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Exhibit 99.1 
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WELCOME
FORWARD-LOOKING STATEMENTS
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 Metals to achieve expected synergies and the timing thereof, Constellium’s increased levels of indebtedness which could limit Constellium’s operating flexibility and opportunities; the potential failure to retain key employees, the loss of customers, suppliers and other business relationships; disruptions to business operations; slower or lower than expected growth in the North American market for Body-in-White aluminium 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 pre control. Consequently, actual results may differ materially from the forward-looking statement presentation. We undertake no obligation to update or revise any forward-looking statement as a resu future events or otherwise, except as required by law.
NON-GAAP MEASURES
This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA per metric ton, 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, 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.
Opening remarks
JE A N—MA R C G E R M A I N
2016 WAS A PIVOTAL YEAR FOR CONSTELLIUM
STABILIZED BUSINESS FOLLOWING WISE ACQUISITION
Adjusted EBITDA increased by 10% at €377m with stable volumes
Significant operational improvements at Muscle Shoals
ADVANCED OUR STRATEGIC INITIATIVES
Major investments in rolling completed with production now ramping up:
2 | | new CALP lines (fully-owned in Europe, JV with UACJ Corp. in NA) |
Pusher furnace in Ravenswood, WV
2 | | greenfield auto structures plants in North America and Decin expansion in Europe |
IMPROVED COMPANY CAPITAL STRUCTURE, REDUCING INTEREST COSTS AND IMPROVING FLEXIBILITY
All debt now at Constellium level
First maturity not until 2021 2
STRONG POSITIONS IN ATTRACTIVE END-MARKETS PROVIDE A PLATFORM FOR SUCCESS
Constellium is a global aluminium rolling and extrusions company focused on three core markets, with additional niche products to optimize asset utilization
PACKAGING
AEROSPACE
AUTOMOTIVE
Can Body Stock:
#2 Europe & #3 North America Closure: #1 Worldwide
Aerospace Plates: #1 Worldwide Aerospace Sheet: #1 Europe
Crash Management Systems: shared #1 Worldwide Auto Body Sheet (ABS): shared #2 Europe
Market positions based on 2016 company internal market analysis 3
THREE ATTRACTIVE END MARKETS
NORTH AMERICA EUROPE HIGHLIGHTS
AUTOMOTIVE AEROSPACE PACKAGING
kt CAGR
500
0
2016 2021
CAGR
kt
+2%
200
100
0
2016 2021
CAGR kt 0%
1.500
1.000 500 0
2016 2021
kt CAGR
500
0
2016 2021
kt CAGR
+2%
200
100
0
2016 2021
CAGR
kt +3%
000
500
0
2016 2021
Lightweighting trend is expected to continue Increased focus on safety features and crash absorption capacities
Secular growth in air traffic Steady demand for more fuel-efficient aircraft Aluminium share decline offset by growing build rates
NA end-market stabilizing European market still growing thanks to continued substitution High resilience to economic down-turns
Source: CRU Aluminium Rolled Products Market Outlook, February 2017 (except aerospace)
SPECIFIC FOCUS ON AUTOMOTIVE
Global trend favoring aluminium solutions is expected to continue
DRIVERS
Air quality becoming a national/local issue
Strengthening nation-wide regulations for
decreasing CO2 emissions (EU, NA, CN, Japan,…)
Cities/States regulating polluting vehicles
Growing subsidies favoring electric vehicles
Growing customer demand for safer cars
Growing customer appetite for SUVs
Source: ICCT: International Council for Clean Transportation and Constellium Internal Analysis
Air quality becoming a national/local issue
Strengthening nation-wide regulations for decreasing CO2 emissions (EU, NA, CN, Japan,…)
Cities/States regulating polluting vehicles
Growing subsidies favoring electric vehicles
Growing customer demand for safer cars
Growing customer appetite for SUVs
SPECIFIC FOCUS ON AUTOMOTIVE
DRIVERS
SOLUTIONS
Engine optimization or electrification
Aerodynamic improvements
Lightweighting
Lightweighting
Crash-absorption
while protecting the cabin
Electric vehicles, hence
lightweighting
Aluminium
rolled
and extruded
products are
the best
answers
5A
Source: ICCT: International Council for Clean Transportation and Constellium Internal Analysis
Global trend favoring aluminium solutions is expected to continue
SHARE OF HIGH VALUE-ADDED PRODUCT IS STEADILY INCREASING
PERCENTAGE OF CONSTELLIUM REVENUES BY END-MARKET EXAMPLES OF HIGH VALUE-ADDED PRODUCTS
Specialties Bright sheet
Wide coils (transportation)
Auto Body Sheet / Body structures
Battery boxes
Automotive
Crash Management Systems
Heat exchangers
Aerospace Airware
Wingskins (machined plates)
Fuselage sheets Packaging Bottle cans
Closures
Coffee capsules
11
VALUE-ADDED MANUFACTURING CAPABILITIES ARE HARD TO REPLICATE
22 production facilities, R&T centers: substantial asset value
Plymouth, MI
Automotive hub
R&T center to support
automotive OEMs
Sales office and technical
support for JV
Bowling Green, KY
