Eramet Sa · EURONEXT:ERA
Eramet Sa — Non-Deal Roadshow (March 2026)
53 slides from Eramet Sa's roadshow presentation, Mar 27, 2026
Slide 1: Singapore & Australia roadshow
Singapore & Australia roadshow March 27th to April 1st, 2026 Geoff Streeton, CDO Sandrine Nourry-Dabi, Head of IR
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 Eramet Eramet at a Focus on Outlook & comprehensive Appendices Glance Centenario Guidance funding plan 3 Eramet – Singapore & Australia roadshow
Slide 4: Eramet at a 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 Adjusted Adj. Sales3 FCF3 EBITDA3 -€481m €3.2bn €372m 9% 1% of sales of sales Mineral Sands Lithium Leverage Employees4 5.5x Breakdown of sale
Slide 6: A global footprint anchored by a diversified portfolio of mining & processing sites
A global footprint anchored by a diversified portfolio of mining & processing sites Manganese Nickel Mining & processing in Gabon Mining & processing in Indonesia Moanda, the World’s largest HGO manganese mine Weda Bay, the world’s largest nicke mine 1 Mn alloys plant 1 NPI plant Processing in Norwa
Slide 7: 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 8: A unique world-class mining portfolio positioned for sustainable growth
A unique world-class mining portfolio positioned for sustainable growth Large resource, long-life, high-grade, scalable deposits Moanda GABON Weda Bay INDONESIA Grande Côte SENEGAL Centenario ARGENTINA 25 28 22/40 3 Libreville Diogo Transgabonese railway Weda Bay Salta Mn Ni Ti/Zr Dakar SENEGAL Li C
Slide 9: 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 10: Sustainably supporting global economic development & the energy transition
Sustainably supporting global economic development & the energy transition A strategy aligned with global macro-trends, underpinned by an ambitious CSR roadmap & leveraging on operational excellence to unlock value GROW IN METALS supporting global SUSTAINABLY DEVELOP CRITICAL economic development ME
Slide 11: Eramet: a well positioned western platform to secure critical metals
Eramet: a well positioned western platform to secure critical metals Underpinned by a diversified, resilient portfolio of Tier-1 assets with compelling growth optionality • Lithium is at the core of all leading battery chemistries Potential to build a LT pipeline • Centenario is a world-class asset,
Slide 12: Centenario successful ramp-up: a proven playbook for Eramet's execution capability
Centenario successful ramp-up: a proven playbook for Eramet’s execution capability On track to deliver returns, 7 months after effective start of ramp-up, in a favourable price environment Ramp-up journey in 2025 2026 focus: ramping-up production to full capacity & capturing lithium price recovery m
Slide 13: Growth optionality in lithium
Growth optionality in lithium A disciplined & targeted investment approach to drive expansion Centenario full potential Beyond Centenario Scalable mineral & sufficient freshwater resources AGeLi to support capacity expansion >75 kt-LCE per year • Lithium from Alsace geothermal Ongoing study of low-r
Slide 14: A CSR commitment & performance recognized by ESG rating agencies & IRMA
A CSR commitment & performance recognized by ESG rating agencies & IRMA 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 IRMA 50 score achieved at Eramet Grande Côte 1st mineral sands mine & 1st mine in West Africa to 29.6
Slide 15: Eramet comprehensive funding plan
Eramet comprehensive funding plan 2
Slide 16: 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 Approved by Eramet’s board & reference shareholders Capital allocation Comprehensive plan to Deleveraging prioritized strengthen the balance sheet Investments & capex limited to
Slide 17: Equity base strengthening: the 3-pillar plan approved by the Board
III 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 co
Slide 18: Group performance improvement programme underway
I 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
Slide 19: Operational improvement plan
I 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 & & cont
Slide 20: Manganese ore: debottlenecking logistics in Gabon to drive EBITDA uplift
I 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 maintenan
Slide 21: Lithium: focus on ramp-up & Centenario optimisation
I 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 Opt
Slide 22: Large supply gap between IWIP demand & PT WBN's authorised volumes
I 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 IWIP1 industrial set up Weda Bay mine (PT WBN) 2025 licensing >120 Mwmt >110 Mwmt • Revised RKAB2 dated July 2025 22 NPI1 plants 73 RKEF product
Slide 23: 2026: sizeable asset monetisation & capital base strengthening
2026: 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 Strengthen
Slide 24: Focus on Centenario
Focus on Centenario 3 Eramet’s 1st site visit at Centenario Sell-side analysts & bankers, December 2025
Slide 25: Establishing leadership in lithium extraction from brine
Establishing leadership in lithium extraction from brine Unique capabilities and a full in-house expertise from 15-years of continuous R&D in lithium extraction & processing Assembled resources Unique capabilities developed ~40 high-caliber engineers & technicians dedicated to lithium at Design full
Slide 26: Industrial-scale DLE performance, in line or above design targets
