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Eramet (ERA) investor relations material
Eramet H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary31 Jul, 2025
Executive summary
H1 2025 performance fell short of ambitions due to operational challenges, especially at PT Weda Bay Nickel, and difficult market conditions in China and for key commodities.
Adjusted EBITDA (excluding SLN) dropped 45% to €191m, mainly from lower nickel grades, productivity issues, and higher costs.
Net income group share was -€152m, a decline from the previous year, with free cash flow at -€266m.
Safety performance remained strong, with a TRIFR of 0.6, surpassing CSR roadmap targets.
Comprehensive asset and operational reviews were launched to unlock potential and set a baseline for improvement.
Financial highlights
Adjusted EBITDA (excluding SLN) was €191m, down 45% YoY; net income group share was -€152m; free cash flow was -€266m.
Net debt increased to €1.7–1.8bn, with leverage at 2.7x adjusted EBITDA and gearing at 94%.
Capex for H1 2025 was €215–241m, with €141m in growth investments, mainly in Argentina and Gabon.
ROCE dropped to 2% from 4% YoY; adjusted EBITDA margin fell to 12.5% from 21%.
Liquidity remained strong at €1.7bn as of June 2025.
Outlook and guidance
Downward price trends expected for most sectors in H2 2025, with continued macroeconomic and FX headwinds.
2025 volume guidance: manganese ore 6.5–7.0 Mt, nickel ore 29–39 Mt, lithium carbonate 4–7 kt.
Capex guidance for 2025 set at €400–450m, with €150–200m for sustaining and the rest for growth.
Ramp-up at Centenario lithium plant ongoing, with nameplate capacity targeted by mid-2026.
Market consensus for H2 2025: manganese ore $4.6/dmtu, LME nickel $15,540/t, lithium carbonate $9,300/t-LCE.
How did logistics impact Gabon's Q2 ore sales?
Why revise 2025 nickel ore volume target?
Assess Centenario plant ramp-up delay costs.
Weda Bay: What is the expected natural grade decline rate?
Centenario Phase 2: What are the key triggers for FID?
Gabon manganese: Strategy for 2029 export ban?
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Next Eramet earnings date
Q3 2025 TU30 Oct, 2025
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Frequently asked questions
Eramet SA is a France-based integrated mining and metallurgical company engaged in the production and processing of various metals and minerals. The company's activities are structured into three primary divisions: Nickel, Manganese, and Alloys. In its Nickel division, Eramet is involved in mining nickel ore in New Caledonia and processing it into ferronickel and high-purity nickel, among other products. The Manganese division focuses on the production of manganese ore and sinter, processing ore to produce manganese alloys, and recycling metal content from used catalysts. In the Alloys division, Eramet manufactures closed-die forged parts made from titanium, aluminum, steels, and nickel-based alloys, primarily for the aerospace, power, medical, and automotive industries. The company is headquartered in Paris, Ile-de-France, and its shares are listed on the Euronext Paris.
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