CONSTELLIUM SE (CSTM) Business

Item 1. Business

General

Constellium SE, a Societas Europaea (“SE”) incorporated under the law of France with its head office located at

Washington Plaza 40-44 rue Washington, Paris, France, 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. On June 30, 2025, the Company determined it no longer qualified as a “foreign

private issuer”. As from January 1, 2026, when its earlier submission to the US securities law requirements applicable to a

domestic issuer ceased to be voluntary, the Company will continue to file annual reports on Form 10-K, quarterly reports on

Form 10-Q, current reports on Form 8-K, and comply with all other obligations applicable to companies not qualifying as

“foreign private issuers” as set forth by the New York Stock Exchange (“NYSE”) and the Securities and Exchange Commission

(“SEC”). 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.

Overview

We are 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. Our business model is to add value by converting aluminum into semi-fabricated and in some

instances fully-fabricated alloyed aluminum products which meet stringent and performance-critical requirements from our

customers. Our product portfolio generally commands higher margins as compared to less differentiated, more commoditized

aluminum products. 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 achieve aluminum price neutrality.

At December 31, 2025, we have 24 manufacturing facilities, 3 Research and Development (“R&D”) centers, and 3

administrative centers. Our portfolio of flexible, integrated and strategically located facilities is well invested, technologically

advanced and competitively positioned. We believe that we are a critical supplier to many of our customers given our world-

class technological and R&D capabilities, our intellectual property and more than 50 years of manufacturing experience. Many

of our products are technically advanced, requiring long and complex qualification processes as well as the need for close

customer collaborations including joint product development. We believe that our strategic footprint, differentiated capabilities,

technically advanced product portfolio, integrated approach and long-standing customer relationships are difficult to replicate

and support our competitive position.

Our Strategy

Our mission is to meet customers’ and society’s need for lightweight, strong and sustainable aluminum products while

generating attractive returns for our shareholders. We aim to achieve our mission by expanding our leading position as an

innovative, go-to-supplier of technologically advanced fabricated aluminum solutions. We are committed to building a safe and

sustainable company and becoming the most exciting company in our industry. To achieve these objectives, we have built a

business strategy centered around six core principles:

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(i) Focus on High Value-added and Responsible Products

We are primarily focused on our strategic end-markets including aerospace, packaging and automotive, in which we have

leading positions and long-standing relationships with many of the key manufacturers. These are also markets where we believe

we can differentiate ourselves through our high value-added and specialty products which make up the majority of our product

portfolio. Because aluminum is lightweight, strong, durable, and infinitely recyclable, we have invested heavily in advancing

our manufacturing and recycling capabilities. These improvements deliver products that reduce weight, increase strength, and

improve formability, helping customers meet their carbon‑reduction objectives.

(ii) Increase Customer Connectivity

We regard our relationships with our customers as partnerships in which we work closely together to develop technically

advanced and customized solutions. We aim to deepen our ties with our customers by consistently providing best-in-class

products and services and engaging in joint product development projects. In addition, supply chain integration allows us to

better anticipate customer demands and more efficiently manage our working capital needs. We also seek to strengthen

customer connectivity through customer technical support and closed-loop scrap recycling programs.

(iii) Optimize Margins and Asset Utilization Through Rigorous Product Portfolio Management

We are highly focused on maximizing the throughput of our facilities and optimizing our product mix to increase the

profitability per machine hour. We believe there are significant opportunities to do so through rigorous focus on the products

we choose to make, investments in asset integrity and reliability, and continuous improvements in our operations such as

debottlenecking and optimizing equipment uptime, speed and recovery. Finally, we complement these efforts by increasing

recycling to strengthen our margins, reduce our dependence on external slab and billet suppliers and expand our sustainable

product offerings.

(iv) Strictly Control Cost, Continuously Improve and Manage Resources Responsibly

We are committed to reducing our operating costs and improving our operations by implementing manufacturing

excellence, metal management and other cost improvement initiatives. These include standardizing manufacturing processes,

improving recovery and thereby reducing internal scrap generation, minimizing energy and water usage, maximizing external

scrap input and efficiently managing other resources used by the Company, including capital.

(v) Manage Capital Through a Disciplined Approach and Increase Financial Flexibility

We have invested capital in a number of attractive growth opportunities to advance our production capabilities, product

offerings and sustainability profile. We are highly focused on optimizing risk-return by being selective on growth projects and

realizing attractive returns on the capital we invest. In addition, we are highly focused on increasing our financial flexibility

through earnings growth and free cash flow conversion, which is critical to achieving our objectives of investing in our

operations and our people, maintaining a disciplined capital structure, whilst returning capital to our shareholders.

