CONSTELLIUM SE
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
CSTM$21.81+3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001563411-25-000011
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001563411-25-000019
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 130 previous paragraphs and 145 current paragraphs.
75 unchanged; 47 reworded; 20 added; 7 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 11 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the "OBBB Act") was enacted in the U.S. The OBBB Act contains numerous tax provisions that, among other things, permanently extends certain provisions of the Tax Cut and Jobs Act and other changes to existing U.S. federal tax law and regulatory rules. Certain provisions of the law have effective dates ranging from 2025 through 2027. The Company is assessing the impact of the OBBB Act's relevant provisions and currently does not anticipate a significant impact on its financial statements for the fiscal year 2025.
Current report
For the six months ended June 30, 2025, revenue increased 7% to $4,082 million from $3,812 million for the six months ended June 30, 2024. This increase primarily reflected higher revenue per ton.
Current report
For the six months ended June 30, 2025, sales volumes were relatively stable at 756 kt compared to 758 kt for the six months ended June 30, 2024. This stability reflected a 4% increase in volumes for P&ARP, offset by an 11% decrease in volumes for A&T and a 7% decrease in volumes for AS&I.
Current report
For the six months ended June 30, 2025, cost of sales increased 8% to $3,556 million from $3,287 million for the six months ended June 30, 2024. This increase in cost of sales was primarily driven by a 14% increase in raw materials and consumables as a result of higher metal prices.
Current report
For the three months ended June 30, 2025, selling and administrative expenses increased 17% to $88 million from $75 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in labor costs, including costs associated with corporate transformation projects, partially offset by lower headcounts.
Current report
For the six months ended June 30, 2025, selling and administrative expenses increased 7% to $166 million from $155 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in labor costs, including costs associated with corporate transformation projects, partially offset by lower headcounts.
Current report
For the six months ended June 30, 2025, research and development expenses decreased 11% to $25 million from $28 million for the six months ended June 30, 2024. This decrease was primarily driven by a decrease in non-labor costs.
Current report
For the three months ended June 30, 2025, the $2 million loss resulting from the flood in Valais correspond to clean-up costs.
Current report
For the three and six months ended June 30, 2024, the $6 million loss resulting from the flood in Valais related to inventory impairment.
Current report
For the three months ended June 30, 2025, finance costs, net increased 16% to $29 million from $25 million for the three months ended June 30, 2024. This increase primarily reflected higher borrowings on the Pan-U.S. ABL in 2025 and higher cost of Senior Notes as a result of our August 2024 refinancing compared to the three months ended June 30, 2024.
Current report
For the six months ended June 30, 2025, finance costs, net increased 8% to $56 million from $52 million compared to the six months ended June 30, 2024. This increase primarily reflected higher borrowings on the Pan-U.S. ABL in 2025 and higher cost of Senior Notes as a result of our August 2024 refinancing compared to the six months ended June 30, 2024.
Current report
For the three months ended June 30, 2025, revenue in our A&T segment increased 1% to $492 million from $487 million for the three months ended June 30, 2024, reflecting lower shipments, partially offset by higher revenue per ton. A&T shipments were down 11%, or 7 kt, due to lower Aerospace and Transportation, Industry and Defense rolled product shipments. For the three months ended June 30, 2025, revenue per ton increased by 14% to $9,255 per ton from $8,152 per ton for the three months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices, as well as the impact from favorable foreign exchange translation.
Current report
For the three months ended June 30, 2025, revenue in our P&ARP segment increased 14% to $1,235 million from $1,079 million for the three months ended June 30, 2024 reflecting higher shipments and higher revenue per ton. P&ARP shipments were up 5% or 14 kt compared to the three months ended June 30, 2024 with higher shipments of Packaging rolled products, partially offset by lower shipments of Automotive rolled products. For the three months ended June 30, 2025, revenue per ton increased by 9% to $4,474 per ton from $4,117 per ton for the three months ended June 30, 2024, primarily driven by a more favorable sales price and mix, where sales price includes higher metal prices, as well as the impact from favorable foreign exchange translation.
Current report
$3,989 per ton for the six months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices.
