Key figures

Millions of euros

H1 2026

H1 2025

Chg. (€m)

Chg. (%)

Adjusted EBITDA1

276

191

+85

+45%

Adjusted Free Cash-Flow1

7

-266

+273

n.a.

Net Income, Group share (excluding SLN)1,2

-146

-101

-45

n.a.

Net debt (Net cash)

1,868

1,935

 -67

-3%

1 Effective from 2024, the Group’s key performance indicators are presented excluding SLN, since the New Caledonian entity no longer impacts the Group’s financial and economic performance. Reconciliation tables in accordance with IFRS accounts are presented in Appendix 1. Definitions are provided in the financial glossary in Appendix 9.

2 Including the impairment of Mineral Sands assets in H1 2026 (amounting to -€112m)

Key highlights in H1

ESG commitments

  • Safety: decline in the accident frequency rate over the first half, but two fatal accidents mourned at PT WBN in Indonesia
  • Responsible mining: 1st Group site to achieve the IRMA 50 performance level (Senegal)

Decisive operational progress

  • Lithium: production at 90% of nameplate capacity in June, in Argentina; progress in studies to expand the Centenario plant
  • Manganese: transported ore volumes up +6% in Gabon thanks to improvements in rail transport
  • Mineral Sands: partial restart of production in Senegal at the end of April, two months after the fire, covered by €50m in insurance indemnities

Improved financial performance: rebound of EBITDA and breakeven Adjusted FCF

  • Adjusted EBITDA[i] at €276m, up 45%, driven by the growth in lithium and manganese volumes, as well as savings under the ReSolution programme
  • Adjusted Free Cash-Flow1 returned to breakeven at +€7m, reflecting the EBITDA rebound, strict capex discipline and rigorous WCR management

Net Income, Group share1 (excluding SLN) at -€146m, after an impairment of Mineral Sands assets (-€112m) following the fire and an update of mineral reserves in Senegal

Balance sheet strengthening still required

  • Adjusted leverage1 at 4.5x and gearing at 129%; net debt, excluding SLN[ii], stable at €2bn
  • Liquidity at €1.3bn, including the RCF (€935m) fully drawn in late January 2026

Funding plan execution on schedule

  • ReSolution programme: purchasing and productivity gains confirmed; significant capex reduction (-53%)
  • €500m capital increase approved at the General Meeting (May 2026) and remaining essential to the funding plan; execution planned in Q4 2026

2026 targets confirmed

  • Manganese ore: 4 – 6.8 Mt transported, FOB cash cost1: $2.4 – $2.6/dmtu
  • Lithium carbonate: 17 – 20 kt-LCE, nameplate capacity close to 100% at end-2026
  • Nickel ore sold externally: 9 Mwmt, on the basis of the initial 12 Mwmt RKAB, pending approval of an upward revision submitted in early July
  • Mineral Sands: 300 – 400 kt-HMC, return to full capacity planned for Q1 2027
  • Capex: between €250m and €290m (thanks to strict capex discipline, despite €35m for repairs in Senegal)

[i] Definitions presented in the financial glossary in Appendix 9

[ii] Adjusted for SLN’s net cash position as of June 30, 2026 (€179 million)

In the first half of 2026, our results reflect concrete progress on all fronts. In Argentina, our Centenario plant achieved 90% of its nameplate capacity in June, confirming the value of this world-class asset. In Gabon, logistical efforts are delivering tangible volume growth. In Senegal, our teams managed to restart operations only two months after the fire in February.

On the financial front, the return to breakeven of Free Cash-Flow and the rebound in EBITDA reflect the effectiveness of our actions. Our funding plan is progressing according to schedule, with a capital increase that is essential for the Group to be carried out by year-end. We are putting in place the conditions that will enable Eramet to return to profitable and sustainable growth.

Christel Bories
Eramet Group Chair and CEO

The 2026 half-year results presentation will take place on Thursday 30 July 2026 at 9:30 a.m, (Paris time). To watch the live presentation, delivered in English by Christel Bories, Chair and CEO, and Simon Henochsberg, CFO, visit www.eramet.com. The replay of the presentation will be available on www.eramet.com following the event.