Constellium has delivered a strong performance in the third quarter of 2025, showcasing steady growth across all major segments. With impressive financial results, some key leadership changes and a clear plan for future profitability, the company is in a great position to keep its upward trend as it moves into the next fiscal year.
Overall highlights: Focus Q3 & first 9 months 2025
In the third quarter of 2025, the company reported shipments totalling 373 thousand tonnes, marking a 6 per cent increase compared to the same period last year, due to higher volumes across all operating segments. Revenue jumped by 20 per cent to reach USD 2.2 billion, fueled by stronger shipments and an increase in revenue per tonne, which was influenced by rising metal prices.
Jean-Marc Germain, CEO & Executive Director, stated, "Shipments were 373,000 tons or up 6 per cent compared to the third quarter of 2024 due to higher shipments in each of our operating segments. Revenue of $2.2 billion increased 20 per cent compared to the third quarter of 2024 due to higher shipments and higher revenue per ton, including higher metal prices."
Net income soared to USD 88 million, a significant rise of USD 80 million from just USD 8 million in the same quarter last year. Adjusted EBITDA climbed to USD 235 million, up USD 108 million from Q3 2024, largely due to better performance across all segments, a favourable non-cash metal price lag effect, and positive foreign exchange translation. However, this was countered by rising costs in the H&C segment. In the first nine months of 2025, the company saw its net income rise to USD 162 million, a significant jump from USD 107 million during the same time last year.
Free Cash Flow jumped to USD 68 million in the first nine months of 2025, a significant increase from USD 15 million the previous year. This impressive growth was fueled by a rise in Segment Adjusted EBITDA, lower capital expenditures and reduced cash taxes. Operating cash flow also saw an uptick, reaching USD 271 million, compared to USD 240 million during the same period last year. On the flip side, investing cash outflows amounted to USD 200 million, up from USD 188 million in 2024.
As of September 30, 2025, the company had a liquidity position of USD 831 million. This included USD 122 million in cash and cash equivalents, along with USD 709 million accessible through committed lending facilities and factoring arrangements. By the end of the quarter, the net debt reached USD 1,891 million, which is an increase from USD 1,776 million as of December 31, 2024.
A major constituent of the rising income of the firm is due to the sturdy rise in the London Metal Exchange (LME) aluminium price, which grew by USD 287.5 per tonne, from 2,604 per tonne on July 1, 2025, to USD 2,891.5 per tonne on October 29, 2025.
Aerospace & Transportation (A&T) performance
In the third quarter of 2025, the segment reported an Adjusted EBITDA of USD 90 million, which is a remarkable 67 per cent increase compared to Q3 2024. This impressive growth was fueled by higher shipments, better pricing and product mix, reduced operating costs and favourable foreign exchange rates. The third quarter of 2024 faced a USD 8 million setback due to the Valais flood.
Shipments hit 50 thousand tonnes, marking a 4 per cent year-over-year increase, due to more substantial volumes in transportation, industry and defence (TID) rolled products, even though there was a slight dip in aerospace rolled product shipments. Revenue climbed 14 per cent to USD 481 million, driven by increased shipments and higher revenue per tonne, which included the effects of rising metal prices.
In the first nine months of 2025, this segment's Adjusted EBITDA reached USD 256 million, marking a 9 per cent increase compared to the same timeframe in 2024. This growth was mainly driven by lower operating costs and favourable foreign exchange rates, although it was somewhat countered by decreased shipments and an unfavourable pricing mix.
The first nine months of 2024 also faced a USD 8 million setback due to the Valais flood. Shipments totalled 154 thousand metric tonnes, reflecting a 7 per cent decline year-over-year, primarily because of reduced volumes in aerospace and TID rolled products. On a positive note, revenue climbed 4 per cent to USD 1.4 billion, bolstered by higher revenue per tonne and rising metal prices, even though the drop in shipments partially offset this.
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Packaging & Automotive Rolled Products (P&ARP) performance
In the third quarter of 2025, this segment reported an Adjusted EBITDA of USD 82 million, marking a 14 per cent increase from Q3 2024. This growth was mainly fueled by higher shipment volumes, better performance at Muscle Shoals, favourable pricing and product mix, along with positive foreign exchange effects, although rising operating costs, including the impact of tariffs, somewhat tempered it.