(vi) Commit to Our People and Communities

We believe our people are among the best, which is a competitive strength that allows us to be a leader in our industry.

We continuously provide training to our employees, invest in their skills and competencies, and promote a safe and inclusive

environment where everyone is valued, contributes, and thrives. We also strive to be socially responsible operators in our

communities.

Our Operating Segments

Our business is organized into three operating segments:

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(i) Aerospace & Transportation Operating Segment

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, defense, commercial

transportation and general industrial sectors. Many of our products are mission critical, benefiting from our world-class R&D

and manufacturing capabilities and unique solutions.

We are a global leader in the supply of advanced aluminum alloy plates, sheets and extrusions to the aerospace, space and

defense industries. The aerospace, space and defense industries require high levels of R&D investment and advanced

technological capabilities and, therefore, tend to command higher margins compared to more commoditized products. We work

in close collaboration with our customers to develop highly engineered solutions to fulfill their specific requirements. For

example, we have developed Airware®, a lightweight specialty aluminum-lithium alloy, for our aerospace, space and defense

customers to address increasing demand for lighter and more fuel-efficient commercial and military aircraft and spacecraft.

Additionally, aerospace, space and defense products are generally subject to long qualification periods. Our facilities have been

qualified by external certification organizations including the National Aerospace and Defense Contractors Accreditation

Program (“NADCAP”), and our products have been qualified by our customers. We are also a leading supplier to the land-

based defense, commercial transportation and general industrial end-markets in North America and Europe. Our product

portfolio in these segments includes both specialty aluminum plates and sheets, as well as standard products. Our A&T

customers are diverse and range across commercial and military aerospace, space, defense, commercial transportation,  and

general industrial end-markets. The majority of our contracts with our largest aerospace customers are multi-year contracts,

which provide visibility on volumes and profitability. Our contracts in commercial transportation and defense are typically

between one to three years. Our contracts with general industrial customers tend to be one year or less.

(ii) Packaging & Automotive Rolled Products Operating Segment

Our Packaging & Automotive Rolled Products (“P&ARP”) operating segment includes the development and production

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.

We are a leading supplier of canstock in North America and Europe and a leading supplier of closure stock globally. We

are also a major supplier of ABS in both North America and Europe, and heat exchanger materials and battery foil in Europe.

These products are subject to the exacting requirements and qualification processes of our customers which we believe provide

our technically advanced products with a competitive advantage. We are also a key player in the recycling of aluminum scrap,

including used beverage cans in North America and Europe. We have a diverse customer base, consisting of many of the

world’s largest beverage companies, can makers, food and specialty packaging producers, automotive original equipment

manufacturers (“OEMs”) and general industrial companies. Our contracts in packaging and automotive are typically multi-year.

(iii) Automotive Structures & Industry Operating Segment

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.

We are a key supplier of aluminum extruded products to automotive customers in North America and Europe. Due to the

unique combination of strength and weight, aluminum extruded structural solutions are increasingly favored by our automotive

customers given priorities on safety, lightweighting and sustainability. By leveraging our unique R&D partnership with the

Brunel University in the United Kingdom, we have developed proprietary alloys and manufacturing technology which have

enabled us to deliver high-quality and cost-effective products to our automotive customers. We believe that we are one of the

largest providers of aluminum automotive crash management systems globally, and our customers include some of the largest

North American and European car manufacturers. Our automotive structures contracts are typically multi-year, which usually

represents the lifetime of a model. We also serve a broad range of customers across a number of industries outside of

automotive, including rail, other transportation and general industrial markets in Europe. The non-automotive businesses

typically have contracts which are shorter-term in nature.

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Our Industry

Aluminum Sector Value Chain

Aluminum has a number of unique physical characteristics. It is infinitely recyclable and recycling aluminum requires

only approximately 5% of the energy required to produce primary aluminum. Aluminum’s corrosion resistance and its

malleability also allow it to be easily cast, shaped, machined and used across a variety of applications. In addition, aluminum is

lightweight, with one-third the density of steel but offering similar stiffness, which results in products offering strength and

stability, particularly when alloyed with other metals. All of these capabilities make aluminum a viable and versatile solution

for a growing number of manufacturing and consumption needs.

The global aluminum industry consists of (i) mining companies that extract bauxite, the ore from which aluminum is

derived, (ii) primary aluminum producers that refine bauxite into alumina and smelt alumina into aluminum, (iii) aluminum

semi-fabricated products manufacturers, including aluminum casters, extruders and rollers, (iv) aluminum recyclers and

remelters, and (v) integrated companies that are present across multiple stages of the aluminum production chain.

