CONSTELLIUM SE
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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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, 2026 · Filed Oct 28, 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 2026-06-30; filed 2026-07-29.
0001563411-26-000192
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001563411-26-000200
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 387 previous paragraphs and 408 current paragraphs.
227 unchanged; 111 reworded; 63 added; 43 removed; 6 previous and 7 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 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 (63)
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beyond, which include harvesting the benefits from our previously announced return-seeking investments and capturing future
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Revenue and total Adjusted EBITDA:
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long-term impacts on the Company. We are monitoring the potential impacts of the recent developments in tariff
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announcements during the third quarter related to Section 338 of the Tariff Act of 1930 (“Section 338 Tariffs”). Under recent
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proclamations, Section 338 Tariffs apply to certain aluminum products imported from Canada, including extrusions, which also
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remain subject to tariffs previously imposed under Section 232 of the Trade Expansion Act of 1962 (“Section 232 Tariffs”).
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The effect of the combined tariffs on extruded products will drive up overall tariff costs. Global and regional economies
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geopolitical factors. We purchase energy from the natural gas and electricity markets and typically secure a large part of our
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needs pursuant to fixed-price commitments. To reduce the risks associated with our natural gas and electricity requirements, we
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primarily use forward contracts with our energy suppliers, and to a lesser extent, derivative financial instruments with financial
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institutions, to fix the commodity component of the energy costs. Furthermore, in some of our longer-term sales contracts, we
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include indexation clauses on energy prices. From time to time, we may experience fluctuations in energy costs in the periods
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of higher volatility.
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For thethree months ended September 30, 2026, Revenue increased 22% to$2,639 million from$2,166 million for the
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three months ended September 30, 2025. Theincrease reflected higher revenue per ton, including higher metal prices, partially
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offset bylower shipments.
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For thenine months ended September 30, 2026, Revenue increased 26% to$7,848 million from$6,248 million for the
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nine months ended September 30, 2025. Theincrease reflected higher revenue per ton, including higher metal prices, partially
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offset bylower shipments.
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Changes in realized gains / (losses) on derivatives for thethree months ended September 30, 2026 as compared to the
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three months ended September 30, 2025 primarily reflected the fluctuation in foreign exchange. Changes in unrealized gains /
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(losses) on derivatives for thethree months ended September 30, 2026 as compared to thethree months ended September 30,
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Changes in realized gains / (losses) on derivatives for thenine months ended September 30, 2026 as compared to thenine
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gains / (losses) on derivatives for thenine months ended September 30, 2026 as compared to thenine months ended September
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30, 2025 reflected the fluctuation in foreign exchange and commodity and energy prices.
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ended September 30, 2025.
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months ended September 30, 2025.
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September 30, 2026 and 2025, respectively.
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automotive rolled products in North America.
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For thethree months ended September 30, 2026, revenue in our P&ARP segment increased 24% to$1,625 million from
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$1,307 million for thethree months ended September 30, 2025, reflecting higher revenue per ton, including higher metal prices,
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For thenine months ended September 30, 2026, revenue in our P&ARP segment increased 28% to$4,782 million from
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$3,729 million for thenine months ended September 30, 2025, reflecting higher revenue per ton, including higher metal prices,
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America.
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For thethree months ended September 30, 2026, revenue in our AS&I segment decreased 2% to$402 million from$409
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products shipments.
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For thenine months ended September 30, 2026, revenue in our AS&I segment increased 5% to$1,275 million from
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$1,211 million for thenine months ended September 30, 2025, reflecting higher revenue per ton, including higher metal prices,
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products shipments.
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For thethree months ended September 30, 2026, Adjusted EBITDA in our A&T segment increased 13% to$102 million
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and total Adjusted EBITDA:
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and geopolitical factors.
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For thethree months ended June 30, 2026, Revenue increased 31% to$2,748 million from$2,103 million for thethree
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months ended June 30, 2025. This increase reflected higher revenue per ton, including higher metal prices, partially offset by
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lower shipments.
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For thesix months ended June 30, 2026, Revenue increased 28% to$5,209 million from$4,082 million for thesix
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months ended June 30, 2025. This increase reflected higher revenue per ton, including higher metal prices, partially offset by
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lower shipments.
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million for thethree months ended June 30, 2025. Theincrease was primarily driven by an increase in higher labor costs and
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associated with corporate transformation projects.
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Changes in realized and unrealized gains / (losses) on derivatives for the three andsix months ended June 30, 2026 as
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and 2025, respectively.
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products in North America.
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For thesix months ended June 30, 2026, revenue in our A&T segment increased 34% to$1,289 million from$960
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products in North America.
