Eramet Sa · EURONEXT:ERA
Eramet Sa — BofA M&M Conference 2025
45 slides from Eramet Sa's conference presentation, May 2025
Slide 1: Investor Presentation May 2025 - BofA M&M conference
Investor Presentation May 2025 BofA M&M conference 1 ERAMET – INVESTOR PRESENTATION – BOFA M&M CONFERENCE – MAY 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: Summary
Summary 01 02 03 Eramet at Glance Delivering on our Update on Lithium Strategic roadmap activities Focus on Centenario 04 05 Q1 2025 turnover Outlook & conclusion 1. Delivering on our Strategic roadmap 3 ERAMET – INVESTOR PRESENTATION – BOFA M&M CONFERENCE – MAY 2025
Slide 4: Eramet at a glance
Eramet at a glance 01
Slide 5: Eramet: a global pure-play Metals & Mining Company
Eramet: a global pure-play Metals & Mining Company Four businesses (as a % of Adjusted sales) FY 2024 key metrics Manganese Nickel Adjusted sales3 €3.4bn 60% 31%1 of sales of sales Adjusted EBITDA3 €814m Mineral sands Lithium 9% 1st lithium production of sales end-December 2024 Adjusted FCF3 -€308m
Slide 6: Operating in manganese, nickel, mineral sands & ramping-up in lithium
Operating in manganese, nickel, mineral sands & ramping-up in lithium MANGANESE NICKEL MINERAL SANDS LITHIUM In operation In operation In operation In ramp-up ASSETS ASSETS ASSETS ASSETS Ore – Moanda (Gabon) Weda Bay (Indonesia) Eramet Grande Côte4 (Senegal) Centenario (Argentina) World’s largest HG
Slide 7: A world-class mining portfolio
A world-class mining portfolio Large resource, long-life, high-grade, scalable deposits, with a 1st quartile cost curve positioning Moanda GABON Weda Bay INDONESIA GCO SENEGAL Centenario ARGENTINA CAMEROON 22 MAURITANIA Weda Bay 25 Libreville GABON 28 INDONESIA Ti Diogo 3 Dakar SENEGAL Mn Ni 40 Li M
Slide 8: A CSR commitment and performance recognized by leading ESG rating agencies
A CSR commitment and performance recognized by leading ESG rating agencies ➔ 1. Lower is better 8 ERAMET – INVESTOR PRESENTATION – BOFA M&M CONFERENCE – MAY 2025
Slide 9: Delivering on our Strategic roadmap
Delivering on our Strategic roadmap 02
Slide 10: Delivering our strategic roadmap: focusing on operational performance in 2025
Delivering our strategic roadmap: focusing on operational performance in 2025, while ramping up in lithium Two strategic axes aligned with global macro-trends, supported by an ambitious CSR roadmap & focused on operational excellence GROW IN METALS supporting global SUSTAINABLY DEVELOP CRITICAL econ
Slide 11: Well positioned assets on the cash cost curve: resilient at low commodity prices
Well positioned assets on the cash cost curve: resilient at low commodity prices FY 2025 manganese ore cost curve CIF (simplified)1 Illustrative cash cost curve CIF for the lithium industry2 For illustrative purpose (2026, Benchmark Mineral Intelligence) 8 15 High-grade (>40%) Low-grade (<30%) 7 Med
Slide 12: 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 more than 80Mwmt of nickel ore per year Ni Weda Bay mine PT Weda Bay Industrial Park (IWIP)4 ▪ Publication of the AMDAL1 decree in July 2024 and of the Feasibility Study1 in August, enabling PT WBN to target
Slide 13: Ambitious mid to long-term production targets
Ambitious mid to long-term production targets 25 22 40 Manganese ore Mineral sands Mn (Comilog) Ti Zr (Eramet Grande Côte) >8Mt PRODUCTION CAPACITY, CAN FLEX DEPENDING ON MARKET SITUATION >1.0Mt HMC PRODUCTION CAPACITY 28 3 Nickel ore Lithium Ni (PT WBN at 100%) Li (Centenario) c.60Mwmt >75kt-LCE MI
