PRESS RELEASE
Eramet: structural measures to strengthen balance sheet and prepare the future, after a challenging year 2025
Safety, a top priority for the Group: focused initiatives undertaken at the PT Weda Bay Nickel JV site (Indonesia)
Decisive operational milestones:
Successful ramp-up of lithium production at Centenario in Argentina, with a capacity of close to 75% of design achieved in December
Eramet Grande Côte, Eramet's first mining site to achieve IRMA 50 performance level
Deteriorated financial performance in a challenging environment:
Adjusted EBITDA1 at €372m, down 54% vs. 2024:
An unfavourable price and exchange rate impact (-€285m at Group level) which weighed heavily on manganese
Permit restrictions, combined with the start-up of new mining production sites, which impacted performance at Weda Bay in Indonesia
Net Income, Group share (excluding SLN)1 of -€370m, including an asset impairment for the Mineral Sands activity (-€171m)
Adjusted Free Cash-Flow1 of -€481m, including the finalisation of construction capex for the lithium plant. Adjusted leverage1 of 5.5x, supported by a high level of liquidity (€1.5bn)
Roll-out of a plan to improve cash generation and strengthen the balance sheet, approved by the Board of Directors:
Focus on cash generation, driven by ReSolution, Eramet's performance improvement program, as well as other measures, including capex rationalisation
Strategic review of assets with asset monetisation options in 2026
Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholders
A more favorable commodity pricing environment at the start of the year, except for mineral sands
2026 targets:
Transported manganese ore: between 6.4 and 6.8 Mt; FOB cash cost2 between $2.4 and $2.6/dmtu3, up due to an unfavourable exchange rate impact
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
Lithium carbonate produced between 17 and 20 kt-LCE, with a nameplate capacity close to 100% at end-2026
Controlled capex: between €250m and €290m4 in 2026, down 30-40% vs. 2025
Christel Bories, Group Chair and CEO:
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.
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.
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.
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.
During this transition, I know I can count on the commitment of all our teams.
Plan to enhance cash generation and strengthen the balance sheet
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.
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.
In the medium term, this enhanced financial flexibility will enable Eramet to seize new growth opportunities.
The funding plan is built on three pillars:
Focus on improving performance and cash generation, notably through the roll-out of the ReSolution programme launched end-2025,
Strategic review of assets with monetisation options in 2026,
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.
The plan includes measures taken to preserve liquidity during its roll-out:
Maintained access to the €935m RCF5 (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,
Potential recourse to the bond market if favorable conditions arise.
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.
The representatives of the reference shareholders approved this plan at the Board of Directors meeting on February 18th, 2026, and committed to vote in favour of the resolutions necessary for its implementation.
Eramet will submit the appropriate resolutions at its next Annual General Meeting, in May 2026.
ReSolution, the Group's performance improvement programme
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.
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:
Safety & positive mining,
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,
Strengthening cash generation, including capex rationalisation.
The ReSolution programme aims to deliver an initial run rate EBITDA1 improvement potential of €130-170m within two years (at 2025 economic conditions), with full impact expected in 2028.
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).
CSR commitments
Safety
The Group's safety performance remains in line with the CSR roadmap, as the TRIFR6 stood at 0.8 for the year, below the limit set for 2025 (<1.0).
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.
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.
Act for Positive Mining
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.
There were several notable areas of progress:
Diversity & Inclusion: created 1,386 "early career" opportunities (2026 target: 1,000) with 28.2% female managers (2026 target: 30%)
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
Environment: continued roll-out of action plans (water, biodiversity, diffuse dust), in line with the sector's best practices
Decarbonisation: constructed a pilot carbon capture unit at the Sauda site (Norway), with initial testing completed
Scope 3 emissions: exceeded target with 72% of the value chain engaged in trajectories that are compatible with the Paris Agreement
IRMA7
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.
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 audit8.
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.
SLB ("Sustainability-Linked Bonds")
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.
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.
Extra-financial ratings
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, ICMM9).
This recognition places Eramet among the most advanced companies in terms of environmental transparency, out of nearly 20,000 companies assessed globally in 2025.
Financial ratings
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.
Eramet group key figures
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 202610.
