Eramet Sa · EURONEXT:ERA
Eramet Sa — BofA M&M conference, May 11-13, 2026
50 slides from Eramet Sa's conference presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation BofA M&M conference, May 11-13, 2026
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 1 2 3 4 5 Eramet Eramet at a Q1 2026 Growth Outlook & comprehensive Appendices Glance turnover optionality Guidance funding plan 3 Eramet – Investor presentation – May 2026
Slide 4: Eramet at glance
Eramet at glance 1
Slide 5: A global pure-play Metals & Mining company
A global pure-play Metals & Mining company Breakdown of sales by activity FY 2025 performance Manganese Nickel1 58% 33% of sales of sales Adjusted 2025 Group FCF3 Adj. Sales3 Adjusted EBITDA3 -€481m €3.2bn 9% 1% €372m of sales of sales Mineral Sands Lithium Leverage Employees4 Breakdown of sales by
Slide 6: Key core capabilities enabling Tier-1 performance
Key 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 7: A diversified, resilient portfolio of Tier-1 assets with compelling growth optionality
A diversified, resilient portfolio of Tier-1 assets with compelling growth optionality Large resource, long-life, high-grade, scalable deposits Mn oreGABON Moanda Mn alloys Weda Bay INDONESIA Nickel Mineral sands Grande Côte SENEGAL CentenarioLithium ARGENTINA (Gabon) (US, France, Norway, Gabon) (In
Slide 8: Highly competitive positions securing profitability & resilience in challenging markets
Highly competitive positions securing profitability & resilience in challenging markets Eramet’s low-cost asset base to support cash generation as commodity prices emerge from downturns Manganese ore 2026 cash cost curve CIF1 Lithium 2026 cash cost curve CIF1,3 Optimised cash cost at nominal capacit
Slide 9: A CSR commitment & performance recognized by ESG rating agencies & IRMA
A CSR commitment & performance recognized by ESG rating agencies & IRMA A- A- CLIMATE WATER B- A CHANGE SECURITY Above M&M 2 nd decile in the Among the best in sector average M&M sector the industry IRMA3 50 score achieved at Eramet Grande Côte 1st mineral sands mine & 1st mine in West Africa to 29.
Slide 10: Eramet comprehensive funding plan
Eramet comprehensive funding plan 2
Slide 11: A comprehensive 3-pillar funding plan to restore the balance sheet
A comprehensive 3-pillar funding plan to restore the balance sheet, approved by the Board & reference shareholders in February 2026 I II III Performance Strategic review of Equity base Capital allocation Improvement plan assets strengthening Deleveraging prioritized Investments & capex limited to ma
Slide 12: Q1 2026: progress on the 3-pillar funding plan
Q1 2026: progress on the 3-pillar funding plan I II III Performance Strategic review of Equity base Liquidity preservation Improvement plan assets strengthening Maintain access to €935m RCF Performance Targeted sizeable Project to launch a capital Potential access to bond improvement initiatives, as
Slide 13: Equity base strengthening: resolutions to be submitted to the 2026 AGM
III Equity base strengthening: resolutions to be submitted to the 2026 AGM published in 2025 URD Reference shareholders have approved the principle of a capital increase of around €500m in 2026 Appropriate resolutions #19 & #201 have been approved by Eramet’s Board of Directors on April 2nd, 2026 Re
Slide 14: 2026: sizeable asset(s) monetisation & capital increase
2026: sizeable asset(s) monetisation & capital increase Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2025 results 2026 AGM Feb. 18th May 27th I Focus on FCF protection Performance Improvement Plan II Asset(s) Preparation Targeted execution monetisation III Capital Resolutions Targeted execution increase AGM r
Slide 15: Q1 2026 turnover
Q1 2026 turnover 3
Slide 16: An improving price environment in Q1 2026, except for Mineral sands
An improving price environment in Q1 2026, except for Mineral sands Commodity prices evolution since 2024 – 100 basis Manganese prices Nickel prices €m Q1 26 Vs. Q1 25 Mn ore 44% 200 LME Nickel Manganese MC FeMn SMM 1.6% SiMn Mn ore CIF China 44% - $/dmtu 5.02 +8% MC FeMn (Europe) - €/t 1,523 +2% 10
Slide 17: A solid start to 2026, driven by a strong operational performance in Q1
A solid start to 2026, driven by a strong operational performance in Q1 Lithium ramp-up on track at ~80% in March, strong railway performance in Gabon, RKAB upward revision being submitted at PT WBN and partial restart of installations at EGC1 from end-April Manganese ore Manganese alloys Nickel – P
