CONSTELLIUM SE
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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.
Mar 31, 2026 · Filed Apr 29, 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-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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001563411-26-000155
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 139 previous paragraphs and 342 current paragraphs.
43 unchanged; 67 reworded; 102 added; 29 removed; 0 previous and 130 current paragraphs rearranged.
Tables are not compared: 10 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 (102)
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by our forward-looking statements.
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administrative centers. The Group has approximately 11,500 employees.
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materials and battery foil products.
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Constellium delivered strong results in the first quarter despite uncertainties on the macroeconomic and geopolitical
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fronts. During the quarter we benefited from current market dynamics, including supply shortages of automotive rolled
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products, improved aerospace and transportation, industry and defense (TID) environment, and favorable scrap and metal
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dynamics in North America. During the quarter we returned$28 million to shareholders through the repurchase of 1.2 million
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shares. While uncertainties persist on the macroeconomic and geopolitical fronts, we like our end market positioning and we are
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optimistic about our prospects for the remainder of this year and beyond. Our focus remains on executing on our strategy,
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For thethree months ended March 31, 2026, our segments represented the following percentages of total Revenue and
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total Adjusted EBITDA:
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(1)Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.
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and long-term impacts on the Company. In April 2026, further updates and clarifications were released by the U.S. government
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surrounding tariff rates and assessment value on imported aluminum products, and the Company continues to monitor the
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volatility. In particular, ongoing geopolitical tensions and military conflicts in the Middle East, including the ongoing conflict
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involving the United States, Israel and Iran, have caused, and may continue to result in, higher fuel and energy prices. While it
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future.
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(iii) a conversion margin.
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neutrality.
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automotive - contribute to our production planning. Seasonal fluctuations and macroeconomic conditions are important factors
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in volume variability.
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inflation.
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and geopolitical factors.
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associated with these transactions is therefore recorded in Other Gains and Losses - net.
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Results of Operations for thethree months ended March 31, 2026 and 2025
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For thethree months ended March 31, 2026, Revenue increased 24% to$2,461 million from$1,979 million for thethree
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lower shipments.
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For thethree months ended March 31, 2026, sales volumes decreased 1% to 370 kt from 372 kt for thethree months
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For thethree months ended March 31, 2026, Cost of sales increased 19% to$2,041 million from$1,716 million for the
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For thethree months ended March 31, 2026, Selling and administrative expenses increased 24% to$97 million from$78
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million for thethree months ended March 31, 2025. Theincrease was primarily driven by an increase inlabor costs.
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For thethree months ended March 31, 2026, Research and development expenses were stable at$13 million compared to
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thethree months ended March 31, 2025.
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Changes in realized and unrealized gains / (losses) on derivativesfor thethree months ended March 31, 2026 as
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statements.
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For thethree months ended March 31, 2026, Finance costs, netincreased $1 million or 4% to $28 million from$27
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million for thethree months ended March 31, 2025 as a result of foreign exchange translation.
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For thethree months ended March 31, 2026 and 2025, Income tax wasan expense of$76 million and$24 million,
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respectively. Our effective tax rate was 27.9% and 38.8% ofincome before tax for thethree months ended March 31, 2026 and
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2026 and 2025 includes an estimate of the temporary surtax in France, the Base Erosion Anti Abuse Tax in the United States,
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Removed paragraphs (29)
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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.
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Results of Operations for the three and nine months ended September 30, 2025 and 2024
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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-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.
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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.
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Holdings & Corporate
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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.
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Constellium Muscle Shoals LLC's factoring agreement was amended in September 2025, and the maturity was extended to September 2027.
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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.
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(A)For the three and nine months ended September 30, 2024, impairment related to property, plant and equipment in our Valais (Switzerland) operations.
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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.
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The following discussion and analysis is based principally on our unaudited interim condensed consolidated financial
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The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in this Quarterly Report and in our Annual Report on Form 10-K for the year ended December 31, 2024 (see in particular "Special Note about Forward-Looking Statements" and "Item 1A. Risk Factors"), which was filed with the SEC on February 28, 2025.
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The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject
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Amounts presented in the Consolidated Financial Statements are expressed in millions of U.S. dollars, except as otherwise stated. Shipments are expressed in thousands of metric tons. Amounts may not sum due to rounding.
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Amounts presented in the Consolidated Financial Statements are expressed in millions of U.S. dollars, except as
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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.
