During the six months ended June 30, 2025, the Company granted 1,154,859 PSUs to selected employees of the Group and to the Chief Executive Officer. The fair value of PSU awards with performance and service conditions is estimated using the value of Constellium SE’s ordinary shares on the date of grant. The fair value of PSU awards with market conditions is estimated using a Monte Carlo simulation model on the date of grant.

•A vesting condition under which the beneficiaries must be continuously at the service of the Company through the end of a three-year vesting period; and

•A performance condition, contingent on the TSR performance of Constellium shares over the vesting period compared to the TSR of specified indices. PSUs will ultimately vest based on a vesting multiplier which ranges from 0% to 200%.

The following table lists the inputs to the valuation model used for the PSUs granted during the six months ended June 30, 2025:


						2025 PSUs
Fair value at grant date (in dollars)						17.88
Share price at grant date (in dollars)						11.90
Dividend yield						—
Expected volatility (A)						47%
Risk-free interest rate (US government bond yield)						3.93%

(A)Volatility in the share prices of the Company and companies included in indices were estimated based on observed historical volatilities over a period equal to the PSU vesting period.

During the six months ended June 30, 2025, the Company granted 1,026,520 RSUs to selected employees of the Group and the Chief Executive Officer subject to the beneficiaries remaining continuously employed by or at the service of the Group from the grant date to the end of the three-year vesting period. The fair value of the RSUs awarded is $11.90, being the quoted market price at grant date.

Total share-based compensation expense was $13 million and $13 million for the six months ended June 30, 2025 and 2024, respectively.

At June 30, 2025, unrecognized compensation expense related to the RSUs was $21 million, which will be recognized over the remaining weighted average vesting period of 2.2 years and unrecognized compensation expense related to the PSUs was $34 million, which will be recognized over the remaining weighted average vesting period of 2.2 years.

Fair values of vested RSUs and PSUs amounted to $23 million for six months ended June 30, 2025. They are excluded from the Statement of Cash flows as non-cash financing activities.