Eramet: structural measures to strengthen balance sheet and prepare the future, after a challenging year 2025

About this update from Eramet Sa

[{"type":"image","alt":"Eramet SA","displaySize":"","headline":null,"caption":"Eramet SA","className":"","disableSlideshowImg":false,"size":{"original":{"width":275,"height":172,"url":"https://media.zenfs.com/en/globenewswire.com/fb9cc0faf4ad5f40cbf5ac1acb425223"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/EHL95qJu.UPSDKpOZKK8bA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTI2MztjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/fb9cc0faf4ad5f40cbf5ac1acb425223","width":275,"height":172}},"lazy":false},{"type":"text","content":"Paris, 18 February 2026, 6:45 p.m.","length":34,"tagName":"p"},{"type":"text","content":" PRESS RELEASE ","length":13,"tagName":"p"},{"type":"text","content":" Eramet: structural measures to strengthen balance sheet and prepare the future, after a challenging year 2025 ","length":109,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Safety – a top priority for the Group: focused initiatives undertaken at the PT Weda Bay Nickel JV site (Indonesia)","length":115,"tagName":"p"}]},{"val":[{"type":"text","content":" Decisive operational milestones: ","length":32,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Successful ramp-up of lithium production at Centenario in Argentina, with a capacity of close to 75% of design achieved in December","length":131,"tagName":"p"}]},{"val":[{"type":"text","content":"Eramet Grande Côte, Eramet's first mining site to achieve IRMA 50 performance level","length":87,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":218,"olType":false}]},{"val":[{"type":"text","content":" Deteriorated financial performance in a challenging environment: ","length":64,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Adjusted EBITDA 1 at €372m , down 54% vs. 2024:","length":45,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"An unfavourable price and exchange rate impact (-€285m at Group level) which weighed heavily on manganese","length":105,"tagName":"p"}]},{"val":[{"type":"text","content":"Permit restrictions, combined with the start-up of new mining production sites, which impacted performance at Weda Bay in Indonesia","length":131,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":236,"olType":false}]},{"val":[{"type":"text","content":" Net Income, Group share (excluding SLN) 1 of -€370m , including an asset impairment for the Mineral Sands activity (-€171m)","length":121,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted Free Cash-Flow 1 of -€481m , including the finalisation of construction capex for the lithium plant. Adjusted leverage 1 of 5.5x, supported by a high level of liquidity (€1.5bn)","length":183,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":585,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":1014,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Roll-out of a plan to improve cash generation and strengthen the balance sheet, approved by the Board of Directors:","length":115,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Focus on cash generation , driven by Re S olution , Eramet's performance improvement program, as well as other measures, including capex rationalisation","length":152,"tagName":"p"}]},{"val":[{"type":"text","content":" Strategic review of assets with asset monetisation options in 2026","length":66,"tagName":"p"}]},{"val":[{"type":"text","content":" Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholders","length":123,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":341,"olType":false}]},{"val":[{"type":"text","content":" A more favorable commodity pricing environment at the start of the year , except for mineral sands","length":97,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" 2026 targets: ","length":13,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Transported manganese ore: between 6.4 and 6.8 Mt ; FOB cash cost 2 between $2.4 and $2.6/ dmtu 3 , up due to an unfavourable exchange rate impact","length":141,"tagName":"p"}]},{"val":[{"type":"text","content":"Nickel ore sold externally: 9 Mwmt based on the notification from Indonesian authorities for the submission of the initial RKAB of 12 Mwmt , with the intention to apply for an upward revision as early as possible","length":211,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Lithium carbonate produced between 17 and 20 kt-LCE , with a nameplate capacity close to 100% at end-2026","length":104,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":104,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":456,"olType":false}]},{"val":[{"type":"text","content":"Controlled capex: between €250m and €290m 4 in 2026, down 30-40% vs. 2025","length":72,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":541,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":1094,"olType":false},{"type":"text","content":" Christel Bories, Group Chair and CEO: ","length":37,"tagName":"p"},{"type":"text","content":"In 2025, global macroeconomic headwinds