CONSTELLIUM SE
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
CSTM$21.81+3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001563411-26-000155
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001563411-26-000192
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 342 previous paragraphs and 387 current paragraphs.
207 unchanged; 100 reworded; 70 added; 31 removed; 4 previous and 10 current paragraphs rearranged.
Tables are not compared: 10 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (70)
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products in North America and strong recycling performance in both North America and Europe. During the quarter, we
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returned$20 million to shareholders through the repurchase of 623 thousand shares. Even though the current landscape remains
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and total Adjusted EBITDA:
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•Aerospace demand has improved. The destocking of aluminum products in the supply chain also continues to ease. We
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conditions.
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We purchase large amounts of scrap aluminum to manufacture some of our products as part of our commitment to
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sustainability and circular resource use. Utilizing recycled aluminum supports the reduction of our reliance on primary
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aluminum production and usually provides economic benefits, as scrap trades at a discount to the market price of primary
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aluminum (i.e. LME plus regional premiums). The difference between the price of primary aluminum and the price of scrap is
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referred to as the “scrap spread.” The scrap spread depends on regional scrap aluminum supply and overall market demand. If,
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for example, the scrap spread widens and the price of primary aluminum remains static, this could have a favorable impact on
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our Company's results, while the converse could lead to an unfavorable impact. In addition, many other factors, such as the
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price of primary aluminum, types of scrap aluminum we purchase, effectiveness and timing of our scrap purchase activities,
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productivity of our recycling operations, could have impacts on the Company’s results.
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For thethree months ended June 30, 2026, Revenue increased 31% to$2,748 million from$2,103 million for thethree
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For thesix months ended June 30, 2026, Revenue increased 28% to$5,209 million from$4,082 million for thesix
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lower shipments.
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For thesix months ended June 30, 2026, sales volumes decreased 1% to 751 kt from 756 kt for thesix months ended
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For thesix months ended June 30, 2026, Cost of sales increased 21% to$4,309 million from$3,556 million for thesix
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costs associated with corporate transformation projects.
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For thesix months ended June 30, 2026, Selling and administrative expenses increased 19% to$198 million from$166
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associated with corporate transformation projects.
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million for thethree months ended June 30, 2025. This increase was primarily driven by an increase in labor costs.
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For thesix months ended June 30, 2026, Research and development expenses increased 8% to $27 million from$25
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million for the six months ended June 30, 2025. This increase was primarily driven by an increase in labor costs.
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For thesix months ended June 30, 2026, Finance costs, net were stable at $56 million compared to thesix months ended
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respectively. For thesix months ended June 30, 2026 and 2025, Income tax wasan expense of$142 million and$44 million,
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2025, respectively. Our effective tax rate was 29.1% and 37.6% ofincome before tax for thesix months ended June 30, 2026
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and 2025, respectively.
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full valuation allowance is recorded.
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For thethree months ended June 30, 2026, revenue in our A&T segment increased 38% to$680 million from$492
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products shipments, which benefited from an improved market environment as well as supply shortages of automotive rolled
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products in North America.
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For thesix months ended June 30, 2026, revenue in our A&T segment increased 34% to$1,289 million from$960
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products shipments, which benefited from an improved market environment as well as supply shortages of automotive rolled
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products in North America.
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For thethree months ended June 30, 2026, revenue in our P&ARP segment increased 36% to$1,680 million from$1,235
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offset bylower shipments. P&ARP shipments were down 4% or 10 kt compared to thethree months ended June 30, 2025, due
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from supply shortages in North America.
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million for thesix months ended June 30, 2025, reflecting higher revenue per ton, including higher metal prices, partially offset
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dynamics in North America. During the quarter we returned$28 million to shareholders through the repurchase of 1.2 million
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total Adjusted EBITDA:
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and long-term impacts on the Company. In April 2026, further updates and clarifications were released by the U.S. government
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surrounding tariff rates and assessment value on imported aluminum products, and the Company continues to monitor the
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•Aerospace demand has stabilized following the sharp recovery post-COVID although the supply chain continues
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future.
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thethree months ended March 31, 2025.
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million for thethree months ended March 31, 2025 as a result of foreign exchange translation.
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recorded.
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products shipments, which benefited from current supply shortages of automotive rolled products in North America.
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For thethree months ended March 31, 2026, revenue in our P&ARP segment increased 24% to$1,477 million from
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$1,187 million for thethree months ended March 31, 2025, reflecting higher revenue per ton, including higher metal prices,
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North America.
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shipments.
