UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~ September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to __________

Commission file number: 001-35931

Constellium SE

(Exact name of registrant as specified in its charter)

France

98-0667516

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

300 East Lombard Street,
Suite 1710

Baltimore,

21202

(Zip Code)

(Address of principal executive office (US))

(443)

420-7861

(Registrant's telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary Shares

CSTM

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

The number of outstanding ordinary shares of the registrant on September 30, 2025, was 137,801,779 shares.

-1-

Explanatory Note

Constellium SE (“Constellium SE” or “the Company”, and when referred to together with its subsidiaries, “the Group” or “Constellium”), is a corporation organized under the laws of France. As of June 30, 2025, Constellium SE no longer qualified as a Foreign Private Issuer, as determined by Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Beginning in 2025, Constellium SE ~~was~~begun ~~already~~ voluntarily electing to file annual reports on Form 10-K and quarterly reports on Form 10-Q with the Securities and Exchange Commission (“SEC”). Beginning on January 1, 2026, Constellium will continue to file annual reports on Form 10-K and quarterly reports on Form 10-Q and will also file all other required U.S. domestic forms with the SEC, including a proxy ~~statement~~materials onpertaining ~~Form~~to ~~DEF14A~~meetings of its shareholders, and its officers, directors and 10% shareholders will be subject to beneficial ownership reporting under Section 16 of the Exchange Act.

Constellium SE’s I.R.S. Employer Identification Number is: 98-0667516. The Group’s U.S. assets are held by Constellium US Holdings I, LLC, a wholly owned subsidiary of Constellium SE. The I.R.S. Employer Identification Number of Constellium US Holdings I, LLC is: 27-4126819.

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TABLE OF CONTENTS

			Page
PART 1
Item 1.	Financial Statements		1
		Consolidated Income Statements	1
		Consolidated Income Statements (unaudited)	1
		Consolidated Statements of Comprehensive Income	2
		Consolidated Statements of Comprehensive Income (unaudited)	2
		Consolidated Balance Sheets	3
		Consolidated Balance Sheets (unaudited)	3
		Consolidated Statements of Changes in Equity	4
		Consolidated Statements of Changes in Equity (unaudited)	4
		Consolidated Statements of Cash Flows	6
		Consolidated Statements of Cash Flows (unaudited)	6
		Notes to the Unaudited Interim Condensed Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		2627
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		39
Item 4.	Controls and Procedures		3940
PART II
Item 1.	Legal Proceedings		4041
Item 1A.	Risk Factors		4041
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		4041
Item 3.	Defaults Upon Senior Securities		4041
Item 4.	Mine Safety Disclosures		4041
Item 5.	Other Information		4041
Item 6.	Exhibits		4142
SIGNATURES			4243

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PART I

Item 1. Financial Statements

CONSOLIDATED INCOME STATEMENTS (unaudited)

		Three months ended June 30,		Six months ended June 30,
		Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	Notes	2025	2024	2025	2024
(in millions of U.S. dollars)	Notes	2025	2024	2025	2024
Revenue	2	2,~~103~~166	1,~~932~~802	46,~~082~~248	35,~~812~~614
Cost of sales (excluding depreciation and amortization)		(1,~~840~~852)	(1,~~652~~597)	(35,~~556~~408)	(34,~~287~~884)
Depreciation and amortization		(8284)	(76)	(~~160~~244)	(~~151~~227)
Selling and administrative expenses		(8885)	(7566)	(~~166~~251)	(~~155~~221)
Research and development expenses		(12)	(1311)	(2537)	(2839)
Other gains and losses - net	4	420	13(2)	~~(1)~~19	(57)
Finance costs - net	5	(2927)	(2531)	(5683)	(5283)
Income before tax		56126	~~104~~19	~~118~~244	~~134~~153
Income tax expense	6	(2038)	(2711)	(4482)	(3546)
Net income		3688	778	74162	99107
Attributable to:
Equity holders of Constellium		3688	767	73161	97104
Non-controlling interests		—	1	1	23
Net income		3688	778	74162	99107

Earnings per share attributable to the equity holders of Constellium (in U.S. dollars)	Notes
Basic	7	0.2563	0.5205	01.5114	0.6672
Diluted	7	0.2562	0.5105	01.5113	0.6570

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

-1-

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

		Three months ended June 30,		Six months ended June 30,
		Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	Notes	2025	2024	2025	2024
(in millions of U.S. dollars)	Notes	2025	2024	2025	2024
Net income		3688	778	74162	99107
Other comprehensive income / (loss)
Net change in post-employment benefit obligations		—(6)	(41)	(39)	(910)
Income tax on net change in post-employment benefit obligations		(1)	—(1)	—1	21
Net change in cash flow hedges	12	25(3)	~~(2)~~14	3734	~~(4)~~10
Income tax on cash flow hedges		~~(7)~~1	1(3)	(109)	1(2)
Currency translation adjustments		112	—7	1517	~~(6)~~1
Other comprehensive income / (loss)		28(5)	~~(5)~~16	3934	~~(16)~~—
Total comprehensive income		6483	7224	~~113~~196	83107
Attributable to:
Equity holders of Constellium		6383	7123	~~111~~194	81104
Non-controlling interests		1—	1	2	23
Total comprehensive income		6483	7224	~~113~~196	83107

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

-2-

CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions of U.S. dollar) except share data	Notes	At June 30, 2025	At December 31, 2024
(in millions of U.S. dollars) except share data	Notes	At September 30, 2025	At December 31, 2024
Assets
Current assets
Cash and cash equivalents		~~133~~122	141
Trade receivables and other, net	8	~~805~~819	486
Inventories	9	1,~~328~~366	1,181
Fair value of derivatives instruments and other financial assets		46	26
Total current assets		2,~~312~~353	1,834
Non-current assets
Property, plant and equipment, net		2,~~564~~572	2,408
Goodwill		47	46
Intangible assets, net		9390	97
Deferred tax assets		~~291~~257	311
Trade receivables and other, net	8	4038	36
Fair value of derivatives instruments	12	2118	2
Total non-current assets		3,~~056~~022	2,900
Total assets		5,~~368~~375	4,734
Liabilities
Current liabilities
Trade payables and other	10	1,~~717~~711	1,309
Current portion of long-term debt	11	5438	39
Fair value of derivatives instruments	12	3218	33
Income tax payable		1821	18
Pension and other benefit obligations		24	22
Provisions	14	2830	25
Total current liabilities		1,~~873~~842	1,446
Non-current liabilities
Trade payables and other	10	~~169~~160	156
Long-term debt	11	1,~~972~~974	1,879
Fair value of derivatives instruments	12	3	21
Pension and other benefit obligations		~~394~~385	375
Provisions	14	94	91
Deferred tax liabilities		6454	39
Total non-current liabilities		2,~~696~~670	2,561
Total liabilities		4,~~569~~512	4,007
Commitments and contingencies	14
Shareholder's equity
Ordinary shares, par value €0.02, 146,819,884 shares issued at June 30, 2025 and December 31, 2024	15	4	4
Ordinary shares, par value €0.02, 146,819,884 shares issued at September 30, 2025 and December 31, 2024	15	4	4
Additional paid in capital	15	513	513
Accumulated other comprehensive income	16	2621	(14)
Retained earnings and other reserves		~~237~~307	203
Equity attributable to equity holders of Constellium		~~780~~845	706
Non-controlling interests		1918	21
Total equity		~~799~~863	727
Total equity and liabilities		5,~~368~~375	4,734

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited)

(in millions of U.S. dollar)	Ordinary shares	Additional paid in capital	Treasury shares	Accumulated other comprehensive income / (loss)	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
(in millions of U.S. dollars)	Ordinary shares	Additional paid in capital	Treasury shares	Accumulated other comprehensive income / (loss)	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
At January 1, 2025	4	513	(51)	(14)	161	93	706	21	727
Net income	—	—	—	—	—	37	37	1	38
Other comprehensive income	—	—	—	11	—	—	11	—	11
Total comprehensive income	—	—	—	11	—	37	48	1	49
Share-based compensation	—	—	—	—	6	—	6	—	6
Repurchase of ordinary shares	—	—	(15)	—	—	—	(15)	—	(15)
Allocation of treasury shares to share-based compensation plan vested	—	—	12	—	—	(12)	—	—	—
Other	—	—	—	2	—	(2)	—	—	—
Transactions with non-controlling interests	—	—	—	—	—	—	—	(2)	(2)
At March 31, 2025	4	513	(54)	(1)	167	116	745	20	765
Net income	—	—	—	—	—	36	36	—	36
Other comprehensive income	—	—	—	27	—	—	27	1	28
Total comprehensive income	—	—	—	27	—	36	63	1	64
Share-based compensation	—	—	—	—	7	—	7	—	7
Repurchase of ordinary shares	—	—	(35)	—	—	—	(35)	—	(35)
Allocation of treasury shares to share-based compensation plan vested	—	—	—	—	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	—
Transactions with non-controlling interests	—	—	—	—	—	—	—	(2)	(2)
At June 30, 2025	4	513	(89)	26	174	152	780	19	799
Net income	—	—	—	—	—	88	88	—	88
Other comprehensive loss	—	—	—	(5)	—	—	(5)	—	(5)
Total comprehensive (loss) / income	—	—	—	(5)	—	88	83	—	83
Share-based compensation	—	—	—	—	7	—	7	—	7
Repurchase of ordinary shares	—	—	(25)	—	—	—	(25)	—	(25)
Allocation of treasury shares to share-based compensation plan vested	—	—	—	—	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	—
Transactions with non-controlling interests	—	—	—	—	—	—	—	(1)	(1)
At September 30, 2025	4	513	(114)	21	181	240	845	18	863

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(in millions of U.S. dollar)	Ordinary shares	Additional paid in capital	Treasury shares	Accumulated other comprehensive income / (loss)	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
(in millions of U.S. dollars)	Ordinary shares	Additional paid in capital	Treasury shares	Accumulated other comprehensive income / (loss)	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
At January 1, 2024	4	513	—	—	136	65	718	24	742
Net income	—	—	—	—	—	21	21	1	22
Other comprehensive loss	—	—	—	(11)	—	—	(11)	—	(11)
Total comprehensive (loss) / income	—	—	—	(11)	—	21	10	1	11
Share-based compensation	—	—	—	—	6	—	6	—	6
Repurchase of ordinary shares	—	—	(7)	—	—	—	(7)	—	(7)
Allocation of treasury shares to share-based compensation plan vested	—	—	—	—	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	—
Transactions with non-controlling interests	—	—	—	—	—	—	—	(1)	(1)
At March 31, 2024	4	513	(7)	(11)	142	86	727	24	751
Net income	—	—	—	—	—	76	76	1	77
Other comprehensive loss	—	—	—	(5)	—	—	(5)	—	(5)
Total comprehensive (loss) / income	—	—	—	(5)	—	76	71	1	72
Share-based compensation	—	—	—	—	7	—	7	—	7
Repurchase of ordinary shares	—	—	(32)	—	—	—	(32)	—	(32)
Allocation of treasury shares to share-based compensation plan vested	—	—	28	—	—	(28)	—	—	—
Other	—	—	—	—	—	—	—	—	—
Transactions with non-controlling interests	—	—	—	—	—	—	—	(2)	(2)
At June 30, 2024	4	513	(11)	(16)	149	134	773	23	796
Net income	—	—	—	—	—	7	7	1	8
Other comprehensive income	—	—	—	16	—	—	16	—	16
Total comprehensive income	—	—	—	16	—	7	23	1	24
Share-based compensation	—	—	—	—	5	—	5	—	5
Repurchase of ordinary shares	—	—	(21)	—	—	—	(21)	—	(21)
Allocation of treasury shares to share-based compensation plan vested	—	—	—	—	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	—
Transactions with non-controlling interests	—	—	—	—	—	—	—	—	—
At September 30, 2024	4	513	(32)	—	154	141	780	24	804

