Fourth Quarter and Full Year

2014 -

Earnings Call

March 12, 2015

Exhibit 99.2

Certain

statements

contained

in

this

presentation

may

constitute

forward-looking

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

This

presentation

may

contain

“forward

looking

statements”

with

respect

to

our

business,

results

of

operations

and

financial

condition,

and

our

expectations

or

beliefs

concerning

future

events

and

conditions.

You

can

identify

forward-looking

statements

because

they

contain

words

such

as,

but

not

limited

to,

“believes,”

“expects,”

“may,”

“should,”

“approximately,”

“anticipates,”

“estimates,”

“intends,”

“plans,”

“targets,”

likely,”

“will,”

“would,”

“could”

and

similar

expressions

(or

the

negative

of

these

terminologies

or

expressions).

All

forward-looking

statements

involve

risks

and

uncertainties.

Many

risks

and

uncertainties

are

inherent

in

our

industry

and

markets.

Others

are

more

specific

to

our

business

and

operations.

These

risks

and

uncertainties

include,

but

are

not

limited

to,

the

ability

of

Constellium

and

Wise

to

achieve

expected

synergies

and

the

timing

thereof;

the

risk

that

the

businesses

will

not

be

integrated

successfully

or

such

integration

may

be

more

difficult,

time-

consuming

or

costly

than

expected;

Constellium’s

increased

levels

of

indebtedness

as

a

result

of

the

transaction,

which

could

limit

Constellium’s

operating

flexibility

and

opportunities;

the

potential

failure

to

retain

key

employees

as

a

result

of

the

transaction

or

during

the

integration

of

the

business,

the

loss

of

customers,

suppliers

and

other

business

relationships

as

a

result

of

the

transaction;

disruptions

to

business

operations

resulting

from

the

transaction;

slower

or

lower

than

expected

growth

in

the

North

American

market

for

Body-in-White

aluminum

rolled

products

and

other

risk

factors

set

forth

under

the

heading

“Risk

Factors”

in

our

Annual

Report

on

Form

20-F,

and

as

described

from

time

to

time

in

subsequent

reports

filed

with

the

U.S.

Securities

and

Exchange

Commission.

The

occurrence

of

the

events

described

and

the

achievement

of

the

expected

results

depend

on

many

events,

some

or

all

of

which

are

not

predictable

or

within

our

control.

Consequently,

actual

results

may

differ

materially

from

the

forward-

looking

statements

contained

in

this

presentation.

We

undertake

no

obligation

to

publicly

update

or

revise

any

forward-looking

statement

as

a

result

of

new

information,

future

events

or

otherwise,

except

as

required

by

law.

Forward-looking statements

2

Fourth Quarter 2014 – Earnings Call

Non-GAAP measures

This presentation includes information regarding certain non-GAAP financial measures, including 

Adjusted EBITDA, Adjusted EBITDA per metric ton, Adjusted Free Cash Flow and Net Debt. These

measures are presented because management uses this information to monitor and evaluate financial

results and trends and believes this information to also be useful for investors. Adjusted EBITDA

measures are frequently used by securities analysts, investors and other interested parties in their

evaluation of Constellium and in comparison to other companies, many of which present an adjusted

EBITDA-related performance measure when reporting their results. Adjusted EBITDA, Adjusted EBITDA

per Metric Ton, Adjusted Free Cash Flow and Net Debt are not presentations made in accordance with

IFRS and may not be comparable to similarly titled measures of other companies. These non-GAAP

financial measures supplement our IFRS disclosures and should not be considered an alternative to the

IFRS measures. This presentation provides a reconciliation of non-GAAP financial measures to the most

directly comparable GAAP financial measures.

3

Fourth Quarter 2014 – Earnings Call

Pierre Vareille

Chief Executive Officer

Adjusted EBITDA of €275 million, down 2% from 2013, reflecting strong

performance in P&ARP and AS&I offset by higher metal premiums and

continuing operational headwinds in our A&T segment 

Shipments of 1.1 million metric tons, up 4%

Revenue of €3.7 billion, up 5%

Continued improvement in net trade working capital and days sales

outstanding

(5

days

reduction

Q4

2013

to

Q4

2014

–

from

25

to

20

DSOs)

2014

Highlights

(%

change

2014

vs

2013)

5

Fourth Quarter 2014 – Earnings Call

Packaging and Automotive Rolled Products Segment 

Excellent operational performance at Neuf-Brisach

Body-in-White projects in Singen, Neuf-Brisach and Bowling Green

on schedule

Strong Body-in-White interest to drive near-term decision to add additional finishing capacity in

the U.S.  

