• Excellent intrinsic performance in second half (+€230m, for a total of +€153m over the year) leading to adjusted EBITDA at €772m in 2023, in a depressed price environment on a full-year basis (-€1,373m):
    • New record for nickel ore volumes in Indonesia (+72% at 36.3 Mwmt)
    • Rebound in manganese ore production in Gabon in H2 2023 (+22% vs. H2 2022) reaching stable production over the year (at 7.4 Mt)
    • Very strong decline in selling prices for all of the Group’s markets, notably manganese, and class II nickel
    • Limited decline in input costs, compared to the decline in prices
  • Net income, Group share positive at €109m, including the asset impairment related to SLN(*)
  • Solid performance of restated Free Cash-Flow (FCF) , at €78m in a context of growth capex, resulting in net debt of €614m, and adjusted leverage of 0.8x
  • Proposal of a dividend of €1.5 per share, in line with the Group’s capital allocation policy
  • Start of lithium production in Argentina this summer, with the achievement of full capacity confirmed by mid-2025
  • Advanced work ongoing on solutions to neutralize SLN’s debt weighing on the Group’s consolidated accounts; the selected solution will be announced in the very next few weeks
  • Success of the Group’s 1st CSR roadmap and launch of the new roadmap – “Act for positive mining” – including the roll-out of the IRMA Standard for Responsible Mining at all mining sites
  • 2024 outlook set against the background of a continued very difficult macroeconomic context with low market price levels at the start of this year.
  • Growth in volume targets in 2024:
    • Manganese ore transported in Gabon: between 7.0 and 7.7 Mt
    • Marketable nickel ore at Weda Bay: between 40 and 50 Mwmt, depending on the schedule for regulatory approvals, of which a third is limonites
    • Lithium carbonate produced at Centenario: between 5 and 7 kt-LCE
  • Financial performance in H1 2024 expected to be significantly below that of H2 2024 given the unfavourable seasonality but also market prices which should not rebound before the second part of the year
  • Ambitious and controlled capex plan, of around €700m to €750m financed by the Group in 2024, in order to support growth in activities and plan for the future

In 2023, the Group demonstrated its ability to withstand low cycle periods and continue its devel-opment projects despite the economic situation.
The second half confirmed the strong improvement in our operational performance, notably with rec-ord manganese production in Gabon and continued strong growth in nickel production in Indonesia. These results enabled us to face the price environment, which was depressed throughout the year, and to achieve a solid performance in terms of cash generation.

The 2023 financial year was also marked by the conclusion of our first CSR roadmap, with major progress. At our first Capital Markets Day, we unveiled a new, even more ambitious roadmap, “Act for positive mining”, with targets that will position Eramet among the leading players in responsible mining.

In 2024, we will accomplish a new key milestone with the start of our lithium production in Argentina. This ambitious and innovative project will position us as a key player in the production of this metal which is essential for the energy transition.
The price environment remains very depressed in early 2024 and we are focusing our efforts on the performance of our operations and the strict control of our cash. Building on the repositioning on our high-quality mining assets’ portfolio, and thanks to the commitment of our teams, our solid fundamentals, as well as our innovations, we are confidently pursuing our responsible development strategy in the new era of metals.

Christel Bories
Group Chair and CEO