Current report
For the three months ended June 30, 2025, revenue in our AS&I segment increased 10% to $421 million from $384 million for the three months ended June 30, 2024, primarily reflecting higher revenue per ton. AS&I shipments were down 1%, or 1 kt, on lower Automotive extruded product shipments, offset by higher Other extruded product shipments. For the three months ended June 30, 2025, revenue per ton increased by 11% to $7,686 per ton from $6,910 per ton for the three months ended June 30, 2024, primarily reflecting favorable sales price and mix, where sales price includes higher metal prices, as well as the impact from favorable foreign exchange translation.
Current report
For the three months ended June 30, 2025, Adjusted EBITDA in our A&T segment decreased 13% to $78 million from $90 million for the three months ended June 30, 2024, primarily as a result of lower volumes, partially offset by favorable price and mix, lower operating costs and favorable impact from foreign exchange translation. For the three months ended June 30, 2025, Adjusted EBITDA per metric ton decreased by 3% to $1,467 from $1,506 for the three months ended June 30, 2024.
Current report
For the three months ended June 30, 2025, Adjusted EBITDA in our P&ARP segment increased 12% to $74 million from $66 million for the three months ended June 30, 2024, primarily as a result of higher volumes and improved Muscle Shoals performance, lower operating costs and favorable impact from foreign exchange translation, partially offset by unfavorable price and mix and unfavorable metal costs. For the three months ended June 30, 2025, Adjusted EBITDA per metric ton increased by 6% to $268 from $252 for the three months ended June 30, 2024.
Current report
For the three months ended June 30, 2025, Segment Adjusted EBITDA in our AS&I segment decreased 40% to $18 million from $30 million for the three months ended June 30, 2024, primarily as a result of unfavorable price and mix and the unfavorable net impact from tariffs, partially offset by lower operating costs and favorable impact from foreign exchange translation. For the three months ended June 30, 2025, Adjusted EBITDA per ton decreased 39% to $329 per ton from $540 per ton for the three months ended June 30, 2024.
Current report
For the six months ended June 30, 2025, Adjusted EBITDA in our AS&I segment decreased by 46% to $34 million from $63 million for the six months ended June 30, 2024, primarily as a result of lower volumes and unfavorable price and mix and the unfavorable net impact from tariffs, partially offset by lower operating costs. For the six months ended June 30, 2025, Adjusted EBITDA per metric ton decreased by 42% to $317 per ton from $549 per ton for the six months ended June 30, 2024.
Current report
(B)For the three months ended June 30, 2025, other mainly includes $2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the three and six months ended June 30, 2024, other was related to $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) at the end of June 2024 as well as $2 million of costs associated with non-recurring corporate transformation projects.
Removed paragraphs (7)
Previous report
For the three months ended March 31, 2025, selling and administrative expenses decreased 3% to $78 million from $80 million for the three months ended March 31, 2024. The decrease reflected primarily a decrease in labor costs as a result of reduction in headcount.
Previous report
For the three months ended March 31, 2025, finance costs, net were stable at $27 million compared to the three months ended March 31, 2024.
Previous report
Net Income / Loss
Previous report
As a result of the foregoing factors, we recognized net income of $38 million and net income of $22 million in the three months ended March 31, 2025 and 2024, respectively.
Previous report
-28- shipments, including the impacts resulting from the flood in Valais in June 2024. For the three months ended March 31, 2025, revenue per ton increased 10% to $9,165 per ton from $8,332 per ton for the three months ended March 31, 2024, primarily reflecting higher metal prices.
Previous report
For the three months ended March 31, 2025, Segment Adjusted EBITDA in our AS&I segment decreased 50% to $16 million from $32 million for the three months ended March 31, 2024, primarily as a result of lower volumes and the impact resulting from the flood in Valais in June 2024. For the three months ended March 31, 2025, Adjusted EBITDA per ton decreased 43% to $306 per ton from $541 per ton for the three months ended March 31, 2024.
Previous report
Net Cash Flows from Investing Activities
Reworded paragraphs (47)
Previous wording
The following discussion and analysis is based principally on our unaudited interim condensed consolidated financial statements prepared under U.S. GAAP as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 and our unaudited interim condensed consolidated financial statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 which are included in this Quarterly Report.
