CONSTELLIUM SE
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
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-K
Period ended 2024-12-31; filed 2025-02-28.
0001563411-25-000005
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-25.
0001563411-26-000057
Item 7. 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 455 previous paragraphs and 363 current paragraphs.
124 unchanged; 126 reworded; 110 added; 194 removed; 11 previous and 3 current paragraphs rearranged.
Tables are not compared: 16 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 (110)
Current report
“Item 1A. Risk Factors. This section discusses items pertaining to and comparisons of financial results between fiscal years
Current report
2025 and 2024. A discussion of and comparisons between fiscal years 2024 and 2023 financial results can be found in
Current report
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7. of the
Current report
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28,
Current report
Management review and outlook
Current report
Constellium delivered strong results in 2025 despite the uncertain macro economic and end market environment. Looking
Current report
across our end markets, packaging demand remained healthy during 2025, and we continued to benefit from improved
Current report
operational performance at Muscle Shoals. Aerospace demand was lower driven by continued destocking of aluminum products
Current report
in the global Aerospace supply chain, though demand for high value add products remain healthy. Automotive demand
Current report
remained weak in Europe and relatively stable in North America, and in the fourth quarter we benefited from increased demand
Current report
due to short-term supply shortages in the U.S. Industrial market conditions in North America and Europe became more stable,
Current report
and our shipments in Europe improved in the year given the post-flood recovery in Valais (Switzerland). Following the tariff
Current report
announcements in 2025, market aluminum prices (LME price + Midwest Premium) have risen sharply in North America, and
Current report
certain spot scrap aluminum spreads have improved from previous historically tight levels. We expect recent demand trends in
Current report
our end markets to continue into the early part of 2026 and the overall macroeconomic environment to remain relatively stable,
Current report
and we expect to benefit from recent market dynamics, including supply shortages for automotive rolled products as well as
Current report
improved scrap spreads in North America. We are proactively managing the business to the current environment. We remain
Current report
focused on executing on our strategy, driving operational performance, controlling costs, generating Free Cash Flow and
Current report
increasing shareholder value.
Current report
and Segment Adjusted EBITDA:
Current report
(1)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
Current report
Economic, Geopolitical and General Market Conditions
Current report
growth, the rate of unemployment, the rapid development of technology, interest rates, exchange rates and currency devaluation
Current report
During theyear ended December 31, 2025, we continued to monitor geopolitical and economic instability globally.
Current report
Duringthe fourth quarter, there was continued uncertainty related to tariffs andtrade conditions, and their short and long-term
Current report
impacts on the Company. Global and regional economies continue to be impacted by armed conflicts, sanctions, and volatility.
Current report
•Aerospace demand has stabilized following the sharp recovery post-COVID although the supply chain continues to
Current report
•Historically, demand for aluminum can packaging has been fairly resilient during various economic cycles. We
Current report
aluminum cans as a beverage packaging material of choice.
Current report
neutrality.
Current report
Aluminum prices have risen in 2025, especially in the U.S. following the tariff announcements. The average LME
Current report
generally result in additional revenue and associated profitability. Demand trends across key sectors — aerospace, packaging
Current report
and automotive — contribute to our production planning. Seasonal fluctuations and macroeconomic conditions are important
Current report
factors in volume variability.
Current report
associated with these transactions is therefore recorded in Other Gains and Losses - net.
Current report
Results of Operations for theyear ended December 31, 2025 and 2024
Current report
For theyear ended December 31, 2025, Revenue increased 15% to$8,449 million from$7,335 million for theyear ended
Current report
December 31, 2024. This increase reflected higher shipments andhigher revenue per ton, including higher metal prices.
Current report
consumables used primarily as a result of higher metal prices and higher sales volumes.
Current report
million for theyear ended December 31, 2024. Theincrease was primarily driven by an increase in labor costs, partially offset
Showing the first 40 of 110 passages. Open the source sections for the rest.
Removed paragraphs (194)
Previous report
Statements" and "Item 1A. Risk Factors."
