Slide 1: Full Year Results
Full Year Results February 20%, 2025 Christel BORIES, Chair & CEO Nicolas CARRE, CFO - eraMerT
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 Operational performance performance 04 05 06 Strategic roadmap Conclusion & Appendices update outlook 3 ERAMET – FY 2024 RESULTS
Slide 4: Introduction
Introduction 01
Slide 5: In a challenging environment, Eramet confirmed its resilience, while delivering on its 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 Withstanding strong Constrained operational performance: permit issues in Indonesia, difficult market
Slide 6: Delivering a consistent operational performance, supported by resilient mining portfolio
Delivering a consistent operational performance, supported by resilient mining portfolio, to withstand downcycle periods Optimized Mix & Productivity Comilog 2024 Adjusted Intrinsic Grade EBITDA performance +€71m +€45m +€33m -€11m (excl. SLN)1 +€135m €814m vs. 2023 Weda Bay GCO Logistics issues Incl
Slide 7: Cash-positive generation from operating activities; negative Adjusted FCF reflecting growth capex
Cash-positive generation from operating activities; negative Adjusted FCF reflecting growth capex Capex cash-out1 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 1.8x Centenario -€
Slide 8: Growing in lithium to become the 1st European company to produce battery-grade lithium carbonate
Growing in lithium to become the 1st European company to produce battery-grade lithium carbonate at industrial scale Full ownership of Centenario 1st lithium produced, regained in October now focusing on ramp-up €663m1 net cash-out December 2024 Buy-out of Tsingshan’s interest 1st lithium produced a
Slide 9: Progressing on our "Act for Positive Mining" demanding CSR roadmap
Progressing on our “Act for Positive Mining” demanding CSR roadmap Care for people Transform our value chain Value chain commitment Safety as #1 priority TRIR1 in 2024 62% committed to decarbonization trajectories in line with the Paris agreement 0.7 2024 target <1 2 fatal accidents with PT WBN cont
Slide 10: …and CSR Excellence
IRMA1: continued roll-out at mining sites, with first audit report to be released at GCO in 2025 Mineral Sands (GCO) Self Corrective Public assessment action plan Audit report 2025 Teams ramped up on all sites Lithium (Eramine) All aboard a transformative Self Corrective Audit 2026 journey towards :
Slide 11: Financial performance
Financial performance 02
Slide 12: 2024 financial performance
2024 financial performance €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 share (excl. SLN)1 144 358 €m 31/12/2024 31/12/202
Slide 13: Overall depressed price environment & constrained volumes weighing on performance
Overall depressed price environment & constrained volumes weighing on performance In €m 23 -9 2023 Ajd. 22 4 -89 EBITDA 45 -15 3 (excl. SLN) 71 -11 5 -75 2024 Ajd. EBITDA 1 2 -23 138 6 (excl. SLN) -75 77 -37 -271 7 8 910 +€135m -€222m 425 Intrinsic performance External factors 814 -171 372 347 2023
Slide 14: Net income, Group share (excl. SLN) at €144m
Net income, Group share (excl. SLN) at €144m €m 2024 2023 o/w: Turnover 2,933 3,251 1 • in 2024: costs for energy transition development projects (-€22m) • in 2023: impairment charge at SLN (-€218m) Current operating income 97 127 Other operating income and expenses 1 -46 -320 o/w: • in 2024: cost o
Slide 15: €348m growth capex funded by Eramet in 2024 to sustain and drive growth in manganese & lithium
€348m growth capex funded by Eramet in 2024 to sustain and drive growth in manganese & lithium Stringent management of current capex (-c.€60m), in particular Cash capex (excl.SLN)1 (€m) in Manganese ore business 1 898 Impact of change in scope, following the sale of ETI in 2023 (-c.€40m) Lithium pro
Slide 16: Increase in net debt driven by Centenario's buy-back & continued growth capex
