Eramet (ERA) Status Update summary

Safety and Operational Performance

• Four fatalities in 2025 led to a renewed focus on safety, with a two-year roadmap and updated safety policy to achieve zero harm.

• Senegal operations have been Lost Time Injury-free for six years, serving as a model for group-wide safety improvements.

• Leadership accountability, empowered local teams, and a culture of performance are central to safety and operational goals.

• Safety is linked to operational efficiency, with safer operations expected to reduce stoppages and improve productivity.

• Group-wide safety diagnosis and policy updates are part of the ReSolution program.

Market Environment and Strategic Context

• 2025 remains challenging due to low commodity prices, adverse exchange rates, and global macro headwinds, including slowing industrial activity in China and higher US tariffs.

• Core commodities like manganese, nickel, and lithium are at multi-year price lows, with demand and prices expected to remain subdued until 2026.

• Despite headwinds, long-term fundamentals for energy transition metals remain strong, with demand expected to double over the next decade.

• All assets are long life, high grade, low cost, and scalable, positioning the group competitively.

• Tier-1 global asset base includes world-class operations in Gabon, Indonesia, Senegal, and Argentina.

Operational and Commercial Improvement Initiatives

• The ReSolution program targets an EBITDA uplift of EUR 130–170 million within two years, with EUR 60–70 million one-off free cash flow improvements delivered in 2025.

• Over 50 improvement initiatives focus on productivity, cost, procurement efficiencies, and commercial excellence.

• Commercial excellence aims for EUR 10–20 million EBITDA uplift, with initiatives in go-to-market, supply chain, product-market fit, and contract management.

• A Value Office has been established to centralize performance tracking and foster a culture of ownership.

• Asset-specific priorities include maintenance upgrades, debottlenecking, and process efficiency.