Core Insights - Constellium reported strong third-quarter results for 2025, with record adjusted EBITDA and a significant increase in net income compared to the previous year [8][10][36] - The company announced a leadership transition, with Ingrid Jorg set to succeed Jean-Marc Germain as CEO at the end of December 2025 [5][6][27] - The company is raising its guidance for 2025, targeting adjusted EBITDA in the range of $670 million to $690 million and free cash flow of $120 million [37] Financial Performance - Shipments increased by 6% year-over-year to 373,000 tons, contributing to a 20% rise in revenue to $2.2 billion [8][10] - Net income for the quarter was $88 million, up from $8 million in the same quarter last year, driven by higher gross profit [9][10] - Adjusted EBITDA reached $235 million, an 85% increase year-over-year, with a record adjusted EBITDA of $196 million when excluding the impact of metal price lag [9][10] Leadership Transition - Jean-Marc Germain will retire as CEO and Board Director on December 31, 2025, after nearly ten years with the company [5][6] - Ingrid Jorg, with over 25 years of experience in the aluminum industry, will take over as CEO and has been instrumental in developing the company's strategy [6][27] Market Outlook - The aerospace market shows strong demand, with commercial aircraft backlogs at record levels and major OEMs increasing build rates [28][29] - The packaging market remains healthy, with demand for aluminum beverage cans driving growth in North America and Europe [30] - The automotive market is facing challenges, particularly in Europe, with production levels below pre-COVID levels and ongoing impacts from tariffs [31][32] Cost Management and Tariffs - The company operates a pass-through business model, minimizing exposure to metal price risks, and has made progress in mitigating tariff impacts [10][12] - Current tariff exposure is manageable, with indirect benefits from tariffs including improved domestic demand for aluminum products [12][36] - The company is focused on cost control and has accelerated its Vision '25 cost improvement program in response to market conditions [22][36] Free Cash Flow and Shareholder Returns - Free cash flow for the quarter was $30 million, with a year-to-date total of $68 million, and the company plans to continue share repurchase activities [10][24] - The company repurchased 1.7 million shares for $25 million during the quarter, with approximately $146 million remaining on its share repurchase program [24][25]