Current wording
The following discussion and analysis is based principally on our unaudited interim condensed consolidated financial statements prepared under U.S. GAAP at June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 and our unaudited interim condensed consolidated financial statements at June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 which are included in this Quarterly Report.
Previous wording
We are a global leader in the development, manufacture and sale of a broad range of highly engineered, value-added specialty rolled and extruded aluminum products to the aerospace, packaging, automotive, commercial transportation, general industrial and defense end-markets. As of March 31, 2025, we operated 25 production facilities, 3 R&D centers and 3 administrative centers.
Current wording
We are a global leader in the development, manufacture and sale of a broad range of highly engineered, value-added specialty rolled and extruded aluminum products to the aerospace, packaging, automotive, commercial transportation, general industrial and defense end-markets. At June 30, 2025, we operated 25 production facilities, 3 R&D centers and 3 administrative centers.
Previous wording
•Our Packaging & Automotive Rolled Products ("P&ARP") 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.
Current wording
•Our Packaging & Automotive Rolled Products ("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.
Previous wording
•Our Automotive Structures & Industry ("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, 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.
Current wording
•Our Automotive Structures & Industry ("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.
Previous wording
Constellium delivered solid results in the first quarter despite continued demand weakness across most of our end markets outside of packaging and some lingering impacts from the flood last year at our Valais operations. Also, during the first quarter, we returned $15 million to shareholders through the repurchase of 1.4 million shares. The tariff and international trade situation remains highly unpredictable and is creating uncertainty in many of our end markets, especially automotive. We are proactively managing the business to the current environment and what is under our control. We remain focused on executing on our strategy, driving operational performance, reducing costs, managing capital discipline, generating Free Cash Flow and increasing shareholder value.
Current wording
Constellium delivered solid results in the second quarter despite continued demand weakness across most of our end markets outside of packaging. We repurchased 3.4 million shares for $35 million during the quarter. The tariff and international trade situation remains highly unpredictable and is creating uncertainty in many of our end markets, especially automotive. We are proactively managing the business to the current environment and what is under our control. We remain focused on executing on our strategy, driving operational performance, reducing costs, managing capital discipline, generating Free Cash Flow and increasing shareholder value.
Previous wording
We are directly impacted by the economic conditions that affect our customers and the markets in which they operate. General economic conditions such as the level of disposable income, the level of inflation, the rate of economic growth, the rate of unemployment, interest rates, exchange rates and currency devaluation or revaluation influence consumer confidence and consumer purchasing power. These factors, in turn, influence the demand for our products in terms of total volumes and prices that can be charged. We attempt to respond to the variability of economic conditions through the terms of our contracts with our customers and cost control.
Current wording
We are directly impacted by the economic conditions that affect our customers and the markets in which they operate. General economic and market conditions, such as the level of disposable income, the level of inflation, the rate of economic growth, the rate of unemployment, the rapid development of technology, interest rates, exchange rates and currency devaluation or revaluation, influence consumer confidence and consumer purchasing power. These factors, in turn, influence the demand for our products in terms of total volumes and prices that can be charged. We attempt to respond to the variability of economic conditions through the terms of our contracts with our customers and cost control.
Previous wording
•Aerospace demand which experienced a sharp recovery post-COVID, is currently softening, notably because of supply chain challenges. We continue to believe that the long-term trends of increased passenger air traffic and fleet replacements with newer and more fuel efficient aircraft, along with new military and space programs, will help support favorable long-term demand conditions.
Current wording
•Aerospace demand has stabilized following the sharp recovery post-COVID as OEMs continue to face supply chain challenges. We continue to believe that the long-term trends of increased passenger air traffic and fleet replacements with newer and more fuel efficient aircraft, along with new military and space programs, will help support favorable long-term demand conditions.
Previous wording
•Historically, aluminum can packaging has not been highly correlated to the general economic cycle. We believe canstock has an attractive long-term growth outlook due to increased consumer preference for aluminum cans as a packaging material of choice.
Current wording
•Historically, demand for aluminum can packaging has been fairly resilient during various economic cycles. We believe canstock has an attractive long-term growth outlook due to increased consumer preference for aluminum cans as a packaging material of choice.
