From 2024, Group’s key performance indicators (KPIs) are presented excluding SLN, as the New Caledonian entity no longer impacts the Group’s financial and economic performance.

Turnover

The Group’s Adjusted turnover1 amounted to €3,155m in 2025, down 7% from 2024. Adjusted for an unfavourable currency effect (-3%), the variation at constant scope and exchange rates came out at -3%, primarily due to an unfavourable price impact (-4%), which was partly offset by a positive volume effect (+2%).

Turnover (€)

20213 3 668m
20222,3 5 385m
20231,3 3 618m
20241 3 377m
20251 3 155m

Adjusted turnover (excluding SLN) distribution

Turnover: 3 377 M€

Manganese BU
(Ore + Alloys)
58%

Mn ore actvity 32%
Mn alloys activity 26%
Nickel BU3 33%
Mineral sands BU 8%
Lithium BU 1%

EBITDA

Adjusted EBITDA (excluding SLN)1 amounts to €372 million, a decrease of 54% compared to 2024, mainly reflecting:

  • An unfavourable price and exchange rate impact (-€285m at Group level) which weighed heavily on manganese
  • Permit restrictions, combined with the start-up of new mining production sites, which impacted performance at Weda Bay in Indonesia

The intrinsic performance is negative (- €82 million), mainly stemming from logistics and operational difficulties that weighed on the manganese ore business (-€37m), disruption of the mining plan at PT Weda Bay Nickel (-€31m), and the ramp-up of Centenario in Argentina (-€21m). These impacts were partially offset by improved operational performance in the Mineral sands activity (+€17m).

EBITDA (€)

20213 1 204m
20222,3 1 897m
20231,3 910m
20241 814m
20251 372m

 

Net income, Group share

Net income, Group share (excluding SLN)1 totalled -€370m, mainly resulting from the decline in EBITDA and the limited contribution of PT WBN, as well as an asset impairment charge for the mineral sands activity (-€171m) – mainly linked to the weaker long-term price outlook in this market.

Net income, Group share (€)

20213 298m
20223 740m
20231,3 358m
20241 144m
20251 -370m

 

Net financial debt

The Group’s net debt was €1,935m on 31 December 2025, including dividends received from PT Weda Bay Nickel amounting to €34 million (a sharp decrease compared to 2024, reflecting the significant decline in the JV’s EBITDA) and after disbursement related to dividends paid to Eramet’s shareholders (-€43m) and Comilog minority shareholders (-€55m) in respect of 2024.

Restated for SLN’s net cash position on 31 December 2025 (€111m), the Group’s net debt was €2,046m. As a result, the adjusted leverage ratio1 was 5.5x.

In response to a deteriorated financial situation, Eramet rolled out a plan to improve cash generation and strengthen the balance sheet, approved by the Board of Directors:

  • Focus on cash generation, driven by ReSolution, Eramet’s performance improvement program, as well as other measures, including capex rationalization
  • Strategic review of assets with asset monetisation options in 2026
  • Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholders

Net financial debt (€)

20213 -936m
20223 -344m
20233 -614m
2024 -1,297m
2025 -1,935m

 

1 Adjusted turnover (excluding SLN), adjusted EBITDA (excluding SLN), Group Net Income (excluding SLN), and adjusted leverage are presented to provide a better understanding of the underlying operating performance of the Group’s activities. The definitions are presented in Appendix 10 of the 2025 Annual Results Press Release.

2 Excluding Aubert & Duval, Sandouville and Erasteel, which in accordance with the IFRS 5 standard, are presented as operations that are sold or in the process of being sold (discontinued) in 2020, 2021, 2022 and 2023 ; additionally, the subsidiary Eramet Titanium & Iron (“ETI”), sold at the end of September 2023 to INEOS, is excluded from the Group’s scope as of this date.

3 Including turnover from the sale of SLN’s ferronickel, which is booked under “Eramet S.A.” and is now presented in “holding”.