Paris, 29 July 2026, 6:30 p.m.
PRESS RELEASE
EBITDA rebound in H1 2026; execution of the funding plan underway, essential for the Group in H2
Key figures
| Millions of euros | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) |
| Adjusted EBITDA1 | 276 | 191 | +85 | +45% |
| Adjusted Free Cash-Flow1 | 7 | -266 | +273 | n.a. |
| Net Income, Group share (excluding SLN)1,2 | -146 | -101 | -45 | n.a. |
| Net debt (Net cash) | 1,868 | 1,935 | -67 | -3% |
1 Effective from 2024, the Group’s key performance indicators are presented excluding SLN, since the New Caledonian entity no longer impacts the Group’s financial and economic performance. Reconciliation tables in accordance with IFRS accounts are presented in Appendix 1. Definitions are provided in the financial glossary in Appendix 9.
2 Including the impairment of Mineral Sands assets in H1 2026 (amounting to -€112m)
Key highlights in H1
ESG commitments
- Safety: decline in the accident frequency rate over the first half, but two fatal accidents mourned at PT WBN in Indonesia
- Responsible mining: 1st Group site to achieve the IRMA 50 performance level (Senegal)
Decisive operational progress
- Lithium: production at 90% of nameplate capacity in June, in Argentina; progress in studies to expand the Centenario plant
- Manganese: transported ore volumes up +6% in Gabon thanks to improvements in rail transport
- Mineral Sands: partial restart of production in Senegal at the end of April, two months after the fire, covered by €50m in insurance indemnities
Improved financial performance: rebound of EBITDA and breakeven Adjusted FCF
- Adjusted EBITDA1 at €276m, up 45%, driven by the growth in lithium and manganese volumes, as well as savings under the ReSolution programme
- Adjusted Free Cash-Flow1 returned to breakeven at +€7m, reflecting the EBITDA rebound, strict capex discipline and rigorous WCR management
Net Income, Group share1 (excluding SLN) at -€146m, after an impairment of Mineral Sands assets (-€112m) following the fire and an update of mineral reserves in Senegal
Balance sheet strengthening still required
- Adjusted leverage1 at 4.5x and gearing at 129%; net debt, excluding SLN2, stable at €2bn
- Liquidity at €1.3bn, including the RCF (€935m) fully drawn in late January 2026
Funding plan execution on schedule
- ReSolution programme: purchasing and productivity gains confirmed; significant capex reduction (-53%)
- €500m capital increase approved at the General Meeting (May 2026) and remaining essential to the funding plan; execution planned in Q4 2026
2026 targets confirmed
- Manganese ore: 6.4 - 6.8 Mt transported, FOB cash cost1: $2.4 - $2.6/dmtu
- Lithium carbonate: 17 - 20 kt-LCE, nameplate capacity close to 100% at end-2026
- Nickel ore sold externally: 9 Mwmt, on the basis of the initial 12 Mwmt RKAB, pending approval of an upward revision submitted in early July
- Mineral Sands: 300 - 400 kt-HMC, return to full capacity planned for Q1 2027
- Capex: between €250m and €290m (thanks to strict capex discipline, despite €35m for repairs in Senegal)
Christel Bories, Eramet Group Chair and CEO:
In the first half of 2026, our results reflect concrete progress on all fronts. In Argentina, our Centenario plant achieved 90% of its nameplate capacity in June, confirming the value of this world-class asset. In Gabon, logistical efforts are delivering tangible volume growth. In Senegal, our teams managed to restart operations only two months after the fire in February.
On the financial front, the return to breakeven of Free Cash-Flow and the rebound in EBITDA reflect the effectiveness of our actions. Our funding plan is progressing according to schedule, with a capital increase that is essential for the Group to be carried out by year-end. We are putting in place the conditions that will enable Eramet to return to profitable and sustainable growth.
The 2026 half-year results presentation will take place on Thursday 30 July 2026 at 9:30 a.m, (Paris time). To watch the live presentation, delivered in English by Christel Bories, Chair and CEO, and Simon Henochsberg, CFO, visit www.eramet.com. The replay of the presentation will be available on www.eramet.com following the event.
- Plan to enhance cash generation and strengthen the balance sheet
Eramet’s funding plan, announced in February 2026, is now being implemented.
This plan is built on three pillars and designed to gradually enable the normalisation of the Group’s credit ratios (gearing and leverage), while securing its liquidity and access to the bond market.
- Performance improvement and cash generation
The intrinsic performance in H1 notably reflects the initial tangible progress of measures to improve performance under the ReSolution programme.
The solid operational performance of rail transport in Gabon aligns with this trend, with transported tonnes by Setrag up +9% year-on-year, for all the users of the railway.
Productivity gains, purchasing gains, as well as cost reductions were also posted, while capex reduction is being implemented, with a decrease of 53% vs. H1 2025.
- Strategic review of assets with monetisation options
Eramet launched a strategic review of its portfolio, seeking to monetise targeted assets which could materialise in agreements signed with partners by end-2026. Several options are under consideration, notably the disposal of one or more minority stakes in certain of the Group’s operations.
- Planned equity base strengthening
At the Shareholders’ General Meeting held on 27 May 2026, a large majority of shareholders voted in favour of the resolutions to approve the delegation of authority to the Board of Directors to increase the Company’s share capital through the issuance of ordinary shares, while maintaining pre-emptive subscription rights for existing shareholders, for a maximum amount of €500m.
In addition, the Group received several expressions of interest from investors seeking to participate in the transaction. Such interest is non-binding, with discussions currently ongoing.
The capital increase is planned for Q4 2026. This transaction is key to the overall funding plan.
- CSR commitments
Safety
The Group’s safety performance was mixed in H1 2026. The TRIFR3 improved at 0.5 at the Group level (vs. 0.6 in H1 2025), significantly lower than the limit set in the CSR roadmap for 2026 (<1.0).
However, the Group mourns a second fatal accident that occurred at PT WBN in Indonesia in early May involving an employee of a subcontractor. Immediate protective measures were taken.
ESG
Eramet’s Sustainalytics rating stands at 29.2 at the end of the half-year, a slight improvement.
In May 2026, Eramet published its economic contributions in its host countries. These amounted to €2.5bn in 2025, confirming its role as a key anchor in the territories where it operates. The related press release can be viewed on the Group’s website (link).
Eramet has officially joined the Initiative for Responsible Mining Assurance (“IRMA”) as a mining sector member, following the achievement of IRMA 50 at the Eramet Grande Côte operation. The Group has committed to having all of its mine sites independently audited against the IRMA Standard and now participates in the Initiative’s governance alongside downstream stakeholders, communities, labor organizations, NGOs and financial institutions4.
As regards the environment, in June, Eramet hosted its first Global Environment Week, mobilising employees and representatives from civil society organisations at its locations around biodiversity, a top priority in its Act for Positive Mining roadmap.
Parallel to this, the Group presented a white paper on the role played by low-carbon manganese alloys in decarbonising segments of industry, leveraging the development of its eraLow offering, positioning Eramet as a partner that actively supports its customers in reducing their Scope 3 emissions.
The Group is also continuing its industrial testing to substitute fossil coke with bioreductants produced locally in Gabon from forestry industry residues.
- Eramet group key figures5
| Millions of euros1 | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) |
| Adjusted turnover2 | 1,649 | 1,528 | +121 | +8% |
| Turnover | 1,545 | 1,404 | 141 | +10% |
| Adjusted EBITDA2 | 276 | 191 | +85 | 45% |
| EBITDA | 179 | 71 | +108 | +152% |
| Current Operating Income (excluding SLN)2 | 80 | 9 | +71 | +789% |
| Net Income, Group share | -195 | -152 | -43 | n.a. |
| Net Income, Group share (excluding SLN)2 | -146 | -101 | -45 | n.a. |
| Group Free Cash-Flow | -50 | -414 | +364 | n.a. |
| Adjusted Free Cash-Flow2,3 | 7 | -266 | +273 | n.a. |
| Millions of euros1 | 30/06/26 | 31/12/25 | Chg. (€m) | Chg.1 (%) |
| Net debt (Net cash) | 1,868 | 1,935 | -67 | -3% |
| Net debt (Net cash), restated for the net cash of SLN4 | 2,046 | 2,046 | - | - |
| Shareholders’ equity | 1,447 | 1,495 | -48 | -3% |
| Adjusted leverage2 (Restated net debt4-to-adjusted EBITDA ratio) | 4.5x | 5.5x | n.a. | -1.0 pt |
| Leverage (Net debt-to-EBITDA ratio) | 8.0x | 14.9x | n.a. | -6.9 pts |
| Gearing (Net debt-to-Shareholders’ equity ratio) | 129% | 129% | n.a. | - |
| Gearing within the meaning of bank covenants5 | 125% | 125% | n.a. | - |
| ROCE (COI/capital employed6 for the previous year) | -1% | 2% | n.a. | -3.0 pts |
1 Data rounded to the nearest million or to higher or lower %.
2 Effective from 2024, the Group’s key performance indicators are presented excluding SLN, since the New Caledonian entity no longer impacts the Group’s financial and economic performance. Reconciliation tables in accordance with IFRS accounts are presented in Appendix 1. Definitions are provided in the financial glossary in Appendix 9.
