[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","ptv6obnaqk40bia3nd591uubx","revision",2,"title","Constellium SE提交截至2026年9月30日季度Form 10-Q：九个月收入78.48亿美元、净利润4.63亿美元","originalTitle","CONSTELLIUM SE (0001563411) (Filer)","summary","Constellium SE提交截至2026年9月30日的季度Form 10-Q；2026年第三季度收入为26.39亿美元、净利润1.19亿美元，前九个月收入为78.48亿美元、净利润4.63亿美元。前九个月经营活动现金净流入4.20亿美元，公司回购普通股支出7,800万美元；截至9月30日，新回购计划尚余约2.57亿美元。所给材料为文件节选，未核对全文。","reason","材料列示了截至2026年9月30日季度及九个月的财务表现、现金流和回购情况，可用于了解公司经营结果与资金使用。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-28T16:11:16.000Z","discoveredAt","2026-10-28T16:27:18.599Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",70,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":15,"_71":72},"hasTranslation","bodyLanguage","zh","factId","fzJhrZuOtWxY",{"_73":74,"_16":75},"reportCount",3,"additionalSourceCount","developmentCount",1,"publicId","d7a48db4-8b76-40a6-a501-5fb46709fa58","Constellium第三季度盈利增长并上调全年指引",{"_73":74,"_16":75},"

-1-

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q


（勾选一项）
x	根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至季度期间 2026年9月30日

或


☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期自 _________ 至 __________

委员会档案编号： 001-35931

Constellium SE

（注册人章程中载明的准确名称）


法国				98-0667516
（州或其他司法管辖区注册成立或组织所在地）				（美国国税局雇主识别号）

	东伦巴第街 300 号， 1710 室
		巴尔的摩，	马里兰州
		21202
		（邮政编码）
（主要行政办公室地址（美国））
		(443)	420-7861
（注册人电话号码，包括区号）
根据该法第12(b)条注册的证券
各类别名称	交易代码	上市交易所名称
普通股	CSTM	纽约证券交易所

根据该法第12(g)条注册的证券：无

请勾选说明注册人是否已提交《证券交易法》

第13或15(d)条要求在此前12个月内提交的所有报告（或注册人被要求提交此类报告的较短期间内的所有报告），并且是否在过去90天内一直受此类申报要求约束。

☑ 是 ☐ 否

请勾选说明注册人是否已在此前12个月内（或注册人被要求提交此类文件的较短期间内），以电子方式提交根据法规S-T第405条（本章§ 232.405）要求提交的每个交互式数据文件。

（或注册人被要求提交此类文件的较短期间内）。

☑ 是 ☐ 否

请勾选说明注册人是否为大型加速申报公司、加速申报公司、非加速申报公司、小型报告公司

或新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“小型报告公司”和

“新兴成长型公司”的定义。


大型加速申报公司	☑	加速申报公司	☐
非加速申报公司	☐	小型报告公司	☐
		新兴成长型公司	☐

如果是新兴成长型公司，请说明注册人是否已勾选，选择不采用根据《交易法》第13(a)条提供的、遵守任何新的或修订的财务会计准则的延长过渡期。

☐

请勾选说明注册人是否为壳公司（定义见《交易法》规则12b-2）。 ☐ 是 ☑ 否

The number of outstanding ordinary shares of the registrant on September 30, 2026, was 134,536,604 shares.

-i-

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.

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.

Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of

1995. You can identify certain forward-looking statements because they contain words such as, but not limited to, “anticipates,”

“believes,” “could,” ”estimates,” “expects,” “forecasts,” “intends,” “likely,” “may,” “plans,” “should,” “targets,” “will,” or

“would,” and similar expressions (or the negative of these terminologies or expressions). Forward-looking statements do not

relate strictly to historical or current facts and reflect management’s current assumptions, beliefs, expectations, objectives, plans

and projections about the future, including with respect to our business, results of operations and financial condition.

Accordingly, forward-looking statements are subject to uncertainties, risks and changes that are difficult to predict and many of

which are outside of our control. Such factors include, but are not limited to: market competition; global or regional economic

downturns or adverse changes in industry-specific conditions, including the impacts of tax and tariff programs, inflation,

foreign currency exchange, and industry consolidation; disruption to business operations; natural disasters, including severe

flooding and other weather-related events; geopolitical tensions and conflicts, including the ongoing conflict between Russia

and Ukraine and the ongoing conflict involving the United States, Israel and Iran; the inability to meet customer demand and

quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive

inflation; potential capacity constraints or lack of effectiveness of our hedging policy activities; the loss of key employees;

levels of indebtedness that could limit our operating flexibility and opportunities; as well as the risk factors set forth in the

Company’s (as defined below) Annual Report on Form 10-K for the year ended December 31, 2025. If underlying assumptions

prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could vary materially from expectations

expressed or implied in the forward-looking statements. Investors are cautioned not to place undue reliance on any such

forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-

前瞻性陈述，无论是因新信息、未来事件或其他原因，除法律要求外。

-ii-


			页
第一部分
第1项。	财务报表	1
		合并损益表（未经审计）	1
		合并综合收益表（未经审计）	2
		合并资产负债表（未经审计）	3
		合并权益变动表（未经审计）	4
		合并现金流量表（未经审计）	6
		未经审计的中期简明合并财务报表附注报表	7
第2项。	管理层对财务状况和经营成果的讨论与分析经营情况	26
第3项。	有关市场风险的定量和定性披露	38
第4项。	控制与程序	38

第二部分
第1项	法律诉讼	39
第1A项。	风险因素	39
第2项。	未注册股权证券的出售及所得款项用途	39
第3项。	高级证券违约	39
第4项。	矿山安全披露	39
第5项。	其他信息	39
第6项。	附件	40

签名			41

-1-

第一部分

第1项。财务报表

合并损益表（未经审计）


		截至9月30日的三个月	截至9月30日的九个月
（单位：百万美元）	附注	2026	2025	2026	2025
收入	2	2,639	2,166	7,848	6,248
销售成本（不包括折旧和摊销）		(2,272)	(1,852)	(6,581)	(5,408)
折旧和摊销		(82)	(84)	(249)	(244)
销售和管理费用		(84)	(85)	(282)	(251)
研发费用		(12)	(12)	(39)	(37)
其他收益和损失—净额	4	(2)	20	32	19
财务成本—净额	5	(27)	(27)	(83)	(83)
税前收入		160	126	646	244
所得税费用	6	(41)	(38)	(183)	(82)
净收入		119	88	463	162
归属于：
Constellium SE权益持有人		117	88	462	161
非控股权益		2	—	1	1
净收入		119	88	463	162



归属于Constellium SE权益持有人的每股收益持有人（单位：美元）	附注
基本	7	0.87	0.63	3.41	1.14
摊薄	7	0.84	0.62	3.31	1.13

随附附注是本未经审计的中期简明合并财务报表不可分割的组成部分。

-2-

合并综合收益表（未经审计）


		截至9月30日的三个月	截至9月30日的九个月
（单位：百万美元）	附注	2026	2025	2026	2025
净收入		119	88	463	162
其他综合（亏损）/收益
离职后福利义务净变动义务		(3)	(6)	(12)	(9)
离职后福利义务净变动的所得税离职后福利义务		1	1	2	1
现金流量套期的净变动	12	(3)	(3)	(14)	34
现金流量套期的所得税		1	1	4	(9)
汇率折算调整		(2)	2	(8)	17
其他综合（亏损）/收益		(6)	(5)	(28)	34
综合收益总额		113	83	435	196
归属于：
Constellium SE权益持有人		111	83	434	194
非控股权益		2	—	1	2
综合收益总额		113	83	435	196

随附附注是这些未经审计的中期简明合并财务报表不可分割的一部分。

-3-

合并资产负债表（未经审计）


（百万美元，股份数据及另有说明者除外）	附注	截至9月 30, 2026	截至12月 31, 2025
资产
流动资产
现金及现金等价物		158	120
应收贸易账款及其他款项，净额	8	1,003	723
存货	9	1,905	1,407
衍生工具及其他金融资产的公允价值	12	42	72
流动资产总额		3,108	2,322
非流动资产
不动产、厂房及设备，净额		2,461	2,585
商誉		47	47
无形资产，净额		79	88
递延所得税资产		124	270
应收贸易账款及其他款项，净额	8	35	31
衍生工具的公允价值	12	1	11
非流动资产总额		2,747	3,032
资产总额		5,855	5,354
负债
流动负债
应付贸易账款及其他款项	10	1,943	1,674
长期债务的流动部分	11	39	39
衍生工具的公允价值	12	39	18
应付所得税		29	18
养老金及其他福利义务		23	24
预计负债	14	23	25
流动负债总额		2,096	1,798
非流动负债
应付贸易账款及其他款项	10	161	163
长期债务	11	1,778	1,905
衍生工具的公允价值	12	13	3
养老金及其他福利义务		318	338
预计负债	14	90	106
递延所得税负债		58	70
非流动负债总额		2,418	2,585
负债总额		4,514	4,383
承诺与或有事项	14
股东权益
普通股，面值 €0.02，已发行 140,819,884 股和 146,819,884 股，分别截至 2026年9月30日和截至2025年12月31日；分别有 134,536,604 股和 135,424,702 股已发行在外，分别截至 2026年9月30日和截至2025年12月31日；		4	4
额外实收资本		623	693
累计其他综合收益	15	28	54
留存收益		790	354
库存股：截至 2026年9月30日为 6,283,280 股，截至 2025年12月31日 2025		(111)	(153)
归属于Constellium SE权益持有人的权益		1,334	952
非控股权益		7	19
权益总额		1,341	971
权益和负债总额		5,855	5,354