BiW/ABS CALP JV with UACJ
Corporation, majority owned by
Constellium
Muscle Shoals, AL
The widest hot line in North
America
One of the largest and most
efficient recycling facilities
San Luis Potosí, Mexico
Advanced automotive structures
manufacturing
Expected to start production in 2018
White, GA
Advanced automotive structures
manufacturing
Expected to start production in 2017
Van Buren, MI
Advanced and highly productive
integrated bumper
manufacturing lines
Ravenswood, WV
Leading supplier to the highly
demanding aerospace industry
Among the largest stretchers
Worldwide
Valais, Switzerland
Plate shop for general
engineering products
Large extrusion presses
Singen, Germany
Integrated hot / cold-rolling lines
A very large extrusion press
Our largest Auto Structures plant
Voreppe, France
World-class Technology Center
Soft Alloys Extrusions, Europe
5 | | plants supplying profiles |
internally (for Automotive
Structures) and to 3rd parties
Neuf-Brisach, France
Fully integrated, highly advanced
rolling capabilities
World-class recycling center
Changchun, Jilin Province,
China
JV with Engley
Advanced automotive structures
Capabilities
Issoire, France
One of the world’s two leading
aerospace plate mills
Extensive value-added product
Capabilities
ESTIMATED REPLACEMENT VALUE OF OVER €9 BILLION*,
WITH CAPABILITY TO PRODUCE A BROAD RANGE OF HIGH VALUE-ADDED PRODUCTS
*Replacement values estimated as of the end of 2016
12
CONSTELLIUM HAS A COMPELLING STRATEGY IN PLACE
HIGH VALUE-ADDED PRODUCT FOCUS
CUSTOMER CONNECTIVITY
OPTIMIZE MARGINS AND ASSET UTILIZATION THROUGH
PRODUCT PORTFOLIO MANAGEMENT
HARVEST RECENT INVESTMENTS
STRICT COST CONTROL / CONTINUOUS IMPROVEMENT
INCREASED FINANCIAL FLEXIBILITY
13
A HIGHLY EXPERIENCED TEAM OF BUSINESS UNIT LEADERS
Arnaud JOURON – President, Packaging & Automotive Rolled Products (since Dec. 2015)
11 years of experience in the metal industry with Constellium and ArcelorMittal
Worked 12 years in various consulting firms (McKinsey, Arthur D. Little and Bossard)
Graduate of France’s Ecole Polytechnique and Ecole Nationale des Ponts et Chaussées
Ingrid JOERG – President, Aerospace & Transportation (since June 2015)
22 years of experience in the aluminium industry with Constellium, Aleris, Alcoa and Amag
Holds an MBA from the University of Linz, Austria
Paul WARTON – President, Automotive Structures & Industry (since 2009)
25 years of experience in managing aluminium extrusion companies across the U.S., Europe and in China with Constellium, SAPA, Alcoa and British Aluminium
Chartered Engineer and an MBA from London Business School
14
DEPLOYING OUR STRATEGY ACROSS OUR BUSINESS
PACKAGING
& AUTOMOTIVE ROLLED
PRODUCTS
AEROSPACE
& TRANSPORTATION
AUTOMOTIVE STRUCTURES
& INDUSTRY
FINANCE
Grow ABS businesses in the US and Europe; complete ramp-up of new CALP lines Optimize capacity utilization between canstock and Auto Body Sheet; debottleneck rolling capacity in Europe Continue rigorous cost and capital discipline
Maintain aerospace shipments while increasing value-added content Grow shipments in Transportation, Industry and Defense markets Maximize use of current capacities, improve throughput and yields; continue focus on reducing costs
Execute on growth projects
Invest to maintain leadership position in automotive structures Continue rigorous cost discipline
Project 2019: positive free cash flow by 2019, through cost reduction and TWC discipline Strengthen balance sheet and liquidity Improve financial discipline, especially new capital deployment Improve external communications
15
ADDING IT UP – FUTURE CONSTELLIUM
OBJECTIVES
Positive Free Cash Flow in 2019
Adjusted EBITDA in 2020 > €500m Net Debt/Adj. EBITDA 4.0—4.5x
High single digit Adj. EBITDA growth
Execute and harvest our current investment plan:
Neuf Brisach and Bowling Green CALP lines fully deployed
by 2019
White, Georgia and San Luis Potosi Automotive Structures
plants running by 2019
Van Buren and Decin expansion completed and running
Singen upgrade completed
Cost reduction and cash improvement initiatives across
our platform
Capital spending at €275m or less
~€150m—€175m for maintenance
16
Packaging &
Automotive Rolled Products
A R N A U D J O U R O N
17
A GLOBAL LEADER IN CAN STOCK, WITH A GROWING PRESENCE IN AUTO BODY SHEET
2016 FIGURES BY END MARKETS
Shipments: 1,013kt Sales: €2,498m
Packaging
80%
Other
4% Automotive
11%
Packaging
85%
Other
7%
Automotive
13%
Packaging
80%
KEY PRODUCTS AND END MARKETS BLUE CHIP CUSTOMERS
PACKAGING
Can Body Stock
(#2 in Europe,
#3 in North America)
AUTOMOTIVE
Auto Body Sheet
(Joint #2 in Europe)
Heat-Exchangers
SPECIALTIES
Decorative
Cosmetics
Paintstock
Market positions based on 2016 company internal market analysis
18
14
RECORD ADJUSTED EBITDA IN 2016 WITH TURNAROUND OF MUSCLE SHOALS
Record adjusted EBITDA in FY16 driven by
significant cost reduction efforts in Muscle Shoals
and productivity improvements
2016 Automotive rolled products shipments
increased by 28%
Muscle Shoals: Turnaround in progress.