Previous wording
•Automotive vehicle sales tend to fluctuate with the general economic cycle and in recent years have also been impacted by global supply chain disruptions, customer offerings and consumer preference. However, aluminum demand has increased in recent years, driven by the vehicle lightweighting trend to improve energy efficiency, reduce emissions and enhance vehicle safety, which has resulted in more aluminum usage for new car models. We expect the lightweighting trend to continue in the future.
Current wording
•Automotive vehicle sales tend to fluctuate with the general economic cycle and in recent years have also been impacted by global supply chain disruptions, affordability, customer offerings and consumer preference. However, aluminum demand has increased in recent years, driven by the vehicle lightweighting trend to improve energy efficiency, reduce emissions and enhance vehicle safety, which has resulted in more aluminum usage for new car models. We expect the lightweighting trend to continue in the future.
Previous wording
During the first three months ended March 31, 2025, the Company continued to monitor geopolitical and economic instability. During the first quarter, there was continued uncertainty related to tariffs, trade wars, and their short and long-term potential impacts on the Company. Global and regional economies continue to be impacted by armed conflicts, sanctions, and volatility. While it is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and counter measures as necessary to address adverse effects or disruptions to our operations as they arise.
Current wording
During the first six months ended June 30, 2025, the Company continued to monitor geopolitical and economic instability. During the second quarter, there was continued uncertainty related to tariffs, trade wars, and their short and long-term potential impacts on the Company. Global and regional economies continue to be impacted by armed conflicts, sanctions, and volatility. While it is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and counter measures as necessary to address adverse effects or disruptions to our operations as they arise.
Previous wording
The price we pay for primary aluminum includes the LME price and regional premiums such as the Midwest premium for metal purchased in the U.S. or the Rotterdam premium for metal purchased in Europe. Both the LME price and the regional premiums can be volatile. Our business model aims to pass through aluminum price exposure by pricing our products to include the cost of the metal purchased and hedging any remaining exposure to achieve aluminum price neutrality.
Current wording
The price we pay for primary aluminum includes the LME price and regional premiums such as the Midwest premium for metal purchased in the U.S. or the Rotterdam premium for metal purchased in Europe. Both the LME price and the regional premiums can be volatile. Our business model aims to pass through aluminum price exposure by pricing our products to include the cost of the metal purchased and hedging any remaining exposure to the extent possible to achieve aluminum price neutrality.
Previous wording
The average LME transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum in the three months ended March 31, 2025 and 2024 are presented below.
Current wording
The average LME transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum for the three and six months ended June 30, 2025 and 2024 are presented below.
Previous wording
Results of Operations for the three months ended March 31, 2025 and 2024
Current wording
Results of Operations for the three and six months ended June 30, 2025 and 2024
Previous wording
For the three months ended March 31, 2025, revenue increased 5% to $1,979 million from $1,880 million for the three months ended March 31, 2024. This increase reflected higher revenue per ton, partially offset by a decrease in shipments.
Current wording
For the three months ended June 30, 2025, revenue increased 9% to $2,103 million from $1,932 million for the three months ended June 30, 2024. This increase reflected higher shipments and higher revenue per ton.
Previous wording
For the three months ended March 31, 2025, sales volumes decreased 2% to 372 kt from 380 kt for the three months ended March 31, 2024. This decrease reflected a 11% decrease in volumes for A&T, a 2% increase in volumes for P&ARP and a 12% decrease in volumes for AS&I.
Current wording
For the three months ended June 30, 2025, sales volumes increased 2% to 384 kt from 378 kt for the three months ended June 30, 2024. This increase reflected a 5% increase in volumes for P&ARP, partially offset by an 11% decrease in volumes for A&T and a 1% decrease in volumes for AS&I.
Previous wording
For the three months ended March 31, 2025, cost of sales increased 5% to $1,716 million from $1,635 million for the three months ended March 31, 2024. This increase in cost of sales was primarily driven by a 9% increase in raw materials and consumables used from higher metal price.