随附附注是这些未经审计的中期简明合并财务报表不可分割的一部分。

-4-

合并权益变动表（未经审计）


百万美元，除股份数量	已发行普通股数量	普通股股份	库存股	累计其他综合收益/（亏损）	额外实收资本	留存收益	非控股权益利息	权益总额
截至2026年1月1日	135,424,702	4	(153)	54	693	354	19	971
净利润	—	—	—	—	—	199	(3)	196
其他综合亏损	—	—	—	(15)	—	—	—	(15)
综合收益总额	—	—	—	(15)	—	199	(3)	181
股份支付	—	—	—	—	11	—	—	11
回购普通股股份	(1,152,075)	—	(28)	—	—	—	—	(28)
分配库存股至股份支付计划归属	1,877,823	—	24	—	—	(24)	—	—
与非控股权益的交易	—	—	—	—	—	—	(3)	(3)
截至2026年3月31日	136,150,450	4	(157)	39	704	529	13	1,132
净利润	—	—	—	—	—	146	2	148
其他综合亏损	—	—	—	(7)	—	—	—	(7)
综合收益总额	—	—	—	(7)	—	146	2	141
股份支付	—	—	—	—	8	—	—	8
回购普通股股份	(622,722)	—	(20)	—	—	—	—	(20)
其他	—	—	—	2	—	(2)	(3)	(3)
与非控股权益的交易	—	—	—	—	—	—	(4)	(4)
截至2026年6月30日	135,527,728	4	(177)	34	712	673	8	1,254
净利润	—	—	—	—	—	117	2	119
其他综合亏损	—	—	—	(6)	—	—	—	(6)
综合（亏损）/ 收益总额	—	—	—	(6)	—	117	2	113
股份支付	—	—	—	—	8	—	—	8
回购普通股股份	(1,044,441)	—	(30)	—	—	—	—	(30)
分配库存股至股份支付计划归属	53,317	—	—	—	—	—	—	—
注销库存股份	—	—	96	—	(97)	—	—	(1)
与非控股权益的交易	—	—	—	—	—	—	(3)	(3)
截至2026年9月30日	134,536,604	4	(111)	28	623	790	7	1,341

-5-


单位：百万美元，除股数外	已发行普通股股数	普通股	库存股	累计其他综合收益 /（亏损）	资本公积额外缴入资本	留存收益	非控股权益利息	权益总额
截至2025年1月1日	143,523,308	4	(51)	(14)	674	93	21	727
净利润	—	—	—	—	—	37	1	38
其他综合亏损	—	—	—	11	—	—	—	11
综合（亏损）/ 收益总额	—	—	—	11	—	37	1	49
股份支付	—	—	—	—	6	—	—	6
回购普通股股份	(1,421,058)	—	(15)	—	—	—	—	(15)
分配库存股至股份支付计划归属	815,749	—	12	—	—	(12)	—	—
其他	—	—	—	2	—	(2)	—	—
与非控股权益的交易	—	—	—	—	—	—	(2)	(2)
截至2025年3月31日	142,917,999	4	(54)	(1)	680	116	20	765
净利润	—	—	—	—	—	36	—	36
其他综合亏损	—	—	—	27	—	—	1	28
综合（亏损）/ 收益总额	—	—	—	27	—	36	1	64
股份支付	—	—	—	—	7	—	—	7
回购普通股股份	(3,378,976)	—	(35)	—	—	—	—	(35)
与非控股权益的交易	—	—	—	—	—	—	(2)	(2)
截至2025年6月30日	139,539,023	4	(89)	26	687	152	19	799
净利润	—	—	—	—	—	88	—	88
其他综合收益	—	—	—	(5)	—	—	—	(5)
综合收益总额	—	—	—	(5)	—	88	—	83
股份支付	—	—	—	—	7	—	—	7
回购普通股股份	(1,737,244)	—	(25)	—	—	—	—	(25)
与非控股权益的交易	—	—	—	—	—	—	(1)	(1)
截至2025年9月30日	137,801,779	4	(114)	21	694	240	18	863

随附附注是本未经审计中期简明合并财务报表不可分割的组成部分。

-6-

合并现金流量表（未经审计）


		截至9月30日的九个月 9月30日，
单位：百万美元	附注	2026	2025
净利润		463	162
调整项
折旧和摊销	3	249	244
资产减值	3	3	—
养老金及其他长期福利		10	7
财务费用净额	5	83	83
所得税费用		183	82
衍生品未实现（收益）/损失——净额，以及货币资产和负债重新计量产生的未实现（收益）/损失——净额货币资产和负债重新计量产生的未实现（收益）/损失——净额		55	(38)
处置损失	4	1	1
其他——净额		48	36
营运资本变动
存货		(527)	(109)
贸易应收款项		(267)	(280)
贸易应付款项		310	221
其他		(4)	7
拨备变动		(15)	(1)
已支付的养老金及其他长期福利		(40)	(44)
已付利息		(79)	(83)
已付所得税		(53)	(17)
经营活动产生的现金流量净额		420	271
购买不动产、厂房及设备	3	(210)	(221)
不动产、厂房及设备流入	3	13	18
收取递延购买价款应收款	8	—	2
处置所得款项，扣除现金		2	—
其他投资活动		—	1
投资活动所用现金流量净额		(195)	(200)
回购普通股		(78)	(75)
偿还长期债务		(106)	(5)
循环信贷额度及短期债务净变动		6	17
融资租赁还款		(6)	(5)
与非控股权益的交易		(9)	(7)
其他融资活动		9	(28)
融资活动所用现金流量净额		(184)	(103)
现金及现金等价物净（减少）/增加额		41	(32)

期初现金及现金等价物		120	141
现金及现金等价物净（减少）/增加额		41	(32)
汇率变动对现金及现金等价物的影响		(3)	13
期末现金及现金等价物		158	122

随附附注是这些未经审计的中期简明合并财务报表不可分割的组成部分。

-7-

未经审计的中期简明合并财务报表附注

附注1——业务及会计政策概要

Constellium 是全球领先企业，致力于开发、制造和销售一系列高附加值特种

轧制和挤压铝产品，面向航空航天、空间、国防、包装、汽车、商用运输和

一般工业终端市场。截至 2026年9月30日，本集团运营着 23 家制造工厂、3 个研发中心和 3 个

行政中心。本集团约有 11,500 名员工。

除非上下文另有说明，本文中的“我们”“我们的”“我们”“Constellium”“本集团”和

“本公司”均指 Constellium SE 及其子公司；“Constellium SE”则

指独立运营的 Constellium SE。

列报基础和合并原则

随附的未经审计中期简明合并财务报表包括以下主体的账目：

Constellium SE 及其受控子公司。所有公司间交易和余额均已抵销。

Constellium 编制随附的未经审计中期简明合并财务报表时，遵循了

美国公认会计原则（“GAAP”）以及适用于中期的证券交易委员会（“SEC”）规则和法规，

因此未包含所有信息和脚注

完整财务报表要求遵循 GAAP。管理层认为，所有（包括正常的

经常性调整）必要的调整均已纳入，以公允列报其截至2026年9月30日的财务状况，以及截至

2026年和2025年9月30日止三个月和九个月期间的经营成果和现金流量。

随附的未经审计中期简明合并财务报表应与以下文件一并阅读：

本集团截至该年度的经审计合并财务报表及其附注，载于其截至该年度的 Form 10-K 年度报告中，该年度

截至2025年12月31日（“年度报告”）。我们中期的经营成果未必能反映

整个2026财年的经营成果。

估计和假设的使用

本集团按照美国 GAAP 编制合并财务报表，要求管理层

作出判断、估计和假设，这些判断、估计和假设会影响所报告的收入、费用、资产和负债金额，以及

相关披露和或有负债的披露。主要判断领域包括：

(1) 资产减值；(2) 与养老金及其他退休后福利计划相关的精算假设；(3) 税务

不确定性和估值备抵；以及 (4) 对损失或有事项（包括环境和诉讼

负债）的评估。这些判断、估计和假设基于管理层对相关事实和

情况的最佳认知，并考虑了以往经验。未来事件及其影响无法准确预测，

因此，我们的会计估计需要运用判断。编制

合并财务报表时使用的会计估计可能会随着新事件发生、经验增加、获得更多信息

以及经营环境变化而改变。本集团持续审视其重大假设和估计，

并考虑全球地缘政治和宏观经济状况带来的不确定性及其对业务和财务报表可能造成的直接和

间接影响。无法保证我们的假设会成为现实，或

实际结果不会与估计存在重大差异。

近期采用及近期发布的会计准则指引

本集团计划按照年度报告中披露的内容，在相关准则、修订和解释规定的

生效日期采用新准则、修订和解释，并预计其采用不会对财务状况、经营成果和现金流量产生重大影响，

亦不会因此产生重大影响。

-8-

附注 2 — 收入

下表按产品线细分收入。有关更多信息，请参阅本文中的附注 3 — 分部信息。

按经营分部划分的收入披露。


	截至9月30日的三个月，	截至9月30日的九个月，
（百万美元）	2026	2025	2026	2025
航空航天轧制产品	329	264	1,008	798
交通运输、工业、国防及其他轧制产品	298	199	841	567
包装用轧制产品	1,187	984	3,421	2,764
汽车轧制产品	407	297	1,264	883
特种及其他薄轧制产品	28	23	84	73
汽车挤压产品	241	259	769	742
其他挤压产品	149	140	461	421
总收入	2,639	2,166	7,848	6,248

