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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
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") - and Holdings & Corporate ("H&C"). Holdings & Corporate (‘H&C’) includes certain costs of our corporate support functions and our technology centers.
3.1 Segment revenue, Segment costs and Segment Adjusted EBITDA
Three months ended September 30,
20252024
(in millions of U.S. dollars)A&TP&ARPAS&IH&CA&TP&ARPAS&IH&C
Segment revenue4811,30740914211,090323—
Inter-segment elimination(19)(2)(10)—(18)(3)(11)—
External revenue4621,30539914031,087312—
Cost of metal(203)(946)(224)2(174)(753)(180)2
Production costs(142)(246)(119)(1)(154)(239)(105)(1)
Other segment expenses (A)(26)(30)(22)(11)(21)(24)(20)(3)
Segment Adjusted EBITDA908233(9)54727(2)
Nine months ended September 30,
20252024
(in millions of U.S. dollars)A&TP&ARPAS&IH&CA&TP&ARPAS&IH&C
Segment revenue1,4413,7291,21131,3863,1871,1034
Inter-segment elimination(79)(9)(48)—(42)(10)(14)—
External revenue1,3623,7201,16331,3443,1771,0894
Cost of metal(592)(2,700)(686)5(577)(2,187)(595)5
Production costs(438)(720)(341)(5)(464)(725)(356)(5)
Other segment expenses (A)(76)(83)(69)(35)(68)(79)(68)(19)
Segment Adjusted EBITDA25621767(32)23518670(15)
(A) Other segment expenses primarily include selling and 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 September 30,Nine months ended September 30,
(in millions of U.S. dollars)Notes2025202420252024
A&T 9054256235
P&ARP 8272217186
AS&I 3376770
H&C (9)(2)(32)(15)
Segment Adjusted EBITDA 196131507476
Metal price lag (A)39(5)5922
Depreciation and amortization (84)(76)(244)(227)
Impairment of assets (B)—(5)—(13)
Share based compensation costs 17(7)(5)(20)(18)
Pension and other post-employment benefits - non - operating gains 331010
Restructuring costs (1)(4)(3)(7)
Unrealized gains on derivatives 13193419
Unrealized exchange gains / (losses) from the remeasurement of monetary assets and liabilities – net 1(1)11
Losses on disposal —(2)(1)(3)
Other (C)(2)——(8)
Expenses on factoring arrangements 8(5)(6)(16)(16)
Finance costs - net5(27)(31)(83)(83)
Income before tax12619244153
Income tax expense6(38)(11)(82)(46)
Net income888162107
(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, 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.
(B)For the three and nine months ended September 30, 2024, impairment related to property, plant and equipment in our Valais (Switzerland) operations.
(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).
For the nine months ended September 30, 2024, Other mainly includes $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) as well as $4 million of costs associated with non-recurring corporate transformation projects, partially offset by a $2 million gain from the acquisition of the non-controlling interests of Railtech Alu-Singen.
3.3 Segment capital expenditures
Three months ended September 30,Nine months ended September 30,
(in millions of U.S. dollars)2025202420252024
A&T(19)(30)(48)(70)
P&ARP(37)(59)(112)(133)
AS&I(11)(14)(40)(48)
H&C(2)(1)(3)(4)
Total capital expenditures (A)(69)(104)(203)(255)
(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 September 30,Nine months ended September 30,
(in millions of U.S. dollars)2025202420252024
A&T(18)(19)(53)(54)
P&ARP(47)(42)(136)(124)
AS&I(18)(19)(51)(59)
H&C(1)(1)(4)(3)
Total depreciation, amortization and impairment expense(84)(81)(244)(240)

3.5 Segment assets
(in millions of U.S. dollars)At September 30, 2025At December 31, 2024
A&T1,4231,172
P&ARP2,3702,118
AS&I777651
H&C362313
Segment assets4,9324,254
Deferred income tax assets257311
Cash and cash equivalents122141
Fair value of derivatives instruments and other financial assets6428
Total assets5,3754,734