Slides
Page 1
February 19th, 2026 FY 2025 Results Presentation Christel Bories, Chair & CEO Simon Henochsberg, co-CFO Charles Nouel, COO
Page 2
2 Eramet – FY 2025 results 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 statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. Eramet cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Eramet to be materially different from the company’s estimated future results, performance or achievements expressed or implied by those forward- looking statements. Past performance information given in this presentation is solely provided for illustrative purposes and is not necessarily a guide to future performance. No representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or future performance of Eramet. Nothing in this presentation should be construed as either an offer to sell or a solicitation to buy or sell securities nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction.
Page 3
3 Eramet – FY 2025 results Opening remarks & today’s agenda Today’s agenda Introduction 2025 financial results 2025 operating & financial performance by activity Focus on Group performance improvement programme Eramet comprehensive funding plan Outlook & guidance 1 2 3 4 5 6
Page 4
1 Introduction
Page 5
5 Eramet – FY 2025 results 2025: a challenging year, leading to a stretched balance sheet ; decisive actions to provide solid foundations for the future 1. Eramet Grande Côte Safety remains Eramet’s core priority, with continued actions to reinforce the Group’s safety standards1 2025: a very challenging year, marked by strong external headwinds but also internal issues impacting Group performance2 Positioned for sustainable growth through a Tier-one asset base and proven execution capability with the successful ramp up of Centenario, reaching close to 75% nominal capacity end of year, 6 months after effective start of ramp-up 4 Senegal1, first Group mining site to achieve IRMA 50 performance level, a key milestone in the Group’s responsible mining strategy5 Eramet emerges from this difficult period with a stretched balance sheet BUT decisive actions underway to restore resilience and sustainable capital structure, with the full support of the board3
Page 6
6 Eramet – FY 2025 results A reinforced engagement, underscored by the tragic contractor fatalities recorded over the past months at Weda Bay 1. TRIFR (Total Recordable Injury Frequency Rate) = FR2: Frequency rate of accidents at work of Eramet employees, temporary staff and subcontractors (fatal + LTI + NLTI), expressed as the number of accidents per million hours worked 2. New scope, excluding High-Performance Alloys division sold in 2023 Safety first, our unconditional commitment Group injury frequency rate (TRIFR1,2)2025 safety performance • Slight deterioration of TRIFR to 0.8, although better than target set (<1.0) • Weda Bay : 3 fatal contractors' accident plus 1 additional in Jan. 2026 Immediate response actions at Weda Bay • Lightning prevention & protection measures • Haul roads & road safety equipment enhancements A core value embedded in Act For Positive Mining roadmap • Targetingzero injuries and High Potential Incidents (“HPIs”) • Improving risk management processes as well as reliability & sustainability of production systems & logistics 2021 2022 2023 2024 2025 0.0 0.5 1.0 1.5 2.0 2.5 2.2 1.1 0.7 1.0 0.8 TRIFR Fatalities (all related to PT WBN over 2021-2025) 1.1
Page 7
7 Eramet – FY 2025 results Macro uncertainties Prices remained subdued Adverse FX evolution USD/EUR Strongly negative price & FX rate weighed strongly on results in 2025 1. Eramet analysis based on index prices and incl. global inflation 2. Sources: CRU and Fastmarkets for Mn / LME Nickel / Eramet realised price for chloride ilmenite / Fastmarket for Li carbonate Battery-Grade CIF CJK A very challenging macro environment Slowing industrial activity in China 0 50 100 150 200 250 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Eramet composite price index1,2 (real terms): 50% Mn + 35% Ni + 10% Ilmenite + 5% Li For illustrative purpose 2015 2020 2025