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Constellium is a global leader in the development, manufacture and sale of a broad range of high value-added specialty
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We serve a diverse set of customers across a broad range of end-markets with different product needs, specifications and requirements. Our business is organized into three operating segments:
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We serve a diverse set of customers across a broad range of end-markets with different product needs, specifications and
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•Our Aerospace & Transportation ("A&T") operating segment offers a wide range of technically advanced aluminum products including plate, sheet and extrusions to blue-chip customers in the global aerospace, space, commercial transportation, general industrial and defense sectors. Many of the products are mission critical, which benefit from our world-class R&D and manufacturing capabilities and unique solutions.
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•Our Aerospace & Transportation ("A&T") operating segment offers a wide range of technically advanced aluminum
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•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.
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•Our Packaging & Automotive Rolled Products ("P&ARP") operating segment includes the production and
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•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.
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•Our Automotive Structures & Industry ("AS&I") operating segment produces (i) technologically advanced structural
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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.
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driving operational performance, controlling costs, generating free cash flow and increasing shareholder value.
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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.
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We are directly impacted by the economic conditions that affect our customers and the markets in which they operate.
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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.
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During the first three months ended March 31, 2026, we continued to monitor geopolitical and economic instability,
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In addition, although a number of our end-markets are cyclical in nature, we believe that the diversity of our portfolio and the secular growth trends we are experiencing in many of our end-markets will help the Company weather these economic cycles. In our three principal end-markets of aerospace, packaging and automotive:
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Although a number of our end-markets are cyclical in nature, we believe that the diversity of our portfolio and the secular
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•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.
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•Aerospace demand has stabilized following the sharp recovery post-COVID although the supply chain continues
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•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.
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•Historically, demand for aluminum can packaging has been fairly resilient during various economic cycles. We
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•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.
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•Automotive vehicle sales tend to fluctuate with the general economic cycle and in recent years have also been
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Our products are typically priced based on three components: (i) the LME price, (ii) a regional premium and (iii) a conversion margin.
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Our products are typically priced based on three components: (i) the LME price, (ii) a regional premium and
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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.
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The price we pay for primary aluminum includes the LME price and regional premiums such as the Midwest premium
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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.
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Aluminum prices have risen sharply since 2025, especially in the U.S. following the Section 232 of the Trade Expansion
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The profitability of our business is determined, in part, by the volume of tons processed and sold. Increased production volumes will generally result in lower per unit costs. Higher volumes sold will generally result in additional revenue and associated profitability.
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The profitability of our business is determined, in part, by the volume of tons processed and sold. Increased production
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Our operations are labor intensive. Personnel costs include the salaries, wages and benefits of our employees, as well as costs related to temporary labor. During our seasonal peaks and the summer months, we have historically increased our temporary workforce to compensate for increased volume of activity and vacation schedules. Personnel costs generally increase and decrease with the expansion or contraction in production levels. Personnel costs also generally increase in periods of higher inflation.
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Our operations are labor intensive. Personnel costs include the salaries, wages and benefits of our employees, as well as
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Our operations require substantial amounts of energy to run, primarily electricity and natural gas. The magnitude of energy costs depends on the energy supply and demand relationships in the regions we operate in.
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Our operations require substantial amounts of energy to run, primarily electricity and natural gas. The magnitude of
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We are a global company with operations in the United States, France, Germany, Switzerland, the Czech Republic, Slovakia, Spain, Mexico, Canada and China. As such, we are exposed to transaction and translation impacts.
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We are a global company with operations in the United States, France, Germany, Switzerland, the Czech Republic,
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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.
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Transaction impacts arise when our businesses transact in a currency other than their own functional currency. As a
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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.
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Translation impacts result from the translation at each period of the results of functional currency entities other than U.S.
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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.
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months ended March 31, 2025. This increase reflected higher revenue per ton, including higher metal prices, partially offset by
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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.
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ended March 31, 2025. This decrease reflected a 3% decrease in volumes for P&ARP and a 3% decrease in volumes for AS&I,
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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.
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three months ended March 31, 2025. This increase in Cost of sales was primarily driven by an increase in raw materials and
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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.
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consumables primarily as a result of higher metal prices.
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Realized gains or losses relate to financial derivatives used by the Group to hedge underlying commercial and commodity transactions. Realized gains and losses on these derivatives are recognized in Other Gains and Losses - net and are offset by the commercial and commodity transactions accounted for in Revenue and Cost of sales.
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Realized gains or losses relate to financial derivatives used by the Group to hedge underlying commercial and commodity
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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.
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Unrealized gains or losses relate to financial derivatives used by the Group to hedge forecasted and/or committed
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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.
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compared to thethree months ended March 31, 2025 primarily reflected the fluctuation in commodity and energy prices.
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Other Gains and Losses, net are further discussed in Note 4 to the unaudited interim condensed financial statements.
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Other Gains and Losses, net are further discussed in Note 4 to the unaudited interim condensed consolidated financial
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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.