Shipments hit 275 thousand metric tons, reflecting a 5 per cent year-over-year increase, due to a boost in packaging rolled product volumes, even as shipments of automotive and specialty rolled products dipped. Revenue surged by 20 per cent to reach USD 1.3 billion, driven by the uptick in shipments and higher revenue per tonne, supported by soaring metal prices.
In the first nine months of 2025, this segment's adjusted EBITDA hit USD 217 million, marking a solid 17 per cent increase compared to the same stretch in 2024. Shipments reached 820 thousand metric tons, up 4 per cent from the previous year, primarily due to the uptick in packaging rolled products, even as automotive and specialty rolled products saw a decline. Revenue for this period climbed to USD 3.7 billion, also up 17 per cent year-over-year, driven by increased shipments and higher revenue per ton, which included the effects of rising metal prices.
Automotive Structures & Industry (AS&I) performance
In the third quarter of 2025, this segment reported an adjusted EBITDA of USD 33 million, marking an impressive 371 per cent increase compared to Q3 2024. This growth was fueled by a rise in shipments and a favourable pricing mix, mainly due to net customer compensation linked to the underperformance of an automotive program. However, this was countered by the adverse effects of tariffs.
In Q3 2024, the segment faced a USD 10 million hit from the Valais flood. Shipments reached 48 thousand tonnes, which is a 14 per cent increase year-over-year, primarily driven by higher volumes of other extruded products as the recovery from the Valais flood continued, even though there was a decline in automotive extruded product shipments. Revenue climbed 27 per cent to USD 409 million, bolstered by increased shipments and better revenue per tonne, which included the effects of rising metal prices.
In the first nine months of 2025, this segment's adjusted EBITDA came in at USD 67 million, reflecting a 4 per cent drop compared to the same timeframe in 2024. This decline was mainly due to lower shipment volumes, unfavourable pricing and product mix, along with the adverse effects of tariffs. However, this was balanced out by net customer compensation for underperformance in automotive programs and a reduction in operating costs.
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The first nine months of 2024 also faced a USD 10 million hit from the Valais flood. Shipments totalled 155 thousand tonnes, which is a 1 per cent decrease year-over-year, primarily because of reduced volumes in automotive extruded products. Fortunately, this was countered mainly by an increase in shipments of other extruded products as recovery from the flood progressed. Revenue saw a 10 per cent rise, reaching USD 1.2 billion, due to higher revenue per ton driven by increased metal prices, even though lower shipment volumes partially offset this.
Recent developments
In August 2025, the firm completed the sale of its Nanjing Automotive Structures plant to a local Chinese investment holding company. This facility in Nanjing, which has about 30 employees, focuses on making structural components for the automotive industry. The details of the deal haven't been made public.
Jean-Marc Germain, the CEO and Executive Director, has announced that he will be retiring on December 31, 2025. Ingrid Joerg is set to take over as the new Chief Executive Officer of Constellium and the Board will also appoint her as a Director for the rest of Germain’s term. Germain highlighted Joerg’s vast industry experience, operational know-how, strong connections and commitment to stakeholders as the key strengths that make her the right choice for this role.
Ingrid Joerg, who is currently the COO and will soon take on the role of CEO, shared that Constellium has successfully crafted and implemented a robust strategy for creating value. This strategy emphasises high-value-added products, nurturing strong customer relationships, optimising margins and utilisation, enhancing cost efficiency and fostering continuous improvement. She also highlighted the importance of maintaining a solid commitment to stakeholders, principles she plans to uphold as she steps into her new role.
Future outlook
Based on the firm's Q3 performance, the company is projecting that by 2025, the Adjusted EBITDA, excluding any non-cash effects from metal price fluctuations, will fall somewhere between USD 670 million and USD 690 million. It is also expected that Free Cash Flow will surpass USD 120 million. Fast forward to 2028, and they anticipate Adjusted EBITDA will hit around USD 900 million, with Free Cash Flow expected to reach a total of USD 300 million.
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