Eramet Sa · EURONEXT:ERA
Eramet Sa — Investor Presentation (December 2025)
36 slides from Eramet Sa's investor presentation, Dec 4, 2025
Slide 1: Investor Call, 4th December 2025
Paulo CASTELLARI, CEO Abel MARTINS-ALEXANDRE, CFO 4th December, 2025
Slide 2: Disclaimer
Disclaimer Certain information contained in this presentation including any information on Eramet’s plans or future financial or operating performance and any other statements that express management’s expectations or estimates of future performance, constitute forward-looking statements. Such state
Slide 3: Today's Speakers
Today’s Speakers Opening remarks from Eramet’s CEO & CFO Paulo Castellari Abel Martins-Alexandre Chief Executive Officer Chief Financial Officer 3 ERAMET – INVESTOR CALL
Slide 4: A safe operation is an efficient operation
A strong safety culture is central to how Eramet operates Safety Share is a moment of reflection when we share lessons learned from personal experiences related to safety, health & the environment, in support of our goal to achieve zero harm A safe operation is an efficient operation 4 ERAMET – INVE
Slide 5: Highlights
Highlights We are confident in building a fit-for-purpose and more efficient company 2025 remains a difficult year with a tough macro environment and commodity prices at cyclical lows A hands-on diagnostic across all assets has clarified the nature of performance issues and the levers to address the
Slide 6: Setting the scene
Setting the scene 1
Slide 7: Thorough hands-on diagnostic
Thorough hands-on diagnostic Engagement with key stakeholders around the globe laying groundwork for performance & growth FRANCE NORWAY From May to December 2025 All UNITED STATES NEW CALEDONIA sites visited 2.5k+ Employees met 500+ ARGENTINA SENEGAL GABON INDONESIA Stakeholders met Sites visited si
Slide 8: Centenario ramp-up: a proven playbook for operational improvement
Centenario ramp-up: a proven playbook for operational improvement Ramp-up of Centenario is now on track & sets the blueprint for improvement of other assets July 2024 May 2025 Inauguration Site visit & Plan redefinition Today Start of production at Centenario Teams realigned on a realistic ramp-up R
Slide 9: Challenging macroeconomic environment
Challenging macroeconomic environment Global macro headwinds sustaining pressure on Eramet’s performance Slowing industrial Manufacturing PMI below 50 threshold for 6th consecutive month1 activity in China Macroeconomic Effective US tariff rate of ~18% vs. ~3% one-year ago1 uncertainties EU Safeguar
Slide 10: Eramet's core commodities at cyclical lows
Eramet’s core commodities at cyclical lows Commodity prices at multi-year lows adding further pressure on Eramet’s performance 25 28 Mn ore 44% LME Nickel Mn MC FeMn Ni HPM 1.6% SiMn LT consensus LME Nickel 100 LT consensus Mn ore c.$5.1/dmtu (+12% vs. 2025e) c.$18,400/t (+21% vs. 2025e) Var. vs. 20
Slide 11: Structural growth drivers remain strong
Structural growth drivers remain strong Energy transition continues to drive strong structural demand for Eramet’s metals EV & ESS battery segments to drive Li …steady steel production growth to underpin & Ni growth… Mn & Ni demand New battery demand by end-use1, GWh Global crude steel production2,
Slide 12: Our core capabilities enabling Tier-1 performance
Our core capabilities enabling Tier-1 performance Foundational strengths that allow Eramet to discover, build & operate world-class operations Act for Positive Continuous improvement of safety & environmental practices Mining Exploration Proven ability to discover & advance world-class resources exc
Slide 13: World-class mining portfolio
World-class mining portfolio Eramet positioned for sustainable growth through a tier-1 global asset base Moanda GABON Weda Bay INDONESIA Grande Côte SENEGAL Centenario ARGENTINA 25 28 22/40 3 Libreville Diogo Transgabonese railway Weda Bay Salta Mn Ni Ti/Zr Dakar SENEGAL Li Centenario GABON INDONESI
Slide 14: Highly competitive cash cost positions, driving resilience in downturns
Highly competitive cash cost positions, driving resilience in downturns Eramet’s low-cost asset base securing profitability and resilience in challenging markets Moanda – The world’s largest HGO Centenario – One of the most attractive salars manganese mine of the ‘lithium triangle’ Lithium 2026 cash
Slide 15: ReSolution: Eramet performance improvement programme
ReSolution: Eramet performance improvement programme 2
Slide 16: Clear framework for ReSolution execution
Clear framework for ReSolution execution Performance improvement programme underway, leveraging safety & performance reviews’ conclusions Eramet safety diagnostic ReSolution Embed strong safety culture across operations and #1 Safety & positive mining continue with established responsible mining age
Slide 17: Safety & positive mining
#1 Safety & positive mining Safety is a core value embedded in Eramet’s Act for Positive Mining roadmap Concrete actions implemented based on Zero injuries & High Potential Incidents (HPIs) target safety diagnosis: Operational safety leadership culture improvement Update of the Group Safety policy S
Slide 18: Operational excellence & productivity
#2 Operational excellence & productivity Clear priorities set per asset to boost performance and deliver full EBITDA impact in 2028 50+ initiatives identified by the operational teams 25 Manganese ore Improve maintenance & operational excellence Mn Comilog & Setrag Debottleneck transport capacity €1
