Eramet Sa · EURONEXT:ERA
Eramet Sa — H1 2025 Earnings Presentation
65 slides from Eramet Sa's earnings presentation, Jul 31, 2025
Slide 1: Eramet – H1 2025 Results
1 ERAMET – H1 2025 RESULTS
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: Contents
Contents 01 02 03 Introduction Financial Operating performance performance 04 05 06 In-depth Outlook & Appendices operational review conclusion 3 ERAMET – H1 2025 RESULTS
Slide 4: Introduction
Introduction 01
Slide 5: Continued progress in safety, positioning Eramet as one of the leading companies
Continued progress in safety, positioning Eramet as one of the leading companies in the industry Group accident frequency rate (TRIFR1,2) 12 11 10.9 10 9 8.3 8 7 H1 2025 TRIFR1 better than CSR 6 5.4 roadmap limit (<1) 5 4.1 4 3 2.2 2 1 1.1 1.1 0.7 0.6 0 2017 2018 2019 2020 2021 20223 20233 20243 H1
Slide 6: Highly pressured H1 2025, not in line with the Group's ambition
Highly pressured H1 2025, not in line with the Group’s ambition Disappointing operational performance by PT Weda Bay Nickel in Indonesia Start of new mining sites, compounded by constrained operating permit, led to a significant decline in Ni grade, along with increased operating costs Contrasted op
Slide 7: H1 2025 Adjusted EBITDA significantly down YoY, primarily due to PT WBN
H1 2025 Adjusted EBITDA significantly down YoY, primarily due to PT WBN’s reduced contribution H1 2025 Adjusted EBITDA €191m o/w Nearly 2/3 PT WBN of YoY decline (excl. SLN)1 -45% vs. H1 2024 Intrinsic External performance impacts -€117m vs. H1 2024 -€37m vs. H1 2024 o/w PT WBN o/w FX & inflation -€
Slide 8: Negative adjusted FCF, driven by limited operating cash-flow and growth capex
Negative adjusted FCF, driven by limited operating cash-flow and nearing completion of growth capex for Centenario DLE plant Operating cash-flow Adjusted FCF1 Net debt2 +€25m -€266m €1,807m excl. SLN Cash capex1 incl. +€148m Adjusted leverage3 €215m o/w SLN financing from 2.7x €141m growth capex Fre
Slide 9: Centenario: firmly focused on ramping up DLE plant to nameplate capacity
Centenario: firmly focused on ramping up DLE plant 3 to nameplate capacity Li Series of milestones achieved in H1 2025 First DLE units in operation Confirming Eramet’s DLE operating close to nominal yield technology works effectively at & throughput industrial scale Late commissioning of Forced Limi
Slide 10: Progressing on our Act for Positive Mining CSR roadmap
Progressing on our “Act for Positive Mining” CSR roadmap Eramet Global Gabon Green Care Generation Safety = #1 priority by Lékédi TRIFR in H1 2025 Actively pursuing its 0.6 2025 limit <1 preventive health 1,200 initiatives, in line with students trained on agreement signed in 0 Accident at Porsgrunn
Slide 11: Financial performance
Financial performance 02
Slide 12: H1 2025 financial performance
H1 2025 financial performance €m H1 2025 H1 2024 Adjusted turnover (excl. SLN)1 1,528 1,640 Turnover 1,404 1,452 Adjusted EBITDA (excl. SLN)1 191 345 EBITDA 71 102 Current Operating Income (excl. SLN)1 9 88 Net Income – Group share -152 -41 Net Income – Group share (excl. SLN)1 -101 31 €m 30/06/2025
Slide 13: Decline in adjusted EBITDA primarily driven by PT WBN's operating and permitting challenges
Decline in adjusted EBITDA (excl. SLN) primarily driven by PT WBN’s operating and permitting challenges, partly offset by Ni ore premiums in Indonesia In €m -14 1 -43 -€37m 98 External factors -18 2 3 -60 42 -36 20 -24 18 -14 6 -26 191 345 4 5 7 145 8 -55 102 -€117m Intrinsic performance -65 71 o/w
Slide 14: Net Income, Group share (excl. SLN) at -€101m
