Performance-Based Restricted Stock Units (equity-settled)

During the three months ended March 31, 2026, the Company granted 401,662 Performance-Based Restricted Stock

Units ("PSUs") to selected employees of the Group. 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.

These units vest if the following conditions are met:

•A vesting condition under which the beneficiaries must be continuously at the service of the Company through the

•A performance condition, contingent on the total shareholder return (“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 three months ended


		2026 PSUs
Fair value at grant date (in dollars)		34.38
Share price at grant date (in dollars)		24.59
Dividend yield		—
Expected volatility (A)		46%
Risk-free interest rate (US government bond yield)		3.75%

(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.

Restricted Stock Units Award Agreements (equity-settled)

During the three months ended March 31, 2026, the Company granted 409,752 Restricted Stock Units (RSUs) to selected

employees of the Group 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 $24.59, being the quoted

Total share-based compensation expense was $11 million and $6 million for the three months ended March 31, 2026 and

At March 31, 2026, 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 $32 million, which will be recognized over the remaining weighted average vesting period of 2.1 years.

Fair values of vested RSUs and PSUs amounted to $26 million for the three months ended March 31, 2026. They are

excluded from the Statement of Cash flows as non-cash financing activities.