Constellium’s Position in the Aluminum Sector Value Chain

Aluminum value chain

Our business is primarily focused on adding value through rolling and extruding aluminum into semi-fabricated and in

some instances fully-fabricated alloyed aluminum products, for a variety of end-markets. We recycle aluminum, both for our

own use and as a service to our customers. We do not participate in upstream activities such as mining, refining bauxite or

smelting alumina into aluminum. The aluminum rolled products industry is characterized by economies of scale, as significant

capital investments are required to achieve and maintain technological capabilities and to meet demanding customer

qualification standards. The aluminum extruded products industry also requires significant capital investments in order to

achieve and maintain technological capabilities and to meet demanding customer qualification standards but is comparatively

more fragmented and generally more local and regional. The supply of aluminum rolled and extruded products has historically

been affected by production capacity, alternative technology substitution and trade flows between regions. The demand for

these products has historically been affected by economic growth, substitution trends, cyclicality and seasonality, among other

factors.

There are two main sources of metal input for our rolled or extruded products:

•Slabs or billets we cast from a combination of primary and recycled aluminum. The primary aluminum is typically

in the form of standard ingots. The recycled aluminum comes either from scrap from fabrication processes or from

recycled end products in their end-of-life phase, such as used beverage cans.

•Slabs or billets purchased from smelters or metal trading companies.

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The cost of primary aluminum is based on the London Metal Exchange (“LME”) quoted price plus a regional premium.

Recycled aluminum is also tied to LME pricing (typically sold at a discount to LME price and regional premium). The rolled

and extruded aluminum product prices for our products are based generally on the cost of primary aluminum plus a conversion

margin (i.e., the margin to convert the aluminum into a semi-finished product). As a result, the price of primary aluminum is not

a significant driver of our conversion margin because we typically pass through the metal cost either to our customers and / or

the financial market. Instead, the long-term financial performance of producers of rolled and extruded aluminum products, such

as Constellium, is driven by the dynamics in the end-markets that they serve, their relative positioning in those markets and the

efficiency of their industrial operations.

Overview of Aluminum Rolled Products, Extrusions and Automotive Structures

Our aluminum rolling process consists of passing alloyed aluminum slabs through a hot-rolling mill and then transferring

it to a cold-rolling mill, which gradually reduces the thickness of the metal down to approximately 6 mm for plates and to

approximately 0.2-6 mm for sheet. Aluminum rolled products, including sheet, plate and foil, are semi-fabricated products

which are used by our customers for their manufacturing of finished goods ranging from packaging, such as beverage cans, to

transportation applications, such as automotive body panels, fuselage sheet and aircraft wing parts. According to CRU

International Limited (“CRU”), the compound annual growth rate (“CAGR”) for aluminum rolled products between 2025 and

2030 is expected to be 3.6%.

Aluminum extrusion is a technique used to transform alloyed aluminum billets into semi-fabricated products with a

defined cross-sectional profile for a wide range of uses. In the extrusion process, a heated aluminum billet is forced through a

die and the extruded products can be manufactured in many sizes and in almost any shape. Today, aluminum extrusions are

used for a wide range of purposes, including building, general industrial and transportation where virtually every type of vehicle

contains aluminum extrusions, including planes, boats, bicycles, trains and cars. In our automotive structures business,

automotive extruded profiles are further machined and processed into a system of fully-fabricated automotive structural

components. Aluminum extruded products are favored by our automotive customers due to their unique combination of

strength and weight.

Our Key End-markets

Aerospace

Demand for aerospace plate and sheet is primarily driven by the build rate of commercial aircraft, which we believe will

be supported for the foreseeable future by (i) the increasing demand for air travel in an environment of general economic

growth, (ii) the increased affordability and accessibility of air travel to people from diverse socio-economic backgrounds, (iii)

the expansion of airline networks and the opening of new routes to previously underserved destinations and (iv) the necessary

replacement of aging fleets by airline operators, particularly in the United States and Western Europe by more fuel-efficient

aircraft. Over the longer term, the fundamentals driving aerospace demand growth remain intact. Between 2024 and 2044,

Airbus predicts over 42,000 new aircraft across all categories of large commercial aircraft with 35% of sales of new airplanes to

Europe and North America, 46% of sales of new airplanes to Asia Pacific and the remaining 19% to the Middle East, Latin

America and Africa. According to CRU, demand for the aerospace aluminum rolled products markets in North America and

Europe is expected to grow by 8.5% per annum from 2025 to 2030.

