v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 June 30,
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
680
1,680
458
2
492
1,235
421
1
Inter-segment elimination
(44)
(7)
(21)
—
(26)
(3)
(18)
—
External revenue
636
1,673
437
2
466
1,232
404
1
Cost of metal
(310)
(1,221)
(270)
1
(203)
(895)
(248)
2
Production costs
(162)
(254)
(114)
(2)
(151)
(234)
(114)
(2)
Other segment expenses (A)
(29)
(33)
(27)
(17)
(27)
(29)
(24)
(12)
Segment Adjusted EBITDA
135
165
26
(16)
84
74
18
(12)
Six months ended June 30,
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
1,289
3,157
873
3
960
2,422
802
2
Inter-segment elimination
(70)
(10)
(33)
—
(60)
(6)
(38)
—
External revenue
1,219
3,147
840
3
900
2,416
764
2
Cost of metal
(590)
(2,260)
(507)
3
(388)
(1,753)
(462)
3
Production costs
(335)
(508)
(231)
(3)
(296)
(474)
(221)
(4)
Other segment expenses (A)
(56)
(62)
(53)
(35)
(50)
(54)
(47)
(24)
Segment Adjusted EBITDA
238
317
49
(32)
165
135
34
(23)
(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 June 30,
Six months ended June 30,
(in millions of U.S. dollars)
Notes
2026
2025
2026
2025
A&T
135
84
238
165
P&ARP
165
74
317
135
AS&I
26
18
49
34
H&C (A)
(16)
(12)
(32)
(23)
Segment Adjusted EBITDA
310
165
572
312
Metal price lag (B)
129
(19)
226
20
Depreciation and amortization
(84)
(82)
(167)
(160)
Impairment of assets
1
—
(3)
—
Share based compensation
16
(8)
(7)
(19)
(13)
Pension and other post-employment benefits -
non-operating gains
4
4
7
7
Restructuring costs
(2)
(1)
(5)
(2)
Unrealized  (losses) / gains on derivatives
(102)
33
(60)
21
Unrealized exchange gains / (losses) from the
remeasurement of monetary assets and
liabilities – net
—
1
1
—
Losses on disposal
(1)
(1)
(1)
(1)
Other (C)
—
(2)
—
1
Expenses on factoring arrangements
8
(5)
(6)
(9)
(11)
Finance costs – net
5
(28)
(29)
(56)
(56)
Income before tax
214
56
486
118
Income tax expense
6
(66)
(20)
(142)
(44)
Net income
148
36
344
74
(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 June 30, 2025, Other mainly includes $2 million of clean-up costs related to the flooding of our facilities in
Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 million
of clean-up costs related to the flooding of our facilities in Valais (Switzerland).
3.3 Capital expenditures
Three months ended June 30,
Six months ended June 30,
(in millions of U.S. dollars)
2026
2025
2026
2025
A&T
(17)
(16)
(27)
(29)
P&ARP
(44)
(41)
(92)
(75)
AS&I
(8)
(15)
(18)
(29)
H&C (A)
(2)
(1)
(2)
(1)
Total capital expenditures (B)
(71)
(73)
(139)
(134)
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
(B)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 June 30,
Six months ended June 30,
(in millions of U.S. dollars)
2026
2025
2026
2025
A&T
(19)
(18)
(37)
(35)
P&ARP
(48)
(45)
(95)
(89)
AS&I
(15)
(17)
(35)
(33)
H&C (A)
(1)
(2)
(3)
(3)
Total depreciation, amortization and impairment
expense
(83)
(82)
(170)
(160)
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
3.5 Assets
(in millions of U.S. dollars)
At June 30, 2026
At December 31,
2025
A&T
1,628
1,375
P&ARP
2,806
2,405
AS&I
722
711
H&C (A)
530
390
Deferred income tax assets
153
270
Cash and cash equivalents
163
120
Fair value of derivative instruments and other financial assets
68
83
Total assets
6,070
5,354
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.