Eramet (ERA) Q3 2025 TU earnings summary

Executive summary

• Adjusted turnover for Q3 2025 was €720m, down 10% year-over-year, mainly due to lower prices and adverse currency effects despite higher sales volumes, especially in nickel and manganese ore.

• Safety performance aligned with CSR roadmap, though a fatal subcontractor accident occurred in Indonesia.

• A comprehensive operational and financial performance improvement program was launched, focusing on safety, operational excellence, and financial resilience.

• Cash generation remained negative, with ongoing macroeconomic uncertainty weighing on demand and prices.

Financial highlights

• Adjusted turnover (excluding SLN) for Q3 2025 was €720m, down 10% from Q3 2024; for the first nine months, it was €2,248m, down 8% year-over-year.

• Manganese segment turnover fell 26% to €421m; nickel turnover rose 122% to €142m; mineral sands turnover dropped 32% to €51m; lithium turnover reached €7m, up from zero.

• Negative price effect (-25%) and currency effect (-6%) offset a positive volume effect (+22%).

Outlook and guidance

• 2025 guidance for transported manganese ore volumes revised down to 6.1–6.3 Mt (from 6.5–7.0 Mt); FOB cash cost now expected at $2.3–2.4/dmtu.

• Nickel ore external sales target confirmed at 36–39 Mwmt; lithium carbonate production target confirmed at 4–7 kt-LCE.

• Capex plan for 2025 reduced to €400–425m.

• Market consensus for Q4 2025: manganese ore at $4.4/dmtu, LME nickel at $15,400/t, lithium carbonate at $8,800/t-LCE.