Millions of euros1
2025
2024
Chg. (€m)
Chg.1 (%)
Adjusted turnover2
3,155
3,377
-222
-7%
Turnover
2,753
2,933
-180
-6%
Adjusted EBITDA2
372
814
-442
-54%
EBITDA
130
371
-241
-65%
Current Operating Income (excluding SLN)2
11
281
-270
-96%
Net Income, Group share
-477
14
-491
n.a.
Net Income, Group share (excluding SLN)2
-370
144
-514
n.a.
Group Free Cash-Flow
-723
-669
-54
n.a.
Adjusted Free Cash-Flow2,3
-481
-308
-173
n.a.
Millions of euros1
31/12/25
31/12/24
Chg. (€m)
Chg.1 (%)
Net debt (Net cash)
1,935
1,297
+638
+49%
Shareholders' equity
1,495
2,139
-644
-30%
Adjusted leverage2 (Restated net debt4-to-adjusted EBITDA ratio)
5.5x
1.8x
n.a.
3.7 pts
Leverage (Net debt-to-EBITDA ratio)
14.9x
3.5x
n.a.
11.4 pts
Gearing (Net debt-to-Shareholders' equity ratio)
129%
61%
n.a.
68 pts
Gearing within the meaning of bank covenants5
125%
57%
n.a.
68 pts
ROCE (COI/capital employed6 for the previous year)
-4%
3%
n.a.
-7 pts
1 Data rounded to the nearest million or to higher or lower %.2 Effective from 2024, the Group's key performance indicators are presented excluding SLN, since the New Caledonian entity no longer impacts the Group's financial and economic performance. Reconciliation tables in accordance with IFRS accounts are presented in Appendix 1. 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.
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.
The Group's Adjusted turnover1 amounted to €3,155m in 2025, down 7% from 2024. Adjusted for an unfavourable currency effect (-3%), the variation at constant scope and exchange rates11 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.
Adjusted EBITDA1 amounted to €372m, down 54%, reflecting:
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).
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 CO2 emission allowances as part of the Cash Boost programme (+€46m) and the lower freight cost (+€23m).
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.
Capex financed by the Group15 amounted to €412m, down -17% vs. 2024, and include €235m in non-current investments, primarily in Argentina (€96m) and Gabon (€99m).
Adjusted Free Cash-Flow1 ("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.
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.
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. The French State has since subscribed €215m in additional "TSDI" (including €115m in December 2025), increasing total financing received to €353m to ensure financing for SLN in 2025 as well as the first part of 2026.
The Group's net debt was €1,935m on 31 December 2025, after disbursement related to dividends paid to Eramet's shareholders (-€43m) and Comilog minority shareholders (-€55m) in respect of 2024. Restated for SLN's net cash position on 31 December 2025 (€111m), the Group's net debt was €2,046m. As a result, the Adjusted leverage ratio1 was 5.5x.
As of 31 December 2025, Eramet's liquidity, including entirely drawn credit lines at end-January 2026, was €1.5bn.
No dividend payment will be proposed for 2025.
While the SLN's financial needs will once again be covered by the French State in 2026, a minority shareholder has expressed its intention to exit SLN's capital and has requested Eramet to acquire its 10% stake for a symbolic amount in the coming weeks. Eramet has responded favourably to this request, which does not impact the Group's economic exposure. This transaction is designed to preserve maximum flexibility as part of the work on SLN's future.
Key figures by activity16
Millions of euros1
2025
2024
Chg. (€m)
Chg.1 (%)
Manganese
Turnover
1,843
2,025
-182
-9%
EBITDA
357
563
-206
-37%
Nickel (excluding SLN)
Adjusted turnover (excl. SLN)2
618
636
-18
-3%
Adjusted EBITDA (excl. SLN)2
95
266
-171
-64%
Mineral Sands
Turnover
241
311
-70
-23%
EBITDA
78
120
-42
-35%
Lithium
Turnover
41
0
+41
n.a.
EBITDA
-51
-26
-25
n.a.