Slide 18: Q1 2026 adjusted turnover up 13%
Q1 2026 adjusted turnover up 13%, supported by a positive volume/mix impact ; favorable price impact more than offset by negative FX impact In €m Intrinsic Extrinsic +7% price impact, o/w: +15% +7% Price -9% FX Volume impact impact • Mn ore: sustained demand & upward impact pressure on freight costs
Slide 19: Growth optionality
Growth optionality eraMerT
Slide 20: Eramet: a well positioned western platform to secure critical metals
Eramet: a well positioned western platform to secure critical metals Underpinned by a diversified portfolio of Tier-1 scalable assets with compelling growth optionality • Lithium is at the core of all leading battery chemistries • Centenario is a world-class asset, successfully ramping-up and improv
Slide 21: Centenario's successful ramp-up: a proven playbook
Centenario’s successful ramp-up: a proven playbook for Eramet’s project execution capability Delivering volumes & capturing the lithium price upside, ahead of industry benchmarks 2024 December: 1st lithium production Close to 80%1 achieved in 10-month, a benchmark within the industry 2025 2026 H1: p
Slide 22: A disciplined & phased investment approach to unlock lithium growth optionality
A disciplined & phased investment approach to unlock lithium growth optionality Centenario full potential Beyond Centenario Deliver the full ramp-up of Centenario & Leveraging Eramet's lithium 1 demonstrate value creation know-how 50km Technology Leverage a world-class scalable resource 2 base Propr
Slide 23: Outlook & Guidance
Outlook & Guidance 5
Slide 24: 2026: uncertain economic environment
2026: uncertain economic environment Macro-economic environment • More favourable pricing conditions since January Positive momentum • Middle East conflict since late February: higher at the start of 2026 input costs (energy, freight, sulfur); macroeconomic effects not yet fully visible, expected to
Slide 25: 2026 guidance
2026 guidance Mn ore 6.4-6.8 Mt Cash cost FOB Capex rationalisation2 transported $2.4-2.6/dmtu volumes Up from 6.1 Mt in 2025 vs. $2.4/dmtu in 2025 as part of the ReSolution programme Limited to 9 Mwmt on the basis of the initial 12 Mwmt RKAB, €250-290m in 2026 Ni ore external with a request for an
Slide 26: 2026: a pivotal year focused on operational performance and funding plan
2026: a pivotal year focused on operational performance, executing & delivering on the Group’s funding 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 road
Slide 27: Appendices
Appendices
Slide 28: CSR at the heart of Eramet's strategy
3 PRIORITIES 10 O B J E C T I V E S to be achieved by 2026 CSR at the heart of Eramet's strategy 3 O B J E C T I V E S for 2035 Act for Positive Mining, our approach to becoming a CSR benchmark in the M&M sector CARE FOR PEOPLE 2035 COMMITMENT Take care of Health and Safety of people on our sites
Slide 29: Operational improvement plan
Operational improvement plan Improved 2026-2027 delivery with a significant contribution from Mn ore initiatives Manganese ore Manganese alloys Mineral sands Lithium PT WBN Improve maintenance & operational Restore damaged Optimise ramp-up & Strengthen safety excellence Improve productivity capacity
Slide 30: Centenario DLE plant: competitive positioning
Centenario DLE plant: competitive positioning underpinned by highly-efficient new generation DLE process Sole greenfield Full-DLE in operation, constructed at Cash cost expected at nameplate capacity competitive capex Capital intensity of major greenfield brine projects1 (outside China) by stage of
Slide 31: Weda Bay mine: supplying an extensive Nickel industrial park
Weda Bay mine: supplying an extensive Nickel industrial park, incl. NPI & HPAL plants RKAB limiting PT WBN to 12 Mwmt vs. an estimated demand of IWIP above 110 Mwmt in 2026 IWIP1 industrial set up Weda Bay mine (PT WBN) >110 Mwmt >110 Mwmt 2025 licensing 22 NPI1 plants • Revised RKAB2 dated July 202
Slide 32: Q1 2026 turnover breakdown
Q1 2026 turnover breakdown % of Group adj. €m Q1 2026 Q1 2025 Chg. YoY % change YOY turnover (excl. SLN) Manganese 464 457 +7 +2% 55% Manganese ore 271 250 +21 +8% 32% Manganese alloys 193 207 -15 -7% 23% Nickel adjusted (excl. SLN)1 163 114 +49 +43% 19% Share in Weda Bay (38.7%, excl. offtake) 116
