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Eramet (ERA) investor relations material
Eramet AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Opening remarks and agenda
Governance transition underway with leadership changes and a focus on maintaining governance stability.
Commodity prices at a cycle trough in 2025, with improvements noted at the start of 2026.
Operational performance in 2025 was below targets, but 2026 began with solid results.
Financial performance review
2025 saw adjusted turnover of €3,155m and adjusted EBITDA of €372m, both down significantly from 2024.
Net income was negative, impacted by impairments and challenging market conditions.
Net debt increased to €1,935m, with leverage ratios deteriorating; a waiver was granted for covenant breaches.
Liquidity stood at €1.5bn at end-2025, with no major debt maturities before 2028-2029.
Q1 2026 showed improved commodity prices and operational volumes, especially in lithium and manganese.
Board and executive committee updates
Leadership transition in progress, with the Board working to appoint a new CEO.
- Q1 2026 turnover up 13% to €840m, with strong metals output and robust funding actions.ERA
Q1 2026 TU23 Apr 2026 - Earnings and cash flow plunged in 2025, triggering a major recovery and funding plan for 2026.ERA
H2 202515 Apr 2026 - H2 rebound expected as manganese prices surge and lithium project launches amid H1 headwinds.ERA
H1 20242 Feb 2026 - Centenario lithium buyout for $699M, Q3 revenue down 17%, CapEx cut, record mineral sands output.ERA
Q3 202419 Jan 2026 - Resilient 2024 with €814m EBITDA, lithium ramp-up, and robust 2025 productivity focus.ERA
H2 202412 Dec 2025 - Transformation program targets €130–170m EBITDA uplift and €60–70m cash boost in 2025.ERA
Status Update6 Dec 2025 - EBITDA and net income dropped sharply in H1 2025, prompting revised guidance and cost controls.ERA
H1 202516 Nov 2025 - Turnover dropped 10% in Q3 2025 as price declines offset higher nickel and manganese volumes.ERA
Q3 2025 TU30 Oct 2025
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