Eramet : structural measures to strengthen balance sheet and prepare the future , after a challenging year 2025

manilatimes.net · Feb 18, 2026 · Collected from GDELT

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Paris, 18 February 2026, 6:45 p.m. PRESS RELEASE Eramet: structural measures to strengthen balance sheet and prepare the future, after a challenging year 2025 Safety - a top priority for the Group: focused initiatives undertaken at the PT Weda Bay Nickel JV site (Indonesia)Decisive operational milestones:Successful ramp-up of lithium production at Centenario in Argentina, with a capacity of close to 75% of design achieved in DecemberEramet Grande Côte, Eramet's first mining site to achieve IRMA 50 performance levelDeteriorated financial performance in a challenging environment:Adjusted EBITDA1 at €372m, down 54% vs. 2024: An unfavourable price and exchange rate impact (-€285m at Group level) which weighed heavily on manganesePermit restrictions, combined with the start-up of new mining production sites, which impacted performance at Weda Bay in Indonesia Net Income, Group share (excluding SLN)1 of -€370m, including an asset impairment for the Mineral Sands activity (-€171m)Adjusted Free Cash-Flow1 of -€481m, including the finalisation of construction capex for the lithium plant. Adjusted leverage1 of 5.5x, supported by a high level of liquidity (€1.5bn) Roll-out of a plan to improve cash generation and strengthen the balance sheet, approved by the Board of Directors: Focus on cash generation, driven by ReSolution, Eramet's performance improvement program, as well as other measures, including capex rationalisationStrategic review of assets with asset monetisation options in 2026Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholdersA more favorable commodity pricing environment at the start of the year, except for mineral sands 2026 targets:Transported manganese ore: between 6.4 and 6.8 Mt; FOB cash cost2 between $2.4 and $2.6/dmtu3, up due to an unfavourable exchange rate impact Nickel ore sold externally: 9 Mwmt based on the notification from Indonesian authorities for the submission of the initial RKAB of 12 Mwmt, with the intention to apply for an upward revision as early as possible Lithium carbonate produced between 17 and 20 kt-LCE, with a nameplate capacity close to 100% at end-2026Controlled capex: between €250m and €290m4 in 2026, down 30-40% vs. 2025 Christel Bories, Group Chair and CEO: In 2025, global macroeconomic headwinds and core commodities at cyclical lows combined with the weakening of the dollar weighed on the Group’s profitability and cash generation, while our operational performance did not meet our objectives across all operations. Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. However, we reached several key decisive milestones of our strategic roadmap, notably the ramp-up of our lithium production in Centenario. This is an achievement the Eramet team can be proud of, positioning our Group at the heart of the energy transition with a world-class asset. Our achievement in early 2026 of the IRMA 50 performance level by our mineral sands mine in Senegal also marks a major milestone in the Group’s Act for Positive Mining vision.In 2026, our priority is to remain focused on improving our operational performance, controlling our costs and investments, with a particular attention to safety. The ReSolution programme provides a rigorous execution framework for these actions, leveraging our world-class assets. We have also launched other structural actions, aimed at strengthening our balance sheet, with the full support of the Board of Directors, including a strategic review with asset monetisation options in 2026, as well as a planned equity base strengthening.During this transition, I know I can count on the commitment of all our teams. Plan to enhance cash generation and strengthen the balance sheet In response to a deteriorated financial situation, and with the support of its Board of Directors, Eramet has implemented a funding plan aimed at improving cash generation and strengthening the balance sheet.This plan aims to enable the normalisation of the Group’s credit ratios (gearing and leverage), while securing its liquidity and access to the bond market. In the medium term, this enhanced financial flexibility will enable Eramet to seize new growth opportunities.The funding plan is built on three pillars: Focus on improving performance and cash generation, notably through the roll-out of the ReSolution programme launched end-2025, Strategic review of assets with monetisation options in 2026,Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholders; necessary resolutions will be voted at the next General Meeting and detailed terms will be specified ahead of the transaction. The plan includes measures taken to preserve liquidity during its roll-out: Maintained access to the €935m RCF5 (waiver obtained on December 2025 gearing