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

		Three months ended June 30,		Six months ended June 30,
			Nine months ended September 30,
(in millions of U.S. dollar)	Notes	2025	2024	2025	2024
(in millions of U.S. dollars)	Notes			2025	2024
Net income		36	77	74162	99107
Adjustments
Depreciation and amortization	3	82	76	~~160~~244	~~151~~227
Impairment of assets	3	—	5	—	813
Pension and other long-term benefits		2	2	47	46
Finance costs - net	5	29	25	5683	5283
Income tax expense	6	20	27	4482	3546
Unrealized gains on derivatives - net and from remeasurement of monetary assets and liabilities - net		(35)	(4)	(24)	(1)
Unrealized (gains) on derivatives - net and from remeasurement of monetary assets and liabilities - net				(38)	(20)
Losses on disposal	4	1	—	1	13
Other - net		11	13	2236	2632
Changes in working capital
Inventories		4	~~(43)~~	(65109)	(2760)
Trade receivables		12	~~(68)~~	(~~261~~280)	(~~241~~158)
Trade payables		~~(38)~~	64	~~241~~221	~~164~~124
Other		23	12	57	(415)
Change in provisions		~~(1)~~	—	(21)	~~(2)~~3
Pension and other long-term benefits paid		~~(12)~~	~~(12)~~	(2544)	(2242)
Interest paid		~~(24)~~	~~(20)~~	(5383)	(4672)
Income tax paid		4	~~(16)~~	(517)	(2237)
Net cash flows from operating activities		~~114~~	~~138~~	~~172~~271	~~175~~240
Purchases of property, plant and equipment	3	~~(77)~~	~~(84)~~	(~~146~~221)	(~~158~~262)
Property, plant and equipment inflows	3	4	—	1218	7
Collection of deferred purchase price receivable	8	—	23	2	4063
Other investing activities		1	—	1	—
Acquisition of subsidiaries net of cash acquired				—	3
Net cash flows used in investing activities		(72)	(61)	(131)	(111)
Other investing activities				1	1
Repurchase of ordinary shares		(35)	(32)	(50)	(39)
Net cash flows used in investing activities				(200)	(188)
Repayments of long-term debt		(2)	(3)	(3)	(5)
Repurchase of ordinary shares				(75)	(60)
Net change in revolving credit facilities and short-term debt		23	(1)	28	—
Proceeds from issuance of long-term debt				—	674
Finance lease repayments		(1)	(3)	(3)	(5)
Repayments of long-term debt				(5)	(690)
Transactions with non-controlling interests		(2)	(2)	(4)	(3)
Net change in revolving credit facilities and short-term debt				17	1
Other financing activities		(19)	—	(30)	1
Finance lease repayments				(5)	(6)
Net cash flows used in financing activities		(36)	(41)	(62)	(51)
Payment of financing costs and redemption fees				—	(14)
Net increase / (decrease) in cash and cash equivalents		6	36	(21)	13
Transactions with non-controlling interests				(7)	(4)
Cash and cash equivalents - beginning of period		118	194	141	223
Other financing activities				(28)	(7)
Net increase / (decrease) in cash and cash equivalents		6	36	(21)	13
Net cash flows used in financing activities				(103)	(106)
Effect of exchange rate changes on cash and cash equivalents		9	(2)	13	(8)
Net decrease in cash and cash equivalents				(32)	(54)
Cash and cash equivalents - end of period		133	228	133	228
Cash and cash equivalents - beginning of period				141	223
Net decrease in cash and cash equivalents				(32)	(54)
Effect of exchange rate changes on cash and cash equivalents				13	1
Cash and cash equivalents - end of period				122	170

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

-6-

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

NOTE 1 - BUSINESS AND SUMMARY OF ACCOUNTING POLICIES

Constellium is a global leader in the design and manufacture of a broad range of innovative specialty rolled and extruded aluminum products, serving a wide range of blue-chip customers primarily in the aerospace, packaging, automotive, commercial transportation, general industrial and defense end-markets. At ~~June~~September 30, 2025, the Group operated 2524 manufacturing facilities, 3 R&D centers and 3 administrative centers.

Constellium SE, a French Societas Europaea (SE), is the parent company of the Group.

Unless the context indicates otherwise, when we refer to "we", "our", "us", "Constellium", the "Group" and the "Company" in this document, we are referring to Constellium SE and its subsidiaries.

Basis of presentation and principles of consolidation

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Constellium SE and its controlled subsidiaries. All intercompany transactions and balances are eliminated.

The accompanying unaudited interim condensed consolidated financial statements have been prepared by Constellium in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair statement of its financial position at ~~June~~September 30, 2025, results of operations and cash flows for the three-month and ~~six~~nine-month periods ended ~~June~~September 30, 2025 and 2024 have been included. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements and accompanying notes in its ~~annual~~Annual ~~report~~Report on Form 10-K for the year ended December 31, 2024 ("the 2024 Annual Report"). The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2025 fiscal year.

Use of estimates and assumptions

The preparation of the Group’s consolidated financial statements in accordance with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. The principal areas of judgment relate to: (1) impairment of assets; (2) actuarial assumptions related to pension and other postretirement benefit plans; (3) tax uncertainties and valuation allowances; and (4) assessment of loss contingencies, including environmental and litigation liabilities. These judgments, estimates and assumptions are based on management’s best knowledge of the relevant facts and circumstances, giving consideration to previous experience. Future events and their effects cannot be predicted with certainty, and, accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our consolidated financial statements may change as new events occur, more experience is acquired, additional information is obtained, and our operating environment changes. The Group continuously reviews its significant assumptions and estimates in light of the uncertainty associated with the global geopolitical and macroeconomic conditions and their potential direct and indirect impacts on its business and its financial statements. There can be no guarantee that our assumptions will materialize or that actual results will not differ materially from estimates.

~~Recently~~Revision ~~adopted~~of ~~and~~certain ~~recently~~disclosures in previously issued ~~accounting~~financial ~~guidance~~statements

InDuring ~~December~~the ~~2023~~third quarter of 2025, the ~~Financial~~Group ~~Accounting~~identified ~~Standards~~and ~~Board~~corrected ~~("FASB")~~certain ~~issued~~immaterial ~~ASU~~errors ~~2023-09~~affecting -metal ~~Improvements~~price tolag ~~Income~~and ~~Tax~~the ~~Disclosures.~~resulting ~~The~~Segment ~~standard~~Adjusted ~~requires~~EBITDA ~~disaggregated~~for ~~information~~the ~~about~~A&T asegment ~~reporting~~for ~~entity's~~certain ~~effective~~prior ~~tax~~periods ~~rate~~in ~~reconciliation~~2025 asand ~~well~~2024. asThe ~~information~~errors onresulted ~~income~~from ~~taxes~~misclassification ~~paid.~~of ~~The~~certain ~~standard~~items iswithin ~~intended~~Cost toof ~~benefit~~sales, ~~investors~~which bydid ~~providing~~not ~~more~~impact ~~detailed~~either ~~income~~the ~~tax~~overall ~~disclosures~~Cost ~~that~~of ~~would~~sales beor ~~useful~~the inGroup’s ~~making~~consolidated ~~capital~~income ~~allocation~~statements ~~decisions~~but did impact the non-cash metal price lag and ~~applies~~the toresulting ~~all~~Segment ~~entities~~Adjusted ~~subject~~EBITDA tofor ~~income~~the ~~taxes~~A&T segment. The ~~new~~Group ~~standard~~assessed isthe ~~effective~~materiality ~~for~~of ~~annual~~these ~~periods~~errors ~~beginning~~on ~~after~~a ~~December~~quantitative ~~15,~~and ~~2024.~~qualitative ~~Early~~basis ~~adoption~~and isconcluded ~~permitted.~~that ~~This~~the ~~accounting~~corrections ~~standard~~were isnot ~~effective~~material ~~for~~to any previously issued interim or annual ~~disclosures~~consolidated infinancial ~~fiscal~~statements. ~~year~~Accordingly, ~~ended~~the ~~December~~affected 31prior period amounts presented in this filing, ~~2025.~~or Wethat ~~are~~will ~~currently~~be ~~evaluating~~presented ~~the~~in prospective filings, have been revised. The impact of ~~adoption~~these onrevisions ~~our~~is ~~annual~~presented ~~financial disclosures.~~below:

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is intended to benefit investors by providing more detailed expense information notably on employee compensation, depreciation and amortization and purchase of inventory, which is critical to understanding an entity’s performance, assessing its prospects for future cash flows and comparing its performance both over time and with that of other entities. This accounting standard as updated in ASU 2025-01 - Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date which clarified the interim reporting effective date of ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the guidance may be applied prospectively or retrospectively. We are currently evaluating the impact of adoption on our financial disclosures.


	Three months ended June 30, 2025			Three months ended March 31, 2025
(in millions of U.S. dollars)	As published	Adjustment	Revised	As published	Adjustment	Revised
A&T	78	6	84	75	7	82
P&ARP	74		74	60		60
AS&I	18		18	16		16
H&C	(12)		(12)	(11)		(11)
Segment Adjusted EBITDA	159	6	165	140	7	147
Metal price lag	(13)	(6)	(19)	46	(7)	39

	Three months ended June 30, 2024			Year ended December 31, 2024
(in millions of U.S. dollars)	As published	Adjustment	Revised	As published	Adjustment	Revised
A&T	90	4	94	285	7	292
P&ARP	66		66	242		242
AS&I	30		30	74		74
H&C	(6)		(6)	(33)		(33)
Segment Adjusted EBITDA	180	4	184	568	7	575
Metal price lag	45	(4)	41	55	(7)	48

Recently adopted and recently issued accounting guidance

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 - Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. This accounting standard is effective for annual disclosures in fiscal year ended December 31, 2025. We are currently evaluating the impact of adoption on our annual financial disclosures.

In November 2024, the FASB issued ASU 2024-03 - Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures, requiring public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement line items in a tabular format in the notes to the financial statements. The standard is intended to benefit investors by providing more detailed expense information notably on employee compensation, depreciation and amortization and purchase of inventory, which is critical to understanding an entity’s performance, assessing its prospects for future cash flows and comparing its performance both over time and with that of other entities. This accounting standard as updated in ASU 2025-01 - Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date which clarified the interim reporting effective date of ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied prospectively or retrospectively. We are currently evaluating the impact of adoption on our financial disclosures.

The Group plans to adopt these new standards, amendments and interpretations on their required effective dates and does not expect any material impact on its financial position, results of operations and cash flows as a result of their adoption.

-8-

NOTE 2 - REVENUE

In the following table, revenue is disaggregated by product line. See Note 3 - Segment information herein for additional disclosures of revenue disaggregated by operating segments.

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

(in millions of U.S. dollar)

2025

2024

2025

2024

(in millions of U.S. dollars)

2025

2024

2025

2024

Aerospace rolled products

~~267~~264

~~262~~250

~~534~~798

~~548~~798

Transportation, industry, defense and other rolled products

~~200~~199

~~212~~154

~~368~~567

~~396~~550

Packaging rolled products

~~912~~984

~~729~~756

12,~~780~~764

12,~~400~~156

Automotive rolled products

~~295~~297

~~320~~305

~~586~~883

~~631~~936

Specialty and other thin-rolled products

2623

2825

5073

6085

Automotive extruded products

~~249~~259

~~250~~229

~~483~~742

~~513~~742

Other extruded products

~~154~~140

~~131~~83

~~281~~421

~~264~~347

Total revenue by product line

2,103

1,932

4,082

3,812

Total revenue

2,166

1,802

6,248

5,614

Revenue is recognized at a point in time, except for certain products with no alternative use for which we have a right to payment, which represent less than 1% of total revenue.

-89-

NOTE 3 - SEGMENT INFORMATION

Constellium has three ~~business~~ reportable business segments - Aerospace & Transportation ("A&T"), Packaging & Automotive Rolled Products ("P&ARP") and Automotive Structures & Industry ("AS&I") - and Holdings & Corporate ("H&C"). Holdings & Corporate (‘H&C’) includes certain costs of our corporate support functions and our technology centers.

3.1 Segment revenue, Segment costs and Segment Adjusted EBITDA

	Three months ended June 30,
	Three months ended September 30,
	2025				2024
(in millions of U.S. dollar)	A&T	P&ARP	AS&I	H&C	A&T	P&ARP	AS&I	H&C
(in millions of U.S. dollars)	A&T	P&ARP	AS&I	H&C	A&T	P&ARP	AS&I	H&C
Segment revenue	~~492~~481	1,~~235~~307	~~421~~409	1	~~487~~421	1,~~079~~090	~~384~~323	—
Inter-segment elimination	(2619)	(32)	(1810)	—	(1418)	(3)	(111)	—
External revenue	~~466~~462	1,~~232~~305	~~404~~399	1	~~473~~403	1,~~076~~087	~~383~~312	—
Cost of metal	(~~209~~203)	(~~895~~946)	(~~248~~224)	2	(~~202~~174)	(~~743~~753)	(~~206~~180)	12
Production costs	(~~151~~142)	(~~234~~246)	(~~114~~119)	(21)	(~~158~~154)	(~~242~~239)	(~~124~~105)	(1)
Other segment expenses (A)	(2726)	(2930)	(2422)	(1211)	(2321)	(2524)	(2320)	(63)
Segment Adjusted EBITDA	7890	7482	1833	(129)	9054	6672	307	(62)

Six months ended June 30,

Nine months ended September 30,

2025

2024

(in millions of U.S. dollar)

A&T

P&ARP

AS&I

H&C

A&T

P&ARP

AS&I

H&C

(in millions of U.S. dollars)

A&T

P&ARP

AS&I

H&C

A&T

P&ARP

AS&I

H&C

Segment revenue

~~960~~1,441

23,~~422~~729

~~802~~1,211

~~966~~1,386

23,~~097~~187

~~779~~1,103

Inter-segment elimination

(6079)

(69)

(3848)

—

(2542)

(710)

(114)

—

External revenue

~~900~~1,362

23,~~416~~720

~~764~~1,163

~~941~~1,344

23,~~090~~177

~~778~~1,089

Cost of metal

(~~401~~592)

(12,~~753~~700)

(~~462~~686)

(~~407~~577)

(12,~~435~~187)

(~~415~~595)

Production costs

(~~296~~438)

(~~474~~720)

(~~221~~341)

(45)

(~~310~~464)

(~~486~~725)

(~~252~~356)

(35)

Other segment expenses (A)

(5076)

(5483)

(4769)

(2435)

(4768)

(5579)

(4868)

(1719)

Segment Adjusted EBITDA

~~153~~256

~~135~~217

3467

(2332)

~~177~~235

~~114~~186

6370

(1415)

(A) Other segment expenses primarily include selling and general administrative expenses and research and development expenses.