Current wording
For the three months ended June 30, 2025, cost of sales increased 11% to $1,840 million from $1,652 million for the three months ended June 30, 2024. This increase in cost of sales was primarily driven by an 18% increase in raw materials and consumables as a result of higher metal prices and higher sales volumes.
Previous wording
For the three months ended March 31, 2025, research and development expenses decreased 13% to $13 million from $15 million for the three months ended March 31, 2024. This decrease reflected primarily a decrease in non-labor costs.
Current wording
For the three months ended June 30, 2025, research and development expenses decreased by 8% to $12 million from $13 million for the three months ended June 30, 2024. This decrease was primarily driven by a decrease in non-labor costs.
Previous wording
Unrealized gains or losses relate to financial derivatives used by the Group to hedge forecasted commercial and commodity transactions for which hedge accounting is not applied. Unrealized gains or losses on these derivatives are recognized in Other Gains and Losses - net and are intended to offset the change in the value of forecasted transactions which are not yet accounted for.
Current wording
Unrealized gains or losses relate to financial derivatives used by the Group to hedge forecasted commercial and commodity transactions for which hedge accounting is not applied. Unrealized gains or losses on these derivatives are
Previous wording
Changes in realized and unrealized (losses) / gains on derivatives for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 primarily reflected the fluctuation in commodity and energy prices.
Current wording
Changes in realized (losses) / gains on derivatives for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 primarily reflected the fluctuation in commodity and energy prices.
Previous wording
For the three months ended March 31, 2024, impairment related to property, plant and equipment in our Valais operations.
Current wording
For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.
Previous wording
For the three months ended March 31, 2025, the $4 million gain resulting from the flood in Valais includes $7 million of insurance proceeds, partially offset by $3 million of clean-up costs.
Current wording
For the six months ended June 30, 2025, the $2 million gain resulting from the flood in Valais includes $9 million of insurance proceeds, partially offset by $7 million of clean-up costs.
Previous wording
For the three months ended March 31, 2025 and 2024, income tax was an expense of $24 million and an expense of $8 million, respectively.
Current wording
For the three months ended June 30, 2025 and 2024, income tax was an expense of $20 million andan expense of$27 million, respectively. For the six months ended June 30, 2025 and 2024, income tax was an expense of $44 million and an expense of $35 million, respectively.
Previous wording
Our effective tax rate was 38.7% and 25.5% of our income before income tax for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Our effective tax rate was 35.7% and 26.0% of our income before income tax for the three months ended June 30, 2025 and 2024, respectively, and 37.6% and 26.0% of our income before income tax for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
The difference in our effective tax rate and the statutory tax rate compared to a statutory tax rate of 30.98% and 25.82% in the three months ended March 31, 2025 and 2024, respectively was primarily due to the geographical mix of our pre-tax results and losses in certain jurisdictions for which a full valuation allowance was recognized. The statutory tax rate for fiscal year 2025 increased compared to the prior year as a result of the temporary surtax enacted in France in February 2025 which is applicable for fiscal year 2025.
Current wording
The effective tax rate for the three and six months ended June 30, 2025 includes the impact of the temporary surtax in France, which was enacted in February 2025 and resulted in a statutory tax rate of 29.28% for 2025, compared to 25.82% in 2024. The difference between our effective tax rate and the statutory tax rate for the three and six months ended June 30, 2025 and 2024, respectively was primarily due to the geographical mix of our pre-tax results and losses in certain jurisdictions where we have recorded a full valuation allowance.
Previous wording
The following table sets forth the revenue for our operating segments for the periods presented:
Current wording
The following table sets forth the revenue for our three operating segments and Holdings and Corporate for the periods presented:
Previous wording
The following table sets forth the shipments for our operating segments for the periods presented:
Current wording
The following table sets forth the shipments for our three operating segments for the periods presented:
Previous wording
For the three months ended March 31, 2025, revenue in our A&T segment decreased 2% to $468 million from $479 million for the three months ended March 31, 2024, reflecting lower shipments, partially offset by higher revenue per ton. A&T shipments were down 11%, or 6 kt, due to lower Aerospace and Transportation, Industry and Defense rolled products
Current wording
For the six months ended June 30, 2025, revenue in our A&T segment decreased 1% to $960 million from $966 million for the six months ended June 30, 2024, reflecting lower shipments, partially offset by higher revenue per ton. A&T shipments were down 11%, or 13 kt, due to lower Aerospace and Transportation, Industry and Defense rolled products shipments. For the six months ended June 30, 2025, revenue per ton increased 12% to $9,211 per ton from $8,247 per ton for the six months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices.
