Highlights

  • Second quarter 2026 revenue was $2,748 million, compared with $2,103 million, and net income was $148 million, compared with $36 million.
  • Second quarter Adjusted EBITDA, a non-GAAP measure, was $439 million, compared with $146 million, and included metal price lag of $129 million.
  • Diluted earnings per share attributable to equity holders were $1.04 for the quarter, compared with $0.25 a year earlier.
  • Management targeted 2026 free cash flow above EUR 300 million, and the company repurchased 623 thousand shares for $20 million.

Constellium SE (NYSE: CSTM) shares were trading at USD 24.46 on October 27, 2026, up 4.49%, with a relative volume at time of 2.10. The aluminum products maker announced a new share repurchase program of up to $300 million on March 12, 2026, filed its Form 10-Q for the quarter ended June 30, 2026 on July 29, 2026, and raised its 2026 outlook on an August 7, 2026 earnings call.

Constellium is incorporated in France and lists its U.S. principal executive office at 300 East Lombard Street in Baltimore, Maryland. It develops, manufactures and sells specialty rolled and extruded aluminum products for aerospace, space, defense, packaging, automotive, commercial transportation and general industrial end-markets. It reports three operating segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry. At June 30, 2026, it operated 23 manufacturing facilities and had approximately 11,500 employees. Its fiscal year ends December 31.

Second Quarter Results

For the three months ended June 30, 2026, revenue increased 31% to $2,748 million from $2,103 million. The company said the increase reflected higher revenue per ton, including higher metal prices, partially offset by lower shipments. Shipments decreased 1% to 381 kt from 384 kt.

Cost of sales increased 23% to $2,268 million. Selling and administrative expenses were $101 million, compared with $88 million, and research and development expenses were $14 million, compared with $12 million. Income before tax was $214 million, compared with $56 million, and income tax expense was $66 million, compared with $20 million. Net income was $148 million, compared with $36 million, and diluted earnings per share attributable to equity holders of Constellium SE were $1.04, compared with $0.25.

Adjusted EBITDA, a non-GAAP measure that includes the non-cash impact of metal price lag, was $439 million, compared with $146 million. Metal price lag was $129 million, compared with negative $19 million a year earlier. For the six months, revenue was $5,209 million and net income was $344 million.

Segment Performance

Aerospace & Transportation Adjusted EBITDA was $135 million, and shipments increased 21%. Packaging & Automotive Rolled Products Adjusted EBITDA increased 123% to $165 million, while its shipments decreased 4%. Automotive Structures & Industry Adjusted EBITDA increased 44% to $26 million, with stable shipments. The company said results benefited from an improved aerospace and transportation, industry and defense environment, supply shortages of automotive rolled products in North America and recycling performance in North America and Europe.

Liquidity and Cash Flow

At June 30, 2026, total liquidity was $1,058 million, made up of $163 million in cash and cash equivalents and availability under its asset-based and factoring facilities. Net cash flows from operating activities for the six months were $234 million, compared with $172 million. Capital expenditures, net, were $139 million.

During the six months, the company repurchased 1.8 million ordinary shares for $48 million. Approximately $287 million remained under the current repurchase program at June 30, 2026.

2026 Outlook

On the call, management said it now targets 2026 Adjusted EBITDA, excluding the non-cash impact of metal price lag, in the range of EUR 980 million to EUR 1.02 billion, and free cash flow in excess of EUR 300 million. It expects capital expenditures of approximately EUR 330 million and said the guidance assumes current demand trends continue and the macroeconomic environment remains relatively stable.

Management said it sees inflationary pressures in freight, lubricants and coatings from the conflict in the Middle East and expects the net impact to be manageable. It said it expects recycling benefits to taper to more modest levels in the second half of 2026. The filing notes continued uncertainty related to tariffs.