Eramet (ERA) Status Update summary

Leadership and Operational Context

• New CEO and CFO bring extensive industry experience, focusing on operational improvement and financial discipline.

• Safety remains a top priority, with a renewed two-year roadmap to embed a zero-harm culture and updated safety policy.

• Leadership accountability and empowered local teams are central to building a performance-driven culture.

• The company faced a challenging macroeconomic environment in 2025, with low commodity prices, adverse exchange rates, and global trade headwinds.

Market Environment and Strategic Context

• 2025 is expected to remain challenging due to tough macro conditions and cyclical lows in core commodity prices, including manganese, nickel, and lithium.

• Demand and prices are expected to remain subdued until 2026, when gradual market stabilization is anticipated.

• Despite headwinds, long-term fundamentals for energy transition metals and steel-related commodities remain strong.

• Global macro headwinds include slowing industrial activity in China, higher US tariffs, and subdued commodity prices.

Strategic Initiatives and Performance Improvement

• The 'ReSolution' transformation program targets a €130–170 million EBITDA uplift over two years, mainly from operational and commercial excellence.

• Over 50 improvement initiatives identified, focusing on productivity, cost efficiency, procurement, and commercial excellence.

• Achieved €60–70 million in one-off cash improvements in 2025, with further tactical and structural actions planned.

• Action plans are monitored by the newly created Value Office to ensure robust governance and delivery.

• Commercial excellence initiatives aim to evolve the go-to-market approach, expand in high-growth regions, and optimize the product portfolio.