Constellium’s (CSTM) Q3CY23 performance fell short of street estimates mainly due to lower shipments. Key points: 1) Adj. EBITDA stood at EUR 168mn (up 5% YoY) compared to consensus estimate of EUR 180.6mn; 2) the impact of lower shipments was partially offset by better product mix; and 3) management mentioned inflationary pressure and demand headwinds in several key markets still persist.