FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

All derivatives are presented at fair value in the Interim Consolidated Balance Sheets:



	At June 30, 2026			At December 31, 2025
(in millions of U.S. dollars)	Non- current	Current	Total	Non- current	Current	Total
Derivatives that qualify for hedge accounting
Currency commercial derivatives	1	1	2	7	6	13
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	—	6	6	3	7	10
Energy derivatives	1	—	1	1	1	2
Metal derivatives	—	59	59	—	58	58
Fair value of derivative instruments - assets	2	66	68	11	72	83
Derivatives that qualify for hedge accounting
Currency commercial derivatives	1	1	2	—	—	—
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	1	12	13	1	4	5
Energy derivatives	2	4	6	1	2	3
Metal derivatives	—	57	57	1	12	13
Fair value of derivative instruments - liabilities	4	74	78	3	18	21

The following table provides an analysis of financial instruments measured at fair value, grouped into levels based on the

degree to which the fair value is observable:

•Level 1 is based on a quoted price (unadjusted) in active markets for identical financial instruments. Level 1

includes aluminum, copper and zinc futures that are traded on the LME.

•Level 2 is based on inputs other than quoted prices included within Level 1 that are observable for the assets or

liabilities, either directly (i.e., prices), or indirectly (i.e., derived from prices). Level 2 includes foreign exchange

derivatives, natural gas derivatives, silver derivatives and aluminum premium derivatives. The present value of

future cash flows based on the forward or on the spot exchange rates at the balance sheet date is used to value

foreign exchange derivatives.

•Level 3 is based on inputs for the asset or liability that are not based on observable market data (unobservable

inputs). Trade receivables are classified as a Level 3 measurement under the fair value hierarchy.



	At June 30, 2026				At December 31, 2025
(in millions of U.S. dollars)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Fair value of derivative instruments - assets	35	33	—	68	32	51	—	83
Fair value of derivative instruments - liabilities	39	39	—	78	5	16	—	21

The following tables outline the nominal value (converted to millions of U.S. dollars at the closing rate) of forward

derivatives for Constellium’s most significant foreign exchange exposures at June 30, 2026.

At June 30, 2026, the nominal amount of commodity derivatives is as follows:

The table below details the effect of foreign currency derivatives in the Interim Consolidated Income Statement, the

Interim Consolidated Statement of Cash Flows and the Interim Consolidated Statement of Comprehensive Income:


	Three months ended June 30,		Six months ended June 30,
(in millions of U.S. dollars)	2026	2025	2026	2025
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains on foreign currency derivatives - net (A)	(1)	3	—	—
Unrealized (losses) / gains on foreign currency derivatives - net (B)	(2)	23	(14)	38
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized (losses) / gains on foreign currency derivatives - net	(2)	26	(9)	37
(Losses) / gains reclassified from cash flow hedge reserve to the Consolidated Income Statement	(1)	(1)	(2)	—
Included in Revenue (C)
Realized gains / (losses) on foreign currency derivatives - net (A)	1	(1)	3	(4)
Unrealized (losses) / gains on foreign currency derivatives - net	(1)	1	(1)	3

(A)Commercial derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated

Statement of Cash Flows.

(B)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be

reflected in future years when these sales are recognized.

(C)Changes in fair value of derivatives that qualify for hedge accounting are included in revenue when the related customer invoices are

issued.


	Three months ended June 30,		Six months ended June 30,
(in millions of U.S. dollars)	2026	2025	2026	2025
Derivatives that do not qualify for hedge accounting
Included in Finance costs - net
Realized gains / (losses) on foreign currency derivatives - net (A)	(2)	(16)	2	(25)
Unrealized losses on foreign currency derivatives - net	(2)	(1)	(1)	(1)
Total	(4)	(17)	1	(26)

(A)Net debt derivatives settled during the period are presented in Other financing activities in the Interim Consolidated Statements of Cash

Flows.

The Group does not apply hedge accounting on commodity derivatives and therefore mark-to-market movements are

recognized in Other gains and losses – net.


	Three months ended June 30,		Six months ended June 30,
(in millions of U.S. dollar)	2026	2025	2026	2025
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on commodities derivatives - net (A)	67	(28)	104	(19)
Unrealized (losses) / gains on commodities derivatives - net	(100)	10	(46)	(17)

(A)Commodity derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated

Statements of Cash Flows.