• Safety results in line with the Group’s CSR roadmap
  • Adjusted turnover[i] of €720m, down 10% versus Q3 2024:
    • Positive volume effect (+22%), notably for manganese ore (+8%) and nickel ore (6.7x) sales, with significantly lower comparatives in Q3 2024
    • Negative price effect (-25%), combined with an unfavourable currency effect (-6%)
  • Logistics challenges in the transportation of manganese ore (-13% in volumes)
  • Robust ramp-up in lithium carbonate production, in line with target
  • Still highly uncertain macroeconomic environment weighing on demand and selling prices, and penalising the Group’s cash generation which remained negative over the period
  • Improvement programme addressing the Group’s short term and medium term operational and financial performance around initiatives started in Q3, based on three main pillars:
  • Safety and positive mining
  • Operational excellence and productivity
  • Financial resilience
  • Revision of 2025 targets for manganese ore activity:
  • Transported manganese ore: revised between 1 and 6.3 Mt (vs. 6.5 and 7.0 Mt disclosed at end-July), as well as the FOB cash cost[ii] which is now expected between $2.3 and $2.4/dmtu[iii] (vs. $2.1 and $2.3/dmtu)
  • Nickel ore sold externally: confirmed between 36 and 39 Mwmt
  • Lithium carbonate produced: confirmed between 4 and 7 kt-LCE
  • Reduced Capex plan in 2025[iv]: between €400m and €425m (vs. €400m and €450m disclosed previously)

[i] Definitions for adjusted turnover are presented in the financial glossary in Appendix 7

[ii] See financial glossary in Appendix 7. Cash cost calculated excluding non-controllable costs: sea transport, marketing costs, mining taxes and royalties

[iii] Based on a consensus €/USD rate of 1.13 for 2025

[iv] Excluding the capex of SLN, financed by the French State

Despite a challenging market environment, Eramet has maintained a solid level of activity, thanks to the commitment and agility of its teams.

To assess our strengths and the challenges we face, we carried out a Group-wide performance re-view, which provides a clear view of where we stand and where we can improve.

We have already initiated decisive actions to strengthen our cash generation, enhance financial resili-ence, and simplify our processes.

Ensuring the safety of our employees and subcontractors, materially improving the operational and financial performance as well as restoring the balance sheet, are the top priorities for the Group. We will accelerate these efforts in the months ahead to build a stronger and more competitive Eramet.

Paulo CASTELLARI
Directeur Général du Groupe