3.2 Reconciliation of Segment Adjusted EBITDA to Net Income

Constellium’s chief operating decision-maker measures the profitability and financial performance of its operating segments based on Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as income / (loss) from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation, 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, share-based compensation expense, non- operating gains / (losses) on pension and other post-employment benefits, expenses on factoring arrangements, 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.

-9-

		Three months ended June 30,		Six months ended June 30,
(in millions of U.S. dollar)	Notes	2025	2024	2025	2024
A&T		78	90	153	177
P&ARP		74	66	135	114
AS&I		18	30	34	63
H&C		(12)	(6)	(23)	(14)
Segment Adjusted EBITDA		159	180	299	340
Metal price lag (A)		(13)	45	33	31
Depreciation and amortization		(82)	(76)	(160)	(151)
Impairment of assets (B)		—	(5)	—	(8)
Share based compensation costs	17	(7)	(7)	(13)	(13)
Pension and other post-employment benefits - non - operating gains		4	4	7	7
Restructuring costs		(1)	(3)	(2)	(3)
Unrealized gains on derivatives		33	4	21	—
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net		1	—	—	2
Losses on disposal		(1)	—	(1)	(1)
Other (C)		(2)	(8)	1	(8)
Expenses on factoring arrangements	8	(6)	(5)	(11)	(10)
Finance costs - net	5	(29)	(25)	(56)	(52)
Income before tax		56	104	118	134
Income tax expense	6	(20)	(27)	(44)	(35)
Net income		36	77	74	99

(A)Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established, which is a non-cash financial impact. The metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.

(B)For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.

(C)For the three months ended June 30, 2025, other mainly includes 2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the three and six months ended June 30, 2024, other was related to $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) at the end of June 2024 as well as $2 million of costs associated with non-recurring corporate transformation projects.

-10-


		Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollars)	Notes	2025	2024	2025	2024
A&T		90	54	256	235
P&ARP		82	72	217	186
AS&I		33	7	67	70
H&C		(9)	(2)	(32)	(15)
Segment Adjusted EBITDA		196	131	507	476
Metal price lag (A)		39	(5)	59	22
Depreciation and amortization		(84)	(76)	(244)	(227)
Impairment of assets (B)		—	(5)	—	(13)
Share based compensation costs	17	(7)	(5)	(20)	(18)
Pension and other post-employment benefits - non - operating gains		3	3	10	10
Restructuring costs		(1)	(4)	(3)	(7)
Unrealized gains on derivatives		13	19	34	19
Unrealized exchange gains / (losses) from the remeasurement of monetary assets and liabilities – net		1	(1)	1	1
Losses on disposal		—	(2)	(1)	(3)


Other (C)		(2)	—	—	(8)
Expenses on factoring arrangements	8	(5)	(6)	(16)	(16)
Finance costs - net	5	(27)	(31)	(83)	(83)

Income before tax		126	19	244	153
Income tax expense	6	(38)	(11)	(82)	(46)
Net income		88	8	162	107

(A)Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established, which is a non-cash financial impact. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.

(B)For the three and nine months ended September 30, 2024, impairment related to property, plant and equipment in our Valais (Switzerland) operations.

(C)For the nine months ended September 30, 2025, Other mainly includes $9 million of insurance proceeds and $8 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland).

For the nine months ended September 30, 2024, Other mainly includes $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) as well as $4 million of costs associated with non-recurring corporate transformation projects, partially offset by a $2 million gain from the acquisition of the non-controlling interests of Railtech Alu-Singen.

-11-

3.3 Segment capital expenditures

	Three months ended June 30,		Six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
(in millions of U.S. dollars)	2025	2024	2025	2024
A&T	(1619)	(2130)	(2948)	(4070)
P&ARP	(4137)	(4559)	(75112)	(74133)
AS&I	(1511)	(1614)	(2940)	(3448)
H&C	(12)	(21)	(13)	(34)
Total capital expenditures (A)	(7369)	(84104)	(~~134~~203)	(~~151~~255)

(A)Purchase of property plant and equipment, net of grants received and insurance compensation related to property plant and equipment.

3.4 Segment depreciation, amortization and impairment

	Three months ended June 30,		Six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
(in millions of U.S. dollars)	2025	2024	2025	2024
A&T	(18)	(1719)	(3553)	(3454)
P&ARP	(4547)	(4142)	(89136)	(82124)
AS&I	(1718)	(2119)	(3351)	(4059)
H&C	(21)	(21)	(34)	(3)
Total depreciation, amortization and impairment expense	(8284)	(81)	(~~160~~244)	(~~159~~240)

3.5 Segment assets

(in millions of U.S. dollar)

At June 30, 2025

At December 31, 2024

(in millions of U.S. dollars)

At September 30, 2025

At December 31, 2024

A&T

1,~~379~~423

1,172

P&ARP

2,~~343~~370

2,118

AS&I

~~774~~777

651

H&C

~~381~~362

313

Segment assets

4,~~877~~932

4,254

Deferred income tax assets

~~291~~257

311

Cash and cash equivalents

~~133~~122

141

Fair value of derivatives instruments and other financial assets

6764

Total assets

5,~~368~~375

4,734

-11-

		Three months ended June 30,		Six months ended June 30,
(in millions of U.S. dollar)	Notes	2025	2024	2025	2024
Operating income and expenses
Realized (losses) / gains on derivatives (A)		(25)	24	(19)	13
Unrealized gains on derivatives at fair value through profit and loss - net (A)	12	33	4	21	—
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net		1	—	—	2
Impairment of assets (B)		—	(5)	—	(8)
Restructuring costs		(1)	(3)	(2)	(3)
Losses on disposal		(1)	—	(1)	(1)
Result from the flood in Valais	3	(2)	(6)	2	(6)
Non-operating income and expenses
Expenses on factoring arrangements	8	(6)	(5)	(11)	(10)
Pension and other post-employment benefits	13	4	4	7	7
Other		1	—	2	1
Total other gains and losses - net		4	13	(1)	(5)

(A)Realized and unrealized gains and losses are related to derivatives entered into with the purpose of mitigating exposure to volatility in foreign currencies and commodity prices and that do not qualify for hedge accounting.

(B)For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.

-12-

NOTE 4 - OTHER GAINS AND LOSSES - NET


		Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollars)	Notes	2025	2024	2025	2024
Operating income and expenses
Realized gains / (losses) on derivatives (A)		10	(10)	(9)	3
Unrealized gains on derivatives at fair value through profit and loss - net (A)	12	13	19	34	19
Unrealized exchange gains / (losses) from the remeasurement of monetary assets and liabilities – net		1	(1)	1	1
Impairment of assets (B)		—	(5)	—	(13)
Restructuring costs		(1)	(4)	(3)	(7)
Losses on disposal		—	(2)	(1)	(3)
Result from the flood in Valais (C)	3	—	—	2	(6)

Non-operating income and expenses
Expenses on factoring arrangements	8	(5)	(6)	(16)	(16)
Pension and other post-employment benefits	13	3	3	10	10
Other		(1)	4	1	5
Total other gains and losses - net		20	(2)	19	(7)

(B)For the three and nine months ended September 30, 2024, impairment related to property, plant and equipment in our Valais (Switzerland) operations.

(C)For the three and nine months ended September 30, 2024, the losses resulting from flooding in Sierre and Chippis include clean-up costs and inventory impairment and are net of $22 million of insurance proceeds.

-13-

NOTE 5 - FINANCE COSTS - NET

		Three months ended June 30,		Six months ended June 30,
		Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	Notes	2025	2024	2025	2024
(in millions of U.S. dollars)	Notes	2025	2024	2025	2024
Interest expense on borrowings (A)		(2527)	(2225)	(5077)	(4772)
Interest expense on finance leases		~~(1)~~—	~~(1)~~—	(1)	(1)
Interest cost on pension and other long-term benefits	13	(21)	(32)	(45)	(57)
Realized and unrealized losses on debt derivatives at fair value (B)	12	(17)	—	(26)	(1)
Net loss on settlement of debt (B)		—	(3)	—	(3)
Realized and unrealized exchange gains on financing activities - net (B)		18	—	28	1
Realized and unrealized gains/(losses) on debt derivatives at fair value (C)	12	1	(3)	(25)	(4)
Other finance expenses		(3)	(1)	(5)	(2)
Realized and unrealized exchange gains on financing activities - net (C)		1	3	29	4
Capitalized borrowing costs (C)		1	2	2	3
Other finance expenses		(2)	(2)	(7)	(4)
Finance expenses		(29)	(25)	(56)	(52)
Capitalized borrowing costs (D)		1	1	3	4
Finance costs - net		(29)	(25)	(56)	(52)
Finance expenses		(27)	(31)	(83)	(83)
Finance costs - net		(27)	(31)	(83)	(83)

(A)For the three months ended ~~June~~September 30, 2025, and 2024, interest expense on borrowings included $2223 million ~~and $21 million~~ of interest expenses related to Constellium SE Senior Notes including amortization of debt issuance costs, ~~respectively~~in each period. For the ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, interest expense on borrowings included $4467 million and $4366 million of interest expenses related to Constellium SE Senior Notes including amortization of debt issuance costs, respectively.

(B) ~~The~~In ~~Group~~August ~~hedges~~2024, ~~the~~Constellium ~~currency~~SE ~~exposure~~redeemed ~~when~~its ~~using~~$250 million ~~external~~5.875% ~~funding~~Senior ~~sources~~Notes indue a2026 ~~currency~~and ~~different~~€400 million ~~from~~4.250% ~~the~~Senior ~~functional~~Notes ~~currency~~due of2026. ~~the~~The ~~entities~~net ~~being~~loss ~~funded.~~on ~~Changes~~the insettlement ~~the~~of ~~fair~~debt ~~value~~included $3 million of ~~these~~write‐off ~~hedging~~of ~~derivatives~~unamortized ~~are~~issuance ~~recognized~~costs ~~within~~related ~~Finance~~to ~~costs~~the –redemption ~~net~~of inour ~~the~~Senior ~~Interim~~Notes ~~Consolidated~~that ~~Income~~were ~~Statement~~due in 2026.

(C) ~~Borrowing~~The ~~costs~~Group ~~directly~~hedges ~~attributable~~the tocurrency exposure when using external funding sources in a currency other than the ~~construction~~functional currency of ~~assets~~the ~~are~~entities ~~capitalized~~being funded. ~~The~~Changes ~~capitalization~~in ~~rate~~the ~~was~~fair 5%value ~~for~~of ~~the~~these ~~three~~hedging ~~and~~derivatives ~~six~~are ~~months~~recognized ~~ended~~within ~~June~~Finance ~~30,~~costs ~~2025,~~– ~~and~~net ~~2024~~in the Interim Consolidated Income Statement.

(D) Borrowing costs directly attributable to the construction of assets are capitalized. The capitalization rate was 5% for the three and nine months ended September 30, 2025, and 2024.

NOTE 6 - INCOME TAX

Income tax expense for interim periods is recognized based on the annualized effective tax rate expected for the full year adjusted for the tax effect of certain items recognized in full in the interim period.

Our effective tax rate was 3530.72% and 2657.09% of our income before ~~income~~ tax for the three months ended ~~June~~September 30, 2025 and 2024, respectively, and 3733.68% and 2629.09% of our income before ~~income~~ tax for the ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, respectively.

The effective tax rate for the three and ~~six~~nine months ended ~~June~~September 30, 2025 includes the impact of the temporary surtax in France, which was enacted in February 2025 and ~~resulted~~increased inthe a2025 statutory tax rate offrom 2925.2882% ~~for~~to ~~2025,~~an ~~compared~~estimate toof 2529.8252% ~~in 2024~~. The difference between the effective tax rate and the statutory tax rate for the three and ~~six~~nine months ended ~~June~~September 30, 2025 was primarily due to the geographical mix of our pre-tax results and losses in certain jurisdictions where wea ~~have~~full valuation allowance was recorded. There is no significant impact on the Company's financial statements for the three and nine months ended September 30, 2025 as a ~~full~~result ~~valuation~~of ~~allowance~~the One Big Beautiful Bill Act (the "OBBB Act").

-1314-

NOTE 7 - EARNINGS PER SHARE

Basic earnings per share are computed using the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share are computed using the weighted-average number of ordinary shares and ordinary share equivalents outstanding during the period. Ordinary share equivalents represent the dilutive effect of outstanding equity-based awards.

The reconciliation of the numerator and denominator of basic and diluted earnings per share was as follows:

	Three months ended June 30,				Six months ended June 30,
	Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollars except share and per share amounts )	2025		2024		2025		2024
Numerator:
Net income attributable to equity holders of Constellium	3688		767		73161		97104
Denominator:
Basic - weighted-average ordinary shares outstanding	~~140~~138,~~820~~668,~~828~~972		~~146~~145,~~271~~492,~~938~~478		~~141~~140,~~665~~655,~~123~~433		146,~~534~~184,~~099~~353
Dilutive effect of non-vested restricted stock units and performance-based restricted stock units	1,~~423~~855,~~571~~669		21,~~960~~748,~~935~~519		1,~~508~~624,~~801~~424		32,~~187~~708,~~852~~074
Diluted - weighted-average ordinary shares, of restricted stock units and performance-based restricted stock units	~~142~~140,~~244~~524,~~399~~641		~~149~~147,~~232~~240,~~873~~997		~~143~~142,~~173~~279,~~924~~857		~~149~~148,~~721~~892,~~951~~427
Basic earnings per share	$	0.2563	$	0.5205	$	01.5114	$	0.6672
Diluted earnings per share	$	0.2562	$	0.5105	$	01.5113	$	0.6570

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, no ordinary shares assuming exercise of equity-based awards were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

-1415-

NOTE 8 - TRADE RECEIVABLES AND OTHER

	At June 30, 2025		At December 31, 2024
	At September 30, 2025		At December 31, 2024
(in millions of U.S. dollar)	Non-current	Current	Non-current	Current
(in millions of U.S. dollars)	Non-current	Current	Non-current	Current
Trade receivables - gross	—	~~682~~696	—	383
Allowance for doubtful receivables	—	(3)	—	(2)
Allowance for credit losses	—	(3)	—	(2)
Total trade receivables - net	—	~~679~~693	—	381
Income tax receivables	57	2328	—	29
Other tax receivables	—	4543	—	41
Contract assets	139	2	16	2
Other	22	5653	20	33
Total other receivables	4038	126	36	105
Total trade receivables and other	4038	~~805~~819	36	486

Factoring arrangements

The Group has entered into several accounts receivable factoring programs with ~~various~~selected financial institutions for certain receivables of the Group.