Revamping of assets ongoing (recycling, hot mill,
cold mill)
in order to supply ABS substrate
Neuf-Brisach: Solid operating performance
achieved; an important transition year with
automotive ramping up
Singen: Productivity improvements; additional
automotive and specialties sales
SHIPMENTS IN KT
ADJUSTED EBITDA & ADJUSTED EBITDA PER TON
1,035
Specialties/Other
595
2012
606
2014
620
2013 2016
1,013
2015
Automotive
Packaging
Muscle Shoals acquisition
92 105 118
183
201
0
50
100
150
200
250
0
50
100
150
200
250
2012 2013 2014 2015 2016
€m
ADJ. EBITDA €/t ADJ. EBITDA €m
€/t
176 176
153
190 199
19
15
NORTH AMERICAN AND EUROPEAN OPERATIONS FUNCTION AS ONE SYSTEM
SUPPORTED BY LOCAL R&T CENTERS
Bowling Green, KY
ABS CALP JV with UACJ
Corporation
Ramping up to 100kt capacity
Voreppe, France
World-class Technology Center
Singen, Germany
230kt rolling mill focused on specialties
ABS capacity of 20kt
Integrated hot-cold rolling line allows
unique metallurgical properties and short
lead times
LLeeggeenndd
P&ARP
Joint- Venture
R&T
Muscle Shoals, AL
450kt rolling mill focused on
Can sheet
Widest hot line in North America
Capacity expansion ongoing for
ABS
Plymouth, MI
Automotive hub
R&T center to support
automotive OEMs
Sales office and technical
support for JV
Neuf-Brisach, France
450kt rolling mill focused on
packaging and automotive
ABS capacity ramp-up ongoing
up to 165kt
20
16
CANSTOCK MARKET:
A STABLE OUTLOOK IN NORTH AMERICA; CONTINUED GROWTH FORECAST IN EUROPE
Source: CRU. Note: North America includes Mexico
500
1 000
1 500
2 000
0
2011 2016 2021
0
1 000
500
+3%
2011 2016 2021
EUROPEAN DEMAND DRIVEN BY FURTHER SUBSTITUTION FROM STEEL
TO ALUMINIUM AND ECONOMIC GROWTH IN EASTERN EUROPE
NORTH AMERICA (KT) EUROPE (KT)
CAGR
0%
CAGR
21
17
CANSTOCK:
RECESSION RESILIENT
RESILIENCE OF CANSTOCK DURING LAST DOWNTURN
IN NORTH AMERICA
RESILIENCE OF CANSTOCK DURING LAST DOWNTURN
IN EUROPE
OUR PERSPECTIVES ON CANSTOCK
Can sheet demand is highly resilient
across economic cycles
Competitive dynamics are changing,
but domestic packaging business has
competitive advantages:
Metal inputs (UBC recycling)
Efficient operations
Logistics
70%
80%
90%
100%
110%
2007 2008 2009 2010 2011
Total European Flat Rolled Products Volumes
European Canstock Volumes
70%
80%
90%
100%
110%
2007 2008 2009 2010 2011
Total North American Flat Rolled Products Volumes
North American Canstock Volumes
Source: CRU. Note: North America includes Mexico
22
18
AUTO BODY SHEET:
GROWTH FORECAST IN NORTH AMERICA AND EUROPE
200
400
0
800
600
2012
+19%
2016 2021
0
500
2012 2016 2021
Source: Constellium internal analysis, CRU
NORTH AMERICA (KT) EUROPE (KT)
ABS GROWTH IN NORTH AMERICA AND EUROPE DRIVEN
BY INCREASED ALUMINIUM INTENSITY
CAGR
+12%
CAGR
23
19
OPERATIONS EUROPE:
INCREASE IN ABS PRODUCTION FUELED BY RECENT GROWTH INVESTMENT;
RAMP-UP OF NEW EQUIPMENT ON TRACK
NEUF-BRISACH, FRANCE
New 100kt CALP line commissioned in 2016 ahead
of schedule
Ramp-up on track
Expected total plant ABS capacity to ~165kt by 2019
Comprehensive product mix, inners/outers, 5xxx
and 6xxx alloys
Main customers: German and French OEMs
CALP LINE IN NEUF-BRISACH
SINGEN, GERMANY
New Continuous Furnace commissioned in 2015
ABS total capacity of 20kt
New project launched to upgrade cold rolling,
in order to supply ABS substrate to Neuf-Brisach.
Expected completion 2018
Main customers: German OEMs
CONTINUOUS FURNACE IN SINGEN
24
20
OPERATIONS NORTH AMERICA:
REVAMP OF MUSCLE SHOALS AND A STATE OF THE ART ABS FINISHING FACILITY
MUSCLE SHOALS, ALABAMA
450kt rolling mill currently focused on can sheet,
expected to supply ABS substrate
Widest hot mill in the U.S.
Transformation of hot and cold rolling capabilities
underway to support ABS growth
Rigorous cost and productivity improvement plan
in place and delivering results
COLD ROLLING IN MUSCLE SHOALS
BOWLING GREEN, KENTUCKY (JV)
New 100kt integrated CALP; production started
on-time in 2016
Ramp-up on track; expected to be fully utilized
by late 2018
Comprehensive product mix
(inners and outers, 5xxx and 6xxx alloys)
Timing of second CALP line under evaluation;
facility has ample room for expansion
LINE 1 IN BOWLING GREEN
25
PRODUCT INNOVATIONS:
LATEST DEVELOPMENTS FOR AUTOMOTIVE AND PACKAGING MARKETS
PRODUCT INNOVATION END MARKET DESCRIPTION
6xxx series designed to provide energy absorption and high strength Securalex® HS Automotive Used for specific parts in the vehicle’s sensitive areas such as seating, tank and front parts
Securalex® HS being used on the new BMW 5 series
Constellium’s new aluminium sheet solution for the aerosol market
Helps save up to 30% of weight compared to traditional Aerosol Aeral™ methods while maintaining same level of performance Packaging
P&ARP is supplying Aeral™ to a can maker for the cosmetics market
Potential market size: 15-20kt
26
P&ARP HAS PASSED THE PEAK INVESTMENT PERIOD AND IS FOCUSED ON GENERATING CASH
OUR MAJOR INVESTMENTS ARE EITHER COMPLETED OR CLOSE TO COMPLETION:
New automotive finishing line in Neuf-Brisach, France, SOP July 2016
New automotive finishing line in Bowling Green, Kentucky, SOP September 2016
Hot and Cold rolling revamp in Muscle Shoals, Alabama, completion end 2017
P&ARP HAS LAUNCHED VARIOUS COST SAVING AND PRODUCTIVITY IMPROVEMENT INITIATIVES
For example:
Procurement
Equipment efficiency
Raw material yield
SPECIFIC ACTIONS LAUNCHED TO REDUCE TWC INCLUDING INVENTORY
27
ADDING IT UP – FUTURE P&ARP
GROW ABS BUSINESS IN THE U.S. AND EUROPE
OPTIMIZE CAPACITY UTILIZATION
CONTINUE RIGOROUS COST, WORKING CAPITAL AND CAPEX DISCIPLINE
28
Q&A
29
Aerospace & Transportation
IN GR ID J O E R G
30
25
A GLOBAL LEADER IN AEROSPACE, TRANSPORTATION, INDUSTRY AND DEFENSE
Global leader in the aerospace aluminium market
#1 in aero plates worldwide
#1 in aero sheets in Europe
Solid positions in selected niches in transportation
and industry
#1 in wide coils in North America
61%
Aerospace
39%
Transportation,
Industry &
Defense
Sales: €1,302m
49%
Aerospace
51%
Transportation,
Industry &
Defense
Shipments: 243kt
Market positions based on 2016 company internal market analysis
2016 FIGURES BY END-MARKETS
KEY PRODUCTS AND MARKETS BLUE CHIP CUSTOMERS
31
26
A&T HAS OFFSET AEROSPACE HEADWINDS
WITH INCREASED SHIPMENTS AND IMPROVED OPERATIONAL PERFORMANCE
Higher shipments and improving
operational performance produced stable
financial results in 2016
Shipment growth of 5% vs. PY,
+2% in aerospace and +9% in TID
Weaker product mix reduced Adj.
