Business
Eramet : Singapore & Australia Roadshow Presentation – March 2026
Eramet : Singapore & Australia Roadshow Presentation – March
About this update from Eramet Sa
Singapore & Australia roadshow March 27 th to April 1 st , 2026 Geoff Streeton , CDO Sandrine Nourry-Dabi , Head of IR Summary 1 Eramet at a Glance 2 Eramet comprehensive funding plan 3 Focus on Centenario 4 Outlook & Guidance Appendices Eramet A global pure-play Metals & Mining company Breakdown of sales by activity FY 2025 performance Manganese 58% of sales 9% of sales 2025 Group Adj. Sales 3 € 3.2 bn Nickel 1 33% of sales Mineral Sands 1% of sales Lithium Employees 4 10,337 In 16 countries Leverage 5.5 x Adjusted EBITDA 3 € 372 m Adjusted FCF 3 -€481m Breakdown of sales by destination 1 4% 15% 55% 26% Others North America Europe Asia (incl. 24% China 2 , 14% Indonesia) A challenging year leading to a stretched balance sheet, BUT decisive actions underway to restore financial resilience and sustainable capital structure Including €413m ferronickel trading turnover, accounted at the Holding level in adjusted turnover China, including Hong Kong Adjusted sales (excluding SLN), Adjusted EBITDA (excluding SLN),and Adjusted FCF as defined in Appendix 10 - Financial Glossary of the FY2025 results press release (Feb. 18 th , 2026) Including 8,684 employees of Eramet group and 1,653 employees of PT Weda Bay Nickel A global footprint anchored by a diversified portfolio of mining & processing sites Manganese Nickel Mining & processing in Gabon Moanda, the World's largest HGO manganese mine 1 Mn alloys plant Mining & processing in Indonesia Weda Bay, the world's largest nicke mine 1 NPI plant Processing in Norway, US & France 5 Mn alloys plants: 3 in Norway,1 in the US & 1 in France New Caledonia Lithium Mineral sands Mining & processing in Argentina One of the most attractive salars, located in the "lithium triangle" DLE plant in ramp-up 24 kt-LCE design capacity Mining & processing in Senegal EGC 1 , the world's largest single dredge operation Titaniferous minerals & zircon extraction 2 processing plants 1. Eramet Grande Côte (ex GCO: Grande Côté Opération) Key core capabilities enabling Tier-1 performance Foundational strengths that allow Eramet to discover, build & operate world-class operations Backbone of Eramet's ability to create value Deep market knowledge with long-standing relationships Commodity market expertise Demonstrated E2E execution strength Project delivery capability Proprietary R&D and processing know-how , such as DLE 1 Technology leadership Proven ability to discover & advance world-class resources Exploration excellence Continuous improvement of safety & environmental practices Act for Positive Mining Direct Lithium Extraction A unique world-class mining portfolio positioned for sustainable growth Large resource, long-life, high-grade, scalable deposits Libreville Transgabonese railway Weda Bay Diogo GABON Dakar INDONESIA SENEGAL Moanda Franceville Jakarta Atlantic Ocean 2,964 Mt resources 1 1.05 % average grade c. 20 -years life of mine 2 Grande Côte SENEGAL 2,589 Mwmt resources 1 1.2 % average grade c. 20 -years life of mine 2 Weda Bay INDONESIA 465 Mwmt resources 1 44 % average grade > 20 -years life of mine 2 Moanda GABON 22/40 Ti/Zr 28 Ni 25 Mn Salta Centenario ARGENTINA 24 kt-LCE/y Centenario 1 st DLE plant design capacity > 15 Mt resources 1 407 mg/L lithium content c. 20 -years life of mine 2 Centenario ARGENTINA 3 Li Significant growth potential , achievable in 2028, to be flexed depending on market situation 8 Mt/y prod. capacity c. 60 Mt/y prod. capacity 3 c. 1.0 Mt/y HMC prod. capacity 4 Total mineral resources for Mn, Ni & Mineral sands, & drainable for lithium as of January 1, 2025, see section 1.3 of the 2024 URD LoM based on Reserves and Resources as of January 1, 2025, see section 1.3 of the 2024 URD According to AMDAL (Environmental Impact Analysis) & feasibility study (new long-term mining plan) validated by the Indonesian