Slide 1: FY 2025 Results Presentation
FY 2025 Results Presentation February 19th, 2026 Christel Bories, Chair & CEO Simon Henochsberg, co-CFO Charles Nouel, COO
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: Opening remarks & today's agenda
Opening remarks & today’s agenda Today’s agenda 1 2 3 4 5 6 2025 operating & Focus on Group Eramet 2025 financial financial performance Outlook & Introduction comprehensive results performance by improvement guidance funding plan activity programme 3 Eramet – FY 2025 results
Slide 4: Introduction
Introduction 1
Slide 5: 2025: a challenging year, leading to a stretched balance sheet; decisive actions
2025: a challenging year, leading to a stretched balance sheet ; decisive actions to provide solid foundations for the future 1 Safety remains Eramet’s core priority, with continued actions to reinforce the Group’s safety standards 2025: a very challenging year, marked by strong external headwinds b
Slide 6: Safety first, our unconditional commitment
Safety first, our unconditional commitment A reinforced engagement, underscored by the tragic contractor fatalities recorded over the past months at Weda Bay 2025 safety performance Group injury frequency rate (TRIFR1,2) • Slight deterioration of TRIFR to 0.8, although better than target set (<1.0)
Slide 7: A very challenging macro environment
A very challenging macro environment Strongly negative price & FX rate weighed strongly on results in 2025 Eramet composite price index1,2 (real terms): 50% Mn + 35% Ni + 10% Ilmenite + 5% Li 250 Slowing industrial For illustrative purpose activity in China 200 Macro uncertainties 150 Prices remaine
Slide 8: A deteriorated financial performance
A deteriorated financial performance Both internal & external dynamics exerted pressure on 2025 performance Adjusted EBITDA2 Capex Adjusted leverage2 €372m -€412m 5.5x Vs. 1.8x in 2024 54% vs. 2024 €85m vs. 2024 Adjusted FCF2 Gearing covenant3 -€481m Of which: 125% -€82m €173m vs. 2024 Waiver grante
Slide 9: 3-pillar plan to restore the balance sheet
Eramet have put together a 3-pillar plan to restore the balance sheet, approved by Eramet’s board & reference shareholders I II III Performance Strategic review of Equity base Improvement plan assets strengthening Performance improvement program, Project to launch a capital Targeted sizeable assets
Slide 10: Eramet asset competitive positions to support cash generation
Eramet asset competitive positions to support cash generation as commodity prices emerge from the low point of the cycle Eramet’s low-cost asset base securing profitability & resilience in challenging markets Manganese ore 2026 cash cost curve CIF1 Lithium 2026 cash cost curve CIF1,3 Optimised cash
Slide 11: Centenario: Successful ramp-up of world class lithium asset
Centenario: Successful ramp-up of Eramet’s world class, scalable lithium asset On track to deliver returns, 7 months after effective start of ramp-up, in a favourable price environment Our journey in 2025 2026 focus Ramp-up: targeting ~100% by year-end H1 commissioning issue of the Forced Production
Slide 12: Act for Positive Mining roadmap: delivering on our commitments
Act for Positive Mining roadmap: delivering on our commitments Advancing climate action, water stewardship, responsible mining & community engagement Act for Positive Mining 2025 global performance IRMA 50 score achieved at EGC 105% 1st mineral sands mine & 1st mine in West Africa to publish an desp
Slide 13: 2025 financial results
2025 financial results 2
Slide 14: A challenged commodity market & unfavourable FX rate in 2025
A challenged commodity market & unfavourable FX rate in 2025 Commodity prices 3-year evolution – 100 basis Manganese prices Nickel prices €m 2025 Vs. 2024 Mn ore 44% LME Nickel Manganese MC FeMn HPM 1.6% SiMn 100 Mn ore CIF China 44% - $/dmtu 4.54 -18% MC FeMn (Europe) - €/t 1,397 -10% 100 SiMn (Eur
Slide 15: 2025 Group financial performance
2025 Group financial performance €m 2025 2024 Adjusted EBITDA reconciliation (€m)1 Adjusted turnover1 3,155 3,377 372 Adjusted EBITDA1 372 814 140 EBITDA 130 371 130 102 Current Operating Income1,2 11 281 Net Income – Group share1,2 - 370 144 2025 PT WBN SLN losses5 2025 Adj. (38.7% share) Net Incom
Slide 16: Adjusted EBITDA down 54% driven by low prices, FX & permitting