Increase in net debt driven by Centenario’s buy-back & continued growth capex In €m Adjusted FCF -€308m FCF -€669m -164 -354 371 -614 1 260 -602 114 -121 -1,297 104 -1,435 -138 2 257 -128 -663 3 4 5 4 -82 -29 138 2023 Conversion 2023 EBITDA Change Cash capex Weda Bay Cost of Tax paid Other cash Fren
Slide 17: SLN's cash needs: no impact on Eramet's balance sheet
SLN’s cash needs: no impact on Eramet’s balance sheet thanks to financing from the French State In €m Eramet no longer financing SLN 2 354 2 614 Following agreement signed in April 2024: 395 260 -257 2024 SLN’s cash 1,297 Conversion of French State’s existing 1 1,435 consumption -1,081 loans to SLN
Slide 18: Diversified debt structure with slightly increased average maturity
Diversified debt structure with slightly increased average maturity Debt maturity as of 31 Dec 2024 (in €m) Group financial liquidity (€m) Prepay Li 795 Undrawn line: RCF & term loan & Prepay Li Bank and operating debt (inc. overdrafts) 16 Available cash 44 Term Loan 2,989 2,830 Eramet bonds 225 566
Slide 19: Operational performance
Operational performance O32 Bes J
Slide 20: Still challenging market environment in 2024, with prices reaching historical lows end-2024
Still challenging market environment in 2024, in a context of a downcycle with prices reaching historical lows end-2024 25 28 High volatility in Mn prices1 Depressed Ni prices1 Mn throughout the year Ni NPI SMM 8-12% LME Nickel Mn ore McFeMn Var YoY Var YoY SiMn HPM 1.8% +2% -22% +13% -16% +15% -26%
Slide 21: Mixed sales in 2024: constrained by market conditions for manganese & nickel permit issues
Mixed sales in 2024: constrained by market conditions for manganese & nickel permit issues in Indonesia; record year for mineral sands Manganese Nickel Mineral sands Production Production limited to 6.8Mt 32.0Mwmt GCO -8% vs. 2023 PT Weda Bay o/w 3Mwmt of internal consumption for NPI production Ore
Slide 22: Manganese
25 Mn Manganese
Slide 23: HGO market closure in Q3: consumption of ore has fallen sharply
25 HGO market closure in Q3: consumption of ore has fallen sharply at the time massive SCO volumes reached China Mn Carbon steel Carbon steel production1 Mn ore supply & demand1 production Drop in Chinese Massive SCO Mt production Mt-Mn volumes • At a historical low level -12% +11% in 2024 (-1% vs 2
Slide 24: HGO market closure in Q3: low volumes sold by Eramet, when prices surged
25 HGO market closure in Q3: low volumes sold by Eramet, when prices surged Mn $/dmtu Manganese ore prices & stocks evolution1 Mwmt 10 HGO market closure Weak level of Group’ 9 HGO sales in Q3, due 8 to HGO market closure GEMCO 7 issue As a result: 6 5 2024 average realised 4 selling prices of Mn or
Slide 25: Lower volume resulting in cash cost increase vs. 2023
25 Lower volume resulting in cash cost increase vs. 2023 Mn Ore production volumes (Mt) Manganese ore cash cost ($/dmtu) 7.4 6.8 2023 cash-cost FOB (New def.)1 2.0 H2 4.8 3.3 Vs. 2023: ▪ Production down -8% Volumes 0.15 H1 ▪ Transported volumes down -8% 3.5 2.6 Productivity 0.05 ▪ External sales dow
Slide 26: 2024 manganese financial performance driven by higher selling price, partly offset by lower volumes
25 2024 manganese financial performance driven by higher selling price, partly offset by lower volumes sold Mn EBITDA €m 563 Ore EBITDA up €12m, o/w: 499 ▪ volume impact (-€11m & negative productivity impact (-€19m) 455 443 ▪ higher price impact (+€119m) & adverse HGO market conditions (-€75m) 55 10
Slide 27: HGO supply to start normalizing from Q2 2025 with gradual return of GEMCO
25 HGO supply to start normalizing from Q2 2025 with gradual return of GEMCO in Australia Mn FY 2025 manganese ore cost curve CIF (simplified)1 For illustrative purpose High-grade (>40%) Medium-grade (30-40%) Low-grade (<30%) 8 OPPORTUNISTIC 6 Cash cost, $/dmtu LOW-GRADE Current Market consensus 202
Slide 28: Improved Mn alloys' margin, reflecting lower input costs & slightly higher selling prices
