Constellium — Q3 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $2.6 billion, a 22% increase year-over-year (YoY) from $2.166 billion in Q3 2025.
• Nine months ended September 30, 2026 revenue was $7.8 billion, a 26% increase YoY from $6.248 billion.
• Q3 2026 net income was $119 million, up 35% from $88 million in Q3 2025.
• Nine months ended September 30, 2026 net income was $463 million, up 186% from $162 million.
• Q3 2026 Adjusted EBITDA was $276 million, up 17% from $235 million, including a negative non-cash metal price lag impact of $4 million.
• Nine months ended September 30, 2026 Adjusted EBITDA was $1.1 billion, up 90% from $566 million, including a positive non-cash metal price lag impact of $222 million.
• Q3 2026 Cash from Operations was $186 million; Free Cash Flow was $128 million.
• Nine months ended September 30, 2026 Cash from Operations was $420 million; Free Cash Flow was $223 million.
• Leverage ratio was 1.6x at September 30, 2026, near the low end of the 1.5x to 2.5x target range.
• Total debt was $1,817 million at September 30, 2026, down from $1,944 million at December 31, 2025.
• Net debt was $1,658 million at September 30, 2026, down from $1,824 million at December 31, 2025.
• Liquidity was $992 million, comprised of $158 million in cash and cash equivalents and $834 million available under committed lending facilities and factoring arrangements.

Guidance and Future Outlook:

• Raised full-year 2026 Adjusted EBITDA guidance to a range of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag.
• Raised full-year 2026 Free Cash Flow guidance to be in excess of $300 million.
• Management expressed optimism about prospects, citing the ability to harvest benefits from previously announced return-seeking investments and capture future market opportunities.
• Management noted the current landscape remains volatile but highlighted a strong track record of navigating and executing in any environment.

Business Segments and Product Lines:

• Aerospace & Transportation (A&T): Q3 2026 Segment Adjusted EBITDA was $102 million (up 13% YoY); YTD 2026 was $340 million (up 33% YoY). Shipments increased 18% in Q3 and 19% YTD, driven by aerospace and TID rolled products benefiting from an improved market environment.
• Packaging & Automotive Rolled Products (P&ARP): Q3 2026 Segment Adjusted EBITDA was $162 million (up 98% YoY); YTD 2026 was $478 million (up 120% YoY). Shipments decreased 3% in Q3 and 3% YTD due to lower packaging rolled products, partially offset by higher automotive rolled products benefiting from North American supply shortages.
• Automotive Structures & Industry (AS&I): Q3 2026 Segment Adjusted EBITDA was $21 million (down 36% YoY); YTD 2026 was $71 million (up 6% YoY). Shipments decreased 4% in Q3 and 3% YTD. Q3 performance was impacted by net customer compensation for underperformance of an automotive program received in Q3 2025.
• Returned $30 million to shareholders via share repurchases in Q3 2026 (1.0 million shares); returned $78 million YTD 2026 (2.8 million shares).
• Completed a $100 million partial redemption of 5.625% Senior Notes due June 2028 in July 2026, leaving $225 million outstanding.

Market and Competitive Landscape:

• Benefited from an improved aerospace and transportation, industry, and defense (TID) environment.
• Benefited from supply shortages of automotive rolled products in North America.
• Benefited from strong recycling performance in both North America and Europe, including the continued ramp-up of the recycling center in France.
• Revenue per ton increased due to higher metal prices, partially offsetting lower shipment volumes.

Risks and Challenges:

• Ongoing uncertainties on macroeconomic and geopolitical fronts.
• Metal price lag volatility, which is a non-cash financial impact resulting from timing differences between revenue price establishment and cost of sales price establishment.
• Potential inability to forecast realized and unrealized gains/losses on derivatives, metal price lag, impairment, restructuring charges, or taxes.
• Forward-looking statements involve risks including market competition, economic downturns, inflation, foreign currency exchange, supply disruptions, geopolitical tensions, and loss of key customers or suppliers.

Management Commentary and Tone:

• CEO Ingrid Joerg described the quarter as "strong," noting record third quarter Adjusted EBITDA despite macroeconomic and geopolitical uncertainties.
• Management highlighted strong financial performance across all operating segments, record Segment Adjusted EBITDA at A&T and P&ARP, and improved market dynamics.
• Tone was confident regarding the ability to navigate volatility, execute strategy, drive operational performance, and maintain commercial and capital discipline.
• Management emphasized a focus on generating Free Cash Flow and increasing shareholder value.

Other Key Points:

• On October 22, 2026, the Pan-U.S. ABL was amended to increase available commitments from $550 million to $700 million and extend maturity to October 22, 2031.
• Q3 2026 shipments were 368 thousand metric tons (down 1% YoY); YTD 2026 shipments were 1.1 million metric tons (down 1% YoY).
• Adjusted EBITDA per metric ton for A&T was $1,724 in Q3 2026 (down 4% YoY) and $1,845 YTD 2026 (up 11% YoY).
• Adjusted EBITDA per metric ton for P&ARP was $608 in Q3 2026 (up 104% YoY) and $603 YTD 2026 (up 128% YoY).
• Adjusted EBITDA per metric ton for AS&I was $454 in Q3 2026 (down 34% YoY) and $470 YTD 2026 (up 9% YoY).
• Corporate costs were $(5) million in Q3 2026 and $(37) million YTD 2026.
• Constellium generated $8.4 billion of revenue in 2025.