Previous report
Constellium faced significant challenges in 2024, including demand weakness across most of our end markets, tightening
Previous report
scrap spreads in North America and the impacts from the extreme cold weather and snow at Muscle Shoals in January and the
Previous report
severe flooding event that occurred in late June at our facilities in the Valais region in Switzerland. Shipments were down 4% at
Previous report
1.4 million metric tons. We reported revenue of$7.3 billion and net income of$60 million. We achieved$623 million of
Previous report
Adjusted EBITDA, which includes a positive non-cash metal price lag impact of $55 million.
Previous report
Adjusted EBITDA:
Previous report
Economic Conditions and Markets
Previous report
of unemployment, interest rates, exchange rates and currency devaluation or revaluation influence consumer confidence and
Previous report
customers and cost control.
Previous report
•Aerospace demand which experienced a sharp recovery post-COVID, iscurrently softening, notably because of
Previous report
•Historically, aluminum can packaging has not been highly correlated to the general economic cycle. We believe
Previous report
packaging material of choice.
Previous report
Geopolitical and economic instability
Previous report
Geopolitical and economic instability, including tariffs, trade wars, armed conflicts and sanctions, continue to generate
Previous report
continuously monitor them and will develop contingency plans and counter measures as necessary to address adverse effects or
Previous report
associated profitability.
Previous report
of higher inflation.
Previous report
For theyear ended December 31, 2024, revenue decreased 6% to$7,335 million from$7,826 million for theyear ended
Previous report
December 31, 2023. This decrease reflected adecrease inshipments andlower revenue per ton.
Previous report
The following table presents the primary drivers for changes in Revenue:
Previous report
million for theyear ended December 31, 2023. Thedecrease reflected primarilya decrease in in labor costs, offset by an
Previous report
increase in corporate transformation projects.
Previous report
million for the year ended December 31, 2023. This decrease reflected primarily a decrease in non-labor costs.
Previous report
Unrealized gains or losses relate to financial derivatives used by the Group to hedge forecasted commercial and
Previous report
December 31, 2023 primarily reflected the fluctuation in metal prices. Changes in unrealized gains and losses on derivatives for
Previous report
the year ended December 31, 2024 as compared to theyear ended December 31, 2023 reflected the fluctuation in foreign
Previous report
exchange rates and metal prices.
Previous report
For theyears ended December 31,2024 and 2023, impairment is primarily related to assets in Valais.
Previous report
Europe and amounted to$11 million.
Previous report
For the year ended December 31, 2023, gains and losses on disposals net of transaction costs included a $3 million loss
Previous report
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
Previous report
sale of Constellium Extrusions Deutschland GmbH which was completed on September 29, 2023.
Previous report
For theyear ended December 31, 2024, the$2 million gain resulting from the flood in Valais include $43 million of
Previous report
clean-up costs and inventory impairment which were offset by$45 million of insurance proceeds.
Previous report
For theyear ended December 31, 2024, finance costs, net remained stable at$111 million compare to theyear ended
Previous report
December 31, 2023, primarily reflecting lower borrowings on the Pan-U.S. ABL facility during 2024 compared to 2023 and
Previous report
the partial redemption of€50 million on the 5.875% Senior Notes due 2026 in July 2023, offset by the write-off of unamortized
Previous report
The difference in our effective tax rate and the statutory tax rate of 25.8% in the year ended December 31, 2024 was primarily
Previous report
due to the effect of the valuation allowance on deferred tax assets from losses in Germany where management determined that
Showing the first 40 of 194 passages. Open the source sections for the rest.
Reworded paragraphs (126)
Previous wording
under U.S. GAAP as of December 31, 2024 and 2023, and for the three years in the period ended December 31, 2024 included
Current wording
under U.S. GAAP at December 31, 2025 and 2024, and for the three years ended December 31, 2025 included elsewhere in this
Previous wording
elsewhere in this Annual Report, and is provided to supplement the audited Consolidated Financial Statements and the related
Current wording
Annual Report, and is provided to supplement the audited Consolidated Financial Statements and the related notes to help
Previous wording
notes to help provide an understanding of our financial condition, changes in financial condition, results of our operations, and
Current wording
provide an understanding of our financial condition, changes in financial condition, results of our operations, and liquidity.
Previous wording
liquidity. The following discussion is to be read in conjunction with our audited Consolidated Financial Statements prepared
Current wording
The following discussion is to be read in conjunction with our audited Consolidated Financial Statements prepared under U.S.
Previous wording
under U.S. GAAP and the notes thereto, which are included elsewhere in this Annual Report.