Previous wording
For the three months ended March 31, 2025, revenue in our P&ARP segment increased 17% to $1,187 million from $1,018 million for the three months ended March 31, 2024, reflecting higher shipments and higher revenue per ton. P&ARP shipments were up 2% or 5 kt, due to higher Packaging rolled products shipments, partially offset by lower shipments of Automotive and Specialty rolled products shipments. For the three months ended March 31, 2025, revenue per ton increased 14% to $4,415 per ton from $3,862 per ton for the three months ended March 31, 2024, primarily reflecting higher metal prices.
Current wording
For the six months ended June 30, 2025, revenue in our P&ARP segment increased 15% to $2,422 million from $2,097 million for the six months ended June 30, 2024, reflecting higher shipments and higher revenue per ton. P&ARP shipments were up 4% or 19 kt, due to higher Packaging rolled products shipments, partially offset by lower Automotive and Specialty rolled products shipments. For the six months ended June 30, 2025, revenue per ton increased 11% to $4,445 per ton from
Previous wording
For the three months ended March 31, 2025, revenue in our AS&I segment decreased 4% to $381 million from $396 million for the three months ended March 31, 2024, reflecting lower shipments, partially offset by higher revenue per ton. AS&I shipments were down 12%, or 7 kt, on lower Automotive and Other extruded products shipments, including the impacts resulting from the flood in Valais in June 2024. For the three months ended March 31, 2025, revenue per ton increased 9% to $7,278 per ton from $6,691 per ton for the three months ended March 31, 2024, primarily reflecting higher metal prices.
Current wording
For the six months ended June 30, 2025, revenue in our AS&I segment increased 3% to $802 million from $779 million for the six months ended June 30, 2024, reflecting lower shipments, partially offset by higher revenue per ton. AS&I shipments were down 7%, or 8 kt, on lower Automotive extruded products shipments, partially offset by higher Other extruded products shipments. For the six months ended June 30, 2025, revenue per ton increased 10% to $7,486 per ton from $6,794 per ton for the six months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices.
Previous wording
In considering the financial performance of the business, we analyze the primary financial performance measure of Segment Adjusted EBITDA in all of our business segments. Our Chief Operating Decision Maker, as defined under ASC 280 - Segment reporting measures the profitability and financial performance of our operating segments based on Segment Adjusted EBITDA.
Current wording
In considering the financial performance of the business, we analyze the primary financial performance measure of Segment Adjusted EBITDA in all of our business segments. Our Chief Operating Decision Maker, as defined under Accounting Standards Codification (ASC) Topic 280 - Segment reporting measures the profitability and financial performance of our operating segments based on Segment Adjusted EBITDA.
Previous wording
(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.
Current wording
(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 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.
Previous wording
(C)Includes $7 million of insurance proceeds and $3 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland).
Current wording
(C)For the three months ended June 30, 2025, other mainly includes $2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the three and six months ended June 30, 2024, other was related to $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) at the end of June 2024 as well as $2 million of costs associated with non-recurring corporate transformation projects.
Previous wording
For the three months ended March 31, 2025, Adjusted EBITDA in our A&T segment decreased 14% to $75 million from $87 million for the three months ended March 31, 2024, primarily as a result of lower volumes, unfavorable price and mix and the impact resulting from the flood in Valais in June 2024, partially offset by lower costs. For the three months ended March 31, 2025, Adjusted EBITDA per ton decreased 3% to $1,469 from $1,513 for the three months ended March 31, 2024.
Current wording
For the six months ended June 30, 2025, Adjusted EBITDA in our A&T segment decreased 14% to $153 million from $177 million for the six months ended June 30, 2024, primarily as a result of lower volumes and unfavorable price and mix, partially offset by lower operating costs. For the six months ended June 30, 2025, Adjusted EBITDA per ton decreased 3% to $1,468 from $1,511 for the six months ended June 30, 2024.
