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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 3 - SEGMENT INFORMATION
Constellium has three reportable segments - Aerospace & Transportation ("A&T"), Packaging & Automotive Rolled Products ("P&ARP") and Automotive Structures & Industry ("AS&I") - and Holdings & Corporate ("H&C").
3.1 Segment revenue, Segment costs and Segment Adjusted EBITDA
Three months ended March 31,
20252024
(in millions of U.S. dollar)A&TP&ARPAS&IH&CA&TP&ARPAS&IH&C
Segment revenue4681,187381—4791,0183962
Inter-segment elimination(33)(3)(21)—(10)(4)(1)—
External revenue4351,184360—4691,0143952
Cost of metal(192)(859)(214)2(206)(691)(210)2
Production costs(146)(239)(107)(2)(152)(245)(128)(2)
Other segment expenses (A)(22)(26)(23)(11)(24)(30)(25)(9)
Segment Adjusted EBITDA756016(11)874832(7)
(A) Other segment expenses primarily includes selling, general administrative expenses and research and development expenses.
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 March 31,
(in millions of U.S. dollar)Notes20252024
A&T 7587
P&ARP 6048
AS&I 1632
H&C (11)(7)
Segment Adjusted EBITDA 140160
Metal price lag (A)46(14)
Depreciation and amortization (78)(75)
Impairment of assets (B)—(3)
Share based compensation costs 17(6)(6)
Pension and other post-employment benefits - non - operating gains 33
Restructuring costs (1)—
Unrealized losses on derivatives (12)(4)
Unrealized exchange (losses) / gains from the remeasurement of monetary assets and liabilities – net (1)2
Losses on disposal —(1)
Other (C)3—
Expenses on factoring arrangements 8(5)(5)
Finance costs - net5(27)(27)
Income before tax6230
Income tax expense6(24)(8)
Net income3822
(A)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. The metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. 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.
(B)For the three months ended March 31, 2024, impairment related to property, plant and equipment in our Valais operations.
(C)Includes $7 million of insurance proceeds and $3 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland).
3.3 Segment capital expenditures
Three months ended March 31,
(in millions of U.S. dollar)20252024
A&T(13)(19)
P&ARP(34)(29)
AS&I(14)(18)
H&C—(1)
Total capital expenditures (A)(61)(67)
(A)Purchase of property plant and equipment, net of grants received and insurance compensation related to property plant and equipment.

3.4 Segment depreciation, amortization and impairment
Three months ended March 31,
(in millions of U.S. dollar)20252024
A&T(17)(17)
P&ARP(44)(41)
AS&I(16)(19)
H&C(1)(1)
Total depreciation, amortization and impairment expense(78)(78)

3.5 Segment assets
(in millions of U.S. dollar)At March 31, 2025At December 31, 2024
A&T1,2851,172
P&ARP2,2942,118
AS&I752651
H&C399313
Segment assets4,7304,254
Deferred income tax assets294311
Cash and cash equivalents118141
Fair value of derivatives instruments and other financial assets2628
Total assets5,1684,734