收入在某一时点确认，但某些产品没有其他用途且我们有权获得

付款；此类收入占总收入的比例低于1%。

-9-

附注3——分部信息

Constellium有三个可报告业务分部——航空航天与运输（“A&T”）、包装与汽车

轧制产品（“P&ARP”）和汽车结构与工业（“AS&I”）。

3.1 收入、成本及分部调整后EBITDA


	截至9月30日的三个月，
	2026		2025
（百万美元）	A&T	P&ARP	AS&I	H&C (B)	A&T	P&ARP	AS&I	H&C (B)
分部收入	664	1,625	402	2	481	1,307	409	1
分部间抵销	(40)	(3)	(12)	—	(19)	(2)	(10)	—
外部收入	624	1,622	390	2	462	1,305	399	1
金属成本	(333)	(1,175)	(241)	2	(203)	(946)	(224)	2
生产成本	(162)	(254)	(105)	(1)	(142)	(246)	(119)	(1)
其他分部费用（A）	(27)	(31)	(23)	(8)	(26)	(30)	(22)	(11)
分部调整后EBITDA	102	162	21	(5)	90	82	33	(9)


	截至9月30日的九个月，
	2026		2025
（百万美元）	A&T	P&ARP	AS&I	H&C (B)	A&T	P&ARP	AS&I	H&C (B)
分部收入	1,954	4,782	1,275	6	1,441	3,729	1,211	3
分部间抵销	(111)	(13)	(45)	—	(79)	(9)	(48)	—
外部收入	1,843	4,769	1,230	6	1,362	3,720	1,163	3
金属成本	(923)	(3,435)	(748)	5	(592)	(2,700)	(686)	5
生产成本	(498)	(762)	(335)	(5)	(438)	(720)	(341)	(5)
其他分部费用（A）	(82)	(94)	(76)	(43)	(76)	(83)	(69)	(35)
分部调整后EBITDA	340	478	71	(37)	256	217	67	(32)

（A）其他分部费用主要包括销售及一般行政费用以及研发费用。

（B）控股及公司项目主要反映杂项收入和未分配的公司活动。

3.2 分部调整后EBITDA与净利润的调节

Constellium的首席运营决策者依据分部调整后EBITDA衡量其经营

分部的盈利能力和财务业绩。分部调整后EBITDA定义为持续经营业务的税前收入／（亏损），

加上合营企业业绩、净融资成本、其他费用以及折旧和摊销，并作如下调整以剔除重组成本、减值损失、衍生品未实现收益或亏损，以及不符合套期会计条件的交易产生的外汇

差额、金属价格滞后、股份支付费用、养老金及其他离职后福利的非经营性收益／（亏损）、保理安排费用，以及若干事项的影响

——

购买会计调整、启动和开发成本或收购、整合及分拆成本，某些

增量成本及其他特殊、异常或通常不经常发生的项目。

-10-


		截至9月30日的三个月	截至9月30日的九个月
（百万美元）	注释	2026	2025	2026	2025
A&T		102	90	340	256
P&ARP		162	82	478	217
AS&I		21	33	71	67
H&C (A)		(5)	(9)	(37)	(32)
分部调整后 EBITDA		280	196	852	507
金属价格滞后影响 (B)		(4)	39	222	59
折旧和摊销		(82)	(84)	(249)	(244)
资产减值		—	—	(3)	—
股份薪酬	16	(8)	(7)	(27)	(20)
养老金及其他离职后福利—— 非经营性收益		3	3	10	10
重组成本		—	(1)	(5)	(3)
衍生品未实现（亏损）/收益		5	13	(55)	34
货币资产重新计量产生的未实现汇兑收益/（亏损）及负债——净额		—	1	1	1
处置亏损		—	—	(1)	(1)
其他 (C)		(1)	(2)	(1)	—
保理安排费用	8	(6)	(5)	(15)	(16)
财务成本——净额	5	(27)	(27)	(83)	(83)
税前利润		160	126	646	244
所得税费用	6	(41)	(38)	(183)	(82)
净利润		119	88	463	162

(A)控股与公司业务主要反映附带收入和未分配的公司活动。

(B)金属价格滞后代表铝价计入 Constellium

收入与铝采购价格计入销售成本的时间差所产生的财务影响，该影响为非现金项目。

金属价格滞后调整的计算采用适用于 Constellium 各

制造基地的标准化方法。金属价格滞后按本期采购产品的平均价值（以市场

价格近似计算）减去库存产品按一段时间内金属采购加权平均价计算的价值，再乘以本期

销量计算。

(C)截至 9月30日的九个月 2025，其他主要包括 900万美元保险赔款以及 800万美元清理

成本，与瓦莱州（瑞士）设施遭遇洪水有关。

-11-

3.3 资本支出


	截至9月30日的三个月	截至9月30日的九个月
（百万美元）	2026	2025	2026	2025
A&T	(16)	(19)	(43)	(48)
P&ARP	(31)	(37)	(123)	(112)
AS&I	(10)	(11)	(28)	(40)
H&C (A)	(1)	(2)	(3)	(3)
资本支出总额 (B)	(58)	(69)	(197)	(203)

(A)控股与公司业务主要反映附带收入和未分配的公司活动。

(B)购置不动产、厂房和设备，扣除收到的补助以及与不动产、厂房和设备相关的保险赔偿。

3.4 折旧、摊销和减值


	截至9月30日的三个月	截至9月30日的九个月
（百万美元）	2026	2025	2026	2025
A&T	(18)	(18)	(55)	(53)
P&ARP	(48)	(47)	(143)	(136)
AS&I	(15)	(18)	(50)	(51)
H&C (A)	(1)	(1)	(4)	(4)
折旧、摊销和减值总额费用	(82)	(84)	(252)	(244)

(A)控股及公司部门主要反映附带收入和未分配的公司活动。

3.5 资产


（百万美元）	截至9月30日， 2026	截至12月31日， 2025
A&T	1,661	1,375
P&ARP	2,706	2,405
AS&I	700	711
H&C (A)	463	390
递延所得税资产	124	270
现金及现金等价物	158	120
衍生工具及其他金融资产的公允价值	43	83
资产总额	5,855	5,354

(A)控股及公司部门主要反映附带收入和未分配的公司活动。

-12-

附注4——其他收益和损失——净额


		截至9月30日止三个月，	截至9月30日止九个月，
（百万美元）	附注	2026	2025	2026	2025
经营收入和费用
衍生工具已实现收益/（损失）(A)		(3)	10	101	(9)
按公允价值计入损益的衍生工具未实现（损失）/收益——净额 (A) 货币资产和负债重新计量产生的未实现汇兑收益/（损失）——净额	12	5	13	(55)	34
货币资产和负债重新计量产生的未实现汇兑收益/（损失）——净额货币资产和负债重新计量产生的未实现汇兑收益/（损失）——净额货币资产和负债重新计量产生的未实现汇兑收益/（损失）——净额		—	1	1	1
资产减值		—	—	(3)	—
重组成本		—	(1)	(5)	(3)
处置损失		—	—	(1)	(1)
瓦莱州洪灾造成的损失	3	—	—	—	2
非经营收入和费用
保理安排费用	8	(6)	(5)	(15)	(16)
养老金及其他离职后福利	13	3	3	10	10
其他		(1)	(1)	(1)	1
其他收益和损失总额——净额		(2)	20	32	19

(A)已实现和未实现收益及损失与为降低外币和大宗商品价格波动风险敞口而订立、且不符合套期会计条件的衍生工具有关。

外币和大宗商品价格。

-13-

附注5——财务成本——净额


		截至9月30日止三个月，	截至9月30日止九个月，
（百万美元）	附注	2026	2025	2026	2025
借款利息费用 (A)		(24)	(27)	(76)	(77)
融资租赁利息费用		—	—	(1)	(1)
养老金及其他长期福利利息成本养老金及其他长期福利利息成本	13	(2)	(1)	(6)	(5)
债务结算净损失		(1)	—	(1)	—
债务衍生工具按公允价值计量的已实现和未实现（损失）/收益债务衍生工具按公允价值计量的已实现和未实现（损失）/收益 (B)	12	2	1	3	(25)
融资活动产生的已实现和未实现汇兑收益/ （损失）——净额 (B)		—	1	—	29
其他财务费用		(2)	(2)	(5)	(7)
资本化借款成本 (C)		—	1	3	3
财务费用		(27)	(27)	(83)	(83)
财务成本——净额		(27)	(27)	(83)	(83)

(A)截至2026年9月30日止三个月和2025，借款利息费用包括 2200万美元和2300万美元的

与Constellium SE优先票据相关的利息费用（包括债务发行成本摊销）。截至九

2026年9月30日止九个月和2025，借款利息费用包括 6900万美元和6700万美元的利息费用

与 Constellium SE 优先票据相关，包括债务发行成本的摊销。

(B) 集团在使用以功能货币以外货币计价的外部资金来源时，会对冲其货币风险敞口。

这些套期保值衍生工具公允价值的变动在中期合并损益表的净财务成本中确认。

合并损益表。

个月期间， 2026 年和 2025 年。

附注 6 - 所得税

中期所得税费用按预计全年年化有效税率确认，

并根据中期内全额确认的某些项目的税务影响进行调整。

截至2026年9月30日和2025年9月30日的三个月，我们的有效税率分别为 25.6% 和 30.2%，占我们的税前利润的比例分别为截至2026年9月30日的三个月和