Packaging

The packaging industry has historically been relatively resilient during periods of economic downturn and has had

relatively limited exposure to economic cycles and periods of financial instability. Aluminum is a preferred material for

beverage packaging as it allows drinks to chill faster, can be stacked for transportation and stored more densely than competing

formats (such as glass bottles), is highly formable for unique or differentiated branding, and offers significant environmental

advantage of convenient, cost- and energy-efficient recycling. As a result of these benefits, aluminum is increasingly the

beverage packaging container of choice and is displacing tinplate, glass and plastics as the preferred packaging material

including in the growing specialty product categories. According to CRU, demand for the aluminum canstock market in North

America and Europe is expected to grow by 2.8% and 3.5% per annum between 2025 and 2030, respectively.

Automotive

We believe that the main drivers of automotive sales include overall economic growth, credit availability, level of

financing rates, vehicle prices and consumer confidence. Within the automotive sector, the demand for aluminum rolled and

extruded products may increase faster than the underlying demand for light vehicles due to aluminum’s high strength-to-weight

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ratio in comparison to steel and a need for increased energy efficiency. In general, governmental regulations relating to

reductions in carbon emissions and focus on fuel-efficiency trends correlate to the increased use of aluminum to “lightweight”

traditional vehicles in order to facilitate better fuel economy, improve emissions performance and enhance vehicle safety. In

addition, increased electric vehicle penetration should drive increased demand for aluminum rolled and extruded products due

to the greater importance of lightweighting to maximize range, better thermal conductivity for battery boxes and superior

energy absorption, as compared to steel. Our automotive rolled, extruded and structural products are predominantly used in

premium models, light trucks and sport utility vehicles manufactured by North American and European OEMs. According to

industry research, light vehicle production is expected to grow in North America and Europe by approximately 1.7% and 1.5%

per annum from 2025 to 2030, respectively. Comparatively, CRU estimates that the consumption of ABS in North America and

Europe is expected to grow by 1.7% and 8.2% per annum between 2025 and 2030, respectively.

Our Business Operations

Our business model is to add value by converting aluminum into semi-fabricated and in some instances fully-fabricated

products.

Managing Our Metal Price Exposure

It is our policy not to speculate on metal price movements.

For all contracts, we seek to minimize the impact of fluctuation in the LME price and regional and other premiums for

aluminum that we buy and sell in order to protect our cash flows, with the following methods:

•In cases where we are able to align the price and quantity of physical aluminum purchases with that of physical

aluminum sales to our customers, we enter into back-to-back arrangements with our customers.

•When we are unable to align the price and quantity of physical aluminum purchases with that of physical aluminum

sales to our customers, we enter into derivative financial instruments to pass through the exposure to financial

institutions.

•For a small portion of our volumes, the aluminum that we process is owned by our customers and we bear no

aluminum price risk.

Sales and Marketing

Our sales force is based in the U.S., Europe (France, Germany, Czech Republic, United Kingdom and Switzerland) and

Asia (China, Japan and South Korea). We primarily serve our customers directly and in some cases through distributors.

Raw Materials and Supplies

A majority of our rolling slab and extrusion billet needs is produced internally at our casthouses. The remaining external

rolling slab and extrusion billet needs are secured through long-term contracts with several upstream suppliers. All of our top 10

metal suppliers (covering rolling slabs, extrusion billets, primary, high purity, scrap and hardeners) have been long-standing

suppliers to our plants, in many cases, for more than 10 years. In aggregate, the top 10 suppliers accounted for approximately

49% of our total metal purchases (in terms of volumes) for the year ended December 31, 2025. We typically enter into annual

or multi-year contracts with metal suppliers pursuant to which we purchase various types of metal, including:

•Primary metal from smelters or metal traders in the form of ingots, rolling slabs or extrusion billets.

•Remelted metal in the form of rolling slabs or extrusion billets from external casthouses, to supplement the

capacity of our own internal casthouses.

•Production scrap from customers and scrap traders.

•End-of-life scrap (e.g., used beverage cans) from customers, collectors and scrap traders.

•Alloying elements and primary ingots from producers and metal traders.

Our operations use energy in the forms of natural gas and electricity, which represents one of the largest components of

our operating costs, after metal costs, labor costs and depreciation. 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.

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Our Customers

Our customer base includes some of the leading manufacturers in the aerospace, space, defense, packaging and

automotive end-markets. We have a relatively diverse customer base with our 10 largest customers representing approximately

56% of our revenue for the year ended December 31, 2025. We generally have long-term relationships with our large

customers, many of which span decades.