Page 8
8 Eramet – FY 2025 results -€82m Intrinsic performance -€359m External factors Both internal & external dynamics exerted pressure on 2025 performance 1. Average production rate (in % of design capacity of the plant (24 kt-LCE) 2. See Appendix 10 – Financial Glossary of the related press release 3. Net debt-to-Shareholders’ equity ratio, excluding IFRS 16 impact A deteriorated financial performance Adjusted leverage2 5.5x Vs. 1.8x in 2024 Gearing covenant3 125% Waiver granted for Dec.2025 covenant test date Adjusted EBITDA2 €372m 54% vs. 2024 Adjusted FCF2 -€481m €173m vs. 2024 Capex -€412m Of which: Net debt, excl. SLN €2,046m vs. €1,435m in 2024 No dividend payment for 2025 €85m vs. 2024
Page 9
9 Eramet – FY 2025 results Eramet have put together a 3-pillar plan to restore the balance sheet, approved by Eramet’s board & reference shareholders Targeted sizeable assets monetization in 2026 Strategic review of assets II Performance Improvement plan Performance improvement program, with initiatives already underway incl. ReSolution I Project to launch a capital increase of around €500m in 2026 Equity base strengthening III
Page 10
10 Eramet – FY 2025 results Eramet’s low-cost asset base securing profitability & resilience in challenging markets Sources: Eramet analysis 1. Eramet 2026: Mn ore at mid-range of guidance for costs (royalties & freight assumed stable) & volumes / Lithium cash cost at nominal capacity & after optimisation 2. Market consensus as of 06/02/2026 3. Based on a cash cost equivalent CIF China (Ex-Works + royalties + transportation costs + corporate costs) Eramet asset competitive positions to support cash generation as commodity prices emerge from the low point of the cycle Manganese ore 2026 cash cost curve CIF1 Lithium 2026 cash cost curve CIF1,3 Optimised cash cost at nominal capacity for Eramet 1 2 6 5 4 3 7 Australia Cash cost, $/dmtu MOANDA Gabon HIGH-GRADE SEMI CARBONATED South Africa OTHERS Others OPPORTUNISTIC LOW-GRADE GEMCO High-grade (>40%) Medium-grade (30-40%) Low-grade (<30%) 5 20 0 10 1,7501,5001,2501,0007505002500 15 2,000 Production Mt Mn Cash cost, $/kg LCE CIF Production, kt LCE1st quartile 1st quartile 2026 market consensus ($4.8/dmtu)1 LT market consensus ($5.1/dmtu)1 2026 market consensus ($15.7k/t-LCE)1 LT market consensus ($14.6k/t-LCE)1
Page 11
11 Eramet – FY 2025 results On track to deliver returns, 7 months after effective start of ramp-up, in a favourable price environment Centenario: Successful ramp-up of Eramet’s world class, scalable lithium asset H1 commissioning issue of the Forced Evaporation unit overcome in May Proprietary DLE technology operating at industrial scale & delivering Sharp ramp-up achieved in H2 reaching close to 75% of nominal capacity in December Successful 1st site visit for sell-side analysts & bankers with highly positive feedback Our journey in 2025 2026 focus Ramp-up: targeting ~100% by year-end Production: between 17-20 kt-LCE Market opportunity: capturing lithium price recovery momentum Centenario potential: >75 kt-LCE/y Growth options: low capital intensity expansion option available on 1st plant Evaluating partnerships in a disciplined approach to leverage unique know-how and track-record in lithium brine Longer term
Page 12
12 Eramet – FY 2025 results Advancing climate action, water stewardship, responsible mining & community engagement Act for Positive Mining roadmap: delivering on our commitments Act for Positive Mining 2025 global performance 105% despite safety performance at 0 due to fatalities IRMA 50 score achieved at EGC 1st mineral sands mine & 1st mine in West Africa to publish an IRMA report Climate change A- maintained Water security A- up from B in 2024
Page 13
2 2025 financial results
Page 14