Adjusted EBITDA down 54% driven by low prices & adverse FX rate & permitting challenges at PT WBN Adjusted EBITDA €m Intrinsic -€82m External -€359m 814 46 -57 -9 -44 -20 o/w Mn ore +10 PT WBN +15 Min. sands +36 Fixed costs -23 -193 Min. sands -15 Lithium Mn ore -10 -21 PT WBN -34 ramp-up -92 Mn ore
Slide 17: Capex reduction compared to 2024
Capex reduction compared to 2024, in line with 2025 guidance, while still investing in lithium Cash capex1 (€m) 497 Guidance Controlled sustaining capex €400-425m • Stable excluding lithium: €150m 143 412 • 1st sustaining capex at Centenario: €26m 96 ~€250m Capex to support development 205 139 • Com
Slide 18: Net debt reached €2.0bn end-2025
Due to the negative FCF, net debt reached €2.0bn end-2025 Restated net debt €m Adjusted FCF -€481m4 FCF -€723m Consolidated -1,297 net debt -1,935 FY 2024 cash +138 SLN’s net cash -78 -138 130 Apr. financing +100 position o/w Dec. Financing +115 -1,435 -429 Gabon -80 FY 2025 cash -111 ERA sh. -43 Op
Slide 19: Liquidity of €1.5bn at end-2025 with no significant maturities before 2028-2029
Liquidity of €1.5bn at end-2025 with no significant maturities before 2028-2029 Proforma debt maturity as of 31 December 2025 (in €m) Group financial liquidity (in €m) Undrawn credit lines 1,630 2,156 44 Available cash Bank and operating debt (inc. overdrafts) RCF RCF Term Loan 1,526 915 Eramet bond
Slide 20: 2025 operating & financial performance by activity
2025 operating & financial performance by activity 3
Slide 21: Mixed operating performance
Mixed operating performance Favourable comparison basis for Mn ore, solid performance in Mineral sands, permitting issues in PT WBN & steep ramp-up achieved in Lithium in H2 Manganese ore Manganese alloys Nickel – PT WBN Mineral sands Lithium 6.1 Mt 653 kt 41.9 Mwmt 983 kt 6.7 kt-LCE Transported vol
Slide 22: Manganese performance heavily impacted by price and exchange rate
Manganese performance heavily impacted by 25 unfavourable price and exchange rate impact Mn Cash generation constrained by still high capex & higher tax paid EBITDA (€m) Ore EBITDA down 40% (-€184m) 563 • Lower productivity & higher fixed costs (-€37m) • Lower realised price (-€107m) & unfavourable
Slide 23: Lower dividend received from PT WBN
Lower dividend received from PT WBN reflecting 28 lower performance mostly due to permit restrictions Ni Adjusted EBITDA1 (€m) PT WBN EBITDA2 down 62% (-€169m) 266 Weda Bay ore2 Offtake NPI • Less favourable mix, decline in grade (-13% for Support functions saprolites) • Lower productivity & higher
Slide 24: Mineral sands performance down on prices and FX
Mineral sands performance down, reflecting sharp drop 22/40 in prices and negative FX, despite higher HM grade Ti/Zr Cash generation constrained by still high capex EBITDA (€m) 120 Mineral sands EBITDA down 35% (-€42m) • Negative volume impact (-€15m) offset by higher 78 HM grade (+€36m) • Lower pro
Slide 25: Lithium EBITDA down €51m in 2025
Lithium EBITDA down -€51m in 2025, while production 3 ramp-up only started in June Li Negative FCF impacted by end of construction capex EBITDA (€m) -26 -51 Lithium EBITDA • Positive impact of sales (+€32m) • Offset by specific ramp-up costs (-€52m) 2024 2025 Adjusted FCF1 (€m) Lithium FCF -216 -226
Slide 26: Focus on Group performance improvement programme
Focus on Group performance improvement programme 4
Slide 27: Group performance improvement programme underway
Group performance improvement programme underway ReSolution: a programme to ensure reliable tracking & delivery of intrinsic performance Targets 2026 TRFIR <1 Safety & Zero injuries & high-potential incidents >90% HPI & HPO positive mining Actions closed & verified €130-170m EBITDA uplift within 2-y
Slide 28: Operational improvement plan
Operational improvement plan Balanced 2026-2027 delivery with a significant contribution from Mn ore initiatives Manganese ore Manganese alloys Mineral sands Lithium PT WBN Improve maintenance & operational Strengthen safety excellence Improve productivity Maximise mining Optimise ramp-up & & contra
Slide 29: Manganese ore: debottlenecking logistics in Gabon
