CONSTELLIUM SE
For the period ended Sep 30, 2025. Filed Oct 29, 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.
Sep 30, 2025 · Filed Oct 29, 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 2025-06-30; filed 2025-07-31.
0001563411-25-000019
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001563411-25-000028
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 145 previous paragraphs and 139 current paragraphs.
82 unchanged; 42 reworded; 15 added; 16 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 12 previous and 10 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 (15)
Current report
Constellium delivered strong results in the third quarter despite the uncertain economic environment. During the quarter, we repurchased 1.7 million shares for $25 million. Looking across our end markets, packaging demand remained healthy in the quarter, and we continued to benefit from improved operational performance at Muscle Shoals. Aerospace demand remained stable though commercial aerospace OEMs continued to deal with supply chain challenges. Automotive demand remained weak in Europe and relatively stable in North America. Industrial market conditions in North America and Europe became more stable, and our shipments in Europe improved in the quarter given the post-flood recovery in Valais (Switzerland). We expect recent demand trends in our end markets to continue through the remainder of 2025 and the overall macroeconomic environment to remain relatively stable, and we expect to benefit from recent market dynamics, including improved scrap spreads in North America. We are proactively managing the business to the current environment. We remain focused on executing on our strategy, driving operational performance, generating Free Cash Flow and increasing shareholder value.
Current report
Economic, Geopolitical and General Market Conditions
Current report
For the nine months ended September 30, 2025, Revenue increased 11% to $6,248 million from $5,614 million for the nine months ended September 30, 2024. This increase reflected higher shipments and higher revenue per ton.
Current report
Other Gains and Losses, net are further discussed in Note 4 to the unaudited interim condensed financial statements.
Current report
For the three months ended September 30, 2025, Finance costs, net decreased 13% to $27 million from $31 million for the three months ended September 30, 2024. This decrease primarily reflected higher net realized and unrealized gains on debt derivatives, partially offset by higher interest expense compared to the three months ended September 30, 2024. In the three months ended September 30, 2024, Finance costs, net also included $3 million of write-off of unamortized issuance costs related to the redemption of our Senior Notes that were due in 2026.
Current report
For the nine months ended September 30, 2025, Finance costs, net were stable at $83 million compared to the nine months ended September 30, 2024.
Current report
For the nine months ended September 30, 2025, revenue in our P&ARP segment increased 17% to $3,729 million from $3,187 million for the nine months ended September 30, 2024, reflecting higher shipments and higher revenue per ton, including higher metal prices. P&ARP shipments were up 4% or 33 kt, due to higher Packaging rolled products shipments, partially offset by lower Automotive and Specialty rolled products shipments.
Current report
The reconciliation of Segment Adjusted EBITDA is disclosed in Note 3 to the unaudited condensed interim financial statements.
Current report
For the three months ended September 30, 2025, Adjusted EBITDA in our A&T segment increased 67% to $90 million from $54 million for the three months ended September 30, 2024, primarily as a result of higher volumes, favorable price and mix, lower operating costs and favorable impact from foreign exchange translation. In the three months ended September 30, 2024, Segment Adjusted EBITDA included an $8 million negative impact from the flood in Valais (Switzerland). For the three months ended September 30, 2025, Adjusted EBITDA per metric ton increased by 61% to $1,807 per ton from $1,122 per ton for the three months ended September 30, 2024.
Current report
For the nine months ended September 30, 2025, Adjusted EBITDA in our A&T segment increased 9% to $256 million from $235 million for the nine months ended September 30, 2024, primarily as a result of lower operating costs and favorable impact from foreign exchange translation, partially offset by lower volumes and unfavorable price and mix. In the nine months ended September 30, 2024, Segment Adjusted EBITDA included an $8 million negative impact from the flood in Valais (Switzerland). For the nine months ended September 30, 2025, Adjusted EBITDA per ton increased 17% to $1,662 per ton from $1,422 per ton for the nine months ended September 30, 2024.
Current report
For the three months ended September 30, 2025, Adjusted EBITDA in our P&ARP segment increased 14% to $82 million from $72 million for the three months ended September 30, 2024, primarily as a result of higher volumes with improved Muscle Shoals performance, favorable price and mix and favorable impact from foreign exchange translation, partially offset by higher operating costs including the unfavorable impact from tariffs. For the three months ended September 30, 2025, Adjusted EBITDA per metric ton increased by 8% to $298 per ton from $275 per ton for the three months ended September 30, 2024.