EBITDA per ton by €20
Volume growth, productivity and
operational improvements –
particularly on Airware® – offset
aerospace headwinds
Cost reduction and productivity measures
expected to continue and contribute to
earnings growth
224 244 238 231 243
2012 2013 2014 2015 2016
Transportation,
Industry & Defense
Aerospace
106 120 91 103 103
472 491
380
445 425
2012 2013 2014 2015 2016
ADJ. EBITDA
ADJ. EBITDA/T
SHIPMENTS IN KT (2012-2016)
ADJ. EBITDA IN €m and ADJ. EBITDA/T (2012-2016)
32
27
A&T MANUFACTURING SITES WELL LOCATED TO SERVE ITS GLOBAL CUSTOMER BASE
Ravenswood, WV
Products: plates, coils and sheets
Issoire, France
Products: plates, coils, sheets,
pre-machined plates & wingskins,
extrusions
Valais, Switzerland
Products: plates
Montreuil-Juigné, France
Products: extrusions
Ussel, France
Products: cast parts
33
28
AEROSPACE REMAINS A VERY ATTRACTIVE END MARKET
A320 A330 A350 A380 B737 B767 B777 B787 B747
AIRBUS BOEING
Main OEM backlog at end 2016
MARKET DYNAMICS OUTLOOK
3/4 Growth rate projected at 2%
per annum for plate market
at current aircraft mix
3/4 Next-generation aircraft not
expected to enter into service
before 2025 – design and
material choices open
3/4 Credible metallic alternatives
to composites exist – Airware®
for fuselage and wing
applications
3/4 Passenger traffic forecast to grow at 4% per annum
3/4 Order book amounts to 7-8 years of production for
single-aisle aircraft
3/4 Trend to monolithic structures increase plate intensity
3/4 Expected production ramp up of planes with higher
composite share
Source: Airbus and Boeing
4,452
93 442 700
28
5,645
363
754
112
34
29
A&T’S CONTRACTS WITH KEY AEROSPACE OEMS CONFIRM
SHARE IN EXPECTED FUTURE GROWTH
Multi-year contract with Boeing
Several regional and business
aircraft OEM contracts
C Series entry into
service with Airware®
A350 entry into
service with Airware®
OEM
contracts
Airware®
flying
2014 2016 2017
Multi-year contract
with Airbus
2015
DIVERSIFIED CUSTOMER PORTFOLIO LONG-TERM CONTRACTS WITH BLUE CHIP CUSTOMERS
90% OF CONSTELLIUM’S AEROSPACE SALES
COVERED BY LONG-TERM CONTRACTS
35
30
BROAD AEROSPACE PORTFOLIO WITH OVER 300 PATENTS,
UNDISPUTED LEADERSHIP IN AL LITHIUM TECHNOLOGY AIRWARE®
SpaceX
Falcon
Embraer
KC-390
Bombardier
C Series
Airbus A350
+46%
Corrosion
Resistance
+25%
Fatigue
Resistance
+8%
Strength
+6%
Toughness
-4% Density
+7%
Stiffness
Airware® 2050
Conventional alloy*
3/4 One pilot casting facility at C-TEC, the company’s
principal R&T facility in Voreppe, France
3/4 Two fully operational cast houses in Issoire, France
3/4 Total capital investment of €60m
Airware® at early stage of product lifecycle, new range
of Airware® products under development
Airware® – high performance technology fully
industrialized
3/4 Proven technology on ramping programs
of Airbus A350 and Bombardier C Series
3/4 Material of choice for military and space
applications
3/4 Seven different Airware® alloys flying today
3/4 Current applications: fuselage skin, stringers,
floor structure and seat tracks, window frames,
large internal wing and fuselage components
36
31
A&T IS GROWING SHARE OF HIGH VALUE-ADD AEROSPACE PRODUCTS
THROUGH UNIQUE MANUFACTURING CAPABILITIES AND ALLOY PORTFOLIO
3/4 Airware®
3/4 Fuselage sheets
3/4 Wingskins
3/4 Pre-machined parts
3/4 Closed-loop recycling
Depth of offering
Alloy portfolio
Manufacturing capabilities
Depth of market
presence
Global
coverage
Presence
at key OEMs
Tier 1
players
Tier 2
Players
Tier 3
Players
Focus on growth in high value-add products
and supply chain integration
Global coverage with a portfolio
of world-class manufacturing capabilities
Pre-machined rib, frames and wingskins
37
32
A&T HAS STRONG GROWTH POTENTIAL WITH DIFFERENTIATED, TAILOR-MADE SOLUTIONS
FOR CUSTOMERS IN THE TRANSPORTATION, INDUSTRY AND DEFENSE MARKETS
GripsterTM
(for truck floors)
Xtral® Sealium®
Unidal®
Precision Plates
Alumold®
DokimaTM
KeikorTM
armor suite
Sealium®
for navy
Herkal®
Wide portfolio of
patented alloys
and brands
TRANSPORTATION
INDUSTRY
DEFENSE
Strong, differentiated
capabilities:
Thick plates
