FINANCE COSTS - NET (Tables)

3 Months Ended

Mar. 31, 2026


		Three months ended March 31,
(in millions of U.S. dollars)	Notes	2026	2025
Interest expense on borrowings (A)		(26)	(25)
Interest cost on pension and other long-term benefits	13	(2)	(2)
Realized and unrealized (losses) / gains on debt derivatives at fair value (B)	12	5	(9)
Realized and unrealized exchange (losses) / gains on financing activities - net (B)		(4)	10
Other finance expenses		(2)	(2)
Capitalized borrowing costs (C)		1	1
Finance expenses		(28)	(27)
Finance costs - net		(28)	(27)

(A)For the three months ended March 31, 2026, and 2025, interest expense on borrowings included $24 million and $22 million of interest

expenses related to Constellium SE Senior Notes including amortization of debt issuance costs, respectively.

(B) The Group hedges its currency exposure when using external funding sources in a currency other than the functional currency of the

entities being funded. Changes in the fair value of these hedging derivatives are recognized within Finance costs – net in the Interim

Consolidated Income Statement.

(C) Borrowing costs directly attributable to the construction of assets are capitalized. The capitalization rate was 5% for the three months

ended March 31, 2026, and 2025.