ESG commitments

  • Safety: TRIFR improved (0.6 over nine months), in line with the CSR roadmap

Solid operational momentum in Q3 2026, with increased manganese and lithium activities

  • Manganese ore: higher transported volumes, supported by works to upgrade the Transgabonese railway
  • Lithium: strengthened operational performance in Argentina during the quarter

Adjusted turnover [i] of €746m in Q3 2026, up 4%

  • Positive price effect (+15%), despite a decline in prices during the quarter, particularly for lithium
  • Negative volume effect (-12%), due to the suspension of ore production at PT WBN (Indonesia) for most of the quarter, following four months of Care & Maintenance; operations resumed in September after new permits were obtained

Progress on the funding plan

  • Continued progress under the performance improvement program (ReSolution)
  • €500m capital increase project in Q4 2026, the successful completion of which remains essential: subscription agreements signed with the reference shareholders and necessary waiver obtained from the French Financial Markets Authority (Autorité des Marchés Financiers, “AMF”)

Adjusted EBITDA [i] expected between €540m and €610m in 2026

  • Operational targets confirmed, with an upward revision for PT WBN: between 23 and 26 Mwmt in nickel ore sold externally (vs. 9 Mwmt initially), albeit with a very unfavourable mix in Q4
  • Q4 price assumptions broadly in line with consensus, with a more conservative view for lithium as recently observed

Controlled capex confirmed: between €250m and €290m in 2026

Balance sheet strengthening conditional upon completion of the capital increase planned by year-end

  • Adjusted leverage [i] expected below 0x and Gearing [ii] expected below 100% at end-December

[i] Definitions presented in the financial glossary in Appendix 7

[ii] Gearing within the meaning of bank covenants

In a market environment that remains complex and volatile, the improvement in our operational performance is confirmed, and the strengthening of our financial structure is ongoing.

The results posted in Q3 reflect the progress made in all our activities, notably the increase in transported volumes in Gabon, the ramp-up of the Centenario lithium plant in Argentina, the restart of our mining activities in Indonesia and the partial resumption of shipments in Senegal.

The performance improvement programme is progressing according to plan and continues to deliver results. We are also reaching further milestones in our funding plan, with the execution of our capital increase project by the end of the year. This plan aims to provide Eramet with the resources to continue implementing its strategy and return to sustainable growth over the long term.

Christel BORIES
Eramet group Chair and CEO