Current wording
GAAP and the notes thereto, which are included elsewhere in this Annual Report.
Previous wording
limited to, those discussed below and elsewhere in this Annual Report. See in particular "Special Note about Forward-Looking
Current wording
limited to, those discussed below and elsewhere in this Annual Report. See in particular “Forward-Looking Statements” and
Previous wording
Amounts presented in the Consolidated Financial Statements are expressed in millions of U.S. dollars, except as
Current wording
Amounts presented inthe audited Consolidated Financial Statements are expressed in millions of U.S. dollars, except as
Previous wording
For theyear ended December 31, 2024, our segments represented the following percentages of total Revenue and total
Current wording
For theyear ended December 31, 2025, our operating segments represented the following percentages of total Revenue
Previous wording
General economic conditions such as the level of disposable income, the level of inflation, the rate of economic growth, the rate
Current wording
General economic and market conditions such as the level of disposable income, the level of inflation, the rate of economic
Previous wording
consumer purchasing power. These factors, in turn, influence the demand for our products in terms of total volumes and prices
Current wording
or revaluation influence consumer confidence and consumer purchasing power. These factors, in turn, influence the demand for
Previous wording
that can be charged. We attempt to respond to the variability of economic conditions through the terms of our contracts with our
Current wording
our products in terms of total volumes and prices that can be charged. We attempt to respond to the variability of economic
Previous wording
volatility and disruption in global and regional economies. While it is difficult to predict the impact of these events, we
Current wording
While it is difficult to predict the impact of these events, we continuously monitor them and develop contingency plans and
Previous wording
disruptions to our operations as they arise.
Current wording
counter measures as necessary to seek to address adverse effects or disruptions to our operations as they arise.
Previous wording
In addition, although a number of our end-markets are cyclical in nature, we believe that the diversity of our portfolio and
Current wording
Although a number of our end-markets are cyclical in nature, we believe that the diversity of our portfolio and the secular
Previous wording
the secular growth trends we are experiencing in many of our end-markets will help the Company weather these economic
Current wording
growth trends we are experiencing in many of our end-markets will help the Company weather these economic cycles. In our
Previous wording
cycles. In our three principal end-markets of aerospace, packaging and automotive:
Current wording
three principal end-markets of aerospace, packaging and automotive:
Previous wording
supply chain challenges. We continue to believe that the long-term trends of increased passenger air traffic and
Current wording
experience destocking of aluminum products. We continue to believe that the long-term trends of increased
Previous wording
fleet replacements with newer and more fuel efficient aircraft, along with new military and space programs, will
Current wording
passenger air traffic and fleet replacements with newer and more fuel efficient aircraft, along with new military and
Previous wording
help support favorable long-term demand conditions.
Current wording
space programs, will help support favorable long-term demand conditions.
Previous wording
canstock has an attractive long-term growth outlook due to increased consumer preference for aluminum cans as a
Current wording
believe canstock has an attractive long-term growth outlook driven in part by increased consumer preference for
Previous wording
impacted by global supply chain disruptions, customer offerings and consumer preference. However, aluminum
Current wording
impacted by global supply chain disruptions, the tariff and trade environment, affordability, customer offerings and
Previous wording
demand has increased in recent years, driven by thevehicle lightweighting trend to improve energy efficiency,
Current wording
consumer preference. However, aluminum demand has increased in recent years, driven by the vehicle
Previous wording
reduce emissions and enhance vehicle safety, which has resulted in more aluminum usage for new car models. We
Current wording
lightweighting trend to improve energy efficiency, reduce emissions and enhance vehicle safety, which has resulted
Previous wording
expect the lightweighting trend to continue in the future.
Current wording
in more aluminum usage for new car models. We expect the lightweighting trend to continue in the future.
Previous wording
the cost of the metal purchased and hedging any remaining exposure to achieve aluminum price neutrality.
Current wording
the cost of the metal purchased and hedging any remaining exposure to the extent possible to achieve aluminum price
Previous wording
The average LME transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum in the years
Current wording
transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum for the years ended December 31,
Previous wording
ended December 31, 2024,2023 and 2022 are presented below.
Current wording
2025 and 2024 are presented below.
