Constellium SE Q4 FY2025 earnings call

Safety: 2025 recordable case rate 1.9, better than industry average. Fourth quarter: shipments 365,000 tons (+11% y-o-y), revenue $2.2 billion (+28% y-o-y), net income $113 million vs net loss $47 million y-o-y, adjusted EBITDA $280 million (+124% y-o-y, excluding metal price lag $213 million). Full year 2025: shipments 1.5 million tons (+4% y-o-y), revenue $8.4 billion (+15% y-o-y), net income $275 million vs $60 million y-o-y, adjusted EBITDA $846 million (+36% y-o-y, excluding metal price lag $720 million). A&T segment: Fourth quarter adjusted EBITDA $83 million, PARP $136 million, AS&I $5 million. Vision 2028 program for operational efficiencies and cost reduction. Cost environment: metal costs, tariffs, inflation. End market outlook: aerospace, packaging, automotive, other specialties.

A&T segment: Fourth quarter adjusted EBITDA $83 million, up 43% y-o-y. Volume was a tailwind of $31 million due to higher TID shipments. Full year 2025 adjusted EBITDA $339 million, up 16% y-o-y. PARP segment: Fourth quarter adjusted EBITDA $136 million, up 143% y-o-y, new quarterly record. Volume was a tailwind of $19 million. Full year 2025 adjusted EBITDA $353 million, up 46% y-o-y. AS&I segment: Fourth quarter adjusted EBITDA $5 million, up $1 million y-o-y. Full year 2025 adjusted EBITDA $72 million, down 3% y-o-y.

2026 target adjusted EBITDA (excluding noncash metal price lag) $780-820 million, free cash flow >$200 million. 2028 target adjusted EBITDA (excluding noncash metal price lag) $900 million, free cash flow $300 million. 2026 Q1 expected benefits from recycling economics and automotive supply outage, second half scrap spreads may taper off.

Metal price fluctuations; Macroeconomic uncertainties; End market demand changes; Tariff policy changes; Supply chain disruptions; Weakness in European industrial markets.

Q: Katja Jancic asks about scrap spread benefit in 2026.

A: Jack Guo says scrap benefits in 2026, complicated, averages out over time, recycling requires investment.

Q: Bill Peterson asks about aerospace recovery, Vision 2028, tariff relief impact.

A: Ingrid Joerg says aerospace steady, Vision 2028 for efficiencies, no impact from tariff relief seen.

Q: Corinne Blanchard asks about EBITDA and free cash flow cadence, Vision 2028.

A: Jack Guo says Q1 strong, Ingrid Joerg says Vision 2028 for asset reliability, etc.

Q: Timna Tanners asks about second half cadence, Midwest premium and scrap spread assumptions, aluminum substitution, CBAM impact.

A: Jack Guo says first half more benefits, Ingrid Joerg says no aluminum substitution seen, CBAM negative for industry in Europe.