Wide coils
Low-residual stress
products
Growth through market
penetration, access to
new market segments
and specialty
applications
BROAD
PORTFOLIO OF
VALUE-ADD
PRODUCTS…
… COUPLED WITH
SOLID MARKET
POSITIONS
38
33
PUSHER FURNACE INVESTMENT IN RAVENSWOOD TO PROVIDE EXCELLENT BASE FOR
FUTURE GROWTH AND ACCESS TO NEW MARKETS
* Tank Automotive Research Development and Engineering Center
Developing new range
of high value products
Increasing demand for sheet products
to support vehicle light-weighting
Lightweighting opportunities with increasing fuel economy regulations
TRUCKS & TRAILERS VEHICLE COMPONENTS
Strong
platform
to address
opportunities
in North
America
DEFENSE
Market recovering and
set for growth
Awarded contract with US
Army TARDEC*
$35 million investment
Very tight temperature control for superior product and process quality
Productivity gains and better energy efficiency of heating cycles
Aerospace certified
PUSHER FURNACE OVERVIEW
39
34
RECENT OPERATIONAL IMPROVEMENTS EXPECTED TO CONTINUE THROUGH EXECUTION
OF A&T’S MANUFACTURING EXCELLENCE ROADMAP AND COST SAVINGS INITIATIVES
Airware® cast houses fully ramped-up
and technology industrialized
Achieve metal cost reduction through increased
recycling and furnace revamps
Reduced equipment downtime by 25% over
two years through sustaining program
Business process reengineering to improve
labor productivity
The combination
of these projects is
expected to reduce
production costs
across the A&T
product mix
40
35
ADDING IT UP – FUTURE A&T
Increase share of value-add products in aerospace,
further develop downstream activities to improve customer intimacy
Grow in transportation, industry and defense through market penetration,
new market segments and specialty applications in niches
Leverage existing technology to innovate and keep A&T ahead of competition
Deliver operational excellence to satisfy customers,
increase productivity and reduce cost with recent investments
41
Q&A
42
P A U L W A R T O N
Automotive Structures
& Industry
43
27%
Automotive
Structures
18%
Extrusions for
Automotive
55%
Other
SHIPMENTS: 217kt
GLOBAL LEADER IN ALUMINIUM EXTRUDED SOLUTIONS TO OEMs,
STRONGLY POSITIONED IN ELECTRIC VEHICLE MARKET
37
2016 FIGURES BY END-MARKETS
KEY PRODUCTS AND END MARKETS BLUE CHIP CUSTOMERS
43%
Automotive
Structures
11%
Extrusions for Automotive
46%
Other
REVENUE: €1,002m
Automotive
market:
54%
AUTOMOTIVE STRUCTURES INDUSTRY
Market positions based on 2016 company internal market analysis
44
38
ADJUSTED EBITDA HAS DOUBLED IN LAST 5 YEARS
SHIPMENTS IN KT (2012-2016)
ADJ. EBITDA IN €m and ADJ. EBITDA/T (2012-2016)
KEY IMPROVEMENT DRIVERS
0
100
200
300
2012 2013 2014 2015 2016
Automotive Structures Industry
3/4 Transitioning from products to designed solutions
3/4 Turnaround of loss making entities
3/4 Divestitures, business segment exits
3/4 Productivity improvement & cost control
3/4 Innovations (through Constellium University Technology
Center in Brunel, UK)
3/4 Organic expansions
(e.g. AS plants in U.S. & Mexico; Extrusion plant in Canada)
3/4 Strong focus on operational cash flow development
supported by operational results and TWC management
206 191 208 212 217
225
311 351 380 471
0
200
400
0
50
100
150
2012 2013 2014 2015 2016
ADJ. EBITDA ADJ. EBITDA/T
46
58 73 80
102
45
GLOBAL PARTNER WITH WORLDWIDE PRESENCE OF PRODUCTION UNITS
AND ENGINEERING CENTERS
Dahenfeld and
Gottmadingen,
Germany
Switzerland
Germany
France
Changchun, China
Van Buren,
Michigan
JV Astrex,
Ontario, Canada
White, Georgia
Czech Republic
San Luis Potosí, Slovakia
Mexico
Industry Plants
Automotive Structures Plants
University
Technology Center
Brunel, UK
Technology & Engineering centers
incl.
Engineering
center
incl.
Engineering
center
Industry plants in Europe:
Decin (Czech Republic): specialized in Hard alloys
CED (Germany): Soft alloys plants (Automotive &
Building segments)
Levice (Slovakia): Soft alloys plant (Automotive
segment)
Nuits-Saint-Georges (France): Soft alloys plant
(Automotive segment)
Sierre (Switzerland): Large Profiles (Rail & Road
transport)