1 Data rounded to the nearest million or to higher or lower %.2 See definition in the financial glossary in Appendix 10.
Manganese
EBITDA for the Manganese activity was €357m in 2025, (-37% vs. 2024):
Ore: EBITDA at €271m (-40%), impacted by declining average selling prices (-11%), rising costs and an unfavourable currency effect.
Alloys: EBITDA at €86m (-20%), penalised by declining selling prices (notably in the United States), a less favourable product mix and slightly increasing reductant costs. These impacts were partly offset by the one-off sale of CO2 quotas (+€46m) under the "Cash Boost" programme.
Manganese ore
2025
2024
Chg.
Chg. (%)
Turnover - €m1
1,009
1,124
-115
-10%
EBITDA - €m2
271
455
-184
-40%
Manganese ore and sinter transportation - Mt
6,148
6,115
+33
+1%
External manganese ore sales - Mt
5,489
5,481
+8
+0%
FOB cash cost (new definition) - $/dmtu3
2.4
2.2
+0.2
+9%
Manganese alloys
2025
2024
Chg.
Chg. (%)
Turnover - €m
834
901
-67
-7%
EBITDA - €m
86
108
-22
-20%
Alloys sales - kt
639
632
+7
+1%
o/w refined alloys - %
52
54
-2
-4%
1 Turnover linked to external sales of manganese ore only, including €72m linked to Setrag transport activity other than Comilog's ore (vs. €66m in 2024).2 Includes €52m linked to Setrag transport activity other than Comilog's ore (€43m in 2024).3 Definition updated (see financial glossary in Appendix 10), now excluding mining taxes and royalties (non-controllable), which account for 6% of FOB turnover.
Market trends17 & prices18
Global production of carbon steel, the main end-product for manganese, was 1,849 Mt in 2025, down 2% from 2024.
China, which accounts for more than half of global steel production, posted a year-on-year decline of 4%, ending at its lowest level since 2018. 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.
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.
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.
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.
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.
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.
Activities
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.
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.
In parallel, production at the Moanda mine was up 4% to 7.1 Mt.
FOB cash cost2 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%).
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).
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.
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 CO2 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.
Outlook
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.
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.
The market consensus, which is currently set around $4.8/dmtu19 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.
Demand for alloys is expected to increase slightly outside of China, in line with the growth in steel production.
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.
FOB cash cost2 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 effect20.
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.
Manganese alloys sales are expected to remain stable over the year.
Nickel, PT Weda Bay Nickel ("PT WBN")
Adjusted EBITDA (excluding SLN)1 for the Nickel activity amounted to €95m in 2025 (-64% vs. 2024).
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).
Nickel ore
2025
2024
Chg.
Chg. (%)
PT WBN (38.7%)1 share of turnover - €m
449
498
-49
-10%
PT WBN (38.7%) share of EBITDA - €m
102
271
-169
-62%
Nickel ore external sales (100%) - Mwmt
38.5
30.3
+8.2
+27%
o/w Saprolite, Mwmt
25.5
28.5
-3.0
-11%
o/w Limonite, Mwmt
13.1
1.8
+11.3
+627%
Nickel Pig Iron (NPI)
2025
2024
Chg.
Chg. (%)
Off-take turnover - €m
169
138
+31
+22%
Off-take EBITDA - €m
3
5
-2
-34%
NPI production (100%), kt
35.8
30.5
+5.3
+17%
NPI sales (43% off-take), kt
15.8
12.4
+3.4
+27%
Support functions
2025
2024
Chg.
Chg. (%)
EBITDA2
-10
-10
-0
n.a.
1 Excluding NPI off-take.2 Supervision costs for the Indonesian entity.
Market trends21 & prices
Global stainless-steel production, which is the largest end-market for nickel, increased by 2% to 62.6 Mt in 2025.
Production in China, which accounts for more than 60% of the global supply, also saw year-on-year growth of 2%, still driven by exports and domestic consumption. In Indonesia and the rest of the world, production was up 1%.
Global demand for primary nickel increased by 4% to 3.5 Mt-Ni in 2025, driven both by the stainless-steel sector (65% for existing demand) and the batteries sector.