14 Eramet – FY 2025 results 100 Commodity prices 3-year evolution – 100 basis Sources: CRU for Mn ore & alloys / LME Nickel / HPM official index for nickel ore in Indonesia / Market & Eramet analysis for Zircon premium & Chloride ilmenite / SMM for Li carbonate Battery-Grade CIF China spot price (excl. VAT) 1. Bloomberg for EUR/USD A challenged commodity market & unfavourable FX rate in 2025 100 Mn ore 44% MC FeMn SiMn LME Nickel HPM 1.6% 100 Zircon Ilmenite 100 Li Carbonate Manganese prices Nickel prices Mineral sands prices Lithium prices 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 €m 2025 Vs. 2024 Manganese Mn ore CIF China 44% - $/dmtu 4.54 -18% MC FeMn (Europe) - €/t 1,397 -10% SiMn (Europe) - €/t 1,049 -8% Nickel Ni LME - $/t-Ni 15,159 -10% HPM Ni (1.6%/35%) - $/wmt 26.7 -10% Mineral sands Zircon premium - $/t 1,668 -12% Chloride ilmenite - $/t 274 -8% Lithium Li carbonate BG CIF China – $/t-LCE 9,342 -17% FX EUR/USD ($/€) 1.13 +5pts
Page 15
15 Eramet – FY 2025 results 2025 Group financial performance 1. Defined in Appendix 10 – Financial Glossary of the related press release 2. Excluding SLN 3. Net debt adjusted from SLN net cash position at 31/12/2025 (€111m) & 31/12/2024 (€138m) 4. Net debt-to-Shareholders’ equity ratio, excluding IFRS 16 impact 5. Fully funded by the French State €m 2025 2024 Adjusted turnover1 3,155 3,377 Adjusted EBITDA1 372 814 EBITDA 130 371 Current Operating Income1,2 11 281 Net Income – Group share1,2 - 370 144 Net Income – Group share (IFRS) - 477 14 Adjusted Free Cash-Flow1 -481 -308 €m 31/12/2025 31/12/2024 Net debt 1,935 1,297 Shareholders’ equity 1,495 2,139 Adjusted leverage1 (Net debt3 / Adjusted EBITDA) 5.5x 1.8x Leverage (Net debt / EBITDA) 14.9x 3.5x Gearing covenant4 125% 57% 130 102 2025 EBITDA PT WBN (38.7% share) 140 SLN losses5 2025 Adj. EBITDA 372 Adjusted EBITDA reconciliation (€m)1 • Net income: impacted by an impairment at Eramet Grande Côte: €171m, reflecting structural market shift in China, persistent oversupply & downward pressure on prices • FCF: SLN’s cash consumption neutralized by French State financing • Gearing: waiver granted by banks for Dec-25 test date
Page 16
16 Eramet – FY 2025 results Adjusted EBITDA down 54% driven by low prices & adverse FX rate & permitting challenges at PT WBN 46 44 Inflation OthersProductivity2024 Adj. EBITDA -9 Volumes Mix & grade 2025 Adj. EBITDA -57 -44 Fixed costs & Li ramp-up -20 Others -193 Net Price effect 814 372 -92 23 FX -126 Permitting PT WBN Freight -14 Adjusted EBITDA €m Intrinsic -€82m External -€359m Mn ore +10 Min. sands +36 PT WBN -34 Mn ore -14 Fixed costs -23 Lithium ramp-up -21 Mn alloys +46 o/w PT WBN +15 Min. sands -15 Mn ore -10 o/w Mn ore -107 Mn alloys -49 PT WBN -3 Index -88 Premium +85 Min. sands -31 Mn ore +23
Page 17
17 Eramet – FY 2025 results Capex reduction compared to 2024, in line with 2025 guidance, while still investing in lithium 1. Excluding SLN Capex, fully funded by the French State (€17m and €17m in 2024 and 2025, respectively) & capex lithium funded b y Tsingshan in 2024 Cash capex1 (€m) Sustaining capex Non sustaining capex Lithium project growth capex 149 150 205 139 2024 2025 497 412 €150-175m Guidance Controlled sustaining capex • Stable excluding lithium: €150m • 1st sustaining capex at Centenario: €26m Capex to support development • Comilog: €48m • Setrag: €51m • EGC: €40m Capex to foster strategic greenfield projects • Ramp up of Centenario DLE plant: €96m (capex to completion) 96 ~€250m €400-425m 143 Lithium sustaining capex 26
Page 18
18 Eramet – FY 2025 results -138 -429 -151 -137 -92 -99 -111 130 EBITDA -78 Change in WCR Cash capex2 34 Weda Bay dividends Cost of net debt Tax paid Other cash items and op. income & exp. 242 French State’s SLN financing Dividends paid -31 Other -1,435 -2,046 -1,297 -1,935 Due to the negative FCF, net debt reached €2.0bn end-2025 1. Incl. IFRS 16 impact of €73m at 30/06/2025 and €84m at 31/12/2024 2. Incl. SLN Capex, fully funded by the French State (€17m in 2025) 3. Does not include RCF fully drawn in January 2026 4. Incl. one –off Cash boost €103m Restated net debt €m FY 2024 Restated net debt1 FY 2025 Restated net debt1,3 Consolidated net debt SLN’s net cash position FCF -€723m Adjusted FCF -€481m4 Op. WCR +9 Social & fiscal -87 o/w Gabon -80 Senegal -37 ERA sh. -43 Minorities -56 FY 2024 cash +138 Apr. financing +100 Dec. Financing +115 FY 2025 cash -111 Total +242
