Eramet Sa · EURONEXT:ERA
Eramet Sa — Investor Presentation (May 2026)
54 slides from Eramet Sa's investor presentation, May 2026
Slide 1: Group Presentation May 2026
Group Presentation May 2026 ws eCraMeT
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: Eramet at glance
Eramet at glance 1
Slide 4: 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 5: 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 Smelting in Norway,
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: 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 10: 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 11: A Tier-1 asset portfolio with a strong exposure to high-growth markets
A Tier-1 asset portfolio with a strong exposure to high-growth markets 2
Slide 12: Pricing features of Eramet’s businesses
Pricing features of Eramet’s businesses Manganese Nickel Mineral Sands Lithium OTC1 negotiation Nickel ore in Indonesia Local floor price: OTC1 negotiation OTC1 negotiation CRU index: bi-weekly HPM nickel2 Mn ore: CRU CIF China 44% Battery-grade index: Formula updated in April 20263 Zircon & ilmenit
Slide 13: Manganese
25 Mn Manganese
Slide 14: Carbon steel, the main end-market of Manganese
Carbon steel, the main end-market of Manganese 25 Mn Extraction: Processing: End-markets: Manganese ore Manganese alloys & others Carbon-steel & others Average content of Mn alloy per Average content of Mn per Average use of Mn ore per 0.35t tonne of ore 2.0t tonne of alloy 10kg tonne of steel (c.7
Slide 15: China drives Mn ore demand; India major alloy exporter despite limited steel output
China drives Mn ore demand; India major alloy exporter despite limited 25 steel output Mn 2025 Global production Manganese ore (Mn content) Manganese alloys Carbon steel Other Other Other 9% South Africa 12% 9% Brazil, 3% CIS2, 5% 46% Russia 3% China China China, 4% 60% N. America 53% Norway 3% Indi
Slide 16: Manganese activities in Gabon: an integrated value chain from the mine to the customer
Manganese activities in Gabon: an integrated value chain from the mine 25 to the customer Mn Extraction, Moanda (Bangombé Okouma) Owendo Port, Libreville Railway Station Dry mining Stacking units Mn ore >44% grade Fine by-products c.38% grade Shipment Railway Station (Moanda) 50-200kt Stationary Mn
Slide 17: Moanda: world’s largest high-grade Manganese deposit on the first quartile of its cost curve
Moanda: world’s largest high-grade Manganese deposit 25 positioned on the first quartile of its cost curve Mn Moanda – 2025 key figures Key players in high-grade Mn ore Other 7% 2 plateaux operated by Comilog (63.7% Eramet) Bangombé & Okouma NGM 34% 4% 1st global 454Mwmt resources1 TMI 7% producer o
Slide 18: A leading Manganese alloys producer well positioned in North America & Europe
A leading Manganese alloys producer well positioned to deliver 25 the most attractive markets, North America & Europe Mn Alloys business – 2025 figures Key players 6 pyrometallurgical plants 1st global Kvinesdal, Marietta Dunkirk Moanda producer of Porsgrunn, refined Mn alloys OM Holdings Sauda Valu
Slide 19: Nickel
28 Ni Nickel
Slide 20: Stainless steel, today’s main end-market for Nickel, with EV batteries showing solid growth
Stainless steel, today’s main end-market for Nickel, with EV batteries 28 showing solid growth Ni Extraction: Processing: End-markets: Nickel ore Primary nickel production1 Stainless-steel & batteries Sulfide-type ore Nickel Class I2 Main applications for Nickel in 2025 Canada, Russia Class I produc
Slide 21: Indonesia installed as the largest producer in Nickel, in a context of growing demand
Indonesia installed as the largest producer in Nickel, in a context of 28 growing demand Ni 2025 nickel ore global 2025 primary nickel2 global 2025-2030e nickel global production (Ni content) production (Ni content) demand Other Stainless Batteries (inc. EV) Other, 9% Other, 11% Indonesia, 4.5Mt Bra
Slide 22: Weda Bay: world’s largest nickel laterite deposit on the first quartile of its cost curve
Weda Bay: world’s largest nickel laterite deposit positioned on 28 the first quartile of its cost curve Ni PT Weda Bay – 2025 figures Key players Partnership with Tsingshan (38.7% Eramet) World-class deposit operated since October 2019 2,494Mwmt resources1 Ore grade: 1.2-1.9% saprolite 1.0-1.4% limo
Slide 23: Weda Bay mine: supplying an extensive Nickel industrial park
Weda Bay mine: supplying an extensive Nickel industrial park, incl. NPI & HPAL 28 plants Ni 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 Ju
Slide 24: Mineral sands
22/40 Ti/Zr Mineral sands
Slide 25: Ceramics & pigments, the main end-markets for Mineral sands
Ceramics & pigments, the main end-markets for Mineral sands 22/40 Ti/Zr Extraction & separation Processing End-markets Main applications in 2025 4% 9% Titanium feedstock Dredge mining Titanium slag / (incl. Ilmenite) 8.6 M Pigments synthetic rutile Separation of titanium minerals TiO2 units Titanium
Slide 26: Eramet Grande Côte: world’s largest single dredge mineral sands operation
Eramet Grande Côte: world’s largest single dredge mineral 22/40 sands operation Ti/Zr EGC – 2025 figures Key players 2,594Mt resources1 Yuxiao Group 25-year mining concession 4th & 4th largest producer of titanium feedstock & zircon2 Main consumers 2nd largest non-integrated chloride ilmenite Pigmen
Slide 27: Lithium
3 Li Lithium
Slide 28: Electric Vehicles & Energy Storage Systems, the main end-markets for lithium
Electric Vehicles & Energy Storage Systems, the main end-markets for lithium 3 Li Extraction Processing End-markets Main applications for Lithium in 2025 Other, Lubrificating greases, 5% From brines (Lithium Triangle) Lithium carbonate Glass & ceramics, 2% Li2CO3 4% Salar brines Centenario productio