Global primary nickel production was up 6%, reaching 3.7 Mt-Ni. Growth in the NPI22 supply (+14%) and the ramp-up in new projects, notably HPAL23 (+50%) in Indonesia, were partly offset by the decline in NPI production in China (-19%) as well as traditional ferronickel production (-5%).
The supply/demand balance (class I and II24) remained in surplus in 2025. Visible nickel inventories at the LME and SHFE25 increased in Q4 to 301 kt-Ni at end-December, equivalent to around 5 weeks of consumption.
In 2025, the LME price average (price of part of class I nickel) was $15,159/t, down 10% year-on-year, reflecting a market still in surplus. Conversely, prices significantly rebounded at end-December, in connection with a potential restriction on 2026 production and sales permits in Indonesia, the global-leading producer of nickel.
The average for the NPI price index26 as sold at Weda Bay was $11,663/t, down by 3%.
In Indonesia, the official domestic price index for high-grade nickel ore ("HPM Nickel"27) averaged $27/wmt for a grade of 1.6%28 in 2025, declining by 10% (in line with nickel price trends at the LME). Considering the Indonesian government's restrictions on permits, domestic nickel ore supply remained under pressure. As a result, premiums on top of the base HPM index price were sustained at a high level for saprolite (above 70% over the year).
Activities
In Indonesia, following an upward adjustment of the RKAB29 in July 2025, nickel external ore sales30 totalled 38.5 Mwmt over the year, up by 27%. However, this increase was accompanied by a less favourable product mix. Saprolite volumes sold accounted for 64% of the total, at 25.5 Mwmt, declining 11% year-on-year. To quickly market the volumes authorised by the revised RKAB, low-grade saprolite was sold as a supplement to higher-grade saprolite, thereby weighing on the average grade (averaging around -13%). Limonite volumes represented 34% of the total, at 13.1 Mwmt (x7 vs. 2024), driven by growing demand from HPAL plants in the IWIP industrial park. Internal consumption for the PT WBN NPI plant reached 3.4 Mwmt in 2025.
PT WBN continued to benefit from significant premiums (more than 70% over the year vs. the HPM Nickel index) for its high-grade saprolite selling prices, against the background of domestic supply restrictions.
Parallel to this, production costs at the mine increased, reflecting lower productivity (notably, an increase in the strip ratio) and longer haulage distance. This was compounded by the increase in royalties, effective from April 2025.
Production at the PT WBN NPI plant increased by 17% over the year to 35.8 kt-Ni. As part of the off-take contract (trading activity), NPI sales stood at 15.8 kt-Ni, up 27%.
PT WBN's contribution to Group FCF was limited to €34m in dividends paid in 2025. This low contribution can be attributed to the substantial decline in EBITDA, amplified by a calendar effect tied to year-end sales (14.3 Mwmt over November and December, representing 37% of annual volumes), which will be collected in early 2026.
Outlook
Demand for primary nickel is expected to grow at a brisker pace in 2026 (+5%), notably driven by the development of stainless-steel production in China, India and Indonesia. Nickel consumption by the batteries sector should also accelerate.
Primary nickel production is expected to increase by 4%, particularly with rising NPI production in Indonesia, ferronickel and with MHP production stepped up for HPAL projects. However, the potential reduction of mining permits in Indonesia could reverse this trend and significantly impact production levels in 2026.
The nickel market started FY 2026 in surplus but could gradually rebalance depending on Indonesia's strategy.
For 2026, the market consensus for LME nickel prices currently stands at around $15,750/t19, representing an increase of around 4% vs. 2025.
In early February, PT WBN received an initial notification from the Indonesian authorities to submit a RKAB application for an annual production and sales volume of 12 Mwmt of nickel ore in 2026 (including 3 Mwmt of internal sales). While remaining supportive of the market rebalancing policy pursued by the Indonesian authorities, PT WBN plans to submit as early as possible a request for an upward revision of this quota, which represents a disproportionate reduction for PT WBN. The initial RKAB granted in 2025 was 32 Mwmt and was subsequently revised upward to 42 Mwmt in mid-July.
PT WBN will for now begin the preparation of this new RKAB and assess, together with local authorities, its subcontractors, customers and other local stakeholders, the necessary adaptations to its mining operations in response to this materially lower production level.
