v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 3 - SEGMENT INFORMATION
Constellium has three business reportable segments - Aerospace & Transportation ("A&T"), Packaging & Automotive Rolled Products ("P&ARP") and Automotive Structures & Industry ("AS&I") - and Holdings & Corporate ("H&C"). Holdings & Corporate (‘H&C’) includes certain costs of our corporate support functions and our technology centers.
3.1 Segment revenue, Segment costs and Segment Adjusted EBITDA
Three months ended June 30,
20252024
(in millions of U.S. dollar)A&TP&ARPAS&IH&CA&TP&ARPAS&IH&C
Segment revenue4921,23542114871,079384—
Inter-segment elimination(26)(3)(18)—(14)(3)(1)—
External revenue4661,23240414731,076383—
Cost of metal(209)(895)(248)2(202)(743)(206)1
Production costs(151)(234)(114)(2)(158)(242)(124)(1)
Other segment expenses (A)(27)(29)(24)(12)(23)(25)(23)(6)
Segment Adjusted EBITDA787418(12)906630(6)

Six months ended June 30,
20252024
(in millions of U.S. dollar)A&TP&ARPAS&IH&CA&TP&ARPAS&IH&C
Segment revenue9602,42280229662,0977793
Inter-segment elimination(60)(6)(38)—(25)(7)(1)—
External revenue9002,41676429412,0907783
Cost of metal(401)(1,753)(462)3(407)(1,435)(415)3
Production costs(296)(474)(221)(4)(310)(486)(252)(3)
Other segment expenses (A)(50)(54)(47)(24)(47)(55)(48)(17)
Segment Adjusted EBITDA15313534(23)17711463(14)
(A) Other segment expenses primarily include selling and general administrative expenses and research and development expenses.

3.2 Reconciliation of Segment Adjusted EBITDA to Net Income
Constellium’s chief operating decision-maker measures the profitability and financial performance of its operating segments based on Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as income / (loss) from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation, amortization as adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange differences on transactions that do not qualify for hedge accounting, metal price lag, share-based compensation expense, non- operating gains / (losses) on pension and other post-employment benefits, expenses on factoring arrangements, effects of certain purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain incremental costs and other exceptional, unusual or generally non-recurring items.
Three months ended June 30,Six months ended June 30,
(in millions of U.S. dollar)Notes2025202420252024
A&T 7890153177
P&ARP 7466135114
AS&I 18303463
H&C (12)(6)(23)(14)
Segment Adjusted EBITDA 159180299340
Metal price lag (A)(13)453331
Depreciation and amortization (82)(76)(160)(151)
Impairment of assets (B)—(5)—(8)
Share based compensation costs 17(7)(7)(13)(13)
Pension and other post-employment benefits - non - operating gains 4477
Restructuring costs (1)(3)(2)(3)
Unrealized gains on derivatives 33421—
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net 1——2
Losses on disposal (1)—(1)(1)
Other (C)(2)(8)1(8)
Expenses on factoring arrangements 8(6)(5)(11)(10)
Finance costs - net5(29)(25)(56)(52)
Income before tax56104118134
Income tax expense6(20)(27)(44)(35)
Net income36777499
(A)Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established, which is a non-cash financial impact. The metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.
(B)For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.
(C)For the three months ended June 30, 2025, other mainly includes 2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the three and six months ended June 30, 2024, other was related to $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) at the end of June 2024 as well as $2 million of costs associated with non-recurring corporate transformation projects.
3.3 Segment capital expenditures
Three months ended June 30,Six months ended June 30,
(in millions of U.S. dollar)2025202420252024
A&T(16)(21)(29)(40)
P&ARP(41)(45)(75)(74)
AS&I(15)(16)(29)(34)
H&C(1)(2)(1)(3)
Total capital expenditures (A)(73)(84)(134)(151)
(A)Purchase of property plant and equipment, net of grants received and insurance compensation related to property plant and equipment.

3.4 Segment depreciation, amortization and impairment
Three months ended June 30,Six months ended June 30,
(in millions of U.S. dollar)2025202420252024
A&T(18)(17)(35)(34)
P&ARP(45)(41)(89)(82)
AS&I(17)(21)(33)(40)
H&C(2)(2)(3)(3)
Total depreciation, amortization and impairment expense(82)(81)(160)(159)

3.5 Segment assets
(in millions of U.S. dollar)At June 30, 2025At December 31, 2024
A&T1,3791,172
P&ARP2,3432,118
AS&I774651
H&C381313
Segment assets4,8774,254
Deferred income tax assets291311
Cash and cash equivalents133141
Fair value of derivatives instruments and other financial assets6728
Total assets5,3684,734