v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION NOTE 3 - SEGMENT INFORMATION
Constellium has three reportable business segments - Aerospace & Transportation ("A&T"), Packaging & Automotive
Rolled Products ("P&ARP") and Automotive Structures & Industry ("AS&I").
3.1 Revenue, Costs and Segment Adjusted EBITDA
Three months ended March 31,
2026
2025
(in millions of U.S. dollars)
A&T
P&ARP
AS&I
H&C
(B)
A&T
P&ARP
AS&I
H&C
(B)
Segment revenue
609
1,477
415
2
468
1,187
381
—
Inter-segment elimination
(26)
(3)
(13)
—
(33)
(3)
(21)
—
External revenue
583
1,474
402
2
435
1,184
360
—
Cost of metal
(280)
(1,039)
(236)
2
(185)
(859)
(214)
2
Production costs
(174)
(254)
(117)
(2)
(146)
(239)
(107)
(2)
Other segment expenses (A)
(27)
(30)
(25)
(17)
(22)
(26)
(23)
(11)
Segment Adjusted EBITDA
102
151
24
(15)
82
60
16
(11)
(A) Other segment expenses primarily include selling and general administrative expenses and research and development expenses.
(B) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
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 March 31,
(in millions of U.S. dollars)
Notes
2026
2025
A&T
102
82
P&ARP
151
60
AS&I
24
16
H&C (A)
(15)
(11)
Segment Adjusted EBITDA
262
147
Metal price lag (B)
97
39
Depreciation and amortization
(83)
(78)
Impairment of assets
(4)
—
Share based compensation
16
(11)
(6)
Pension and other post-employment benefits - non - operating gains
3
3
Restructuring costs
(3)
(1)
Unrealized gains / (losses) on derivatives
42
(12)
Unrealized exchange gains / (losses) from the remeasurement of monetary assets
and liabilities – net
1
(1)
Other (C)
—
3
Expenses on factoring arrangements
8
(4)
(5)
Finance costs – net
5
(28)
(27)
Income before tax
272
62
Income tax expense
6
(76)
(24)
Net income
196
38
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
(B)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 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.
(C)For the three months ended March 31, 2025, Other mainly includes $7 million of insurance proceeds and $3 million of clean-up costs
related to the flooding of our facilities in Valais (Switzerland).
3.3 Capital expenditures
Three months ended March 31,
(in millions of U.S. dollars)
2026
2025
A&T
(10)
(13)
P&ARP
(48)
(34)
AS&I
(10)
(14)
Total capital expenditures (A)
(68)
(61)
(A)Purchase of property plant and equipment, net of grants received and insurance compensation related to property plant and equipment.
3.4 Depreciation, amortization and impairment
Three months ended March 31,
(in millions of U.S. dollars)
2026
2025
A&T
(18)
(17)
P&ARP
(47)
(44)
AS&I
(20)
(16)
H&C (A)
(2)
(1)
Total depreciation, amortization and impairment expense
(87)
(78)
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
3.5 Assets
(in millions of U.S. dollars)
At March 31,
2026
At December
31, 2025
A&T
1,501
1,375
P&ARP
2,664
2,405
AS&I
731
711
H&C (A)
468
390
Deferred income tax assets
202
270
Cash and cash equivalents
143
120
Fair value of derivatives instruments and other financial assets
136
83
Total assets
5,845
5,354
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.