2014 negative impact metal premiums of €6 million compared to 2013

Segment Outlook/Mix

Constellium Recent Developments

Solid shipments of 620 kt in 2014 up 4% from 595 kt in 2013

Packaging volume steady

Specialty and other thin-rolled volume up 10%  

Automotive Rolled products shipments of 76 kt up 37% from 2013

6

Fourth Quarter 2014 – Earnings Call

Aerospace and Transportation Segment

Solid demand in Aerospace market with majority of business under

long term contracts

2014 shipments of 238 kt down 3% from 244 kt in 2013, Aerospace rolled product shipments

down 4%

Laurent Musy appointed President of A&T

4Q results as anticipated, hot mill outage in Ravenswood during

October impacted Adjusted EBITDA by €5 million

Recovery plan proceeding as anticipated, new pusher furnace capacity in Ravenswood on

schedule for 2016, debottlenecking activities making progress  

2014 negative impact metal premiums of €8 million compared to 2013

Segment Outlook/Mix

Constellium Recent Developments

7

Fourth Quarter 2014 – Earnings Call

Segment Mix/Outlook

Automotive Structures and Industry Segment  

Automotive Structures market demand remains strong, Industry market remains competitive  

2014 shipments of 208 kt up 9% from 191 kt in 2013; Automotive extrusions volume up 28%

Plant expansion in Michigan complete, China

expansion/reorganization in progress

One of the largest suppliers of high-strength

structural parts for the Ford F-150

New €23 million investment in Decin, Czech

Republic, increases capacity by approximately 20%

from 60 kt in 2014 to 73 kt in 2018

2014 negative impact metal premiums of €9 million

compared to 2013

Constellium Recent Developments

8

Fourth Quarter 2014 – Earnings Call

Didier Fontaine

Chief Financial Officer

2014 Adjusted EBITDA 

Negative impact of higher premiums and A&T performance largely offset by

FX and strong automotive growth in P&ARP and AS&I 

10

Fourth Quarter 2014 – Earnings Call

Q4 2014 Adjusted EBITDA

11

Fourth Quarter 2014 – Earnings Call

Continuing operational issues in A&T lower Q4 EBITDA

Segment Adjusted EBITDA (€m)

Adjusted EBITDA per ton

12

Fourth Quarter 2014 – Earnings Call

Shipments:  244kt

238kt

(3)%

Shipments:  595kt

620kt

+4%

Shipments:  191kt

208kt

+9%

2014 Segment Performance – includes €(23)M Premium impact

Segment Adjusted EBITDA (€m)

Adjusted EBITDA per ton

13

Shipments: 

61kt

55kt

(9)%

Shipments:  131kt

142kt

+9%

Shipments: 

45kt

51kt

+15%

Fourth Quarter 2014 – Earnings Call

Q4 2014 Segment Performance – includes €(10)M Premium impact

Positive Adjusted Free Cash Flow

€

millions

Year ended

Dec 31, 2014

Year ended

Dec 31, 2013

Cash flow from operating activities

212

184

Margin calls included in cash flow from operating activities

(11)

(4)

Cash flow from operating activities excluding margin calls

201

180

Capital expenditure

(199)

(144)

Adjusted Free Cash Flow

2

36

14

Increasing cash flow from operating activities allowed funding of planned capital projects

Fourth Quarter 2014 – Earnings Call

Trade Working Capital Continues to Improve

15

5 days of sales outstanding improvement and €17 million trade working capital reduction

despite higher LME and premiums

Fourth Quarter 2014 – Earnings Call

€

millions

December 31, 2014

Total Debt

(*)

1,213

Cash and Cash Equivalents

989

Net Debt

224

Liquidity

(**)

1,300

(*)  

Including fair value of cross currency interest swap and cash pledged for issuance of guarantees

(**)

Liquidity measured as the sum of Cash and Cash Equivalents and availability under long-term committed facilities

Strong Liquidity Provides Maximum Optionality to Service

Greater Debt

16

With Wise Metals, Net Debt will increase and pro-forma liquidity will remain in

excess of €900 million

Fourth Quarter 2014 – Earnings Call

Wise Metals Acquisition Update

Transaction closed on January 5, 2015

Globalizes

Constellium’s

portfolio

-

North

American

sales

increase

from 14% to 30%+

Acquisition financed with debt

Wise Metals 2014 results will be consolidated into Constellium

beginning in Q1 2015 in Euros and under IFRS

Integration proceeding according to plan

Expected strong Q1 2015 volume

30%

17

Fourth Quarter 2014 – Earnings Call

Key Takeaways

18

Fourth Quarter 2014 – Earnings Call

2014 Shipments, Revenues and Adjusted EBITDA, +4%, +5% and (2%),

respectively, compared to 2013

Continued strong performance in P&ARP and AS&I

Total automotive shipments up 32% in 2014 to 165k metric tons, representing

16% of total shipments up from 12% in 2013

Total automotive shipments poised to triple once growth initiatives are complete

and could represent more than one-third of total company shipments by 2022

Body-in-White expansion projects progressing on track; strong interest to drive

near-term decision to add additional finishing capacity in the U.S.