Page 19
19 Eramet – FY 2025 results Liquidity of €1.5bn at end-2025 with no significant maturities before 2028-2029 Proforma debt maturity as of 31 December 2025 (in €m) Group financial liquidity (in €m) 500 600 213 128 247 85 7072 2026 52 7255 2027 6520 72 2028 44 915 71 2029 2030 2031 2032 >2033 495 307 870 1,630 43 15 0 102 Bank and operating debt (inc. overdrafts) RCF Term Loan Eramet bonds Prepay Li Impact IFRS 16 (non cash) • Proforma gross debt equals €3,462m, after the drawing of the RCF • Proforma gross debt average maturity of is ~2.8 years (~2.6 years excl. RCF) with no major redemptions before May 2028 • Proforma gross debt is 40% at a fixed rate (54% excl. RCF) 913 591 1,243 31 Dec. 2024 935 31 Dec. 2025 Proforma 2,156 1,526 Undrawn credit lines Available cash • RCF (€935m) o/w €915m maturing in 2029 & €20m in 2028, entirely drawn end- January 2026 • Lithium prepayment financing for $400m, fully drawn as of December 2025 RCF
Page 20
3 2025 operating & financial performance by activity
Page 21
21 Eramet – FY 2025 results Favourable comparison basis for Mn ore, solid performance in Mineral sands, permitting issues in PT WBN & steep ramp-up achieved in Lithium in H2 Mixed operating performance Manganese ore 6.1 Mt 653 kt 41.9 Mwmt 983 kt 6.7 kt-LCE Transported volumes Production Marketable production o/w 3 Mwmt to supply the JV NPI plant HMC production Production +1% vs. 2024 +3% vs. 2024 +31% vs. 2024 +11% vs. 2024 • Logistic challenges at the port in H1 & operational difficulties on railway • Favourable comparison basis vs. 2024 • Production constrained by markets (duties, EU Safeguards, etc.) • Permitting process impacting operations • Revised RKAB granted in July for +10 Mwmt • Deteriorated grade & mix vs. 2024 • Record production levels boosted by supplementary dry mining unit • Higher grade of mined area • Ramp up delayed in H1 by commissioning issue of Forced Evaporator • Steep ramp up achieved in H2 in line with plan Manganese alloys Nickel – PT WBN Mineral sands Lithium First Lithium end-Dec. 2024
Page 22
22 Eramet – FY 2025 results Manganese performance heavily impacted by unfavourable price and exchange rate impact Cash generation constrained by still high capex & higher tax paid 108 86 455 271 2024 2025 563 357 Manganese ore Manganese alloys Ore EBITDA down 40% (-€184m) • Lower productivity & higher fixed costs (-€37m) • Lower realised price (-€107m) & unfavourable EUR/USD FX rate (-€59m) • Higher cash cost FOB (+8% at $2.4/dmtu) Alloys EBITDA down 20% (-€22m) • Lower realised price (-€49m), slightly higher input costs (-€7m) • Positive contribution of CO2 quotas sale (+€46m) 73 94 -27 7 2024 2025 101 46 EBITDA (€m) FCF (€m) Ore FCF down €121m • Lower EBITDA contribution • Still high capex (-€166m) • Tax paid (-€80m), o/w 2019-2022 tax reassessment (-€35m) Alloys FCF up €66m • Benefitting from CO2 quotas sale (+€46m) • Positive WCR variation (+€50m) Mn 25
Page 23
23 Eramet – FY 2025 results 16 97 22 14 2024 2025 111 38 5 3 271 102 -10 -10 2024 2025 266 95 1. See Appendix 10 – Financial Glossary of the related press release 2. Eramet share in PT WBN (38.7%) 3. FeNi trading & others Lower dividend received from PT WBN reflecting lower performance mostly due to permit restrictions PT WBN EBITDA2 down 62% (-€169m) • Less favourable mix, decline in grade (-13% for saprolites) • Lower productivity & higher fixed costs (-€42m) • Permitting impact (-€126) • Premium impact (+€85m) offsetting decline of HPM index (-€88m) Adjusted EBITDA1 (€m) Adjusted FCF1 (€m) PT WBN contribution to FCF down €75m • Lower dividend received (€34m) in line with lower performance & calendar effect in receivables collection • Negative contribution from NPI offtake & support functions (-€12m) Weda Bay ore2 Offtake NPI Support functions Weda Bay Others3 Ni 28
Page 24
