Eramet Sa · EURONEXT:ERA
Eramet Sa — Shareholder Meeting (May 2025)
38 slides from Eramet Sa's shareholder meeting presentation, May 26, 2025
Slide 1: Shareholders' Ordinary and Extraordinary General Meeting – 26 May 2025
1 SHAREHOLDER’S ORDINARY AND EXTRAORDINARYGENERAL MEETING – 26 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: Group's situation in 2024, outlook and strategic & CSR roadmap
Presentation of the Group’s situation in 2024, its outlook and its strategic & CSR roadmap Christel BORIES 01 Chair & CEO Nicolas CARRÉ CFO, in charge of Procurement and IT
Slide 4: Contents
Contents 1 2 3 2024 retrospective 2024 financial results Q1 turnover & stock evolution & outlook for 2025 4 5 Strategic & CSR Conclusion roadmap 4 ASSEMBLÉE GÉNÉRALE MIXTE ORDINAIRE ET EXTRAORDINAIRE - 26 MAI 2025
Slide 5: 1. 2024 retrospective
1. 2024 retrospective
Slide 6: Resilience in a challenging environment while delivering on strategic roadmap
In a challenging environment, Eramet confirmed its resilience, while delivering on its strategic roadmap Challenging price environment: depressed nickel price, high volatility in manganese ore price Eramet withstood Constrained operational performance: permit issues in Indonesia, difficult market st
Slide 7: Consistent operational performance supported by resilient mining portfolio
Delivering a consistent operational performance, supported by resilient mining portfolio, enabling to withstand downcycle periods Optimized mix Productivity Comilog 2024 Adjusted Intrinsic & grade EBITDA performance +€116m +€33m -€11m (excl. SLN)1 +€135m €814m vs. 2023 Weda Bay & Eramet Logistics is
Slide 8: Cash-positive operating generation; negative Adjusted FCF reflecting growth capex
Cash-positive generation from operating activities; negative Adjusted FCF reflecting growth capex Capex1 Operating cash-flow Net debt2 €497m +€40m €1,435m excl. SLN o/w Growth capex excl. growth capex €348m Adjusted FCF1 Adjusted leverage3 Buy-back of Tsingshan’s 49.9% in -€308m 1.8x Before taking i
Slide 9: Continued progress in safety
Our continued progress in safety position Eramet as one of the leading companies in the industry Group accident frequency rate (TRIR1,2) 12 11 10.9 10 An outstanding 9 8.3 journey in 8 years 8 TRIR divided by ~10 since 20173 7 6 5.4 5 4.1 4 3 2.2 2 1.1 1.1 0.7 0.6 1 0 2017 2018 2019 2020 2021 20223
Slide 10: 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 11: IRMA continued roll-out at mining sites
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 12: CSR performance recognized by ESG rating agencies
A CSR commitment and performance recognized by leading ESG rating agencies ➔ 1. Lower is better 12 SHAREHOLDER’S ORDINARY AND EXTRAORDINARYGENERAL MEETING – 26 MAY 2025
Slide 13: 2. 2024 financial results & stock evolution
2. 2024 financial results & stock evolution
Slide 14: 2024 financial performance
2024 financial performance: Net income, Group share (excl. SLN) at €144m €m 2024 2023 Adjusted turnover (excl. SLN)1 3,377 3,618 Sales 2,933 3,251 Adjusted EBITDA (excl. SLN)1 814 910 EBITDA 371 347 Current operating income (excl. SLN)1 281 291 Net income – Group share 14 109 Net income – Group shar
Slide 15: SLN: no more impact on Eramet's balance sheet
SLN (New Caledonia): no more impact on Eramet’s balance sheet thanks to the financing from the French State Conversion of French State’s existing loans to SLN (€260m on 31 December 2023) into 1 undated (deeply) subordinated bonds Financing agreement signed in April (“TSDI” ) 1 2024 with the French S
Slide 16: Diversified debt structure & robust liquidity
Diversified debt structure & robust liquidity Debt maturity as of 31 Dec 2024 (in €m) Group financial liquidity (€m) 795 Undrawn line: RCF & term loan & Prepay Li Prepay Li 16 Available cash Bank and operating debt (inc. overdrafts) 44 Term Loan 2,989 2,830 Eramet bonds 225 566 Impact IFRS 16 (non c
Slide 17: A rigorous capital allocation policy
A rigorous capital allocation policy 01 02 03 Balance sheet Capex Dividend ▪ Maintain adjusted leverage ▪ Maintain a disciplined ▪ Reward shareholders for their below 1x on average through the investment policy long-term commitment cycle ▪ Deliver organic growth with very ▪ Return value created by q
Slide 18: Stock evolution
Stock evolution Eramet, SBF 120, Stoxx Europe 600 Basic Resources1 (100 basis) €46 €43 €72 €84 €72 €54 €49 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 22/05/2025 400 TSR2 Performance 300 +27% over 5 years3 vs. +13 % for the Stoxx 600 BR 200 100 Recurring payment of dividends 0
Slide 19: A historical & stable shareholding
A historical & stable shareholding Shareholding at 31/12/2024 Other free float 31.8% Individual Shareholders APE1 US institutionals 3.8% 13.8% 27.1% French institutionals STCPI2 Number of shares 2.4% Institutional 4.0% issued Shareholders 28,755,047 UK institutionals 15.2% 1.9% Other institutionals