Singen (Germany): Soft alloys Automotive segment
& Large profiles
15 PLANTS WORLDWIDE AND R&T CENTERS IN EUROPE AND U.S.
39
46
AUTOMOTIVE STRUCTURES:
SIGNIFICANT GROWTH EXPECTED IN ALL PRODUCT LINES
Market growth of North America extruded aluminium CMS,
body structures, chassis & battery boxes
Source: AS estimates, IHS, Ducker (EA Aluminium Content in cars March 2016, AS Receptivity project in 2015)
(in kt)
(in kt)
Chassis
& Battery boxes
2015 2020 2025
2015 2020 2025
Body
Structures
Crash Management
Systems
CAGR
2015-2025
4%
13%
10%
~140
~180
~250
~190
~290
~420
Market growth of European extruded aluminium CMS,
body structures, chassis & battery boxes
Chassis
& Battery boxes
Body
Structures
Crash Management
Systems
CAGR
2015-2025
10%
7%
8%
CRASH MANAGEMENT SYSTEMS
3/4 Our market share estimate: ~35%
3/4 Growth mainly driven by high volume segment
BODY STRUCTURES
3/4 Growth mainly driven by new products
(e.g. longitudinals) and mixed material
solutions
CHASSIS & BATTERY CRASH PROTECTION
SEGMENTS
3/4 Two new growth drivers for extrusion-based
solutions
40
47
AUTOMOTIVE STRUCTURES:
DIVERSIFIED CUSTOMER PORTFOLIO WITH 5 MAJOR OEM CUSTOMERS
Expected growth of Automotive Structures sales
per key customer
41
CRASH MANAGEMENT SYSTEMS
3/4 OEMs targeting high volume steel substitution on global
mid-size auto platforms
BODY STRUCTURES
3/4 Significant growth expected with every OEM
3/4 Key customer focus:
Ford and Tesla in North America
Daimler, BMW, Porsche, PSA and JLR
in Europe
CHASSIS & BATTERY BOXES
3/4 Penetrate Chassis segment at EU and US OEMs
3/4 Significant opportunities in electrical car vehicles
(e.g. battery boxes) – active area of development
and prototyping
+9%
2015 2020
OEM 1 OEM 2 OEM 3 OEM 4 OEM 5 Others
CAGR
48
AUTOMOTIVE STRUCTURES:
WHY IS CONSTELLIUM THE PREFERRED SUPPLIER?
42
FULLY INTEGRATED OFFER
ABILITY TO ACT AND REACT QUICKLY ON
EACH STEP OF ENGINEERING AND
PRODUCTION PROCESS
New products and process developments
(advanced high strength alloys, new technologies)
Industrial scale prototyping in 5 weeks
(versus 10 weeks on market)
Skilled and reactive
engineering team
Proprietary alloys
adapted to specific
applications
Own extrusion lines
and processes
worldwide
Global supplier to
global customers
Propose innovative
and cost efficient
solutions
Understanding
customer needs
Ability to provide the same
solutions in Europe,
North America and China
Partnership with
Brunel, UK
University
49
ENGINEERING
AUTOMOTIVE STRUCTURES:
DELIVERING COMPLETE SYSTEMS BY MASTERING THE WHOLE VALUE CHAIN
43
DESIGN
R&T
Melt
furnace
Billet
casting
Alloying
elements
Al
(ingots or recycling) Homogenization
furnace
folding-CB folding-shearing-CB
folding shearing
block
CASTING
Billet Billet heater Extruding Quenching Water
Cutting to length
Stretching
EXTRUSION
FINAL PRODUCT
MANUFACTURING
50
AUTOMOTIVE STRUCTURES:
TYPICAL PROJECT LIFECYCLE IS 7 TO 11 YEARS
44
Contacts between Customer and Constellium
START OF PRODUCTION
CUSTOMER CONSTELLIUM
TENDERING PROCESS
INCLUDING
RFI (Request for Information)
RFQ (Request for Quotation)
Tests of prototypes
ANSWERS TO CUSTOMER
Design ideas
Quotation based on
customer design
Prototypes
Industrial prototype testing
& supplier production
capacity control
Ensure production capacity
(building, equipment)
Produce prototypes on full
scale line
12-24 months 12-24 months
5-7 years
NOMINATION
SOP: Start of production, EOP: End of production, Cum FCF: cumulative free cash flow
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Typical Automotive Structures Lifecycle
Nomination
SOP
Peak
EOP
Sales ADJ. EBITDA CUM FCF
51
87% LINKED TO GROWTH PROJECTS, 13% TO RENEWAL PROJECTS; 57% NOMINATED FOR EUROPE, 43% NOMINATED FOR AMERICA
AUTOMOTIVE STRUCTURES:
RECENT NOMINATIONS IN VALUE OF > €1.2 BILLION
45
German OEM – Sports Vehicle (Body structure parts)
Lifetime revenue: ~€200m
SOP: Q2 2018
Growth / Outsourcing
NA OEM – SUV (Longitudinals, CMS)
Lifetime revenue: ~€300m
SOP: Q1 2019
Growth / Substitution from steel
German OEM – Electric Vehicle (Battery Box)
Lifetime revenue: ~€200m
SOP: Q3 2018
Growth
German OEM – Compact Car (CMS)
Lifetime revenue: ~€100m
SOP: Q4 2018
Renewal
52
AUTOMOTIVE STRUCTURES:
INVESTMENT PROJECTS ON TIME AND BUDGET
46
Expected volume to double
from 2016 to 2020
Expected volume increase
EUROPE by 24% from 2016 and 2020
–
EXPANDING
GERMAN PLANTS
GOTTMADINGEN, GERMANY DAHENFELD, GERMANY
FLEXIBLE INVESTMENTS
New production line: €10-20m investment
Flexibility between locations (Van Buren vs
White vs Mexico)
Depending on (re)location of customer’s
production to the US
Production start in 2018
CMS Global platform
Customers target non-US
world market (60-70%)
Grand opening in May 2017
To expand OEM customer
base in the Southern US
Level of sales expected
to increase by 37% driven
by NA OEM Longitudinals
& CMS within existing premises
€20m additional investment
NORTH AMERICA
–
FOLLOW GLOBAL
CUSTOMER
VAN BUREN, MICHIGAN WHITE, GEORGIA SAN LUIS POTOSÍ, MEXICO
53
INDUSTRY:
CURRENT INVESTMENT PROJECTS TO SUPPORT AUTOMOTIVE STRUCTURES
47
Upgrade existing Soft alloys extrusions plants to follow the growth of Automotive Structures