and core commodities at cyclical lows combined with the weakening of the dollar weighed on the Group’s profitability and cash generation, while our operational performance did not meet our objectives across all operations.","length":262,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"However, we reached several key decisive milestones of our strategic roadmap, notably the ramp-up of our lithium production in Centenario. This is an achievement the Eramet team can be proud of, positioning our Group at the heart of the energy transition with a world-class asset. Our achievement in early 2026 of the IRMA 50 performance level by our mineral sands mine in Senegal also marks a major milestone in the Group’s Act for Positive Mining vision.","length":456,"tagName":"p"},{"type":"text","content":"In 2026, our priority is to remain focused on improving our operational performance, controlling our costs and investments, with a particular attention to safety. The ReSolution programme provides a rigorous execution framework for these actions, leveraging our world-class assets.","length":281,"tagName":"p"},{"type":"text","content":"We have also launched other structural actions, aimed at strengthening our balance sheet, with the full support of the Board of Directors, including a strategic review with asset monetisation options in 2026, as well as a planned equity base strengthening.","length":256,"tagName":"p"},{"type":"text","content":"During this transition, I know I can count on the commitment of all our teams.","length":78,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Plan to enhance cash generation and strengthen the balance sheet ","length":64,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":64,"olType":false},{"type":"text","content":"In response to a deteriorated financial situation, and with the support of its Board of Directors, Eramet has implemented a funding plan aimed at improving cash generation and strengthening the balance sheet.","length":208,"tagName":"p"},{"type":"text","content":"This plan aims to enable the normalisation of the Group’s credit ratios (gearing and leverage), while securing its liquidity and access to the bond market.","length":155,"tagName":"p"},{"type":"text","content":"In the medium term, this enhanced financial flexibility will enable Eramet to seize new growth opportunities.","length":109,"tagName":"p"},{"type":"text","content":"The funding plan is built on three pillars:","length":43,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Focus on improving performance and cash generation, notably through the roll-out of the ReSolution programme launched end-2025,","length":127,"tagName":"p"}]},{"val":[{"type":"text","content":"Strategic review of assets with monetisation options in 2026,","length":61,"tagName":"p"}]},{"val":[{"type":"text","content":"Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholders; necessary resolutions will be voted at the next General Meeting and detailed terms will be specified ahead of the transaction. ","length":251,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":439,"olType":false},{"type":"text","content":"The plan includes measures taken to preserve liquidity during its roll-out:","length":75,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Maintained access to the €935m RCF 5 (waiver obtained on December 2025 gearing covenant from its banking pool, ensuring its availability). The RCF was fully drawn at the beginning of the year as a precautionary measure. A waiver will be requested for 2026,","length":255,"tagName":"p"}]},{"val":[{"type":"text","content":"Potential recourse to the bond market if favorable conditions arise.","length":68,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":323,"olType":false},{"type":"text","content":"The Group is committed to a strict capital allocation approach, with deleveraging as a priority, targeted investments, and suspension of dividend payments for the next two years.","length":178,"tagName":"p"},{"type":"text","content":"The representatives of the reference shareholders approved this plan at the Board of Directors meeting on February 18 th , 2026, and committed to vote in favour of the resolutions necessary for its implementation.","length":211,"tagName":"p"},{"type":"text","content":"Eramet will submit the appropriate resolutions at its next Annual General Meeting, in May 2026.","length":95,"tagName":"p"},{"type":"text","content":" Re S olution, the Group’s performance improvement programme ","length":57,"tagName":"p"},{"type":"text","content":"In December 2025, Eramet announced the launch of “ReSolution”, a programme of actions designed to improve its performance, unlock value and fully realise the potential of its world-class asset portfolio.","length":203,"tagName":"p"},{"type":"text","content":"This programme provides a clear framework and rigorous methodology to drive the performance improvement initiatives and ensure their proper execution. The programme is structured around three pillars:","length":200,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Safety & positive mining,","length":29,"tagName":"p"}]},{"val":[{"type":"text","content":"Operational performance improvement, with specific priorities defined for each asset and more than 50 initiatives already launched. These initiatives cover securing the volume increase of assets in which the Group has invested in recent years (manganese ore in Gabon and mineral sands in Senegal). The program also includes commercial performance improvement,","length":359,"tagName":"p"}]},{"val":[{"type":"text","content":"Strengthening cash generation, including capex rationalisation. ","length":63,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":451,"olType":false},{"type":"text","content":"The ReSolution programme aims to deliver an initial run rate EBITDA 1 improvement potential of €130-170m within two years (at 2025 economic conditions), with full impact expected in 2028.","length":186,"tagName":"p"},{"type":"text","content":"The programme also targets stringent capex discipline, with a positive impact on the Group’s FCF. Capex is thus expected to decrease by approximately 30 to 40% in 2026 (vs. 2025).","length":179,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" CSR commitments ","length":15,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":15,"olType":false},{"type":"text","content":" Safety ","length":6,"tagName":"p"},{"type":"text","content":"The Group’s safety performance remains in line with the CSR roadmap, as the TRIFR 6 stood at 0.8 for the year, below the limit set for 2025 (<1.0).","length":149,"tagName":"p"},{"type":"text","content":"However, Eramet mourns three fatal accidents that occurred at PT Weda Bay Nickel (“PT WBN”) during the year, as well as the death of a PT WBN subcontractor in January 2026 during a maintenance operation. The Group immediately implemented targeted safety action plans, in conjunction with the majority partner of the Indonesian JV.","length":330,"tagName":"p"},{"type":"text","content":"The safety of employees and subcontractors remains Eramet’s top priority and Pillar 1 of the ReSolution programme – “Safety and positive mining” is critical. Its target is to record “zero injuries and High Potential Incidents (‘HPIs’)” while improving risk management processes.","length":278,"tagName":"p"},{"type":"text","content":" Act for Positive Mining ","length":23,"tagName":"p"},{"type":"text","content":"In 2025, the Group’s overall performance for the “ Act for Positive Mining ” roadmap amounted to 105% versus the annual target (see Appendix 8), despite a safety performance at 0, due to PT WBN.","length":192,"tagName":"p"},{"type":"text","content":"There were several notable areas of progress:","length":45,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Diversity & Inclusion: created 1,386 “early career” opportunities (2026 target: 1,000) with 28.2% female managers (2026 target: 30%)","length":136,"tagName":"p"}]},{"val":[{"type":"text","content":" Eramet Beyond: 1,846 additional jobs supported and 323 young people accompanied since 2023 (including 63 in 2025) via scholarships where the Group’s operating regions","length":166,"tagName":"p"}]},{"val":[{"type":"text","content":" Environment: continued roll-out of action plans (water, biodiversity, diffuse dust), in line with the sector’s best practices","length":125,"tagName":"p"}]},{"val":[{"type":"text","content":" Decarbonisation: constructed a pilot carbon capture unit at the Sauda site (Norway), with initial testing completed","length":115,"tagName":"p"}]},{"val":[{"type":"text","content":" Scope 3 emissions: exceeded target with 72% of the value chain engaged in trajectories that are compatible with the Paris Agreement ","length":131,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":673,"olType":false},{"type":"text","content":" IRMA 7 ","length":5,"tagName":"p"},{"type":"text","content":"Achieving the IRMA 50 performance level for Eramet Grande Côte (“EGC”) and the publication of EGC’s first external third-party audit report in February 2026 represent a key milestone towards delivering the Group’s Positive Mining strategy. This confirms the relevance of the IRMA standard as a framework for progress and transparency, as well as its credibility among stakeholders.","length":381,"tagName":"p"},{"type":"text","content":"EGC thus becomes the first mineral sands mine to reach this score and joins the 14 mining sites worldwide which have completed an IRMA independent audit 8 .","length":154,"tagName":"p"},{"type":"text","content":"Three additional Eramet sites are currently engaged in the IRMA self-assessment process. The PT WBN, Eramine and Comilog sites are preparing to enter the independent audit process, which is expected to begin for some of them by the end of 2026.","length":244,"tagName":"p"},{"type":"text","content":" SLB (“Sustainability-Linked Bonds”) ","length":35,"tagName":"p"},{"type":"text","content":"The SLB maturing in 2028 include two decarbonisation targets, with a coupon step-up in the event of not meeting one of the intermediate targets.","length":144,"tagName":"p"},{"type":"text","content":"In