Eramet (ERA) AGM 2026 summary

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.