The proceeds from the sale of certain of these receivables comprise a combination of cash and a deferred purchase price receivable. The deferred purchase price receivable is ultimately realized by the Group following the collection by the financial institutions of the underlying receivables sold. The beginning deferred purchase price balance for ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 ~~were~~was $2 million and $8 million, respectively. During each of the aforementioned periods, there were non-cash additions to the deferred purchase price receivable of $0 million and $4165 million (these additions are excluded from the Interim Statement of Cash Flow as they are non-cash investing transactions), respectively, and cash collections of $2 million and $4063 million, respectively. This activity resulted in an ending deferred purchase price receivable balance of $0 million and $910 million, for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively, recorded in Fair value of derivatives instruments and other financial assets in the consolidated balance sheets.

The Group has recorded $11 5 million and $10 6 million of ~~expense~~expenses related to its factoring programs in the ~~six~~three months ended ~~June~~September 30, 2025 and 2024, respectively, and ~~has~~$16 million ~~presented~~in ~~these~~both the nine months ended September 30, 2025 and 2024. These amounts are presented in Other gains and losses - net in its Interim Consolidated Income Statement.

NOTE 9 - INVENTORIES

(in millions of U.S. dollar)

At June 30, 2025

At December 31, 2024

(in millions of U.S. dollars)

At September 30, 2025

At December 31, 2024

Finished goods

~~273~~297

250

Work in progress

~~639~~662

571

Raw materials

~~308~~306

260

Stores and supplies

~~108~~101

100

Total inventories

1,~~328~~366

1,181

-1516-

NOTE 10 - TRADE PAYABLES AND OTHER

	At June 30, 2025		At December 31, 2024
	At September 30, 2025		At December 31, 2024
(in millions of U.S. dollar)	Non-current	Current	Non-current	Current
(in millions of U.S. dollars)	Non-current	Current	Non-current	Current
Trade payables	—	1,~~294~~275	—	959
Employees' entitlements	—	~~245~~259	—	204
Contract liabilities and other liabilities to customers	3127	7377	33	65
Operating lease liabilities	~~103~~99	21	95	17
Other payables	3534	8479	28	64
Total other	~~169~~160	~~423~~436	156	350
Total trade payables and other	~~169~~160	1,~~717~~711	156	1,309

Contract liabilities and other liabilities to customers

Revenue related to contract liabilities and other liabilities to customers for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 are presented in the table below:

	Six months ended June 30,
	Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024
(in millions of U.S. dollars)	2025	2024
Contract liabilities and other liabilities to customers at January 1,	98	100
Revenue deferred to contract liabilities	2038	3146
Revenue recognized from contract liabilities	(2236)	(3651)
Effect of changes in foreign currency rates and other changes	84	~~(4)~~—
Contract liabilities and other liabilities to customers at June 30,	104	91
Contract liabilities and other liabilities to customers at September 30,	104	95

-1617-

NOTE 11 - DEBT

11.1 Analysis by nature

	At June 30, 2025												At December 31, 2024
	At September 30, 2025												At December 31, 2024
(in millions of U.S. dollar)	Nominal Value in Currency		Nominal rate		Effective rate		Face Value		Debt issuance costs	Accrued interest		Carrying value		Carrying value
(in millions of U.S. dollars)	Nominal Value in Currency		Nominal rate		Effective rate		Face Value		Debt issuance costs	Accrued interest		Carrying value		Carrying value
Secured Pan-U.S. ABL (due 2029)	$	70	Floating		5.7483	%	70		—	1		71		56
Senior Unsecured Notes							—		—	—		—
Issued June 2020 and due 2028			$	325	5.625	%	6.05	%	325	(3)	15		~~323~~327		323
Issued February 2021 and due 2029			$	500	3.750	%	4.05	%	500	(4)	49		~~500~~505		500
Issued June 2021 and due 2029			€	300	3.125	%	3.41	%	~~351~~353	(3)	52		~~353~~352		313
Issued August 2024 and due 2032			$	350	6.375	%	6.77	%	350	(6)	83		~~352~~347		353
Issued August 2024 and due 2032			€	300	5.375	%	5.73	%	352	(65)	72		~~353~~349		313
Finance lease liabilities							31		—	—		31		30
Other loans (A)							4330		—	—		4330		30
Total debt							2,~~022~~011		(2221)	2622		2,~~026~~012		1,918
Of which non-current												1,~~972~~974		1,879
Of which current (B)												5438		39

(A)Other loans include $2423 million of financial liabilities relating to the sale and leaseback of assets that were considered to be financing arrangements in substance.

(B)Current portion of borrowings include mainly accrued interest and current portions of finance leases and other long-term loans relating to the sale and leaseback of assets.

The fair values of Constellium SE Senior Notes issued in June 2020, February 2021, June 2021 and August 2024 were 99.59%, 9495.12%, 9697.5% and ~~101~~102.7%, respectively, of the nominal value and amounted to $~~323~~325 million, $~~470~~476 million, $~~340~~343 million and $~~714~~721 million, respectively, at ~~June~~September 30, 2025, compared to $319 million, $453 million, $297 million, and $658 million, respectively, at December 31, 2024.

The €100 million French Inventory Facility was amended in February 2025 toand ~~extend~~the ~~its~~ maturity ~~until~~was extended to December 2027. ~~and~~The ~~was~~Facility remained undrawn at ~~June~~September 30, 2025.

The Group was in compliance with all applicable financial debt covenants at ~~June~~September 30, 2025 and December 31, 2024.

-1718-

NOTE 12 - FINANCIAL INSTRUMENTS

12.1 Fair values of financial instruments

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

	At June 30, 2025			At December 31, 2024
	At September 30, 2025			At December 31, 2024
(in millions of U.S. dollar)	Non-current	Current	Total	Non-current	Current	Total
(in millions of U.S. dollars)	Non-current	Current	Total	Non-current	Current	Total
Derivatives that qualify for hedge accounting
Currency commercial derivatives	129	87	2016	—	—	—
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	54	1812	2316	—	5	5
Currency net debt derivatives	—	—	—	—	1	1
Energy derivatives	2	1—	32	1	—	1
Metal derivatives	23	1927	2130	1	18	19
Fair value of derivatives instruments - assets	2118	46	6764	2	24	26
Derivatives that qualify for hedge accounting
Currency commercial derivatives	—	—	—	13	9	22
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives	—	54	54	7	17	24
Currency net debt derivatives	—	21	21	—	—	—
Energy derivatives	—1	21	2	—	2	2
Metal derivatives	32	2312	2614	1	5	6
Fair value of derivatives instruments - liabilities	3	3218	3521	21	33	54

The fair values of trade receivables, other financial assets and liabilities approximate their carrying values, as a result of their liquidity or short maturity and the fair value of borrowings are disclosed in Note 11 - Debt.

12.2 Valuation 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.

-1819-

	At June 30, 2025				At December 31, 2024
	At September 30, 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
(in millions of U.S. dollars)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Fair value of derivatives instruments - assets	711	6053	—	6764	12	14	—	26
Fair value of derivatives instruments - liabilities	145	2116	—	3521	5	49	—	54

There was no material transfer of asset and liability categories into or out of Level 1, Level 2 or Level 3 during the ~~six~~nine months ended ~~June~~September 30, 2025, nor the year ended December 31, 2024.

12.3 Foreign exchange

Foreign exchange risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.

Net assets, earnings and cash flows are influenced by multiple currencies due to the geographic diversity of sales and the countries in which the Group operates.

Constellium has the following foreign exchange risk: i) transaction exposures, which include commercial transactions related to forecasted sales and purchases and on-balance sheet receivables/payables resulting from such transactions and financing transactions related to external and internal net debt, and ii) translation exposures, which relate to net investments in foreign entities that are converted in U.S. dollar amounts in the Consolidated Financial Statements.

Foreign exchange impacts related to the translation of net investments in non-USD functional currency subsidiaries from functional currency to U.S. ~~dollar~~dollars, and of the related revenue and expenses, are not hedged as the Group operates in these various countries on a permanent basis except as described below.

i. Commercial transaction exposures

The Group policy is to hedge committed and highly probable forecasted foreign currency operational transactions. The Group uses foreign exchange forwards and foreign exchange swaps for this purpose.

The following tables outline the nominal value (converted to millions of U.S. Dollars at the closing rate) of forward derivatives for Constellium’s most significant foreign exchange exposures at ~~June~~September 30, 2025.

Sold currencies	Maturity Year	Less than 1 year	Over 1 year
USD	2025-2029	~~287~~406	~~455~~356
CHF	2025-2029	4438	76
CZK	2025	42	—
Other currencies	2025-2027	1213	2—

Purchased currencies	Maturity Year	Less than 1 year	Over 1 year
USD	2025-~~2026~~2027	8380	131
CHF	2025-~~2028~~2027	96120	4416
CZK	2025-~~2026~~2027	5380	3724
Other currencies	2025	6	—

The Group has agreed to supply a major customer with fabricated metal products from an entity with Euro functional currency, while invoicing in U.S. Dollars. The Group has entered into significant foreign exchange derivatives that matched related highly probable future conversion sales. The Group designates a substantial portion of these derivatives for hedge accounting, with a total nominal amount of $~~345~~312 million and $410 million at ~~June~~September 30, 2025 and December 31, 2024 respectively, with maturities ranging from 2025 to 2029. Changes in the fair value of cash flow hedges are reported by the

-1920-

Group as a component of Accumulated other comprehensive income, net of tax and reclassified into earnings when the forecasted transaction affects earnings.

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 June 30,		Six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
(in millions of U.S. dollars)	2025	2024	2025	2024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on foreign currency derivatives - net (A)	36	(21)	—6	(45)
Unrealized gains / (losses) on foreign currency derivatives - net (B)	23(6)	~~(2)~~15	3832	~~(12)~~3
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized gains / (losses) on foreign currency derivatives - net	26	(6)	37	(10)
Unrealized gains on foreign currency derivatives - net	(2)	12	35	2
(Losses) / gains reclassified from cash flow hedge reserve to the Consolidated Income Statement	(1)	42	—(1)	68
Included in Revenue (C)
Realized losses on foreign currency derivatives - net (A)	~~(1)~~2	(3)	(42)	(58)
Unrealized gains / (losses) on foreign currency derivatives - net	1	(1)	3	(1)
Unrealized gains on foreign currency derivatives - net	1	1	4	—

(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.

ii. Financing transaction exposures

When the Group enters into intercompany loans and deposits, the financing is generally provided in the functional currency of the subsidiary. The foreign currency exposure of the Group’s external funding and liquid assets is systematically hedged either naturally through intercompany foreign currency loans and deposits or through foreign currency derivatives.

At September 30, 2025, the net hedged position related to long-term and short-term loans and deposits in U.S. dollars included a forward sale of $260 million versus the Euro using simple foreign exchange forward contracts.

	Three months ended June 30,		Six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
(in millions of U.S. dollars)	2025	2024	2025	2024
Derivatives that do not qualify for hedge accounting
Included in Finance costs - net
Realized (losses) / gains on foreign currency derivatives - net (A)	~~(16)~~1	(12)	(2524)	(1)
Unrealized (losses) / gains on foreign currency derivatives - net	~~(1)~~—	(1)	(1)	(23)
Total	~~(17)~~1	—(3)	(2625)	(14)

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

-2021-

Total realized and unrealized gains or losses on ~~foreign~~debt ~~currency~~ derivatives are expected to partially offset the ~~net~~total ~~foreign~~realized ~~exchange~~and ~~result~~unrealized ~~related~~gains toor losses on financing activities, both included in Finance costs - net.

12.4 Commodities

The Group is subject to the effects of market fluctuations in the price of aluminum, which is the Group’s primary metal input and a significant component of its output. The Group is also exposed to variation in regional premiums and to a lesser extent, in the price of zinc, natural gas, silver and copper, and other alloying metals~~, to a lesser extent~~.

The Group policy is to minimize exposure to aluminum price volatility by passing through the aluminum price risk to customers and using derivatives where necessary. For most of its aluminum price exposure, sales and purchases of aluminum are converted to be on the same floating basis and then the same quantities are bought and sold at the same market price.

Temporary increases in inventory, to the extent material, are sold forward to the expected sales date to ensure the price paid for the metal will be substantially redeemed when it is sold.

The Group also purchases copper, aluminum premium, silver and zinc derivatives to offset the commodity exposure where sales contracts have embedded fixed price agreements for these commodities.