24 Eramet – FY 2025 results 40 2024 2025 120 78 2024 2025 Mineral sands performance down, reflecting sharp drop in prices and negative FX, despite higher HM grade Cash generation constrained by still high capex Mineral sands EBITDA down 35% (-€42m) • Negative volume impact (-€15m) offset by higher HM grade (+€36m) • Lower productivity & higher fixed costs (-€9m) • Sharp drop in prices (-€31m) • Unfavourable EUR/USD FX rate (-€17m) EBITDA (€m) FCF (€m) Mineral sands FCF down €109m • Lower EBITDA contribution • Negative WCR variation (-€45m) • Still high capex (-€67m), mostly from production capacity increase & decarbonation project -69 Ti/Zr 22/40
Page 25
25 Eramet – FY 2025 results 2024 2025 2024 2025 Lithium EBITDA down -€51m in 2025, while production ramp-up only started in June Negative FCF impacted by end of construction capex Lithium EBITDA • Positive impact of sales (+€32m) • Offset by specific ramp-up costs (-€52m) EBITDA (€m) Adjusted FCF1 (€m) Lithium FCF • End of construction capex (-€96m) Totalling ~$950m of capex for DLE plant construction2 • Other (-€44m), incl. VAT claims denominated in pesos impacted negatively by the FX rate -226 -51-26 -216 Li 3 1. 2024 FCF does not include capex financed by Tsingshan and buyback of its share 2. Incl. non-production infrastructure
Page 26
4 Focus on Group performance improvement programme
Page 27
27 Eramet – FY 2025 results ReSolution: a programme to ensure reliable tracking & delivery of intrinsic performance Group performance improvement programme underway Targets 2026 Safety & positive mining Zero injuries & high-potential incidents TRFIR <1 >90% HPI & HPO Actions closed & verified Operational improvement Plan €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 EBITDA uplift embedded in 2026 intrinsic performance Strengthening cash generation Capex rationalisation • More disciplined approach to sustaining capex • Targeted specific investments - 30 to - 40% Capex reduction in 2026 vs. 2025 to €250-290m
Page 28
28 Eramet – FY 2025 results Balanced 2026-2027 delivery with a significant contribution from Mn ore initiatives Operational improvement plan 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
Page 29
29 Eramet – FY 2025 results Manganese ore: debottlenecking logistics in Gabon to drive EBITDA uplift 2025 0.4 6.4 2026e 6.1 6.4-6.8 +11% Transported volumes (Mt) Moanda mine’s production capacity at 8 Mt today ~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 ~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 99 2025 ~70 2026e -30% Debottlenecking Capex (€m)
Page 30
30 Eramet – FY 2025 results Targeting close to 100% capacity by end-2026 while optimising cash cost 1. Excluding royalties, freight and additional corporate costs 2. % of nameplate capacity calculated on production days only, not considering maintenance days Lithium: focus on ramp-up & Centenario optimisation Cash cost expected at nominal capacity 2024 cash cost Ex-Works1 Local inflation (2025 vs. 2024) & others Optimisation Optimised cash cost Ex-Works1 (2025 values) ~5,000 5,400-5,800 $/t-LCE CIF China (royalties, freight & corporate costs) c.+$1,000c.+$1,000 2026-2027 priority on cash cost optimisation namely through improvement in reagents consumption 0 20 40 60 80 100 % % nameplate capacity2 $/kg-LCE 5.4 5.8 2025 Dec-25 Close to 75% End-26 Close to 100% Ramp-up journey 2025 2026 2026 Full ramp-up cash cost ex-works 2027
Page 31
31 Eramet – FY 2025 results RKAB limiting PT WBN to 12 Mwmt vs. an estimated demand of IWIP above 120 Mwmt in 2026 1. IWIP: PT Indonesia Weda Bay Industrial Park; NPI: Nickel Pig Iron; HPAL: High Pressure Acid Leach; MHP: Mix Hydroxide Precipitate 2. RKAB : “Rencana Kerja dan Anggaran Biaya” (Full-year operating permit) 3. At 100% 4. AMDAL : Decree related to the Environmental and Social Impact Study issued by the Environment Ministry ; Feasibility Study: n ew mining Plan Large supply gap between IWIP demand & PT WBN’s authorised volumes IWIP industrial set up 2026e demand 2026e supply by PT WBN >120 Mwmt 12 Mwmt Weda Bay mine (PT WBN) 22 NPI1 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 HPAL1 plants, 2 in operation, 1 starting up 12 MHP1 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 2025 licensing • Revised RKAB2 dated July 2025 • 42 Mwmt of production & sales volumes3 • 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 Longer-term • AMDAL4 decree & Feasibility Study4 (dated 2024) enabling progressive ramp-up to around 60 Mwmt/year 2025 demand 2025 supply by PT WBN >110 Mwmt 42 Mwmt