Slide 14: SLN (New Caledonia): no more impact on Eramet's balance sheet thanks to financing from the French State
SLN (New Caledonia): no more impact on Eramet’s balance sheet thanks to financing from the French State Conversion of French State’s existing loans to SLN (€260m as of Dec. 31st, 2023) into 1 undated (deeply) subordinated bonds Financing agreement signed in (“TSDI”1) April 2024 with the French State
Slide 15: Eramet capital allocation policy
Eramet capital allocation policy 01 02 03 Balance sheet Capex Dividend ▪ Maintain adjusted leverage ▪ Disciplined investment policy ▪ Reward shareholders for their below 1x on average through the ▪ Deliver organic growth with very long-term commitment cycle quick payback and attractive ▪ Return valu
Slide 16: Update on Lithium activities Focus on Centenario
Update on Lithium activities Focus on Centenario 03
Slide 17: Centenario ramping-up: a step further to diversifying the Group into metals for the energy transition
3 Centenario ramping-up: a step further to diversifying the Group into metals for the energy transition Li Full-ownership regained DLE technology successfully Ramp-up of the plant in October 2024 operating at industrial scale confirmed by 2025 year-end Concentration process (Forced 24kt-LCE/y namepl
Slide 18: Outlook for lithium demand remaining strong, driven by EV sales & ESS deployment
3 Outlook for lithium demand remaining strong, driven by EV sales & ESS deployment ; yet still low prices due to currently oversupplied market Li Lithium demand forecast1 Lithium carbonate price (CIF Asia)3 Mt-LCE2 8 2023-2024 2025-2030 $kt-LCE2 CAGR +23% +15% x1.4 90 7 Batteries +27% +17% 80 Others
Slide 19: Building a pipeline of future growth options in energy transition metals
Building a pipeline of future growth options in energy transition metals Main projects Growth Geothermal Class 1 nickel in EV Battery opportunities for lithium in France Indonesia recycling lithium in Chile Mining concessions acquired in In 2023, Eramet and Électricité de late 2023 in the Atacama re
Slide 20: Q1 2025 turnover
Q1 2025 turnover 04
Slide 21: Selling prices down over Q1, except for manganese ore rebound
Selling prices down over Q1, except for manganese ore rebound ; still high premiums on HPM Nickel price in Indonesia 25 28 Mn Ore prices slightly picked up in Q11 Still depressed Ni prices1 Mn Ni NPI SMM 8-12% Mn ore Var YoY LME Nickel Var YoY McFeMn -6% SiMn +5% +2% -1% +33% +8% -5% SMM Ni ore 1.6%
Slide 22: Mixed operating performance in Q1 2025
Mixed operating performance in Q1 2025 Manganese Nickel Mineral sands Production Production1 1.8Mt 9.2Mwmt Eramet Grande Côte -7% vs. Q1 2024 PT Weda Bay +3% vs. Q1 2024 Ore External Sales (ore) External Sales HMC production 1.2Mt 5.4Mt -15% vs. Q1 2024 -11% vs. Q1 2024 236kt +23% vs. Q1 2024 Lithiu
Slide 23: Stability in Q1 2025 turnover
Stability in Q1 2025 turnover 1 -5% Volume sold impact o/w: Mn Ore): operational & logistics difficulties encountered at the port of 743 742 Owendo Weda Bay: temporary destocking at plants of the Weda Bay industrial site +3% FX impact Mineral Sands: increased production volumes & higher grade +3% Pr
Slide 24: Outlook & conclusion
Outlook & conclusion 05
Slide 25: Focus on productivity, while ramping up Centenario & unlocking value of our Tier-one mining assets