this context, the intermediate target for the Group’s carbon intensity (scope 1 and 2) was not met in 2025 (0.267 tCO₂/t measured vs. 0.227 tCO₂/t expected). This is explained by the increase of the relative share of alloy volumes in the Group's total production. The intermediate target related to the value chain engagement was exceeded (72% measured vs. 67% expected). As a result, a 5 basis point penalty will be paid on the 2027 and 2028 coupon.","length":457,"tagName":"p"},{"type":"text","content":" Extra-financial ratings ","length":23,"tagName":"p"},{"type":"text","content":"In 2025, Eramet maintained its A- score for the CDP Climate Change rating and obtained an A- score for the CDP Water Security rating, a significant improvement vs. 2024 (B). This result reflects Group-wide efforts across all sites to improve water management: increasing data reliability, developing water balance sheets for all sites, and gradually aligning water management plans with major international standards (IRMA, ICMM 9 ).","length":431,"tagName":"p"},{"type":"text","content":"This recognition places Eramet among the most advanced companies in terms of environmental transparency, out of nearly 20,000 companies assessed globally in 2025.","length":162,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Financial ratings ","length":17,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":17,"olType":false},{"type":"text","content":"Eramet's long-term credit ratings are B1 at Moody's and B at Fitch, both with negative outlooks. These ratings reflect the unfavourable commodity market environment, operational difficulties and balance sheet pressures, as well as country risk-related rating ceilings.","length":276,"tagName":"p"},{"type":"text","content":"  ","length":12,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Eramet group key figures ","length":24,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":24,"olType":false},{"type":"text","content":"Eramet's Board of Directors met on 18 February 2026, chaired by Christel Bories, and approved the financial statements for the 2025 financial year which will be submitted for approval at the Shareholders’ General Meeting on 27 May 2026 10 .","length":242,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:347.74px;border-right:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Millions of euros 1 ","length":18,"tagName":"p","attribs":{}}]},{"style":"width:75.6px;text-align:center;vertical-align:middle;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:75.6px;text-align:center;vertical-align:middle;border-top:solid black 1pt;border-right:double black 3pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" 2024 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:71.8px;text-align:center;vertical-align:middle;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:double black 3pt;vertical-align:middle;","val":[{"type":"text","content":" Chg. 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Definitions are provided in the financial glossary in Appendix 10. 3 Net of Tsingshan’s capital contributions to the Centenario project (€104m in 2024) and financing granted by the French State to SLN as a quasi-equity instrument (€257m in 2024, including interest accrued over the period, and €242m in 2025). 4 Restated for SLN’s net cash position on 31 December 2025 (€111m); as a result, consolidated net debt was €2,046m in the calculation of adjusted leverage. 5 Net debt-to-Shareholders’ equity ratio, excluding IFRS 16 impact. 6 Total shareholders' equity, net financial debt, site restoration provisions, restructuring and other social risks, less long-term investments, excluding PT WBN capital employed.","length":1053,"tagName":"p"},{"type":"text","content":" N.B.: all the commented changes in FY 2025 are calculated with respect to FY 2024, unless otherwise specified. “H1” corresponds to the first half of the year, “H2” to the second half and “Q1, Q2, Q3, Q4” to the quarters. ","length":220,"tagName":"p"},{"type":"text","content":"The Group’s Adjusted turnover 1 amounted to €3,155m in 2025, down 7% from 2024. Adjusted for an unfavourable currency effect (-3%), the variation at constant scope and exchange rates 11 came out at -3% 12 , primarily due to an unfavourable price impact (-4%) 13 , which was partly offset by a positive volume effect (+2%) 14 .","length":318,"tagName":"p"},{"type":"text","content":" Adjusted EBITDA 1 amounted to € 372m , down 54%, reflecting:","length":57,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"A negative intrinsic performance of - €82m , mainly stemming from logistics and operational difficulties that weighed on the manganese ore business (-€37m), disruption of the mining plan at PT WBN (-€31m), and the ramp-up of Centenario (-€21m). These impacts were partially offset by improved operational performance in the mineral sands activity (+€17m).","length":353,"tagName":"p"}]},{"val":[{"type":"text","content":"A negative impact from external factors of -€359m, considering an unfavourable price effect (-€193m) particularly in