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For thesix months ended June 30, 2026, revenue in our P&ARP segment increased 30% to$3,157 million from$2,422
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million for thesix months ended June 30, 2025, reflecting higher revenue per ton, including higher metal prices, partially offset
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For thethree months ended June 30, 2026, revenue in our AS&I segment increased 9% to$458 million from$421
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For thesix months ended June 30, 2026, revenue in our AS&I segment increased 9% to$873 million from$802 million
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for thesix months ended June 30, 2025, reflecting higher revenue per ton, including higher metal prices, partially offset by
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For thethree months ended June 30, 2026, Adjusted EBITDA in our A&T segment increased 61% to$135 million from
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increased by 32% to$2,083 per ton from$1,572 per ton for thethree months ended June 30, 2025.
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For thesix months ended June 30, 2026, Adjusted EBITDA in our A&T segment increased 44% to$238 million from
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30, 2026, Adjusted EBITDA per tonincreased 20% to$1,902 per ton from$1,579 per ton for thesix months ended June 30,
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For thethree months ended June 30, 2026, Adjusted EBITDA in our P&ARP segment increased 123% to$165 million
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For thesix months ended June 30, 2026, Adjusted EBITDA in our P&ARP segment increased 135% to$317 million
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volumes. For thesix months ended June 30, 2026, Adjusted EBITDA per tonincreased 143% to$601 per ton from$248 per
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ton for thesix months ended June 30, 2025.
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For thethree months ended June 30, 2026, Adjusted EBITDA in our AS&I segment increased 44% to$26 million from
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$18 million for thethree months ended June 30, 2025, primarily as a result oflower operating costs, partially offset by
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unfavorable price and mix. For thethree months ended June 30, 2026, Adjusted EBITDA per tonincreased 45% to$477 per ton
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from$329 per ton for thethree months ended June 30, 2025.
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For thesix months ended June 30, 2026, Adjusted EBITDA in our AS&I segment increased by 44% to$49 million from
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foreign exchange translation, partially offset by unfavorable price and mix andlower volumes. For thesix months ended June
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For thesix months ended June 30, 2026, net cash flows from operating activities were$234 million, a$62 million
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usage.
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by higher activity levels and higher ending metal prices, partially offset by$2 million of deferred purchase price receivables
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such as investments in our recycling and casting capacities.
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For thesix months ended June 30, 2026, net cash flows used in financing activities were$51 million, primarily reflecting
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share repurchases. During thesix months ended June 30, 2026, Constellium repurchased 1.8 million ordinary shares of the
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statements prepared under U.S. GAAP at June 30, 2026 and for the three andsix months ended June 30, 2026 and 2025 and
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statements prepared under U.S. GAAP at September 30, 2026 and for the three andnine months ended September 30, 2026 and
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should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited
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2025 and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our
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interim condensed consolidated financial statements at June 30, 2026 and for the three andsix months ended June 30, 2026
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unaudited interim condensed consolidated financial statements at September 30, 2026 and for the three andnine months ended
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and 2025 which are included in this Quarterly Report.
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September 30, 2026 and 2025 which are included in this Quarterly Report.
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Constellium delivered strong results in the second quarter despite uncertainties on the macroeconomic and geopolitical
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Constellium delivered strong results in thethird quarter despite the ongoing uncertainties on the macroeconomic and
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fronts. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics, including
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geopolitical fronts. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics,
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animproved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive rolled
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including animproved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive
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products in North America and strong recycling performance in both North America and Europe. During the quarter, we
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rolled products in North America and strong recycling performance in both North America and Europe. During the quarter, we
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returned$20 million to shareholders through the repurchase of 623 thousand shares. Even though the current landscape remains
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returned$30 million to shareholders through the repurchase of 1 million shares. Even though the current landscape remains
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beyond. Our focus remains on executing on our strategy, driving operational performance, controlling costs, maintaining
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market opportunities. Our focus remains on executing on our strategy, driving operational performance, controlling costs,
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commercial and capital discipline, generating free cash flow and increasing shareholder value.
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maintaining commercial and capital discipline, generating free cash flow and increasing shareholder value.
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For the three andsix months ended June 30, 2026, our segments represented the following percentages of total Revenue
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For the three andnine months ended September 30, 2026, our segments represented the following percentages of total
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During thesix months ended June 30, 2026, we continued to monitor geopolitical and economic instability, globally.
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During thenine months ended September 30, 2026, we continued to monitor geopolitical and economic instability, globally.
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During thesecond quarter of 2026, there was continued uncertainty related to tariffs and trade conditions, and their short and
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During thethird quarter of 2026, there was continued uncertainty related to tariffs and trade conditions, and their short and
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long-term impacts on the Company. Global and regional economies continue to be impacted by armed conflicts, sanctions, and
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continue to be impacted by armed conflicts, sanctions, and volatility. In particular, ongoing geopoli tical tensions and military
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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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conflicts in the Middle East, including the ongoing conflict involving the United States, Israel and Iran, have caused, and may
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is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and
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continue to result in, higher fuel and energy prices. While it is difficult to predict the impact of these events, we continuously
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countermeasures as necessary to seek to address adverse effects or disruptions to our operations as they arise.