Page 32
5 Eramet comprehensive funding plan
Page 33
33 Eramet – FY 2025 results A 3-pillar funding plan to strengthen the balance sheet and measures implemented to preserve liquidity during its roll-out Performance Improvement plan Performance improvement program, with initiatives already underway incl. ReSolution I Targeted sizeable assets monetization in 2026 Strategic review of assets II Project to launch a capital increase of around €500m in 2026 Equity base strengthening III Comprehensive plan to strengthen the balance sheet Capital allocation Deleveraging prioritized Investments & capex limited to maintenance and committed projects Suspension of dividend over the next two years 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
Page 34
34 Eramet – FY 2025 results 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. Equity base strengthening: the 3-pillar plan was approved by the Board of Directors on the 18th 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
Page 35
35 Eramet – FY 2025 results Preparation Sizeable asset monetisation & capital base strengthening FY 2025 results Feb-26 2026 AGM May-26 Q2 2026 Q3 2026 Q4 2026 Asset monetisation Capital base Strengthening Targeted execution AGM resolutions Targeted execution Performance Improvement PlanFocus on FCF protection Q1 2026 Resolutions published II III I
Page 36
6 Outlook & guidance
Page 37
37 Eramet – FY 2025 results 1. Bloomberg for EUR/USD; Mn ore 44% CIF; Li carbonate battery-grade CIF Asia 2026 macro-trends Macro More favourable pricing conditionsPositive momentum at the start of 2026 Prices1 Mn ore ~$4.8/dmtu +6% Ni LME ~$15,750/t-Ni +4% Li carbonate ~$15,700/t-LCE +68% 2026 commodity consensus • Mn alloys selling prices: high volatility • Ni ore prices in Indonesia: increasing premiums • Freight prices expected stable or slightly up Other EUR/USD Hedging policy • EUR/USD hedging implemented in 2026 to reduce FX exposure • Coverage represents approx. 2/3rd of annual exposure • Hedged levels aligned with 2026 consensus 2026 consensus1: 1.20 $/€
Page 38
38 Eramet – FY 2025 results 2026 guidance 1. Excl. financing from the French State for SLN’s capex Ni ore external sales at PT WBN Mn ore transported volumes HMC production Lithium carbonate production 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 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 >900 kt Stable vs. 2025 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 Capex1 €250-290m vs. €412m in 2025 Sustaining capex Debottlenecking capex Of which: • ~€70m for reinforcement of logistics in Gabon • ~€30m to complete the production capacity increase & decarbonation project in Senegal €150-190m ~€100m
Page 39
39 Eramet – FY 2025 results 2026: a pivotal year focused on executing and delivering on our plan Safety first : with continued actions to reinforce the Group’s safety standards. Keep TRIFR < 1, while targeting zero injuries and High Potential Incidents 1 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 2 Deliver the 3-pillar funding plan to strengthen the balance sheet, as approved by the Board3 Prepare the future to be ready to seize opportunities4
Page 40
40 Eramet – FY 2025 results Q&A Christel Bories, Chair & CEO Simon Henochsberg, co-CFO Maria Lodkina, co-CFO Charles Nouel, COO
Page 41
Appendix
Page 42
42 Eramet – FY 2025 results A CSR commitment & performance recognized by leading ESG rating agencies 1. Lower is better Among the best in the industry A - CLIMATE CHANGE A - WATER SECURITY A 2 nd decile in the M&M sector 29.6 1 1 st quartile in the diversified M&M sector 69/100 Above global average (54/100) C+ 68/100 Above M&M sector average