2025年，分别。截至2026年9月30日的九个月，我们的有效税率分别为 28.3% 和 33.8%，占税前利润的比例分别为截至9月30日的九个月，

2026 年和 2025 年。

法定税率 25.8% 与截至 9月30日的三个月及九个月期间的有效税率之间的差异，

包括对法国2026年和2025年附加税以及美国税基侵蚀与反滥用税的估计，反滥用税

并受到我们税前业绩的地域组合以及某些司法管辖区的影响，在这些司法管辖区，

已计提全额估值备抵。

-14-

附注 7 - 每股收益

基本每股收益按期内已发行普通股加权平均数计算。

稀释每股收益按期内已发行普通股及普通股等价物的加权平均数计算。

普通股等价物代表已发行股权奖励的稀释影响。

基本及稀释每股收益分子和分母的调节如下：


	截至9月的三个月 30,	截至9月的九个月 30,
（百万美元，股份和每股金额除外）	2026	2025	2026	2025
分子：
归属于 Constellium SE 权益持有人的净利润	117	88	462	161
分母：
基本—已发行普通股加权平均数	134,874,759	138,668,972	135,377,676	140,655,433
未归属限制性股票单位及绩效型限制性股票单位的稀释影响	4,112,443	1,855,669	4,363,335	1,624,424
稀释—普通股加权平均数，包括限制性股票单位和基于业绩的限制性股票单位	138,987,202	140,524,641	139,741,011	142,279,857
基本每股收益	$0.87	$0.63	$3.41	$1.14
稀释每股收益	$0.84	$0.62	$3.31	$1.13

截至 2026 年和 2025 年 9 月 30 日的三个月和九个月期间，没有普通股被排除在稀释每股收益的计算之外，尽管假设行使股权

类奖励的影响将会导致

反稀释。

2026 年 9 月 17 日，董事会批准注销通过600 万股根据 2026 年年度股东大会授予的授权回购的库存股，并

根据股东在 2026 年年度股东大会上授予的授权，通过我们的股份回购计划实施；并

重述公司章程，以反映股本减少。库存股注销减少了公司的

已发行普通股数量。

-15-

附注 8——应收账款及其他


	截至 9 月 30 日， 2026	截至 12 月 31 日， 2025
（百万美元）	流动	流动
应收账款——总额	869	614
信用损失准备	(4)	(3)
应收账款总额——净额	865	611
其他应收款总额	138	112
应收账款及其他总额	1,003	723

保理安排

本集团已与若干金融机构签订多项应收账款保理计划，涉及本集团的部分

应收款项。这些计划作为应收款项出售进行会计处理，合并额度约为

7.11 亿美元和7.29 亿美元，分别截至2026 年 9 月 30 日和 2025 年 12 月 31 日。

根据持续进行的保理计划出售应收款项所得款项分别为11.03 亿美元和9.68 亿美元，用于截至三个月

截至 2026 年 9 月 30 日的月份和2025年。根据持续进行的保理计划出售应收款项所得款项

分别为30.92 亿美元和27.20 亿美元，用于截至 2026 年 9 月 30 日的九个月期间2026和2025年。截至9 月

2026 年 9 月 30 日和 2025 年 12 月 31 日，根据本集团保理安排终止确认的应收款项总额分别为

4.17 亿美元和4.30 亿美元。

自2025财年起，出售应收账款所得款项仅包括现金。2025 年 1 月 1 日之前，出售部分此类应收款项所得款项

由现金和递延购买价款应收款组合构成。递延购买价款应收款最终由本集团在收款后实现。

购买价款应收款。递延购买价款应收款最终由本集团在收取相关应收款项后实现。

相关应收款项的出售对象为金融机构。截至2025年9月30日的九个月期间，期初递延

购买价款余额为2 百万美元，其中2百万美元已全部以现金收回。因此，截至

截至2025年9月30日的九个月期间，期末递延购买价款应收余额为0 百万美元，记入合并资产负债表中的公允价值

衍生工具及其他金融资产。

本集团在6百万和 5百万相关费用，分别与截至三个月

2026年9月30日和2025年止期间的保理计划有关。本集团已记录15百万美元和 16百万美元的费用，相关费用与

截至2026年9月30日的九个月期间的保理计划有关，分别涉及2026年和2025年。这些金额列于其他

收益和损失净额，见中期合并收益表。

附注9——存货


（百万美元）	截至9月30日， 2026	截至12月31日， 2025
产成品	325	324
在产品	926	625
原材料	553	356
备品备件及供应品	101	102
存货总额	1,905	1,407

-16-

附注10——贸易应付款项及其他


	截至9月30日， 2026	截至12月31日， 2025
（百万美元）	流动	流动
贸易应付款项	1,487	1,222
员工应享权益	268	268
其他应付款项	188	184
其他合计	456	452
贸易应付款项及其他合计	1,943	1,674

合同负债及应付客户的其他负债

截至2026年9月30日的九个月，合同负债及应付客户的其他负债相关收入

以及2025年相关数据列示如下表：


	截至9月30日的九个月
（百万美元）	2026	2025
1月1日合同负债及应付客户的其他负债	113	98
递延至合同负债的收入	30	38
从合同负债中确认的收入	(23)	(36)
汇率变动及其他变动的影响	(6)	4
9月30日合同负债及应付客户的其他负债	114	104

-17-

附注11——债务

11.1 按性质分析



	截至2026年9月30日		截至12月 31, 2025
（百万美元）	名义以……计值币种	名义利率	实际利率	面值价值	债务发行成本	应计利息	账面价值	账面价值
有担保的泛美ABL（到期于 2029)	$—	浮动	5.10%	—	—	1	1	—
优先无担保票据
于2020年6月发行，2028年到期 (A)	$225	5.625%	6.05%	225	(1)	4	228	323
于2021年2月发行，到期日为 2029	$500	3.750%	4.05%	500	(3)	9	506	500
于2021年6月发行，2029年到期	€300	3.125%	3.41%	341	(2)	2	341	355
于2024年8月发行，2032年到期	$350	6.375%	6.77%	350	(5)	3	348	353
于2024年8月发行，2032年到期	€300	5.375%	5.73%	341	(5)	2	338	354
融资租赁负债				27	—	—	27	32
其他贷款				28	—	—	28	27
债务总额				1,812	(16)	21	1,817	1,944
其中：非流动							1,778	1,905
其中：流动 (B)							39	39

(A)2026年7月28日，公司赎回了其 5.625%

2028年6月到期的优先票据中，3.25亿美元未偿还本金总额里的1亿美元。

(B)流动部分债务主要包括应计利息，以及与资产售后回租相关的融资租赁和其他长期贷款的流动部分

。

Constellium SE于2020年6月、2021年2月、2021年6月和2024年8月发行的优先票据公允价值分别为名义价值的

98.9%、94.0%、97.2% 和 99.6%，截至 2026年9月30日分别为 2.23亿美元、4.70亿美元、3.31亿美元

和 6.89亿美元，而截至 2025年12月31日分别为 3.25亿美元、4.83亿美元、3.48亿美元和 7.30亿美元

。

截至 2026年9月30日，1亿欧元的法国库存融资额度仍未动用。

截至 2026年9月30日和2025年12月31日，集团均遵守所有适用的金融债务契约

2025.

-18-

附注12——金融工具

12.1 金融工具的公允价值

所有衍生工具均按公允价值列示于中期合并资产负债表：



	截至2026年9月30日	截至2025年12月31日
（百万美元）	非流动	流动	合计	非流动	流动	合计
符合套期会计条件的衍生工具
货币商业衍生工具	—	—	—	7	6	13
不符合套期会计条件的衍生工具
货币商业衍生工具	—	5	5	3	7	10
货币净债务衍生工具	—	1	1	—	—	—
能源衍生工具	1	—	1	1	1	2
金属衍生工具	—	36	36	—	58	58
衍生工具资产公允价值	1	42	43	11	72	83
符合套期会计条件的衍生工具
货币商业衍生工具	1	2	3	—	—	—
不符合套期会计条件的衍生工具
货币商业衍生工具	4	13	17	1	4	5
能源衍生工具	1	5	6	1	2	3
金属衍生工具	7	19	26	1	12	13
衍生工具负债公允价值	13	39	52	3	18	21

由于贸易应收款项、其他金融资产和负债具有流动性或期限较短，其公允价值接近其账面价值；借款的公允价值见

附注11——债务。

12.2 估值层级

下表分析了按公允价值计量的金融工具，并根据其

公允价值的可观察程度进行分级：

•第 1 级基于活跃市场中相同金融工具的报价（未经调整）。第 1 级

包括在 LME 交易的铝、铜和锌期货。

•第 2 级基于第 1 级所含报价以外的输入值，这些输入值可直接（即价格）或间接（即从价格推导）观察到，适用于资产或

负债。第 2 级包括外汇衍生品、天然气衍生品、白银衍生品和铝升水衍生品。外汇衍生品的估值采用基于资产负债表日远期或即期汇率的

未来现金流现值。

基于资产负债表日的远期或即期汇率确定未来现金流的现值，用于估值

外汇衍生品。

•第 3 级基于不以可观察市场数据为依据的资产或负债输入值（不可观察

输入值）。应收贸易账款在公允价值层级中归类为第 3 级计量。

-19-



	截至 2026 年 9 月 30 日	截至 2025 年 12 月 31 日
（百万美元）	第 1 级	第 2 级	第 3 级	总计	第 1 级	第 2 级	第 3 级	总计
衍生工具的公允价值资产	18	25	—	43	32	51	—	83
衍生工具的公允价值负债	9	43	—	52	5	16	—	21