As expected, A&T results disappointing due to continuing operational challenges

and capacity constraints

Continued improvement in net trade working capital and days sales outstanding,

5 day reduction from Q4 2013

Q & A

19

Fourth Quarter 2014 – Earnings Call

Appendix

20

Fourth Quarter 2014 – Earnings Call

Total Automotive products increase 32% to 165kt or 16% of 2014

shipments, up from 12% in 2013

BiW growth initiatives poised to triple automotive shipments once

completed and could represent more than one-third of company

shipments by 2022

21

2013

2014

Change

Aerospace rolled products

112

108

(4%)

Transportation, industry and other rolled products

132

130

(1%)

Packaging rolled products

493

494

0%

Automotive rolled products

56

76

37%

Specialty and other thin-rolled products

46

50

10%

Automotive extruded products

70

89

28%

Other extruded products

121

119

(2%)

Eliminations and other

(5)

(4)

0%

Total

1,025

1,062

4%

k metric tons

Fourth Quarter 2014 – Earnings Call

Shipments by Product Line (000’s metric tons)

IFRS –

Income Statement 

€

millions

Three months ended

Dec 31, 2014

Three months ended

Dec 31, 2013

Revenue

936

806

(Loss) / income from operations

(10)

38

Other expenses

1

(3)

Finance costs –

net

(12)

(6)

Share of loss of joint-ventures

(1)

-

(Loss) / income before income taxes

(22)

29

Net income from discontinued operations

-

-

Income tax benefit

6

4

Net (loss) / income

(16)

33

22

Fourth Quarter 2014 – Earnings Call

IFRS –

Income Statement 

€

millions

Year ended

Dec 31, 2014

Year ended

Dec 31, 2013

Revenue

3,666

3,495

Income from operations

150

209

Other expenses

-

(27)

Finance costs –

net

(58)

(50)

Share of (loss) / profit of joint-ventures

(1)

3

Income before income taxes

91

135

Net income from discontinued operations

-

4

Income tax expense

(37)

(39)

Net  income

54

100

23

Fourth Quarter 2014 – Earnings Call

IFRS –

Statement of Financial Position 

€

millions

December 31, 2014

December 31, 2013

Non-current assets

952

674

Current assets

2,046

1,069

Assets held for sale

14

21

Total Assets

3,012

1,764

Equity

(37)

36

Non-current liabilities

1,991

970

Current liabilities

1,050

749

Liabilities held for sale

8

9

Total Equity and Liabilities

3,012

1,764

24

Fourth Quarter 2014 – Earnings Call

Net Debt Reconciliation

€

millions

December 31, 2014

December 31, 2013

Borrowings

1,252

348

Fair value of cross currency interest rate swap

(29)

26

Cash and cash equivalents

(989)

(233)

Cash pledged for issuance of guarantees

(10)

(9)

Net Debt

224

132

25

Fourth Quarter 2014 – Earnings Call

Adjusted Free Cash Flow Reconciliation

€

millions

Three months

ended Dec 31, 2014

Three months

ended Dec 31, 2013

Cash flow from operating activities

90

105

Margin calls included in cash flow from

operating activities

-

-

Cash flow from operating activities

excluding margin calls

90

105

Capital expenditure

(72)

(52)

Adjusted Free Cash Flow

18

53

26

Fourth Quarter 2014 – Earnings Call

Adjusted Free Cash Flow Reconciliation

€

millions

Year ended

December 31, 2014

Year ended

December 31, 2013

Cash flow from operating activities

212

184

Margin calls included in cash flow from

operating activities

(11)

(4)

Cash flow from operating activities

excluding margin calls

201

180

Capital expenditure

(199)

(144)

Adjusted Free Cash Flow

2

36

27

Fourth Quarter 2014 – Earnings Call

Reconciliation net income

€

millions

Three months

ended

December 31, 2014

Three months

ended

December 31, 2013

Year ended

December 31, 2014

Year ended

December 31, 2013

Net income / (loss)

(16)

33

54

100

Income tax (benefit) / expense

(6)

(4)

37

39

Net (Income) from discontinued operations

-

-

-

(4)

(Loss) / income before income tax

(22)

29

91

135

Finance costs -

net

12

6

58

50

Other expenses

(1)

3

-

27

Share of loss / (profit) of joint-ventures

1

-

1

(3)

(Loss) / income from operations

(10)

38

150

209

Depreciation and impairment

17

13

49

32

Unrealized gains from remeasurement of monetary assets and

liabilities

-

(2)

(1)

(2)

Unrealized losses/(gains) on derivatives

24

(10)

53

(12)

Losses on disposal

1

1

5

5

Restructuring costs

5

2

12

8

Apollo management fees

-

-

-

2

Start-up and development costs

5

5

11

7

Wise acquisition costs

32

-

34

-

Ravenswood OPEB plan amendments

-

-

(9)

(11)

Swiss pension settlements

(6)

-

(6)

-

Income tax contractual reimbursements

(8)

-

(8)

-

Metal price lag

(11)

8

(27)

29

Share-based plans

-

-

4

2

Other

2

4

8

11

Adjusted EBITDA

51

59

275

280

28

Fourth Quarter 2014 – Earnings Call