Manganese ore: debottlenecking logistics in Gabon to drive EBITDA uplift +11% 6.4-6.8 ~85-90% of EBITDA uplift Boost the logistics chain to increase transported volumes 0.4 • Maintain steady track renewal to address ageing infrastructure Transported 6.1 volumes (Mt) 6.4 • Reinforce track maintenance
Slide 30: Lithium: focus on ramp-up & Centenario optimisation
Lithium: focus on ramp-up & Centenario optimisation Targeting close to 100% capacity by end-2026 while optimising cash cost Ramp-up journey Cash cost expected at nominal capacity End-26 % Close to 100% 100 Dec-25 $/t-LCE Close to 80 75% 5,400-5,800 60 ~5,000 40 20 % nameplate capacity2 0 Local Optim
Slide 31: Large supply gap between IWIP demand & PT WBN's authorised volumes
Large supply gap between IWIP demand & PT WBN’s authorised volumes RKAB limiting PT WBN to 12 Mwmt vs. an estimated demand of IWIP above 120 Mwmt in 2026 IWIP industrial set up Weda Bay mine (PT WBN) 2025 licensing >120 Mwmt >110 Mwmt • Revised RKAB2 dated July 2025 22 NPI1 plants 73 RKEF production
Slide 32: Eramet comprehensive funding plan
Eramet comprehensive funding plan 5
Slide 33: A 3-pillar funding plan to strengthen the balance sheet
A 3-pillar funding plan to strengthen the balance sheet and measures implemented to preserve liquidity during its roll-out Capital allocation Comprehensive plan to Deleveraging prioritized strengthen the balance sheet Investments & capex limited to maintenance I II III and committed projects Suspens
Slide 34: Equity base strengthening: plan approved by the Board
Equity base strengthening: the 3-pillar plan was approved by the Board of Directors on the 18th of February 2026 Reference shareholders have approved the principle of a capital increase of around €500m in 2026 Appropriate resolutions will be proposed to May 2026 AGM Reference shareholders are commit
Slide 35: Sizeable asset monetisation & capital base strengthening
Sizeable asset monetisation & capital base strengthening Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2025 results 2026 AGM Feb-26 May-26 I Focus on FCF protection Performance Improvement Plan II Asset Preparation Targeted execution monetisation III Capital base Resolutions Targeted execution Strengthening AG
Slide 36: Outlook & guidance
Outlook & guidance 6
Slide 37: 2026 macro-trends
2026 macro-trends Macro Positive momentum More favourable pricing conditions at the start of 2026 EUR/USD 2026 consensus1: Prices1 1.20 $/€ Mn ore ~$4.8/dmtu +6% 2026 commodity Hedging policy consensus Ni LME ~$15,750/t-Ni +4% • EUR/USD hedging implemented in Li carbonate ~$15,700/t-LCE +68% 2026 to
Slide 38: 2026 guidance
2026 guidance Mn ore 6.4-6.8 Mt Cash cost FOB Capex1 transported $2.4-2.6/dmtu volumes Up from 6.1 Mt in 2025 vs. $2.4/dmtu in 2025 €250-290m vs. €412m in 2025 Notification received to submit an initial RKAB for 12 Mwmt, Ni ore external of which 9 Mwmt for external sales, with the intention to sales
Slide 39: 2026: a pivotal year focused on executing and delivering on our plan
2026: a pivotal year focused on executing and delivering on our plan Safety first : with continued actions to reinforce the Group’s safety standards. Keep TRIFR < 1, while targeting 1 zero injuries and High Potential Incidents Deliver the Group operational roadmap, in particular: 2 - Achieve Centena
Slide 40: Q&A
Christel Bories, Chair & CEO Q&A Simon Henochsberg, co-CFO Maria Lodkina, co-CFO Charles Nouel, COO 40 Eramet – FY 2025 results
Slide 41: Appendix
Appendix
Slide 42: CSR commitment recognized by leading ESG rating agencies
A CSR commitment & performance recognized by leading ESG rating agencies A- A- CLIMATE WATER C+ A CHANGE SECURITY Above M&M 2 nd decile in the Among the best in sector average M&M sector the industry 29.6 1 69/100 1st quartile in the 68/100 Above global diversified M&M average (54/100) sector 1. Low
Slide 43: Structural growth drivers remain strong
Structural growth drivers remain strong Energy transition continues to drive strong structural demand for Eramet’s metals …steady steel production growth to underpin EV & ESS battery segments to drive Li & Ni growth… Mn & Ni demand New battery demand by end-use1, GWh Global crude steel production2,
Slide 44: Net income – Group share
Net income – Group share €m 2025 2024 Other operating income & expenses Turnover 2,753 2,933 • Asset impairment of Mineral sands: -€171m, reflecting structural market shift in China, persistent Current Operating income -132 97 oversupply & downward pressure on prices Other operating income & expense