3 Net of financing granted by the French State to SLN as a quasi-equity instrument (€148m in H1 2025 and €57m in H1 2026).
4 Restated for SLN’s net cash position on 30 June 2026 (€179m vs. €111m on 31 December 2025).
5 Net debt-to-Shareholders’ equity ratio, excluding IFRS 16 impact.
6 Total shareholders' equity, net financial debt, site restoration provisions, restructuring and other social risks, less long-term investments, excluding PT WBN capital employed.
Adjusted turnover1 at €1,649m, + 8% vs. H1 2025 (+14% at constant scope and exchange rates6, with a currency effect of -6%): positive price effect (+9%) and a favourable volume effect (+5%) driven by the growth in manganese and lithium activities.
Adjusted EBITDA1 at €276m, + 45%, reflecting:
- A positive intrinsic performance (+€164m), mainly driven by lithium with the continued ramp-up in production at Centenario (+€90m) as well as the solid operational performance of manganese activities and cost reductions across all sites;
- A negative impact of non-recurring items (-€32m), related to a value adjustment of manganese ore inventories linked to a reassessment of their pace of destocking;
- A negative impact of external factors (-€47m), resulting from a favourable price effect (+€63m), notably for manganese ore and nickel, which was more than offset by permit restrictions at PT WBN (-€49m), the increase in freight (-€31m) and inflation (-€9m), as well as the depreciation of the US dollar against the euro (-€26m).
Net income, Group share (excluding SLN)1 at -€146m, after booking an additional asset impairment charge for the Mineral Sands activity (-€112m, with the impairment test carried out following the fire factoring in an update of the mineral reserves observed under the revised mining plan).
Capex financed by the Group7 at €100m, -53% vs. H1 2025, including €51m in development investments (€35m in Gabon and €16m in Senegal).
Adjusted Free Cash-Flow1 (“Adjusted FCF”) positive at +€7m, driven by the increase in EBITDA, WCR optimisation and strict capex discipline, despite the absence of dividends from PT WBN in H1, with the mine having been placed in Care & Maintenance since May due to permitting constraints (RKAB);
Net debt, restated for SLN’s net cash position, at €2,046m on 30 June 2026, stable vs. 31 December 2025:
- No dividends were paid out to Eramet shareholders for 2025; dividends for Comilog minority shareholders were limited to €12m, paid out at end-July;
- Improvement in the adjusted leverage ratio1 at 4.5x, driven by the increase in adjusted EBITDA;
- Liquidity at €1.3bn, including the RCF (Revolving Credit Facility) entirely drawn end-January 2026; the half-year decline was exclusively linked to the repayment of an overdraft and specific loans;
- Waiver unanimously obtained in Q1 from lenders in respect of the RCF and the Term Loan on the June and December 2026 gearing covenant.
- Agreement signed, as announced in July, between Setrag and Proparco and IFC (World Bank), for a loan of €225m and refinancing of previous debt of €87m; first drawdown planned for H2 2026.
Financing received by SLN totalling €236m in respect of 2026, including €111m received in advance in December 2025, and additional €125m undated fixed rate subordinated bonds (Titres Subordonnés à Durée Indéterminée, “TSDI”) subscribed by the French State in May.
Long-term credit ratings: B2 at Moody’s (stable outlook) and B at Fitch (negative outlook)8.
- Key figures by activity5,9
| Millions of euros1 | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) | |
| Manganese | Turnover | 998 | 949 | +49 | +5% |
| EBITDA | 209 | 197 | +12 | +6% | |
| Lithium | Turnover | 136 | 4 | +132 | n.m. |
| EBITDA | 61 | -37 | +98 | n.m. | |
| Nickel (excluding SLN) | Adjusted turnover2 | 225 | 231 | -6 | -3% |
| Adjusted EBITDA2 | 56 | 51 | +5 | +10% | |
| Mineral Sands | Turnover | 56 | 135 | -79 | -59% |
| EBITDA | 12 | 53 | -41 | -77% |
1 Data rounded to the nearest million or to higher or lower %.
2 See definition in the financial glossary in Appendix 9.
- Manganese
EBITDA for the Manganese activity was €209m, up +6% from H1 2025:
- Ore: €170m (-3%); excluding the impact of an adjusted value of manganese ore inventories, EBITDA up +15%, driven by an increase in volumes sold (+4%) and in the realised selling price (+14%);
- Alloys: €39m (+77%), driven by rising volumes sold (+9%), productivity gains and cost savings.
| Manganese ore | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| Turnover - €m1 | 570 | 525 | +44 | +9% |
| EBITDA - €m2 | 170 | 175 | -5 | -3% |
| Manganese ore and sinter transportation - Mt | 3.2 | 3.0 | +0.2 | +6% |
| External manganese ore sales - Mt | 2.8 | 2.7 | +0.1 | +4% |
| FOB cash cost (new definition) - $/dmtu3 | 2.4 | 2.3 | +0.1 | +5% |
| Manganese alloys | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| Turnover - €m | 428 | 424 | +4 | +1% |
| EBITDA - €m | 39 | 22 | +17 | +77% |
| Alloys sales - kt | 337 | 310 | +27 | +9% |
| o/w refined alloys - % | 52% | 50% | +2pts | +4% |
1 Turnover linked to external sales of manganese ore only, including €35m linked to Setrag transport activity other than Comilog's ore (vs. €35m in H1 2025).
2 Includes €28m linked to Setrag transport activity other than Comilog’s ore (€24m in H1 2025).
3 Definition updated (see financial glossary in Appendix 9), now excluding mining taxes and royalties (non-controllable), which account for 6% of FOB turnover.
Operations
- Ore
In Gabon, production at the Moanda mine declined by 11% to 3.2 Mt, owing to some equipment availability issues in the first half. Conversely, Setrag’s excellent operational performance enabled the transportation of 3.2 Mt of ore over the half year (+6%). The trend observed in Q1, both for flows from Comilog and for other users of the railway, was confirmed in Q2, resulting in a 9% increase in overall transport capacity over the half year. This performance was supported by progress in the works to upgrade the Transgabonese railway: 34 km of sleepers (+38% vs. H1 2025) and 34 km of track (x3 vs. H1 2025) were replaced.
External volumes sold amounted to 2.8 Mt (+4%), with a realised selling price up by 14%, outperforming the CIF China 44% reference index, thanks to an improved product mix and a favourable geographic mix (increased share of sales generated outside China).
FOB cash cost1 for the manganese ore activity was $2.4/dmtu in H1 (+5%), driven by an unfavourable currency effect. Mining taxes and royalties stood at $0.3/dmtu (+9%). Sea transport costs per tonne were significantly up to $0.9/dmtu (+18%), linked to the increase in freight and fuel rates.
A value adjustment of -€32m on manganese ore inventories was booked for the first half following a reassessment of their pace of destocking.
- Alloys
Manganese alloys production stood at 359 kt in H1 2026, up 11%, and driven by the activity’s solid operational performance, notably the ramp-up in the Dunkirk smelter. Manganese alloys sales were also up +9% to 337 kt, with a more favourable product mix (52% of refined alloys).
Conversely, the deterioration in the geographical mix (due to weak demand in Europe) and declining prices in the United States (-15%) weighed heavily on average selling prices, while the cost of key consumed inputs decreased over the first half.
Outlook
In H2, demand for manganese ore should moderately increase, bolstered by an improvement in global carbon steel and manganese alloys production (slower decline in China, offset by an increase for the rest of the world, particularly in India where Eramet has a strong business footprint). Ore supply is expected to remain higher, driven by continued strong production in South Africa and normalised production levels in Australia.
The market consensus for high grade manganese ore (CIF China 44%) is currently set around $5.2/dmtu10 on average for H2 2026, a level that appears high with respect to the current price index.
- Ore
The target for transported ore volumes is confirmed between 6.4 Mt and 6.8 Mt in 2026, as is FOB cash cost1 guidance between $2.4 and $2.6/dmtu.
Development capex, intended to improve the Gabonese supply chain, is still estimated at around €70m for 2026. Most of this capex is included in the Programme for the Modernisation and Security (“PMS”) of the Transgabonese railway11 by 2031. This programme aims to improve the reliability of the rail network and significantly increase overall transportation capacity, by notably increasing Comilog’s capacity to the level of the mine’s production capacity. Private investment initiated under this programme will be partly financed by the €225m IFC-Proparco loan, which was announced in July with the remainder self-funded by Setrag. This new financing is in addition to the public funding allocated by the AFD and EU to the Gabonese State to complete its section of the PMS works.