the manganese market, and PT WBN permit restrictions (-€126m), as well as a negative currency effect (-€92m). These impacts were slightly eased by the sale of CO 2 emission allowances as part of the Cash Boost programme (+€46m) and the lower freight cost (+€23m).","length":379,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":732,"olType":false},{"type":"text","content":"Net income, Group share, for the year was -€477m, including the share of income in PT WBN (€58m) and losses related to SLN (-€107m). Net income, Group share (excluding SLN) 1 totalled -€370m , mainly resulting from the decline in EBITDA and the limited contribution of PT WBN, as well as an asset impairment charge for the mineral sands activity (-€171m) – mainly linked to the weaker long-term price outlook in this market.","length":422,"tagName":"p"},{"type":"text","content":" Capex financed by the Group 15 amounted to €412m, down -17% vs. 2024, and include €235m in non-current investments, primarily in Argentina (€96m) and Gabon (€99m).","length":162,"tagName":"p"},{"type":"text","content":" Adjusted Free Cash-Flow 1 (“Adjusted FCF”) totalled -€481m . It includes the dividends received from PT WBN of €34m (in line with the strong decline in EBITDA), as well as tax disbursements of €137m, including €80m paid to the Gabonese State – corresponding, on the one hand, to the corporate tax balance for 2024, and on the other, to a tax adjustment for 2019-2022.","length":365,"tagName":"p"},{"type":"text","content":"The “Cash Boost” programme, focused primarily on capex reduction, working capital optimization, and monetisation of CO₂ allowances in Norway, generated a one-off impact of €103m on FCF in 2025.","length":193,"tagName":"p"},{"type":"text","content":"Under the SLN financing agreement signed with Eramet, the French State subscribed to €138m of undated fixed rate subordinated bonds (Titres Subordonnés à Durée Indéterminée – “TSDI”) at end-2024 to fund SLN’s cash needs in 2025. 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Conversely, India continued to see an increase in production (+10%), which was also the case in North America (+2%), benefitting from the protectionist measures introduced. Europe posted a further decline of 4%, faced with continued declining demand and continuing pressure from imports.","length":432,"tagName":"p"},{"type":"text","content":" Manganese ore consumption for 2025 was up by 7% to reach 20.6 Mt-Mn, driven by demand for global manganese alloys production, particularly in China. However, with local steel production at its lowest level, this translated into higher levels of manganese alloy inventories among Chinese producers.","length":297,"tagName":"p"},{"type":"text","content":" Manganese ore production increased to 20.8 Mt-Mn (+7%), strongly increasing in H2 (+12% vs. H1 2025). Production from South Africa (still accounting for nearly 50% of seaborne production) was significantly up over the year (+7%). In Gabon, volumes were stable over the year, in line with Comilog volumes. In Australia, volumes, which increased sharply, normalised in H2 (x4 vs. H1 2025), following the resumption of exports by a major producer.","length":444,"tagName":"p"},{"type":"text","content":"As a result, the manganese ore supply/demand balance was in slight surplus over the year. Chinese port ore inventories remained at 4.6 Mt at end-December (stable vs. end-September), equivalent to 8 weeks of consumption.","length":219,"tagName":"p"},{"type":"text","content":"In 2025, the price index (CRU) for manganese ore (CIF China 44%) averaged $4.5/dmtu, down 18% from 2024. This trend reflects unfavourable comparatives, given the strong price increases between April and June 2024. Prices slightly rebounded in Q4 2025, rflecting stronger demand from manganese alloy production in China.","length":319,"tagName":"p"},{"type":"text","content":" The price index (CRU) for refined alloys in Europe (MC Ferromanganese) declined by 10%, while the price index for standard alloys (Silicomanganese) was down by 8%. Nonetheless, manganese alloys prices in European markets rebounded in December following the formal adoption of safeguard measures by the European Union.","length":317,"tagName":"p"},{"type":"text","content":" Activities ","length":10,"tagName":"p"},{"type":"text","content":"In Gabon, the operational performance was heavily impacted in 2025 by logistics and operational challenges at the port of Owendo in H1 and on the rail network.","length":159,"tagName":"p"},{"type":"text","content":"Against this backdrop, volumes for manganese ore transported and sold externally came out to 6.1 Mt and 5.5 Mt respectively, representing stable levels vs. 2024, a year marked by historically low volumes. Rail transport remains one of the main bottlenecks in the logistics chain, highlighting the strategic importance of the ongoing investment programme to renovate and modernise the Transgabonese railway.","length":411,"tagName":"p"},{"type":"text","content":"In parallel, production at the Moanda mine was up 4% to 7.1 Mt.","length":63,"tagName":"p"},{"type":"text","content":"FOB