Slide 33: 2025: a very challenging year
2025: a very challenging year, marked by strong external headwinds but also internal issues impacting Group performance Both internal & external dynamics exerted pressure on results Adjusted EBITDA2 Capex Adjusted leverage2 €372m -€412m 5.5x Vs. 1.8x in 2024 54% vs. 2024 €85m vs. 2024 Adjusted FCF2
Slide 34: Adjusted EBITDA down 54%
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 35: 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 36: Liquidity of €1.5bn at end-2025
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) 1,630 44 1,526 Operating debt Bank overdrafts 915 RCF Term Loan 935 870 RCF Eramet bonds 20 65 Bank overdrafts 213 Prepay Li Availab
Slide 37: 2025 Financial KPIs & headcount by activity
2025 Financial KPIs & headcount by activity Holding, Elim & Manganese Nickel Mineral sands Lithium others Sales: €1,843m Adj. Sales1,2: €618m Sales: €241m Sales: €41m Adj. Sales: €413m EBITDA: €357m Adj. EBITDA1: €95m EBITDA: €78m EBITDA: -€51m Adj. EBITDA: -€106m FCF: €46m Adj. FCF: €38m FCF: -€69m
Slide 38: High-grade manganese ore powering carbon steel & emerging market growth
High-grade manganese ore powering carbon steel & emerging market growth 25 Mn Moanda – Gabon Key figures – 2025 Market 1st global producer of high-grade Mn ore Carbon steel: the primary use of Libreville GABON manganese Transgabonese railway • 6.8 Mt ore production - 2.7 Mt of Mn content Moanda Fran
Slide 39: Mn alloys global leadership with a lower carbon footprint
Mn alloys global leadership with a lower carbon footprint 25 Mn Key exposure to North America & Europe Mn alloys setup Key figures – 2025 Market Standard alloys 50-85% Mn content 1st global producer of refined 2-8% carbon content Mn alloys Steel (construction & machinery) • 653 kt alloys production1
Slide 40: Global-scale nickel for stainless-steel & EV supply chains
Global-scale nickel for stainless-steel & EV supply chains 28 Ni PT Weda Bay Nickel – Indonesia Key figures – 2025 Market World’s largest nickel mine Sustained stainless-steel growth & strong battery-driven long-term demand Weda Bay • 41.9 Mwmt marketable ore production Jakarta INDONESIA - 1st quart
Slide 41: Global leader in mineral sands
Global leader in mineral sands in a GDP & China-driven market 22/40 Ti/Zr Eramet Grande Côte – Senegal Key figures – 2025 Market World’s largest single dredge mineral Titanium feedstock (incl. Ilmenite) sands operation Diogo 4% 9% Dakar • 983 kt HMC1 production SENEGAL 2025 Pigments - Guidance 2026
Slide 42: World-class asset positioned for EV & battery demand surge
World-class asset positioned for EV & battery demand surge 3 Li Centenario – Argentina Key figures Market EV & ESS driving demand, with more Phase 1 key figures applications ahead Salta • 24 kt-LCE/y nominal capacity Centenario 11% • c.$5,400-5,800/t-LCE Ex-Works cash cost at nominal capacity & afte
Slide 43: 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 $/dmtu Mwmt €/t Mwmt 9 4,000 8 3,500 7 3,000 6 Q1 26 2,500 vs. Q1 25 = +2% 5 2,000 4 Q1 26 1,500 3 vs. Q1 25 = +8% 2 1,000 Q1 26 500 = +4% 1
Slide 44: LME & nickel ore historical price
LME & nickel ore historical price 28 Ni Monthly change in nickel LME prices Monthly change in nickel ore prices in Indonesia2 k$/t kt $/wmt 35 400 70 30 350 60 300 25 50 250 20 40 Premium 200 15 30 150 Q1 26 = +32% Q1 26 vs. Q1 25 10 vs. Q1 25 = +12% 20 100 5 50 10 0 0 0 2020 2021 2022 2023 2024 202
Slide 45: 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 Q1 26 vs. Q1 25 = -10% 2,000 1,800 300 1,600 1,400 Q1 26 250 vs. Q1 25 = -17% 1,200 0 2020 2021 2022 2023 2024 2025 20263 2022
Slide 46: Lithium historical price
Lithium historical price 3 Li Lithium carbonate price (CIF China) $kt-LCE1 80 70 60 50 40 Q1 26 30 vs. Q1 25 = +110% 20 10 0 2022 2023 2024 2025 20262 SMM – battery-grade spot price Ex-Works China Average price 1. LCE: Lithium Carbonate Equivalent 2. January, February & March 46 Eramet – Investor pr
Slide 47: 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 48: 2026 Group Adjusted EBITDA sensitivity to market prices
2026 Group Adjusted EBITDA (excl. SLN) sensitivity to market prices Annual impact on 2026 Sensitivities Change Adjusted EBITDA Manganese 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 (lit
Slide 49: 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 50: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com