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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024


	At December 31,
	2024			2023
(in millions of U.S. dollar)	Non- current	Current	Total	Non- current	Current	Total

Derivatives that qualify for hedge accounting
Currency commercial derivatives	—	—	—	1	1	2
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	—	5	5	1	10	11
Currency net debt derivatives	—	1	1	—	2	2
Energy derivatives	1	—	1	—	—	—
Metal derivatives	1	18	19	1	20	21
Fair value of derivatives instruments - assets	2	24	26	3	33	36

Derivatives that qualify for hedge accounting
Currency commercial derivatives	13	9	22	2	7	9
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	7	17	24	2	9	11
Energy derivatives	—	2	2	4	9	13
Metal derivatives	1	5	6	1	12	13
Fair value of derivatives instruments - liabilities	21	33	54	9	37	46

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 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 December 31,
	2024				2023
(in millions of U.S. dollar)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Fair value of derivatives instruments - assets	12	14	—	26	19	17	—	36
Fair value of derivatives instruments - liabilities	5	49	—	54	7	39	—	46

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

derivatives for Constellium’s most significant foreign exchange exposures at December 31, 2024.

At December 31, 2024, the nominal amount of commodity derivatives is as follows:

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

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


		Year ended December 31,
(in millions of U.S. dollar)	Notes	2024	2023	2022
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on foreign currency derivatives - net (A)	5	(10)	18	(1)
Unrealized (losses) / gains on foreign currency derivatives - net (B)	5	(20)	(14)	8
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized (losses) / gains on foreign currency derivatives - net		(23)	1	(16)
Gains reclassified from cash flow hedge reserve to the Consolidated Income Statement		11	6	8
Included in Revenue (C)
Realized losses on foreign currency derivatives - net (A)	5	(10)	(7)	(8)
Unrealized (losses) / gains on foreign currency derivatives - net	5	(1)	1	—

(A)Commercial derivatives settled during the year are presented in net cash flows from operating activities in the 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.


	Year ended December 31,
(in millions of U.S. dollar)	2024	2023	2022
Derivatives that do not qualify for hedge accounting
Included in Finance costs - net
Realized gains on foreign currency derivatives - net (A)	13	5	2
Unrealized (losses) / gains on foreign currency derivatives - net	(2)	2	(1)
Total	11	7	1

(A)Net debt derivatives settled during the year are presented in Other financing activities in the Consolidated Statement 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.


	Year ended December 31,
(in millions of U.S. dollar)	2024	2023	2022
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on commodities derivatives - net (A)	22	(68)	(7)
Unrealized gains / (losses) on commodities derivatives - net	19	11	(56)

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

of Cash Flows.