In addition, the Group purchases natural gas fixed price derivatives to lock in energy costs where a fixed price purchase contract is not possible.

At ~~June~~September 30, 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

(in millions of U.S. dollars)

Maturity Year

Less than 1 year

Over 1 year

Metal

2025-~~2027~~2028

~~297~~387

~~115~~43

Natural gas

2025-2028

619

2826

The value of the contracts will fluctuate due to changes in market prices but our hedging strategy helps protect the Group’s margin on future conversion and fabrication activities. At ~~June~~September 30, 2025, these contracts were directly entered into with external counterparties.

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 June 30,		Six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on commodities derivatives - net (A)	~~(28)~~4	26(9)	(1915)	178
Unrealized gains / (losses) on commodities derivatives - net	10	6	(17)	12
Unrealized gains on commodities derivatives - net	19	4	2	16

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

-2122-

NOTE 13 - PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS

	Three months ended June 30,				Six months ended June 30,
	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
(in millions of U.S. dollar)	Pension	OPEB and Other Benefits	Pension	OPEB and Other Benefits	Pension	OPEB and Other Benefits	Pension	OPEB and Other Benefits
(in millions of U.S. dollars)	Pension	OPEB and Other Benefits	Pension	OPEB and Other Benefits	Pension	OPEB and Other Benefits	Pension	OPEB and Other Benefits
Current service cost	(54)	(1)	(54)	(1)	(913)	(23)	(913)	(23)
Interest cost	(56)	(21)	(67)	(21)	(1117)	(45)	(1219)	(45)
Expected return on plan assets	56	—	56	—	1117	—	1117	—
Amortization of past service gain	1—	23	1—	23	1	58	1	58
Amortization of net actuarial gain	—	1—	—	1—	—	1	—	1
Total net pension and other long-term benefit cost	(4)	—1	(5)	—1	(812)	—1	(914)	—1

For the year ended December 31, 2025 as a whole, we expect to contribute approximately $30 million to our defined benefit pension plans and approximately $14 million to our other post-retirement and long-term benefit plans.

NOTE 14 - PROVISIONS

	At June 30, 2025		At December 31, 2024
	At September 30, 2025		At December 31, 2024
(in millions of U.S. dollar)	Current	Non-current	Current	Non-current
(in millions of U.S. dollars)	Current	Non-current	Current	Non-current
Close down and environmental remediation costs	1718	8281	13	79
Restructuring costs	1—	—	3	1
Legal claims and other costs	1012	1213	9	11
Total provisions	2830	94	25	91

Close down, environmental and remediation costs

Environmental remediation costs are accounted for based on the Group's best estimate of the costs of its environmental clean-up obligations. The Group also records provisions for close down and restoration efforts based on the net present value of estimated future costs of the dismantling and demolition of infrastructure and the removal of residual material of disturbed areas. These provisions are expected to be settled over the next 40 years depending on the nature of the disturbance and the technical remediation plans.

Contingencies

The Group is involved, and may become involved, in various lawsuits, claims and proceedings relating to customer claims, product liability, employee and retiree benefit matters and other commercial matters. The Group records provisions for pending litigation matters when it determines that it is probable that an outflow of resources will be required to settle the obligation, and such amounts can be reasonably estimated. In some proceedings, the issues raised are or can be highly complex and subject to significant uncertainties and amounts claimed are and can be substantial. As a result, the probability of loss and an estimation of damages are and can be difficult to ascertain. In exceptional cases, when the Group considers that disclosures relating to provisions and contingencies may prejudice its position, disclosures are limited to the general nature of the matter in hand.

-2223-

NOTE 15 - SHARE CAPITAL

Share capital amounted to €2,936,397.68 at ~~June~~September 30, 2025, divided into 146,819,884 ordinary shares, each with a nominal value of €0.02 and fully paid-up. All shares are of the same class and, except for treasury shares, have the right to one vote each.

		(in millions of U.S. dollar)
		(in millions of U.S. dollars)
	Number of shares	Ordinary shares	Additional paid in capital
At January 1, 2025	146,819,884	4	513
At June 30, 2025 (A)	146,819,884	4	513
At September 30, 2025 (A)	146,819,884	4	513

(A)~~Including~~Includes 79,~~280~~018,~~861~~105 and 3,296,576 treasury shares at ~~June~~September 30, 2025 and December 31, 2024, respectively. The number of outstanding shares amounted to ~~139~~137,~~539~~801,~~023~~779 and 143,523,308 at ~~June~~September 30, 2025 and December 31, 2024, respectively.

NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE INCOME

The following tables summarize the change in the components of accumulated other comprehensive income / loss, excluding non-controlling interests, for the periods presented:

	Three months ended June 30, 2025
	Three months ended September 30, 2025
(in millions of U.S. dollar)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
(in millions of U.S. dollars)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
At March 31, 2025	82	(5)	(78)	(1)
Other comprehensive income / (loss) before reclassification	2	19	10	31
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(3)	(1)	—	(4)
At June 30, 2025	81	13	(68)	26
Other comprehensive income / (loss) before reclassification	(2)	(1)	2	(1)
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(3)	(1)	—	(4)
At September 30, 2025	76	11	(66)	21

	Three months ended June 30, 2024
	Three months ended September 30, 2024
(in millions of U.S. dollar)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
(in millions of U.S. dollars)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
At March 31, 2024	77	(7)	(81)	(11)
Other comprehensive income / (loss) before reclassification	(1)	(5)	—	(6)
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(3)	4	—	1
At June 30, 2024	73	(8)	(81)	(16)
Other comprehensive income / (loss) before reclassification	1	9	7	17
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(3)	2	—	(1)
At September 30, 2024	71	3	(74)	—

-2324-

	Six months ended June 30, 2025
	Nine months ended September 30, 2025
(in millions of U.S. dollar)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
(in millions of U.S. dollars)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
At January 1, 2025	84	(14)	(84)	(14)
Other comprehensive income / (loss) before reclassification	2—	2726	1416	4342
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(58)	—(1)	—	(59)
Amounts reclassified from accumulated other comprehensive income / (loss) to retained earnings	—	—	2	2
At June 30, 2025	81	13	(68)	26
At September 30, 2025	76	11	(66)	21

	Six months ended June 30, 2024
	Nine months ended September 30, 2024
(in millions of U.S. dollar)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
(in millions of U.S. dollars)	Post-employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
At January 1, 2024	80	(5)	(75)	—
Other comprehensive income / (loss) before reclassification	(21)	~~(9)~~—	~~(6)~~1	~~(17)~~—
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(58)	68	—	1—
At June 30, 2024	73	(8)	(81)	(16)
At September 30, 2024	71	3	(74)	—

NOTE 17 - SHARE-BASED COMPENSATION

Performance-Based Restricted Stock Units (equity-settled)

During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company granted 1,154,859 Performance-Based Restricted Stock Units ("PSUs") to selected employees of the Group ~~and to the Chief Executive Officer~~. The fair value of PSU awards with performance and service conditions is estimated using the value of Constellium SE’s ordinary shares on the date of grant. The fair value of PSU awards with market conditions is estimated using a Monte Carlo simulation model on the date of grant.

These units vest if the following conditions are met:

•A vesting condition under which the beneficiaries must be continuously at the service of the Company through the end of a three-year vesting period; and

•A performance condition, contingent on the TSR performance of Constellium shares over the vesting period compared to the TSR of specified indices. PSUs will ultimately vest based on a vesting multiplier which ranges from 0% to 200%.

-2425-

The following table lists the inputs to the valuation model used for the PSUs granted during the ~~six~~nine months ended ~~June~~September 30, 2025:


						2025 PSUs
Fair value at grant date (in dollars)						17.88
Share price at grant date (in dollars)						11.90
Dividend yield						—
Expected volatility (A)						47%
Risk-free interest rate (US government bond yield)						3.93%

(A)Volatility in the share prices of the Company and companies included in indices were estimated based on observed historical volatilities over a period equal to the PSU vesting period.

Restricted Stock Units Award Agreements (equity-settled)

During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company granted 1,026,520 Restricted Stock Units (RSUs) to selected employees of the Group ~~and the Chief Executive Officer~~ subject to the beneficiaries remaining continuously employed by or at the service of the Group from the grant date to the end of the three-year vesting period. The fair value of the RSUs awarded is $11.90, being the quoted market price at grant date.

Expense recognized during the period

Total share-based compensation expense was $1320 million and $1318 million for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively and $7 million and $5 million for the three months ended September 30, 2025 and 2024.

At ~~June~~September 30, 2025, unrecognized compensation expense related to the RSUs was $2118 million, which will be recognized over the remaining weighted average vesting period of 2.20 years, and unrecognized compensation expense related to the PSUs was $3429 million, which will be recognized over the remaining weighted average vesting period of 2.20 years.

Vested plan during the period

Fair values of vested RSUs and PSUs amounted to $2324 million for ~~six~~nine months ended ~~June~~September 30, 2025. They are excluded from the Statement of Cash flows as non-cash financing activities.

-2526-

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is based principally on our unaudited interim condensed consolidated financial statements prepared under U.S. GAAP at ~~June~~September 30, 2025 and for the three and ~~six~~nine months ended ~~June~~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 ~~June~~September 30, 2025 and for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 which are included in this Quarterly Report.

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.

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.

Overview

We are a global leader in the development, manufacture and sale of a broad range of highly engineered, value-added specialty rolled and extruded aluminum products to the aerospace, packaging, automotive, commercial transportation, general industrial and defense end-markets. At ~~June~~September 30, 2025, we operated 2524 production facilities, 3 R&D centers and 3 administrative centers.

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:

•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.

•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.

•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.

Management Review and Outlook

Constellium delivered ~~solid~~strong results in the ~~second~~third quarter despite ~~continued~~the ~~demand~~uncertain ~~weakness~~economic ~~across~~environment. ~~most~~During ofthe ~~our~~quarter, ~~end~~we ~~markets outside of packaging. We~~ repurchased 31.47 million shares for $3525 million. ~~during~~Looking across our end markets, packaging demand remained healthy in the quarter, and we continued to benefit from improved operational performance at Muscle Shoals. ~~The~~Aerospace ~~tariff~~demand remained stable though commercial aerospace OEMs continued to deal with supply chain challenges. Automotive demand remained weak in Europe and ~~international~~relatively ~~trade~~stable ~~situation~~in ~~remains~~North ~~highly~~America. ~~unpredictable~~Industrial market conditions in North America and isEurope ~~creating~~became ~~uncertainty~~more stable, and our shipments in ~~many~~Europe ofimproved 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, ~~especially~~and ~~automotive~~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 ~~and what is under our control~~. We remain focused on executing on our strategy, driving operational performance, ~~reducing costs, managing capital discipline,~~ generating Free Cash Flow and increasing shareholder value.

-2627-

Key Factors Influencing Constellium’s Financial Condition and Results from Operations

Economic, ~~Conditions~~Geopolitical and ~~Markets~~General Market Conditions

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.

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.

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.

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:

•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.

•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.

•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.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBB Act") was enacted in the U.S. The OBBB Act contains numerous tax provisions that, among other things, permanently extends certain provisions of the Tax Cut and Jobs Act and other changes to existing U.S. federal tax law and regulatory rules. Certain provisions of the law have effective dates ranging from 2025 through 2027. The Company is assessing the impact of the OBBB Act's relevant provisions and currently does not anticipate a significant impact on its financial statements for the fiscal year 2025.

Geopolitical and Economic Instability

During the first six months ended June 30, 2025, the Company continued to monitor geopolitical and economic instability. During the second quarter, there was continued uncertainty related to tariffs, trade wars, and their short and long-term potential impacts on the Company. Global and regional economies continue to be impacted by armed conflicts, sanctions, and volatility. While it is difficult to predict the impact of these events, we continuously monitor them and will develop contingency plans and counter measures as necessary to address adverse effects or disruptions to our operations as they arise.

Product Price and Margin

Our products are typically priced based on three components: (i) the LME price, (ii) a regional premium and (iii) a conversion margin.

Aluminum Prices

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.

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 ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 are presented below.

-2728-

For the three months ended June 30,

For the six months ended June 30,

Percent changes QTD

Percent changes YTD

Three months ended September 30,

Nine months ended September 30,

Percent changes QTD

Percent changes YTD

(U.S. dollars per ton)

2025

2024

2025

2024

2025 vs 2024

Average LME transaction price

2,~~448~~618

2,~~520~~382

2,~~539~~566

2,~~358~~366

~~(3)~~10

Average Midwest premium

~~990~~1,566

~~439~~416

~~849~~1,095

~~424~~421

~~126~~276

~~100~~160

Average all-in aluminum price U.S.

34,~~438~~184

2,~~959~~798

3,~~388~~661

2,~~782~~787

1650

2231

Average LME transaction price

2,~~448~~618

2,~~520~~382

2,~~539~~566

2,~~358~~366

~~(3)~~10

Average Rotterdam premium

~~195~~212

~~321~~340

~~244~~233

~~283~~303

(3938)

(1423)

Average all-in aluminum price Europe

2,~~643~~830

2,~~841~~722

2,~~783~~799

2,~~641~~669

~~(7)~~4

Volumes

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.

Personnel Costs

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.

Energy

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.

Currency

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.

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.

Translation impacts result from the translation at each period of the results of functional currency entities other than U.S. ~~dollar~~dollars into our reporting currency, the U.S. dollar.

