarter of 2026 the segment earned $162 million of Segment Adjusted EBITDA on shipments of 266 thousand metric tons, helped by favorable metal costs at Muscle Shoals and Neuf-Brisach 1.

Aerospace and Transportation

This segment makes plate, sheet and extrusions, including Airware, a lightweight aluminum-lithium alloy for aircraft and spacecraft 3.

It had 2025 revenue of $1,862 million, or 23 percent of the total, and its third-quarter 2026 revenue rose 38 percent to $664 million on shipments up 18 percent 31.

Automotive Structures and Industry

This segment makes crash management systems, body structures, side impact beams and battery enclosure parts for car makers, plus extrusions and rail profiles 3.

Its third-quarter 2026 revenue fell 2 percent to $402 million and Segment Adjusted EBITDA fell to $21 million from $33 million, partly because the prior year included customer compensation for an underperforming automotive program 1.

Plants, people and rivals

At the end of 2025 the company ran 24 manufacturing facilities and three research centers, in France, Germany, Switzerland, the United States, Mexico, Czechia, Slovakia, Spain, Canada and China 3.

It employed about 11,500 people, with 26 percent in the United States and 35 percent in France 3.

The annual report names no rivals, saying only that it competes with many US and non-US companies across the aluminum supply chain 3.

An analyst on the February 2026 call asked about a peer ramping a rolling mill for the automotive space 4.

The annual report says pending lawsuits are not expected to have a material effect, and asbestos-related reserves were $11 million 3.

The umbrella, in words

The parent, Constellium SE, is incorporated in France with its head office in Paris, and its US assets sit under a wholly owned US holding subsidiary 3.

Exhibit 21.1 lists subsidiaries such as Constellium Issoire, Constellium Neuf Brisach, Constellium Muscle Shoals LLC and Constellium Rolled Products Ravenswood, LLC 5.

It operates two joint ventures: Astrex Inc. in Ontario with Can Art Aluminum Extrusions, and Constellium Engley (Changchun) Automotive Structures with Changchun Engley Auto Parts 3.

Its plants at Issoire, Sierre, Ravenswood, Neuf-Brisach, Singen, Muscle Shoals and Bowling Green are owned, while several automotive plants are leased 3.

The company now expects 2026 Adjusted EBITDA of $1.03 billion to $1.06 billion, excluding metal price lag, and free cash flow above $300 million 1.

On its February 2026 call management planned 2026 capital spending of about $115 million, about $100 million of it for aerospace, recycling and casting projects at Issoire, Muscle Shoals and Ravenswood 4.

The company said it expects a third Airware cast house at Issoire to start up by the end of 2026 4.

It also reiterated 2028 targets of $900 million of Adjusted EBITDA excluding metal price lag and $300 million of free cash flow, with a cost program called Vision 2028 4.

The board authorized a repurchase program of up to $300 million, running to 31 December 2028, and about $257 million remained at 30 September 2026 2.

Leverage was 1.6 times at 30 September 2026, near the low end of the company's target range of 1.5 to 2.5 times 1.