Unit production costs per tonne of ore could increase compared to 2025, subject to authorised volumes and mining plan adjustment costs.
In this context of increasing pressure on local ore supply, the ore price premiums from which PT WBN benefits vs. the HPM Nickel reference price index, as well as the index itself, are expected to further increase compared to 2025, particularly in H1 if a structural shortage of ore emerges.
Mineral sands
Despite higher HMC production, EBITDA for the Mineral sands activity was €78m in 2025 (down 35% vs. 2024), penalised by a decline in prices which was especially significant in H2.
Mineral Sands
2025
2024
Chg.
Chg. (%)
Turnover - €m
241
311
-70
-23%
EBITDA - €m
78
120
-42
-35%
Mineral Sands production, kt
983
883
+100
+11%
Ilmenite sales, kt
584
561
+23
+4%
Zircon sales - kt
65
66
-1
-2%
Market trends & prices31
The zircon market remained in oversupply in 2025. Global demand decreased throughout 2025, impacted by macroeconomic uncertainty and the weakness of real estate activity around the world, particularly in China. In parallel, production over the year did not adjust sufficiently, notably owing to increased volumes of heavy mineral concentrates imported into China.
Against the backdrop of persistent oversupply and the lack of prospects for a demand recovery in the short term, prices continued declining in Q4, leading some producers to reduce or cut their production.
As a result, in 2025, zircon premium prices averaged $1,668/t FOB, down 12% vs. 2024 (-8% in Q4 vs. Q3 2025).
Global demand for TiO2 pigments32, the main end-market for titanium-based mineral products33, was down over the year, also penalised by macroeconomic uncertainty and a widespread slowdown in consumption. At the same time, supply was only partly revised downwards, sustaining a surplus which significantly weighed on prices.
The market price for ilmenite (chloride), as produced by Eramet Grande Côte ("EGC") was $274/t FOB in 2025, down 8%, factoring in China's increased ilmenite supply.
Activities
In Senegal, EGC operations posted a solid operational performance for 2025. Mineral sands production achieved a record level, at 983 kt-HMC34, up 11% from 2024, driven by a significant improvement in average grade in the mined area as well as productivity gains delivered by the supplementary dry mining unit.
Consequently, ilmenite production volumes increased by 8% over the year, to 617 kt, while ilmenite sales were up 4%, to 584 kt.
Similarly, zircon production increased by 5% year-on-year to 71 kt. Zircon sales totalled 65 kt, slightly down by 2%, owing to the postponement of certain shipments to 2026.
Outlook
Demand for zircon and ilmenite is expected at best to recover only slightly in 2026. Zircon production cuts and reductions implemented in late 2025 could enable price stabilization for this product in 2026 at Q4 2025 levels. In parallel, ilmenite supply would remain in surplus given the ramp-up of new projects, with average price levels lower in 2026 compared to 2025.
In Senegal, mineral sands production in 2026 is expected to be above 900 kt-HMC. The increase in the volume of sand processed and the productivity gains achieved under the ReSolution programme through the optimisation of the separation plant yield should offset the anticipated decline in the grade in 2026, in line with the mining plan.
Investments are underway to finalise an increase in production capacity and support the decarbonation of operations. A final tranche of around €30m is expected in 2026.
Lithium
EBITDA for the Lithium activity was -€51m in 2025, in the context of a delayed ramp-up in H1, before achieving capacity and output close to 75% of design capacity in December in only seven months of ramp-up.
2025 enabled the Group to reach two landmark milestones: confirmation of the industrial efficiency of the Direct Lithium Extraction ("DLE") technology developed by Eramet and the commissioning of the entire lithium carbonate production process.
Lithium
2025
2024
Chg.
Chg. (%)
Turnover - €m
41
0
+41
n.a.
EBITDA - €m
-51
-26
-25
n.a.
Lithium carbonate production, t-LCE
6,690
0
+6,690
n.a.
Lithium carbonate sales, t-LCE
5,420
0
+5,420
n.a.
