Constellium surges on record Q4 earnings, strong 2026 guidance
Aluminum manufacturer delivers $280M EBITDA, 162% EPS beat amid robust aerospace and automotive demand
Constellium SE shares rallied on Wednesday after the aluminum products manufacturer reported record fourth-quarter earnings that blew past analyst expectations and issued ambitious 2026 guidance, underscoring the company's turnaround amid strengthening demand in aerospace and automotive markets.
The Paris-based company reported adjusted EBITDA of $280 million for the fourth quarter of 2025, a 124% increase from the prior year and its highest quarterly figure on record. Revenue jumped 28% year-over-year to $2.2 billion, while earnings per share reached $0.80, surging past analyst estimates of $0.31—a 162% beat, according to a Benzinga earnings analysis. The company turned profitable with net income of $113 million, compared to a net loss of $47 million in the fourth quarter of 2024.
"Our strong performance in 2025 reflects the successful execution of our strategic priorities, commercial excellence, and continued operational improvements across our business," Constellium said in a statement announcing the results. "Our diversified portfolio and focus on innovation continue to position us well to capture growth opportunities in our end markets."
For the full year 2025, Constellium reported adjusted EBITDA of $846 million, up 36% from 2024, and generated $178 million in free cash flow—a dramatic turnaround from negative $100 million in the prior year. The company reduced its leverage ratio to 2.5 times at year-end, strengthening its balance sheet. Shipments increased 4% to 1.5 million metric tons, while full-year revenue rose 15% to $8.4 billion.
The performance was driven across Constellium's three business segments. Packaging and Automotive Rolled Products led the growth, with adjusted EBITDA of $136 million in the fourth quarter, up 143% year-over-year. The Aerospace and Transportation segment generated $83 million in adjusted EBITDA, up 43%, while Automotive Structure and Industry posted adjusted EBITDA of $5 million, a 25% increase.
Looking ahead, Constellium provided guidance that exceeded Wall Street expectations. For 2026, the company forecast adjusted EBITDA of $780 million to $820 million and free cash flow exceeding $200 million. Management also reiterated its 2028 targets of $900 million in adjusted EBITDA and $300 million in free cash flow.
Analysts have maintained a largely bullish stance on the stock. According to market data, Constellium carries an average analyst price target of $25.59, representing significant upside from current levels. Of four analysts covering the stock, three rate it a "buy" and one a "strong buy," with no sell ratings.
Constellium's results reflect broader strength in the aluminum market, particularly for lightweight materials in transportation and packaging. The company produces aluminum semi-fabricated products used in aircraft structures, automotive body panels, and beverage cans, positioning it to benefit from secular trends toward fuel efficiency and sustainable packaging.
The fourth-quarter performance marks a significant milestone in Constellium's recovery trajectory, which had been hampered by operational challenges and commodity price volatility. The company's ability to generate record EBITDA despite industry headwinds suggests its operational improvements and strategic initiatives are gaining traction.
Investors will be watching closely whether Constellium can maintain this momentum through 2026 and deliver on its ambitious 2028 targets, which would represent substantial growth from current levels and cement the company's position among the leaders in the global aluminum products market.