In addition, on 20 July, Eramet and the Gabonese Republic signed a Memorandum of Understanding to sustainably transform the manganese value chain in Gabon. In particular, this agreement develops a joint industrial roadmap, with three scenarios under review to process up to 700 kt of ore a year by end-2031. It also establishes a structured framework for monitoring and verifying the conditions needed to ensure the economic viability of projects and their implementation before any investment decision is made. Access to competitive energy is in particular a prerequisite that the Gabonese Republic commits to ensuring. Eramet will assess the profitability of projects independently, so as to implement only viable industrial options. The related press release can be viewed on the Group’s website (link).
- Alloys
Manganese alloys sales are expected to increase over the year, albeit with an increase in input costs in H2, factoring in the delayed impact of rising manganese ore and reductant prices in Q2 (lag of around 3 months between the purchasing and consumption dates).
- Lithium
Continued successful ramp-up in lithium production at the Direct Lithium Extraction (“DLE”) plant, in Centenario, in Argentina, reaching 90% of nameplate capacity on average in June.
EBITDA for the Lithium activity was €61m in H1 2026, driven by a significant increase in volumes sold as well as a rebound in prices.
| Lithium | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| Turnover - €m | 136 | 4 | +132 | n.m. |
| EBITDA - €m | 61 | -37 | +98 | n.m. |
| Lithium carbonate production – t-LCE | 8,440 | 710 | +7,730 | +1,089% |
| Lithium carbonate sales – t-LCE | 8,320 | 520 | +7,800 | +1,500% |
Operations
In Argentina, the Centenario plant continued to ramp up its lithium carbonate production.
On the back of a Q1 affected in February by limited supplies at the gas plant and an equipment-related maintenance operation, production averaged 85% of its nameplate capacity in Q2, including at a pace of 90% in June, in line with the ramp-up schedule.
Lithium carbonate production volumes totalled 8,440 t-LCE in H1 2026. Volumes sold stood at 8,320 t-LCE.
The successful ramp-up at the plant has resulted in a significant improvement in the Ex-Works cash unit cost which is converging towards the full capacity target.
Sustaining capex totalled €6m for the period.
Outlook
Growth in demand for lithium should remain strong in H2, driven by the continued adoption of electric vehicles worldwide in H2, particularly China where the sales penetration rate is expected to total 60%, and in Europe where the 30% threshold is expected to be crossed.
Demand is also driven by rapid growth of large-scale deployment of ESS in China, the market leader, and their noticeable ramp-up in Europe and North America.
On the supply side, growth in global production is expected to continue, propelled by the restart of Australian mines and the development of new projects in Africa. This rebound would, however, remain insufficient to fully absorb demand growth.
For H2 2026, the market consensus (battery-grade CIF Asia lithium carbonate) currently averages around $23,100/t-LCE10 in H2 2026.
The ramp-up of the Centenario plant is continuing well, with the goal of reaching a level close to 100% of nameplate capacity by end-2026 (24 kt-LCE per year). As a result, guidance for produced volumes of lithium carbonate is still expected between 17 and 20 kt-LCE over the year.
In parallel, the Group continues to focus on optimising cash cost (Ex-Works) which is expected to be between $5,400 and $5,800/t-LCE (based on 2025 economic conditions) at nameplate capacity, still positioned in the first quartile of the cost curve.
Eramet continues to explore brownfield and greenfield options to develop the Centenario-Ratones salar, where drainable mineral resources in excess of 15 Mt-LCE, favourable geological conditions, and sufficient freshwater availability, serve to bolster substantial long-term development potential.
The pre-feasibility study (“PFS”) for the initial phase of a brownfield expansion of the plant for additional production capacity of 11 kt-LCE was completed and the detailed studies have been launched. A final investment decision could be made by end-2027. This expansion project is geared towards lower capital intensity and a stronger positioning in the first quartile of the industry’s cost curve. It is also eligible for RIGI (“Régimen de Incentivo para Grandes Inversiones”), Argentina’s incentive scheme for large-scale investment in strategic industries such as mining.
In addition, in July 2026, Eramet signed a farm-in agreement with Harfang Exploration to conduct exploration activities in Canada, targeting the hard rock lithium potential of the Serpent Project. By funding 100% of exploration expenditures, Eramet may acquire a stake of up to 65% in the project.
- Nickel – PT Weda Bay Nickel (“PT WBN”)
Adjusted EBITDA1 for the Nickel activity was €56m, up +10% vs. H1 2025:
- Share of PT WBN EBITDA (excluding off-take contract): €56m (+2%), reflecting rising selling prices, driven by the LME and high premiums, offset by the decrease in volumes (-15%) and increased production costs.
| Nickel ore | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| PT WBN (38.7%)1 share of turnover - €m | 136 | 156 | -20 | -13% |
| PT WBN (38.7%) share of EBITDA - €m | 56 | 55 | +1 | +2% |
| Nickel ore external sales (100%) - Mwmt | 9.4 | 11.0 | -1.6 | -15% |
| o/w Saprolite – Mwmt | 5.7 | 8.3 | -2.6 | -31% |
| o/w Limonite – Mwmt | 3.7 | 2.7 | +1.0 | +36% |
| Nickel Pig Iron (NPI) | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| Off-take turnover - €m | 89 | 75 | +14 | +19% |
| Off-take EBITDA - €m | 4 | 1 | +3 | n.a. |
| NPI production (100%) – kt | 16.7 | 17.0 | -0.3 | -2% |
| NPI sales (43% off-take) – kt | 7.1 | 7.4 | -0.3 | -4% |
| Support functions | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| EBITDA2 | -4 | -5 | +1 | n.a. |
1 Excluding NPI off-take.
2 Supervision costs for the Indonesian entity.
Operations
In Indonesia, PT WBN obtained an initial RKAB for 12 Mwmt in nickel ore in 2026 (annual production and sales volume, including 3 Mwmt of internal sales), down more than 70% vs. 2025 (32 Mwmt initially granted, then revised upwards to 42 Mwmt in July of the same year).
Against this backdrop, external ore sales12 totalled 9.4 Mwmt in H1 2026, declining 15% year-on-year, with the mine being placed into care & maintenance in May after reaching the initial RKAB quota. External saprolite sales amounted to 5.7 Mwmt, down 31% with a moderate decline in the average grade to 1.5%. Conversely, limonite sales increased by 36% to 3.7 Mwmt. Internal consumption for the NPI plant represented 1.8 Mwmt over the period.
In H1 2026, PT WBN continued to benefit from significant premiums for its high-grade saprolite selling prices (>100%), against the background of domestic supply restrictions. Application of the new HPM formula (see market analysis in Appendix 3) did not impact H1 2026 sales.
As expected, unit production costs at the mine considerably increased, given the necessary adjustment of mining plan due to permit constraints and rising energy prices.
PT WBN’s NPI plant continued to operate as normal, with production of 16.7 kt-Ni (-2%). Sales generated as part of the off-take contract (trading activity) were almost stable, at 7.1 kt-Ni.
In June, PT WBN engaged an agreement with the Indonesian authorities to settle the proceedings initiated in September 2025 regarding forestry permits. In this regard, a provision was recognised in H1, corresponding to approximately €34m for Eramet's 38.7% share, resulting in a negative net result for the JV for the period.
Outlook
In H2 2026, demand for primary nickel should continue to grow, mainly boosted by stainless-steel production in China and India, as well as recent higher growth in demand for nickel-based batteries.
Primary nickel production is expected to gradually recover while the HPAL plants should remain affected by significant disruptions in Q3, owing to rising sulphur prices. Depending on regulatory developments in Indonesia, the nickel market could move closer to rebalancing, while remaining in deficit overall for the year.
The market consensus for LME prices currently averages around $17,650/t-Ni10 for H2 2026.
In Indonesia, a request for the upward revision of the initial 2026 RKAB was filed by PT WBN in July with the competent authorities13. This request, which is consistent with levels authorised in previous years, aims to better address growing demand from the IWIP industrial park, with its ore needs (estimated at more than 110 Mwmt per year) remaining significantly above the volumes currently authorised.
In the meantime, the Weda Bay mine will remain in care & maintenance and PT WBN will ensure to reduce its costs, while limiting as much as possible the social impact and the consequences on local communities.