Improved Mn alloys’ margin, reflecting lower input costs & slightly higher 25 selling prices Mn Higher margin vs. 2023, mainly reflecting significant decline in Sales volumes stable vs. 2023 (632 kt), in line with production input costs other than manganese ore (notably coke) Product mix slightly mo
Slide 29: Nickel
28 Ni Nickel
Slide 30: Weda Bay's performance impacted by declining nickel prices & constrained volumes
Weda Bay’s performance impacted by declining nickel prices & constrained 28 volumes due to operating permit granted in October 2024 Ni Stainless-steel production up 6%, driven by China’s record exports External sales down -9% vs. 2023 as operating permit (“RKAB”) in Q4 limited to 29Mwmt per year (pl
Slide 31: Weda Bay: world's largest nickel mine supplying an extensive industrial park
Weda Bay: world’s largest nickel mine supplying an extensive industrial park 28 (IWIP) of NPI & HPAL plants Ni Weda Bay mine PT Weda Bay Industrial Park (IWIP)4 ▪ Publication of the AMDAL1 decree in July 2024 and of the Feasibility Study1 in August, enabling PT WBN to target a 80Mwmt Ni ore demand p
Slide 32: Resilient contribution from Weda Bay, thanks to premium on HPM floor price and lower reductant costs
28 Resilient contribution from Weda Bay, thanks to premium on HPM floor price and lower reductant costs Ni Adjusted EBITDA (excl. SLN)1 429 €m PT WBN (Group share) EBITDA down 266 -€163m, o/w : 425 ▪ mix/grade impact (+€71m): positive mix, 271 offset by lower grade 8 5 ▪ lower price impact (-€191m)
Slide 33: Mineral sands
Mineral sands _ w eramMeT
Slide 34: 2024 HMC production significantly up, reflecting better grade of mined area & improved efficiency
22 40 2024 HMC production significantly up, reflecting better grade of mined area & improved efficiency Ti Zr Global demand for Zircon stabilized vs. 2023 levels HMC production up 41% (883kt) reflecting: Despite weak fundamentals, global demand for TiO2 pigments up • Sharp rise in the average grade
Slide 35: GCO EBITDA up +35% vs. 2023 against a backdrop of lower prices
22 40 GCO EBITDA up +35% vs. 2023 against a backdrop of lower prices Ti Zr EBITDA €m 120 105 GCO EBITDA up €31m (excl. ETI): ▪ higher grade impact (+€45m), 89 unfavourable mix impact (-€14m) ▪ productivity gains (+€45m) 16 ▪ lower prices (-€27m) 2023 2024 GCO ETI FCF €m 16 40 2024 FCF down -€12m (ex
Slide 36: Strategic roadmap update
Strategic roadmap update 04
Slide 37: Delivering our strategic roadmap: focusing on operational performance in 2025, while ramping up in lithium
Delivering our strategic roadmap: focusing on operational performance in 2025, while ramping up in lithium Two strategic axes aligned with global macro-trends, supported by an ambitious CSR roadmap & focused on operational excellence GROW IN METALS supporting global SUSTAINABLY DEVELOP CRITICAL econ
Slide 38: Centenario start of production: a key milestone achieved
3 Centenario start of production: a key milestone achieved to diversify the Group into metals for the energy transition Li First lithium production achieved, now Highly disciplined in assessing future 1 ramping up 2 growth in Centenario and beyond DLE plant inaugurated July 2024 Optimal scope and ti
Slide 39: Global lithium demand remaining strong in 2024, driven by EV sales and ESS deployment
3 Global lithium demand remaining strong in 2024, driven by EV sales and ESS deployment ; yet still low prices due to currently oversupplied market Li Global EV sales increased by 25% in 2024 vs. 2023, o/w + 40% in China Lithium demand forecast1 Lithium carbonate price (CIF Asia)3 Mt-LCE2 8 $kt-LCE2
Slide 40: Centenario DLE plant: attractive profitability underpinned by first quartile cost position
3 Centenario DLE plant: attractive profitability underpinned by first quartile cost position Li Illustrative cash cost curve CIF for the lithium industry1 Expected (2026, Benchmark Mineral Intelligence) strong resilience Cash cost, k$/t LCE CIF Asia 15 through-the-cycle Current 2026 market consensus
