• Launch of “ReSolution”, a group-wide performance improvement programme to unlock full potential, providing a renewed foundation for focused, disciplined and responsible growth
  • A comprehensive, hands-on diagnostic conducted by new management analysing operational performance in detail with clear value drivers and areas identified
  • Global macro-economic headwinds and core commodities at cyclical lows, maintaining pressure on the operations and weighing on the Group’s cash generation
  • Eramet’s Tier-1 asset portfolio positioned for long-term growth, driven by the energy transition and resilient demand in carbon and stainless-steel
  • Three main strategic pillars, a clear path forward and initiatives started in Q3, focusing on:
    • Safety and positive mining: embed a ‘zero harm’ culture across all operations
    • Operational excellence & productivity: drive operational and commercial excellence through targeted initiatives: initial run rate EBITDA[i] improvement potential of €130-170m within two years (at 2025 economic conditions[ii]); implementation costs to be incurred primarily in 2026
    • Financial resilience: in 2025, a cash boost programme has been implemented to deliver a one-off €60-70m impact on FCF by year-end, with further financial levers and a broader transformation programme expected to bring additional cash flow benefits over the two-year plan period
  • Focus on maintaining adequate liquidity, activating further financial levers as required, and deleveraging as a key priority to strengthen the balance sheet

Centenario lithium ramp-up on track, targeting production rate at c.90% of design capacity by mid-2026; volume impact to contribute on top of the potential EBITDA uplift presented above

[i] EBITDA: adjusted EBITDA, excluding SLN; see Appendix 2

[ii] Based on Eramet 2025e average realised prices and 2025e volumes, as well as 2025e €/$ FX rate consensus

ReSolution is the outcome of the thorough diagnostics we conducted during my first months at Eramet. It is the first step in our turnaround journey: a disciplined and action-driven programme to restore performance and unlock the full potential of our unique asset base.

The successful and on-time ramp-up of our Centenario lithium plant already exemplifies how we will lead the Group: with determination, operational discipline, supported by a performance culture and a relentless focus on delivering tangible results that strengthen both our operational and financial performance. As we move forward, our commitment to working safely and responsibly remains absolutely non-negotiable – it is the foundation of how we operate and the first lens through which every decision is made. We are also considering all available options to accelerate the execution of our improvement plan and reinforce our deleveraging efforts.

Together with Eramet’s highly engaged and talented team, we are building the conditions to redirect the Group on a path toward a safe and responsible performance.

Paulo CASTELLARI
Eramet group CEO