- Mineral Sands
EBITDA for the Mineral Sands activity was €12m, down -77% from H1 2025:
- Sharp decline in market prices (-11% for ilmenite and -12% for zircon);
- Limited financial impact of the fire that took place in February at the Eramet Grande Côte (“EGC”) site thanks to tightly controlled costs and the recognition of part of the insurance indemnities to cover total operating losses for the half year resulting from the shutdown in production.
| Mineral Sands | H1 2026 | H1 2025 | Chg. | Chg. (%) |
| Turnover - €m | 56 | 135 | -79 | -59% |
| EBITDA - €m | 12 | 53 | -41 | -77% |
| Mineral Sands production – kt | 177 | 489 | -312 | -64% |
| Ilmenite sales – kt | 147 | 292 | -145 | -50% |
| Zircon sales - kt | 20 | 33 | -13 | -40% |
Operations
In Senegal, the fire that broke out in February in the Wet Concentration Plant (“WCP14”), where heavy minerals are separated from the mineral bearing sands, led to a shutdown of production. Thanks to the strong mobilisation of local teams, the Group was able to gradually restart production at end-April using the Supplementary Dry Mining Unit (“SDM15”), at a level of around 30% of nameplate capacity.
As a result, mineral sands production volumes were limited to 177 kt-HMC16 (-64%) and ilmenite and zircon production volumes declined by -60% and -67% respectively.
Following the depletion of HMC inventory, sales of finished products were suspended from April onwards and ilmenite and zircon volumes sold were down -50% and -40% respectively. The force majeure provision, which applies to customer and supplier contracts, remains in force to date.
In H1 2026, the capex amount was €26m, including €16m for the project to debottleneck and decarbonise operations, which was initiated before the fire.
Outlook
Zircon production reductions implemented by some producers in late 2025 should lead to a gradual rebalancing of the market and, potentially, to higher average prices in H2 2026 vs. H1.
Conversely, the imbalance observed in the titanium products market is expected to continue, and even widen slightly, given the persistent weakness in demand for pigments, resulting in lower average prices for the year compared with those of 2025.
In Senegal, the temporary solutions implemented served to gradually rebuild the volumes of HMC required by the heavy mineral separation plant (“MSP17”), which resumed operations in July. The latter will operate on an intermittent basis, subject to available inventory. The resumption of limited shipments of finished products is planned for no later than early August.
Mineral Sands production is now estimated between 300 and 400 kt-HMC in 2026, as announced at end-May.
The Group also began work on rebuilding the damaged WCP facilities to their original specifications, which should restart end-2026 with a return to full production capacity in Q1 2027. After deducting insurance proceeds, the total net cash impact of the fire is estimated at around €45m in 2026. It includes around €45m in operating losses and around €50m in rebuilding capex (of which €35m paid in 2026) for insurance proceeds of €50m.
Furthermore, the investments previously planned to complete the increase in production capacity and support the decarbonisation of operations have been revised downwards. They are now estimated around €20m in 2026, with the majority of this work having already been contractually committed before the fire.
- Outlook
The price consensus18 and exchange rate19 for H2 2026 currently stand at:
- c.$5.2/dmtu (i.e. c.$5.2/dmtu for FY 2026) on average for manganese ore,
- c.$17,650/t-Ni (i.e., c.$17,700/t in 2026) for LME nickel,
- c.$23,100/t-LCE (i.e. c.$21,900/t in 2026) for lithium carbonate (battery-grade, CIF Asia),
- 1.17 for the EUR/USD exchange rate (i.e. 1.17 for FY 2026).
As a reminder, in early January, the Group had exceptionally set up a hedge on its EUR/USD exposure. The latter concerns around half of its annual exposure20 at end-June, with a rate of 1.20.
In Europe, refined manganese alloys selling prices are expected to trend positively in H2 2026, supported by the impact of the CBAM21, while those for standard alloys are set to continue facing higher volatility, in connection with the exemption of many countries from the ferroalloy safeguard measures22. In the United States, and despite robust demand, prices are expected to remain pressured, owing to Indian imports.
Market prices for nickel ore in Indonesia should continue to trend positively, supported by both high nickel prices and the introduction of a new HPM formula, in a context of persistent tension on domestic ore supply.
Sensitivities of adjusted EBITDA6 to the price of metals and fuel, as well as the exchange rate are presented in Appendix 6.
In H2 2026, sea freight rates should remain high, in a highly volatile environment linked to tensions along global maritime trade routes.
Energy and reductant costs should remain at a high level throughout the year, against a background of high volatility, given the continued uncertainty around the geopolitical situation in the Middle East. However, alloy production sites, which are highly electricity-intensive, benefit from partial electricity cost hedging.
- Guidance
2026 targets
| Activities | Indicator | 2026 guidance (23/04/20263) | 2026 guidance (29/07/2026) |
| Manganese | Transported volumes | 6.4 - 6.8 Mt | Confirmed |
| FOB1,2 cash cost | $2.4 - $2.6/dmtu | Confirmed | |
| Alloys sales | Stable vs. 2025 | Up vs. 2025 | |
| Lithium | Produced volumes | 17 - 20 kt-LCE | Confirmed |
| Nickel ore | External volumes sold (Mwmt) | Limited to 9 Mwmt on the basis of the initial 12 Mwmt RKAB | Confirmed |
| Mineral Sands | HMC production | 300-400 kt-HMC | Confirmed |
1 Definitions in the financial glossary in Appendix 9.
2 For an exchange rate of $/€1.19 at 23/04/2026 and $/€1.17 at 29/07/2026.
3 Updated on 27/05/2026 for Mineral Sands
The capital expenditure amount7 is estimated to be between €250m and €290m in 2026, thanks to tightly controlled investments, despite €35m in repairing capital expenditures following the fire in Senegal.
| Capex | Activity | 2026 guidance (23/04/2026) | 2026 guidance (29/07/2026) |
| Sustaining | Group | €150m - €190m | €160m - €200m |
| Debottlenecking | Group, o/w: | c.€100m | c.€90m |
| Manganese – Improvement of logistics chain in Gabon | c.€70m | Confirmed | |
| Mineral Sands – Completion of production capacity expansion project and decarbonisation of operations | c.€30m | c.€20m |
Calendar
30.07.2026: Presentation of 2026 half-year results
29.10.2026: Publication of 2026 Group third-quarter turnover
ABOUT ERAMET
Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition.
Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present.
Manganese, nickel, mineral sands and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world.
As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices.
Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together.
www.eramet.com
| INVESTOR CONTACT Director of Investor Relations Sandrine Nourry-Dabi T. +33 1 45 38 37 02 sandrine.nourrydabi@eramet.com | PRESS CONTACT Group Communications Director Laurent Cicolella +33 1 45 38 41 38 laurent.cicolella@eramet.com |
| Media Relations Officer Nedjma Amrani T. +33 7 65 65 44 49 nedjma.amrani@eramet.com |
Appendix 1: Reconciliation tables
| Millions of euros | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) |
| Turnover – published financial statements | 1,545 | 1,404 | +141 | +10% |
| Share of PT WBN (38.7% - excluding off-take contract) | 137 | 156 | -19 | -12% |
| Adjusted turnover | 1,682 | 1,560 | +122 | +8% |
| Turnover excluded from SLN1 | -33 | -32 | -1 | n.a. |
| Adjusted turnover (excluding SLN)2 | 1,649 | 1,528 | +121 | +8% |
1 Turnover linked to the sale of nickel ore and others; turnover from the sale of SLN’s ferronickel which is booked under “Eramet S.A.”.
2 Definition in the financial glossary in Appendix 9.
| Millions of euros | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) |
| EBITDA | 179 | 71 | +108 | +152% |
| Share of PT WBN (38.7%) | 56 | 55 | +1 | +2% |
| Adjusted EBITDA | 235 | 126 | +109 | +87% |
| EBITDA excluded from SLN1 | 41 | 65 | -24 | -37% |
| Adjusted EBITDA (excluding SLN)2 | 276 | 191 | +85 | +45% |
1 EBITDA generated under “SLN” corresponding to the sale of ferronickel to Eramet S.A. and external ore sales and others; the trading margin on the sale of SLN’s ferronickel was booked under “Eramet S.A.”.