Current report
For the three months ended September 30, 2025, Segment Adjusted EBITDA in our AS&I segment increased 371% to $33 million from $7 million for the three months ended September 30, 2024, as a result of higher volumes, favorable price and mix, primarily driven by a net customer compensation for underperformance of an automotive program, partially offset by
Current report
-35- higher operating costs including the unfavorable impact from tariffs. In the three months ended September 30, 2024, Segment Adjusted EBITDA included a $10 million negative impact from the flood in Valais (Switzerland). For the three months ended September 30, 2025, Adjusted EBITDA per ton increased 314% to $683 per ton from $165 per ton for the three months ended September 30, 2024.
Current report
Constellium Muscle Shoals LLC's factoring agreement was amended in September 2025, and the maturity was extended to September 2027.
Current report
For the nine months ended September 30, 2024, net cash flows used in financing activities were $106 million, primarily reflecting share repurchases and the impact of the August 2024 refinancing. During the nine months ended September 30, 2024, Constellium repurchased 3.1 million shares of the Company's ordinary shares for $60 million. In August 2024, Constellium issued $350 million of 6.375% Senior Notes due 2032 and €300 million of 5.375% Senior Notes due 2032, using the proceeds and cash on hand to redeem the remaining portion of the $250 million of 5.875% Senior Notes due 2026 and the €400 million of 4.250% Senior Notes due 2026.
Removed paragraphs (16)
Previous report
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 report
Economic Conditions and Markets
Previous report
Geopolitical and Economic Instability
Previous 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.
Previous report
For the three months ended June 30, 2025, the $2 million loss resulting from the flood in Valais correspond to clean-up costs.
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
The following table reconciles our Segment Adjusted EBITDA to our net income:
Previous 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.
Previous report
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 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.
Previous 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.
Reworded paragraphs (42)
Previous 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.
Current wording
The following discussion and analysis is based principally on our unaudited interim condensed consolidated financial statements prepared under U.S. GAAP at September 30, 2025 and for the three and nine months ended September 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 September 30, 2025 and for the three and nine months ended September 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. At June 30, 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 September 30, 2025, we operated 24 production facilities, 3 R&D centers and 3 administrative centers.
Previous 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.
Current wording
During the first nine months ended September 30, 2025, we continued to monitor geopolitical and economic instability, globally. During the third quarter, there was continued uncertainty related to tariffs and trade wars, and their short and long-term 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 seek to address adverse effects or disruptions to our operations as they arise.
Previous wording
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 wording
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 extend 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 currently does not anticipate that the OBBB Act will have a significant impact on its financial results for the fiscal year 2025.
Previous 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.
Current wording
Aluminum prices have risen in 2025, especially in the U.S. following the tariff announcements. The average LME transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum for the three and nine months ended September 30, 2025 and 2024 are presented below.
Previous wording
Transaction impacts arise when our businesses transact in a currency other than their own functional currency. As a result, we are exposed to foreign exchange risk on payments and receipts in multiple currencies. Where we have multiple-year sales agreements in U.S. dollars by euro-functional currency entities, we have entered into derivative contracts to forward sell U.S. dollars to match these future sales. With the exception of certain derivative instruments entered into to hedge the foreign currency risk associated with the cash flows of certain highly probable forecasted sales, which we have designated for hedge accounting, hedge accounting is not applied to such ongoing commercial transactions and therefore the mark-to-market impact is recorded in Other Gains and Losses - net.
Current wording
Transaction impacts arise when our businesses transact in a currency other than their own functional currency. As a result, we are exposed to foreign exchange risk on payments and receipts in multiple currencies. Where we have multiple-year sales agreements in U.S. dollars by euro-functional currency entities, we have typically entered into derivative contracts to forward sell U.S. dollars to match these future sales. With the exception of certain derivative instruments entered into to hedge the foreign currency risk associated with the cash flows of certain highly probable forecasted sales, which we have designated for hedge accounting, hedge accounting is not applied to such ongoing commercial transactions and therefore the mark-to-market impact is recorded in Other Gains and Losses - net.