在截至 9

个月内截至2026年9月30日，以及截至 2025年12月31日的年度内，Level 1、Level 2 或 Level 3 之间均未发生资产和负债类别的重大转入或转出。

12.3 外汇

外汇风险是指因汇率变动导致敞口的公允价值或未来现金流发生波动的风险。

由于销售地域分布广泛以及集团运营所在国家多样，净资产、收益和现金流受到多种货币的影响。

Constellium 面临以下外汇风险：i）交易敞口，包括与预测销售和采购相关的商业交易，以及由此产生的资产负债表内应收款项/应付款项和与外部及内部净债务相关的融资交易；以及 ii）折算敞口，即对外国实体的净投资在合并财务报表中折算为美元金额所产生的敞口。

外汇对净投资折算的影响涉及非美元功能货币子公司从功能货币折算为美元，以及相关收入和费用；集团并未对这些影响进行套期保值，因为集团在这些国家长期运营，以下所述情况除外。

i. 商业交易敞口

集团政策是对已承诺及高度可能发生的预测外币经营交易进行套期保值。

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 September 30, 2026.


Sold currencies	Maturity Year	Less than 1 year	Over 1 year
USD	2026-2031	526	403
CHF	2026-2031	62	15
CZK	2026	3	—
Other currencies	2026-2027	7	—

The Group has agreed to supply a major customer with 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 $389 million and $302 million at September 30, 2026 and December 31, 2025 respectively, with

maturities ranging from 2026 to 2031. Changes in the fair value of cash flow hedges are reported by the Group as a component

-20-

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 September 30,	Nine months ended September 30,
(in millions of U.S. dollars)	2026	2025	2026	2025
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on foreign currency derivatives - net (A)	(3)	6	(3)	6
Unrealized (losses) / gains on foreign currency derivatives - net (B)	(5)	(6)	(19)	32
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized (losses) / gains on foreign currency derivatives - net	(3)	(2)	(12)	35
(Losses) / gains reclassified from cash flow hedge reserve to the Consolidated Income Statement	—	(1)	(2)	(1)
Included in Revenue (C)
Realized gains / (losses) on foreign currency derivatives - net (A)	—	2	3	(2)
Unrealized (losses) / 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)符合套期会计条件的衍生工具公允价值变动，在相关客户发票

开具时计入收入。

ii. 融资交易敞口

集团在进行公司间贷款和存款时，通常以子公司的功能货币提供融资。

集团外部融资和流动资产的外汇敞口通过公司间外币贷款和存款进行自然对冲，或通过外汇衍生工具进行系统性

对冲。

截至 2026年9月30日，与美元长期和短期贷款及存款相关的净对冲头寸

包括通过简单外汇远期合约卖出 1.32亿美元以换取欧元。


	截至9月30日的三个月	截至9月30日的九个月
（百万美元）	2026	2025	2026	2025
不符合套期会计条件的衍生工具
计入净财务成本
外币衍生品已实现收益 /（损失） - 净额 (A)	—	1	2	(24)
外币衍生品未实现收益 /（损失）衍生品 - 净额	2	—	1	(1)
合计	2	1	3	(25)

(A)本期结算的净债务衍生品列示于中期合并现金

流量表。

-21-

债务衍生品已实现和未实现收益或损失总额预计将部分抵销融资活动的已实现和未实现收益或损失总额，

二者均计入净财务成本。

12.4 大宗商品

本集团受铝价市场波动的影响，铝是本集团的主要金属

input and a significant component of its output. The Group is also exposed to fluctuations in aluminum regional premiums and

in the price of copper, lithium, natural gas, silver, zinc, 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 recovered when it is sold.

The Group also enters into derivatives for aluminum regional premium, copper, silver and zinc to offset the commodity

price exposure inherent to certain sales and purchase contracts.

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 September 30, 2026, the nominal amount of commodity derivatives is as follows:


(in millions of U.S. dollars)	Maturity Year	Less than 1 year	Over 1 year
Metal	2026-2028	414	56
Natural gas	2026-2029	26	32

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 September 30, 2026, 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 September 30,	Nine months ended September 30,
(in millions of U.S. dollar)	2026	2025	2026	2025
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on commodities derivatives - net (A)	—	4	104	(15)
Unrealized gains / (losses) on commodities derivatives - net	10	19	(36)	2

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

Statements of Cash Flows.

-22-

NOTE 13 - PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS


	Three months ended September 30,		Nine months ended September 30,
	2026		2025		2026	2025
(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	(5)	(1)		(4)	(1)	(13)	(4)	(13)	(3)
Interest cost	(6)	(2)		(6)	(1)	(19)	(5)	(17)	(5)
Expected return on plan assets	6	—		6	—	18	—	17	—
Immediate recognition of losses arising over the year	—	—		—	—	—	(4)	—	—
Amortization of past service gain	—	3		—	3	1	8	1	8
Amortization of net actuarial gain	1	—		—	—	1	1	—	1
Curtailment and settlements	(1)	—		—	—	(1)	—	—	—
Total net pension and other long- term benefit cost	(5)	—		(4)	1	(13)	(4)	(12)	1

Ravenswood plan termination

During the three months ended September 30, 2026, the Group settled the Constellium Rolled Products Ravenswood

Salaried Pension Plan (the \"Plan\") through a combination of lump-sum benefit payments and the purchase of an annuity

contract transferring the remaining pension obligations to a third-party financial institution. As a result, the Group derecognized

$47 million of pension obligations and $44 million of pension assets attributable to the Plan.

NOTE 14 - PROVISIONS


	At September 30, 2026	At December 31, 2025
(in millions of U.S. dollars)	Current	Non-current	Current	Non-current
Close down and environmental remediation costs	15	71	13	85
Restructuring costs	3	—	1	—
Legal claims and other costs	5	19	11	21
Total provisions	23	90	25	106

Close down and environmental 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.

-23-

NOTE 15 - 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 September 30, 2026
(in millions of U.S. dollars)	Post- employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
At June 30, 2026	107	—	(73)	34
Other comprehensive income / (loss) before reclassification	1	(2)	(2)	(3)
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(3)	—	—	(3)
At September 30, 2026	105	(2)	(75)	28



	Three months ended September 30, 2025
(in millions of U.S. dollars)	Post- employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
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


	Nine months ended September 30, 2026
(in millions of U.S. dollars)	Post- employment benefit plans	Cash flow hedges	Currency translation adjustments	Accumulated other comprehensive income / (loss)
At January 1, 2026	115	8	(69)	54
Other comprehensive income / (loss) before reclassification	(1)	(8)	(8)	(17)
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(9)	(2)	—	(11)
Amounts reclassified from accumulated other comprehensive income / (loss) to retained earnings	—	—	2	2
At September 30, 2026	105	(2)	(75)	28


	Nine months ended September 30, 2025
(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	—	26	16	42
Amounts reclassified from accumulated other comprehensive income / (loss) to the income statement	(8)	(1)	—	(9)
Amounts reclassified from accumulated other comprehensive income / (loss) to retained earnings	—	—	2	2
At September 30, 2025	76	11	(66)	21

-24-

NOTE 16 - SHARE-BASED COMPENSATION

Performance-Based Restricted Stock Units (equity-settled)

During the nine months ended September 30, 2026, the Company granted 401,662 Performance-Based Restricted Stock

Units (\"PSUs\") to selected employees of the Group. 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 total shareholder return (“TSR”) performance of Constellium SE

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%.

The following table lists the inputs to the valuation model used for the PSUs granted during the nine months ended

September 30, 2026:


		2026 PSUs
Fair value at grant date (in U.S. dollars)		34.38
Share price at grant date (in U.S. dollars)		24.59
Dividend yield		—
Expected volatility (A)		46%
Risk-free interest rate (U.S. government bond yield)		3.75%

(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 nine months ended September 30, 2026, the Company granted 409,752 Restricted Stock Units (RSUs) to

selected employees of the Group 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 $24.59, being the quoted

market price at grant date.

Expense recognized during the period

Total share-based compensation expense was $8 million and $7 million for the three months ended September 30, 2026

and 2025, respectively. Total share-based compensation expense was $27 million and $20 million for the nine months ended

September 30, 2026 and 2025, respectively.

At September 30, 2026, unrecognized compensation expense related to the RSUs was $15 million, which will be

recognized over the remaining weighted average vesting period of 2.3 years, and unrecognized compensation expense related to

the PSUs was $22 million, which will be recognized over the remaining weighted average vesting period of 2.3 years.

Vested plan during the period

Fair values of vested RSUs and PSUs amounted to $32 million for the nine months ended September 30, 2026. They are

excluded from the Statement of Cash flows as non-cash financing activities.

NOTE 17 - ACQUISITION AND DISPOSAL OF SUBSIDIARIES

-25-

On June 24, 2026, the Group disposed of its 54% interest in Changchun Engley Automobile Parts Co. LTD

(\"Changchun\"). The cash inflows amounted to $2 million, net of cash & cash equivalents disposed.