Slide 29: Centenario: a Tier-1 asset with growth potential on the 1st quartile of the cash cost curve
Centenario: a Tier-1 asset with growth potential positioned on 3 the 1st quartile of the industry’s cash cost curve Li Eramine – 2025 figures Key players Perpetual rights on one of the most attractive salar in the Lithium triangle 100% owned by Eramet 24kt-LCE/year Plant capacity 15Mt-LCE drainable
Slide 30: Overall process highly efficient, stable & sustainable in the DLE
Overall process highly efficient, stable & sustainable in the DLE 3 Li A tailored-to-brine and derisked flowsheet design x 2 Mature treatment and lithium global recovery1 technology processing technologies vs. evaporation process Extraction / Refining & Concentration Li sorption Conversion No pre-co
Slide 31: Centenario DLE plant: competitive positioning underpinned by highly-efficient DLE process
Centenario DLE plant: competitive positioning underpinned by highly-efficient new 3 generation DLE process Li 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 stag
Slide 32: A flexible commercialisation strategy to reach key lithium end-markets
A flexible commercialisation strategy to reach key lithium end-markets 3 Li Production & logistics Commercialisation Clients c.50% of volumes High purity Lithium Carbonate product Direct sales by Lithium carbonate 1 production at Limited discount Centenario plant vs. battery-grade index c.50% of vol
Slide 33: A comprehensive funding plan to restore the balance sheet
A comprehensive funding plan to restore the balance sheet 4
Slide 34: A comprehensive 3-pillar funding plan to restore the balance sheet
A comprehensive 3-pillar funding plan to restore the balance sheet, approved by 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 mainte
Slide 35: 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 36: 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 37: 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 38: 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 39: A significant growth optionality, in particular in lithium brines
A significant growth optionality, in particular in lithium brines 5
Slide 40: 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 41: Centenario’s successful ramp-up: a proven playbook for project execution
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 42: 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 43: Highly committed for decarbonization through projects & innovations
Highly committed for decarbonization through projects & innovations 3
Slide 44: Decrease in carbon intensity limited in 2025, due to unfavorable sales mix
Decrease in carbon intensity limited in 2025, due to unfavorable sales mix Carbon intensity of Eramet's products (Scopes 1 & 2) 2025 performance (tCO2/t outgoing product) -24% realised 0.4 vs. -35% SLB1 target Achieved Product sales mix negatively impacted 2025 0.3 Target -24% vs. 2019 Target Target
Slide 45: Eramet’s carbon footprint: 89% linked to the value chain (scope 3)
Eramet’s carbon footprint: 89% linked to the value chain’s upstream & downstream (scope 3) Eramet’s 2025 carbon footprint1 (MtCO2) Focus on Scope 3 downstream 83% Customers 83% o/w: of Eramet’s carbon footprint • Transformation by customers 76% • PT Weda Bay Nickel2 Change in 6% methodology in 2025
Slide 46: 89% of direct GHG emissions (Scope 1 & 2) come from pyrometallurgy
89% of the Group’s direct GHG emissions (Scope 1 & 2) come from pyrometallurgy 2025 scopes 1 & 2 GHG Scopes 1 & 2 GHG emissions emissions breakdown1 reduction & targets1 (MtCO2) (MtCO2) Scope 1 GHG emissions Scope 2 GHG emissions -12% -9% 0.2Mt Pyrometallurgy, 0.2Mt 0.2Mt -31% 89% Contribute to carb
Slide 47: Decarbonization levers tailored to Eramet’s challenges
Decarbonization levers tailored to Eramet’s challenges -10% +33% 2026-2035 -13% -9% Installation of energy recovery unit in -31% Sauda 2019-2025 -19% Scopes 1&2 Deployment of trucks Industrial trials 2023-2025 2026-2030 fleet & machinery performed across Mn -8% linked to lower +24%, mainly electrifi
Slide 48: Scope 3: Supporting Eramet’s value chain in acting for climate
Scope 3: Supporting Eramet’s value chain in acting for climate 2025 scope 3 GHG Share of Customers & Suppliers having targets consistent emissions breakdown with well-below 2° scenario of the Paris Agreement (MtCO2) (MtCO2) 2025 performance 72% 67% 67% 62% 72% realised vs. 67% SLB1 target 46% Proact
Slide 49: Appendices
Appendices
Slide 50: A Mining & Metals longtime player
A Mining & Metals longtime player 1880 1985 1991 1994 1997 Nickel Nickel Alloys Group Manganese Société Le Nickel (SLN) was Eramet-SLN Erasteel acquired Initial public offering 61% of Comilog acquired incorporated to operate nickel created (diversification into highspeed of the Eramet Group (diversi
Slide 51: Positioning of Eramet in the M&M value chain
Positioning of Eramet in the M&M value chain Primary End markets / Mining transformation applications Comilog CMM Carbon steelmakers 25 Mn Porsgrunn, Sauda, Kvinesdal, Carbon steelmakers Marietta & Dunkirk NPI lines in PT Weda JV with Stainless steelmakers Bay 28 Tsingshan Ni CAM manufacturers HPAL
Slide 52: Eramet associates the main countries & territories where it operates
Eramet associates the main countries & territories where it operates Gabon Indonesia 1 Senegal Argentina Others, 7.4% Senegalese Gabonese PT Antam, 10% State State 10% Eramet 28.9% Eramet 100% Eramet 90% 38.7% Tsingshan Eramet 51.3% 63.7% Comilog PT Weda Bay Nickel Eramet Grande Côte Eramine shareho
Slide 53: 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 54: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com