Slide 19: Operational excellence & productivity: manganese ore & alloys
#2 Operational excellence & productivity: manganese ore & alloys Debottlenecking Transgabonese railway capacity key to EBITDA uplift Selected initiatives 25 25 25 Manganese ore – Comilog Manganese ore – Setrag Manganese alloys - Across sites Mn Mn Mn Mn Accelerate track renewal Expand train-unloadin
Slide 20: Operational excellence & productivity for other sites
#2 Operational excellence & productivity for other sites Unlocking further EBITDA uplift through cost reduction and process optimisation Selected initiatives 28 40/22 3 Nickel Mineral Sands Lithium PT Weda Bay Nickel Ti/Zr Eramet Grande Côte Li Eramine Ni Ensure cost control Improve reagent excellen
Slide 21: Operational excellence & productivity: Centenario
#2 Operational excellence & productivity: Centenario For lithium, focus lies on operational ramp-up & cost discipline Delivering ramp up in line with target updated in June Cash cost at nameplate capacity Large brine (DLE & conventional) projects commissioned (last 3 years) outside of China End-2026
Slide 22: Commercial excellence
#2 Commercial excellence Unlocking broader transformation through strategic commercial levers EBITDA uplift to be delivered through 4 main levers Evolve Go-to-market approach for lithium Expand presence in high-growth, high-margin regions with tailored offerings to strengthen market position & overa
Slide 23: Building financial resilience and financing priorities
#3 Building financial resilience and financing priorities A cash disciplined path forward and focus on deleveraging the balance sheet 2025: Strengthened cash generation 2026+: Embedding financial discipline €60-70m FCF uplift FY 2026 & 2027 FCF impact delivered in 2025 to be provided at FY 2025 resu
Slide 24: Concluding remarks
Concluding remarks
Slide 25: Unlocking full transformation value
Unlocking full transformation value Initial set of initiatives focused on Operational & Commercial improvement, with full EBITDA impact in 2028 €130-170m Additional EBITDA Total initial run rate EBITDA potential & FCF uplift within 2 years1,2 €60-70m In addition to volume impact from the ramp-up Gen
Slide 26: ReSolution: five strategic pillars for performance
ReSolution: five strategic pillars for performance A renewed foundation for a disciplined, fit-for-purpose and more efficient organisation I II III IV V Safety & Ops excellence & Financial Future People positive mining productivity resilience ready portfolio Achieve zero harm Boost operational produ
Slide 27: Q&A
Q&A - a COMMITTED TO SUSTAINABLE METALS
Slide 28: Appendix
Appendix I eraMerT
Slide 29: High-grade manganese ore powering carbon steel & emerging market growth
25 High-grade manganese ore powering carbon steel & emerging market growth Mn Moanda – Gabon Key figures – 2024 Market 1st global producer of high-grade Carbon steel: the primary use of Libreville GABON Transgabonese railway Mn ore manganese • 6.8 Mt ore production Moanda • 2.7 Mt of Mn content Fran
Slide 30: Mn alloys global leadership with a lower carbon footprint
25 Mn alloys global leadership with a lower carbon footprint Mn Mn alloys setup Key figures – 2024 Market 1st global producer of refined Standard alloys 50-85% Mn content Mn alloys 2-8% carbon content • 635 kt alloys production Steel (construction & machinery) • “Value over volumes strategy” Refined
Slide 31: Global-scale nickel for stainless-steel & EV supply chains
28 Global-scale nickel for stainless-steel & EV supply chains Ni PT Weda Bay Nickel – Indonesia Key figures – 2024 Market World’s largest nickel mine Sustained stainless-steel growth & Weda Bay • 32.0 Mwmt marketable ore production strong battery-driven long-term demand Jakarta INDONESIA • 1st quart
Slide 32: Weda Bay mine's significant potential: supplying a major industrial park (IWIP)
Weda Bay mine’s significant potential: supplying a major industrial park (IWIP) 28 consuming >80 Mwmt of nickel ore per year Ni PT Weda Bay Industrial Park (IWIP)1 Weda Bay mine (PT WBN) >80 Mwmt Current licensing 18 NPI1 plants 2025 revised RKAB2 dated July 2025 allows for 60 RKEF production lines
Slide 33: Global leader in mineral sands in a GDP & China-driven market
22 40 Global leader in mineral sands in a GDP & China-driven market Ti Zr Eramet Grande Côte – Senegal Key figures – 2024 Market World’s largest single dredge mineral Ilmenite Diogo sands operation Titanium feedstocks Dakar SENEGAL 9% production • 883 kt HMC2 production 4% 9.2 M TiO2 units • Guidanc
Slide 34: World-class asset positioned for EV & battery demand surge
3 World-class asset positioned for EV & battery demand surge Li Centenario – Argentina Key figures Market • Phase 1 design capacity • 24 kt-LCE/y at full ramp up EV & ESS driving demand, with more applications ahead Salta • c.$5,400-5,800/t-LCE Ex-Works cash Centenario cost at nominal capacity & aft
Slide 35: Financial glossary
Financial glossary Adjusted EBITDA Adjusted EBITDA is presented to provide a better understanding of the underlying operating performance of the Group’s activities. Adjusted EBITDA corresponds to EBITDA including Eramet's share of the EBITDA of significant joint ventures accounted for using the equi
Slide 36: EC6rAMeT
EC6rAMeT COMMITTED TO SUSTAINABLE METALS