Slide 20: 3. Q1 turnover & outlook for 2025
3. Q1 turnover & outlook for 2025
Slide 21: Selling prices down over Q1, except manganese ore
Selling prices down over Q1, except for manganese ore temporary rebound; still high premiums in Indonesia 25 28 Mn Ore prices slightly picked up1 Still depressed Ni prices but high Mn Ni premiums on ore1 NPI SMM 8-12% HGO Var YoY LME Nickel Var YoY McFeMn -6% SiMn +5% +2% -1% +33% +8% -5% SMM Ni ore
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 production2 1.2Mt 5.4Mwmt -15% vs. Q1 2024 -11% vs. Q1 2024 236kt +23% vs. Q1 2024 Lit
Slide 23: Stability in Q1 2025 turnover
Stability in Q1 2025 turnover 1 -5% Volume sold impact In €m 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 +
Slide 24: May 2025: €100m TAP on the SLB issued in May 2024
May 2025: €100m TAP on the SLB1 issued in May 2024 1 €100m TAP, increasing the total principal amount of sustainability- linked bonds (“SLB”) maturing in November 2029 to €600m 2 Net proceeds of €75m, after repayment of the Term Loan (€25m), used for Eramet’s general corporate purposes 3 Terms and c
Slide 25: Focus on productivity & Centenario ramp-up
By the end of the year: focus on productivity & Centenario ramp-up Macro trends & prices Uncertain macroeconomic environment (tariffs) Focused on the productivity of our operations in a difficult and very uncertain market environment Increased risk of inflation in the US & uncertainties in the FX ma
Slide 26: 2025 targets: limited volume growth, efficiency & strict capex control
2025 targets: limited volume growth, operational efficiency & strict capex control 2025 volume & cash cost guidance 2025 capex guidance 6.7-7.2Mt €400-450m4 6.1 Cash cost FOB 25 $2.0-2.2/dmtu expected in the Mn upper range1 Transported 2024 2025F manganese ore Actual Guidance 30 29 • Favourable mix
Slide 27: 3. Strategic & CSR roadmap
3. Strategic & CSR roadmap
Slide 28: Delivering the full potential of the strategic roadmap
Delivering the full potential of the strategic roadmap Two strategic axes aligned with global macro-trends, supported by an ambitious CSR roadmap & boosted by operational performance GROW IN METALS supporting global SUSTAINABLY DEVELOP CRITICAL economic development METALS for the energy transition R
Slide 29: Centenario ramp-up: diversifying into energy transition metals
3 Centenario ramp-up: a step further to diversifying the Group into metals for the energy transition Li Full-ownership regained DLE technology successfully Ramp-up of the plant in October 2024 operating at industrial scale confirmed by 2025 year-end Concentration process (Forced 24kt-LCE/y nameplate
Slide 30: Centenario DLE plant: profitability from first quartile cost position
3 Centenario DLE plant: attractive profitability underpinned by first quartile cost position Li Illustrative cash cost curve CIF for the lithium industry1 Expected (2026, Benchmark Mineral Intelligence) strong resilience Cash cost, k$/t LCE CIF Asia 15 through-the-cycle Current 2026 market consensus
Slide 31: Strong lithium demand; market currently oversupplied
3 Strong demand for lithium, fueled by electric vehicle sales and ESS; market currently oversupplied driving prices down 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 +5% +3% 6 70 x1.7 5 6
Slide 32: Pipeline of growth options in energy transition metals
Eramet is preparing for the future by building a pipeline of growth options in energy transition metals 3 28 Li Ni Growth Class 1 nickel in opportunities for Indonesia lithium in Chile 3 Li Geothermal EV Battery lithium in France recycling Eramet is also actively exploring and evaluating additional
Slide 33: 5. Conclusion
5. Conclusion
Slide 34: Major transformation over the past 8 years
Over the past 8-years the Group has undergone a major transformation A stronger profile to navigate challenging 2017-2024 environment and low-cycle periods €809m €814m Repositioned Eramet as a pure M&M player ~ ~ -€670m €680m Opened 2 major deposits in nickel & lithium Increase in Tier-one assets va
Slide 35: 2025: unlocking the full potential of Eramet's new portfolio
2025: unlocking the full potential of Eramet’s new portfolio Level-up Become best operator: creating value through operational performance Become best “greenfield” project developer: ensuring the ramp-up of Centenario Embed CSR in our day-to-day ways of working Prepare future developments 35 SHAREHO
Slide 36: Perfectly positioned to unlock value in a new era of metals
Eramet perfectly positioned to further unlock value in a new era of metals Pure-play Word-class Well positioned Highest CSR Strict Mining & Metals asset base on attractive standards financial policy with proven track markets record 36 SHAREHOLDER’S ORDINARY AND EXTRAORDINARYGENERAL MEETING – 26 MAY
Slide 37: 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 38: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com