Eramet Sa · EURONEXT:ERA
Eramet Sa — H1 2026 Earnings Presentation
59 slides from Eramet Sa's earnings presentation, Jul 30, 2026
Slide 1: Half-Year Results
2026 Half-Year Results July 30th, 2026 Christel BORIES, Chair & CEO Simon HENOCHSBERG, CFO 1 Eramet – H1 2026 results – 30 July 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: Opening remarks & today's agenda
Opening remarks & today’s agenda Today’s agenda 1 2 3 4 5 H1 2026 H1 2026 operating Introduction Funding plan Outlook & guidance financial results performance 3 Eramet – H1 2026 results – 30 July 2026
Slide 4: Introduction
Introduction 1
Slide 5: Safety first, our top priority
Safety first, our top priority A strengthened commitment, with increased focus on operational safety at Weda Bay in recent months Group injury frequency rate (TRIFR1,2) - 2.5 significantly improving 2.2 2.0 Targeted safety action xxx plans, swiftly implemented at Weda Bay in Indonesia 1.5 1.1 1.0 0.
Slide 6: H1 2026: strong improvement of operational performance, adjusted Free Cash-Flow back to breakeven
H1 2026: strong improvement of operational performance, adjusted Free Cash-Flow back to breakeven • Lithium: 90% of nameplate capacity reached in June Key operational milestones 1 delivered • Mn ore: volumes transported up +6% • Mineral Sands: production partially restarted end-April, just 2 months
Slide 7: Centenario's successful ramp-up: a fully operational DLE plant
1 Centenario’s successful ramp-up: a fully operational DLE plant, delivering EBITDA of €61m and positive FCF in H1 2026, with further acceleration expected in H2 2025 2026 12 months of ramp-up Close to 100% Nameplate capacity of capacity 90%1 achieved in (24 kt-LCE/y) 12-month only 90% Close to 80%
Slide 8: Strong performance of railway transport in Gabon, supporting stronger Mn ore sales
1 Strong performance of railway transport in Gabon, supporting stronger Mn ore sales Infrastructure & track renewal Transport & volumes Track renewal works in H1 2026 Strong performance delivered exceeding targets in H1 2026 Sustained infrastructure investment driving Building on infrastructure gain
Slide 9: Net cash impact from fire in Senegal limited to c.€45m for the full year
1 Net cash impact from fire in Senegal limited to c.€45m for the full year Operational impact Financial impact Key milestones Operating loss c.-€45m (FY26 estimate) • Feb. 22nd – fire & shutdown of the WCP1 production process • End-March to end-April – suspension of Reconstruction c.-€50m capex o/w
Slide 10: Adjusted FCF turning positive in H1 2026, and adjusted leverage improving to 4.5x
2 Adjusted FCF turning positive in H1 2026, and adjusted leverage improving to 4.5x Strong intrinsic performance, supported by ReSolution initiatives Adjusted EBITDA1 Capex rationalization Adjusted leverage1 €276m €100m 4.5x vs. 5.5x end-2025 45% vs. H1 2025 -53% vs. H1 2025 Adjusted FCF1 Gearing co
Slide 11: Delivering on our 3-pillar funding plan, critical to reinforce the balance sheet
3 Delivering on our 3-pillar funding plan, critical to reinforce the balance sheet Funding plan being executed according to schedule, with key milestones in H2 I II III Performance Strategic review of Equity base Capital allocation Improvement plan assets strengthening Performance Targeted sizeable
Slide 12: Advancing our Act for Positive Mining roadmap, with progress across all ESG pillars
4 Advancing our Act for Positive Mining roadmap, with progress across all ESG pillars Care for Transform our people value chain Eramet joined IRMA1 as a mining €2.5bn of economic White paper “Manganese & sector member decarbonised steel” presented at contributions across CRU Ferroalloys Europe our h
Slide 13: H1 2026 financial results
H1 2026 financial results 2
Slide 14: H1 2026 Group financial performance
H1 2026 Group financial performance: significant year-on-year improvement ; balance sheet strengthening remains a priority €m H1 2026 H1 2025 Adjusted turnover1 1,649 1,528 • Adjusted EBITDA: Adjusted EBITDA1 276 191 • Including proportional contribution of PT EBITDA 179 71 WBN’s EBITDA (38.7%)1 Cur