Protect IP of proprietary alloys & processes
Maintain leadership position as OEM preferred material development partner
EUROPE
–
UPGRADE
& EXPAND
FULLY-OWNED SOFT ALLOYS EXTRUSIONS PLANTS (GERMANY, FRANCE, SLOVAKIA)
Produce Constellium proprietary
alloys
Protect the IP
NORTH AMERICA
–
UPSTREAM
CONTROL
ASTREX JV, ONTARIO (CANADA)
A true material development partner
Optimized supply chain
Speed to market: prototype & serial
production
IMPORTANCE OF
INDUSTRY FOR AUTO
STRUCTURES
54
INDUSTRY:
EXAMPLE OF CURRENT INVESTMENT PROJECT TO GROW AND DIVERSIFY OUR
PORTFOLIO OF EXTRUDED-BASED SOLUTIONS FOR THE AUTOMOTIVE MARKET
48
DECIN
Expansion on a new site, a few kilometers away from the historic site:
A new casthouse (40kt of hard alloys billet capacity)
A new extrusion line with variable extrusion power
Downstream equipment
Products:
Forging stock applications in automotive
Battery boxes for hybrid and full-electric vehicles
Machined parts for chassis and other structural applications
Timeline: expected start of production in 2019
LEVICE
Well established qualified position with scalable capacity
Development of battery boxes and machined parts for transportation
EUROPE
–
UPGRADE
& EXPAND
With specific focus
on Eastern Europe
DECIN (CZECH REPUBLIC) AND LEVICE (SLOVAKIA)
55
ADDING IT UP – FUTURE AS&I
AS&I OPERATES IN HIGHLY ATTRACTIVE MARKETS THAT ARE EXPECTED TO GROW
CLEAR STRATEGIC OBJECTIVES
Retain leadership position in extrusion-based solutions for structural automotive parts (worldwide) and in the EU hard alloy extrusions market
CUSTOMER ORIENTED
A partner, developing engineered solutions adapted to customer needs
A provider of optimal product performance and weight reduction solutions
A steadily growing geographic footprint enabling proximity and best service to global OEMs
FOCUS ON INNOVATION AND TECHNOLOGY
Strong innovation capabilities both internally and through external partnerships (e.g. UTC in Brunel)
Developed advanced high strength 6xxx alloys
Integrated supply chain with ability to act on each step of production process (from billet casting to final product)
SEIZING OPPORTUNITIES
Expected further growth into new segments (chassis, battery box, longitudinals)
Downstream development potential both in Rail and Hard alloys to raise entry barrier
EXPERIENCED LEADERSHIP TEAM
Extensive global industry knowledge with a demonstrated track record
Year on year double digit Adj. EBITDA increase since 2010
AS&I HAS BECOME THE MARKET LEADER IN TERMS OF GROWTH & FINANCIAL RESULTS AND WILL CONTINUE TO DELIVER ON BOTH GROWTH & PROFITABILITY
49
Q&A
63
P E T E R M A T T
Finance
64
FOCUS ON FREE CASH FLOW
- PROJECT 2019
Reduce costs
Lower trade working capital
Reduce capital spending
RIGOROUS CAPITAL
DISCIPLINE
Optimize existing assets
IRR/payback metrics for growth and cost savings projects
STRENGTHEN BALANCE
SHEET AND LIQUIDITY
Sustainable Adjusted EBITDA growth
Cash flow improvement
Sufficient liquidity
Deleveraging
IMPROVE COMMUNICATIONS
WITH FINANCIAL COMMUNITY
Deliver on commitments
Shorten financial reporting cycle
Improve visibility
51
FINANCE PRIORITIES
65
52
FULL YEAR 2016 RESULTS
Adjusted EBITDA up 10%;
Adjusted EBITDA per ton up 11%
P&ARP up 10% to €201m
A&T flat at €103m
AS&I up 27% to €102m
Shipments of 1.5MT
Concluded peak capital spending needs
Redeemed PIK Toggle Notes in December
377
343
2015 2016
Revenues
Adj. EBITDA
/ Ton (€) 232 257
Shipments 1,478 1,470
(kt)
Adjusted
EBITDA
+10%
FINANCIAL SUMMARY 2016 PERFORMANCE HIGHLIGHTS
66
P&ARP
Over 90% of Packaging shipments secured under firm contracts
Continued system wide cost reduction and productivity gains
A&T
~90% of Aerospace and ~45% of TID shipments secured
under firm contracts
Q1 2017 weaker product mix with transition to new aerospace
contracts; Q2 2017 expected to be strong
AS&I
~70% of shipments secured under firm contracts
Demand remains robust and supported by competitive cost structure
Realizing benefits of recent Automotive Structures investments
53
CONFIDENCE IN 2017
SIGNIFICANT VISIBILITY INTO 2017 ADJUSTED EBITDA GROWTH
67
54
FOCUS ON FREE CASH FLOW – PROJECT 2019
COST REDUCTION
3/4 Demonstrated cost reduction capability across segments
3/4 Cost base of over €2 billion (excluding metal) provides significant
opportunity
WORKING CAPITAL
MANAGEMENT
3/4 TWC at year end 2016 of 61 days (excl. factoring)
3/4 | | 1 day equals €13m in 2016 |
3/4 Expect 2 to 5 day opportunity in 2017
DISCIPLINED CAPITAL
SPENDING
3/4 2017 target of €275m, down €80m from 2016
3/4 Maintenance spending of €150m—€175m
3/4 Focused on driving capital spending lower
COMMITTED TO GENERATING FREE CASH FLOW IN 2019
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55
DEMONSTRATED FOCUS ON COST REDUCTION
No stone unturned – we will look at
everything
Corporate, SG&A
Manufacturing (Yields, Productivity,
Maintenance)
Procurement (Metal, Energy, and Indirect
Costs)
Technology
Asset Configuration
Already making progress in 2017
€27m interest expense reduction
Significant additional opportunities
already identified
Other
Manufacturing
Maintenance