We see our relationships with our customers as partnerships. In each of our end-markets, we closely collaborate with our

customers to complete a rigorous product qualification process, which requires substantial time and investment and creates high

switching costs. In addition, our product portfolio is predominantly focused on high value-added products, which tend to

require close collaboration with our customers to develop technically advanced and tailored solutions to meet their evolving

requirements. The significant effort and investment to adhere to rigorous qualification procedures, the close collaborations on

technical development and customized offerings, and the focus on product quality and service reliability enable us to foster

long-term and mutually beneficial relationships with our customers.

Competition

The worldwide aluminum rolled and extruded industry is highly competitive. We believe the most important competitive

factors in our industry are product quality, price, timeliness of delivery and customer service, geographic coverage and product

innovation. Aluminum competes with other materials such as steel, glass, plastics and composite materials for various

applications. We compete with a variety of both U.S. and non-U.S. companies in all major markets across the aluminum supply

chain.

Seasonality

Customer demand in the aluminum industry is seasonal due to a variety of factors, including holiday seasons, weather

conditions, economic and other factors beyond our control. Our volumes are impacted by the timing of the holiday seasons in

particular, with the lowest volumes typically delivered in August and December and highest volumes delivered from January to

July. Our business is also impacted by seasonal slowdowns and upturns in certain of our customers’ industries. Historically, the

can industry is strongest in the spring and summer seasons and the automotive and aerospace sectors encounter slowdowns in

both the third and fourth quarters of the calendar year.

Research and Development

We have three R&D centers located in Voreppe, France, Plymouth, Michigan and Brunel University, London, United

Kingdom. We engage in R&D to develop new products, improve our processes, and support the objectives of our customers.

We invested $51 million, $49 million and $52 million in R&D in the years ended December 31, 2025, 2024 and 2023,

respectively.

C-TEC, our world-class R&D center located in Voreppe, primarily serves our A&T and P&ARP operating segments and

specializes in product and process development, product testing and technical assistance to our plants and customers. Our R&D

centers in Plymouth and in Brunel provide support to our North American and European automotive customers in the AS&I and

P&ARP operating segments by addressing specific market requirements related to our aluminum-based automotive

lightweighting solutions.

Intellectual Property

We actively manage intellectual property arising from our operations and our R&D activities and, when appropriate,

apply for patents in the appropriate jurisdictions. We currently hold more than 270 active patent families and regularly apply for

new ones. While these patents and patent applications are important to the business on an aggregate basis, we do not believe

any single patent family or patent application is critical to our business. In connection with our collaborations with universities

and other third parties, we occasionally obtain royalty-bearing licenses for the use of third-party technologies in the ordinary

course of business.

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Insurance

We have implemented a corporate-wide insurance program consisting of both master policies with worldwide coverage

and local policies to complement our global coverage and/or where required by applicable regulations. Our insurance coverage

includes: (i) property damage and business interruption; (ii) general liability including operational, professional, product and

environment liability; (iii) aviation product liability; (iv) marine cargo (transport); (v) business travel and personal accident; (vi)

construction all risk; (vii) automobile liability; (viii) trade credit; (ix) cyber risk; (x) workers’ compensation in the U.S.; and (xi)

other specific coverages for executive and special risks. We believe that our insurance coverage terms and conditions are

customary for a business such as Constellium. We also purchase and maintain insurance on behalf of our directors and officers.

Governmental Regulations and Environmental, Health and Safety Matters

Our operations are subject to a number of international, national, state and local regulations relating to the protection of

the environment and to workplace health and safety. Our operations involve the use, handling, storage, transportation and

disposal of hazardous substances, and accordingly we are subject to extensive laws and regulations governing emissions to air,

discharges to water emissions, the generation, storage, transportation, treatment or disposal of hazardous materials or wastes

and employee health and safety matters. In addition, prior operations at certain of our properties have resulted in contamination

of soil and groundwater which we are required to investigate and remediate pursuant to applicable environmental, health and

safety ("EHS") laws and regulations. Environmental compliance at our key facilities is supervised by the relevant local agencies

in the jurisdictions where we operate. Violations of EHS laws and regulations, and remediation obligations arising under such

laws and regulations, may result in restrictions being imposed on our operating activities as well as fines, penalties, damages or

other costs. Accordingly, we have implemented EHS policies and procedures to protect the environment and monitor

compliance with these laws and regulations, and we incorporate EHS considerations into our planning for new projects. We

perform regular risk assessments and EHS reviews. We closely and systematically monitor and manage situations of

noncompliance with EHS laws and regulations and cooperate with authorities to address any noncompliance issues. New

regulations, if and when promulgated, or unforeseen events, may result in increases in the number of our non-compliant

situations which may have a material adverse effect on our financial condition, results of operations or liquidity.