Page 43
43 Eramet – FY 2025 results Energy transition continues to drive strong structural demand for Eramet’s metals 1. Eramet analysis based on Benchmark Minerals Intelligence / Rho Motion + Wood Mackenzie (latest forecast published in Q1 2026) 2. Wood Mackenzie, crude steel = carbon & stainless-steel (latest forecast published in Q1 2026) Structural growth drivers remain strong EV & ESS battery segments to drive Li & Ni growth… …steady steel production growth to underpin Mn & Ni demand New battery demand by end-use1, GWh Global crude steel production2, Mt 1,000 2,000 3,000 4,000 5,000 6,000 2024 2025 2030e 2035e EV ESS Others 200 1,700 1,800 1,900 2,100 2,100 2024 2025e 2030e 2035e CAGR 2024-2025 2025-2030 2030-2035 25% 43% 15% 19% 23% 12% 12% 7% 6% CAGR 2024-2025 2025-2030 2030-2035 -1.2% 1.4% 0.6%
Page 44
44 Eramet – FY 2025 results Net income – Group share €m 2025 2024 Turnover 2,753 2,933 Current Operating income -132 97 Other operating income & expenses -241 -46 Financial result -213 -175 Share in income from associated companies 58 166 Pre-tax result -585 -123 Income tax -43 -94 Net Income -570 -52 Minority interests’ share -93 -66 Net Income – Group share -477 14 Net Income – Group share (excl. SLN)1 -370 144 Other operating income & expenses • Asset impairment of Mineral sands: -€171m, reflecting structural market shift in China, persistent oversupply & downward pressure on prices Financial result • Cost of net debt:-€148m (+25% YoY) • Other financial income & expenses: -€65m Share in income from associated companies • Eramet share (38.7%) in PT WBN net income Minority interests’ share • SLN: -€84m • EGC: -€12m • Setrag: -€28m • Comilog: +€29m
Page 45
45 Eramet – FY 2025 results €103m realised above target of €60-70m 1. Excluding SLN capex, fully financed by the French State 2025 one-off Cash boost programme 60 46 54 Targeted 3 Realised €60-70m €103m Costs savings One-off sale of CO2 quotas Capex & working capital • Deferral of non-essential capex • WC optimisation mostly on receivables, such as prepayment on sales • Additional CO2 emission quotas received in Q3 at Mn alloys plants in Norway (2021-2025 period) & sold • €46m EBITDA & cash impact Cash only impact EBITDA & cash impact
Page 46
46 Eramet – FY 2025 results Carbon Steel: • China down -4% vs. 2024 • India continuing to outperform with +10% growth vs. 2024 Mn ore production +7% vs. 2024, due to: • South Africa (+7%) • Australia (+62%) • Gabon (stable) 2025 Global carbon steel & Mn ore production 1. Source: Worldsteel Association, Eramet estimates Mn 25 Global carbon steel production (Mt) Global manganese ore production - Mn content (Mt)1 53% 47% 2024 52% 48% 2025 1,887 1,849 -2% China Rest of the world 4.6 1.2 1.2 3.5 9.0 2024 4.6 1.1 2.0 3.5 9.6 2025 19.5 20.8 +7% Others Ghana Australia Gabon South Africa
Page 47
47 Eramet – FY 2025 results 0 1 2 3 4 5 6 7 8 9 2022 202320212020 2024 Mn ore & alloys (refined & standards in Europe) CRU index price trends 1. Manganese ore CRU CIF China 44% 2. Source: CRU Spot Prices Western Europe Monthly change in manganese ore prices1 Monthly change in manganese alloys prices2 Mn 25 Manganese ore price (44%) Mn ore 44% average price 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 MC FeMn price SiMn price MC FeMn average price SiMn average price = -18%2025 vs. 2024 Ore inventories in Chinese ports 2022 202320212020 2024 $/dmtu Mwmt €/t = -10%2025 vs. 2024 = -8%2025 vs. 2024 2025 2025
Page 48
48 Eramet – FY 2025 results 2025 Stainless steel production & primary Ni production & demand 1. Eramet estimates 2. Class I: product with nickel content of 99% or more Ni 28 Global primary nickel production (kt)1 (excl. recycling) Global stainless-steel production (Mt)1 Global primary nickel demand (kt) 62% 38% 2024 63% 37% 2025 61.6 62.6 +2% China Rest of world 935 875 351 284 636 761 1,532 2024 1,739 2025 3,453 3,660 +6% NI Class II - High-grade Ferronickel & others Ni Class II - NPI Indonesia Ni Class II - NPI Chine Ni Class I2 601 658 523 558 2,181 2024 2,248 2025 3,305 3,464 +5% Stainless steel (excl. scrap) Batteries Other Stainless Steel global production up 2% vs. 2024 driven by: ▪ China +2% ▪ ROW +1%, o/w Indonesia +1% Nickel primary demand: ▪ Stainless-steel (+3%) ▪ Batteries (+7%)