Slide 41: Building a pipeline of future growth options in energy transition metals
Building a pipeline of future growth options in energy transition metals Main projects Growth Geothermal Class 1 nickel in EV Battery opportunities for lithium in France Indonesia recycling lithium in Chile Mining concessions acquired In 2023, Eramet and In June, after an in-depth In June, Eramet an
Slide 42: Conclusion & outlook
Conclusion & outlook 05
Slide 43: Focus on efficiency in all operations to overcome a still challenging context
Focus on efficiency in all operations to overcome a still challenging context, while ramping up Centenario & further unlocking value of our Tier-one mining assets Macro trends & prices Uncertainty over the recovery in China against a backdrop of Adjusting to market signals & creating value through g
Slide 44: 2025 guidances: limited volume growth, higher productivity and strict capex control
2025 guidances: limited volume growth, higher productivity and strict capex control 2025 volume & cash cost guidance 2025 capex guidance 6.7-7.2Mt €400-450m2 6.1 Cash cost FOB (excl. tax & 25 royalties) $2.0-2.2/dmtu Mn Transported 2024 2025F manganese ore Actual Guidance 30 29 • Favourable mix 28 •
Slide 45: Building on our successful transformation: strengthening our asset base
Building on our successful transformation: strengthening our asset base 2017-2024 2025 focus Major transformation Level-up Repositioned Eramet as a pure M&M player Become best operator: creating value trough operational performance Opened 2 major deposits Unlocked Tier-one assets value through Becom
Slide 46: Q&A
Q&A “ transformation of the Earth’s mineral Become a reference for the responsible resources, for living well together ”
Slide 47: Appendices
Appendices 06
Slide 48: Safety results
Safety results Eramet accident frequency rate (TRIR1,2) 16 15 13.6 14 13.4 13 Divided by 12 11 10.9 8x since 20153 10 9 8.3 8 7 6 5.4 5 4.1 4 New 3 2.2 perimeter 2 1.1 1.1 0.7 1 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1. TRIR = number of lost-time and recordable injury accidents for 1 mi
Slide 49: A CSR commitment and performance recognized by leading ESG rating agencies
A CSR commitment and performance recognized by leading ESG rating agencies ➔ ➔ 1. Lower is better 49 ERAMET – FY 2024 RESULTS
Slide 50: Our new ambitious CSR roadmap
Our new ambitious CSR roadmap Responsible mining is part of the solutions to support the energy transition 3 AREAS Care for people Trusted partner Transform our FOR ACTION TRANSLATED for nature value chain INTO 10 AMBITIONS 1 Take care of health and 4 Control & optimize water 7 Reduce the CO2 FOR 20
Slide 51: 2024 Mn alloys input cost
2024 Mn alloys input cost Reductants consumption prices 100 basis €/t 140 400 Lower reductant purchase prices reflected in the Mn alloys’ cost 120 2024 vs. 2023 = -15% base in 2024 (3 to 5-month lag between purchasing and consumption 100 300 of coke): 80 ▪ Nut coke down by 15%, with share increased
Slide 52: 2024 Mn ore freight rates
2024 Mn ore freight rates Freight rates ($/t)1 - bulk Freight rates include: 50 ▪ chartering costs, based on route times charter rate2 ▪ transportation fuel costs3 45 Mn ore freight rates up c.10% 40 24 vs. 23 = +10% in 2024 vs. 2023: ▪ Lower supply of vessel in Atlantic due to Red Sea situation & s
Slide 53: 2024 Global carbon steel & Mn ore production
25 2024 Global carbon steel & Mn ore production Mn Global carbon steel production (Mt) Global manganese ore production - Mn content (Mt)1 Carbon Steel: ▪ China down -2% YoY, benefiting from favorable 1,898 1,883 20.7 comparison basis vs. 2023; 18.8 real estate crisis continuing to 5.0 weight 4.7 54%
Slide 54: Manganese ore & alloys CRU index price trends
25 Manganese ore & alloys (refined & standards in Europe) CRU index price trends Mn Monthly change in manganese ore prices1 Monthly change in manganese alloys prices2 $/dmtu Mwmt €/t 9 24 vs. 23 = +15% 4,000 8 3,500 7 3,000 6 2,500 24 vs. 23 = +2% 5 2,000 4 1,500 3 2 1,000 1 500 24 vs. 23 = +13% 0 0