Slide 15: Adjusted EBITDA up 45%: strong intrinsic performance driven mainly by Manganese & Lithium
Adjusted EBITDA up 45%: strong intrinsic performance (+€164m) driven mainly by Manganese & Lithium activities Adjusted EBITDA €m Intrinsic +€164m One-off External -€47m -31 -4 63 -6 25 -9 -32 -18 34 -49 276 Reassessment 3 of inv. pace of 109 destocking 191 o/w Lithium +79 Mn ore +34 H1 2025 Volumes
Slide 16: Strict capex discipline maintained in H1 2026, down -53% vs. H1 2025
Strict capex discipline maintained in H1 2026, down -53% vs. H1 2025 H1 Cash capex1 (€m) Capex reduction in H1 2026 -53% -53% vs. H1 2025 215 64 Sustaining €49m Lithium: €6m 77 100 Others: €43m 51 6 74 43 Debottlenecking €51m H1 2025 H1 2026 Comilog: €10m Sustaining capex Lithium growth capex Setrag
Slide 17: Net debt stable at €2.0bn end-June 2026, resulting from breakeven Adjusted FCF
Net debt stable at €2.0bn end-June 2026, resulting from breakeven Adjusted FCF Restated net debt €m Adjusted FCF: +€7m FCF (incl.SLN): -€50m Consolidated net debt -1,935 -1,868 Trade WCR +50 Cash position at Other WCR 3 -58 + 111 01/01 H1 SLN cash - 57 consumption French State -8 +125 financing 179
Slide 18: Liquidity preserved in H1 2026 with RCF drawn, while repaying short-term debt
Liquidity preserved in H1 2026 with RCF drawn, while repaying short-term debt No major debt maturity before 2028-2029 Debt maturity as of 30 June 2026 (in €m) Group financial liquidity (in €m) 1,634 45 Operating debt RCF 1,251 915 Term Loan 879 Eramet bonds Prepay Li 20 72 213 Impact IFRS 16 (non ca
Slide 19: H1 2026 performance by activity
H1 2026 performance by activity 3
Slide 20: Favourable commodity price environment in H1 2026, offset by USD depreciation and freight
Favourable commodity price environment in H1 2026, albeit offset by USD depreciation and freight rate Commodity prices evolution since 2025 – 100 basis1 Manganese Lithium Vs. Css. H2 H1 26 H1 25 20262 Mn ore 44% Manganese MC FeMn 200 SiMn Li Carbonate Mn ore CIF China 44% - $/dmtu 5.24 +13% 5.2 MC F
Slide 21: Key operational milestones delivered in H1 2026
Key operational milestones delivered in H1 2026 Mn ore transport & Lithium ramp-up leading the way; Weda Bay & Mineral Sands impacted by permitting constraints & fire Manganese ore Manganese alloys Lithium Nickel – PT WBN Mineral sands 3.2 Mt 359 kt 8.4 kt-LCE 12 Mwmt 177 kt Transported volumes Prod
Slide 22: Manganese
25 Mn Manganese
Slide 23: Manganese: EBITDA resilient, FCF materially higher
Manganese: EBITDA resilient, FCF materially higher 25 Mn Alloys driving EBITDA growth; FCF increase fueled by lower taxes & lower capex, despite higher inventories EBITDA (€m) FCF (€m) +6% +€73m 197 209 118 170 Manganese ore 45 140 175 Manganese alloys 59 22 39 -14 -22 H1 2025 H1 2026 H1 2025 H1 202
Slide 24: Mn ore cash cost remaining in the first quartile despite FX headwinds
Mn ore cash cost remaining in the first quartile despite FX headwinds 25 Mn Illustrative manganese ore 2026 cash cost curve CIF1 Manganese ore cash cost ($/dmtu) 7 2.41 -0.02 6 2026 market consensus ($5.2/dmtu)2 5 0.16 Cash cost, $/dmtu LT market consensus ($5.0/dmtu)2 OPPORTUNISTIC LOW-GRADE 4 2.29
Slide 25: Trans-Gabonese Railway Modernisation & Securization Program (PMS): unlocking Comilog's mining capacity
Trans-Gabonese Railway Modernisation & Securization Program (PMS): 25 unlocking Comilog’s mining capacity Mn Partially financed by IFC (World Bank) & Proparco (AFD) Modernisation & Securization Setrag’s financing Program (PMS1) Increase the transport capacity and reliability €225m new loan secured i
Slide 26: Lithium
3 Li Lithium
Slide 27: Centenario delivering: Lithium EBITDA & FCF both turning positive in H1 2026
Centenario delivering: Lithium EBITDA & FCF both turning positive in H1 2026, 3 with successful volume ramp up and good management of costs Li EBITDA (€m) FCF (€m) +€98m +€175m 32 61 -143 -37 H1 2025 H1 2026 H1 2025 H1 2026 Lithium EBITDA up +€98m Lithium FCF up +€175m • Intrinsic (+€90m): volumes &
Slide 28: Centenario: a world-class, first quartile asset