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monitor them and will develop contingency plans and countermeasures as necessary to seek to address adverse effects or
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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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Aluminum prices have risen sharply since 2025, especially in the U.S. followingthe Section 232 Tariffs. The average
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Act of 1962 tariff announcements. The average LME transaction price, Rotterdam premium and Midwest premium per ton of
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LME transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum for the three andnine months
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primary aluminum for the three andsix months ended June 30, 2026 and 2025 are presented below.
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ended September 30, 2026 and 2025 are presented below.
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aluminum production and usually provides economic benefits, as scrap trades at a discount to the market price of primary
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aluminum production and usually provides economic benefits, as scrap aluminum trades at a discount to the market price of
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aluminum (i.e. LME plus regional premiums). The difference between the price of primary aluminum and the price of scrap is
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primary aluminum (i.e. LME plus regional premiums). The difference between the price of primary aluminum and the price of
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referred to as the “scrap spread.” The scrap spread depends on regional scrap aluminum supply and overall market demand. If,
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scrap aluminum is referred to as the “scrap spread.” The scrap spread depends on regional scrap aluminum supply and overall
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for example, the scrap spread widens and the price of primary aluminum remains static, this could have a favorable impact on
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market demand. If, for example, the scrap spread widens and the price of primary aluminum remains static, this could have a
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our Company's results, while the converse could lead to an unfavorable impact. In addition, many other factors, such as the
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favorable impact on our Company's results, while the converse could lead to an unfavorable impact. In addition, many other
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price of primary aluminum, types of scrap aluminum we purchase, effectiveness and timing of our scrap purchase activities,
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factors, such as the price of primary aluminum, types of scrap aluminum we purchase, effectiveness and timing of our scrap
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productivity of our recycling operations, could have impacts on the Company’s results.
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purchase activities, and productivity of our recycling operations, could have impacts on the Company’s results.
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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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Our operations require substantial amounts of energy to run, primarily electricity and natural gas. The magnitude of energy
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energy costs depends on the energy supply and demand relationships in the regions we operate in and broader macroeconomic
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costs depends on the energy supply and demand relationships in the regions we operate in and broader macroeconomic and
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Results of Operations for the three andsix months ended June 30, 2026 and 2025
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Results of Operations for the three andnine months ended September 30, 2026 and 2025
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For thethree months ended June 30, 2026, sales volumes decreased 1% to 381 kt from 384 kt for thethree months ended
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For thethree months ended September 30, 2026, sales volumes decreased 1% to 368 kt from 373 kt for thethree months
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June 30, 2025. This decrease reflected a 3% decrease in volumes for P&ARP and a 2% decrease in volumes for AS&I, partially
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ended September 30, 2025. Thedecrease reflected a 3% decrease in volumes for P&ARP and a 4% decrease in volumes for
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offset by a 20% increase in volumes for A&T.
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AS&I, partially offset by a 18% increase in volumes for A&T.
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For thesix months ended June 30, 2026, sales volumes decreased 1% to 751 kt from 756 kt for thesix months ended
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For thenine months ended September 30, 2026, sales volumes decreased 1% to 1,120 kt from 1,130 kt for thenine
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June 30, 2025. This decrease reflected a 4% decrease in volumes for P&ARP and stable volumes for AS&I, partially offset by a
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months ended September 30, 2025. Thedecrease reflected a 3% decrease in volumes for P&ARP and a 3% decrease in volumes
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For thethree months ended June 30, 2026, Cost of sales increased 23% to$2,268 million from$1,840 million for the
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For thethree months ended September 30, 2026, Cost of sales increased 23% to$2,272 million from$1,852 million for
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months ended June 30, 2025. This increase in Cost of sales was primarily driven by a 25% increase in raw materials and
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thethree months ended September 30, 2025. Theincrease was primarily driven by an increase in raw materials and
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For thesix months ended June 30, 2026, Cost of sales increased 21% to$4,309 million from$3,556 million for thesix
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For thenine months ended September 30, 2026, Cost of sales increased 22% to$6,581 million from$5,408 million for
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three months ended June 30, 2025. This increase in Cost of sales was primarily driven by a 28% increase in raw materials and
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thenine months ended September 30, 2025. Theincrease was primarily driven by an increase in raw materials and consumables
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disruptions to our operations as they arise.
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for AS&I, partially offset by a 19% increase in volumes for A&T.
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compared to thethree months ended September 30, 2025.
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months ended September 30, 2025 primarily reflected the fluctuation in commodity and energy prices. Changes in unrealized
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per ton, including higher metal prices. AS&I shipments were down 4% or 2 kt, due tolower Automotive and Other extruded
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receivables of$267 million primarily driven by higher ending metal prices and higher activity levels; and (iii)an increase in
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andrepurchased 2.8 million ordinary shares of the Company for$78 million.
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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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21% increase in volumes for A&T.
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million for thethree months ended June 30, 2025. This increase was primarily driven by an increase in labor costs.
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million for thethree months ended June 30, 2025, reflecting higher revenue per ton, including higher metal prices, partially
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AS&I shipments were stable compared to thethree months ended June 30, 2025.
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activity levels and higher ending metal prices.