Net Income, Group share (excl. SLN) at -€101m, mainly reflecting lower EBITDA & PT WBN’s reduced contribution €m H1 2025 H1 2024 Turnover 1,404 1,452 Current Operating income -64 -23 o/w: cost of net debt (-€74m), up 8% YoY and other financial Other operating income and expenses -31 -22 1 income & e
Slide 15: Strict capex management; capex to sustain manganese growth and Centenario DLE
Strict capex management; capex to primarily sustain growth in manganese and achieve Centenario DLE plant ramp-up Cash capex (excl. SLN)1 (€m) 1 Stable sustaining capex (-c.€1m vs. H1 2024) Capex to sustain organic growth 224 215 Lithium project 71 Manganese ore (€27m) 64 3 €141m 2 Growth capex Trans
Slide 16: Net debt at €1.8bn at end of June
Net debt at €1.8bn at end of June In €m Adjusted FCF -€266m FCF -€414m -1,297 -1,435 -1,807 -1,716 1 -138 71 -46 2 -227 3 4 5 4 19 -72 -120 148 -98 -7 90 -39 2024 2024 SLN net 2024 EBITDA Change Cash capex Weda Bay Cost of Tax paid Other cash French State’s Dividends paid Other H1 2025 Net SLN Net H
Slide 17: Proactive balance sheet management
Proactive balance sheet management Debt maturity (€m) Group financial liquidity (€m) as of 30 June 2025 May 2025: €100m TAP on SLB3 issued in May 2024 875 2,989 Bank and operating debt 86 (incl. overdrafts) 723 Term Loan 46 €100m TAP, increasing the total 213 1 Eramet bonds 1,383 2,156 principal amo
Slide 18: Operating performance
Operating performance ‘t x, SF Bes J
Slide 19: Macro environment & geopolitical uncertainties continue weighing on prices
Macro environment & geopolitical uncertainties continue weighing on prices; premiums still high in Indonesia Still depressed Ni prices but high 25 28 Mn prices on a downward trend1 Mn Ni premiums on ore1 SMM NPI 8-12% LME Nickel HGO Chg. YoY Chg. YoY McFeMn -12% SiMn -4% Sta. -8% +26% Premium -14% -
Slide 20: Contrasted operating performance in H1 2025
Contrasted operating performance in H1 2025 Manganese Nickel Mineral sands Production Production1 3.5Mt 16.2Mwmt Eramet Grande Côte +1% vs. H1 2024 PT Weda Bay -3% vs. H1 2024 Ore External Sales (ore) External Sales 2.7Mt 11.0Mwmt HMC production2 -8% vs. H1 2024 -8% vs. H1 2024 489kt +20% vs. H1 202
Slide 21: Manganese
25 Mn Manganese
Slide 22: Downward price trend in Q2: South African volumes increased & GEMCO resumed shipments
Downward price trend in Q2: South African volumes 25 increased & GEMCO resumed shipments in June Mn $/dmtu Manganese ore prices & stocks evolution1 H1 2025 Mwmt 10 Carbon steel production 9 -2% YoY 8 GEMCO Manganese ore production 7 issue +6% YoY 6 Record production from South Africa 5 Major Austral
Slide 23: HGO supply to normalize in H2 2025; price under pressure
HGO supply to normalize in H2 2025 with GEMCO 25 gradually returning to market; price under pressure Mn FY 2025 manganese ore cost curve CIF (simplified)1 For illustrative purposes High-grade (>40%) Medium-grade (30-40%) Low-grade (<30%) 8 OPPORTUNISTIC 6 Cash cost, $/dmtu LOW-GRADE Current 2025 mar
Slide 24: Q1 2025 logistic challenges, progressively improving throughout Q2
Q1 2025 logistic challenges, progressively improving throughout Q2, resulting 25 in lower Mn volumes sold & higher cash cost Mn Ore production volumes (Mt) Manganese ore cash cost ($/dmtu) 6.8 +1% 3.3 H1 2024 3.5 3.5 H2 FOB cash-cost1 2.08 H1 3.5 Volumes 0.10 H1 2024 H1 2025 2024 Fixed costs2 0.09 O
Slide 25: Mn alloys volumes slightly down on market conditions; margin declining
Mn alloys volumes slightly down on market conditions: margin declining due to 25 significant increase in Mn ore consumption price Mn Manganese alloys production (kt) Manganese ore & MC FeMn invoiced prices (margin squeeze impact for illustrative purposes) €/t $/dmtu 635 2,000 10 9 1,750 8 -1% 53% 1,
Slide 26: Manganese performance down 12% in H1 2025; higher cash generation
25 Manganese performance down 12 % in H1 2025; higher cash generation Mn EBITDA FCF €m 225 €m 45 197 3 59 186 175 32 -14 -29 39 22 H1 2024 H1 2025 H1 2024 H1 2025 Manganese ore Manganese alloys Manganese ore Manganese alloys Ore EBITDA down -€11m FCF up +€42m, o/w: • Volumes sold (-8%) ▪ Mn ore (+€1
Slide 27: Nickel
28 Ni Nickel
Slide 28: Higher premiums on H1 2025 HPM index, but lower Ni ore volumes sold
Higher premiums on H1 2025 HPM index, but lower Ni ore volumes sold 28 with unfavourable product mix & significant decline in grade Ni Nickel prices (LME & PT WBN Ni ore) PT WBN1 nickel ore volumes sold (Mwmt) $/t $/wmt 36-393 120 18,000 H1 25 vs. H1 24 = -12% 33.1 100 2.8 1.8 14,000 80 HPM + H1 25
Slide 29: PT WBN's performance down 64% YoY
PT WBN’s performance down 64% YoY, impacted by planned start of new mining 28 production sites & constrained operating permit Ni €m Adjusted EBITDA1 €m Adjusted FCF1 15 143 -11 23 14 145 51 -8 55 -25 -4 2 -5 1 H1 2024 H1 2025 H1 2024 H1 2025 PT WBN2 NPI offtake Support functions Weda Bay (PT WBN + N
Slide 30: Weda Bay mine's significant potential: supplying a major industrial park (IWIP)
Weda Bay mine’s significant potential: supplying a major industrial park (IWIP) 28 consuming > 80Mwmt of nickel ore per year Ni PT Weda Bay Industrial Park (IWIP)1 Weda Bay mine (PT WBN) >80 Mwmt 18 NPI1 plants Current licensing 60 RKEF production lines 2024-2026 RKAB2 dated October 2024 640-700kt-N
Slide 31: Mineral sands
Ti Zr Mineral sands _ wf" eramMeT
Slide 32: H1 2025 HMC production up, reflecting higher HMC grade and efficiency
H1 2025 HMC production up, reflecting continued higher HMC grade of 22 40 mined area & improved efficiency Ti Zr Eramet Grande Côte HMC1 production Premium zircon & chloride ilmenite FOB prices2 ($/t) (kt) 2,300 400 >900 Ilmenite H1 25 vs. H1 24 = -6% 883 2,200 2,100 Zircon H1 25 vs. H1 24 = -8% 350
Slide 33: Mineral sands performance up +6%, driven by higher HMC grade
Mineral sands performance up +6%, driven by higher HMC grade, parallel 22 40 to negative price & FX; cash generation constrained by higher capex Ti Zr EBITDA FCF €m 53 €m 4 50 17 -13 -14 H1 2024 H1 2025 H1 2024 H1 2025 EGC Holding (ETI sale’s price adjustment) EBITDA up +€3m, o/w: ▪ Higher grade (+€
Slide 34: Lithium
3 Li Lithium
Slide 35: Robust demand for lithium; market currently oversupplied, driving prices down
Robust demand for lithium, fueled by electric vehicle sales & ESS; market 3 currently oversupplied, driving prices down Li Lithium demand forecast1 Lithium carbonate price (CIF Asia)3 Mt-LCE2 $kt-LCE2 2023-2024 2025-2030 90 8 Fastmarkets – battery-grade CAGR +23% +15% x1.4 80 spot price CIF Asia 7 B
Slide 36: Centenario lithium plant: 100% Western DLE in operation, ramping up volumes
Centenario lithium plant: 100% Western DLE in operation, now focused on 3 ramping-up volumes & scaling up towards nameplate capacity Li 2024 achievements H1 2025 achievements H2 2025 focus Focus on ramping up volumes & All major steps of the brine to progressing toward the plant’s lithium carbonate
Slide 37: In-depth operational review
In-depth operational review 04
Slide 38: Building an actionable plan based on industry best practice & previous experiences
Building an actionable plan based on industry best practice & previous experiences Context Objectives Eramet controls long-life, tier-one assets Roll out an asset diagnostic across the portfolio to Recent operational performance not in line with the establish a baseline of current performance
Slide 39: Outlook & conclusion
Outlook & conclusion 05
Slide 40: Continued downward price trend vs. 2024
Continued downward price trend vs. 2024 Macro trends & prices Uncertain macroeconomic environment (tariffs, domestic demand in China) Volatile FX market with downward risk on US dollar (current consensus at 1.13$/€ for 2025) Current price consensus for 20251: H2 2025 FY 2025 -1% vs. -17% vs. Mn ore2
Slide 41: Guidance: 2025 volumes revised
Guidance: 2025 volumes revised 2025 volume & cash cost guidance 2025 capex guidance 6.7-7.2 6.5-7.0 Cash cost FOB 6.1 $2.1-2.3/dmtu vs. initial $2.0-2.2/dmtu, Controlled capex plan reiterated reflecting unfavorable FX impact 25 Mn Favorable seasonality in H2 vs. H1 €400-450m2 Transported 2024 2025f
Slide 42: H2 2025: increased focus on operating efficiency & Centenario ramp-up
H2 2025: increased focus on operating efficiency & Centenario ramp-up Closely monitoring performance Taking action Eramet Performance Review: comprehensive & in-depth 25 Manganese ore: sustain progress made in review of the performance of our operations resolving logistics challenges and deliver Mn
Slide 43: Q&A
Q&A “ transformation of the Earth’s mineral Become a reference for the responsible resources, for living well together ”
Slide 44: Appendices
Appendices 06
Slide 45: SLN (New Caledonia): financing agreement with the French State
SLN (New Caledonia): financing agreement with the French State In €m €238m of financing received to date from the French State to cover SLN’s cash needs in 2025, of which: -1,297 -1,435 1,716 ▪ €138m of financing -1,807 received in advance in 2024 & corresponding to SLN’s net cash 138 100 position a
Slide 46: 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 46 ERAMET – H1 2025 RESULTS
Slide 47: Progress on our ambitious 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 48: H1 2025 Mn alloys input cost
H1 2025 Mn alloys input cost Reductants consumption prices 100 basis €/t H1 25 vs. H1 24 = -15% 130 400 Lower reductant purchase prices reflected in H1 2025 Mn alloys’ 120 H1 25 vs. H1 24 = -10% 110 350 cost base in (3-month lag between purchasing and consumption of 100 coke): 90 300 ▪ Nut coke down
Slide 49: H1 2025 Mn ore freight rates
H1 2025 Mn ore freight rates Freight rates ($/t)1 - bulk Freight rates include: 50 ▪ Chartering costs, based on route times charter rate2 45 ▪ Transportation fuel costs3 40 H1 25 vs. H1 24 = -22% Mn ore freight rates down -22% in H1 2025 YoY: 35 ▪ Weak demand and recent large increase in vessel supp
Slide 50: H1 2025 Global carbon steel & Mn ore production
25 H1 2025 Global carbon steel & Mn ore production Mn Global carbon steel production (Mt) Global manganese ore production - Mn content (Mt)1 Carbon Steel: -2% +6% ▪ China down -3% vs. H1 1,883 19.0 2024, amid still declining domestic demand and despite 4.7 the continued rising steel 53% 0.5 exports
Slide 51: H1 2025 Mn ore supply & demand
25 H1 2025 Mn ore supply & demand Mn Mn ore supply & demand1 Mt-Mn 10.2 +6% 10.0 9.8 9.6 9.4 10.1 9.2 9.6 0.4 9.5 0.2 0.0 H1 2024 H2 2024 H1 2025 Mt-Mn Demand 9.5 9.8 9.9 Supply 9.6 9.5 10.1 o/w S. Africa 4.4 4.7 4.8 1. Source: Worldsteel Association, Eramet estimates 51 ERAMET – H1 2025 RESULTS
Slide 52: Manganese ore & alloys CRU index price trends
Manganese ore & alloys (refined & standards in Europe) 25 CRU index price trends Mn Monthly change in manganese ore prices1 Monthly change in manganese alloys prices2 $/dmtu Mwmt H1 25 vs. H1 24 = -14% €/t 9 4,000 8 3,500 7 3,000 6 2,500 H1 25 vs. H1 24 = -4% 5 2,000 4 1,500 3 2 1,000 1 500 H1 25 vs
Slide 53: H1 2025 Global stainless steel production and primary Ni production & demand