Industrial-scale DLE performance, in line or above design targets A highly efficient proprietary adsorption technology supported by dedicated production in Europe1 Li recovery in DLE (%) 100 >90% 95 Yield in DLE recovery 90 Design yield DLE Jul Aug Sep Oct Nov Dec Jan Feb Mg2 rejection rate in DLE (
Slide 27: Overall process highly efficient, stable & sustainable in the DLE
Overall process highly efficient, stable & sustainable in the DLE A tailored-to-brine and derisked flowsheet design x 2 lithium global recovery1 vs. evaporation process Mature treatment and technology processing technologies Extraction / Refining & Li sorption Concentration Conversion No pre-concent
Slide 28: Centenario: development phase
Centenario: development phase ~10 years of de-risking from CSR to full process Free Prior Informed Consent (FPIC) obtained in 2020 (renewed in 2022) Strong social Environmental Impact Assessment (EIA) approved in 2019 acceptance to project (renewed in 2023) 80% of Eramet employees in Argentina comin
Slide 29: Centenario: construction phase
Centenario: construction phase Sole greenfield Full-DLE in operation, constructed at competitive capex Sole Full-DLE greenfield Capital intensity of major greenfield brine projects1 (outside China) project by stage of development & type of extraction process commissioned 100,000 Lionheart 1 (Vulcan)
Slide 30: Centenario: marketing phase
Centenario: marketing phase Successful penetration in the battery value chain c.$8,800/t-LCE1 90% average realized price in 2025 of sales realized in China vs. ~9,300 $/t-LCE for the SMM BG Li2CO3 99.5% & for battery applications 20 customers, including 50% of sales Made through GLENCORE under a co-
Slide 31: Outlook & guidance
Outlook & guidance 4
Slide 32: 2026 macro-trends
2026 macro-trends Macro-economic environment • More favourable pricing conditions since January Positive momentum • Middle East conflict since late February fueling at the start of 2026 volatility through higher input costs (energy, freight, sulfur), unclear impact on commodity pricing EUR/USD 2026
Slide 33: 2026 guidance
2026 guidance Mn ore 6.4-6.8 Mt Cash cost FOB Capex2 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 34: 2026: a pivotal year focused on executing and delivering on the funding plan
2026: a pivotal year focused on executing and 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 roadmap, in particular: 2 -
Slide 35: Eramet's investment case
Eramet’s investment case PURE-PLAY WORLD-CLASS WELL LEADING CSR CLEAR Mining & Metals ASSET BASE POSITIONED standards FUNDING PLAN with future on attractive to strengthen the growth optionality markets to capture B/S and prepare LT growth for the future A European mining leader powering industrial s
Slide 36: Appendices
Appendices
Slide 37: "Act for positive mining" CSR roadmap
“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 Reduce the CO2 FOR 2026 sa
Slide 38: 2025: a very challenging year, marked by strong external headwinds
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 39: 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 40: 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 41: Mn alloys global leadership with a lower carbon footprint
Mn alloys global leadership with a lower carbon footprint 25 Mn 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 Refined alloys c.80% Mn content - “Val
Slide 42: 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 43: Global leader in mineral sands in a GDP & China-driven market
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 44: 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 45: Commodity prices 3-year evolution
Commodity prices 3-year evolution – 100 basis Manganese prices Nickel prices €m 2025 Vs. 2024 Mn ore 44% LME Nickel MC FeMn HPM 1.6% Manganese SiMn 100 Mn ore CIF China 44% - $/dmtu 4.54 -18% MC FeMn (Europe) - €/t 1,397 -10% 100 SiMn (Europe) - €/t 1,049 -8% Nickel 2023 2024 2025 20261 2023 2024 20
Slide 46: 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 $/dmtu Mwmt €/t 9 9 4,000 8 8 3,500 7 7 3,000 6 6 2,500 2025 vs. 2024 = -10% 5 5 2,000 4 4 1,500 3 2025 vs. 2024 = -18% 3 2 2 1,000 500 2025
Slide 47: LME & nickel ore historical price
LME & nickel ore historical price 28 Ni Monthly change in nickel LME prices Monthly change in nickel ore prices in Indonesia2 k$/t kt $/wmt 35 400 65 60 30 350 55 300 50 25 45 250 40 Premium 20 35 200 30 15 150 25 2025 vs. 2024 = -10% 20 2025 vs. 2024 = -10% 10 100 15 5 50 10 5 0 0 0 2020 2021 2022
Slide 48: Zircon premium & chloride ilmenite historical price
Zircon premium & chloride ilmenite historical price 22/40 Ti/Zr Monthly premium zircon FOB prices1,3 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
Slide 49: 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 20262 SMM – battery-grade spot price Ex-Works China 1. LCE: Lithium Carbonate Equivalent 2. January & February 49 Eramet – Singapore & Australia roadshow
Slide 50: 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 51: 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 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 (lith
Slide 52: 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 53: Eramet – Committed to sustainable metals
EC6rAMeT COMMITTED TO SUSTAINABLE METALS