Market trends & prices35
In 2025, global electric vehicle ("EV") sales were up 20% year-on-year. In China, sales increased by 17% with a sales penetration rate of 49% (+6 pts). Europe also posted a solid performance with a 33% increase in sales and an annual penetration rate of 28% (+6 pts). The United States saw modest growth at 1% over the year, with a stable penetration rate (10%), owing to the abolition of the tax credit to purchase electric vehicles, which was reflected in a slump in fourth-quarter sales. Installations of stationary energy storage systems ("ESS") considerably increased in 2025 (+49%), driving cell production.
Consequently, demand for lithium was significantly up over the year, reaching 1,533 kt-LCE in 2025 (+31%).
Parallel to this, lithium supply amounted to 1,558 kt-LCE (+18% vs. 2024), driven by the ramp-up in new spodumene mines (notably in Australia and Mali) and increased brine based production in Argentina. In China, with the notable exception of CATL's Jianxiawo mine, which was subject to intense speculation of a restart in Q4, all players affected by mining permit compliance issues appear to be continuing to operate as normal.
As a result, the Lithium market shifted from significant surplus to near-breakeven in 2025, owing to sharply accelerating year-end demand.
The SMM battery-grade index (Ex-Works, China) averaged $9,342/t-LCE in 2025, down 17%. However, the index rose by 20% in Q4 from Q3 2025, reflecting a rebalancing of the market at-end 2025.
Activities
In Argentina, Eramet's Centenario plant ramped up its lithium carbonate production.
On the back of an H1 hampered by a technical issue during the commissioning of the Forced Evaporation equipment, production was substantially up throughout H2, reaching close to 75% of its daily nameplate capacity in December, vs. 10% in June.
Lithium carbonate production volumes totalled 6,690 t-LCE in 2025 (of which 5,980 t-LCE in H2). Given the priority given to ramping up production and the low price premium observed in the market, Eramet has decided to currently produce only limited quantities of battery grade, as the discount remains low compared to the cost savings. Volumes sold reached 5,420 t-LCE (of which 4,900 t-LCE in H2) and were made primarily to CAM producers in China.
In 2025, the plant's construction capex amounted to €96m.
Outlook
Growth in demand for lithium is expected to be driven by the continued adoption of electric vehicles worldwide. In China, the sales penetration rate should reach 60% in 2026, despite the gradual reduction in subsidies. In Europe, the 30% threshold is expected to be met. This momentum is propelled by the launch of 100% electric and plug-in hybrid models that are accessible to the general public, as well as the continuation of subsidies.
Growth in demand for lithium is also expected to be driven by the wide-scale deployment of ESS. China should remain the market leader, followed by the United States, Europe and the Middle East. The robust development of this technology is expected to boost demand for LFP chemical cathodes.
The price decline observed until end-June 2025 forced several lithium rock concentrate producers to cut or even halt their production, temporarily reducing the market supply.
The market consensus (battery-grade CIF Asia lithium carbonate) currently averages around $15,700/t-LCE19 in 2026, up close to 70% vs. 2025.
In 2026, the Centenario plant will continue its ramp-up, reaching a level close to 100% by year-end (24 kt-LCE a year). As a result, produced volumes of lithium carbonate are expected to total between 17 and 20 kt-LCE over the year.
Parallel to this, and under the ReSolution programme, actions were taken to optimise cash cost, particularly by limiting input cost through improved reagent consumption. Within two years (2026-2027), the cash cost (Ex-Works, at nameplate capacity) is expected to be between $5,400 and $5,800/t-LCE (based on 2025 economic conditions), still firmly positioned in the first quartile of the cost curve.
Eramet continues to explore its development options for Centenario, with the salar's overall production potential estimated at more than 75 kt-LCE per annum. As a first step, Eramet is actively studying options to expand the existing plant, located at the southern end of the salar, and retains a future option to build a new plant at the northern end of the salar. The Group is also assessing potential partnerships and strategic lithium development projects that would enable to leverage its now-demonstrated technical expertise. This growth strategy is designed to align with the Group's priority being to pursue a deleveraging path while once more unlocking positive cash generation.
Outlook
At the start of 2026, the macroeconomic uncertainties that weighed on demand across our markets in 2025 are being mitigated by favourable pricing conditions, with the exception of mineral sands.