Previous wording
For the three months ended March 31, 2025, Adjusted EBITDA in our P&ARP segment increased 25% to $60 million from $48 million for the three months ended March 31, 2024, primarily as a result of favorable price and mix, higher volume, improved Muscle Shoals performance and lower operating costs, partially offset by unfavorable metal costs given tighter scrap spreads in North America. In the three months ended March 31, 2024, Muscle Shoals results were also impacted by a weather-related event. For the three months ended March 31, 2025, Adjusted EBITDA per ton increased 23% to $223 from $182 for the three months ended March 31, 2024.
Current wording
For the six months ended June 30, 2025, Adjusted EBITDA in our P&ARP segment increased 18% to $135 million from $114 million for the six months ended June 30, 2024, primarily as a result of higher volumes and improved Muscle Shoals performance, favorable price and mix and lower operating costs, partially offset by unfavorable metal costs. In the six months ended June 30, 2024, Muscle Shoals results were impacted by a weather-related event. For the six months ended June 30, 2025, Adjusted EBITDA per ton increased 14% to $248 from $217 for the six months ended June 30, 2024.
Previous wording
Segment Adjusted EBITDA results for our Holdings and Corporate segment reflected costs of $11 million and $7 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Segment Adjusted EBITDA results for our Holdings and Corporate segment reflected costs of $12 million and $6 million, for the three months ended June 30, 2025 and 2024, respectively and costs of $23 million and $14 million for the six months ended June 30, 2025 and 2024, respectively. This increase mainly results from higher labor costs, including costs associated with corporate transformation projects, as well as an unfavorable impact from foreign exchange translation.
Previous wording
It is our policy to hedge all highly probable or committed foreign currency operating cash flows. As we have significant third party future receivables denominated in U.S. dollar, we generally enter into combinations of forward contracts with financial institutions, selling forward U.S. dollar against euros.
Current wording
It is our policy to hedge all highly probable or committed foreign currency operating cash flows. As we have significant third party future receivables denominated in U.S. dollars, we generally enter into combinations of forward contracts with financial institutions, selling forward U.S. dollars against euros.
Previous wording
At March 31, 2025, we had $800 million of total liquidity, comprised of $118 million in cash and cash equivalents, $452 million of availability under our Pan-U.S. ABL facility, $122 million of availability under our factoring arrangements and $108 million of availability under our French inventory facility.
Current wording
At June 30, 2025, we had $841 million of total liquidity, comprised of $133 million in cash and cash equivalents, $465 million of availability under our Pan-U.S. ABL facility, $126 million of availability under our factoring arrangements and $117 million of availability under our French inventory facility.
Previous wording
Factored receivables under non-recourse arrangements were $384 million and $376 million at March 31, 2025 and December 31, 2024, respectively.
Current wording
Factored receivables under non-recourse arrangements were $410 million and $376 million at June 30, 2025 and December 31, 2024, respectively.
Previous wording
The following table summarizes our operating, investing and financing activities for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our operating, investing and financing activities for the six months ended June 30, 2025 and 2024:
Previous wording
For the three months ended March 31, 2025, net cash flows from operating activities were $58 million, a $21 million increase from $37 million in the three months ended March 31, 2024. This change primarily reflects a $29 million increase in cash flows from operating activities before working capital and an $8 million decrease from changes in working capital.
Current wording
For the six months ended June 30, 2025, net cash flows from operating activities were $172 million, a $3 million decrease from $175 million in the six months ended June 30, 2024. This change primarily reflects a $31 million decrease in cash flows from operating activities before working capital and a $28 million reduction from working capital usage.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
-30- recognized in Other Gains and Losses - net and are intended to offset the change in the value of forecasted transactions which are not yet accounted for.
Current report — wording carried from elsewhere
Changes in unrealized (losses) / gains on derivatives for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 primarily reflected the fluctuation in foreign exchange.
Current report — wording carried from elsewhere
Net Cash Flows used in Investing Activities
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(B)Includes $7 million of insurance proceeds and $3 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland).