• Strong quarterly improvement in the Group accident frequency rate, however with a fatal accident to report in January
  • Adjusted turnover[i] of €840m, up 13% versus Q1 2025:
    • Positive volume/mix effect (+15%), notably driven by an increase in sales of manganese ore (+10%) and nickel ore (+54%, with a less favourable mix), compared to lower comparatives in Q1 2025
    • Positive price effect (+7%), but more than offset by an unfavourable currency effect (-9%)
  • Solid operational performance in rail transport in Gabon (+16% in transported ore volumes), while progressing on the railway renovation
  • Continued ramp-up in lithium production at Centenario, with a nameplate capacity of close to 80% on average in March, in line with the targets
  • Gradual and partial restart of installations in Senegal from end-April, thanks to the strong mobilisation of Eramet Grande Côte (“EGC”) teams following the fire in February
  • Request for an upward permit revision currently being submitted by PT Weda Bay Nickel (“PT WBN”), following the approval of an initial RKAB limited to 12 Mwmt of nickel ore for 2026 which production will be achieved by mid-May; the mine is preparing to be placed on Care and Maintenance in May, pending this revision
  • Favourable price environment over the quarter, particularly for manganese ore (+ 8% for the CIF China 44% price index) and lithium (>2x for the battery-grade lithium carbonate price index in China)
  • Progress on the funding plan:
    • Initial impact of the ReSolution programme, notably with productivity and purchasing gains posted over the quarter
    • Waiver[ii] unanimously obtained from the banking pool on the June and December 2026 gearing covenant
    • Validation by the Board of Directors of the resolutions to be submitted to shareholders at the AGM of 27 May, enabling the roll-out of a €500m capital increase in H2 2026
  • Uncertain economic environment, particularly linked to the war in the Middle East, with an inflationary effect on prices (selling prices and input costs, including energy and freight)
  • 2026 targets
    • Transported manganese ore: confirmed between 6.4 and 6.8 Mt with a FOB cash cost[iii] still between $2.4 and $2.6/dmtu[iv]
    • Nickel ore sold externally: limited to 9 Mwmt on the basis of the initial 12 Mwmt RKAB, with a request for an upward revision currently being submitted; target achieved in mid-April, while the remainder of production is dedicated to production continuity at the Joint Venture’s NPI production plant
    • Lithium carbonate produced: confirmed between 17 and 20 kt-LCE, with a nameplate capacity close to 100% at end-2026
    • Mineral Sands: suspended, pending a more accurate assessment of the solutions under review and the schedule to restart production at the EGC site; the Group expects to communicate on its HMC[v] production target within the coming weeks
  • Controlled capex: confirmed between €250m and €290m[vi] in 2026, down 30% to 40% vs. 2025

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

[ii] For the RCF & Term Loan

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

[iv] Based on a consensus €/USD rate of 1.19 for 2026

[v] Heavy Mineral Concentrate

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

This first quarter confirmed the Group’s ability to adapt and mobilise to meet its targets, despite the uncertainties.

Our turnover significantly increased, driven by the ramp-up in our Lithium activity in Argentina and the rise in volumes of transported manganese ore in Gabon. The favourable price momentum was largely offset by the fall in the US dollar and rising input costs.

Thanks to our robust technology and a successful ramp-up, our world-class lithium asset in Argentina, started to contribute to our results. In Senegal, in two months, our teams succeeded in managing the effects of the fire that broke out at our mineral sands extraction unit and in providing a technical solution enabling the start of a gradual and partial restart of installations from end-April.

Parallel to this, with the support of our reference shareholders, we made progress in executing our funding plan, notably by submitting the necessary resolutions for a vote on a capital increase at our next General Meeting. We are also working closely with the Board of Directors to appoint a new Chief Executive Officer as soon as possible.

In a disrupted macroeconomic environment, our teams are fully mobilised and focused on our priorities: safety, operational performance and cash management. I am confident in the momentum we have gained and our ability to overcome our challenges by leveraging our exceptional mining assets.

Christel BORIES
Eramet group Chair and CEO