We accrue for costs associated with environmental investigations and remedial efforts when it becomes probable that we

are liable and the associated costs can be reasonably estimated. The aggregate close down and environmental remediation costs

provisions at December 31, 2025 were $98 million. All accrued amounts have been recorded without giving effect to any

possible future recoveries. With respect to ongoing environmental compliance costs, including maintenance and monitoring, we

expense the costs when incurred.

We have incurred, and in the future will continue to incur, operating expenses related to environmental compliance. As

part of our general capital expenditure plan, we expect to incur capital expenditures for other capital projects that, in addition to

improving operations, also reduce certain environmental impacts such as energy consumption, air emissions, water releases,

and waste streams optimization. Capital expenditures for existing facilities were approximately $26 million in 2025.

Human Capital

As of December 31, 2025, we employed approximately 11,500 employees. In addition, we contracted with approximately

500 temporary workers. Approximately 90% of our employees were engaged in production and maintenance activities and

approximately 10% were employed in support functions. Approximately 26% of our employees were employed in the United

States, 35% in France, 20% in Germany, 5% in Switzerland, and 14% in Eastern Europe and other regions. Approximately 50%

of U.S. employees and a majority of non-U.S. employees are covered by collective bargaining agreements. These agreements

are negotiated on site, regionally or on a national level, and are of different durations. In the U.S., in 2025, collective bargaining

agreements were negotiated and extended at our facilities in Ravenswood and Muscle Shoals.

We are committed to creating a great place to work where all employees can thrive and have equal access and

opportunity to develop. In living our company values, our people strategy reflects the importance of safety being our first and

foremost concern followed by trust, transparency, respect, empowerment, and collaboration. We actively recruit high-potential

candidates, engage our employees through ongoing communication, provide access to learning and leadership programs, and

value the broad-reaching abilities and skills our employees possess. As a global organization, we empower our teams to make

decisions and implement policies aligned with local practices and law. While we have a global philosophy that influences many

aspects of human rights and employment, it is not intended to replace or interfere with local dialogue, regulations and

negotiation practices. We regularly evaluate and assess our human rights practices and potential risk through a Human Rights

Impact Assessment at least every five years.

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Labor Practices and Policies

Safety. Safety is our utmost priority. Our industry requires material, equipment, and processes that may pose risks to the

health and safety of our employees, contractors, and visitors. Accordingly, we have defined and implemented strict policies and

processes to protect everyone in our facilities. The goal is to achieve zero injuries and illnesses by integrating safety into all

aspects of our business.

Health. Over the last several years we have implemented various programs and policies across the organization to bring

awareness to health and wellness. We routinely assess the Company’s paid leave, vacation, and other policies and practices to

help provide employees with greater access to resources to help support a healthy lifestyle.

Labor Union Affiliations. Employees have the right to organize and bargain collectively with Constellium and engage in

other protected activities. We work in connection with the relevant works councils and unions to negotiate outcomes that

benefit employees and the business in alignment with local legal frameworks. We encourage open dialogue and enter into these

discussions with trust, respect and collaboration in mind.

Recruiting, Training, Development & Retention

Recruiting. Constellium is committed to attracting, developing, and retaining top talent. We actively recruit individuals

with diverse backgrounds and experiences who share our passion for shaping a sustainable future through advanced aluminum

solutions. Our recruitment strategy emphasizes promoting a culture of inclusion, continuous learning and career advancement

opportunities. Our recruiting initiatives include university partnerships and optimizing and enhancing our digital recruitment

tools and recruitment marketing efforts.

Training, Development and Retention. We empower our employees to grow and develop by offering a supportive

environment and conducive tools and opportunities. We have local and Group-level learning and development programs to

promote continuous learning. Constellium University, our global learning and development program is designed to foster a

unified learning culture across all levels of the organization from shop floor employees to executive leadership. Initiatives

included in Constellium University include: the Constellium University learning platform, a global engineering development

program, a front-line manager development program, a leadership development program, an executive leadership program and

a global mentorship program. Our efforts regarding talent recruitment and talent development are recognized by external

organizations.

Information about our Executive Officers

Our executive officers, their present positions and their ages are as follows as of the date of this Annual Report.

