• Safety – a top priority for the Group: focused initiatives undertaken at the PT Weda Bay Nickel JV site (Indonesia)
  • Decisive operational milestones:
    • Successful ramp-up of lithium production at Centenario in Argentina, with a capacity of close to 75% of design achieved in December
    • Eramet Grande Côte, Eramet’s first mining site to achieve IRMA 50 performance level
  • Deteriorated financial performance in a challenging environment:
    • Adjusted EBITDA at €372m, down 54% vs. 2024:
      • 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
    • Net Income, Group share (excluding SLN) of -€370m, including an asset impairment for the Mineral Sands activity (-€171m)
    • Adjusted Free Cash-Flow1 of -€481m, including the finalisation of construction capex for the lithium plant. Adjusted leverage1 of 5.5x, supported by a high level of liquidity (€1.5bn)
  • Roll-out of 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 rationalisation
    • 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
  • A more favorable commodity pricing environment at the start of the year, except for mineral sands
  • 2026 targets:
    • Transported manganese ore: between 6.4 and 6.8 Mt; FOB cash cost between $2.4 and $2.6/dmtu, up due to an unfavourable exchange rate impact
    • Nickel ore sold externally: 9 Mwmt based on the notification from Indonesian authorities for the submission of the initial RKAB of 12 Mwmt, with the intention to apply for an upward revision as early as possible
    • Lithium carbonate produced between 17 and 20 kt-LCE, with a nameplate capacity close to 100% at end-2026
  • Controlled capex: between €250m and €290m in 2026, down 30-40% vs. 2025

In 2025, global macroeconomic headwinds and core commodities at cyclical lows combined with the weakening of the dollar weighed on the Group’s profitability and cash generation, while our operational performance did not meet our objectives across all operations.

However, we reached several key decisive milestones of our strategic roadmap, notably the ramp-up of our lithium production in Centenario. This is an achievement the Eramet team can be proud of, positioning our Group at the heart of the energy transition with a world-class asset. Our achievement in early 2026 of the IRMA 50 performance level by our mineral sands mine in Senegal also marks a major milestone in the Group’s Act for Positive Mining vision.

In 2026, our priority is to remain focused on improving our operational performance, controlling our costs and investments, with a particular attention to safety. The ReSolution programme provides a rigorous execution framework for these actions, leveraging our world-class assets.

We have also launched other structural actions, aimed at strengthening our balance sheet, with the full support of the Board of Directors, including a strategic review with asset monetisation options in 2026, as well as a planned equity base strengthening.

During this transition, I know I can count on the commitment of all our teams.

Christel Bories
Group Chair and CEO