Constellium Hits Record Q4, Eyes $900M EBITDA with 'Vision 2028'

PARIS, France – February 18, 2026 – By Sharon Henderson

Constellium SE (NYSE: CSTM) delivered a powerful finish to 2025, reporting record-breaking fourth-quarter results and its second-best full-year performance ever, signaling robust health despite what its leadership called an "uncertain macroeconomic and end market environment." The global aluminum products manufacturer saw its full-year revenue climb 15% to $8.4 billion, while net income skyrocketed an astounding 358% to $275 million, a significant leap from $60 million in 2024.

The company’s Adjusted EBITDA for 2025 reached $846 million, a 36% increase year-over-year. This performance was bolstered by a record fourth quarter, where Adjusted EBITDA hit $280 million. The strong results prompted an optimistic forecast for 2026 and the rollout of an ambitious new strategic plan, 'Vision 2028,' aimed at securing long-term growth and profitability.

“Constellium delivered near record results in 2025 despite the uncertain macroeconomic and end market environment, including record fourth quarter Adjusted EBITDA,” said Ingrid Joerg, Constellium’s Chief Executive Officer. “I want to thank each of our 11,500 employees for their commitment and relentless focus on safety and serving our customers.”

Navigating a Volatile Market

Constellium’s impressive performance comes against a backdrop of complex global market dynamics. The aluminum industry has been navigating fluctuating London Metal Exchange (LME) prices, supply chain disruptions, and significant trade policy shifts, including U.S. tariffs that have driven the Midwest Premium to historic highs. These tariffs have effectively created a shortage of metal in the U.S., increasing costs for many but creating favorable conditions for well-positioned domestic producers and recyclers like Constellium.

In her statement, Ms. Joerg noted the varied conditions across the company's key end markets. While packaging demand remained healthy, the aerospace sector contended with ongoing destocking across the supply chain, though demand for high-value products remained strong. The automotive market presented a mixed picture, with weakness in Europe but relative stability in North America, where the company capitalized on short-term supply shortages in the fourth quarter.

The company’s ability to thrive in this environment points to successful operational execution. Notably, improved performance at its Muscle Shoals, Alabama facility and the recovery of its Valais, Switzerland plant from a 2024 flood contributed significantly to the positive results. The Packaging & Automotive Rolled Products (P&ARP) segment was a standout performer, with its full-year Adjusted EBITDA surging 46% to $353 million, driven by higher shipments and favorable metal costs.

A Blueprint for Future Growth: 'Vision 2028'

Looking beyond the immediate horizon, Constellium unveiled 'Vision 2028,' a new group-wide excellence program designed to propel the company toward ambitious long-term targets. This strategic framework is built on two core pillars: operational efficiencies and structural cost reductions. The company is betting on this program to deliver Adjusted EBITDA of $900 million and Free Cash Flow of $300 million by 2028.

“I am pleased to announce today that we are rolling out Vision 2028, our next group-wide excellence program across two pillars including operational efficiencies and cost reductions, which underpins our 2028 targets,” Ms. Joerg announced.

This vision is supported by tangible investments in high-return areas, particularly in recycling and advanced manufacturing. The company’s disciplined capital expenditure, projected at a modest $115 million for 2026, is heavily focused on return-seeking projects. These initiatives are designed to increase the use of recycled aluminum, reduce carbon footprint, and enhance production capabilities for high-demand products in the automotive and aerospace sectors. The growing demand for aluminum in electric vehicles (EVs)—which can use up to 27% more aluminum than traditional cars—represents a major tailwind that these investments are poised to capture.

Strong Cash Flow and Shareholder Returns

A key highlight of Constellium’s 2025 performance was its dramatic improvement in cash generation. The company generated a robust $178 million in Free Cash Flow for the year, a remarkable turnaround from a negative $100 million outflow in 2024. This financial strength enabled a confident capital allocation strategy focused on delivering value directly to shareholders.

Throughout 2025, Constellium repurchased 8.9 million of its own shares for a total of $115 million. This aggressive buyback program underscores management's belief in the company's intrinsic value and future prospects. The company also successfully managed its debt, reducing its leverage to a comfortable 2.5x by year-end.

This focus on financial discipline and shareholder returns is set to continue. For 2026, Constellium projects Free Cash Flow will exceed $200 million, alongside an Adjusted EBITDA (excluding metal price lag) in the range of $780 million to $820 million. This guidance suggests continued momentum, even as the company absorbs the planned investments under its new strategic vision.

Ms. Joerg concluded with a confident outlook. “Based on our current outlook, we expect Adjusted EBITDA to be in the range of $780 million to $820 million, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $200 million in 2026. Our focus remains on executing on our strategy, driving operational performance, controlling costs, generating Free Cash Flow and increasing shareholder value.”