v3.26.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 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
664
1,625
402
2
481
1,307
409
1
Inter-segment elimination
(40)
(3)
(12)
—
(19)
(2)
(10)
—
External revenue
624
1,622
390
2
462
1,305
399
1
Cost of metal
(333)
(1,175)
(241)
2
(203)
(946)
(224)
2
Production costs
(162)
(254)
(105)
(1)
(142)
(246)
(119)
(1)
Other segment expenses (A)
(27)
(31)
(23)
(8)
(26)
(30)
(22)
(11)
Segment Adjusted EBITDA
102
162
21
(5)
90
82
33
(9)
Nine months ended September 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
1,954
4,782
1,275
6
1,441
3,729
1,211
3
Inter-segment elimination
(111)
(13)
(45)
—
(79)
(9)
(48)
—
External revenue
1,843
4,769
1,230
6
1,362
3,720
1,163
3
Cost of metal
(923)
(3,435)
(748)
5
(592)
(2,700)
(686)
5
Production costs
(498)
(762)
(335)
(5)
(438)
(720)
(341)
(5)
Other segment expenses (A)
(82)
(94)
(76)
(43)
(76)
(83)
(69)
(35)
Segment Adjusted EBITDA
340
478
71
(37)
256
217
67
(32)
(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 September 30,
Nine months ended September 30,
(in millions of U.S. dollars)
Notes
2026
2025
2026
2025
A&T
102
90
340
256
P&ARP
162
82
478
217
AS&I
21
33
71
67
H&C (A)
(5)
(9)
(37)
(32)
Segment Adjusted EBITDA
280
196
852
507
Metal price lag (B)
(4)
39
222
59
Depreciation and amortization
(82)
(84)
(249)
(244)
Impairment of assets
—
—
(3)
—
Share based compensation
16
(8)
(7)
(27)
(20)
Pension and other post-employment benefits -
non-operating gains
3
3
10
10
Restructuring costs
—
(1)
(5)
(3)
Unrealized  (losses) / gains on derivatives
5
13
(55)
34
Unrealized exchange gains / (losses) from the
remeasurement of monetary assets and
liabilities – net
—
1
1
1
Losses on disposal
—
—
(1)
(1)
Other (C)
(1)
(2)
(1)
—
Expenses on factoring arrangements
8
(6)
(5)
(15)
(16)
Finance costs – net
5
(27)
(27)
(83)
(83)
Income before tax
160
126
646
244
Income tax expense
6
(41)
(38)
(183)
(82)
Net income
119
88
463
162
(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 nine months ended September 30, 2025, Other mainly includes $9 million of insurance proceeds and $8 million of clean-up
costs related to the flooding of our facilities in Valais (Switzerland).
3.3 Capital expenditures
Three months ended September 30,
Nine months ended September 30,
(in millions of U.S. dollars)
2026
2025
2026
2025
A&T
(16)
(19)
(43)
(48)
P&ARP
(31)
(37)
(123)
(112)
AS&I
(10)
(11)
(28)
(40)
H&C (A)
(1)
(2)
(3)
(3)
Total capital expenditures (B)
(58)
(69)
(197)
(203)
(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 September 30,
Nine months ended September 30,
(in millions of U.S. dollars)
2026
2025
2026
2025
A&T
(18)
(18)
(55)
(53)
P&ARP
(48)
(47)
(143)
(136)
AS&I
(15)
(18)
(50)
(51)
H&C (A)
(1)
(1)
(4)
(4)
Total depreciation, amortization and impairment
expense
(82)
(84)
(252)
(244)
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
3.5 Assets
(in millions of U.S. dollars)
At September 30,
2026
At December 31,
2025
A&T
1,661
1,375
P&ARP
2,706
2,405
AS&I
700
711
H&C (A)
463
390
Deferred income tax assets
124
270
Cash and cash equivalents
158
120
Fair value of derivative instruments and other financial assets
43
83
Total assets
5,855
5,354
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.