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The difference between the statutory tax rate of 25.8% and the effective tax rate for thethree months ended March 31,
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The following table sets forth the revenue for our three operating segments and Holdings and Corporate for the periods presented:
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The following table sets forth the revenue for our three operating segments for the periods presented:
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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.
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offset bylower shipments. AS&I shipments were down 3%, or 1 kt, due to lower Automotive and Other extruded products
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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.
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In considering the financial performance of the business, we analyze the primary financial performance measure of
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Segment Adjusted EBITDA is defined as income from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation and amortization as adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange differences on transactions that do not qualify for hedge accounting, metal price lag (as defined hereafter), share-based compensation expense, non-operating gains / (losses) on pension and other post-employment benefits, factoring expenses, effects of certain purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain incremental costs and other exceptional, unusual or generally non-recurring items.
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Segment Adjusted EBITDA is defined as income from continuing operations before income taxes, results from joint
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The following table sets forth the Segment Adjusted EBITDA for our operating segments for the periods presented:
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The following table sets forth the Segment Adjusted EBITDA for our reportable segments for the periods presented:
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The reconciliation of Segment Adjusted EBITDA is disclosed in Note 3 to the unaudited condensed interim financial statements.
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The reconciliation of Segment Adjusted EBITDA is disclosed in Note 3 to the unaudited interim consolidated condensed
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The following table presents the primary drivers for changes in Segment Adjusted EBITDA for each one of our three segments:
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The following table presents the primary drivers for changes in Segment Adjusted EBITDA for each of our three
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statements prepared under U.S. GAAP at March 31, 2026 and for thethree months ended March 31, 2026 and 2025 and should
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be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited interim
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condensed consolidated financial statements at March 31, 2026 and for thethree months ended March 31, 2026 and 2025
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which are included in this Quarterly Report.
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to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied
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otherwise stated. Shipments are expressed in thousands of metric tons. Amounts may not sum due to rounding.
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rolled and extruded aluminum products to the aerospace, space, defense, packaging, automotive, commercial transportation and
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general industrial end-markets. At March 31, 2026, the Group operated 24 manufacturing facilities,3 R&D centers and 3
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requirements. Our business is organized into three operating segments:
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products including plate, sheet and extrusions to blue-chip customers in the global aerospace, space, commercial
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transportation, general industrial and defense sectors. Many of the products are mission critical, which benefit from our
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world-class R&D and manufacturing capabilities and unique solutions.
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development of customized rolled aluminum sheet products. We supply the packaging market with canstock and
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closure stock for the beverage and food industry, as well as foilstock for the flexible packaging market. In addition, we
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supply the automotive market with technically advanced products such as Auto Body Sheet ("ABS"), heat exchanger
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solutions for the automotive industry including crash management systems, body structures, side impact beams and
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battery enclosure components, (ii) soft and hard alloy extrusions for automotive, transportation, and general industrial
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applications, and (iii) large profiles for rail and general industrial applications. We complement our products with a
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comprehensive offering of downstream technology and services, which include pre-machining, surface treatment,
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R&D and technical support services.
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General economic and market conditions, such as the level of disposable income, the level of inflation, the rate of economic
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growth, the rate of unemployment, the rapid development of technology, interest rates, exchange rates and currency devaluation
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or revaluation, influence consumer confidence and consumer purchasing power. These factors, in turn, influence the demand for
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our products in terms of total volumes and prices that can be charged. We attempt to respond to the variability of economic
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conditions through the terms of our contracts with our customers as well as cost control.
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globally. During thefirst quarter of 2026, there was continued uncertainty related to tariffs and trade conditions, and their short
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potential impacts to its business. Global and regional economies continue to be impacted by armed conflicts, sanctions, and
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is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and counter
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measures as necessary to seek to address adverse effects or disruptions to our operations as they arise.
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growth trends we are experiencing in many of our end-markets will help the Company weather these economic cycles. In our
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three principal end-markets of aerospace, packaging and automotive:
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to experience destocking of aluminum products. We continue to believe that the long-term trends of increased
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passenger air traffic and fleet replacements with newer and more fuel efficient aircraft, along with new military
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and space programs, will help support favorable long-term demand conditions.
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believe canstock has an attractive long-term growth outlook driven in part by increased consumer preference for
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aluminum beverage cans as a packaging material of choice.
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impacted by global supply chain disruptions, the tariff and trade environment, affordability, customer offerings
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and consumer preference. However, aluminum demand has increased in recent years, driven by the vehicle
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lightweighting trend to improve energy efficiency, reduce emissions and enhance vehicle safety, which has
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resulted in more aluminum usage for new car models. We expect the lightweighting trend to continue in the
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