Segment, Major Customer and Major Supplier Information (Tables)

9 Months Ended

Dec. 31, 2025

Selected Segment Financial Information


in millions
Selected Operating Results Three Months Ended December 31, 2025	North America		Europe		Asia		South America		Total
Net sales – third party	$	1,690	$	1,159	$	556	$	670	$	4,075
Net sales – intersegment	—		121		181		58		360
Total net sales	$	1,690	$	1,280	$	737	$	728	$	4,435

Reconciliation of net sales
Other revenues(1)									$	111
Elimination of intersegment net sales									(360)
Consolidated net sales									$	4,186

Cost of goods sold (exclusive of metal price lag, depreciation and amortization)	$	1,518	$	1,146	$	646	$	569
Selling, general and administrative expenses	65		48		26		27
Other segment items(2)	13		8		17		2
Adjusted EBITDA	$	94	$	78	$	48	$	130

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(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.

(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.


in millions
Selected Operating Results Nine Months Ended December 31, 2025	North America		Europe		Asia		South America		Total
Net sales – third party	$	5,833	$	3,655	$	1,923	$	1,891	$	13,302
Net sales – intersegment	—		125		532		147		804
Total net sales	$	5,833	$	3,780	$	2,455	$	2,038	$	14,106

Reconciliation of net sales
Other revenues(1)									$	345
Elimination of intersegment net sales									(804)
Consolidated net sales									$	13,647

Cost of goods sold (exclusive of metal price lag, depreciation and amortization)	$	5,234	$	3,399	$	2,111	$	1,609
Selling, general and administrative expenses	212		146		81		65
Other segment items(2)	26		6		23		7
Adjusted EBITDA	$	361	$	229	$	240	$	357

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(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.


in millions
Selected Operating Results Three Months Ended December 31, 2024	North America		Europe		Asia		South America		Total
Net sales – third party	$	1,647	$	1,041	$	608	$	682	$	3,978
Net sales – intersegment	—		13		122		3		138
Total net sales	$	1,647	$	1,054	$	730	$	685	$	4,116

Reconciliation of net sales
Other revenues(1)									$	102
Elimination of intersegment net sales									(138)
Consolidated net sales									$	4,080

Cost of goods sold (exclusive of metal price lag, depreciation and amortization)	$	1,437	$	953	$	616	$	534
Selling, general and administrative expenses	74		49		28		27
Other segment items(2)	14		3		11		3
Adjusted EBITDA	$	122	$	49	$	75	$	121

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(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.


in millions
Selected Operating Results Nine Months Ended December 31, 2024	North America		Europe		Asia		South America		Total
Net sales – third party	$	5,156	$	3,315	$	1,855	$	1,917	$	12,243
Net sales – intersegment	3		31		380		53		467
Total net sales	$	5,159	$	3,346	$	2,235	$	1,970	$	12,710

Reconciliation of net sales
Other revenues(1)									$	319
Elimination of intersegment net sales									(467)
Consolidated net sales									$	12,562

Cost of goods sold (exclusive of metal price lag, depreciation and amortization)	$	4,393	$	2,953	$	1,870	$	1,506
Selling, general and administrative expenses	232		152		85		78
Other segment items(2)	44		39		22		11
Adjusted EBITDA	$	490	$	202	$	258	$	375

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(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.


in millions
Selected Operating Results Three Months Ended December 31, 2025	North America		Europe		Asia		South America		Segment Subtotal		Eliminations and Other		Total
Depreciation and amortization	$	66	$	45	$	25	$	23	$	159	$	(4)	$	155
Income tax provision (benefit)	(87)		14		4		23		(46)		50		4
Capital expenditures	588		39		20		26		673		(9)		664

Selected Operating Results Nine Months Ended December 31, 2025
Depreciation and amortization	$	194	$	134	$	76	$	67	$	471	$	(16)	$	455
Income tax provision (benefit)	(84)		15		22		60		13		102		115
Capital expenditures	1,371		112		48		69		1,600		(23)		1,577


in millions
Selected Operating Results Three Months Ended December 31, 2024	North America		Europe		Asia		South America		Segment Subtotal		Eliminations and Other		Total
Depreciation and amortization	$	56	$	42	$	23	$	22	$	143	$	(1)	$	142
Income tax provision (benefit)	(5)		5		12		20		32		7		39
Capital expenditures	366		54		27		18		465		(7)		458