-2829-

Results of Operations for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024

	For the three months ended June 30,						For the six months ended June 30,
	Three months ended September 30,						Nine months ended September 30,
(in millions of U.S. dollar and as a % of revenue)	2025			2024			2025			2024
(in millions of U.S. dollars and as a % of revenue)	2025			2024			2025			2024
Revenue	2,~~103~~166	100	%	1,~~932~~802	100	%	46,~~082~~248	100	%	35,~~812~~614	100	%
Cost of sales (excluding depreciation and amortization)	(1,~~840~~852)	8786	%	(1,~~652~~597)	8689	%	(35,~~556~~408)	87	%	(34,~~287~~884)	8687	%
Depreciation and amortization	(8284)	4	%	(76)	4	%	(~~160~~244)	4	%	(~~151~~227)	4	%
Selling and administrative expenses	(8885)	4	%	(7566)	4	%	(~~166~~251)	4	%	(~~155~~221)	4	%
Research and development expenses	(12)	1	%	(1311)	1	%	(2537)	1	%	(2839)	1	%
Other gains and losses - net	420	—1	%	13(2)	1—	%	~~(1)~~19	—	%	(57)	—	%
Finance costs - net	(2927)	1	%	(2531)	12	%	(5683)	1	%	(5283)	1	%
Income before tax	56126	36	%	~~104~~19	51	%	~~118~~244	34	%	~~134~~153	43	%
Income tax expense	(2038)	12	%	(2711)	1	%	(4482)	1	%	(3546)	1	%
Net income	3688	24	%	778	4—	%	74162	23	%	99107	32	%
Shipment volumes (in kt)	~~384~~373	n/a		~~378~~352	n/a		~~756~~1,130	n/a		~~758~~1,110	n/a

Revenue

For the three months ended ~~June~~September 30, 2025, ~~revenue~~Revenue increased 920% to $2,~~103~~166 million from $1,~~932~~802 million for the three months ended ~~June~~September 30, 2024. This increase reflected higher shipments and higher revenue per ton.

For the three months ended ~~June~~September 30, 2025, sales volumes increased 26% to ~~384~~373 kt from ~~378~~352 kt for the three months ended ~~June~~September 30, 2024. This increase reflected a 54% increase in volumes for PA&~~ARP~~T, ~~partially~~a ~~offset by an 11~~5% ~~decrease~~increase in volumes for AP&TARP and a 114% ~~decrease~~increase in volumes for AS&I.

For the ~~six~~nine months ended ~~June~~September 30, 2025, ~~revenue~~Revenue increased 711% to $46,~~082~~248 million from $35,~~812~~614 million for the ~~six~~nine months ended ~~June~~September 30, 2024. This increase ~~primarily~~ reflected higher shipments and higher revenue per ton.

For the ~~six~~nine months ended ~~June~~September 30, 2025, sales volumes ~~were~~increased ~~relatively~~2% ~~stable~~to at1,130 ~~756~~ kt ~~compared~~from to1,110 ~~758~~ kt for the ~~six~~nine months ended ~~June~~September 30, 2024. This ~~stability~~increase reflected a 4% increase in volumes for P&ARP, partially offset by ana 117% decrease in volumes for A&T and a 71% decrease in volumes for AS&I.

Our revenue is discussed in more detail in the “Segment Results” section.

Cost of Sales

For the three months ended ~~June~~September 30, 2025, ~~cost~~Cost of sales increased 1116% to $1,~~840~~852 million from $1,~~652~~597 million for the three months ended ~~June~~September 30, 2024. This increase in ~~cost~~Cost of sales was primarily driven by ana 1821% increase in raw materials and consumables as a result of higher metal prices and higher sales volumes.

For the ~~six~~nine months ended ~~June~~September 30, 2025, ~~cost~~Cost of sales increased 811% to $35,~~556~~408 million from $34,~~287~~884 million for the ~~six~~nine months ended ~~June~~September 30, 2024. This increase in ~~cost~~Cost of sales was primarily driven by a 1416% increase in raw materials and consumables primarily as a result of higher metal prices.

Selling and Administrative Expenses

For the three months ended ~~June~~September 30, 2025, ~~selling~~Selling and administrative expenses increased 1729% to $8885 million from $7566 million for the three months ended ~~June~~September 30, 2024. The increase was primarily driven by an increase in labor costs, ~~including costs associated with corporate transformation projects,~~ partially offset by lower ~~headcounts~~headcount.

For the ~~six~~nine months ended ~~June~~September 30, 2025, ~~selling~~Selling and administrative expenses increased 714% to $~~166~~251 million from $~~155~~221 million for the ~~six~~nine months ended ~~June~~September 30, 2024. The increase was primarily driven by an increase in labor costs, ~~including~~and costs associated with corporate transformation projects, partially offset by lower ~~headcounts~~headcount.

-2930-

Research and Development Expenses

For the three months ended ~~June~~September 30, 2025, ~~research~~Research and development expenses ~~decreased~~increased by 89% to $12 million from $1311 million for the three months ended ~~June~~September 30, 2024. This ~~decrease~~increase was primarily driven by athe ~~decrease~~impact inof ~~non-labor~~foreign ~~costs~~exchange translation.

For the ~~six~~nine months ended ~~June~~September 30, 2025, ~~research~~Research and development expenses decreased 115% to $2537 million from $2839 million for the ~~six~~nine months ended ~~June~~September 30, 2024. This decrease was primarily driven by a decrease in ~~non-labor~~project ~~costs~~spend.

Other Gains and Losses, net

	For the three months ended June 30,		For the six months ended June 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
Operating income and expenses
Realized (losses) / gains on derivatives	(25)	24	(19)	13
Unrealized gains on derivatives at fair value through profit and loss - net	33	4	21	—
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net	1	—	—	2
Impairment of assets	—	(5)	—	(8)
Restructuring costs	(1)	(3)	(2)	(3)
Losses on disposal	(1)	—	(1)	(1)
Result from the flood in Valais	(2)	(6)	2	(6)
Non-operating income and expenses
Expenses on factoring arrangements	(6)	(5)	(11)	(10)
Pension and other post-employment benefits	4	4	7	7
Other	1	—	2	1
Total other gains and losses - net	4	13	(1)	(5)

The following table provides an analysis of realized and unrealized gains and losses by nature of exposure:

	For the three months ended June 30,		For six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
(in millions of U.S. dollars)	2025	2024	2025	2024
Realized gains / (losses) on foreign currency derivatives - net	36	(21)	—6	(45)
Realized (losses) / gains on commodities derivatives - net	(28)	26	(19)	17
Realized gains / (losses) on commodities derivatives - net	4	(9)	(15)	8
Realized (losses) / gains on derivatives	(25)	24	(19)	13
Realized gains / (losses) on derivatives	10	(10)	(9)	3
Unrealized gains / (losses) on foreign currency derivatives - net	23	(2)	38	(12)
Unrealized (losses) / gains on foreign currency derivatives - net	(6)	15	32	3
Unrealized gains / (losses) on commodities derivatives - net	10	6	(17)	12
Unrealized gains on commodities derivatives - net	19	4	2	16
Unrealized gains on derivatives at fair value through profit and loss - net	3313	419	2134	—19

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~~Revenue and ~~cost~~Cost of sales.

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.

-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.

~~recognized~~Changes in ~~Other~~unrealized ~~Gains~~(losses) ~~and~~/ ~~Losses~~gains -on ~~net~~derivatives for the three and ~~are~~nine ~~intended~~months toended ~~offset~~September ~~the~~30, ~~change~~2025 inas compared to the ~~value~~three ofand ~~forecasted~~nine ~~transactions~~months ~~which~~ended ~~are~~September ~~not~~30, ~~yet~~2024 ~~accounted~~primarily ~~for~~reflected the fluctuation in foreign exchange.

~~Changes~~Other inGains ~~realized (losses) / gains on derivatives for the three~~ and ~~six~~Losses, ~~months~~net ~~ended~~are ~~June~~further ~~30,~~discussed ~~2025~~in asNote ~~compared~~4 to the ~~three~~unaudited ~~and~~interim ~~six~~condensed ~~months~~financial ~~ended June 30, 2024 primarily reflected the fluctuation in commodity and energy prices~~statements.

Changes in unrealized (losses) / gains on derivatives for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 primarily reflected the fluctuation in foreign exchange.

For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.

For the three months ended June 30, 2025, the $2 million loss resulting from the flood in Valais correspond to clean-up costs.

For the three and six months ended June 30, 2024, the $6 million loss resulting from the flood in Valais related to inventory impairment.

For the six months ended June 30, 2025, the $2 million gain resulting from the flood in Valais includes $9 million of insurance proceeds, partially offset by $7 million of clean-up costs.

Finance Costs, net

For the three months ended ~~June~~September 30, 2025, ~~finance~~Finance costs, net ~~increased~~decreased 1613% to $2927 million from $2531 million for the three months ended ~~June~~September 30, 2024. This ~~increase~~decrease primarily reflected higher ~~borrowings~~net onrealized ~~the~~and ~~Pan-U.S.~~unrealized ~~ABL~~gains inon ~~2025~~debt ~~and~~derivatives, ~~higher~~partially ~~cost~~offset ofby ~~Senior~~higher ~~Notes~~interest asexpense acompared ~~result~~to ofthe ~~our~~three ~~August~~months ~~2024~~ended ~~refinancing~~September ~~compared~~30, to2024. In the three months ended ~~June~~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.

For the ~~six~~nine months ended ~~June~~September 30, 2025, ~~finance~~Finance costs, net ~~increased~~were 8%stable toat $5683 million ~~from $52 million~~ compared to the ~~six~~nine months ended ~~June~~September 30, 2024. This increase primarily reflected higher borrowings on the Pan-U.S. ABL in 2025 and higher cost of Senior Notes as a result of our August 2024 refinancing compared to the six months ended June 30, 2024.

Income Tax

For the three months ended June 30, 2025 and 2024, income tax was an expense of $20 million and an expense of $27 million, respectively. For the six months ended June 30, 2025 and 2024, income tax was an expense of $44 million and an expense of $35 million, respectively.

Our effective tax rate was 35.7% and 26.0% of our income before income tax for the three months ended June 30, 2025 and 2024, respectively, and 37.6% and 26.0% of our income before income tax for the six months ended June 30, 2025 and 2024, respectively.

The effective tax rate for the three and six months ended June 30, 2025 includes the impact of the temporary surtax in France, which was enacted in February 2025 and resulted in a statutory tax rate of 29.28% for 2025, compared to 25.82% in 2024. The difference between our effective tax rate and the statutory tax rate for the three and six months ended June 30, 2025 and 2024, respectively was primarily due to the geographical mix of our pre-tax results and losses in certain jurisdictions where we have recorded a full valuation allowance.

-31-

Income Tax

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.

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.

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.

-32-

Segment Results

Segment Revenue

The following table sets forth the revenue for our three operating segments and Holdings and Corporate for the periods presented:

	For three months ended June 30,						For six months ended June 30,
	Three months ended September 30,						Nine months ended September 30,
(in millions of U.S. dollar and as a % of revenue)	2025			2024			2025			2024
(in millions of U.S. dollars and as a % of revenue)	2025			2024			2025			2024
A&T	~~492~~481	2322	%	~~487~~421	2523	%	~~960~~1,441	2423	%	~~966~~1,386	25	%
P&ARP	1,~~235~~307	5960	%	1,~~079~~090	5660	%	23,~~422~~729	5960	%	23,~~097~~187	5557	%
AS&I	~~421~~409	2019	%	~~384~~323	2018	%	~~802~~1,211	2019	%	~~779~~1,103	20	%
Holdings and Corporate	1	—	%	—	—	%	23	—	%	34	—	%
Inter-segment eliminations	(4632)	n.m		(1832)	n.m		(~~104~~136)	n.m		(3366)	n.m
Total revenue	2,~~103~~166	100	%	1,~~932~~802	100	%	46,~~082~~248	100	%	35,~~812~~614	100	%

n.m. not meaningful

The following table sets forth the shipments for our three operating segments for the periods presented:

	For three months ended June 30,						For six months ended June 30,
	Three months ended September 30,						Nine months ended September 30,
(in kt and as a % of shipments)	2025			2024			2025			2024
A&T	5350	1413	%	6048	1614	%	~~104~~154	14	%	~~117~~165	15	%
P&ARP	~~276~~275	7274	%	~~262~~261	6974	%	~~545~~820	7273	%	~~526~~787	6971	%
AS&I	5548	1413	%	5642	1512	%	~~107~~155	14	%	~~115~~157	1514	%
Total shipments	~~384~~373	100	%	~~378~~352	100	%	~~756~~1,130	100	%	~~758~~1,110	100	%

A&T

For the three months ended ~~June~~September 30, 2025, revenue in our A&T segment increased 114% to $~~492~~481 million from $~~487~~421 million for the three months ended ~~June~~September 30, 2024, reflecting ~~lower~~higher shipments, ~~partially~~and ~~offset by~~ higher revenue per ton, including higher metal prices. A&T shipments were ~~down~~up 114%, or 72 kt, due to ~~lower~~higher ~~Aerospace and~~ Transportation, Industry and Defense rolled product shipments~~. For the three months ended June 30~~, ~~2025,~~partially ~~revenue~~offset ~~per ton increased~~ by ~~14%~~lower toAerospace ~~$9,255~~rolled ~~per~~product ton from $8,152 per ton for the three months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices, as well as the impact from favorable foreign exchange translationshipments.