2 Definition in the financial glossary in Appendix 9.
| Millions of euros | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) |
| Current Operating Income | 32 | -64 | +96 | n.a. |
| o/w SLN | 48 | 73 | -25 | -34% |
| Current Operating Income (excluding SLN)1 | 80 | 9 | +71 | +789% |
1 Definition in the financial glossary in Appendix 9.
| Millions of euros | H1 2026 | H1 2025 | Chg. (€m) | Chg. (%) |
| Net Income, Group share | -195 | -152 | -43 | n.a. |
| o/w SLN | 49 | 51 | -2 | -4% |
| Net Income, Group share (excluding SLN)1 | -146 | -101 | -45 | n.a. |
1 Definition in the financial glossary in Appendix 9.
| Millions of euros | H1 2026 | H1 2025 |
| Free Cash-Flow | -50 | -414 |
| Restated for the following items: | ||
| (+) Financing granted by the French State to SLN (TSDI) for the year1 | 57 | 148 |
| Adjusted Free Cash-Flow2 | 7 | -266 |
1 Financing provided to cover cash requirements for the current year.
2 Definition in the financial glossary in Appendix 9.
Appendix 2: Quarterly turnover
| Millions of euros1 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| Manganese | 535 | 464 | 474 | 421 | 492 | 457 |
| Manganese ore activity2 | 299 | 271 | 264 | 221 | 275 | 250 |
| Manganese alloys activity2 | 235 | 193 | 210 | 200 | 217 | 207 |
| Lithium | 79 | 57 | 30 | 7 | 4 | 0 |
| Adjusted Nickel (excluding SLN)2 | 62 | 163 | 245 | 142 | 117 | 114 |
| Mineral Sands | 17 | 39 | 55 | 51 | 67 | 68 |
| Holding, elim. and others3 | 117 | 117 | 105 | 98 | 105 | 104 |
| Eramet group adjusted (excluding SLN) | 809 | 840 | 907 | 720 | 786 | 742 |
| SLN turnover4 | 25 | 8 | 7 | 9 | 13 | 19 |
| Eramet group published financial statements | 813 | 732 | 708 | 641 | 716 | 688 |
1 Data rounded to the nearest million.
2 See definition in the financial glossary in Appendix 9.
3 Mainly includes turnover from the sale of SLN’s ferronickel since it is booked under “Eramet S.A.”; SLN’s turnover linked to the sale of nickel ore and others was excluded from the figures presented.
4 SLN’s turnover linked to the sale of nickel ore and others.
Appendix 3: Productions and shipments
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | H1 2026 | H1 2025 | |
| Manganese | ||||||||
| Manganese ore and sinter production (Mt) | 1,574 | 1,595 | 1,680 | 1,874 | 1,764 | 1,785 | 3,169 | 3,549 |
| Manganese ore and sinter transportation (Mt) | 1,614 | 1,608 | 1,517 | 1,586 | 1,659 | 1,386 | 3,222 | 3,045 |
| External manganese ore sales (Mt) | 1,430 | 1,359 | 1,572 | 1,245 | 1,432 | 1,240 | 2,789 | 2,672 |
| Manganese alloys production (kt) | 191 | 168 | 157 | 174 | 160 | 162 | 359 | 322 |
| Manganese alloys sales (kt) | 179 | 158 | 174 | 156 | 161 | 149 | 337 | 310 |
| Lithium | ||||||||
| Lithium carbonate production (t-LCE) | 4,720 | 3,720 | 3,900 | 2,080 | 270 | 440 | 8,440 | 710 |
| Lithium carbonate sales (t-LCE) | 4,400 | 3,920 | 3,900 | 1,000 | 480 | 40 | 8,320 | 520 |
| Nickel | ||||||||
| Marketable nickel ore production – PT WBN (100% basis – kwmt)1 | 1,842 | 10,042 | 13,303 | 12,323 | 7,080 | 9,169 | 11,884 | 16,249 |
| Nickel ore external sales – PT WBN (100% basis – kwmt) | 1,073 | 8,340 | 18,234 | 9,271 | 5,639 | 5,399 | 9,413 | 11,038 |
| o/w Saprolite – (kwmt) | 970 | 4,762 | 10,907 | 6,243 | 4,574 | 3,757 | 5,732 | 8,331 |
| o/w Limonite – (kwmt) | 102 | 3,579 | 7,327 | 3,028 | 1,065 | 1,642 | 3,681 | 2,707 |
| NPI production – PT WBN (100% basis – kt-Ni content) | 7.7 | 9.0 | 9.4 | 9.4 | 7.9 | 9.1 | 16.7 | 17.0 |
| NPI sales – PT WBN – Eramet off-take 43% (kt-Ni content) | 3.3 | 3.8 | 4.4 | 4.1 | 3.5 | 3.9 | 7.1 | 7.4 |
| Mineral Sands | ||||||||
| Mineral Sands production (kt) | 56 | 121 | 254 | 239 | 253 | 236 | 177 | 489 |
| Ilmenite production (kt) | 0 | 121 | 168 | 145 | 174 | 130 | 121 | 304 |
| Zircon production (kt) | 0 | 12 | 19 | 17 | 19 | 16 | 12 | 35 |
| Ilmenite sales (kt) | 53 | 94 | 177 | 115 | 166 | 126 | 147 | 292 |
| Zircon sales (kt) | 4 | 16 | 15 | 17 | 16 | 17 | 20 | 33 |
1 With the approval of a new feasibility study (long-term mining plan) during summer 2024, certain nickel-poor ores, which were considered as waste rock and not recognised in official ore production, are now classified as ores and recorded in production.
Appendix 4: Market trends and prices
| H1 2026 | H2 2025 | H1 2025 | Chg. H1 2026 – H1 2025 | Chg. H1 2026 – H2 2025 | |
| Manganese | |||||
| Mn CIF China 44% ($/dmtu)1 | 5.24 | 4.43 | 4.64 | +13% | +18% |
| Ferromanganese MC – Europe (€/t)1 | 1,563 | 1,333 | 1,460 | +7% | +17% |
| Silicomanganese – Europe (€/t)1 | 1,133 | 1,020 | 1,078 | +5% | +11% |
| Lithium | |||||
| Lithium carbonate, battery-grade, Ex-Works China excluding VAT ($/t LCE2) | 20,987 | 9,969 | 8,657 | +142% | +111% |
| Nickel | |||||
| Ni LME ($/t)3 | 17,757 | 14,945 | 15,372 | +16% | +19% |
| Ni LME ($/lb)3 | 8.05 | 6.78 | 6.97 | +16% | +19% |
| SMM NPI Index ($/t)4 | 14,013 | 11,451 | 11,876 | +18% | +22% |
| SMM CIF 1.6% ($/wmt)5 | 69 | 52 | 50 | +37% | +31% |
| HPM Nickel prices 1,6%/35% ($/wmt)6 | 46 | 26 | 27 | +70% | +76% |
| Mineral Sands | |||||
| Zircon ($/t)7 | 1,550 | 1,565 | 1,770 | -12% | -1% |
| Chloride ilmenite ($/t)8 | 251 | 266 | 283 | -11% | -6% |
| Exchange rate | |||||
| EUR/USD ($/€)9 | 1.17 | 1.17 | 1.09 | +7% | +0% |
1 Average market prices (based on monthly Index CRU prices), Eramet calculation and analysis.
2 SMM (Shanghai Metals Market): lithium carbonate Ex-Works China battery grade spot price, excluding VAT.
3 LME (London Metal Exchange) prices.
4 SMM NPI 10-12% index, effective January 2026 (formerly SMM NPI 8-12%, abandoned end-2025). The SMM index was adjusted to reflect the current structure of the nickel market, which is dominated by high-grade Indonesian NPI (>10%); this change does not materially impact prices, as the transactions covered by the two indices are virtually equivalent.
5 Market price index for Indonesian ore with a 1.6% grade and 35% moisture content, including the HPM price floor and the premium level above it.
6 Official index for domestic nickel ore prices in Indonesia. New calculation formula introduced in mid-April, which drove the index up much higher in Q2 2026.
7 Market and Eramet analysis (premium zircon).
8 Market and Eramet analysis.
9 Bloomberg.
Manganese23,24
Global carbon steel production was 948 Mt in H1 2026 (-1% vs. H1 2025), showing mixed trends: decline in China (-3%) and Europe (-2%), growth in India (+7%) and North America (+5%).
Manganese ore supply (+8% at 10.6 Mt-Mn) exceeded demand (+3% at 10.2 Mt-Mn, driven by demand linked to global manganese alloys production, notably in China.), resulting in a slight surplus.
In supply terms, South Africa maintained a record level (+8%, accounting for around 50% of seaborne production) and Gabon rose (+7%), while Australia normalised but still significantly up on H1 2025 (x3).
Chinese port ore inventories reached 5.7 Mt at end-June, equivalent to 11 weeks of consumption.
Despite this surplus, the CRU for manganese ore CIF China 44% price index rose by 13% on average to $5.2/dmtu, bolstered by slight preventive restocking by steel producers in response to disrupted supply chains with the Middle Eastern conflict, and mounting pressure on freight costs over the half year.
In Europe, in H1 2026, manganese alloys prices benefitted from the implementation of the CBAM21 (refined alloys, +7%) and EU safeguard measures22 (standard alloys, +5%). In the United States, competitive pressure from Indian imports weighed heavily on prices, particularly on refined alloys (‑21%).
Lithium25
In H1 2026, global electric vehicle (“EV”) sales were up 1% year-on-year, with a mixed performance depending on the region. Europe stood out with sales up 32% and an annual penetration rate of 31% (+5 pts). Installations of stationary energy storage systems (“ESS”) were significantly up in H1 2026 (+27%), driving cell production.
Demand for lithium was up significantly, reaching 981 kt-LCE in H1 2026 (+43%).