authorities in summer 2024 As announced on February 26 th , 2026, production process was interrupted due to a fire at Eramet Grande Côte's Wet Concentration Plant, leading to the suspension of operations across the entire site at the end of March 2026. As a consequence, force majeure was declared and 2026 production guidance suspended 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 CIF 1 LT market consensus ($5.1/dmtu) 2 2026 market consensus ($4.8/dmtu) 2 7 6 Cash cost , $/dmtu OPPORTUNISTIC LOW-GRADE 5 SEMI CARBONATED 4 HIGH-GRADE OTHERS 3 GEMCO MOANDA 2 Lithium 2026 cash cost curve CIF 1,3 Optimised cash cost at nominal capacity for Eramet 2026 market consensus ($16.3k/t-LCE) 2 LT market consensus ($14.6k/t-LCE) 2 20 Cash cost , $/kg LCE CIF 15 10 5 1 Australia Gabon South Africa Others 0 0 250 500 750 1,000 1,250 1,500 1,750 2,000 1 st quartile Production Mt Mn 1 st quartile Production , kt LCE High-grade (>40%) Medium-grade (30-40%) Low-grade (<30%) Sources: Eramet analysis Eramet 2026: Mn ore at mid-range of guidance for costs (royalties & freight assumed stable) & volumes / Lithium cash cost at nominal capacity & after optimisation Market consensus as of end-February 2026 ; LT prices correspond to LT real (in USD of current year, i.e. 2026) Based on a cash cost equivalent CIF China (Ex-Works + royalties + transportation costs + corporate costs ) 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 economic development RESILIENT MARKETS SUSTAINABLY DEVELOP CRITICAL METALS for the energy transition FAST-GROWING MARKETS Manganese ore & alloys Nickel Mineral sands Lithium Nickel for batteries FOCUS ON OPERATIONAL EXCELLENCE TO UNLOCK VALUE 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 Lithium is at the core of all leading battery chemistries Centenario is a world-class asset, successfully ramping-up and improving grade quality, delivering proven high-performance backed by a proprietary DLE technology and a large resource base enabling future phased expansions Indonesia is the only region globally showing growth in nickel production Eramet is one of the few western companies with an established presence in the country , offering unique long-term optionality Eramet is a leading, integrated player and has access to one of the last High- Grade Ore (HGO) mine , a crucial differentiating factor to produce refined alloys Potential to build a LT pipeline of battery-grade lithium (Centenario annual capacity potential > 75 kt-LCE ) Manganese Optionality to capture value across future manganese value chains , incl. EV batteries Nickel Optionality to support the development of future nickel value chains in Indonesia Mineral sands Titanium feedstock is essential for aerospace, defence & industrial application, and constitutes the foundation for a future Ti metal value chain Through its mineral sands operations, Eramet provides access to Titanium feedstock and zircon materials Potential access to the Ti metal value chain With direct access to Li, Ni and Mn, Eramet is uniquely positioned across all key battery materials 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 First lithium production: Dec. 24, 2024 2026 focus: ramping-up production to full capacity & capturing lithium price recovery momentum Proprietary DLE technology operating at industrial scale & delivering H1: commissioning issue of the Forced Evaporation unit overcome in May H2: Sharp ramp-up achieved reaching close to 75% of nominal capacity in December 100 % of nameplate capacity 60 All capacity available Mid-2026 End 2026 Successful 1 st site visit for sell-side analysts & bankers with highly positive feedback McNulty methodology ramp up curves (C1 & C2): reference and benchmark for ramp-up Evaporation-based projects commissioned in the Puna region, Eramet analysis in Dec. 2025 Production Close to 100% ~90% C1 C2 McNulty curves 1 Other greenfield project in Argentina 2 Other greenfield project in Argentina 2 Delay in Forced evaporation