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For thethree months ended March 31, 2026, Adjusted EBITDA in our A&T segment increased 24% to$102 million
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foreign exchange translation, partially offset by unfavorable price and mix and higher operating costs given higher activity
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levels. In thethree months ended March 31, 2025, Segment Adjusted EBITDA includeda $4 million negative impact from the
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flood in Valais (Switzerland). For thethree months ended March 31, 2026, Adjusted EBITDA per tonincreased 6% to$1,697
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per ton from$1,606 per ton for thethree months ended March 31, 2025.
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For thethree months ended March 31, 2026, Adjusted EBITDA in our P&ARP segment increased 152% to$151 million
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from$60 million for thethree months ended March 31, 2025, primarily as a result offavorable price and mix, favorable metal
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volumes. For thethree months ended March 31, 2026, Adjusted EBITDA per tonincreased 159% to$578 per ton from$223
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For thethree months ended March 31, 2026, Adjusted EBITDA in our AS&I segment increased by 50% to$24 million
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impact from foreign exchange translation, partially offset bylower volumes and unfavorable price and mix. In thethree months
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ended March 31, 2025, Segment Adjusted EBITDA includeda $6 million negative impact from the flood in Valais
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from$306 per ton for thethree months ended March 31, 2025.
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For thethree months ended March 31, 2026, net cash flows from operating activities were$73 million, a$15 million
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collection of deferred purchase price receivables under certain of our factoring agreements was$2 million.
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For thethree months ended March 31, 2026, net cash flows from financing activities were$20 million, primarily
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hedging instruments, partially offset by higher share repurchase levels. During thethree months ended March 31, 2026,
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For thethree months ended March 31, 2025, net cash flows used in financing activities were$26 million, primarily
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statements prepared under U.S. GAAP at March 31, 2026 and for thethree months ended March 31, 2026 and 2025 and should
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statements prepared under U.S. GAAP at June 30, 2026 and for the three andsix months ended June 30, 2026 and 2025 and
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be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited interim
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should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited
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condensed consolidated financial statements at March 31, 2026 and for thethree months ended March 31, 2026 and 2025
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interim condensed consolidated financial statements at June 30, 2026 and for the three andsix months ended June 30, 2026
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which are included in this Quarterly Report.
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and 2025 which are included in this Quarterly Report.
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The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject
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The following discussion and analysis includes forward-looking statements. These forward-looking statements are
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to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied
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subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or
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by our forward-looking statements.
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implied by our forward-looking statements.
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general industrial end-markets. At March 31, 2026, the Group operated 24 manufacturing facilities,3 R&D centers and 3
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general industrial end-markets. At June 30, 2026, the Group operated 23 manufacturing facilities,3 R&D centers and 3
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Constellium delivered strong results in the first quarter despite uncertainties on the macroeconomic and geopolitical
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Constellium delivered strong results in the second quarter despite uncertainties on the macroeconomic and geopolitical
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fronts. During the quarter we benefited from current market dynamics, including supply shortages of automotive rolled
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fronts. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics, including
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products, improved aerospace and transportation, industry and defense (TID) environment, and favorable scrap and metal
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animproved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive rolled
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optimistic about our prospects for the remainder of this year and beyond. Our focus remains on executing on our strategy,
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volatile, we like our end market positioning, and we are optimistic about our prospects for the remainder of this year and
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driving operational performance, controlling costs, generating free cash flow and increasing shareholder value.
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commercial and capital discipline, generating free cash flow and increasing shareholder value.
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For thethree months ended March 31, 2026, our segments represented the following percentages of total Revenue and
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For the three andsix months ended June 30, 2026, our segments represented the following percentages of total Revenue
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During the first three months ended March 31, 2026, we continued to monitor geopolitical and economic instability,
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During thesix months ended June 30, 2026, we continued to monitor geopolitical and economic instability, globally.
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globally. During thefirst quarter of 2026, there was continued uncertainty related to tariffs and trade conditions, and their short
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During thesecond quarter of 2026, there was continued uncertainty related to tariffs and trade conditions, and their short and
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potential impacts to its business. Global and regional economies continue to be impacted by armed conflicts, sanctions, and
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long-term impacts on the Company. Global and regional economies continue to be impacted by armed conflicts, sanctions, and
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is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and counter
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is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and
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measures as necessary to seek to address adverse effects or disruptions to our operations as they arise.
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countermeasures as necessary to seek to address adverse effects or disruptions to our operations as they arise.
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passenger air traffic and fleet replacements with newer and more fuel efficient aircraft, along with new military
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believe that the long-term trends of increased passenger air traffic and fleet replacements with newer and more fuel
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and space programs, will help support favorable long-term demand conditions.