For the ~~six~~nine months ended ~~June~~September 30, 2025, revenue in our A&T segment ~~decreased~~increased 14% to $~~960~~1,441 million from $~~966~~1,386 million for the ~~six~~nine months ended ~~June~~September 30, 2024, reflecting ~~lower~~higher ~~shipments~~revenue per ton, including higher metal prices, partially offset by ~~higher~~lower ~~revenue per ton~~shipments. A&T shipments were down 117%, or 1311 kt, due to lower Aerospace and Transportation, Industry and Defense rolled products shipments. For the six months ended June 30, 2025, revenue per ton increased 12% to $9,211 per ton from $8,247 per ton for the six months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices.

P&ARP

For the three months ended ~~June~~September 30, 2025, revenue in our P&ARP segment increased 1420% to $1,~~235~~307 million from $1,~~079~~090 million for the three months ended ~~June~~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 ~~June~~September 30, 2024, ~~with~~due to higher ~~shipments of~~ Packaging rolled products shipments, partially offset by lower ~~shipments~~Automotive ofand ~~Automotive~~Specialty rolled products. For the three months ended June 30, 2025, revenue per ton increased by 9% to $4,474 per ton from $4,117 per ton for the three months ended June 30, 2024, primarily driven by a more favorable sales price and mix, where sales price includes higher metal prices, as well as the impact from favorable foreign exchange translationshipments.

For the ~~six~~nine months ended ~~June~~September 30, 2025, revenue in our P&ARP segment increased 1517% to $23,~~422~~729 million from $23,~~097~~187 million for the ~~six~~nine months ended ~~June~~September 30, 2024, reflecting higher shipments and higher revenue per ton, including higher metal prices. P&ARP shipments were up 4% or 1933 kt, due to higher Packaging rolled products shipments, partially offset by lower Automotive and Specialty rolled products shipments. ~~For the six months ended June 30, 2025, revenue per ton increased 11% to $4,445 per ton from~~

-3233-

$3,989 per ton for the six months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices.

AS&I

For the three months ended ~~June~~September 30, 2025, revenue in our AS&I segment increased 1027% to $~~421~~409 million from $~~384~~323 million for the three months ended ~~June~~September 30, 2024, primarily reflecting higher shipments and higher revenue per ton, including higher metal prices. AS&I shipments were ~~down~~up 114%, or 16 kt, ondue ~~lower~~to ~~Automotive~~higher Other extruded product shipments, partially offset by ~~higher~~lower ~~Other~~Automotive extruded product shipments. For the three months ended June 30, 2025, revenue per ton increased by 11% to $7,686 per ton from $6,910 per ton for the three months ended June 30, 2024, primarily reflecting favorable sales price and mix, where sales price includes higher metal prices, as well as the impact from favorable foreign exchange translation.

For the ~~six~~nine months ended ~~June~~September 30, 2025, revenue in our AS&I segment increased 310% to $~~802~~1,211 million from $~~779~~1,103 million for the ~~six~~nine months ended ~~June~~September 30, 2024, reflecting ~~lower~~higher ~~shipments~~revenue per ton, including higher metal prices, partially offset by ~~higher~~lower ~~revenue per ton~~shipments. AS&I shipments were down 71%, or 82 kt, ondue to lower Automotive extruded products shipments, partially offset by higher Other extruded products shipments. For the six months ended June 30, 2025, revenue per ton increased 10% to $7,486 per ton from $6,794 per ton for the six months ended June 30, 2024, primarily reflecting a more favorable sales price and mix, where sales price includes higher metal prices.

Segment Adjusted EBITDA

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.

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.

The following table sets forth the Segment Adjusted EBITDA for our operating segments for the periods presented:

	For three months ended June 30,				For six months ended June 30,
	Three months ended September 30,				Nine months ended September 30,
(in millions of U.S. dollar and as a % of revenue)	2025	2024			2025			2024
(in millions of U.S. dollars and as a % of revenue)	2025	2024			2025			2024
A&T	7890	1619	%	9054		1813	%	~~153~~256	1618	%	~~177~~235	1817	%
P&ARP	7482	6	%	6672		67	%	~~135~~217	6	%	~~114~~186	56	%
AS&I	1833	48	%	307		82	%	3467	46	%	6370	86	%
Holdings and Corporate	(129)	n.m		(62)		n.m		(2332)	n.m		(1415)	n.m

n.m. not meaningful

~~-33-~~The reconciliation of Segment Adjusted EBITDA is disclosed in Note 3 to the unaudited condensed interim financial statements.

The following table reconciles our Segment Adjusted EBITDA to our net income:

	Three months ended June 30,		Six months ended June 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
A&T	78	90	153	177
P&ARP	74	66	135	114
AS&I	18	30	34	63
H&C	(12)	(6)	(23)	(14)
Segment Adjusted EBITDA	159	180	299	340
Metal price lag (A)	(13)	45	33	31
Depreciation and amortization	(82)	(76)	(160)	(151)
Impairment of assets (B)	—	(5)	—	(8)
Share based compensation costs	(7)	(7)	(13)	(13)
Pension and other post-employment benefits - non - operating gains	4	4	7	7
Restructuring costs	(1)	(3)	(2)	(3)
Unrealized gains on derivatives	33	4	21	—
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net	1	—	—	2
Losses on disposal	(1)	—	(1)	(1)
Other (C)	(2)	(8)	1	(8)
Expenses on factoring arrangements	(6)	(5)	(11)	(10)
Finance costs - net	(29)	(25)	(56)	(52)
Income before tax	56	104	118	134
Income tax expense	(20)	(27)	(44)	(35)
Net income	36	77	74	99

(B)For the three and six months ended June 30, 2024, impairment related to property, plant and equipment in our Valais operations.

(C)For the three months ended June 30, 2025, other mainly includes $2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025, Other mainly includes $9 million of insurance proceeds and $7 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the three and six months ended June 30, 2024, other was related to $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) at the end of June 2024 as well as $2 million of costs associated with non-recurring corporate transformation projects.

-34-

The following table presents the primary drivers for changes in Segment Adjusted EBITDA for each one of our three segments:

(in millions of U.S. dollar)	A&T	P&ARP	AS&I
(in millions of U.S. dollars)	A&T	P&ARP	AS&I
Segment Adjusted EBITDA for the three months ended June 30, 2024	90	66	30
Segment Adjusted EBITDA for the three months ended September 30, 2024	54	72	7
Volume	~~(18)~~6	1411	~~(1)~~9
Price and product mix	211	~~(7)~~3	~~(16)~~18
Costs	216	(17)	5(3)
Foreign exchange and other	23	23	—2
Segment Adjusted EBITDA for the three months ended June 30, 2025	78	74	18
Segment Adjusted EBITDA for the three months ended September 30, 2025	90	82	33

(in millions of U.S. dollar)	A&T	P&ARP	AS&I
(in millions of U.S. dollars)	A&T	P&ARP	AS&I
Segment Adjusted EBITDA for the six months ended June 30, 2024	177	114	63
Segment Adjusted EBITDA for the nine months ended September 30, 2024	235	186	70
Volume	(3832)	1729	(134)
Price and product mix	(136)	25	(191)
Costs	2755	1(7)	41
Foreign exchange and other	—4	14	(1)
Segment Adjusted EBITDA for the six months ended June 30, 2025	153	135	34
Segment Adjusted EBITDA for the nine months ended September 30, 2025	256	217	67

A&T

For the three months ended ~~June~~September 30, 2025, Adjusted EBITDA in our A&T segment ~~decreased~~increased 1367% to $7890 million from $9054 million for the three months ended ~~June~~September 30, 2024, primarily as a result of ~~lower~~higher volumes, ~~partially offset by~~ 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 ~~June~~September 30, 2025, Adjusted EBITDA per metric ton ~~decreased~~increased by 361% to $1,~~467~~807 per ton from $1,~~506~~122 per ton for the three months ended ~~June~~September 30, 2024.

For the ~~six~~nine months ended ~~June~~September 30, 2025, Adjusted EBITDA in our A&T segment ~~decreased~~increased 149% to $~~153~~256 million from $~~177~~235 million for the ~~six~~nine months ended ~~June~~September 30, 2024, primarily as a result of lower operating costs and favorable impact from foreign exchange translation, partially offset by lower volumes and unfavorable price and mix. In the nine months ended September 30, ~~partially~~2024, ~~offset~~Segment byAdjusted ~~lower~~EBITDA ~~operating~~included ~~costs~~an $8 million negative impact from the flood in Valais (Switzerland). For the ~~six~~nine months ended ~~June~~September 30, 2025, Adjusted EBITDA per ton ~~decreased~~increased 317% to $1,~~468~~662 per ton from $1,~~511~~422 per ton for the ~~six~~nine months ended ~~June~~September 30, 2024.

P&ARP

For the three months ended ~~June~~September 30, 2025, Adjusted EBITDA in our P&ARP segment increased 1214% to $7482 million from $6672 million for the three months ended ~~June~~September 30, 2024, primarily as a result of higher volumes ~~and~~with improved Muscle Shoals performance, ~~lower~~favorable ~~operating~~price ~~costs~~and mix and favorable impact from foreign exchange translation, partially offset by ~~unfavorable~~higher ~~price~~operating ~~and~~costs ~~mix~~including ~~and~~the unfavorable ~~metal~~impact ~~costs~~from tariffs. For the three months ended ~~June~~September 30, 2025, Adjusted EBITDA per metric ton increased by 68% to $~~268~~298 per ton from $~~252~~275 per ton for the three months ended ~~June~~September 30, 2024.

For the ~~six~~nine months ended ~~June~~September 30, 2025, Adjusted EBITDA in our P&ARP segment increased 1817% to $~~135~~217 million from $~~114~~186 million for the ~~six~~nine months ended ~~June~~September 30, 2024, primarily as a result of higher volumes ~~and~~with improved Muscle Shoals performance, favorable price and mix, ~~and~~ lower operating costs and favorable impact from foreign exchange translation, partially offset by unfavorable metal costs. In the ~~six~~nine months ended ~~June~~September 30, 2024, Muscle Shoals results were impacted by a weather-related event in January 2024. For the ~~six~~nine months ended ~~June~~September 30, 2025, Adjusted EBITDA per ton increased 1412% to $~~248~~265 per ton from $~~217~~236 per ton for the ~~six~~nine months ended ~~June~~September 30, 2024.

AS&I

For the three months ended ~~June~~September 30, 2025, Segment Adjusted EBITDA in our AS&I segment ~~decreased~~increased 40371% to $1833 million from $307 million for the three months ended ~~June~~September 30, 2024, ~~primarily~~ as a result of ~~unfavorable~~higher ~~price~~volumes, ~~and~~favorable ~~mix~~price and ~~the unfavorable net impact from tariffs~~mix, ~~partially~~primarily ~~offset~~driven by ~~lower~~a ~~operating~~net ~~costs~~customer ~~and~~compensation ~~favorable~~for ~~impact~~underperformance ~~from~~of ~~foreign~~an ~~exchange~~automotive ~~translation. For the three months ended June 30~~program, ~~2025,~~partially ~~Adjusted~~offset ~~EBITDA~~by ~~per ton decreased 39% to $329 per ton from $540 per ton for the three months ended June 30, 2024.~~

-35-

~~For~~higher ~~the~~operating ~~six~~costs ~~months~~including ~~ended~~the ~~June~~unfavorable ~~30,~~impact ~~2025, Adjusted EBITDA in our AS&I segment decreased by 46% to $34 million~~ from ~~$63 million~~tariffs. ~~for~~In the ~~six~~three months ended ~~June~~September 30, 2024, ~~primarily~~Segment asAdjusted aEBITDA ~~result~~included ofa ~~lower~~$10 ~~volumes~~million ~~and~~negative ~~unfavorable price and mix and the unfavorable net~~ impact from ~~tariffs,~~the ~~partially~~flood ~~offset~~in byValais ~~lower operating costs~~(Switzerland). For the ~~six~~three months ended ~~June~~September 30, 2025, Adjusted EBITDA per ~~metric~~ ton ~~decreased~~increased ~~by 42~~314% to $~~317~~683 per ton from $~~549~~165 per ton for the ~~six~~three months ended ~~June~~September 30, 2024.

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.

Holdings & Corporate

Segment Adjusted EBITDA results for our Holdings and Corporate segment reflected costs of $129 million and $62 million, for the three months ended ~~June~~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 $2332 million and $1415 million for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively. This increase mainly results from higher accrued labor costs, ~~including~~and costs associated with corporate transformation projects~~, as well as an unfavorable impact from foreign exchange translation~~.

Liquidity and Capital Resources

Our primary sources of cash flow have historically been cash flows from operating activities and funding or borrowings from external parties.

Based on our current and anticipated levels of operations, and the condition in our markets and industry, we believe that our cash flows from operations, cash on hand, new debt issuances or refinancing of existing debt facilities, and availability under our factoring and revolving credit facilities will enable us to meet our working capital, capital expenditures, debt service and other funding requirements for the short-term and long-term.

It is our policy to hedge all highly probable or committed foreign currency operating cash flows. As we have significant third party future receivables denominated in U.S. dollars, we generally enter into combinations of forward contracts with financial institutions, selling forward U.S. dollars against euros.