In parallel, lithium supply amounted to 952 kt-LCE (+25% vs. H1 2025), mainly driven by established players in Australia and Chile as well as rising production in Argentina, at the same time as the ramp-up in new spodumene mines in Mali and also Australia. In China, growth in production was driven by brines and spodumene mines which recently came on stream, while lepidolite mines remained constrained by mining permit compliance.
In this context, the Lithium market is in deficit, owing to the strong acceleration in demand.
The SMM battery-grade index (Ex-Works, China) averaged $20,987/t-LCE in H1 2026, up 142%.
Nickel26
Global stainless-steel production was up 5% to 32.2 Mt in H1 2026, driven by China (+6%, more than 60% of global supply) as well as Indonesia and the rest of the world (+3% on average).
Primary nickel demand increased by 6% to 1.8 Mt-Ni, driven by stainless-steel (+4%, more than 60% of demand) and particularly batteries (+13%). Conversely, global primary nickel production was down 4% to 1.7 Mt-Ni, driven by the decline in Indonesian NPI27 (-10%, notably driven by decreasing production from Indonesia) and HPAL projects28 (-6%, penalised by mining quota restrictions in Indonesia and sulphur supply difficulties stemming from the conflict in the Middle East), which were partly offset by traditional ferronickel (+4%) and NPI from China (+7%).
The supply/demand balance (class I and II29) returned to a slight deficit, despite an increase in nickel inventories at the LME/SHFE30 in Q2 to reach 376 kt-Ni at end-June (around 5 weeks of consumption).
Against this background, the LME price average for H1 2026 was $17,757/t-Ni (+16% vs. H1 2025), reflecting uncertainties surrounding Indonesian ore supply. The NPI price index31 which stood at $14,013/t (+18%).
In Indonesia, the new HPM formula32, which took effect in mid-April and now factors in the value of other metals contained in the ore (such as cobalt), resulted in a substantial increase in the reference price: 1.6% saprolite up +70% ($46.4/wmt) and 1.2% limonite up +95% ($30.5/wmt), with a HPM calculated on the basis of the old Q1 formula and the new Q2 equivalent. With respect to limonite, the formula is yet to be applied, considering the decline in profitability for HPAL plants. The SMM 1.6% CIF (market price for saprolite) was only up by 37% ($69/wmt), with the rise in HPM leading to lower premiums.
HPM calculation formula in Indonesia
Since 15 April 2026, the formula to calculate the nickel ore reference price (“HPM”) has been updated by the Indonesian government through the country’s Ministry of Energy and Mineral Resources Decree (“Kepmen ESDM”) No. 144/2026. The new formula now incorporates the value of other metals contained in the ore (iron, cobalt, chromium), in addition to nickel content, and is calculated as follows:
M [Nickel Ore Floor Price] = [(Ni% * CF_Ni * HMA [Nickel Ore Reference Price]_Ni) + (Fe% * CF_Fe * HMA_Fe) + (Co% * CF_Co * HMA_Co) + (Cr% * CF_Cr * HMA_Cr)] * (1 - MC [Moisture Content])
The Indonesian government developed a website where the HPM can be calculated directly via the following link, using the below parameters: HPM calculator
- HPM: nickel ore floor price (FOB), derived from the Indonesian term ‘Harga Patokan Mineral’
- Ni% / Fe% / Co% / Cr%: nickel, iron, cobalt and chromium content
- CF_Ni / CF_Fe / CF_Co / CF_Cr: applicable correction factors (factors for adjustment)
- CF_Ni = 30% +/-1% for every +/-0.1% of nickel grade vs. the reference of 1.6%
- CF_Fe = 30%
- CF_Co = 30%
- CF_Cr = 10%
- HMA: nickel ore reference price, derived from the Indonesian term ‘Harga Mineral Acuan,’ equivalent to the average spot price of nickel, iron, cobalt and chromium on the LME, with a lag, expressed in $/tonne of nickel, and published twice a month at the following link (“HMA”)
- MC: nickel moisture content
The previous HPM calculation formula remained in force until 15 April 2026. See previous press releases available on the Group's website.
Mineral Sands33
Macroeconomic uncertainty and the ongoing weakness in real estate activity around the world continued to weigh on demand for pigments and ceramics, which was partly offset by sustained demand from the chemicals and refractories industries.
In parallel, global supply was still limited as a result of production adjustments made by the sector’s key players since end-2025, supporting a slight rebound in prices over the first half compared with end-2025.
As a result, zircon premium prices averaged $1,550/t FOB, down 12% from H1 2025 (-1% vs. H2 2025).
In H1 2026, TiO234 pigment production, the main end-market for titanium-based mineral products35, improved vs. 2025, while excluding China ilmenite supply slightly declined. However, in China, the continued expansion of production for titanium-based products made from HMC, as well as inventory accumulation, resulted in the market remaining in oversupply.
In this context, the market price for ilmenite (chloride), as produced by Eramet Grande Côte (“EGC”) was $251/t FOB in H1 2026, down 11%.
Appendix 5: Performance indicators
| Millions of euros1 | H1 2026 | H1 2025 | Chg. (€m) | Chg.2 (%) | |
| Manganese | Turnover | 998 | 949 | +49 | +5% |
| EBITDA | 209 | 197 | +12 | +6% | |
| FCF | 118 | 45 | +73 | +162% | |
| Manganese ore activity3 | Turnover | 570 | 525 | +44 | +9% |
| EBITDA | 170 | 175 | -5 | -3% | |
| FCF | 140 | -14 | +154 | n.a. | |
| Manganese alloys activity3 | Turnover | 428 | 424 | +4 | +1% |
| EBITDA | 39 | 22 | +17 | +77% | |
| FCF | -22 | 59 | -81 | n.a. | |
| Lithium | Turnover | 136 | 4 | +132 | +3,300% |
| EBITDA | 61 | -37 | +98 | n.a. | |
| FCF | 32 | -144 | +176 | n.a. | |
| Nickel (excluding SLN) | Adjusted turnover3 (excluding SLN) | 225 | 231 | -6 | -3% |
| Turnover | 356 | 317 | +39 | +12% | |
| Adjusted EBITDA3 (excluding SLN) | 56 | 51 | +5 | +10% | |
| EBITDA | -41 | -69 | +28 | n.a. | |
| Adjusted FCF3 | 33 | 15 | +18 | +120% | |
| Mineral Sands | Turnover | 56 | 135 | -79 | -59% |
| EBITDA | 12 | 53 | -41 | -77% | |
| FCF | -27 | -14 | -13 | n.a. | |
| Holding, elim. and others | Adjusted turnover3,4 (excluding SLN) | 234 | 209 | +25 | +12% |
| Adjusted EBITDA3 (excluding SLN) | -62 | -73 | +11 | n.a. | |
| FCF | -148 | -169 | +21 | n.a. | |
| Group Total (excluding SLN) | Adjusted turnover3 (excluding SLN) | 1,649 | 1,528 | +121 | +8% |
| Turnover | 1,545 | 1,404 | +141 | +10% | |
| Adjusted EBITDA3 (excluding SLN) | 276 | 191 | +85 | +45% | |
| EBITDA | 179 | 71 | +108 | +152% | |
| Adjusted FCF | 7 | -266 | +273 | n.a. |
1 Data rounded to the nearest million.
2 Data rounded to higher or lower %.
3 See definition in the financial glossary in Appendix 9.
4 Mainly includes turnover from the sale of SLN’s ferronickel since it is booked under “Eramet S.A.”; SLN’s turnover linked to the sale of nickel ore and others was excluded from the figures presented.
Appendix 6: Sensitivities of Group adjusted EBITDA (excluding SLN)
| Sensitivities | Change | Adjusted EBITDA impact (excl. SLN)1 |
| Manganese ore prices (CIF China 44%) | +$1/dmtu | c.€215m |
| Manganese alloys prices | +$100/t | c.€60m |
| Nickel ore prices (HPM Nickel) – Weda Bay | +$10/wmt | c.€75m |
| Lithium prices (lithium carbonate, battery-grade, CIF Asia) | +$1,000/t-LCE | c.€15m |
