CONSTELLIUM SECSTM
CONSTELLIUM SE Segments Disclosure
NOTE 3 - SEGMENT INFORMATION
Aerospace & Transportation (A&T)
A&T operating segment offers a wide range of technically advanced aluminum products including plate, sheet and
extrusions to blue-chip customers in the global aerospace, space, defense, commercial transportation and general industrial
sectors. A&T operates five facilities in the United States, France and Switzerland and had approximately 3,300 employees at
December 31, 2025.
Packaging & Automotive Rolled Products (P&ARP)
P&ARP operating segment includes the production and development of customized rolled aluminum sheet products. We
supply the packaging market with canstock and closure stock for the beverage and food industry, as well as foilstock for the
flexible packaging market. In addition, we supply the automotive market with technically advanced products such as Auto
Body Sheet (“ABS”), heat exchanger materials and battery foil products. We are also a key player in the recycling of aluminum
scrap, including used beverage cans in North America and Europe. P&ARP operates four facilities located in the United States,
France and Germany and had approximately 4,100 employees at December 31, 2025.
Automotive Structures & Industry (AS&I)
AS&I operating segment produces (i) technologically advanced structural solutions for the automotive industry including
crash management systems, body structures, side impact beams and battery enclosure components, (ii) soft and hard alloy
extrusions for automotive, transportation, and general industrial applications, and (iii) large profiles for rail and general
industrial applications. We complement our products with a comprehensive offering of downstream technology and services,
which include pre-machining, surface treatment, R&D and technical support services. AS&I operates fifteen facilities located in
North America, Europe and China and had approximately 3,600 employees at December 31, 2025.
Intersegment elimination
Intersegment transactions are conducted on an arm’s length basis and reflect market prices.
3.1 Revenue, Costs and Segment Adjusted EBITDA
2025 | 2024 | 2023 | |||||||||||||
(in millions of U.S. dollars) | A&T | P&ARP | AS&I | H&C (B) | A&T | P&ARP | AS&I | H&C (B) | A&T | P&ARP | AS&I | H&C (B) | |||
Segment revenue | 1,968 | 5,078 | 1,579 | 5 | 1,816 | 4,196 | 1,432 | 6 | 1,868 | 4,214 | 1,762 | 21 | |||
Inter-segment elimination | (106) | (11) | (64) | — | (73) | (13) | (29) | — | (15) | (21) | (3) | — | |||
External revenue | 1,862 | 5,067 | 1,515 | 5 | 1,743 | 4,183 | 1,403 | 6 | 1,853 | 4,193 | 1,759 | 21 | |||
Cost of metal | (810) | (3,634) | (894) | 6 | (740) | (2,890) | (778) | 8 | (821) | (2,839) | (959) | (9) | |||
Production costs | (611) | (966) | (455) | (6) | (618) | (946) | (461) | (7) | (583) | (939) | (572) | (7) | |||
Other segment expenses (A) | (102) | (114) | (94) | (49) | (93) | (105) | (90) | (40) | (98) | (110) | (99) | (36) | |||
Segment Adjusted EBITDA | 339 | 353 | 72 | (44) | 292 | 242 | 74 | (33) | 351 | 305 | 129 | (31) | |||
(A) Other segment expenses includes primarily selling, 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.