Selected Operating Results Nine Months Ended December 31, 2024
Depreciation and amortization	$	170	$	126	$	70	$	66	$	432	$	(9)	$	423
Income tax provision (benefit)	3		(3)		40		76		116		34		150
Capital expenditures	983		112		64		43		1,202		(27)		1,175


in millions
December 31, 2025	North America		Europe		Asia		South America		Segment Subtotal		Eliminations and Other		Total
Investment in and advances to non–consolidated affiliates	$	—	$	588	$	393	$	—	$	981	$	—	$	981
Total assets	8,137		4,410		2,022		2,176		16,745		1,501		18,246

March 31, 2025
Investment in and advances to non–consolidated affiliates	$	—	$	542	$	370	$	—	$	912	$	—	$	912
Total assets	6,638		4,303		2,163		2,155		15,259		1,256		16,515

The following table displays net sales by product end market:


	Three Months Ended December 31,				Nine Months Ended December 31,
in millions	2025		2024		2025		2024
Beverage packaging	$	2,313	$	2,190	$	7,336	$	6,505
Automotive	746		864		2,782		2,686
Aerospace and industrial plate	177		153		548		499
Specialty	950		873		2,981		2,872
Net sales	$	4,186	$	4,080	$	13,647	$	12,562

Reconciliation from income from reportable segments to "Net income attributable to out common shareholder"

The table below displays the reconciliation from net (loss) income attributable to our common shareholder to Adjusted EBITDA.


	Three Months Ended December 31,				Nine Months Ended December 31,
in millions	2025		2024		2025		2024
North America	$	94	$	122	$	361	$	490
Europe	78		49		229		202
Asia	48		75		240		258
South America	130		121		357		375
Eliminations and Other	(2)		—		(1)		4
Adjusted EBITDA	$	348	$	367	$	1,186	$	1,329
Depreciation and amortization	(155)		(142)		(455)		(423)
Interest expense and amortization of debt issuance costs	(66)		(66)		(201)		(210)
Adjustment to reconcile proportional consolidation(1)	(12)		(9)		(39)		(34)
Unrealized (losses) gains on change in fair value of derivative instruments, net	(33)		18		(70)		34
Realized gains (losses) on derivative instruments not included in Adjusted EBITDA(2)	1		(1)		7		(6)

Loss on extinguishment of debt, net	—		—		(3)		—
Restructuring and impairment, net	(20)		(6)		(136)		(46)
Loss on sale or disposal of assets, net	—		—		(3)		(2)

Metal price lag	126		—		324		14
Sierre flood losses, net of recoveries(3)	(2)		(5)		(10)		(106)
September Oswego fire losses, net of recoveries(4)	(300)		—		(321)		—
November Oswego fire losses, net of recoveries(4)	(27)		—		(27)		—
Start-up costs(5)	(12)		—		(25)		—
Other, net	(3)		(7)		(12)		(11)
(Loss) income from continuing operations before income tax provision	$	(155)	$	149	$	215	$	539


Income tax provision	(4)		(39)		(115)		(150)
Net loss attributable to noncontrolling interests	(1)		—		(1)		—
Net (loss) income attributable to our common shareholder	$	(160)	$	110	$	99	$	389

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(1)Adjustment to reconcile proportional consolidation relates to depreciation, amortization, and income taxes of our equity method investments. Income taxes related to our equity method investments are reflected in the carrying value of the investment and not in our consolidated income tax provision.

(2)Realized gains (losses) on derivative instruments not included in Adjusted EBITDA represents foreign currency derivatives not related to operations.

(3)Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant caused by unprecedented heavy rainfall, net of the related property insurance recoveries. See Note 13 – Other Expenses (Income), Net for additional information about this event.

(4)September Oswego fire losses, net of recoveries and November Oswego fire losses, net of recoveries relate to non-recurring non-operating charges from two significant fires at our Oswego, New York plant. See Note 13 – Other Expenses (Income), Net for additional information about this event.

(5)Start-up costs are related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are included in Selling, general and administrative expenses.