unit commissioning Sep. 2025 >50% Dec. 2025 Close to 75% Ramp-up phase Start-up / commissioning phase Centenario 2026 guidance 3 17-20 kt-LCE 1 6 12 18 24 28 Months in operation since end of commissioning Growth optionality in lithium A disciplined & targeted investment approach to drive expansion Centenario full potential 50 km Scalable mineral & sufficient freshwater resources to support capacity expansion >75 kt-LCE per year Ongoing study of low-risk growth options, incl. expansion of existing plant & new plant on the salar Growth options will deliver: Materially lower capital intensity & 1 st quartile cash cost positioning Scale effect on fixed costs & improved input costs Quicker time to market with de-risked technology Eligibility to RIGI Deliver the full ramp-up of Centenario and demonstrate value creation Leverage Centenario's extensive resource base for future phased expansions at lower capital intensity Beyond Centenario AGeLi Lithium from Alsace geothermal brines EU strategic project Pre-feasibility study on track for completion Final Investment Decision (FID) expected by 2030 Continue innovation to improve competitiveness, capital intensity of future expansions & new projects Enter targeted strategic projects and partnerships , by leveraging technical capabilities & track-record, with a focus on shareholder returns over large turn-key greenfield project stakes IRMA 50 score achieved at Eramet Grande Côte 1 st mineral sands mine & 1 st mine in West Africa to publish an IRMA report A CSR commitment & performance recognized by ESG rating agencies & IRMA Lower is better As at 09/03/2026 Eramet comprehensive funding plan A 3-pillar funding plan to strengthen the balance sheet and measures implemented to preserve liquidity during its roll-out I Comprehensive plan to strengthen the balance sheet II III Liquidity preservation Maintain access to €935m RCF Waiver obtained on the December 2025 gearing covenant from its banking pool, ensuring its availability RCF fully drawn end-January as precautionary measure: waiver to be requested for 2026. Potential access to bond markets if favorable conditions arise Capital allocation Deleveraging prioritized Investments & capex limited to maintenance and committed projects Suspension of dividend over the next two years Project to launch a capital increase of around €500m in 2026 Targeted sizeable asset(s) monetization in 2026 Performance improvement program, with initiatives already underway incl. Re S olution Equity base strengthening Strategic review of assets Approved by Eramet's board & reference shareholders Performance Improvement plan III Equity base strengthening: the 3-pillar plan was approved by the Board of Directors on the 18 th 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 committed to voting these resolutions in the AGM The overall funding plan is designed to enable Eramet to normalize credit ratios (gearing and net leverage) while improving financial liquidity and access to the bond market. In the medium-term, this restored financial flexibility will also position the group to capture future growth opportunities. I Group performance improvement programme underway Re S olution: a programme to ensure reliable tracking & delivery of intrinsic performance Targets 2026 TRFIR <1 >90% HPI & HPO Actions closed & verified Zero injuries & high-potential incidents Safety & positive mining EBITDA uplift embedded in 2026 intrinsic performance €130-170m EBITDA uplift within 2-years Operational improvements, with 50+ initiatives embedded at asset level across volume & productivity improvement, cost & process efficiency, procurement optimisation and commercial improvement Does not include lithium volumes ramp-up & PT WBN Operational improvement Plan Strengthening cash generation Capex rationalisation Tighter approach to sustaining capex Targeted specific investments - 30 to - 40% Capex reduction in 2026 vs. 2025 to €250-290m 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 