Solid operational performance confirmed in 2026

  • Confirmation of targets published in Q3: Adjusted EBITDA[i] between €540m and €610m and Capex between €250m and €290m
  • Return to positive adjusted Free Cash-Flow1 over the year, notably thanks to the results of the performance improvement programme (including ReSolution)
  • Confirmation, subject to the completion of the capital increase, of adjusted leverage1 below 3x, gearing[ii] below 100% and liquidity estimated at more than €1.6bn at year-end

Continued deleveraging of the Group, with progress on two asset monetisation options and one disposal agreed in 2026

  • Two processes underway: one concerning the disposal of a minority stake in Centenario and the other a significant disposal of Eramet’s minority stake in PT Weda Bay Nickel[iii]
  • Disposal, for $71m[iv], of undeveloped mining concessions in the Arizaro salar in Argentina

Outlook for 2027: higher volume targets[v] and controlled capex

  • Manganese ore: transported volumes in Gabon between 6.8 and 7.3 Mt
  • Lithium carbonate: production between 20 and 24 kt-LCE
  • Nickel ore: external sales volumes expected to be in line with the last two years, subject to obtaining the permits
  • Mineral Sands: production of around 900 kt-HMC, with a return to full capacity in Q1 2027
  • Controlled capex: between €280m and €320m, close to the 2026 level, with strict capital allocation

Continued implementation of the strategic roadmap in critical metals 

  • Lithium growth options confirmed, notably with preparation for a potential first phase of expansion of the existing Centenario plant and an upward revision of the salar’s long-term potential to close to 150 kt-LCE per year
  • Progress under the memorandum of understanding signed in July with the Gabonese State regarding the transformation of the manganese value chain, particularly for steels used in critical applications and for the battery industry

[i] Definitions presented in the financial glossary in Appendix 1

[ii] Gearing within the meaning of bank covenants

[iii] Group’s share in PT Weda Bay Nickel: 38.7%

[iv] Gross value

[v] At constant scope

Eramet is finalising the preparation of its capital increase. On this occasion, we wanted to share our outlook for the Group through to 2027 and provide an update on the progress of our strategic roadmap.

Eramet has tier-one assets and solid development prospects, with growth options, particularly in lithium. We are fully aware that their realisation first requires restoring our balance sheet. This is the purpose of the actions we have initiated and are currently implementing, particularly as part of our funding plan and performance improvement programme.

All our teams are fully mobilised to ensure the successful implementation of these actions, which will enable Eramet to enter a new chapter in its history, with a restored financial structure and the necessary resources to seize its growth opportunities.

Christel Bories
Eramet Group Chair and CEO