(1)As previously announced on Form 8-K on October 29, 2025, Mr. Jean-Marc Germain retired as Chief Executive Officer effective as of

December 31, 2025.

(2)Ms. Ingrid Joerg was appointed as Chief Executive Officer effective as of January 1, 2026.

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Ingrid Joerg. Ms. Joerg has served as our Chief Executive Officer and as a director since January 1, 2026. Previously,

Ms. Joerg served as our Executive Vice President and Chief Operating Officer and as President of our P&ARP business unit

since September 2023. Ms. Joerg joined Constellium in 2015 as President of our A&T business unit. Previously, Ms. Joerg

served as Chief Executive Officer of Aleris Rolled Products Europe (“Aleris”), an aluminum rolled products producer. Prior to

joining Aleris, Ms. Joerg held leadership positions with Alcoa Corporation, where she was President of its European and Latin

American Mill Products business unit, and commercial positions with AMAG Austria, a supplier of primary aluminum and

premium cast and rolled aluminum products. Ms. Joerg joined the Board of voestalpine AG in July 2019. She also serves on the

Executive Committee of the European Aluminum Association (“EA”) and served as Chair of the CVSA Advisory Board

(Valais). Since September 2023, she also serves as Chair of Constellium Deutschland GmbH and Constellium Singen GmbH.

Ms. Joerg is a Swiss citizen and she received a Master’s Degree in Business Administration from the University of Linz,

Austria.

Jack Guo. Mr. Guo has served as Executive Vice President and Chief Financial Officer since June 2025 and as Senior

Vice President and Chief Financial Officer since April 2023. Mr. Guo joined Constellium in early 2017 as Vice President

Finance, before being appointed Vice President Business Development and Strategy in September 2017. Prior to joining

Constellium, he worked at Credit Suisse for twelve years, most recently as a Director in Investment Banking and Capital

Markets primarily covering downstream aluminum activities. In addition, he spent five years in other senior finance roles in

North America and Asia. Mr. Guo is a U.S. citizen and holds a Bachelor of Arts in Economics from the University of Chicago

and a Master of Business Administration from Columbia University.

Philippe Hoffmann. Mr. Hoffmann has served as President of our A&T business unit since September 2023. Previously,

he served as President of our AS&I business unit since October 2020. He previously held numerous leadership positions in the

Company, including as Managing Director for Constellium’s Hard Alloys and Large Extrusion business, Vice President Rolled

Products Europe for our A&T business unit, and Vice President and Managing Director Automotive Structures. During his

extensive career in the aluminum industry, Mr. Hoffmann has held various manufacturing, strategic, and management roles,

serving our automotive, industry, transportation and aerospace customers across Europe and North America. Mr. Hoffmann is a

Swiss citizen and a graduate of INSEAD Business School and of the École Nationale Supérieure des Mines with a Master in

Physics and Material Science. He holds a Master of International Management from the International Master Program for

Managers (IMPM).

Matthew Perkins. Mr. Perkins has served as President of our P&ARP business unit since May 2025. Prior to this role, he

was Executive Vice President and Chief Operating Officer at EVRAZ North America, a producer of engineered steel products

for the North American rail, energy and industrial end user markets. Before joining EVRAZ in 2019, Mr. Perkins served as

President and CEO of SKW North America, a New York-based producer of specialty chemicals, alloys, and powder metallurgy

products. Earlier in his career, he spent more than a decade at U.S. Steel, an American steel company, where he held operational

leadership roles in Indiana, Michigan, Serbia, and Slovakia. He began his career at LTV Steel Company in 1991, working in

operations, customer technical service, and quality. Mr. Perkins is a U.S. citizen and holds a Bachelor of Science degree in

Metallurgical Engineering from The Ohio State University and a Master of Business Administration from the University of

Pittsburgh’s Katz Graduate School of Business.

Stephane Corre. Mr. Corre has served as President of our AS&I business unit since November 2025. Mr. Corre has been

with the Company for more than 25 years, beginning his career at Pechiney and holding roles of increasing responsibility at the

A&T Issoire plant. In 2020, he became Plant Director, where he successfully led a major turnaround and fostered strong

collaboration across business units, central functions, and C-TEC. Mr. Corre is a French citizen and holds a Master’s Degree in

metallurgical engineering from Arts et Métiers ParisTech.