Previous wording
Translation impacts result from the translation at each period of the results of functional currency entities other than U.S. dollar into our reporting currency, the U.S. dollar.
Current wording
Translation impacts result from the translation at each period of the results of functional currency entities other than U.S. dollars into our reporting currency, the U.S. dollar.
Previous wording
Results of Operations for the three and six months ended June 30, 2025 and 2024
Current wording
Results of Operations for the three and nine months ended September 30, 2025 and 2024
Previous 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.
Current wording
For the three months ended September 30, 2025, Revenue increased 20% to $2,166 million from $1,802 million for the three months ended September 30, 2024. This increase reflected higher shipments and higher revenue per ton.
Previous wording
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 wording
For the three months ended September 30, 2025, sales volumes increased 6% to 373 kt from 352 kt for the three months ended September 30, 2024. This increase reflected a 4% increase in volumes for A&T, a 5% increase in volumes for P&ARP and a 14% increase in volumes for AS&I.
Previous 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.
Current wording
For the nine months ended September 30, 2025, sales volumes increased 2% to 1,130 kt from 1,110 kt for the nine months ended September 30, 2024. This increase reflected a 4% increase in volumes for P&ARP, partially offset by a 7% decrease in volumes for A&T and a 1% decrease in volumes for AS&I.
Previous 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.
Current wording
For the three months ended September 30, 2025, Cost of sales increased 16% to $1,852 million from $1,597 million for the three months ended September 30, 2024. This increase in Cost of sales was primarily driven by a 21% increase in raw materials and consumables as a result of higher metal prices and higher sales volumes.
Previous wording
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 wording
For the nine months ended September 30, 2025, Cost of sales increased 11% to $5,408 million from $4,884 million for the nine months ended September 30, 2024. This increase in Cost of sales was primarily driven by a 16% increase in raw materials and consumables primarily as a result of higher metal prices.
Previous wording
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 wording
For the three months ended September 30, 2025, Selling and administrative expenses increased 29% to $85 million from $66 million for the three months ended September 30, 2024. The increase was primarily driven by an increase in labor costs, partially offset by lower headcount.
Previous wording
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 wording
For the nine months ended September 30, 2025, Selling and administrative expenses increased 14% to $251 million from $221 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase in labor costs and costs associated with corporate transformation projects, partially offset by lower headcount.
Previous 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.
Current wording
For the three months ended September 30, 2025, Research and development expenses increased by 9% to $12 million from $11 million for the three months ended September 30, 2024. This increase was primarily driven by the impact of foreign exchange translation.
Previous wording
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 wording
For the nine months ended September 30, 2025, Research and development expenses decreased 5% to $37 million from $39 million for the nine months ended September 30, 2024. This decrease was primarily driven by a decrease in project spend.
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
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 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.
Previous 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.
Current wording
Changes in realized gains / (losses) on derivatives for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024 primarily reflected the fluctuation in commodity and energy prices.
Previous wording
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 wording
Changes in unrealized (losses) / gains on derivatives for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024 primarily reflected the fluctuation in foreign exchange.
Previous 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.
Current wording
For the three months ended September 30, 2025 and 2024, Income tax was an expense of $38 million and $11 million, respectively. For the nine months ended September 30, 2025 and 2024, Income tax was an expense of $82 million and $46 million, respectively.
Previous 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.
Current wording
Our effective tax rate was 30.2% and 57.9% of income before tax for the three months ended September 30, 2025 and 2024, respectively, and 33.8% and 29.9% of income before tax for the nine months ended September 30, 2025 and 2024, respectively.
Previous 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.
Current wording
The effective tax rate for the three and nine months ended September 30, 2025 includes the impact of the temporary surtax in France enacted in February 2025, and increased the statutory tax rate in 2025 from 25.82% in 2024 to an estimate of 29.52%. The difference between the effective tax rate and the statutory tax rate for the three and nine months ended September 30, 2025 and 2024, respectively was primarily due to the geographical mix of the pre-tax results and losses in certain jurisdictions where a full valuation allowance was recorded.