When we are unable to align the price and quantity of physical aluminum purchases with that of physical aluminum sales, it is also our policy to enter into derivative financial instruments to pass through the exposure to metal price fluctuations to financial institutions.

As the U.S. dollar appreciates against the euro or the LME price for aluminum falls, the derivative contracts related to transactional hedging entered into with financial institution counterparties will have a negative mark-to-market.

In addition, we borrow in a combination of the U.S. dollar and euro. When the external currency mix of our debt does not match the mix of our assets, we use foreign currency derivatives to balance the risk.

Our financial institution counterparties may require margin calls should our negative mark-to-market exceed a pre-agreed contractual limit. In order to protect the Group from the potential margin calls for significant market movements, we maintain additional cash or availability under our various borrowing facilities, we enter into derivatives with a large number of financial counterparties and we monitor potential margin requirements on a daily basis for adverse movements in the U.S. dollar against the euro and in aluminum prices. There were no margin calls at ~~June~~September 30, 2025 and December 31, 2024.

At ~~June~~September 30, 2025, we had $~~841~~831 million of total liquidity, comprised of $~~133~~122 million in cash and cash equivalents, $~~465~~471 million of availability under our Pan-U.S. ABL facility, $~~126~~121 million of availability under our factoring arrangements and $117 million of availability under our French ~~inventory~~Inventory ~~facility~~Facility.

Factored receivables under non-recourse arrangements were $~~410~~419 million and $376 million at ~~June~~September 30, 2025 and December 31, 2024, respectively.

-36-

Constellium Muscle Shoals LLC's factoring agreement was amended in September 2025, and the maturity was extended to September 2027.

Cash Flows

The following table summarizes our operating, investing and financing activities for the nine months ended September 30, 2025 and 2024:

For six months ended June 30,

Nine months ended September 30,

(in millions of U.S. dollar)

2025

2024

(in millions of U.S. dollars)

2025

2024

Net Cash Flows from / (used in)

Operating activities

~~172~~271

~~175~~240

Investing activities

(~~131~~200)

(~~111~~188)

Financing activities

(62103)

(51106)

Net (decrease) / increase in cash and cash equivalents, excluding the effect of exchange rate changes

(2132)

13(54)

Net Cash Flows from Operating Activities

For the ~~six~~nine months ended ~~June~~September 30, 2025, net cash flows from operating activities were $~~172~~271 million, a $331 million ~~decrease~~increase from $~~175~~240 million in the ~~six~~nine months ended ~~June~~September 30, 2024. This change primarily reflects aan $3183 million ~~decrease~~increase in cash flows from operating activities before working capital and a $2852 million ~~reduction~~decrease in cash flows from working capital usage.

For the ~~six~~nine months ended ~~June~~September 30, 2025, changes in working capital were attributable to (i) an increase in inventory of $65109 million, primarily driven by higher ending metal prices; (ii) an increase in trade receivables of $~~261~~280 million primarily driven by higher activity levels and higher ending metal prices; and (iii) an increase in trade payables of $~~241~~221 million, primarily driven by ~~increased~~higher metal purchases due to higher activity levels and higher ending metal prices.

For the ~~six~~nine months ended ~~June~~September 30, 2024, changes in working capital were attributable to (i) an increase in inventory of $2760 million, primarily driven higher ending metal prices; (ii) an increase in trade receivables of $~~241~~158 million primarily driven by higher activity levels and higher ending metal prices, partially offset by $4063 million of deferred purchase price receivables from factoring; and (iii) an increase in trade payables of $~~164~~124 million, primarily driven by increased metal purchases due to higher activity levels and higher ending metal prices.

Net Cash Flows used in Investing Activities

For the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, net cash flows used in investing activities were $~~131~~200 million and $~~111~~188 million, respectively. For the ~~six~~nine months ended ~~June~~September 30, 2025, capital expenditures were $~~134~~203 million. For the ~~six~~nine months ended ~~June~~September 30, 2024, capital expenditures were $~~151~~255 million and included the recycling investment in France. In the ~~six~~nine months ended ~~June~~September 30, 2024, collection of deferred purchase price receivables from factoring was $4063 million.

Capital expenditures by segment are detailed in Note 3.3 of our audited Consolidated Financial Statements.

Net Cash Flows used in Financing Activities

For the ~~six~~nine months ended ~~June~~September 30, 2025, net cash flows used in financing activities were $62103 million, primarily reflecting share repurchases, additional borrowings under the Pan-U.S. ABL facility ~~and factoring arrangements in Europe~~ as well as realized foreign exchange losses on net debt hedging instruments due to the weakening of the U.S. dollar. During the ~~six~~nine months ended ~~June~~September 30, 2025, Constellium repurchased 46.85 million shares of the Company's ordinary shares for $5075 million.

For the ~~six~~nine months ended ~~June~~September 30, 2024, net cash flows used in financing activities were $51106 million, primarily reflecting share repurchases and the impact of the August 2024 refinancing. During the ~~six~~nine months ended ~~June~~September 30, 2024, Constellium repurchased 13.91 million shares of the Company's ordinary shares for $3960 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.

-37-

Contractual obligations

Except as otherwise disclosed in this Quarterly Report, there have been no changes in our material short-term and long-term contractual cash obligations other than in the ordinary course of business since December 31, 2024. See Note 15.4, Note 21 and Note 17 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

-37-

Principal Accounting Policies, Critical Accounting Estimates and Key Judgments

Our principal accounting policies are set out in Note 1 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024. New standards and interpretations not yet adopted are set out in Note 1 to the unaudited Consolidated Financial Statements, which appear elsewhere in this Quarterly Report.

The preparation of our consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. These judgments, estimates and assumptions are based on management’s best knowledge of the relevant facts and circumstances, giving consideration to previous experience. However, actual results may differ from the amounts included in the Consolidated Financial Statements. Key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include the items presented in Part II, Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations - Principal Accounting Policies, Critical Accounting Estimates and Key Judgments” of our Annual Report on Form 10-K for the year ended December 31, 2024. The Company continuously reviews its significant assumptions and estimates in light of the uncertainty associated with the global geopolitical and macroeconomic conditions and their potential direct and indirect impacts on its business and its financial statements. There can be no guarantee that our assumptions will materialize or that actual results will not differ materially from estimates. There have been no material changes in our critical accounting estimates since December 31, 2024.

Recently Issued Accounting Standards

See Note 1- Basis of Presentation and Recent Accounting Pronouncements to our accompanying unaudited interim Consolidated Financial Statements for a full description of recent accounting pronouncements, if applicable, including the respective expected dates of adoption and expected effects on results of operations and financial condition.

Non-GAAP measures

Adjusted EBITDA is not a measure defined by GAAP. We believe the most directly comparable GAAP measure to Adjusted EBITDA is our net income or loss for the relevant period.

Adjusted EBITDA is defined as income/(loss) 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, 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.

We believe Adjusted EBITDA, as defined above, is useful to investors as it illustrates the underlying performance of continuing operations by excluding certain non-recurring and non-operating items. Similar concepts of adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in their evaluation of our company and in comparison, to other companies, many of which present an adjusted EBITDA-related performance measure when reporting their results.

Adjusted EBITDA has limitations as an analytical tool. It is not a measure defined by GAAP and therefore does not purport to be an alternative to operating profit or net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Adjusted EBITDA is not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider Adjusted EBITDA in isolation from, or as a substitute analysis for, our results prepared in accordance with GAAP.

-38-

The following table reconciles our net income to our Adjusted EBITDA:

	Three months ended June 30,		Six months ended June 30,
	Three months ended September 30,		Nine months ended September 30,
(in millions of U.S. dollar)	2025	2024	2025	2024
(in millions of U.S. dollars)	2025	2024	2025	2024
Net income	3688	778	74162	99107
Income tax expense	2038	2711	4482	3546
Finance costs - net	2927	2531	5683	5283
Expenses on factoring arrangements	65	56	1116	1016
Depreciation and amortization	8284	76	~~160~~244	~~151~~227
Impairment of assets (A)	—	5	—	813
Restructuring costs	1	34	23	37
Unrealized gains on derivatives	(3313)	(419)	(2134)	—(19)
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net	(1)	—1	—(1)	(21)
Pension and other post-employment benefits - non - operating gains	(43)	(43)	(710)	(710)
Share based compensation costs	7	75	1320	1318
Losses on disposal	1—	—2	1	13
Other (B)	2	8—	~~(1)~~—	8
Adjusted EBITDA1	~~146~~235	~~225~~127	~~332~~566	~~371~~498
of which Metal price lag (C)	~~(13)~~39	45(5)	3359	3122

1Adjusted EBITDA includes the non-cash impact of metal price lag

_______________

(A)For the three and ~~six~~nine months ended ~~June~~September 30, 2024, impairment related to property, plant and equipment in our Valais (Switzerland) operations.

(B)For the ~~three~~nine months ended ~~June~~September 30, 2025, ~~other mainly includes $2 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the six months ended June 30, 2025,~~ Other mainly includes $9 million of insurance proceeds and $78 million of clean-up costs related to the flooding of our facilities in Valais (Switzerland). For the ~~three~~nine ~~and six~~ months ended ~~June~~September 30, 2024, ~~other~~Other ~~was~~mainly ~~related~~includes to $6 million of inventory impairment as a result of the flooding of our facilities in Valais (Switzerland) ~~at the end of June 2024~~ as well as $24 million of costs associated with non-recurring corporate transformation projects, partially offset by a $2 million gain from the acquisition of the non-controlling interests of Railtech Alu-Singen.

(C)Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's Revenue are established and when aluminum purchase prices included in Cost of sales are established, which is a non-cash financial impact. The ~~metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. The~~ calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In addition to the risks inherent in our operations, we are exposed to a variety market risks (including foreign currency exchange, interest rate and commodity price risk). Our exposure to market risk has not changed materially since December 31, ~~and~~2024. ~~further~~Further information can be found in Item 7A. and Note 16 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

-39-

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company's Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, at the end of the period covered by this Quarterly Report, and they have concluded that these controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There have been no changes in internal control over financial reporting during the ~~second~~third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

-3940-

PART II

Item 1. Legal Proceedings

~~Item 1. Legal Proceedings~~ Reference is made to Part I, Item 3. “Legal Proceedings” included in our Annual Report on Form 10-K for the year ended December 31, 2024, for information concerning material legal proceedings with respect to the Company. There have been no material developments since December 31, 2024.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On February 21, 2024, the Company announced that the Board of Directors authorized a three-year share repurchase program of up to $300 million of the Company’s outstanding shares of ordinary shares, expiring on December 31, 2026.

At ~~June~~September 30, 2025, ~~the Company had~~ approximately $~~171~~146 million was remaining under the Company’s share repurchase program. Since the inception of the share repurchase program up to ~~June~~September 30, 2025, approximately 911.42 million shares have been repurchased under the plan for approximately $~~129~~154 million. In the ~~second~~third quarter of 2025, approximately 31.47 million shares ~~have~~were ~~been~~ repurchased under the plan for approximately $3525 million. More information about our share repurchase program is available in Part II, Item 5. “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Purchases of Equity Securities by the Issuer and Affiliated Purchasers” of our Annual Report on Form 10-K for the year ended December 31, 2024.

The following table provides certain information with respect to our share purchases during the quarter ended September 30, 2025.

Period	Total number of shares purchased	Average price paid per share (in U.S. dollars)	Total number of shares purchased as part of publicly announced plans or programs	Maximum approximate dollar value of shares that may yet be purchased under the program
April 1 - April 30, 2025	2,198,995	8.91	2,198,995	186,618,155
July 1 - July 31, 2025	925,000	13.92	925,000	158,339,639
May 1 - May 31, 2025	37,699	10.63	37,699	186,217,369
August 1 - August 31, 2025	158,950	13.35	158,950	156,217,387
June 1 - June 30, 2025	1,142,282	13.13	1,142,282	171,217,379
September 1 - September 30, 2025	653,294	15.31	653,294	146,217,393
Total	31,~~378~~737,~~976~~244	14.39	31,~~378~~737,~~976~~244	~~171~~146,217,~~379~~393

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

Insider Trading Arrangements

During the three months ended ~~June~~September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

Exhibit			Description
3.1			Articles of Association of Constellium SE dated May 15, 2025**
10.1			Fourth Omnibus Amendment to the Receivables Sale Agreement between Constellium Muscle Shoals LLC and Constellium Muscle Shoals Funding III LLC, and to the Receivables Purchase Agreement among Constellium Muscle Shoals Funding III LLC, Deutsche Bank Trust Company Americas, Deutsche Bank AG New York Branch, and Intesa Sanpaolo S.p.A. New York Branch, dated as of September 15, 2025*
10.1			Jack Guo's employment addendum dated June 1, 2025**†
31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**
31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**
32.1			Certification by Chief Executive Officer of Constellium SE, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2			Certification by Chief Financial Officer of Constellium SE, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.INS			Inline XBRL Instance Document**
101.SCH			Inline XBRL Taxonomy Extension Schema Document**
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)**

________________________

* Furnished herewith.

** Filed herewith.

† Indicates a management contract or compensatory plan.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Constellium SE
Date:	~~July~~October 3129, 2025	By:	/s/ Jean-Marc Germain
			Name: Jean-Marc Germain
			Title: Chief Executive Officer and Director

Date:	~~July~~October 3129, 2025	By:	/s/ Jack Guo
			Name: Jack Guo
			Title: Executive Vice President & Chief Financial Officer

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