Slide 45: 2025 one-off Cash boost programme
2025 one-off Cash boost programme €103m realised above target of €60-70m €103m Capex & working capital • Deferral of non-essential capex Cash only • WC optimisation mostly on receivables, such €60-70m 54 impact as prepayment on sales One-off sale of CO2 quotas 60 • Additional CO2 emission quotas rec
Slide 46: 2025 Global carbon steel & Mn ore production
2025 Global carbon steel & Mn ore production 25 Mn Global carbon steel production (Mt) Global manganese ore production - Mn content (Mt)1 -2% +7% Carbon Steel: 1,887 1,849 20.8 19.5 4.6 • China down -4% vs. 2024 4.6 53% 1.1 • India continuing to outperform 52% 1.2 2.0 with +10% growth vs. 2024 1.2 3
Slide 47: Mn ore & alloys CRU index price trends
Mn ore & alloys (refined & standards in Europe) CRU index price trends 25 Mn Monthly change in manganese ore prices1 Monthly change in manganese alloys prices2 $/dmtu Mwmt 2025 vs. 2024 = -18% €/t 9 4,000 8 3,500 7 3,000 6 2,500 2025 vs. 2024 = -10% 5 2,000 4 1,500 3 2 1,000 1 500 2025 vs. 2024 = -8
Slide 48: 2025 Stainless steel production & primary Ni production & demand
2025 Stainless steel production & primary Ni production & demand 28 Ni Global stainless-steel Global primary nickel Global primary nickel production (Mt)1 production (kt)1 demand (kt) (excl. recycling) +2% +6% +5% 61.6 62.6 3,660 3,464 3,453 3,305 Stainless Steel global production 761 up 2% vs. 2024
Slide 49: LME & nickel ore historical price
LME & nickel ore historical price 28 Ni Monthly change in nickel LME prices Monthly change in nickel ore prices in Indonesia2 k$/t kt $/wmt 35 350 55 50 30 300 45 25 250 40 35 Premium 20 200 30 15 150 25 20 2025 vs. 2024 = -10% 100 2025 vs. 2024 = -10% 10 15 10 5 50 5 0 0 0 2020 2021 2022 2023 2024
Slide 50: Zircon premium & chloride ilmenite historical price
Zircon premium & chloride ilmenite historical price 22/40 Ti/Zr Monthly premium zircon FOB prices1 Monthly chloride ilmenite FOB prices1,2 $/t $/t 2,600 400 2,400 2,200 350 2025 vs. 2024 = -8% 2,000 1,800 300 1,600 1,400 250 2025 vs. 2024 = -12% 1,200 0 2020 2021 2022 2023 2024 2025 2022 2023 2024 2
Slide 51: EV sales & penetration rates and ESS deployment
EV sales & penetration rates and ESS deployment 3 Li Monthly EV sales & penetration rate Monthly ESS deployment 2.5 55 80 70 2.0 45 60 1.5 50 35 40 1.0 25 30 20 0.5 15 10 0.0 0 H1 H2 H1 H2 H1 H2 H1 H2 2024 2025 2024 2025 US US penetration rate China China penetration rate Deployment (GWh) Europe Eur
Slide 52: Lithium historical price
Lithium historical price 3 Li Lithium carbonate price (CIF China) $kt-LCE1 80 70 60 50 40 30 2025 vs. 2024 = -17% 20 10 0 2022 2023 2024 2025 SMM – battery-grade spot price Ex-Works China 1. LCE: Lithium Carbonate Equivalent 52 Eramet – FY 2025 results
Slide 53: Bond maturities & financial ratings
Bond maturities & financial ratings Amount as at Initial €m Currency Initial amount 31/12/2025 Maturity date Coupon (in m) May 2023 bond issue € 500 500 May 2028 7.00% May 2024 bond issue € 500 600 November 2029 6.50% B1 B long-term credit rating long-term credit rating Negative outlook Negative out
Slide 54: Progress on Act for positive mining CSR roadmap
Progress on our ambitious “Act for positive mining” CSR roadmap Responsible mining, a key component of a fair 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 water 7
Slide 55: Group Adjusted EBITDA sensitivity to market prices
Group Adjusted EBITDA (excl. SLN) sensitivity to market prices Annual impact on Adjusted Sensitivities Change EBITDA Manganse ore prices (CIF China 44%)1 +$1/dmtu c.€210m Manganese alloys prices1 +$100/t c.€55m Nickel ore prices (HPM nickel) – Weda Bay1 +$10/wmt c.€70m Lithium prices (lithium carbon
Slide 56: Shareholding as of December 31st, 2025
Shareholding as of December 31st, 2025 APE1 27.1% Free float 31.6% STCPI2 Number of shares 4.0% issued 28,755,047 Duval family SORAME + CEIR 37.2% 1. APE (Agence des Participations de l’Etat): French State 2. STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by th
Slide 57: Eramet – Committed to sustainable metals
EC6rAMeT COMMITTED TO SUSTAINABLE METALS