excellence Debottleneck transport capacity Improve productivity & optimise costs Maximise mining throughput & costs Optimise ramp-up & improve grade quality Strengthen safety & contractor management Commercial initiatives to reinforce margins, improve commercial discipline Supported by Eramet Value Office Ensure governance, discipline, coordination, on-time & on-target delivery across initiatives I Manganese ore: debottlenecking logistics in Gabon to drive EBITDA uplift Transported volumes (Mt) +11% 6.4-6.8 0.4 6.1 6.4 2025 2026e ~85-90% of EBITDA uplift Boost the logistics chain to increase transported volumes Maintain steady track renewal to address ageing infrastructure Reinforce track maintenance to secure stable railway operations Optimise traffic management to increase daily train capacity Improve rolling-stock reliability to reduce on-network incidents Moanda mine's production capacity at 8 Mt today 99 -30% Debottlenecking ~70 Capex (€m) ~10-15% of EBITDA uplift Productivity improvement & cost efficiency at mine, rail & port Expand train-unloading capacity to increase throughput & reduce logistic costs Strengthen maintenance of mobile, fixed plant & rolling stock to improve reliability 2025 2026e I Lithium: focus on ramp-up & Centenario optimisation Targeting close to 100% capacity by end-2026 while optimising cash cost End-26 Close to 100% Ramp-up journey Cash cost expected at nominal capacity % 00 80 Dec-25 Close to 75% 60 40 20 % nameplate capacity 2 0 2025 2026 Full ramp-up $/kg-LCE cash cost ex-works 2025 2026 2027 1 5,400-5,800 ~5,000 $/t-LCE 2024 cash cost Local inflation Optimisation Optimised cash cost & others Ex-Works 1 (2025 vs. 2024) Ex-Works 1 (2025 values) c.+$1,000 c.+$1,000 CIF China (royalties, freight & corporate costs) 5.8 5.4 2026-2027 priority on cash cost optimisation namely through improvement in reagents consumption Excluding royalties, freight and additional corporate costs % of nameplate capacity calculated on production days only, not considering maintenance days 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 IWIP 1 industrial set up Weda Bay mine (PT WBN) 22 NPI 1 plants 73 RKEF production lines >700 kt-Ni/yr of NPI capacity PT WBN NPI Plant 43% Eramet with off-take contract 35.8 kt-Ni ferroalloy production in 2025 3 HPAL 1 plants, 2 in operation, 1 starting up >110 Mwmt 2025 demand 2025 supply by PT WBN >120 Mwmt 12 Mwmt 42 Mw mt 2026e demand 2026e supply by PT WBN 2025 licensing Revised RKAB 2 dated July 2025 42 Mwmt of production & sales volumes 3 o/w 3 Mwmt of internal sales to the NPI plant 2026 initial licensing Early Feb., notification from the Indonesian authorities to proceed with the submission of an initial RKAB for 12 Mwmt Application as early as possible for an upward revision of production and sales quotas to reflect rising demand from IWIP 12 MHP 1 production lines 240 kt-Ni/yr of MHP capacity Other plants under construction ~ 10 % of the local industrial park's demand in 2026 to be supplied by PT WBN with the current RKAB limitation Longer-term AMDAL 4 decree & Feasibility Study 4 (dated 2024) enabling progressive ramp-up to around 60 Mwmt/year IWIP: PT Indonesia Weda Bay Industrial Park; NPI: Nickel Pig Iron; HPAL: High Pressure Acid Leach; MHP: Mix Hydroxide Precipitate RKAB : "Rencana Kerja dan Anggaran Biaya" (Full-year operating permit) At 100% AMDAL : Decree related to the Environmental and Social Impact Study issued by the Environment Ministry ; Feasibility Study: new mining Plan 2026: sizeable asset monetisation & capital base strengthening Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2025 results Feb-26 2026 AGM May-26 Focus on FCF protection Performance Improvement Plan Asset monetisation Preparation Targeted execution III Capital base Strengthening Resolutions published AGM resolutions Targeted execution Focus on Centenario Eramet's 1 st site visit at Centenario Sell-side analysts & bankers, December 2025 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 