NOTE 18 - SUBSEQUENT EVENTS

On October 22, 2026, the Pan-U.S. ABL was amended to, among other things, increase the available commitments from

$550 million to $700 million and extend the maturity to October 22, 2031.

-26-

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 September 30, 2026 and for the three and nine months ended September 30, 2026 and

2025 and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our

unaudited interim condensed consolidated financial statements at September 30, 2026 and for the three and nine months ended

September 30, 2026 and 2025 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.

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

Constellium is a global leader in the development, manufacture and sale of a broad range of high value-added specialty

rolled and extruded aluminum products to the aerospace, space, defense, packaging, automotive, commercial transportation and

general industrial end-markets. At September 30, 2026, the Group operated 23 manufacturing facilities, 3 R&D centers and 3

administrative centers. The Group has approximately 11,500 employees.

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 strong results in the third quarter despite the ongoing uncertainties on the macroeconomic and

geopolitical fronts. During the quarter, we benefited from strong operational focus, cost control and improved market dynamics,

including an improved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive

rolled products in North America and strong recycling performance in both North America and Europe. During the quarter, we

returned $30 million to shareholders through the repurchase of 1 million shares. Even though the current landscape remains

volatile, we like our end market positioning, and we are optimistic about our prospects for the remainder of this year and

beyond, which include harvesting the benefits from our previously announced return-seeking investments and capturing future

market opportunities. Our focus remains on executing on our strategy, driving operational performance, controlling costs,

maintaining commercial and capital discipline, generating free cash flow and increasing shareholder value.

-27-

For the three and nine months ended September 30, 2026, our segments represented the following percentages of total

Revenue and total Adjusted EBITDA:


	Three months ended September 30, 2026		Nine months ended September 30, 2026
(as a % of total)	Revenue		Segment Adjusted EBITDA		Revenue		Segment Adjusted EBITDA
A&T		25%		36%		25%		40%
P&ARP		62%		58%		61%		56%
AS&I		15%		8%		16%		8%
H&C (1)		—%		(2)%		—%		(4)%
Total		100%		100%		100%		100%

(1) Holdings and Corporate primarily reflects incidental revenues and unallocated corporate activities.

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

Economic, Geopolitical and 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 as well as cost control.

During the nine months ended September 30, 2026, we continued to monitor geopolitical and economic instability, globally.

During the third quarter of 2026, there was continued uncertainty related to tariffs and trade conditions, and their short and

long-term impacts on the Company. We are monitoring the potential impacts of the recent developments in tariff

announcements during the third quarter related to Section 338 of the Tariff Act of 1930 (“Section 338 Tariffs”). Under recent

proclamations, Section 338 Tariffs apply to certain aluminum products imported from Canada, including extrusions, which also

remain subject to tariffs previously imposed under Section 232 of the Trade Expansion Act of 1962 (“Section 232 Tariffs”).

The effect of the combined tariffs on extruded products will drive up overall tariff costs. Global and regional economies

continue to be impacted by armed conflicts, sanctions, and volatility. In particular, ongoing geopolitical tensions and military

conflicts in the Middle East, including the ongoing conflict involving the United States, Israel and Iran, have caused, and may

continue to result in, higher fuel and energy prices. While it is difficult to predict the impact of these events, we continuously

monitor them and will develop contingency plans and countermeasures as necessary to seek to address adverse effects or

disruptions to our operations as they arise.

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 improved. The destocking of aluminum products in the supply chain also continues to ease. We

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 driven in part by increased consumer preference for aluminum

beverage 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, the tariff and trade environment, 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.

-28-

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 primary 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 sharply since 2025, especially in the U.S. following the Section 232 Tariffs. The average

LME transaction price, Rotterdam premium and Midwest premium per ton of primary aluminum for the three and nine months

ended September 30, 2026 and 2025 are presented below.


	Three months ended September 30,	Nine months ended September 30,	Percent changes QTD	Percent changes YTD

(U.S. dollars per ton)	2026	2025	2026	2025	2026 vs 2025	2026 vs 2025

Average LME transaction price	3,226	2,618	3,328	2,566	23%	30%
Average Midwest premium	2,418	1,566	2,409	1,095	54%	120%
Average all-in aluminum price U.S.	5,644	4,184	5,737	3,661	35%	57%

Average LME transaction price	3,226	2,618	3,328	2,566	23%	30%
Average Rotterdam premium	510	212	494	233	141%	112%
Average all-in aluminum price Europe	3,736	2,830	3,822	2,799	32%	37%

We purchase large amounts of scrap aluminum to manufacture some of our products as part of our commitment to

sustainability and circular resource use. Utilizing recycled aluminum supports the reduction of our reliance on primary

aluminum production and usually provides economic benefits, as scrap aluminum trades at a discount to the market price of

primary aluminum (i.e. LME plus regional premiums). The difference between the price of primary aluminum and the price of

scrap aluminum is referred to as the “scrap spread.” The scrap spread depends on regional scrap aluminum supply and overall

market demand. If, for example, the scrap spread widens and the price of primary aluminum remains static, this could have a

favorable impact on our Company's results, while the converse could lead to an unfavorable impact. In addition, many other

factors, such as the price of primary aluminum, types of scrap aluminum we purchase, effectiveness and timing of our scrap

purchase activities, and productivity of our recycling operations, could have impacts on the Company’s results.

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 due to the fixed cost structure of our operations. Higher volumes sold will

generally result in additional revenue and associated profitability. Demand trends across key sectors - aerospace, packaging and

automotive - contribute to our production planning. Seasonal fluctuations and macroeconomic conditions are important factors

in volume variability.

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.

-29-

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 and broader macroeconomic and

geopolitical factors. We purchase energy from the natural gas and electricity markets and typically secure a large part of our

needs pursuant to fixed-price commitments. To reduce the risks associated with our natural gas and electricity requirements, we

primarily use forward contracts with our energy suppliers, and to a lesser extent, derivative financial instruments with financial

institutions, to fix the commodity component of the energy costs. Furthermore, in some of our longer-term sales contracts, we

include indexation clauses on energy prices. From time to time, we may experience fluctuations in energy costs in the periods

of higher volatility.

Currency

We are a global company with operations in the United States, France, Germany, Switzerland, the Czech Republic,

Slovakia, Spain, Mexico and Canada. 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. The mark-to-market impact

associated with these transactions is therefore 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.

dollars into our reporting currency, the U.S. dollar.

Results of Operations for the three and nine months ended September 30, 2026 and 2025


	Three months ended September 30,	Nine months ended September 30,
(in millions of U.S. dollars and as a % of revenue)	2026	2025	2026	2025

Revenue	2,639	100%	2,166	100%	7,848	100%	6,248	100%
Cost of sales (excluding depreciation and amortization)	(2,272)	86%	(1,852)	86%	(6,581)	84%	(5,408)	87%
Depreciation and amortization	(82)	3%	(84)	4%	(249)	3%	(244)	4%
Selling and administrative expenses	(84)	3%	(85)	4%	(282)	4%	(251)	4%
Research and development expenses	(12)	—%	(12)	1%	(39)	—%	(37)	1%
Other gains and losses – net	(2)	—%	20	1%	32	—%	19	—%
Finance costs – net	(27)	1%	(27)	1%	(83)	1%	(83)	1%
Income before tax	160	6%	126	6%	646	8%	244	4%
Income tax expense	(41)	2%	(38)	2%	(183)	2%	(82)	1%
Net income	119	5%	88	4%	463	6%	162	3%
Shipment volumes (in kt)	368	n/a	373	n/a	1,120	n/a	1,130	n/a

Revenue

For the three months ended September 30, 2026, Revenue increased 22% to $2,639 million from $2,166 million for the

three months ended September 30, 2025. The increase reflected higher revenue per ton, including higher metal prices, partially

offset by lower shipments.

For the three months ended September 30, 2026, sales volumes decreased 1% to 368 kt from 373 kt for the three months

ended September 30, 2025. The decrease reflected a 3% decrease in volumes for P&ARP and a 4% decrease in volumes for

AS&I, partially offset by a 18% increase in volumes for A&T.

-30-

For the nine months ended September 30, 2026, Revenue increased 26% to $7,848 million from $6,248 million for the

nine months ended September 30, 2025. The increase reflected higher revenue per ton, including higher metal prices, partially

offset by lower shipments.

For the nine months ended September 30, 2026, sales volumes decreased 1% to 1,120 kt from 1,130 kt for the nine

months ended September 30, 2025. The decrease reflected a 3% decrease in volumes for P&ARP and a 3% decrease in volumes

for AS&I, partially offset by a 19% increase in volumes for A&T.

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

Cost of Sales

For the three months ended September 30, 2026, Cost of sales increased 23% to $2,272 million from $1,852 million for

the three months ended September 30, 2025. The increase was primarily driven by an increase in raw materials and

consumables primarily as a result of higher metal prices.

For the nine months ended September 30, 2026, Cost of sales increased 22% to $6,581 million from $5,408 million for

the nine months ended September 30, 2025. The increase was primarily driven by an increase in raw materials and consumables

primarily as a result of higher metal prices.

Selling and Administrative Expenses

For the three months ended September 30, 2026, Selling and administrative expenses decreased 1% to $84 million from

$85 million for the three months ended September 30, 2025. The decrease was primarily driven by a decrease in labor costs.