Page 49
49 Eramet – FY 2025 results 0 5 10 15 20 25 30 35 40 45 50 55 0 50 100 150 200 250 300 350 0 5 10 15 20 25 30 35 LME & nickel ore historical price 1. Including producers’ inventories 2. HPM Nickel 1.8%/35% for Weda Bay Monthly change in nickel LME prices Monthly change in nickel ore prices in Indonesia2 Ni 28 LME LME average price LME Stocks1 SHFE Stocks1 HPM 1.6% SMM 1.6% HPM 1.6% average price k$/t $/wmtkt 2022 202320212020 2024 = -10%2025 vs. 2024 = -10%2025 vs. 2024 20242023 20252025 Premium
Page 50
50 Eramet – FY 2025 results Zircon premium & chloride ilmenite historical price 1. Source: Market analysis, Eramet analysis 2. Only provided for since 2022 Monthly premium zircon FOB prices1 Monthly chloride ilmenite FOB prices1,2 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 Zircon Zircon average price $/t 2022 202320212020 2024 0 250 300 350 400 Chloride ilmenite price Ilmenite average price $/t 2022 2023 2024 = -8%2025 vs. 2024 = -12%2025 vs. 2024 2025 2025 Ti/Zr 22/40
Page 51
51 Eramet – FY 2025 results 0.0 0.5 1.0 1.5 2.0 2.5 15 25 35 45 55 EV sales & penetration rates and ESS deployment US China Europe US penetration rate China penetration rate Europe penetration rate 2024 2025 H2H1 H1 0 10 20 30 40 50 60 70 80 Deployment (GWh) 2024 2025 H2H1 H1 Monthly EV sales & penetration rate Monthly ESS deployment H2 H2 Li 3
Page 52
52 Eramet – FY 2025 results Lithium historical price 1. LCE: Lithium Carbonate Equivalent Li 3 0 10 20 30 40 50 60 70 80 SMM – battery-grade spot price Ex-Works China $kt-LCE1 Lithium carbonate price (CIF China) = -17%2025 vs. 2024 2022 2023 2024 2025
Page 53
53 Eramet – FY 2025 results €m Currency Initial amount Amount as at 31/12/2025 (in m) Initial Maturity date Coupon May 2023 bond issue € 500 500 May 2028 7.00% May 2024 bond issue € 500 600 November 2029 6.50% Bond maturities & financial ratings B1 long-term credit rating Negative outlook B long-term credit rating Negative outlook
Page 54
54 Eramet – FY 2025 results Responsible mining, a key component of a fair energy transition 1. 100% of mining sites engaged in an independent assessment process 2. Diversity & Inclusion 3. Absolute target, in tons of CO2 vs. 2019 Progress on our ambitious “Act for positive mining” CSR roadmap 1 Take care of health and safety of people on our sites Provide an inclusive environment where everyone can grow Accelerate the local & sustainable development for communities 2 3 Trusted partner for nature Control & optimize water consumption Biodiversity preservation Mitigate risk of pollution / Reduce environmental impact 4 5 6 Transform our value chain Reduce the CO2 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 assessed1 by IRMA 7 8 9 10 Care for people 3 AREAS FOR ACTION TRANSLATED INTO 10 AMBITIONS FOR 2026 3 AMBITIOUS 2035 TARGETS 100% sites with D&I2 label Biodiversity towards net positive impact -40% CO2 emissions reduction scopes 1&23
Page 55
55 Eramet – FY 2025 results Group Adjusted EBITDA (excl. SLN) sensitivity to market prices 1. For an exchange rate of $/€1.20 Sensitivities Change Annual impact on Adjusted EBITDA Manganse ore prices (CIF China 44%)1 +$1/dmtu c.€210m Manganese alloys prices1 +$100/t c.€55m Nickel ore prices (HPM nickel) – Weda Bay1 +$10/wmt c.€70m Lithium prices (lithium carbonate, battery-grade, CIF Asia)1 +$1,000/t-LCE c.€15m Exchange rate2 -$/€0.1 c.€60m 1 For an exchange rate of $/€1.20 2 Sensitivity calculated taking into account the EUR/USD hedging implemented for 2026
Page 56
56 Eramet – FY 2025 results Shareholding as of December 31st, 2025 1. APE (Agence des Participations de l’Etat): French State 2. STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by the New Caledonian provinces Number of shares issued 28,755,047 APE1 27.1% STCPI2 4.0% Duval family SORAME + CEIR 37.2% Free float 31.6%