Ludovic Piquier. Mr. Piquier has served as Senior Vice President Manufacturing Excellence and Chief Technical Officer

since July 2021. Mr. Piquier began his career at Constellium in 2014 as Plant Manager for our facility in Neuf-Brisach, France

where he led the plant in its transition into the automotive market, including the ramp-up of the FT3 auto heat treatment line. In

September 2020, he became Director, Corporate Strategy and supported the execution of key business priorities. Prior to joining

Constellium, he held various senior positions at PSA Peugeot Citroёn, a French automotive manufacturer, including Car

Assembly Plant Manager in France and in the UK, and Project Manager in France and in Slovakia. Mr. Piquier is a French

citizen and a graduate of École Nationale Supérieure des Arts et Métiers.

11

Philip Ryan Jurkovic. Mr. Jurkovic has served as our Senior Vice President and Chief Human Resources Officer since

November 2016. Prior to joining Constellium, Mr. Jurkovic was Senior Vice President and Chief Human Resources Officer of

Algeco Scotsman, a global business services provider focused on modular space and secure portable storage solutions. He

started his career as a financial analyst before taking on various human resources leadership roles in Europe, Asia and the

United States with United Technologies and Novelis. Mr. Jurkovic is a U.S. citizen and has a Bachelor of Science from

Allegheny College and a Master of Business Administration from Purdue University.

Nicolas Brun. Mr. Brun has served as our Senior Vice President, Public Affairs, Communications and Sustainability

since January 2018, and was previously Senior Vice President, Public Affairs and Communications from September 2017 to

January 2018, and Vice President, Communications from January 2011 to January 2017. He previously held the same role at

Alcan Engineered Products since June 2008. From 2005 through June 2008, Mr. Brun served in the roles of Vice President,

Communications for Thales Alenia Space and also as Head of Communications for Thales’ Space division. Prior to 2005,

Mr. Brun held senior global communications positions as Vice President External Communications with Alcatel, Vice President

Communications Framatome ANP/AREVA, and with the Carlson Wagonlit Travel Group. Mr. Brun is a French citizen and

attended University of Paris-La Sorbonne receiving a degree in economics. He holds a Master’s Degree in Corporate

Communications from Ecole Française des Attachés de Presse and a certificate in marketing management for distribution

networks from the Ecole Supérieure de Commerce in Paris.

Marcus Becker. Mr. Becker has served as Senior Vice President and Chief Procurement Officer since April 2023. He

joined Constellium as Vice President Global Metal and Energy Sourcing in 2018 and was promoted to Vice President and Chief

Procurement Officer in 2020. Prior to joining Constellium, Mr. Becker held various leadership positions at Novelis, an

industrial aluminum smelting company, including Vice President and General Manager, Global Director Can and Director

Metal Planning and Sourcing, based in Switzerland, United Arab Emirates, and Germany. Mr. Becker started his career at

Alcan in 2002 as Key Account Manager for the beverage can segment. Mr. Becker is a German citizen. Mr. Becker holds a

Master of Business Administration from U21Global Graduate School in Singapore and is a graduate in Business Studies at the

Academy of Cooperative Education in Göttingen, Germany.

Niklaus Schild. Mr. Schild has served as Senior Vice President, Chief Information Officer and Chief Digital Officer

since August 2023. Before being appointed to his current role, Mr. Schild served as Director of Information Security and

Infrastructure since 2018. Prior to this and since joining Constellium in 2015, he was responsible for various IT security, SOX

compliance and lean management initiatives to support Constellium IT. Before joining Constellium, he worked for eleven years

in the IT security industry as an information security manager, a consultant and engineer in Switzerland. Mr. Schild is a Swiss

citizen and holds a Bachelor’s degree in Information Technology as well as a Master of Science in Information Assurance from

Norwich University, Vermont.

Stephen Walters. Mr. Walters has served as Senior Vice President, Group General Counsel since June 2024 and Board

Secretary since July 2025. Before being appointed to his current role, Mr. Walters was a partner with the French law firm

Jeantet in Paris. Prior to joining Jeantet in January 2021, Mr. Walters practiced for many years as a corporate partner in the

Paris and London offices of major international law firms, including Simmons & Simmons LLP and Morgan Lewis & Bockius

LLP. Mr. Walters’ legal practice was dedicated to the representation of French and international clients on a broad range of

mergers and acquisitions, equity financing and other transactional matters under both French and English law. He was a French

avocat registered with the Paris Bar prior to joining Constellium and remains admitted as an English solicitor. A dual British

and French citizen, he holds a Bachelor of Laws (Honours) from the University of Warwick.

Available Information

The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file

electronically with the SEC. The address of that site is www.sec.gov. We also make available on our website, free of charge,

our SEC filings as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Our website

address is www.constellium.com. The information contained on our website is not incorporated by reference in this document.