Constellium SE

Constellium said Q2 revenue was $2.7 billion, up 31% year over year, and net income was $148 million versus $36 million in Q2 2025. Adjusted EBITDA was $439 million, including a $129 million positive non-cash metal price lag impact; excluding that impact, Adjusted EBITDA was $310 million, up 88% versus $165 million last year. Free Cash Flow was $90 million in the quarter and $95 million year to date, leverage was 1.8x, and net debt was EUR 1.8 billion. For 2026, the company raised guidance to Adjusted EBITDA ex metal price lag of EUR 980 million-EUR 1.02 billion and Free Cash Flow of more than EUR 300 million; CapEx remains about EUR 330 million, cash interest about EUR 125 million, cash taxes about EUR 105 million, and holdings and corporate expense is now expected to be about EUR 55 million.

Ingrid Joerg struck an upbeat tone, saying the company was “very pleased” with Q2 and that the first half set records. She emphasized strong operations, cost control, improved market dynamics, and a better second-half outlook, which together supported higher full-year guidance. She also framed the Middle East conflict as manageable so far, with limited immediate impact on supply chain, energy, or end-market demand.

Jack Guo focused on segment execution, noting A&T Adjusted EBITDA of $135 million was a quarterly record and P&ARP Adjusted EBITDA of $165 million was also a quarterly record. He highlighted favorable recycling and scrap conditions, saying second-half benefits should remain favorable but at a more modest level than in the first half, while inflation in freight, lubricants, and coatings bears watching. On capital allocation, he said Free Cash Flow is targeted above EUR 300 million, CapEx is about EUR 330 million, share repurchases totaled 623,000 shares for EUR 20 million in the quarter, and the company completed a EUR 100 million partial redemption of 2028 notes.

Analysts pressed on the implied second-half slowdown, and management pointed to normal seasonality, planned outages, and easier year-ago comparisons from one-offs, plus tapering recycling benefits. Questions on scrap spreads led management to say the back half is largely locked in at favorable levels, but 2027 is too early to quantify. On aerospace and A&T, management said Q2’s EUR 2,000-plus EBITDA per ton was exceptional and that a through-cycle target of EUR 1,300 per ton remains the guide, while noting North American auto sheet tightness should normalize as Oswego capacity returns by year-end.