Focus on productivity, while ramping up Centenario & unlocking value of our Tier-one mining assets Macro trends & prices Macroeconomic uncertainties on the back of new tariffs implemented by the US and reciprocally by other countries Focused on the productivity of our operations in a difficult and v
Slide 26: 2025 guidances: limited volume growth, efficiency & strict capex control
2025 guidances: limited volume growth, efficiency & strict capex control 2025 volume & cash cost guidance 2025 capex guidance 6.7-7.2Mt €400-450m4 6.1 Cash cost FOB 25 $2.0-2.2/dmtu expected in the Mn upper range1 Transported 2024 2025F manganese ore Actual Guidance 30 29 • Favourable mix 28 • Grade
Slide 27: Over the past 8-years the Group has achieved a major transformation
Over the past 8-years the Group has achieved a major transformation A stronger profile to navigate challenging 2017-2024 environment and low-cycle periods €809m €813m Repositioned Eramet as a pure M&M player c.-€670m c.€680m Opened 2 major deposits Unlocked Tier-one assets value through c.€140m orga
Slide 28: 2025: strengthening Eramet's asset base
2025: strengthening Eramet’s asset base Level-up Become best operator: creating value through operational performance Become best project developer: ramping up best-in-class greenfield project Embed CSR in our day-to-day ways of working Prepare future developments 28 ERAMET – INVESTOR PRESENTATION –
Slide 29: Change in governance as of May 26th, 2025
Change in governance as of May 26th, 2025 Chair of the Board Following Shareholder’s General Meeting Christel BORIES will step down May 26th, 2025 from her executive position & remain Chairwoman of Eramet’s Board Separation of roles: Chief Executive Officer Chair of the Board & Paulo CASTELLARI will
Slide 30: Eramet perfectly positioned to further unlock value in a new era of metals
Eramet perfectly positioned to further unlock value in a new era of metals PURE-PLAY WORLD-CLASS WELL HIGHEST CSR COMMITMENT Mining & Metals ASSET BASE POSITIONED standards to a strict with proven track on attractive financial policy record markets 30 ERAMET – INVESTOR PRESENTATION – BOFA M&M CONFER
Slide 31: Appendices
Appendices 07
Slide 32: FY23-FY24 EBITDA bridge
FY23-FY24 EBITDA bridge: overall depressed price environment & constrained volumes weighing on performance In €m 23 -9 2023 Ajd. 22 4 -89 EBITDA 45 -15 3 (excl. SLN) 71 -11 5 -75 2024 Ajd. EBITDA 1 2 -23 138 6 (excl. SLN) -75 77 -37 -271 7 8 910 +€135m -€222m 425 Intrinsic performance External facto
Slide 33: FY23-FY24 Net debt bridge
FY23-FY24 Net debt bridge: increase in net debt driven by Centenario’s buy-back & continued growth capex In €m Adjusted FCF -€308m FCF -€669m -164 -354 371 -614 1 260 -602 114 -121 -1,297 104 -1,435 -138 2 257 -128 -663 3 4 5 4 -82 -29 138 2023 Conversion 2023 EBITDA Change Cash capex Weda Bay Cost
Slide 34: SLN (New Caledonia): financing agreement with the French State
SLN (New Caledonia): financing agreement with the French State In €m 614 260 -257 257 1,297 1,435 SLN 2024 cash consumption -1,081 neutralized 138 2023 Net debt Conversion of 2024 SLN cash TSDI subscribed Other Group’s FCF 2024 Restated SLN cash position 2024 Net debt French State’s consumption by F
Slide 35: Diversified debt structure and robust liquidity
