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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Eramet
Eramet (ERA) investor relations material
Eramet Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary29 Oct, 2026
Executive summary
Q3 adjusted turnover was €746m, up 4% YoY; positive price effects (+15%) were partly offset by lower volumes (-12%), primarily due to Indonesia.
Operational momentum improved across Gabon manganese transport, Argentina lithium ramp-up, Indonesia mine restart and partial Senegal shipments; ReSolution productivity and cost initiatives progressed.
Financial highlights
9M adjusted turnover excluding SLN was €2,395m, up 7% YoY; reported turnover was €2,296m, up 12%.
Q3 turnover by activity: manganese €482m (+15% YoY), lithium €70m (18x), adjusted nickel excluding SLN €51m (-64%) and mineral sands €22m (-57%).
Outlook and guidance
2026 adjusted EBITDA guidance is €540m–€610m; based on annual volume targets and Q4 price assumptions, including lithium carbonate at ~ $13,000/t-LCE amid high volatility.
2026 operating targets: manganese transport 6.4–6.8 Mt; lithium production 17–20 kt-LCE; nickel ore external sales 23–26 Mwmt, with an unfavourable Q4 mix; mineral sands production 300–400 kt-HMC.
2026 capex guidance remains €250m–€290m; manganese FOB cash cost target is $2.4–$2.6/dmtu.
Centenario is operating at nameplate capacity since early October, with lithium output targeted near 100% of nameplate by year-end; the Senegal plant aims to restart by end-2026 and return to full capacity in Q1 2027.
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Latest events from Eramet
- €500m rights issue anchors the funding plan; dividends await adjusted leverage below 1.0x.ERA
Investor update - EBITDA up 45%, funding plan on track, Senegal fire led to €112m impairment.ERAH1 2026
- A pivotal year with a major funding plan, suspended dividends, and leadership transition.ERAAGM 2026
- Q1 2026 turnover up 13% to €840m, with strong metals output and robust funding actions.ERAQ1 2026 TU
- Earnings and cash flow plunged in 2025, triggering a major recovery and funding plan for 2026.ERAH2 2025
- Performance program targets EUR 130–170m EBITDA uplift and EUR 60–70m FCF boost in 2025.ERAStatus Update
- EBITDA dropped 45% in H1 2025, with negative net income and rising debt amid market headwinds.ERAH1 2025
- Lithium asset buyout, Q3 sales down 17%, CapEx cut, record mineral sands output, project suspensions.ERAQ3 2024 TU
- H1 2024 saw robust production growth but lower prices drove a net loss; H2 outlook is much stronger.ERAH1 2024
Next Eramet earnings date
H2 202617 Feb, 2027
Eramet
Next Eramet earnings date
H2 202617 Feb, 2027
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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.