v3.25.2
FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments presented at fair value in the Consolidated Balance Sheet
All derivatives are presented at fair value in the Interim Consolidated Balance Sheets:
At June 30, 2025At December 31, 2024
(in millions of U.S. dollar)Non-currentCurrentTotalNon-currentCurrentTotal
Derivatives that qualify for hedge accounting
Currency commercial derivatives12 8 20 — — — 
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives5 18 23 — 5 5 
Currency net debt derivatives— — — — 1 1 
Energy derivatives2 1 3 1 — 1 
Metal derivatives2 19 21 1 18 19 
Fair value of derivatives instruments - assets21 46 67 2 24 26 
Derivatives that qualify for hedge accounting
Currency commercial derivatives— — — 13 9 22 
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives— 5 5 7 17 24 
Currency net debt derivatives— 2 2 — — — 
Energy derivatives— 2 2 — 2 2 
Metal derivatives3 23 26 1 5 6 
Fair value of derivatives instruments - liabilities3 32 35 21 33 54 
Schedule of fair value hierarchy
The following table provides an analysis of financial instruments measured at fair value, grouped into levels based on the degree to which the fair value is observable:
•Level 1 is based on a quoted price (unadjusted) in active markets for identical financial instruments. Level 1 includes aluminum, copper and zinc futures that are traded on the LME.
•Level 2 is based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e., prices), or indirectly (i.e., derived from prices). Level 2 includes foreign exchange derivatives, natural gas derivatives, silver derivatives and aluminum premium derivatives. The present value of future cash flows based on the forward or on the spot exchange rates at the balance sheet date is used to value foreign exchange derivatives.
•Level 3 is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs). Trade receivables are classified as a Level 3 measurement under the fair value hierarchy.
At June 30, 2025At December 31, 2024
(in millions of U.S. dollar)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fair value of derivatives instruments - assets760—671214—26
Fair value of derivatives instruments - liabilities1421—35549—54
Schedule of national amounts of outstanding derivatives
The following tables outline the nominal value (converted to millions of U.S. Dollars at the closing rate) of forward derivatives for Constellium’s most significant foreign exchange exposures at June 30, 2025.
Sold currenciesMaturity YearLess than 1 yearOver 1 year
USD2025-2029287455
CHF2025-2029447
CZK20254—
Other currencies2025-2027122
Purchased currenciesMaturity YearLess than 1 yearOver 1 year
USD2025-20268313
CHF2025-20289644
CZK2025-20265337
Other currencies20256—
At June 30, 2025, the nominal amount of commodity derivatives is as follows:
(in millions of U.S. dollar)Maturity YearLess than 1 yearOver 1 year
Metal2025-2027297115
Natural gas2025-2028628
Schedule of derivatives instruments performance
The table below details the effect of foreign currency derivatives in the Interim Consolidated Income Statement, the Interim Consolidated Statement of Cash Flows and the Interim Consolidated Statement of Comprehensive Income:
Three months ended June 30,Six months ended June 30,
(in millions of U.S. dollar)2025202420252024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on foreign currency derivatives - net (A)3(2)—(4)
Unrealized gains / (losses) on foreign currency derivatives - net (B)23(2)38(12)
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized gains / (losses) on foreign currency derivatives - net 26(6)37(10)
(Losses) / gains reclassified from cash flow hedge reserve to the Consolidated Income Statement (1)4—6
Included in Revenue (C)
Realized losses on foreign currency derivatives - net (A)(1)(3)(4)(5)
Unrealized gains / (losses) on foreign currency derivatives - net 1(1)3(1)
(A)Commercial derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated Statement of Cash Flows.
(B)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized.
(C)Changes in fair value of derivatives that qualify for hedge accounting are included in revenue when the related customer invoices are issued.
Three months ended June 30,Six months ended June 30,
(in millions of U.S. dollar)2025202420252024
Derivatives that do not qualify for hedge accounting
Included in Finance costs - net
Realized (losses) / gains on foreign currency derivatives - net (A)(16)(1)(25)1
Unrealized (losses) / gains on foreign currency derivatives - net (1)1(1)(2)
Total (17)—(26)(1)
(A)Net debt derivatives settled during the period are presented in Other financing activities in the Interim Consolidated Statement of Cash Flows.
The Group does not apply hedge accounting on commodity derivatives and therefore mark-to-market movements are recognized in Other gains and losses - net.
Three months ended June 30,Six months ended June 30,
(in millions of U.S. dollar)2025202420252024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on commodities derivatives - net (A)(28)26(19)17
Unrealized gains / (losses) on commodities derivatives - net 106(17)12
(A)Commodity derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated Statement of Cash Flows.