FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments presented at fair value in the Consolidated Balance Sheet

All derivatives are presented at fair value in the Interim Consolidated Balance Sheets:



	At March 31, 2025			At December 31, 2024
(in millions of U.S. dollar)	Non-current	Current	Total	Non-current	Current	Total


Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	—	5	5	—	5	5
Currency net debt derivatives	—	—	—	—	1	1
Energy derivatives	2	1	3	1	—	1
Metal derivatives	2	16	18	1	18	19

Fair value of derivatives instruments - assets	4	22	26	2	24	26
Derivatives that qualify for hedge accounting
Currency commercial derivatives	5	2	7	13	9	22
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	3	7	10	7	17	24
Currency net debt derivatives	—	1	1	—	—	—
Energy derivatives	—	1	1	—	2	2
Metal derivatives	2	31	33	1	5	6

Fair value of derivatives instruments - liabilities	10	42	52	21	33	54

Schedule of fair value hierarchy

The following table provides an analysis of financial instruments measured at fair value, grouped into levels based on the degree to which the fair value is observable:

•Level 1 is based on a quoted price (unadjusted) in active markets for identical financial instruments. Level 1 includes aluminum, copper and zinc futures that are traded on the LME.

•Level 2 is based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. prices) or indirectly (i.e. derived from prices). Level 2 includes foreign exchange derivatives, natural gas derivatives, silver derivatives and aluminum premium derivatives. The present value of future cash flows based on the forward or on the spot exchange rates at the balance sheet date is used to value foreign exchange derivatives.

•Level 3 is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs). Trade receivables are classified as a Level 3 measurement under the fair value hierarchy.



	At March 31, 2025				At December 31, 2024
(in millions of U.S. dollar)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Fair value of derivatives instruments - assets	8	18	—	26	12	14	—	26
Fair value of derivatives instruments - liabilities	21	31	—	52	5	49	—	54

Schedule of national amounts of outstanding derivatives

The following tables outline the nominal value (converted to millions of U.S. Dollar at the closing rate) of forward derivatives for Constellium’s most significant foreign exchange exposures at March 31, 2025.


Sold currencies	Maturity Year	Less than 1 year	Over 1 year
USD	2025-2029	373	449
CHF	2025-2029	56	6
CZK	2025	6	—
Other currencies	2025-2027	11	1


Purchased currencies	Maturity Year	Less than 1 year	Over 1 year
USD	2025-2026	75	9
CHF	2025-2028	120	25
CZK	2025-2026	71	34
Other currencies	2025	8	—

At March 31, 2025, the nominal amount of commodity derivatives is as follows:


(in millions of U.S. dollar)	Maturity Year	Less than 1 year	Over 1 year
Metal	2025-2027	400	43
Natural gas	2025-2027	9	18

Schedule of derivatives instruments performance

The table below details the effect of foreign currency derivatives in the Interim Consolidated Income Statement, the Interim Consolidated Statement of Cash Flows and the Interim Consolidated Statement of Comprehensive Income:


	Three months ended March 31,
(in millions of U.S. dollar)		2025	2024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on foreign currency derivatives - net (A)		(3)	(2)
Unrealized gains / (losses) on foreign currency derivatives - net (B)		15	(10)
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized gains / (losses) on foreign currency derivatives - net		11	(4)
Gains reclassified from cash flow hedge reserve to the Consolidated Income Statement		1	2
Included in Revenue (C)
Realized losses on foreign currency derivatives - net (A)		(3)	(2)
Unrealized gains on foreign currency derivatives - net		2	—

(A)Commercial derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated Statement of Cash Flows.

(B)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized.

(C)Changes in fair value of derivatives that qualify for hedge accounting are included in revenue when the related customer invoices are issued.


	Three months ended March 31,
(in millions of U.S. dollar)		2025	2024
Derivatives that do not qualify for hedge accounting
Included in Finance costs - net
Realized gains on foreign currency derivatives - net (A)		(9)	2
Unrealized (losses) / gains on foreign currency derivatives - net		—	(3)
Total		(9)	(1)

(A)Net debt derivatives settled during the period are presented in Other financing activities in the Interim Consolidated Statement of Cash Flows.

The Group does not apply hedge accounting on commodity derivatives and therefore mark-to-market movements are recognized in Other gains and losses - net.


	Three months ended March 31,
(in millions of U.S. dollar)		2025	2024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on commodities derivatives - net (A)		9	(9)
Unrealized gains / (losses) on commodities derivatives - net		(27)	6

(A)Commodity derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated Statement of Cash Flows.

CONSTELLIUM SE 10-Q