For the nine months ended September 30, 2026, Selling and administrative expenses increased 12% to $282 million from

$251 million for the nine months ended September 30, 2025. The increase was primarily driven by an increase in labor costs

and costs associated with corporate transformation projects.

Research and Development Expenses

For the three months ended September 30, 2026, Research and development expenses were stable at $12 million

compared to the three months ended September 30, 2025.

For the nine months ended September 30, 2026, Research and development expenses increased 5% to $39 million from

$37 million for the nine months ended September 30, 2025. The increase was primarily driven by an increase in labor costs.

Other Gains and Losses, net

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


	Three months ended September 30,	Nine months ended September 30,
(in millions of U.S. dollars)	2026	2025	2026	2025

Realized (losses) / gains on foreign currency derivatives - net	(3)	6	(3)	6
Realized gains / (losses) on commodities derivatives - net	—	4	104	(15)
Realized (losses) / gains on derivatives	(3)	10	101	(9)

Unrealized (losses) / gains on foreign currency derivatives - net	(5)	(6)	(19)	32
Unrealized gains / (losses) on commodities derivatives - net	10	19	(36)	2
Unrealized gains / (losses) on derivatives at fair value through profit and loss - net	5	13	(55)	34

-31-

Realized gains or losses relate to financial derivatives used by the Group to hedge underlying commercial and commodity

transactions. Realized gains and losses on these derivatives are recognized in Other Gains and Losses - net and are offset by the

commercial and commodity transactions accounted for in Revenue and Cost of sales.

Unrealized gains or losses relate to financial derivatives used by the Group to hedge forecasted and/or committed

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 and/

or committed transactions which are not yet accounted for.

Changes in realized gains / (losses) on derivatives for the three months ended September 30, 2026 as compared to the

three months ended September 30, 2025 primarily reflected the fluctuation in foreign exchange. Changes in unrealized gains /

(losses) on derivatives for the three months ended September 30, 2026 as compared to the three months ended September 30,

2025 primarily reflected the fluctuation in commodity and energy prices.

Changes in realized gains / (losses) on derivatives for the nine months ended September 30, 2026 as compared to the nine

months ended September 30, 2025 primarily reflected the fluctuation in commodity and energy prices. Changes in unrealized

gains / (losses) on derivatives for the nine months ended September 30, 2026 as compared to the nine months ended September

30, 2025 reflected the fluctuation in foreign exchange and commodity and energy prices.

Other Gains and Losses, net are further discussed in Note 4 to the unaudited interim condensed consolidated financial

statements.

Finance Costs, net

For the three months ended September 30, 2026, Finance costs, net were stable at $27 million compared the three months

ended September 30, 2025.

For the nine months ended September 30, 2026, Finance costs, net were stable at $83 million compared to the nine

months ended September 30, 2025.

Income Tax

For the three months ended September 30, 2026 and 2025, Income tax was an expense of $41 million and $38 million,

respectively. For the nine months ended September 30, 2026 and 2025, Income tax was an expense of $183 million and $82

million, respectively. Our effective tax rate was 25.6% and 30.2% of income before tax for the three months ended September

30, 2026 and 2025, respectively. Our effective tax rate was 28.3% and 33.8% of income before tax for the nine months ended

September 30, 2026 and 2025, respectively.

The differences between the statutory tax rate of 25.8% and the effective tax rate for the three and nine months ended

September 30, 2026 and 2025 include estimates of the 2026 and 2025 surtaxes in France and the Base Erosion Anti-Abuse Tax

in the United States, and is impacted by the geographical mix of the income before tax results and the effects of certain

jurisdictions where a full valuation allowance is recorded.

-32-

Segment Results

Segment Revenue

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


	Three months ended September 30,	Nine months ended September 30,
(in millions of U.S. dollars and as a % of revenue)	2026	2025	2026	2025

A&T	664	25%	481	22%	1,954	25%	1,441	23%
P&ARP	1,625	62%	1,307	60%	4,782	61%	3,729	60%
AS&I	402	15%	409	19%	1,275	16%	1,211	19%
H&C (1)	2	—%	1	—%	6	—%	3	—%
Inter-segment eliminations	(55)	n.m	(32)	n.m	(169)	n.m	(136)	n.m
Total revenue	2,639	100%	2,166	100%	7,848	100%	6,248	100%

n.m. not meaningful

(1)Holdings and Corporate primarily reflects incidental revenues.

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


	Three months ended September 30,	Nine months ended September 30,
(in kt and as a % of shipments)	2026	2025	2026	2025

A&T	59	16%	50	13%	184	16%	154	14%
P&ARP	266	72%	275	74%	793	71%	820	73%
AS&I	46	13%	48	13%	151	14%	155	14%
Inter-segment eliminations	(3)	n.m	—	n.m	(9)	n.m	(1)	n.m
Total shipments	368	100%	373	100%	1,120	100%	1,130	100%

n.m. not meaningful

A&T

For the three months ended September 30, 2026, revenue in our A&T segment increased 38% to $664 million from $481

million for the three months ended September 30, 2025, reflecting higher shipments and higher revenue per ton, including

higher metal prices. A&T shipments were up 18%, or 9 kt, due to higher Aerospace and Transportation, Industry and Defense

rolled products shipments, which benefited from an improved market environment.

For the nine months ended September 30, 2026, revenue in our A&T segment increased 36% to $1,954 million from

$1,441 million for the nine months ended September 30, 2025, reflecting higher shipments and higher revenue per ton,

including higher metal prices. A&T shipments were up 19%, or 30 kt, due to higher Aerospace and Transportation, Industry

and Defense rolled products shipments, which benefited from an improved market environment as well as supply shortages of

automotive rolled products in North America.

P&ARP

For the three months ended September 30, 2026, revenue in our P&ARP segment increased 24% to $1,625 million from

$1,307 million for the three months ended September 30, 2025, reflecting higher revenue per ton, including higher metal prices,

partially offset by lower shipments. P&ARP shipments were down 3% or 9 kt compared to the three months ended September

30, 2025, due to lower Packaging rolled products shipments, partially offset by higher Automotive rolled products shipments,

which benefited from supply shortages in North America.

For the nine months ended September 30, 2026, revenue in our P&ARP segment increased 28% to $4,782 million from

$3,729 million for the nine months ended September 30, 2025, reflecting higher revenue per ton, including higher metal prices,

partially offset by lower shipments. P&ARP shipments were down 3% or 27 kt, due to lower Packaging rolled products

shipments, partially offset by higher Automotive rolled products shipments, which benefited from supply shortages in North

America.

-33-

AS&I

For the three months ended September 30, 2026, revenue in our AS&I segment decreased 2% to $402 million from $409

million for the three months ended September 30, 2025, primarily reflecting lower shipments, partially offset by higher revenue

per ton, including higher metal prices. AS&I shipments were down 4% or 2 kt, due to lower Automotive and Other extruded

products shipments.

For the nine months ended September 30, 2026, revenue in our AS&I segment increased 5% to $1,275 million from

$1,211 million for the nine months ended September 30, 2025, reflecting higher revenue per ton, including higher metal prices,

partially offset by lower shipments. AS&I shipments were down 3%, or 4 kt, due to lower Automotive and Other extruded

products shipments.

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 in footnote (B) to the table included in Note 3.2), 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.

The reconciliation of Segment Adjusted EBITDA is disclosed in Note 3 to the unaudited interim consolidated condensed

financial statements.

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


	Three months ended September 30,	Nine months ended September 30,
(in millions of U.S. dollars and as a % of revenue)	2026	2025	2026	2025

A&T	102	15%	90	19%	340	17%	256	18%
P&ARP	162	10%	82	6%	478	10%	217	6%
AS&I	21	5%	33	8%	71	6%	67	6%

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

reportable segments:


(in millions of U.S. dollars)	A&T	P&ARP	AS&I

Segment Adjusted EBITDA for the three months ended September 30, 2025	90	82	33
Volume	34	(7)	(6)
Price and product mix	20	18	(23)
Costs	(40)	70	18
Foreign exchange and other	(2)	(1)	(1)
Segment Adjusted EBITDA for the three months ended September 30, 2026	102	162	21

-34-


(in millions of U.S. dollars)	A&T	P&ARP	AS&I

Segment Adjusted EBITDA for the nine months ended September 30, 2025	256	217	67
Volume	106	(18)	(10)
Price and product mix	35	64	(31)
Costs	(64)	208	42
Foreign exchange and other	7	7	3
Segment Adjusted EBITDA for the nine months ended September 30, 2026	340	478	71

A&T

For the three months ended September 30, 2026, Adjusted EBITDA in our A&T segment increased 13% to $102 million

from $90 million for the three months ended September 30, 2025, primarily as a result of higher volumes and favorable price

and mix, partially offset by higher operating costs. For the three months ended September 30, 2026, Adjusted EBITDA per

metric ton decreased by 4% to $1,724 per ton from $1,796 per ton for the three months ended September 30, 2025.

For the nine months ended September 30, 2026, Adjusted EBITDA in our A&T segment increased 33% to $340 million

from $256 million for the nine months ended September 30, 2025, primarily as a result of higher volumes, favorable price and

mix and favorable impact from foreign exchange translation, partially offset by higher operating costs. For the nine months

ended September 30, 2026, Adjusted EBITDA per ton increased 11% to $1,845 per ton from $1,662 per ton for the nine months

ended September 30, 2025.