Previous wording
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 wording
For the three months ended September 30, 2025, revenue in our A&T segment increased 14% to $481 million from $421 million for the three months ended September 30, 2024, reflecting higher shipments and higher revenue per ton, including higher metal prices. A&T shipments were up 4%, or 2 kt, due to higher Transportation, Industry and Defense rolled product shipments, partially offset by lower Aerospace rolled product shipments.
Previous 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.
Current wording
For the nine months ended September 30, 2025, revenue in our A&T segment increased 4% to $1,441 million from $1,386 million for the nine months ended September 30, 2024, reflecting higher revenue per ton, including higher metal prices, partially offset by lower shipments. A&T shipments were down 7%, or 11 kt, due to lower Aerospace and Transportation, Industry and Defense rolled products shipments.
Previous 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
Current wording
For the three months ended September 30, 2025, revenue in our P&ARP segment increased 20% to $1,307 million from $1,090 million for the three months ended September 30, 2024, reflecting higher shipments and higher revenue per ton, including higher metal prices. P&ARP shipments were up 5% or 14 kt compared to the three months ended September 30, 2024, due to higher Packaging rolled products shipments, partially offset by lower Automotive and Specialty rolled products shipments.
Previous wording
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 wording
For the three months ended September 30, 2025, revenue in our AS&I segment increased 27% to $409 million from $323 million for the three months ended September 30, 2024, primarily reflecting higher shipments and higher revenue per ton, including higher metal prices. AS&I shipments were up 14%, or 6 kt, due to higher Other extruded product shipments, partially offset by lower Automotive extruded product shipments.
Previous 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.
Current wording
For the nine months ended September 30, 2025, revenue in our AS&I segment increased 10% to $1,211 million from $1,103 million for the nine months ended September 30, 2024, reflecting higher revenue per ton, including higher metal prices, partially offset by lower shipments. AS&I shipments were down 1%, or 2 kt, due to lower Automotive extruded products shipments, partially offset by higher Other extruded products shipments.
Previous 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.
Current wording
For the nine months ended September 30, 2025, Adjusted EBITDA in our P&ARP segment increased 17% to $217 million from $186 million for the nine months ended September 30, 2024, primarily as a result of higher volumes with improved Muscle Shoals performance, favorable price and mix, lower operating costs and favorable impact from foreign exchange translation, partially offset by unfavorable metal costs. In the nine months ended September 30, 2024, Muscle Shoals results were impacted by a weather-related event in January 2024. For the nine months ended September 30, 2025, Adjusted EBITDA per ton increased 12% to $265 per ton from $236 per ton for the nine months ended September 30, 2024.
Previous wording
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 wording
For the nine months ended September 30, 2025, Adjusted EBITDA in our AS&I segment decreased by 4% to $67 million from $70 million for the nine months ended September 30, 2024, primarily as a result of lower volumes, unfavorable price and mix and the unfavorable impact from tariffs, partially offset by a net customer compensation for underperformance of an automotive program and lower operating costs. In the nine months ended September 30, 2024, Segment Adjusted EBITDA included a $10 million negative impact from the flood in Valais (Switzerland). For the nine months ended September 30, 2025, Adjusted EBITDA per metric ton decreased by 3% to $431 per ton from $445 per ton for the nine months ended September 30, 2024.
Previous 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.
Current wording
Segment Adjusted EBITDA results for our Holdings and Corporate segment reflected costs of $9 million and $2 million, for the three months ended September 30, 2025 and 2024, respectively. This increase mainly results from higher accrued labor costs. Segment Adjusted EBITDA results for our Holdings and Corporate segment reflected costs of $32 million and $15 million for the nine months ended September 30, 2025 and 2024, respectively. This increase mainly results from higher accrued labor costs and costs associated with corporate transformation projects.
Previous 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.
Current wording
At September 30, 2025, we had $831 million of total liquidity, comprised of $122 million in cash and cash equivalents, $471 million of availability under our Pan-U.S. ABL facility, $121 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 $410 million and $376 million at June 30, 2025 and December 31, 2024, respectively.
Current wording
Factored receivables under non-recourse arrangements were $419 million and $376 million at September 30, 2025 and December 31, 2024, respectively.