H1 2025 Global Stainsless steel production and global primary 28 Ni production & demand Ni Global stainless-steel Global primary nickel Global primary nickel production (Mt)1 production (kt)1 demand (kt) (excl. recycling) +3% +10% +4% 61.4 3,471 3,343 Stainless Steel global production up 3% vs. H1 2
Slide 54: LME & nickel ore historical price
28 LME & nickel ore historical price Ni Monthly change in nickel ore prices in Monthly change in nickel LME prices Indonesia2 k$/t kt $/wmt 35 350 55 50 30 300 45 25 250 40 35 20 200 30 15 150 25 20 H1 25 vs. H1 24 = -12% 10 100 15 10 5 50 H1 25 vs. H1 25 = -9% 5 0 0 0 2020 2021 2022 2023 2024 2025
Slide 55: Zircon premium & chloride ilmenite historical price
22 40 Zircon premium & chloride ilmenite historical price Ti Zr Monthly premium zircon FOB prices1 Monthly chloride ilmenite FOB prices1,2 $/t $/t 2,600 400 2,400 2,200 350 H1 25 vs. H1 24 = -6% 2,000 1,800 300 1,600 H1 25 vs. H1 24 = -8% 1,400 250 1,200 0 2020 2021 2022 2023 2024 2025 2022 2023 202
Slide 56: EV sales & penetration rates and ESS deployment
EV sales & penetration rates and ESS deployment Monthly EV sales & penetration rate Monthly ESS deployment 1.8 60 40 1.6 35 50 1.4 30 1.2 40 25 1.0 30 20 0.8 15 0.6 20 0.4 10 10 0.2 5 0.0 0 0 H1 H2 H1 H1 H2 H1 2024 2025 2024 2025 US US penetration rate China China penetration rate Deployment (GWh) E
Slide 57: Group Adjusted EBITDA (excl. SLN) sensitivity to market prices
Group Adjusted EBITDA (excl. SLN) sensitivity to market prices Annual impact Sensitivities Change on Adjusted EBITDA Manganese ore prices (CIF China 44%)1 +$1/dmtu c.€230m Manganese alloys prices1 +$100/t c.€60m Nickel ore prices (HPM nickel) – Weda Bay1 +$10/wmt c.€95m Lithium prices (lithium carbo
Slide 58: Key figures
Key figures H1 2025 Holding company, eliminations, Total SLN Total In €m Manganese Nickel Mineral sands Lithium restatements (excl. SLN) standalone (incl. SLN) and other entities Sales 949 75 135 4 209 1,372 32 1,404 EBITDA 197 -4 53 -37 -73 136 -65 71 Current Operating Income 96 -4 36 -41 -78 9 -73
Slide 59: H1 2025 cash-flow table
H1 2025 cash-flow table €m H1 2025 H1 2024 Operating activities EBITDA 71 102 Cash impact of below EBITDA items -202 -150 Cash-flow from operations -132 -48 Change in WCR -70 -146 Net cash flow generated by operating activities (1) -202 -194 Investing activities Industrial investments -241 -289 Othe
Slide 60: H1 2025 Adjusted FCF by activity
H1 2025 Adjusted FCF by activity €m 45 Adj. FCF Adj. FCF 59 15 Alloys -144 -169 -266 Ore -14 French -14 -€266m -148 State’s SLN financing Adjusted FCF net of: ▪ Financing from French State (€148m) French State’s SLN -148 financing Manganese Nickel Mineral sands Lithium Holding Group 60 ERAMET – H1 2
Slide 61: H1 2025 operating WCR (incl. SLN)
H1 2025 operating WCR (incl. SLN) Operating WCR1 (€m) H1 2025 cash consumption 565 526 521 at Group level2 in H1 2025 vs. FY 2024 616 692 667 Slight improvement of balance sheet WCR in H1 2025 vs. FY 2024 (capturing FX impact vs. cash flows statement), reflecting: 323 217 189 • Lower inventories, ma
Slide 62: Bond maturities
Bond maturities Amount as at Initial €m Currency Initial amount 30/06/2025 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% 62 ERAMET – H1 2025 RESULTS
Slide 63: Eramet capital allocation policy
Eramet 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 1 ▪ Deliver organic growth with very ▪ Return value created by qui
Slide 64: Shareholding as of June 30th, 2025
Shareholding as of June 30th, 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 the Ne
Slide 65: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com