Centenario: a world-class, first quartile asset 3 Li Underpinned by a 2026-2027 roadmap to reach the optimized cash cost target Illustrative lithium 2026 cash cost curve CIF2 Cash cost target at nominal capacity (Source: BMI, @$23.6k/t-LCE reference price) 20 2026 market consensus ($21.9k/t-LCE)3 $5
Slide 29: A world-class resource base to support Centenario's long-term development
A world-class resource base to support Centenario's long-term development 3 Li 15 Mt-LCE resources underpinning a c.40-year mine life with substantial expansion potential Centenario-Ratones salar resources Substantial expansion potential Achievable through : 50km 15 Mt-LCE • Low-risk growth options
Slide 30: Scaling up Centenario existing plant capacity with a first stage brownfield expansion
Scaling up Centenario existing plant capacity with a 11 kt-LCE first stage 3 brownfield expansion to unlock Centenario’s LT development Li Leveraging proven proprietary DLE technology & existing infrastructure Scaling up Centenario’s 1st DLE plant capacity through a brownfield expansion Argentina RI
Slide 31: Nickel
28 Ni Nickel
Slide 32: Weda Bay: RKAB volume limitation weighing on dividends, despite resilient EBITDA
Weda Bay: RKAB volume limitation weighing on dividends, despite resilient EBITDA thanks to higher prices & good cost management offsetting lack of volumes 28 Ni Adjusted EBITDA (€m)1 Adjusted FCF (€m)1 +10% -€17m 51 56 33 19 16 55 56 0 14 16 -4 0 H1 2025 H1 2026 H1 2025 H1 2026 Weda Bay ore2 Others3
Slide 33: Weda Bay: a critical mine to supply the second biggest nickel industrial park
Weda Bay : a critical mine to supply the second biggest nickel industrial park in Indonesia, with NPI & HPAL plants 28 RKAB limiting PT WBN to 12 Mwmt vs. an estimated demand of IWIP above 110 Mwmt in 2026 Ni IWIP supply/demand balance Weda Bay mine (PT WBN) >110 Mwmt >110 Mwmt 2026 licensing • Init
Slide 34: Mineral sands
22/40 Ti/Zr Mineral sands
Slide 35: Mineral sands: February fire impact offset by insurance in H1; negative price impact
Mineral sands: February fire impact offset by insurance in H1; very negative 22/40 price impact linked to depressed market conditions Ti/Zr EBITDA (€m) FCF (€m) -77% -€13m 53 -14 -27 12 H1 2025 H1 2026 H1 2025 H1 2026 EGC EBITDA down 77% (-€41m) EGC FCF down -€13m • Intrinsic (-€5m): volumes (-€3m),
Slide 36: EGC fire: return to full production capacity in Q1 2027
EGC fire: return to full production capacity in Q1 2027 Total expected cash impact of c.€45m, net of €50m of insurance proceeds H1 2026 H2 2026 Q1 2027 February 22nd End-April July/August Year-end Q1 2027 Fire on the WCP Production restart MSP restart1 Restart of WCP Back to full at 30% capacity Shi
Slide 37: Funding plan
Funding plan 4
Slide 38: Progress on the funding plan; critical milestones in H2
Progress on the funding plan ; critical milestones in H2 Strengthening credit metrics and liquidity, to unlock portfolio full value and growth I II III Performance Strategic review of Equity Capital allocation & improvement plan assets strengthening liquidity preservation H1 2026 update Strong Intri
Slide 39: Funding plan timeline
Funding plan timeline 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 Preparation Targeted execution increase AGM resolutions published 3
Slide 40: Outlook & guidance
Outlook & guidance 5
Slide 41: H2 2026: resilient momentum, yet navigating persistent uncertainties
H2 2026: resilient momentum, yet navigating persistent uncertainties Macro-economic environment Rather favorable price environment, albeit remaining Cautious volatile outlook Persistent inflationary pressure on input costs (energy, reductants & sulfur) and sea freight, driven by Middle East conflict
Slide 42: 2026 volumes and capex guidance confirmed
2026 volumes and capex guidance confirmed 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 €250-290m in 2026 Lithium Targeting production close to 17-20 kt-LCE 100% of nameplate c
Slide 43: H2 2026: focusing on operational performance and executing the funding plan