Procurement
~€24m Run Rate Savings Achieved to Date
COST BASE OF OVER €2 BILLION (excl. metal) PROVIDES
SUBSTANTIAL OPPORTUNITY
MUSCLE SHOALS CASE STUDY PROJECT 2019 – COST INITIATIVES
69
56
RIGOROUS CAPITAL DISCIPLINE
Project 2019 focused on sharpening capital
spending lens
Optimizing existing assets where possible
Increased visibility on outcomes
Target capital spending in 2017 of €275m,
down €80m from 2016
Maintenance projects to support asset integrity
and cost reduction: €150m—€175m
Growth projects subject to material scrutiny
AS&I biggest driver of near term growth
capital
ABS Europe
Transform
A&T upgrades
ABS Europe
Transform
Airware®
A&T upgrades
€m
350 355
199
275
2014 2015 2016 2017
CAPITAL SPENDING PEAKED IN 2015-2016 DISCIPLINED CAPITAL SPENDING
Muscle Shoals acquisition
70
57
OPTIMIZING EXISTING ASSETS TO DRIVE RETURNS
Description:
Upgrade of hot and cold rolling
Enable production of ABS substrate,
specialties, and other products
Key financial drivers:
Least capital intensive alternative for
incremental capacity
“One-system” approach for European
rolling assets
Return metrics:
Capital employed: €16m
IRR: above 50%
Payback: ~4 years
Description:
OEM renewal project on front
and rear CMS for new compact car
platform
Key financial drivers:
Reuse existing equipment with limited
new capex
Maintain key supplier position
Return metrics:
Minimal capital employed
Attractive IRR and payback
P&ARP—SINGEN AS&I – CMS RENEWAL
71
CALP LINE
IN NEUF-BRISACH, FRANCE
100kt CALP line
Currently in ramp up; full production expected in 2019
CALP LINE IN BOWLING GREEN,
KENTUCKY
100kt CALP line; 51% owned by Constellium
Currently in ramp up; full production expected in 2018
Not included in Adjusted EBITDA growth guidance
AUTOMOTIVE READINESS
AT MUSCLE SHOALS, ALABAMA Enhanced the hot and cold mill
AUTOMOTIVE STRUCTURES
IN WHITE, GEORGIA
CMS and Longitudinals Automotive Structures plant
Start-up expected Q2 2017
AUTOMOTIVE STRUCTURES
IN SAN LUIS POTOSI, MEXICO
CMS and radiator support Automotive Structures plant
Start-up expected in 2018
ASTREX AUTOMOTIVE EXTRUSIONS
IN LAKESHORE, ONTARIO
13kt extrusions to supply North American Automotive Structures
business
Currently in ramp-up
58
HARVESTING THE BENEFITS OF OUR INVESTMENTS
OVER €325m OF GROWTH INVESTMENTS; EBITDA TO COME
72
59
STRENGTHENING THE BALANCE SHEET AND LIQUIDITY
$650m Senior notes issuance at 6.625%
Reduces interest expense
Nearest debt maturity 2021
Redeemed Wise Senior Secured Notes
Facility modifications:
US Factoring—increased and extended
Wise ABL—extended
German / Swiss / Czech Factoring
- increased and extended
Target Net debt / Adj. EBITDA range of 4.0 – 4.5x
2016PF*
Secured debt 447
Unsecured debt 1,913
Other ** (6)
Total debt 2,354
Cash and cash equivalents (311)
Net debt 2,043
Net debt / Adj. EBITDA 5.4x
Secured debt / Total debt 19.0%
Total liquidity 501
FOCUS IS ON DELEVERAGING THROUGH EBITDA GROWTH
AND CASH IMPROVEMENT INITIATIVES
* Pro-forma for the February Senior notes issuance
** Other loans (incl. Finance leases), cash pledged and cross currency swap
CAPITALIZATION SNAPSHOT (€m) ACTIVE CAPITAL STRUCTURE MANAGEMENT
73
60
REITERATING FINANCIAL GUIDANCE
High single digit Adjusted EBITDA growth annually over the next three years,
leading to over €500m in Adjusted EBITDA in 2020
Capital Spending of €275m in 2017
Targeting positive Free Cash Flow in 2019
Net Debt / Adjusted EBITDA target range of 4.0x—4.5x
74
Q&A
75
61
KEY TAKEAWAYS
STRONG MARKET POSITIONS IN ATTRACTIVE END-MARKETS PROVIDE PLATFORM FOR SUCCESS
A COMPELLING STRATEGY IN PLACE WITH STRONG LEADERSHIP TEAM TO EXECUTE
FOCUSED ON COST REDUCTION AND CAPITAL DISCIPLINE
WELL POSITIONED TO DELIVER ON HIGH SINGLE DIGIT ADJUSTED EBITDA GROWTH TARGET
COMMITTED TO BUILDING FINANCIAL FLEXIBILITY AND DELEVERAGING
TARGETING FREE CASH FLOW POSITIVE IN 2019
76
Appendix
Net Debt Reconciliation December 31, 2016 December 31, 2015
Borrowings 2,468 2,233
Fair value of cross currency interest rate swaps (77) (47)
Cash and cash equivalents (347) (472)
Cash pledged for issuance of guarantees (9) (11)
Net Debt 2,035 1,703
Reconciliation of Net Income to Adjusted EBITDA € millions Year ended
December 31, 2016 Year ended
December 31, 2015
Net loss (4) (552)
Income tax expense / (benefit) 69 (32)
Income / (loss) before income tax 65 (584)
Finance costs - net 167 155
Share of loss of joint-ventures 14 3
Income / (loss) from operations 246 (426)
Depreciation and amortization 155 140
Impairment 457
Restructuring costs 5 8
Unrealized (gains) / losses on derivatives (71) 20
Unrealized exchange losses / (gains) from remeasurement of monetary assets and liabilities – net (3) 3
Losses / (Gains) on disposal and assets classified as held for sale 10 5
Loss on Ravenswood OPEB plan amendments 5
Share based compensation 6 7
Metal price lag (4) 34
Start-up and development costs 25 21
Manufacturing system and process transformation costs 5 11
Wise acquisition and integration costs 2 14
Wise one-time costs 20 38
Wise purchase price adjustment (20)
Other 1 6
Adjusted EBITDA 377 343
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