Eramet (ERA) Q3 2026 TU earnings summary

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.