Financial Data and Key Metrics Changes - Constellium achieved adjusted EBITDA of $83 million in Q4 2025, a 43% increase compared to Q4 2024, with full-year adjusted EBITDA of $339 million, up 16% from 2024 [2][3] - The company generated $178 million in free cash flow for 2025, significantly improving from 2024, and expects to exceed $200 million in 2026 [11][12] - Net debt increased to $1.8 billion, up approximately $50 million from the end of 2024, with leverage reduced to 2.5 times [14] Business Segment Performance Changes - The A&T segment's adjusted EBITDA was $83 million in Q4 2025, driven by a 41% increase in TID shipments, while full-year adjusted EBITDA reached $339 million [2][3] - The PARP segment achieved a record adjusted EBITDA of $136 million in Q4 2025, a 143% increase year-over-year, with full-year adjusted EBITDA of $353 million, up 46% from 2024 [4][5] - The AS&I segment reported adjusted EBITDA of $5 million in Q4 2025, a slight increase from the previous year, but full-year adjusted EBITDA decreased by 3% to $72 million [6][8] Market Data and Key Metrics Changes - Demand in the aerospace market remains strong, with commercial aircraft backlogs at record levels, while the automotive market in North America is stable but facing challenges in Europe [16][21] - Packaging demand is healthy in both North America and Europe, with expectations for low to mid-single-digit growth in the long term [18][19] - Industrial markets in North America and Europe have stabilized, but specialty markets in Europe remain weak [22] Company Strategy and Development Direction - The company announced the Vision 2028 program aimed at operational efficiencies and cost reductions to support long-term targets [11][47] - Investments in additional capacities, particularly in aerospace, are expected to strengthen the company's market position [17][59] - The company remains focused on maintaining a right-sized cost structure and managing inflationary pressures [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals driving commercial aerospace demand, including growing passenger traffic and demand for fuel-efficient aircraft [16][17] - The company anticipates continued benefits from favorable recycling economics in 2026, particularly in the first half [12][28] - Management acknowledged uncertainties in the automotive market, particularly in Europe, but remains positive about long-term trends [21][46] Other Important Information - The company repurchased 8.9 million shares for $115 million in 2025, with $106 million remaining in the share repurchase program [12][13] - Holdings and corporate expenses for 2025 were $44 million, up $11 million from the previous year, primarily due to higher labor costs [8] Q&A Session Summary Question: Benefits from scrap spreads in 2026 guidance - Management expects similar benefits from scrap spreads in 2026 as seen in Q4 2025, with a net impact of $40 million from favorable conditions [28][29] Question: Thoughts on aerospace recovery and Vision 2028 - Management sees packaging as a growth driver and expects stability in aerospace, with military and space sectors continuing to grow [44][45] Question: Impact of potential tariff relief - Management believes current tariffs are a net positive, with no expected impact from potential relief on derivative products [49] Question: Cadence of EBITDA and free cash flow - Management indicated that Q1 2026 is set up nicely for EBITDA, with expectations for stronger performance compared to Q4 2025 [55][56] Question: Demand destruction and material substitution - Management does not see evidence of material substitution in automotive and believes lightweighting trends will continue to support aluminum demand [69][70]

Group 1 - Crown Holdings (CCK) is one of the largest aluminum beverage can producers globally and has upgraded its 2025 guidance multiple times last year, indicating strong performance expectations for FY 2025 [1] - The company is highlighted in a financial context that emphasizes a mixture of dividend and growth stocks, suggesting a strategic focus on high-quality investment opportunities [1] - The investment group European Small Cap Ideas, led by a financial writer, offers exclusive access to actionable research on appealing Europe-focused investment opportunities, which includes two model portfolios and educational content [1]

Core Insights - Upslope Capital Management aims to provide attractive, equity-like returns while reducing market risk and maintaining low correlation with traditional equity strategies [1] - The Fund achieved a return of +2.0% (net) in Q4 2025, outperforming the S&P Midcap 400 ETF and HFRX Equity Hedge Index, which returned +1.6% [1] - For the full year 2025, the Fund delivered a return of +14.8%, significantly higher than the +7.2% and +10.1% returns of the respective indexes [1] - The investment landscape is increasingly dynamic, with decisions driven by aggressive, thematic, and short-term strategies [1] - Identifying investment opportunities is straightforward, but returns remain uncertain due to the current economic environment [1] Company Insights - Crown Holdings, Inc. (NYSE:CCK) is a leading global producer of aluminum beverage cans (80% of sales) and transit packaging/equipment (20%) [3] - The company has a diversified geographic presence, with 60% of sales generated outside the United States and 34% from emerging and frontier markets [3] - As of January 16, 2026, Crown Holdings, Inc. stock closed at $104.24 per share, with a one-month return of 1.02% and a 52-week gain of 21.83% [2] - Crown Holdings, Inc. has a market capitalization of approximately $12.131 billion [2]

