Eramet (ERA) Q1 2026 TU earnings summary

Executive summary

• Adjusted turnover reached €840m in Q1 2026, up 13% year-over-year, driven by strong operational performance and higher sales volumes in manganese and nickel, as well as the ramp-up of lithium production in Argentina.

• Operational highlights include a 16% increase in manganese ore transported in Gabon and a 54% rise in nickel ore sales in Indonesia, despite a fire in Senegal impacting mineral sands output.

• The Group advanced its funding plan, securing a waiver on gearing covenants and preparing a €500m capital increase for H2 2026.

• Safety performance improved, with TRIFR at 0.3 (vs. 0.6), but a fatal accident occurred in Indonesia in January.

Financial highlights

• Adjusted turnover (excluding SLN) rose to €840m from €742m in Q1 2025 (+13%), with positive volume/mix (+15%) and price effects (+7%), offset by a -9% currency impact.

• Manganese turnover was €464m (+2%), nickel €163m (+43%), lithium €57m (n.m.), and mineral sands €39m (-42%).

• Group capex guidance for 2026 is €250m–€290m, down 30–40% from 2025.

Outlook and guidance

• 2026 targets: manganese ore transported 6.4–6.8 Mt, nickel ore external sales limited to 9 Mwmt (pending permit revision), lithium carbonate production 17–20 kt-LCE, mineral sands guidance suspended.

• Market consensus for 2026: LME nickel ~$16,700/t, manganese ore ~$5.0/dmtu, lithium carbonate ~$18,550/t-LCE.

• Capex confirmed at €250m–€290m; manganese FOB cash cost expected at $2.4–$2.6/dmtu.