In China, exports are set to remain pivotal in supporting industrial activity to address the weakness in domestic consumption,
In the United States, growth should remain strong, driven by robust domestic consumption and moderately impacted by the tariff measures,
In Europe, despite successive interest rate cuts, the prospect of a rebound in 2026 appears limited,
In India, despite high US tariffs and a slight decline in public spending, demand remains brisk and could be bolstered in 2026 by the signing of trade agreements with the United States and Europe.
The price consensus36 and exchange rate37 for 2026 currently stand at:
c.$4.8/dmtu on average for manganese ore,
c.$15,750/t for LME nickel,
c.$15,700/t-LCE for lithium carbonate (battery-grade, CIF Asia),
1.20 for the EUR/USD exchange rate.
To reduce its foreign exchange risk exposure, the Group has implemented hedging on its EUR/USD exposure. This covers approximately two-thirds of its annual exposure and is in line with current Bloomberg consensus for 2026.
In 2026, manganese alloys selling prices are expected to face high volatility given the European Union's Safeguard measures and protectionist measures in the United States.
Domestic prices for nickel ore sold in Indonesia, which are indexed to the LME and change accordingly, should continue to benefit from increased premiums versus 2025, supported by the context tension on Indonesian ore supply.
Sensitivities of adjusted EBITDA (excl. SLN) to the price of metals and to the exchange rate are presented in Appendix 6.
In 2026, freight rates are expected to be at levels comparable to or slightly higher than those observed in 2025, fuelled by rising demand combined with limited growth in supply. Energy costs should decrease in 2026, while reductants should increase slightly.
Guidance
The ReSolution programme sets a framework aimed at delivering a run rate EBITDA improvement potential of €130-170m within two years (at 2025 economic conditions), with full impact expected in 2028. Most of this potential comes from the manganese ore activity, notably from expected volume growth. It does not include the lithium production ramp-up and does not cover Weda Bay.
2026 targets:
Activities
Indicator
2026 guidance
Manganese
Transported volumes
6.4 - 6.8 Mt
FOB1,2 cash cost
$2.4 - $2.6/dmtu
Alloys sales
Stable vs. 2025
Nickel ore
External volumes sold
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
Mineral Sands
HMC production
> 900 kt-HMC
Lithium
Produced volumes
17 - 20 kt-LCE
1 Definitions in the financial glossary in Appendix 10. 2 For an exchange rate of $/€1.20.
The capex amount4 is expected to be between €250m and €290m in 2026.
Capex
Activity
2026 guidance
Sustaining
Group
€150m - €190m
Debottlenecking
Group, o/w:
Around €100m
Manganese, Improvement of logistics chain in Gabon
Around €70m
Mineral Sands, Completion of production capacity expansion project and decarbonisation of operations
Around €30m
Calendar
19.02.2026: Presentation of 2025 annual results
A live Internet webcast of the 2025 annual results presentation will take place on Thursday 19 February 2026 at 9:30 a.m. (Paris time), on our website: www.eramet.com. Presentation material will be available at the time of the webcast.
23.04.2026: Publication of 2026 first-quarter turnover
ABOUT ERAMET
Eramet transforms the Earth's mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition.
Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present.
Manganese, nickel, mineral sands and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world.
As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices.
Fully committed to the era of metals, Eramet's ambition is to become a reference for the responsible transformation of the Earth's mineral resources for living well together.
www.eramet.com
INVESTOR CONTACTDirector of Investor RelationsSandrine Nourry-DabiT. +33 1 45 38 37 02 [email protected]
PRESS CONTACTDirector of Group CommunicationLaurent CicolellaT. +33 1 45 38 41 38[email protected]
Media Relations OfficerNedjma AmraniT. +33 7 65 65 44 49[email protected]
Appendix 1: Reconciliation tables
Millions of euros
2025
2024
Chg. (€m)
Chg. (%)
Turnover, published financial statements
2,753
2,933
-180
-6%
Share of PT WBN (38.7% - excluding off-take contract)
449
498
-49
-10%
Adjusted turnover
3,202
3,431
-229
-7%
Turnover excluded from SLN1
47
54
-7
-14%