H2 2026: focusing on operational performance and executing the funding plan, including the capital increase, a critical milestone for Eramet 1 2 3 4 Execute the Deliver the Group capital increase Ensure a smooth Safety first operational & deliver on the leadership roadmap 3-pillar funding transition
Slide 44: Q&A
Q&A Christel Bories, Chair & CEO Simon Henochsberg, CFO 44 Eramet – H1 2026 results – 30 July 2026
Slide 45: Appendix
Appendix
Slide 46: A CSR commitment & performance recognized by leading ESG rating agencies
A CSR commitment & performance recognized by leading ESG rating agencies 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 29.2 1 69/100 1st quartile in the 68/100 Above global diversified M&M average (54/100) sector 1. Low
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: Net income – Group share
Net income – Group share €m H1 2026 H1 2025 Turnover 1,545 1,404 Other operating income & expenses • Asset impairment of Mineral sands: -€112m Current Operating income 32 -64 Other operating income & expenses -140 -31 Financial result • Cost of net debt:-€89m (+21% YoY) Financial result -102 -75 • O
Slide 49: 2025 Global carbon steel & Mn ore production
2025 Global carbon steel & Mn ore production 25 Mn Global carbon steel production (Mt) Global manganese ore production - Mn content (Mt)1 -1% +8% Carbon Steel: 1,851 20.9 4.7 • China down -3% vs. H1 2025 52% 1.1 • India continuing to outperform 2.0 with +7% growth vs. H1 2025 961 948 3.5 10.6 9.8 Mn
Slide 50: Bond maturities & financial ratings
Bond maturities & financial ratings Amount as at Initial €m Currency Initial amount 31/12/2025 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% B2 B long-term credit rating long-term credit rating Stable outlook Negative outlo
Slide 51: Group Adjusted EBITDA (excl. SLN) sensitivity to market prices
Group Adjusted EBITDA (excl. SLN) sensitivity to market prices Annual impact on Adjusted Sensitivities Change EBITDA Manganse ore prices (CIF China 44%)1 +$1/dmtu c.€215m Manganese alloys prices1 +$100/t c.€60m Nickel ore prices (HPM nickel) – Weda Bay1 +$10/wmt c.€75m Lithium prices (lithium carbon
Slide 52: Shareholding as of June 30th, 2026
Shareholding as of June 30th, 2026 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 53: 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 H1 2026 vs. H1 2025 = +13% €/t 9 4,000 8 3,500 7 3,000 6 2,500 H1 2026 vs. H1 2025 = +7% 5 2,000 4 1,500 3 2 1,000 1 500 H1 2026
Slide 54: EV sales & penetration rates and ESS deployment
EV sales & penetration rates and ESS deployment 3 Li Monthly EV sales & penetration rate1 Monthly ESS deployment2 3.0 100 50 2.5 80 2.0 40 60 1.5 30 40 1.0 20 0.5 10 20 0.0 0 0 H1 H2 H1 H1 H2 H1 2025 2026 2025 2026 US US penetration rate China China penetration rate Deployment (GWh) Europe Europe pe
Slide 55: Lithium historical price
Lithium historical price 3 Li Lithium carbonate price (CIF China) $kt-LCE1 80 70 60 50 40 H1 2026 vs. H1 2025 = +142% 30 20 10 0 2022 2023 2024 2025 2026 SMM – battery-grade spot price Ex-Works China 1. LCE: Lithium Carbonate Equivalent 55 Eramet – H1 2026 results – 30 July 2026
Slide 56: 2025 Stainless steel production & primary Ni production & demand
2025 Stainless steel production & primary Ni production & demand 28 Ni Global stainless-steel Global primary nickel Global primary nickel production (Mt)1 production (kt)1 demand (kt) (excl. recycling) +5% -4% +6% 62.1 3,702 3,477 Stainless Steel global production 794 up 5% vs. H1 2025 driven by: ▪
Slide 57: LME & nickel ore historical price
LME & nickel ore historical price 28 Ni Monthly change in nickel LME prices Monthly change in nickel ore prices in Indonesia2 k$/t kt $/wmt 80 35 400 70 30 350 300 60 25 250 50 20 200 40 Premium 15 150 30 H1 2026 vs. H1 2025 = +16% 10 20 100 H1 2026 vs. H1 2025 = +37% 5 50 10 0 00 0 2021 2022 2023 2
Slide 58: 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 H1 2026 vs. H1 2025 = -11% 2,200 350 2,000 1,800 300 1,600 1,400 250 H1 2026 vs. H1 2025 = -12% 1,200 0 2021 2022 2023 2024 2025 2026 202
Slide 59: Eramet – Committed to sustainable metals
EC6rAMeT COMMITTED TO SUSTAINABLE METALS