Eramet's R&D center 4 pilot-scale equipment at Eramet's R&D center (including SMB 1 configuration), we can pilot test brines on-location anywhere 1 demonstration plant at site in Centenario Design full process flowsheet 2 Develop & Industrialize the DLE sorbent Pilot & adjust selected processes Test & rank technologies for brine processing & DLE Support operational start-up Results delivered 3 generations of Eramet Sorbent developed 12 patents 4.5 years on-site piloting in Centenario > 180 weeks of onsite support R&D teams > 15 different deposits tested at pilot scale 3 ~ 15 third-party sorbents tested ~ 70 third-party technologies ranked / tested No exposure to technology export bans Simulated Moving Bed Matching brine composition & process under a given set of constraint - water - energy - logistics… Salar & deep brines Industrial-scale DLE performance, in line or above design targets A highly efficient proprietary adsorption technology supported by dedicated production in Europe 1 DLE recovery yield 100 95 90 Li recovery in DLE (%) > 90 % Design Yield in DLE Jul Aug Sep Oct Nov Dec Jan Feb DLE selectivity 100.0 99.5 99.0 98.5 95.5 Mg 2 rejection rate in DLE (%) > 99 % Design Impurity rejection rate Jul Aug Sep Oct Nov Dec jan Feb in DLE Lithium production rate 1.0 0.8 0.6 DLE Lithium production rate Jul Aug Sep Oct Nov Dec Jan Feb > 0.83 Design kg Li /m 3 sorbent /h Solely contracted for Erarmet Magnesium for illustration ; similar rejection rate for other impurities Overall process highly efficient, stable & sustainable in the DLE A tailored-to-brine and derisked flowsheet design technology Mature treatment and processing technologies Extraction / Li sorption Concentration Refining & Conversion LiCl Depleted brine Water loop Re-injection under study Li 2 CO 3 Brine basin ~400-meter depth Natural Pond Wellfield ~1,600m 3 /h 20 wells Brine Pre-Treatment Drying & Packaging Precipitation & Centrifugation Boron removal & IX Forced Evaporation Reverse Osmosis Nano-filtration DLE 36 columns Per unit of brine Scope 1 to 3 (cradle-to-gate) Li 2 CO 3 to customers x 2 lithium global recovery 1 vs. evaporation process No pre-concentration evaporation ~ 6 tCO 2eq /t-LCE 2 carbon footprint Brine processed at ambient temperature Centenario: development phase ~10 years of de-risking from CSR to full process Strong social acceptance to project Dominant position on a large-scale resource De-risked process flowsheet Free Prior Informed Consent (FPIC) obtained in 2020 (renewed in 2022) Environmental Impact Assessment (EIA) approved in 2019 (renewed in 2023) 80% of Eramet employees in Argentina coming from Salta Strategic consolidation of 65 tenements (95% of total salar surface) Resources (JORC) increased to c.15 Mt-LCE 1 in 2025 Secure European production base for Eramet sorbent c.10 years of DLE and end-to-end process testing from brine to refine Li 2 CO 3 2012 Discovery of Centenario & Ratones salars 2022 Start of construction 1. Total mineral drainable (measured, indicated & inferred resources) resources for lithium as of January 1, 2025, see section 1.3 of the 2024 URD Centenario: construction phase Sole greenfield Full-DLE in operation, constructed at competitive capex Capital intensity of major greenfield brine projects 1 (outside China) by stage of development & type of extraction process Lionheart 1 (Vulcan) 3+ years SWA 1 Mariana Kachi Sal de Vida Rincon Sal de Oro 1 Centenario Exar Pastos Grandes Sal de Oro 2 Tres Quebradas 100,000 Capital intensity ($/t-LCE) 40,000 10,000 Construction start Commissioned Full ramp-up Evaporation Full Direct Lithium Extraction Hybrid (DLE post-concentration ponds) Production capacity 1. Construction CAPEX only (excluding acquisition and development costs). Based on publicly available information and reflecting the sponsors' most updated & chosen design for the projects. Sole Full-DLE greenfield project commissioned ~$ 950 m DLE plant construction capex (incl. non-production infrastructure) On par with peers using conventional evaporation on capital intensity but with superior unit opex Centenario: marketing phase Successful penetration in the battery value chain c.