| Exchange rate2 | -$/€0.1 | c.€95m |
1 For an exchange rate of $/€1.17.
2 Sensitivity calculated, factoring in the Euro/USD currency hedge set up in 2026.
Appendix 7: Performance indicators
Operational performance by division
| Millions of euros | Mn | Li | Ni | MS | Holding, elim. & others | Total (excl. SLN) | SLN | Total |
| H1 2026 | ||||||||
| Turnover | 998 | 136 | 89 | 56 | 234 | 1,512 | 33 | 1,545 |
| EBITDA | 209 | 61 | 0 | 12 | -62 | 220 | -41 | 179 |
| Current operating income | 105 | 45 | 0 | -2 | -69 | 80 | -48 | 32 |
| Net cash flow generated by operating activities | 178 | 38 | 17 | -32 | -131 | 70 | -35 | 34 |
| Industrial investments (intangible assets and PPE) | 65 | 4 | 0 | 21 | 3 | 92 | 20 | 113 |
| Free Cash-Flow | 118 | 32 | 16 | -27 | -137 | 1 | -51 | -50 |
| H1 2025 | ||||||||
| Turnover | 949 | 4 | 75 | 135 | 209 | 1,372 | 32 | 1,404 |
| EBITDA | 197 | -37 | -4 | 53 | -73 | 136 | -65 | 71 |
| Current operating income | 96 | -41 | -4 | 36 | -78 | 9 | -73 | -64 |
| Net cash flow generated by operating activities | 153 | -67 | 4 | 14 | -176 | -72 | -130 | -202 |
| Industrial investments (intangible assets and PPE) | 105 | 92 | 0 | 28 | 4 | 230 | 11 | 241 |
| Free Cash-Flow | 45 | -144 | 23 | -14 | -185 | -274 | -140 | -414 |
Turnover and investments by region
| Millions of euros | France | Europe | North America | China | Other Asia | Oceania | Africa | South America | Total |
| Sales (destination of sales) | |||||||||
| H1 2026 | 26 | 327 | 176 | 435 | 498 | 12 | 43 | 28 | 1,545 |
| H1 2025 | 24 | 350 | 50 | 334 | 408 | 8 | 40 | 189 | 1,404 |
| Industrial investments (intangible assets and PPE) | |||||||||
| H1 2026 | 3 | 9 | 1 | 0 | 0 | 20 | 76 | 4 | 113 |
| H1 2025 | 6 | 18 | 1 | 0 | 0 | 11 | 112 | 92 | 241 |
Consolidated performance indicators – Income statement
| In millions of euros | H1 2026 | H1 2025 |
| Turnover | 1,545 | 1,404 |
| EBITDA | 179 | 71 |
| Amortisation and depreciation of non-current assets | -139 | -124 |
| Provisions for liabilities and charges | -7 | -10 |
| Current Operating Income | 32 | -64 |
| (Impairment of assets)/reversals | -132 | -2 |
| Other operating income and expenses | -8 | -29 |
| Operating income | -108 | -95 |
| Financial income (loss)1 | -102 | -75 |
| Share of income from associates | (16) | 36 |
| Income taxes | -4 | -45 |
| Net income for the period | -230 | -179 |
| - Attributable to non-controlling interests | -35 | -27 |
| - Attributable to Group share | -195 | -152 |
| Basic earnings per share (€) | -6.81 | -5.31 |
Consolidated performance indicators – Net financial debt flow table
| In millions of euros | H1 2026 | H1 2025 |
| Operating activities | ||
| EBITDA | 179 | 71 |
| Cash impact of items below EBITDA | -139 | -202 |
| Cash flow from operations | 40 | -132 |
| Change in WCR | -6 | -70 |
| Net cash flow generated by operating activities (A) | 34 | -202 |
| Investing activities | ||
| Industrial investments | -113 | -241 |
| Other investment cash flows | 28 | 29 |
| Net cash flows from investing activities (B) | -85 | -212 |
| Net cash flows from financing activities | 127 | 1 |
| Impact of fluctuations in exchange rates and others | -8 | -2 |
| Acquisition of IFRS 16 rights of use | -1 | -5 |
| (Increase)/decrease in net financial debt | 68 | -420 |
| Opening (net financial debt) | -1,935 | -1,297 |
| Closing (net financial debt) | -1,868 | -1,716 |
| Free Cash-Flow (A) + (B) | -50 | -414 |
Consolidated performance indicators – Balance sheet
| In millions of euros | 30/06/2026 | 30/06/2025 |
| Non-current assets | 3,678 | 3,808 |
| Inventories | 640 | 648 |
| Customers | 229 | 225 |
| Suppliers | -416 | -371 |
| Simplified Working Capital Requirements (WCR) | 453 | 502 |
| Other items of WCR | 63 | 5 |
| Total Working Capital Requirements (WCR) | 516 | 507 |
| Derivatives | 2 | -5 |
| Total assets | 4,196 | 4,310 |
| In millions of euros | 30/06/2026 | 30/06/2025 |
| Shareholders’ equity – Group share | 441 | 718 |
| Non-controlling interests | 1,006 | 777 |
| Shareholders’ equity | 1,447 | 1,495 |
| Cash and cash equivalents and other current financial assets | -1,251 | -591 |
| Loans | 3,119 | 2,526 |
| Net financial debt | 1,868 | 1,935 |
| Net financial debt/shareholders’ equity (gearing) | 129% | 129% |
| Employee-related liabilities and provisions | 803 | 783 |
| Net deferred tax | 79 | 97 |
| Total liabilities | 4,196 | 4,310 |
Appendix 8: Société Le Nickel (SLN)
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | H1 2026 | H1 2025 | |
| Nickel ore production – (Mwmt) | 908 | 632 | 762 | 809 | 694 | 700 | 1,540 | 1,394 |
| Nickel ore external sales – (Mwmt) | 285 | 73 | 54 | 116 | 169 | 230 | 358 | 399 |
| Ferronickel production – (kt-Ni content) | 8.8 | 9.3 | 9.6 | 9.2 | 8.8 | 8.7 | 18.1 | 17.5 |
| Ferronickel sales – (kt-Ni content) | 8.7 | 9.4 | 9.8 | 8.9 | 9.3 | 8.2 | 18.1 | 17.5 |
| Ni ore CIF China 1.8% ($/wmt)1 | 95.8 | 90.2 | 79.2 | 79.7 | 81.3 | 75.0 | 93.0 | 78.1 |
1 CNFEOL (China FerroAlloy Online), “Other mining countries”.
In New Caledonia, SLN’s mining production stood at 1.5 Mwmt in H1 2026, up 10% vs. H1 2025. SLN’s mining activity remains heavily impacted by the closure of certain mining sites on the East Coast.
SLN nickel ore exports amounted to 0.4 Mt over the half year, with produced ore volumes mainly directed to the ferronickel plant.
Nickel ore prices (1.8% CIF China), as exported by SLN, averaged $93/wmt in H1 2026, up 19% vs. H1 2025, reflecting the rise in nickel prices at the LME.
Ferronickel production came out to 18.1 kt-Ni, up 3% year-on-year. Volumes sold stood at 18.1 kt-Ni (+3% vs. H1 2025).
The cash cost1 of ferronickel production averaged $8.5/lb, up 6% vs. H1 2025 ($8.0/lb). This increase is due to higher energy costs, which were further exacerbated by an unfavourable currency effect.
The spot price of ferronickel as produced by SLN (also class II nickel) was set above prices for NPI.
Appendix 9: Financial glossary
Consolidated performance indicators
The consolidated performance indicators used for the financial reporting of the Group's results and economic performance and presented in this document are restated data from the Group's reporting and are monitored by the Executive Committee.
Turnover at constant scope and exchange rates
Turnover at constant scope and exchange rates corresponds to turnover adjusted for the impact of the changes in scope and the fluctuations in the exchange rate from one financial year to the next. The scope effect is calculated as follows: for the companies acquired during the financial year, by eliminating the turnover for the current period and for the companies acquired during the previous period by integrating, in the previous period, the full-year turnover; for the companies sold, by eliminating the turnover during the period considered and during the previous comparable period. The exchange rate effect is calculated by applying the exchange rates of the previous financial year to the turnover for the year under review.
Adjusted turnover (excluding SLN)
Adjusted turnover is presented to provide a better understanding of the underlying operational performance of the Group's activities. Adjusted turnover corresponds to turnover including Eramet's share of the turnover of significant joint ventures accounted for using the equity method in the Group's financial statements, restated for the off-take of all or part of the business activity.
As of 30 June 2026, turnover was adjusted to include the contribution of PT Weda Bay Nickel, a company in which Eramet owns a 38.7% indirect interest. Eramet owns a 43% interest in Strand Minerals Pte Ltd, the holding which owns 90% of PT Weda Bay Nickel and is booked in the Group’s consolidated financial statements under the equity method. An off-take agreement for nickel ferroalloys production (NPI) is in place with Tsingshan, with Eramet holding a 43% interest, and Tsingshan 57%.
Adjusted turnover also excludes turnover linked to the sales of nickel ore and others from SLN, as a standalone company, given that the entity’s losses have been fully financed by the French State since 2024, following an agreement signed with Eramet. However, turnover linked to ferronickel trading is still booked in the adjusted turnover (under “Holding”), given the existence of a purchase agreement between SLN and Eramet S.A., and a sales agreement between Eramet S.A. and end customers.
A reconciliation with Group turnover is provided in Note 3 to the Group's consolidated financial statements.
EBITDA (“Earnings before interest, taxes, depreciation and amortisation”)
Earnings before financial revenue and other operating expenses and income, income tax, contingencies and loss provision, and amortisation and impairment of property, plant and equipment and tangible and intangible assets.