Year ended December 31, | ||||||||
(in millions of U.S. dollars) | Notes | 2025 | 2024 | 2023 | ||||
A&T | 339 | 292 | 351 | |||||
P&ARP | 353 | 242 | 305 | |||||
AS&I | 72 | 74 | 129 | |||||
H&C (A) | (44) | (33) | (31) | |||||
Segment Adjusted EBITDA | 720 | 575 | 754 | |||||
Metal price lag (B) | 126 | 48 | (92) | |||||
Depreciation and amortization | 11, 13 | (330) | (304) | (300) | ||||
Impairment of assets (C) | 5 | (21) | (24) | (22) | ||||
Share based compensation | 21 | (19) | (25) | (22) | ||||
Pension and other post-employment benefits - non - operating gains | 5, 17 | 14 | 11 | 14 | ||||
Restructuring costs (D) | 5 | (3) | (11) | — | ||||
Unrealized gains / (losses) on derivatives | 5 | 56 | (1) | (3) | ||||
Unrealized exchange gains / (losses) from the remeasurement of monetary assets and liabilities – net | 5 | — | 1 | (2) | ||||
Gains / (losses) on disposal (E) | 5 | (4) | (4) | 41 | ||||
Other (F) | (1) | 2 | (1) | |||||
Expenses on factoring arrangements | 9 | (21) | (22) | (24) | ||||
Finance costs – net | 6 | (109) | (111) | (111) | ||||
Income before tax | 408 | 135 | 232 | |||||
Income tax expense | 7 | (133) | (75) | (75) | ||||
Net income | 275 | 60 | 157 | |||||
(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 year ended December 31, 2025, we recognized impairment related to property, plant and equipment primarily in our Valais
extrusion operations and at two other AS&I facilities. For the year ended December 31, 2024 and 2023, impairment related to property,
plant and equipment in our Valais operations.
(D)For the year ended December 31, 2025 and 2024 restructuring costs were related to cost reduction programs in the United States and in
Europe.
(E)For the year ended December 31, 2023, gains and losses on disposals net of transaction costs included a $3 million loss related to the sale
of Constellium Ussel S.A.S. which was completed on February 2, 2023 and a $47 million gain related to the sale of Constellium
Extrusions Deutschland GmbH which was completed on September 29, 2023 (See Note 22 - Acquisition and disposal of subsidiaries).
(F)For the year ended December 31, 2025, Other mainly includes $9 million of insurance proceeds and $9 million of losses resulting from
flooding in the Valais (Switzerland) facilities at the end of June 2024.
For the year ended December 31, 2024, Other mainly includes $45 million of insurance proceeds and $43 million of losses resulting from
flooding in the Valais (Switzerland) facilities at the end of June 2024, $4 million of insurance proceeds related to assets damaged in 2021
and $3 million gain from the acquisition of the non-controlling interests of Railtech Alu-Singen (See Note 22 - Acquisition and disposal
of subsidiaries), as well as $6 million of costs associated with non-recurring corporate transformation projects.
3.3 Capital expenditures
Year ended December 31, | ||||||
(in millions of U.S. dollars) | 2025 | 2024 | 2023 | |||
A&T | (75) | (99) | (103) | |||
P&ARP | (175) | (221) | (181) | |||
AS&I | (56) | (74) | (75) | |||
H&C (A) | (5) | (7) | (6) | |||
Total capital expenditures (B) | (311) | (401) | (365) | |||
(A)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
(B)Purchase of Property plant and equipment, net of grant received and insurance compensation related to Property plant and equipment.
3.4 Depreciation, amortization and impairment
Year ended December 31, | ||||||
(in millions of U.S. dollars) | 2025 | 2024 | 2023 | |||
A&T | (70) | (75) | (72) | |||
P&ARP | (186) | (166) | (156) | |||
AS&I | (88) | (82) | (89) | |||
H&C (A) | (7) | (5) | (5) | |||
Total depreciation, amortization and impairment expense | (351) | (328) | (322) | |||
A) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
3.5 Assets
At December 31, | ||||
(in millions of U.S. dollars) | 2025 | 2024 | ||
A&T | 1,375 | 1,172 | ||
P&ARP | 2,405 | 2,118 | ||
AS&I | 711 | 651 | ||
H&C (A) | 390 | 313 | ||
Deferred income tax assets | 270 | 311 | ||
Cash and cash equivalents | 120 | 141 | ||
Fair value of derivatives instruments and other financial assets | 83 | 28 | ||
Total assets | 5,354 | 4,734 | ||
A) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
3.6 Information about major customers
Revenue from sales to the Group’s two largest customers was $1,795 million ($943 million and $852 million
respectively) for the year ended December 31, 2025. Revenue from sales to the Group’s largest customer was $715 million and
$793 million for the years ended December 31, 2024 and 2023, respectively. No other single customer contributed 10% or more
to the Group’s revenue for 2025, 2024 and 2023.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.