P&ARP

For the three months ended September 30, 2026, Adjusted EBITDA in our P&ARP segment increased 98% to

$162 million from $82 million for the three months ended September 30, 2025, primarily as a result of favorable metal costs

and favorable price and mix, partially offset by lower volumes. For the three months ended September 30, 2026, Adjusted

EBITDA per metric ton increased by 104% to $608 per ton from $298 per ton for the three months ended September 30, 2025.

For the nine months ended September 30, 2026, Adjusted EBITDA in our P&ARP segment increased 120% to

$478 million from $217 million for the nine months ended September 30, 2025, primarily as a result of favorable metal costs,

favorable price and mix and favorable impact from foreign exchange translation, partially offset by lower volumes. For the nine

months ended September 30, 2026, Adjusted EBITDA per ton increased 128% to $603 per ton from $265 per ton for the nine

months ended September 30, 2025.

AS&I

For the three months ended September 30, 2026, Adjusted EBITDA in our AS&I segment decreased 36% to $21 million

from $33 million for the three months ended September 30, 2025, primarily as a result of lower volumes and unfavorable price

and mix primarily driven by a net customer compensation for underperformance of an automotive program received in the third

quarter of 2025, partially offset by lower operating costs. For the three months ended September 30, 2026, Adjusted EBITDA

per ton decreased 34% to $454 per ton from $683 per ton for the three months ended September 30, 2025.

For the nine months ended September 30, 2026, Adjusted EBITDA in our AS&I segment increased by 6% to $71 million

from $67 million for the nine months ended September 30, 2025, primarily as a result of lower operating costs, partially offset

lower volumes and unfavorable price and mix primarily driven by a net customer compensation for underperformance of an

automotive program received in the third quarter of 2025. For the nine months ended September 30, 2026, Adjusted EBITDA

per metric ton increased by 9% to $470 per ton from $431 per ton for the nine months ended September 30, 2025.

-35-

Liquidity and Capital Resources

Our primary requirements for liquidity and capital resources, besides our growth initiatives, are working capital, capital

expenditures, principal and interest payments on our outstanding debt, and other general corporate needs. Historically, these

cash requirements have been met through cash provided by operating activities and cash and cash equivalents, as well as

strategic financing arrangements. At September 30, 2026, the Company was not party to any off-balance sheet arrangements

that have had or are reasonably likely to have a current or future material effect on our financial condition, results of operations,

liquidity, capital expenditures, or 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 conditions 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 depreciates (appreciates) against the euro or the LME price for aluminum increases (decreases), the

derivative contracts related to transactional hedging entered into with financial institution counterparties will have a positive

(negative) mark-to-market.

In addition, we borrow in a combination of U.S. dollars and euros. 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 September 30, 2026 and December 31, 2025.

At September 30, 2026, we had $992 million of total liquidity, comprised of $158 million in cash and cash equivalents,

$541 million of availability under our Pan-U.S. ABL facility, $179 million of availability under our factoring arrangements and

$114 million of availability under our committed asset-based facility for our French subsidiaries.

Factored receivables under non-recourse arrangements were $417 million and $430 million at September 30, 2026 and

December 31, 2025, respectively.

Cash Flows

The following table summarizes our cash flows from / (used in) operating, investing and financing activities for the nine

months ended September 30, 2026 and 2025:


	Nine months ended September 30,
(in millions of U.S. dollars)	2026	2025

Net Cash Flows from / (used in)
Operating activities	420	271
Investing activities	(195)	(200)
Financing activities	(184)	(103)
Net increase / (decrease) in cash and cash equivalents, excluding the effect of exchange rate changes	41	(32)

-36-

Net Cash Flows from Operating Activities

For the nine months ended September 30, 2026, net cash flows from operating activities were $420 million, a

$149 million increase from $271 million in the nine months ended September 30, 2025. This change primarily reflects a

$476 million increase in cash flows from operating activities before working capital and a $327 million decrease in cash flows

from working capital usage.

For the nine months ended September 30, 2026, changes in working capital were attributable to (i) an increase in

inventory of $527 million, primarily driven by higher ending metal prices and higher activity levels; (ii) an increase in trade

receivables of $267 million primarily driven by higher ending metal prices and higher activity levels; and (iii) an increase in

trade payables of $310 million, primarily driven by higher ending metal prices and higher metal purchases due to higher activity

levels.

For the nine months ended September 30, 2025, changes in working capital were attributable to (i) an increase in

inventory of $109 million, primarily driven higher ending metal prices; (ii) an increase in trade receivables of $280 million

primarily driven by higher activity levels and higher ending metal prices; and (iii) an increase in trade payables of $221 million,

primarily driven by higher metal purchases due to higher activity levels and higher ending metal prices.

Net Cash Flows used in Investing Activities

For the nine months ended September 30, 2026 and 2025, net cash flows used in investing activities were $195 million

and $200 million, respectively. Capital expenditures, net of Property, Plant and Equipment inflows were $197 million and $203

million, respectively, and related primarily to maintenance and investments in our manufacturing facilities.

Capital expenditures by segment are detailed in Note 3.3 of our unaudited interim condensed consolidated financial

statements.

Net Cash Flows used in Financing Activities

For the nine months ended September 30, 2026, net cash flows used in financing activities were $184 million, primarily

reflecting repayment of long-term debt and share repurchases. During the nine months ended September 30, 2026, Constellium

redeemed $100 million of the $325 million outstanding aggregate principal amount of its 5.625% Senior Notes due June 2028

and repurchased 2.8 million ordinary shares of the Company for $78 million.

For the nine months ended September 30, 2025, net cash flows used in financing activities were $103 million, primarily

reflecting share repurchases, additional borrowings under the Pan-U.S. ABL facility as well as realized foreign exchange losses

on net debt hedging instruments due to the weakening of the U.S. dollar. During the nine months ended September 30, 2025,

Constellium repurchased 6.5 million ordinary shares of the Company for $75 million.

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, 2025. See Note 12,

Note 15.4, Note 20 and Note 17 to our audited consolidated financial statements in our Annual Report on Form 10-K for the

year ended December 31, 2025.

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, 2025. New standards and interpretations not yet adopted are set out in

Note 1 to the unaudited interim condensed 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

-37-

Operations - Principal Accounting Policies, Critical Accounting Estimates and Key Judgments” of our Annual Report on

Form 10-K for the year ended December 31, 2025. 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, 2025.

Recently Issued Accounting Standards

See Note 1- Basis of Presentation and Recent Accounting Pronouncements to our accompanying unaudited interim

condensed 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 September 30,	Nine months ended September 30,
(in millions of U.S. dollars)	2026	2025	2026	2025

Net income	119	88	463	162
Income tax expense	41	38	183	82
Finance costs – net	27	27	83	83
Expenses on factoring arrangements	6	5	15	16
Depreciation and amortization	82	84	249	244
Impairment of assets	—	—	3	—
Restructuring costs	—	1	5	3
Unrealized gains / (losses) on derivatives	(5)	(13)	55	(34)
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net	—	(1)	(1)	(1)
Pension and other post-employment benefits - non- operating gains	(3)	(3)	(10)	(10)
Share based compensation	8	7	27	20
Losses on disposal	—	—	1	1
Other (A)	1	2	1	—
Adjusted EBITDA1	276	235	1,074	566
of which Metal price lag (B)	(4)	39	222	59

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

_______________

(A)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).

(B)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.

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,

2025. 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, 2025.

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 third quarter of 2026 that have

materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

-39-

PART II

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, 2025, for information concerning material legal proceedings with respect to the Company. There have been no

material developments since December 31, 2025.

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, 2025.

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

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

30, 2026.


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(1)	Maximum approximate dollar value of shares that may yet be purchased under the program(2)
July 1 - July 31, 2026	515,106	29.12	515,106	272,000,049
August 1 - August 31, 2026	529,335	28.34	529,335	257,000,065
September 1 - September 30, 2026	—	—	—	257,000,065
Total	1,044,441		1,044,441	257,000,065

(1)On March 12, 2026, the Company announced that the Board of Directors authorized a new share repurchase program of up to

$300 million of the Company’s outstanding ordinary shares, which is effective as of the Company’s 2026 Annual General Meeting of

Shareholders held on May 21, 2026, and will expire on December 31, 2028. The new share repurchase program replaces and supersedes

the previous share repurchase program authorized by the Board of Directors on February 21, 2024 and which was set to expire on

December 31, 2026, of which $72 million remained.

(2)At September 30, 2026, approximately $257 million remains under the Company’s current share repurchase program. 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, 2025.

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 September 30, 2026, 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.

-40-

Item 6. Exhibits


Exhibit	Description
3.1	Articles of Association of Constellium SE dated September 17, 2026**
10.1	Amendment No. 8 to Amended and Restated Credit Agreement, by and among Constellium Muscle Shoals LLC, Constellium Rolled Products Ravenswood, LLC, Constellium Bowling Green LLC, Constellium Holdings Muscle Shoals LLC, Constellium US Holdings I, LLC, Constellium US Intermediate Holdings LLC, the lenders signatory thereto, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent, dated as of October 22, 2026**
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.

-41-

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:	October 28, 2026	By:	/s/ Ingrid Joerg
			Name: Ingrid Joerg
			Title: Chief Executive Officer and Director


Date:	October 28, 2026	By:	/s/ Jack Guo
			Name: Jack Guo
			Title: Executive Vice President & Chief Financial Officer

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