cash cost 2 for manganese ore activity was $2.4/dmtu over the year (+9% vs. 2024). This increase mainly reflects rising production costs, notably linked to the heavier reliance on a local logistics partner, higher maintenance costs, as well as an unfavourable €/$ exchange rate. Mining taxes and royalties (paid to the Gabonese State) stood at $0.2/dmtu in 2025 (stable vs. 2024). Conversely, sea transport costs per tonne were down to $0.7/dmtu (-31%).","length":456,"tagName":"p"},{"type":"text","content":"Manganese alloys production totalled 653 kt in 2025, up 3%, reflecting the restart of production at Dunkirk smelter following the refurbishment of the furnace. Manganese alloys sales slightly increased (+1%), albeit with a less favourable product mix (52% of refined alloys).","length":275,"tagName":"p"},{"type":"text","content":"The manganese alloys margin considerably eroded over the year due to the significant decline in selling prices (particularly in the United States) and the increase in the cost of reductants, while the decline in the price of manganese ore consumed only provided marginal respite.","length":279,"tagName":"p"},{"type":"text","content":"In July 2025, Norway’s Ministry for Climate and the Environment ruled in favour of Norwegian manganese alloys producers, including Eramet Norway, regarding unfair treatment in the allocation of free emission allowances under the EU ETS for the 2021-2025 period. Additional CO 2 emission allowances were thus allocated to Eramet Norway for this period, enabling the one-off sale of allowances with a positive impact of €46m on alloys EBITDA in 2025, as part of the Cash Boost programme.","length":484,"tagName":"p"},{"type":"text","content":" Outlook ","length":7,"tagName":"p"},{"type":"text","content":"Global carbon steel production is expected to moderately increase in 2026, with a less significant decline in Chinese production than in 2025, positively offset by an increase for the rest of the world – particularly in India where Eramet has a strong business footprint.","length":271,"tagName":"p"},{"type":"text","content":"Demand for manganese ore should decline in 2026, with the robust Indian production not sufficient to offset an anticipated decrease in alloys production in China. Manganese ore supply is expected to increase with lower comparatives in 2025, during which a major producer only resumed exports in May.","length":299,"tagName":"p"},{"type":"text","content":"The market consensus, which is currently set around $4.8/dmtu 19 on average for 2026, with a lower H1 than H2, reflecting an increase of close to 6% in the manganese ore price index (CIF China 44%) compared with 2025.","length":216,"tagName":"p"},{"type":"text","content":"Demand for alloys is expected to increase slightly outside of China, in line with the growth in steel production.","length":113,"tagName":"p"},{"type":"text","content":"After a year disrupted by logistics challenges, transported manganese ore volumes are expected to be between 6.4 and 6.8 Mt in 2026. This increase will be delivered by ongoing railway renovation works and operational performance improvement actions spearheaded under the ReSolution programme. These actions serve to debottleneck transport capacity by optimising traffic, increasing the number of carriages per train and optimising maintenance. These initiatives will be supported by investments estimated at around €160m in 2026, of which around €70m related to logistics improvements.","length":585,"tagName":"p"},{"type":"text","content":"FOB cash cost 2 is expected between $2.4 and 2.6/dmtu in 2026, with the favourable effect of a volume increase largely offset by an unfavourable €/$ currency effect 20 .","length":166,"tagName":"p"},{"type":"text","content":"Following the announcement in 2025 by the Gabonese authorities of the intention to transform more ore locally, Eramet continues to conduct studies and discussions with the authorities regarding ore processing and value creation options in a robust win-win partnership approach. The objective is to swiftly establish a joint roadmap with the authorities that will enable value creation by contributing to Gabon’s industrial development as well as the viability of the associated economic ecosystem.","length":497,"tagName":"p"},{"type":"text","content":"Manganese alloys sales are expected to remain stable over the year.","length":67,"tagName":"p"},{"type":"text","content":" Nickel – PT Weda Bay Nickel (“PT WBN”) ","length":38,"tagName":"p"},{"type":"text","content":" Adjusted EBITDA (excluding SLN) 1 for the Nickel activity amounted to €95m in 2025 (-64% vs. 2024). ","length":98,"tagName":"p"},{"type":"text","content":" PT WBN’s share of EBITDA (excluding the off-take contract) came to €102m (-62%), penalised by a less favourable product mix, the significant decline in the ore grade (-20%) and rising production costs. This decline was partly offset by significant premiums on the reference price (higher than 70% for saprolite). 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