Slide 55: 2024 Global stainless steel production and global primary Ni production & demand
28 2024 Global Stainsless steel production and global primary Ni production & demand Ni Global stainless-steel Global primary nickel Global primary nickel production (Mt)1 production (kt)1 demand (kt) (excl. recycling) 61.5 3,409 3,319 Stainless Steel global 57.8 3,266 3,168 production up 6% YoY dri
Slide 56: LME & nickel ore historical price
28 LME & nickel ore historical price Ni Monthly change in nickel ore prices in Monthly change in nickel LME prices Indonesia2 k$/t kt $/wmt 35 350 80 30 300 70 60 25 250 50 20 200 40 15 150 24 vs. 23 = -22% 30 10 100 20 5 50 10 24 vs. 23 = -26% 0 0 0 2019 2020 2021 2022 2023 2024 2021 2022 2023 2024
Slide 57: 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 400 2,400 350 24 vs. 23 = -6% 2,000 300 1,600 24 vs. 23 = -7% 250 1,200 0 2019 2020 2021 2022 2023 2024 2022 2023 2024 Zircon Chloride ilmenite price Zir
Slide 58: Centenario Lithium
Centenario Lithium 1 2 3 Brine Preparation Direct Lithium Extraction Membrane Separation Remove suspended material; Capture Lithium Purify, concentrate Lithium adjust pH and Recover water 1 2 Water Treatment Plant 5 4 3 Camp 6 4 Forced Evaporation Pilot Plant Concentrate Lithium and Recover water 5
Slide 59: 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.€255m Manganese alloys prices1 +$100/t c.€70m Nickel ore prices (HPM nickel) – Weda Bay1 +$10/wmt c.€110m Lithium prices (lithium carb
Slide 60: Key figures
Key figures 2024 Holding company, Total from Total from eliminations, operations SLN operations In €m Manganese Nickel Mineral sands Lithium restatements Continuing standalone1 continuing and other entities (excl. SLN) (incl. SLN) Sales 2,025 138 311 0 405 2,879 54 2,933 EBITDA 563 -5 120 -26 -110 5
Slide 61: Cash-flow table
Cash-flow table €m 2024 2023 Operating activities EBITDA 371 347 Cash impact of below EBITDA items -311 -179 Cash-flow from operations 60 168 Change in WCR -186 73 Net cash generated by operating activities (1) -126 241 Investing activities Industrial investments -687 -706 Other investment flows 144
Slide 62: 2024 Adjusted FCF by activity
2024 Adjusted FCF by activity Adj. FCF 101 Alloys 111 Adj. FCF Adj. FCF 7 Ore 40 -216 -344 -308 94 257 245 French State’s SLN -€308m financing Tsingshan’s financing 104 French Adjusted FCF State’s SLN 257 financing Tsingshan’s net of: financing 104 ▪ TSDI subscribed by the French Manganese Nickel Mi
Slide 63: 2024 operating WCR
2024 operating WCR Operating WCR1 (€m) 565 526 395 616 619 692 Cash consumption in 2024 mainly driven by: 323 221 217 ▪ Higher inventory in Mn ore & Mn alloys activities due to market conditions, despite 3-weeks mine production -374 -384 halt in Q4 -445 ▪ Lower trade payables in Ni due to lower acti
Slide 64: Bond maturities
Bond maturities Amount as at Initial €m Currency Initial amount 31/12/2024 Maturity date Coupon (in m) May 2023 bond issue € 500 500 May 2028 7.00% May 2024 bond issue € 500 500 November 2029 6.50% 64 ERAMET – FY 2024 RESULTS
Slide 65: Eramet capital allocation policy
Eramet capital allocation policy 01 02 03 Balance sheet Capex Dividend ▪ Maintain adjusted leverage ▪ Disciplined investment policy ▪ Reward shareholders for their below 1x on average through the ▪ Deliver organic growth with very long-term commitment cycle quick payback and attractive ▪ Return valu
Slide 66: Shareholding as of December 31st, 2024
Shareholding as of December 31st, 2024 APE1 27.1% Free float 31.8% STCPI2 Number of shares 4.0% issued 28,755,047 Duval family SORAME + CEIR 37.1% 1. APE (Agence des Participations de l’Etat): French State 2. STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by th
Slide 67: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com