Adjusted EBITDA (excluding SLN)
Adjusted EBITDA is presented to provide a better understanding of the underlying operational performance of the Group's activities. Adjusted EBITDA corresponds to EBITDA including Eramet's share of the EBITDA of significant joint ventures accounted for using the equity method in the Group's financial statements.
As of 30 June 2026, EBITDA was adjusted to include the proportional EBITDA of PT Weda Bay Nickel, a company in which Eramet owns a 38.7% indirect interest. Eramet owns a 43% interest in Strand Minerals Pte Ltd, the holding which owns 90% of PT Weda Bay Nickel and is booked in the Group’s consolidated financial statements under the equity method.
In addition, adjusted EBITDA excludes the EBITDA of SLN as a standalone company, since the entity’s losses have been fully financed by the French State since 2024, following an agreement signed with Eramet. However, EBITDA linked to ferronickel trading is still booked in the adjusted EBITDA (under “Holding”), given the existence of a purchase agreement between SLN and Eramet S.A., and a sales agreement between Eramet S.A. and end customers.
A reconciliation with Group EBITDA is provided in Note 3 to the Group's consolidated financial statements.
Current Operating Income (excluding SLN)
Current Operating Income (excluding SLN) is defined as Current Operating Income, restated for SLN’s operating income.
A reconciliation with Group Current Operating Income is provided in Note 3 to the Group's consolidated financial statements.
Net Income (excluding SLN) / Net Income (excluding SLN), Group share
Net income (excluding SLN) is defined as net income, restated for SLN’s net income.
Net Income, Group share (excluding SLN) is defined as net income, restated for the Group’s share of SLN’s net income.
A reconciliation with Group net income is provided in Note 3 to the Group's consolidated financial statements.
Adjusted Free Cash-Flow
Adjusted Free Cash-Flow is presented to provide a better understanding of the underlying cash generation of the Group's activities. Adjusted Free Cash-Flow corresponds to Free Cash-Flow net of financing granted by the French State to SLN (in the form of undated fixed rate subordinated bonds – Titres Subordonnés à Durée Indéterminée – “TSDI”) to neutralise the New Caledonian entity’s cash consumption.
A reconciliation with Group Free Cash-Flow is provided in Note 3 to the Group's consolidated financial statements.
Adjusted leverage
Adjusted leverage is defined as consolidated net debt, restated for the available cash provided by the French State (via “TSDI”) to finance SLN’s future losses, over adjusted EBITDA (as defined above).
However, in the future, should other significant joint ventures restated for adjusted EBITDA have external debt, net debt will be adjusted to include Eramet's share in the external debt of the joint ventures (“adjusted net debt”). Adjusted leverage would then be defined as adjusted net debt to adjusted EBITDA, in compliance with a fair and economic approach to Eramet’s debt.
Manganese ore activity
Manganese ore activity corresponds to Comilog's mining activities (excluding the activity of the Moanda Metallurgical Complex, “CMM”, which produces manganese alloys) and Setrag's transport activities.
Manganese alloys activity
Manganese alloys activity corresponds to the plants that transform manganese ore into manganese alloys. It includes the three Norwegian plants comprising Eramet Norway (“ENO”, i.e. Porsgrunn, Sauda, and Kvinesdal), Eramet Marietta (“EMI”) in the United States, Comilog Dunkerque (“CDK”) in France and the Moanda Metallurgical Complex (“CMM”) in Gabon.
Manganese ore FOB cash cost (new definition)
The FOB (“Free On Board”) cash cost of manganese ore is defined as all production and overhead costs (R&D including exploration geology, administrative expenses, sales expenses, overland transport expenses), which cover all stages of ore extraction through to shipping to the port of shipment and loading, and which impact the EBITDA in the Company's financial statements, over tonnage sold for a given period. This cash cost does not include sea transport or marketing costs and now also does not include the mining taxes and royalties from which the Gabonese State benefits.
Ex-Works cash cost for lithium carbonate
The Ex-Works cash cost for lithium carbonate produced by Eramine is defined as all the production and structure costs covering the entire extraction and refining stages required to make the finished or final product upon leaving the plant, and which have an impact on EBITDA in the Company's financial statements, over tonnage sold for a given period. This cash cost does not include land and sea transport costs, mining taxes and royalties from which the Argentine State benefits, or marketing costs.
SLN’s cash cost
SLN’s cash cost is defined as all production and overhead costs (R&D including exploration geology, administrative expenses, logistical and commercial expenses), net of by-products credits (including exports and nickel ore) and local services, which cover all the stages of industrial development of the finished product until delivery to the end customer and which impact the EBITDA in the Company’s financial statements, over tonnage sold.
Appendix 10: Footnotes
1 Definitions presented in the financial glossary in Appendix 9
2 Adjusted for SLN’s net cash position as of June 30, 2026 (€179 million)
3 TRIFR (Total Recordable Injury Frequency Rate) = FR2: Frequency rate of accidents at work of Eramet employees, temporary staff and subcontractors (fatal + Lost Time Injury [LTI] + Non-Lost Time Injury [NLTI]), expressed as the number of accidents per million hours worked
4 Each stakeholder group has an equal voice in the governance of the Initiative. Members commit to taking concrete actions to advance responsible mining, working with other stakeholders to transform the mining sector, striving for continuous improvement, upholding IRMA’s commitment to transparency, and sharing only credible communications in relation to their engagement with IRMA.
5 All the commented changes in H1 2026 are calculated with respect to H1 2025, unless otherwise specified. Mentions of Q1, Q2, Q3 and Q4 refer to the four quarters of the financial year.
6 See Financial glossary in Appendix 9
7 Net of the French State’s contribution to SLN’s capex (€22m in H1 2026 and €12m in H1 2025)
8 In March 2026, Moody’s downgraded its rating, reflecting the downgrade in the Group’s credit ratings in 2025.
9 A reconciliation table for adjusted turnover and adjusted EBITDA by activity with Group adjusted turnover and adjusted EBITDA is presented in Appendix 6.
10 In July 2026
11 As a reminder: As the concession operator, Setrag is responsible for the “superstructure” equipment (rails, sleepers, ballast, signalling, etc.), while the Gabonese Republic manages the maintenance of infrastructure that falls within the public scope (bridges, water supply network, passenger transport equipment, etc.). In its capacity as a delegated contractor, SETRAG conducts maintenance and renovation on its own behalf and on behalf of the licensing authority.
12 At the plants on the industrial park, other than the NPI JV plant
13 ESDM (Kementerian Energi dan Sumber Daya Mineral): Ministry of Energy and Mineral Resources
14 Wet Concentration Plant
15 Supplementary Dry Mining Unit
16 Heavy Mineral Concentrate
17 Mineral Separation Plant
18 Eramet analysis based on a panel of the main sell-side and market analysts
19 Consensus for Bloomberg forecasts in early July for 2026
20 At end-June 2026, the hedge ratio was estimated at around 50% of annual exposure, which may vary significantly depending on changes in volumes and prices throughout the year.
21 Carbon Border Adjustment Mechanism (“CBAM”): a mechanism introduced by the European Union (“EU”) to apply a carbon cost to imports that is comparable to that borne by European producers through the European Trading System (“ETS” – carbon market)
22 Safeguard measures for ferroalloys: EU trade mechanism restricting ferroalloy imports by means of import quotas, beyond which customs duties are levied in order to protect European producers
23 Unless otherwise indicated, market data corresponds to Eramet estimates based on World Steel Association production data
24 Unless otherwise indicated, price data corresponds to the average for market prices, Eramet calculations and analysis; manganese ore price index: CRU CIF China 44% spot price; manganese alloys price indices: CRU Western Europe spot price
25 Unless otherwise indicated, price data corresponds to the average for market prices, Eramet calculations and analysis; Lithium carbonate price index: SMM - battery-grade spot price Ex-Works China
26 Unless otherwise indicated, market data corresponds to Eramet estimates
27 Nickel Pig Iron (“NPI”)
28 High Pressure Acid Leach
29 Class I: produced with a nickel content above or equal to 99%; Class II: produced with a nickel content below 99%
30 LME: London Metal Exchange; SHFE: Shanghai Futures Exchange
31 SMM NPI 10-12% index, effective January 2026 (formerly SMM NPI 8-12%, abandoned end-2025). The SMM index was adjusted to reflect the current structure of the nickel market, which is dominated by high-grade Indonesian NPI (>10%); this change does not materially impact prices, as the transactions covered by the two indices are almost equivalent.
32 FOB monthly price floor, as established by the government and indexed to the LME nickel price – see Appendix 4
33 Unless otherwise indicated, price data corresponds to the average for market prices, Eramet calculations and analysis; Source Zircon premium (FOB prices): Market and Eramet analysis; Source Chloride ilmenite (FOB prices); Market and Eramet analysis
34 c.90% of titanium-based end-products
35 Titanium dioxide slag, ilmenite, leucoxene and rutile
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