$8,800/t-LCE 1 average realized price in 2025 vs. ~9,300 $/t-LCE for the SMM BG Li 2 CO 3 99.5% 90% of sales realized in China & for battery applications 20 customers, including 50% of sales Made through under a co- marketing agreement 2 Based on FY 2025 turnover & sales volumes Up to a total volume of 50kt-LCE over ~5 years Outlook & guidance 2026 macro-trends EUR/USD 2026 consensus 2 : 1.19 $/€ Hedging policy EUR/USD hedging implemented in 2026 to reduce FX exposure Partial coverage 3 of annual exposure Hedged levels (1.20 $/€) close to 2026 consensus Macro-economic environment Positive momentum at the start of 2026 More favourable pricing conditions since January Middle East conflict since late February fueling volatility through higher input costs (energy, freight, sulfur), unclear impact on commodity pricing Prices 1 (vs. FY 2025 actuals) 2026 commodity consensus Mn ore ~$4.8/dmtu +6% Ni LME ~$16,450/t-Ni +9% Li carbonate ~$16,300/t-LCE +74% Other Mn alloys selling prices: high volatility Ni ore prices in Indonesia: increasing premiums Mn ore 44% CIF; Li carbonate battery-grade CIF Asia; market consensus as of end-February 2026 Bloomberg for EUR/USD As of end-March 2026 hedging is estimated to ~50% of the annual exposure, which can materially fluctuate depending on volumes & prices throughout the year 2026 guidance Mn ore transported volumes 6.4-6.8 Mt Up from 6.1 Mt in 2025 Cash cost FOB $2.4-2.6/dmtu vs. $2.4/dmtu in 2025 Capex 2 €250-290m vs. €412m in 2025 Ni ore external sales at PT WBN Notification received to submit an initial RKAB for 12 Mwmt, of which 9 Mwmt for external sales , with the intention to request an upward revision as early as possible Sustaining capex €150-190m HMC production Guidance suspended Eramet Grande Côte under Force Majeure Pending a more precise assessment of the impact of the fire incident at the WCP 1 Debottlenecking capex Of which: ~€100m Lithium carbonate production 17-20 kt-LCE Up from 6.7 kt-LCE in 2025 Ramp-up continuing throughout 2026, with production close to 100% of nameplate capacity by year-end ~€70m for reinforcement of logistics in Gabon ~€30m to complete the production capacity increase & decarbonation project in Senegal Wet Concentration Plant Excl. financing from the French State for SLN's capex 2026: a pivotal year focused on executing and delivering on the Group's funding plan 1 Safety first : with continued actions to reinforce the Group's safety standards. Keep TRIFR < 1 , while targeting zero injuries and High Potential Incidents 2 Deliver the Group operational roadmap , in particular: Achieve Centenario full ramp-up and optimize cash cost Improve railway capacity to transport Mn ore in Gabon and achieve target of 6.4-6.8 Mt 3 Deliver the 3-pillar funding plan to strengthen the balance sheet, as approved by the Board 4 Prepare the future to be ready to seize opportunities Eramet's investment case CLEAR FUNDING PLAN to strengthen the B/S and prepare for the future LEADING CSR standards WELL POSITIONED on attractive markets to capture LT growth WORLD-CLASS ASSET BASE with future growth optionality PURE-PLAY Mining & Metals A European mining leader powering industrial sovereignty 1 and the energy transition 1.Aligned with the EU CRM Act 35 Eramet - Singapore & Australia roadshow 35 Eramet - Australian roadshow - March 2026 Appendices "Act for positive mining" CSR roadmap Care for people 1 Take care of health and safety of people on our sites 2 Provide an inclusive environment where everyone can grow 3 Accelerate the local & sustainable development for communities 4 Trusted partner for nature Control & optimize water consumption 5 Biodiversity preservation 6 Mitigate risk of pollution / Reduce environmental impact 7 8 9 10 Transform our value chain Reduce the CO 