Diversified debt structure and robust liquidity Debt maturity as of 31 Dec 2024 (in €m) Group financial liquidity (€m) Prepay Li 795 Undrawn line: RCF & term loan & Prepay Li Bank and operating debt (inc. overdrafts) 16 Available cash 44 Term Loan 2,989 2,830 Eramet bonds 225 566 Impact IFRS 16 (non
Slide 36: Q1 2025 turnover breakdown
Q1 2025 turnover breakdown % of Group adj. €M Q1 2025 Q1 2024 Chg. YoY % change YOY turnover (excl. SLN) Manganese 457 448 +9 + 2% 62% Manganese ore 250 254 -4 - 2% 34% Manganese alloys 207 193 + 14 + 7% 28% Nickel adjusted (excl. SLN)1 114 138 - 24 - 18% 15% Share in Weda Bay (38.7%, excl. offtake)
Slide 37: Q1 2025 Mn alloys input cost
Q1 2025 Mn alloys input cost Reductants consumption prices 100 basis €/t 130 340 Lower reductant purchase prices reflected in the Mn alloys’ cost 120 Q1 25 vs. Q1 24 = -12% base in 2024 (3 to 5-month lag between purchasing and consumption 320 110 of coke): 100 300 ▪ Nut coke down by 12%, with share
Slide 38: Q1 2025 Global carbon steel & Mn ore production
25 Q1 2025 Global carbon steel & Mn ore production Mn Global carbon steel production (Mt) Global manganese ore production - Mn content (Mt)1 -1% -9% 1,898 1,883 20.7 18.8 5.0 4.7 54% 53% 0.8 3.0 0.5 1.1 3.5 3.9 Stable Stable 481 480 4.6 4.6 46% 47% 9.1 0.1 54% 54% 8.1 1.1 0.1 1.3 0.8 0.6 0.1 46% 46%
Slide 39: Q1 2025 Global Stainless steel and primary Ni production
28 Q1 2025 Global Stainless steel and primary Ni production Ni Global stainless-steel production (Mt)1 Global primary nickel production (kt)1 (excl. recycling) +6% +4% 61.4 3,471 57.8 3,322 666 653 62% 62% 1,349 1,531 +4% +8% 384 339 817 883 14.4 14.9 136 188 38% 38% 60% 62% 937 935 372 407 40% 38%
Slide 40: Nickel demand evolution
28 Nickel demand evolution Ni 2025e-2030e nickel global demand 4.5Mt Continued growth in 3.5Mt stainless steel 1.0Mt % CAGR 0.7Mt Significant long-term growth driven by strong batteries demand % 2.8Mt 2.3Mt CAGR 2025e 2030e Other Stainless Batteries (inc. EV) 40 ERAMET – INVESTOR PRESENTATION – BOFA
Slide 41: Joint marketing agreement with Glencore to clients in EV value chain, ESS & niche market
3 Joint marketing agreement with Glencore to clients in EV value chain, ESS & niche market Li Clients Lithium carbonate Joint marketing agreement production at of lithium carbonate from Centenario plant Centenario EV value chain, ESS & Supporting Eramet’s entrance other niche markets Delivery of lit
Slide 42: An organization with a strong safety culture
An organization with a strong safety culture Eramet accident frequency rate (TRIR1,2) 16 15 13.6 14 13.4 13 12 From BELOW AVERAGE 11 10.9 to the BEST in 8 years 10 9 8.3 Divided by c.10 since 20173 8 7 6 5.4 5 4.1 4 New 3 2.2 perimeter 2 1.1 1.1 0.7 0.6 1 0 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 43: "Act for positive mining": Our new ambitious CSR roadmap
“Act for positive mining”: Our new ambitious CSR roadmap Responsible mining is part of the solutions to support the energy transition 3 AREAS Care for people Trusted partner Transform our FOR ACTION TRANSLATED for nature value chain INTO 10 AMBITIONS 1 Take care of health and 4 Control & optimize wa
Slide 44: ...and CSR Excellence
IRMA1: continued roll-out at mining sites, with first audit report to be released at Eramet Grande Côte in 2025 Mineral Sands (Eramet Grande Côte) Self Corrective Public assessment action plan Audit report 2025 Teams ramped up on all sites Lithium (Eramine) All aboard a transformative Self Correctiv
Slide 45: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com