Previous wording
The profitability of ourbusiness is determined, in part, by the volume of tons processed and sold. Increased production
Current wording
The profitability of our business is determined, in part, by the volume of tons processed and sold. Increased production
Previous wording
volumes will generally result in lower per unit costs. Higher volumes sold will generally result in additional revenue and
Current wording
volumes will generally result in lower per unit costs due to the fixed costs structure of our operations. Higher volumes sold will
Previous wording
temporary workforce to compensate for increased volume of activity and for vacation schedules. Personnel costs generally
Current wording
temporary workforce to compensate for increased volume of activity and vacation schedules. Personnel costs generally increase
Previous wording
increase and decrease with the expansion or contraction in production levels. Personnel costs also generally increase in periods
Current wording
and decrease with the expansion or contraction in production levels. Personnel costs also generally increase in periods of higher
Previous wording
Slovakia, Spain, Mexico, Canada and China. As such, we are exposed to transaction and translation impacts. Transaction
Current wording
Slovakia, Spain, Mexico, Canada and China. As such, we are exposed to transaction and translation impacts.
Previous wording
impacts arise when our businesses transact in a currency other than their own functional currency. As a result, we are exposed
Current wording
Transaction impacts arise when our businesses transact in a currency other than their own functional currency. As a
Previous wording
to foreign exchange risk on payments and receipts in multiple currencies. Where we have multiple-year sales agreements in
Current wording
result, we are exposed to foreign exchange risk on payments and receipts in multiple currencies. Where we have multiple-year
Previous wording
U.S. dollars by euro-functional currency entities, we have entered into derivative contracts to forward sell U.S. dollars to match
Current wording
sales agreements in U.S. dollars by euro-functional currency entities, we have typically entered into derivative contracts to
Previous wording
these future sales. With the exception of certain derivative instruments entered into to hedge the foreign currency risk associated
Current wording
forward sell U.S. dollars to match these future sales. With the exception of certain derivative instruments entered into to hedge
Previous wording
with the cash flows of certain highly probable forecasted sales, which we have designated for hedge accounting, hedge
Current wording
the foreign currency risk associated with the cash flows of certain highly probable forecasted sales, which we have designated
Previous wording
accounting is not applied to such ongoing commercial transactions and therefore the mark-to-market impact is recorded in
Current wording
for hedge accounting, hedge accounting is not applied to such ongoing commercial transactions. The mark-to-market impact
Previous wording
Other Gains and Losses - net. Translation impacts result from the translation at each period of the results of functional currency
Current wording
Translation impacts result from the translation at each period of the results of functional currency entities other than U.S.
Previous wording
entities other than U.S. dollar into our reporting currency, the U.S. dollar.
Current wording
dollars into our reporting currency, the U.S. dollar.
Showing the first 40 of 126 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
conditions through the terms of our contracts with our customersas well as cost control.
Current report — wording carried from elsewhere
by higher Transportation, Industry and Defense rolled products shipments.
Current report — wording carried from elsewhere
operating segments based on Segment Adjusted EBITDA.
Rearranged previous paragraphs (11)
Previous report — wording carried elsewhere
Changes in realized gains or losses on derivatives for theyear ended December 31, 2024 as compared to theyear ended
Previous report — wording carried elsewhere
9% decrease in volumes for AS&I.
Previous report — wording carried elsewhere
Our revenue is discussed in more detail in the "Segment Results" section.
Previous report — wording carried elsewhere
The following table provides an analysis of the realized and unrealized gains and losses by nature of exposure:
Previous report — wording carried elsewhere
Realized gains or losses relate to financial derivatives used by the Group to hedge underlying commercial and commodity
Previous report — wording carried elsewhere
transactions. Realized gains and losses on these derivatives are recognized in Other Gains and Losses - net and are offset by the
Previous report — wording carried elsewhere
commercial and commodity transactions accounted for in revenue and cost of sales.
Previous report — wording carried elsewhere
commodity transactions for which hedge accounting is not applied. Unrealized gains or losses on these derivatives are
Previous report — wording carried elsewhere
recognized in Other Gains and Losses - net and are intended to offset the change in the value of forecasted transactions which
Previous report — wording carried elsewhere
flows from operating activities before working capital and a$75 million increase from changes in working capital.
Previous report — wording carried elsewhere
associated with non-recurring corporate transformation projects.