Core Insights - Crown Holdings, Inc. announced the winners of its 2025 Chairman's Sustainability Awards, recognizing manufacturing facilities for their contributions to Sustainable Manufacturing, Safety/Employee Engagement, and Innovation in Sustainability [1][2] Sustainable Manufacturing - The Ponta Grossa aluminum beverage can manufacturing plant in Brazil won the Sustainable Manufacturing Award for implementing energy-efficient methods, including a heat exchange system that reuses residual heat [3] - Signode India Limited was a finalist for the Sustainable Manufacturing Award for projects such as automated oven temperature controls and a plastic recycling program [7][9] Safety/Employee Engagement - The Izmit aluminum beverage can manufacturing plant in Turkey received the Safety/Employee Engagement Award for modernizing its air system, improving air quality and work conditions for employees [4] - The Bowling Green, KY aluminum beverage can manufacturing plant was a finalist for achieving a 20% reduction in total recordable incident rate (TRIR) through safety-focused initiatives [6] Innovation in Sustainability - The Innovation in Sustainability Award was given to Signode Belgium for launching plastic stretch film with 30% post-consumer recycled content and to SMP Singapore for transitioning to an LED ink curing system, reducing carbon emissions [5] - The Agoncillo, Spain beverage cans and ends plant was recognized as a finalist for its Smart Air Efficiency project, which optimized air usage and reduced CO2 emissions [8] Notable Finalists - Other finalists included Crown Vietnam for its safety poster program and employee engagement initiatives, and Crown TCP (Thailand) for using AI cameras to enhance operational efficiency [9]

Core Insights - Ball Corporation (BALL) has signed a definitive agreement to acquire an 80% stake in Benepack's European beverage can manufacturing businesses, enhancing its European manufacturing network and promoting aluminum beverage cans as a sustainable packaging option [1][2]. Deal Details - Benepack operates two facilities in Belgium and Hungary, serving customers across Western and Eastern Europe. The acquisition will cost BALL €184 million ($216.2 million), with Benepack retaining a 20% stake. The purchase price is considered attractive due to the strategic fit and quality of the business [2][6]. - The deal has received necessary regulatory approvals and is expected to close in the first quarter of 2026, pending closing conditions [3][6]. Financial Performance - In Q3 2025, Ball Corp reported adjusted earnings per share of $1.02, matching Zacks Consensus Estimate and reflecting a 12% year-over-year increase, driven by higher volumes across all segments [4]. - Total sales for the quarter reached $3.38 billion, up from $3.08 billion in the previous year, surpassing the Zacks Consensus Estimate of $3.32 billion. Global aluminum packaging shipments increased by 3.9% year over year [4]. Stock Performance - Ball Corp's stock has declined by 14.1% year-to-date, compared to a 10.3% decline in the industry [5].

Core Viewpoint - Ball Corporation has announced the acquisition of an 80% stake in Benepack's beverage can manufacturing businesses in Europe for approximately €184 million, enhancing its manufacturing network and supporting growth in the beverage packaging sector [1][2][4]. Group 1: Acquisition Details - Ball Corporation will acquire an 80% stake in Benepack for an estimated cost of €184 million, which is considered an attractive purchase price due to the strategic fit and geographic complementarity of the Benepack business [2]. - The remaining 20% interest in Benepack will continue to be held by existing shareholders [2]. - All necessary regulatory approvals have been obtained, and the transaction is expected to close in the first quarter of 2026, pending customary closing conditions [3]. Group 2: Strategic Implications - The acquisition of Benepack's plants in Belgium and Hungary positions Ball Corporation to better serve a growing customer base in the beverage sector across Europe [4]. - This investment is aimed at optimizing Ball's European manufacturing network and supporting long-term volume and economic value added (EVA) growth with key customers [4]. - The move reinforces the company's commitment to aluminum beverage cans as a sustainable and scalable packaging solution [4]. Group 3: Company Overview - Ball Corporation specializes in providing innovative and sustainable aluminum packaging solutions for various sectors, including beverages, personal care, and household products [4]. - The company employs 16,000 people globally and reported net sales of $11.80 billion for 2024, excluding its divested aerospace business [4].

Group 1 - Ardagh Metal Packaging operates in the mature aluminum beverage can industry, which is characterized as functional yet unglamorous [1] - The company focuses on macroeconomic analysis and valuation models, including DCF and multiple-based analysis [1] - Key areas of attention include financial structure, free cash flow generation, and capital allocation discipline [1] Group 2 - The investment approach is particularly interested in companies undergoing transformation or recovery, with a favorable risk/reward profile over a 2–3 year horizon [1] - The aim is to publish in-depth investment theses on undervalued equities and special situation plays that may not be widely recognized [1] - The commitment to transparency and intellectual honesty is emphasized, with every shared idea being one the company would consider investing in personally [1]