2 footprint of our value chain Optimize mineral resources consumption and contribute to a circular economy Develop responsible value chain that respects our Human rights and CSR requirements Mining sites assessed 1 by IRMA Responsible mining, a key component of a fair energy transition 100 % sites with D&I 2 label Biodiversity towards net positive impact - 40 % CO 2 emissions reduction scopes 1&2 3 100% of mining sites engaged in an independent assessment process Diversity & Inclusion Absolute target, in tons of CO 2 vs. 2019 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 EBITDA 2 €372m 54% vs. 2024 Of which: -€82m Intrinsic performance -€359m External factors Capex -€412m €85m vs. 2024 Adjusted FCF 2 -€481m €173m vs. 2024 Adjusted leverage 2 5.5x Vs. 1.8x in 2024 Gearing covenant 3 125% Waiver granted for Dec.2025 covenant test date Net debt, excl. SLN €2,046m vs. €1,435m in 2024 No dividend payment for 2025 Average production rate (in % of design capacity of the plant (24 kt-LCE) See Appendix 10 - Financial Glossary of the related press release Net debt-to-Shareholders' equity ratio, excluding IFRS 16 impact 2025 Financial KPIs & headcount by activity Manganese Nickel Mineral sands Lithium Holding, Elim & others Sales : €834m EBITDA : €86m FCF : €73m o/w Alloys Sales 1 : €1,009m EBITDA 1 : €271m FCF : -€27m o/w Ore Adj. Sales : €413m Adj. EBITDA : -€106m FCF : -€270m Headcounts : 743 Sales : €41m EBITDA : -€51m FCF : -€226m Headcounts : 536 Sales : €241m EBITDA : €78m FCF : -€69m Headcounts : 833 Adj. Sales 1,2 : €618m Adj. EBITDA 1 : €95m Adj. FCF : €38m Headcounts : 1,653 Sales : €1,843m EBITDA : €357m FCF : €46m Headcounts : 4,742 Turnover related to external sales of manganese ore (excl. internal sales) and to Setrag transport activity other than Comilog's ore (€72m in 2025); EBITDA includes €52m related to Setrag transport activity other than Comilog's ore 25 Mn High-grade manganese ore powering carbon steel & emerging market growth 1. 1 dmtu = 10 kg Libreville GABON Transgabonese railway Moanda Franceville Atlantic Ocean World's largest HGO manganese mine 2 plateaux operated by Comilog Bangombé & Okouma 75-years mining concession (Comilog) 30-years Transgabonese railway concession (Setrag) 700 km railway crossing Gabon from West (Libreville) to East (Franceville) Moanda - Gabon Key figures - 2025 1 st global producer of high-grade Mn ore 6.8 Mt ore production 2.7 Mt of Mn content 13% of worldwide Mn supply Market Carbon steel: the primary use of manganese 6.1 Mt transported ore to Owendo port Guidance 2026: 6.4-6.8 Mt Construction 50-60% Automotive > 10% China leads global carbon steel production, India accelerating growth FOB cash cost excluding royalties & taxes For an exchange rate of $/€1.20 Mn ore CIF 44% China A high-grade ore asset with a pricing premium $2.4/dmtu 1 cash cost FOB 2 - Guidance 2026: $2.4-2.6/dmtu 1,3 $3.3/dmtu 1 cash cost CIF $4.5/dmtu 1 average price in 2025 4 Others 14% N. America 5% Europe 7% India 13% Other Asia & Oceania 13% 2025 1,849 Mt 5 China 52% 25 Mn Mn alloys global leadership with a lower carbon footprint 6 pyrometallurgical plants: 3 in Norway: Kvinesdal, Porsgrunn, Sauda 1 in the US: Marietta 1 in France: Dunkirk 1 in Gabon: Moanda c.820 kt capacity production of standard & refined Mn alloys c.45 kt capacity production of Mn oxydes Sauda (Norway) Mn alloys setup Key figures - 2025 Market 1 st global producer of refined Mn alloys 653 kt alloys production 1 "Value over volumes strategy" 20% of worldwide demand for Mn alloys 639 kt alloys sales Standard alloys 50-85 % Mn content 2-8 % carbon content Steel (construction & machinery) Refined alloys c. 80 % Mn content 0.1-1.5 % carbon content Premium steel (automotive & energy) >60% of Mn alloys production in China 52% of refined - favorable mix Guidance 2026: stable volumes vs. 2025 Others Russia - 3% 10% Norway - 3% Malaysia -3% India 2025 China 62% 19% 23.2 Mt 2 1. 10 kg of alloys /t of steel ; 2.0 t of ore /t of alloy