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efficient aircraft, along with new military and space programs, will help support favorable long-term demand
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•Historically, demand for aluminum can packaging has been fairly resilient during various economic cycles. We
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•Historically, demand for aluminum can packaging has been fairly resilient during various economic cycles. We believe
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believe canstock has an attractive long-term growth outlook driven in part by increased consumer preference for
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canstock has an attractive long-term growth outlook driven in part by increased consumer preference for aluminum
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aluminum beverage cans as a packaging material of choice.
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beverage cans as a packaging material of choice.
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impacted by global supply chain disruptions, the tariff and trade environment, affordability, customer offerings
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impacted by global supply chain disruptions, the tariff and trade environment, affordability, customer offerings and
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and consumer preference. However, aluminum demand has increased in recent years, driven by the vehicle
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consumer preference. However, aluminum demand has increased in recent years, driven by the vehicle lightweighting
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lightweighting trend to improve energy efficiency, reduce emissions and enhance vehicle safety, which has
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trend to improve energy efficiency, reduce emissions and enhance vehicle safety, which has resulted in more
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resulted in more aluminum usage for new car models. We expect the lightweighting trend to continue in the
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aluminum usage for new car models. We expect the lightweighting trend to continue in the future.
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premiums can be volatile. Our business model aims to pass through aluminum price exposure by pricing our products to include
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premiums can be volatile. Our business model aims to pass through primary aluminum price exposure by pricing our products
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the cost of the metal purchased and hedging any remaining exposure to the extent possible to achieve aluminum price
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to include the cost of the metal purchased and hedging any remaining exposure to the extent possible to achieve aluminum price
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primary aluminum for thethree months ended March 31, 2026 and 2025 are presented below.
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primary aluminum for the three andsix months ended June 30, 2026 and 2025 are presented below.
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Slovakia, Spain, Mexico, Canada and China. As such, we are exposed to transaction and translation impacts.
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Slovakia, Spain, Mexico and Canada. As such, we are exposed to transaction and translation impacts.
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Results of Operations for thethree months ended March 31, 2026 and 2025
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Results of Operations for the three andsix months ended June 30, 2026 and 2025
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For thethree months ended March 31, 2026, sales volumes decreased 1% to 370 kt from 372 kt for thethree months
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For thethree months ended June 30, 2026, sales volumes decreased 1% to 381 kt from 384 kt for thethree months ended
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ended March 31, 2025. This decrease reflected a 3% decrease in volumes for P&ARP and a 3% decrease in volumes for AS&I,
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June 30, 2025. This decrease reflected a 3% decrease in volumes for P&ARP and a 2% decrease in volumes for AS&I, partially
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partially offset by a 18% increase in volumes for A&T.
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offset by a 20% increase in volumes for A&T.
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For thethree months ended March 31, 2026, Cost of sales increased 19% to$2,041 million from$1,716 million for the
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For thethree months ended June 30, 2026, Cost of sales increased 23% to$2,268 million from$1,840 million for the
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three months ended March 31, 2025. This increase in Cost of sales was primarily driven by an increase in raw materials and
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three months ended June 30, 2025. This increase in Cost of sales was primarily driven by a 28% increase in raw materials and
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For thethree months ended March 31, 2026, Selling and administrative expenses increased 24% to$97 million from$78
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For thethree months ended June 30, 2026, Selling and administrative expenses increased 15% to$101 million from$88
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million for thethree months ended March 31, 2025. Theincrease was primarily driven by an increase inlabor costs.
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million for thesix months ended June 30, 2025. Theincrease was primarily driven by an increase inlabor costs andcosts
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beyond. Our focus remains on executing on our strategy, driving operational performance, controlling costs, maintaining
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June 30, 2025. This decrease reflected a 4% decrease in volumes for P&ARP and stable volumes for AS&I, partially offset by a
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21% increase in volumes for A&T.
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months ended June 30, 2025. This increase reflected higher revenue per ton, including higher metal prices, partially offset by
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consumables used primarily as a result of higher metal prices.
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months ended June 30, 2025. This increase in Cost of sales was primarily driven by a 25% increase in raw materials and
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million for thethree months ended June 30, 2025. Theincrease was primarily driven by an increase in higher labor costs and
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million for thesix months ended June 30, 2025, reflecting higher shipments andhigher revenue per ton, including higher metal
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prices. A&T shipments wereup 20%, or 21 kt, due to higher Aerospace and Transportation, Industry and Defense rolled
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to lower Packaging rolled products shipments, partially offset by higher Automotive rolled products shipments, which benefited
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shares. While uncertainties persist on the macroeconomic and geopolitical fronts, we like our end market positioning and we are
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to experience destocking of aluminum products. We continue to believe that the long-term trends of increased
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additional borrowings under the Pan-U.S. ABL facility. During thethree months ended March 31, 2025, Constellium
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repurchased 1.4 million ordinary shares of the Company for$15 million.