Previous wording
The following table summarizes our operating, investing and financing activities for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our operating, investing and financing activities for the nine months ended September 30, 2025 and 2024:
Previous 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.
Current wording
For the nine months ended September 30, 2025, net cash flows from operating activities were $271 million, a $31 million increase from $240 million in the nine months ended September 30, 2024. This change primarily reflects an $83 million increase in cash flows from operating activities before working capital and a $52 million decrease in cash flows from working capital usage.
Previous wording
For the six months ended June 30, 2025, changes in working capital were attributable to (i)an increase in inventory of$65 million, primarily driven by higher ending metal prices; (ii) an increase in trade receivables of $261 million primarily driven by higher activity levels and higher ending metal prices; and (iii) an increase in trade payables of $241 million, primarily driven by increased metal purchases due to higher activity levels and higher ending metal prices.
Current wording
For the nine months ended September 30, 2025, changes in working capital were attributable to (i)an increase in inventory of$109 million, primarily driven by higher ending metal prices; (ii) an increase in trade receivables of $280 million primarily driven by higher activity levels and higher ending metal prices; and (iii) an increase in trade payables of $221 million, primarily driven by higher metal purchases due to higher activity levels and higher ending metal prices.
Previous wording
For the six months ended June 30, 2024, changes in working capital were attributable to (i) an increase in inventory of $27 million, primarily driven higher ending metal prices; (ii) an increase in trade receivables of $241 million primarily driven by higher activity levels and higher ending metal prices, partially offset by $40 million of deferred purchase price receivables from factoring; and (iii) an increase in trade payables of $164 million, primarily driven by higher ending metal prices.
Current wording
For the nine months ended September 30, 2024, changes in working capital were attributable to (i) an increase in inventory of $60 million, primarily driven higher ending metal prices; (ii) an increase in trade receivables of $158 million primarily driven by higher activity levels and higher ending metal prices, partially offset by $63 million of deferred purchase price receivables from factoring; and (iii) an increase in trade payables of $124 million, primarily driven by increased metal purchases due to higher activity levels and higher ending metal prices.
Previous wording
For the six months ended June 30, 2025 and 2024, net cash flows used in investing activities were $131 million and $111 million, respectively. For thesix months ended June 30, 2025 capital expenditures were $134 million. For the six months ended June 30, 2024 capital expenditures were $151 million and included the recycling investment in France. In the six months ended June 30, 2024, collection of deferred purchase price receivables from factoring was $40 million.
Current wording
For the nine months ended September 30, 2025 and 2024, net cash flows used in investing activities were $200 million and $188 million, respectively. For thenine months ended September 30, 2025, capital expenditures were $203 million. For the nine months ended September 30, 2024, capital expenditures were $255 million and included the recycling investment in France. In the nine months ended September 30, 2024, collection of deferred purchase price receivables from factoring was $63 million.
Previous wording
For the six months ended June 30, 2025, net cash flows used in financing activities were $62 million, primarily reflecting share repurchases, additional borrowings under the Pan-U.S. ABL facility and factoring arrangements in Europe as well as realized foreign exchange losses on net debt hedging instruments due to the weakening of the U.S. dollar. During the six months ended June 30, 2025, Constellium repurchased 4.8 million shares of the Company's ordinary shares for $50 million.
Current wording
For the nine months ended September 30, 2025, net cash flows used in financing activities were $103 million, primarily reflecting share repurchases, additional borrowings under the Pan-U.S. ABL facility as well as realized foreign exchange losses on net debt hedging instruments due to the weakening of the U.S. dollar. During the nine months ended September 30, 2025, Constellium repurchased 6.5 million shares of the Company's ordinary shares for $75 million.
Previous wording
(A)For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.
Current wording
(A)For the three and nine months ended September 30, 2024, impairment related to property, plant and equipment in our Valais (Switzerland) operations.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (5)
Previous report — wording carried 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.
Previous report — wording carried elsewhere
For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.
Previous report — wording carried elsewhere
(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 report — wording carried elsewhere
(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 report — wording carried elsewhere
For the six months ended June 30, 2024, net cash flows used in financing activities were $51 million, primarily reflecting share repurchases. During the six months ended June 30, 2024, Constellium repurchased 1.9 million shares of the Company's ordinary shares for $39 million.