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Eramet
Eramet (ERA) investor relations material
Eramet H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Feb, 2026
Executive summary
2025 was marked by severe external headwinds, historically low commodity prices, adverse FX movements, and operational challenges, resulting in a significant decline in financial performance and a stretched balance sheet.
Leadership changes included the appointment of an interim CEO after the previous CEO's dismissal for governance issues, with ongoing investigations involving the CFO.
Major milestones included the successful ramp-up of the Centenario lithium plant in Argentina to 75% capacity and IRMA 50 certification at the Senegal mineral sands mine.
A comprehensive funding and performance plan was launched, focusing on operational improvement, asset monetization, and a €500 million capital increase planned for 2026.
Safety remains a core priority, with reinforced measures after contractor fatalities and continued advancement of responsible mining strategies.
Financial highlights
Turnover fell 7% year-over-year to €3.2 billion, mainly due to price declines and adverse FX despite higher lithium volumes.
Adjusted EBITDA dropped 54% to €372 million, with 80% of the decline from external factors and 20% from operational issues.
Net income (Group share) was -€370 million to -€477 million, impacted by a €171 million impairment in mineral sands/Senegal.
Adjusted free cash flow was -€481 million; net debt rose to €1.9–2.0 billion at year-end.
No dividend will be paid for 2025 or 2026.
Outlook and guidance
2026 is expected to see a more favorable pricing environment and operational improvements, with consensus for higher manganese, nickel, and lithium prices.
Manganese ore volumes are guided at 6.4–6.8 million tonnes; lithium carbonate production targeted at 17,000–20,000 tonnes; capex reduced to €250–290 million.
Full ramp-up of Centenario lithium asset and logistics improvements in Gabon are key operational targets.
Asset monetization and a €500 million capital increase are planned for 2026 to restore financial flexibility.
The Resolution program aims for €130–170 million run-rate EBITDA improvement within two years, with full impact by 2028.
PT WBN RKAB reduction impact on operations
Equity strengthening plan details
Centenario lithium expansion plans
Lithium expansion funding strategy
Weda Bay RKAB revision expectations?
Asset monetization criteria
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Next Eramet earnings date
Q1 2026 TU23 Apr, 2026
Eramet
Next Eramet earnings date
Q1 2026 TU23 Apr, 2026
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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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