covenant from its banking pool, ensuring its availability). The RCF was fully drawn at the beginning of the year as a precautionary measure. A waiver will be requested for 2026,Potential recourse to the bond market if favorable conditions arise. The Group is committed to a strict capital allocation approach, with deleveraging as a priority, targeted investments, and suspension of dividend payments for the next two years.The representatives of the reference shareholders approved this plan at the Board of Directors meeting on February 18th, 2026, and committed to vote in favour of the resolutions necessary for its implementation.Eramet will submit the appropriate resolutions at its next Annual General Meeting, in May 2026.ReSolution, the Group’s performance improvement programmeIn December 2025, Eramet announced the launch of "ReSolution”, a programme of actions designed to improve its performance, unlock value and fully realise the potential of its world-class asset portfolio. This programme provides a clear framework and rigorous methodology to drive the performance improvement initiatives and ensure their proper execution. The programme is structured around three pillars:Safety & positive mining,Operational performance improvement, with specific priorities defined for each asset and more than 50 initiatives already launched. These initiatives cover securing the volume increase of assets in which the Group has invested in recent years (manganese ore in Gabon and mineral sands in Senegal). The program also includes commercial performance improvement,Strengthening cash generation, including capex rationalisation. The ReSolution programme aims to deliver an initial run rate EBITDA1 improvement potential of €130-170m within two years (at 2025 economic conditions), with full impact expected in 2028.The programme also targets stringent capex discipline, with a positive impact on the Group’s FCF. Capex is thus expected to decrease by approximately 30 to 40% in 2026 (vs. 2025).CSR commitmentsSafetyThe Group’s safety performance remains in line with the CSR roadmap, as the TRIFR6 stood at 0.8 for the year, below the limit set for 2025 ( However, Eramet mourns three fatal accidents that occurred at PT Weda Bay Nickel ("PT WBN”) during the year, as well as the death of a PT WBN subcontractor in January 2026 during a maintenance operation. The Group immediately implemented targeted safety action plans, in conjunction with the majority partner of the Indonesian JV.The safety of employees and subcontractors remains Eramet’s top priority and Pillar 1 of the ReSolution programme - "Safety and positive mining” is critical. Its target is to record "zero injuries and High Potential Incidents (‘HPIs’)” while improving risk management processes.Act for Positive MiningIn 2025, the Group’s overall performance for the "Act for Positive Mining” roadmap amounted to 105% versus the annual target (see Appendix 8), despite a safety performance at 0, due to PT WBN.There were several notable areas of progress:Diversity & Inclusion: created 1,386 "early career” opportunities (2026 target: 1,000) with 28.2% female managers (2026 target: 30%)Eramet Beyond: 1,846 additional jobs supported and 323 young people accompanied since 2023 (including 63 in 2025) via scholarships where the Group’s operating regionsEnvironment: continued roll-out of action plans (water, biodiversity, diffuse dust), in line with the sector’s best practicesDecarbonisation: constructed a pilot carbon capture unit at the Sauda site (Norway), with initial testing completed Scope 3 emissions: exceeded target with 72% of the value chain engaged in trajectories that are compatible with the Paris AgreementIRMA7Achieving the IRMA 50 performance level for Eramet Grande Côte ("EGC”) and the publication of EGC’s first external third-party audit report in February 2026 represent a key milestone towards delivering the Group’s Positive Mining strategy. This confirms the relevance of the IRMA standard as a framework for progress and transparency, as well as its credibility among stakeholders.EGC thus becomes the first mineral sands mine to reach this score and joins the 14 mining sites worldwide which have completed an IRMA independent audit8.Three additional Eramet sites are currently engaged in the IRMA self-assessment process. The PT WBN, Eramine and Comilog sites are preparing to enter the independent audit process, which is expected to begin for some of them by the end of 2026.SLB ("Sustainability-Linked Bonds”) The SLB maturing in 2028 include two decarbonisation targets, with a coupon step-up in the event of not meeting one of the intermediate targets.In this context, the intermediate target for the Group’s carbon intensity (scope 1 and 2) was not met in 2025 (0.267 tCO₂/t measured vs. 0.227 tCO₂/t expected). This is explained by the increase of the relative share of alloy volumes in the Group's total production. The intermediate target related to the v