Eramet: Turnover down in third quarter 2025

Paris, 30 October 2025, 7:30 a.m.

PRESS RELEASE

Eramet: Turnover down in third quarter 2025

Safety results in line with the Group’s CSR roadmapAdjusted turnover1 of €720m, down 10% versus Q3 2024:

Positive volume effect (+22%), notably for manganese ore (+8%) and nickel ore (6.7x) sales, with significantly lower comparatives in Q3 2024 Negative price effect (-25%), combined with an unfavourable currency effect (-6%)Logistics challenges in the transportation of manganese ore (-13% in volumes)

Robust ramp-up in lithium carbonate production, in line with target Still highly uncertain macroeconomic environment weighing on demand and selling prices, and penalising the Group’s cash generation which remained negative over the period

Improvement programme addressing the Group’s short term and medium term operational and financial performance around initiatives started in Q3, based on three main pillars:

Safety and positive miningOperational excellence and productivity Financial resilienceRevision of 2025 targets for manganese ore activity:

Transported manganese ore: revised between 6.1 and 6.3 Mt (vs. 6.5 and 7.0 Mt disclosed at end-July), as well as the FOB cash cost2 which is now expected between $2.3 and $2.4/dmtu3 (vs. $2.1 and $2.3/dmtu)

Nickel ore sold externally: confirmed between 36 and 39 Mwmt Lithium carbonate produced: confirmed between 4 and 7 kt-LCE

Reduced Capex plan in 20254: between €400m and €425m (vs. €400m and €450m disclosed previously)

Paulo Castellari, Group CEO:

Despite a challenging market environment, Eramet has maintained a solid level of activity, thanks to the commitment and agility of its teams.

To assess our strengths and the challenges we face, we carried out a Group-wide performance review, which provides a clear view of where we stand and where we can improve.

We have already initiated decisive actions to strengthen our cash generation, enhance financial resilience, and simplify our processes.

Ensuring the safety of our employees and subcontractors, materially improving the operational and financial performance as well as restoring the balance sheet, are the top priorities for the Group. We will accelerate these efforts in the months ahead to build a stronger and more competitive Eramet.

Eramet operational and financial performance improvement programme

At end-June, the Group launched an in-depth operational review of all its assets (“Eramet Performance Review”), with the objective of boosting performance, in compliance with safety standards, and of creating value.

The findings of this review now enable the new management team to work on the development of a programme to boost Eramet’s performance on a site-by-site basis and to strengthen cash generation and the balance sheet, with enhanced discipline in cost control and capital allocation. This programme will incorporate initiatives already launched in Q3, the first effects of which are expected by year-end. It is structured around three main pillars:

Safety and positive mining:

Reducing injuries and High Potential Incidents (“HPIs”),Improving risk management processes as well as reliability and sustainability of production systems and logistics.Operational excellence and productivity:

Debottlenecking and targeted investments across rail and port,Reducing operating costs including initial measures to lower general and administrative expenses, and non-essential spend, as well as optimising procurement costs.Financial resilience, with a focus on cash preservation and platform towards sustained cash flow generation:

Launch of a “cash boost programme” in Q2, including working capital optimisation,Optimising maintenance capex to ensure de-bottlenecking and reduce instances of production failure, reducing growth capex, including the deferral of non-essential and non-committed investments, Ensuring strict discipline in cost control and capital allocation, with measures to enhance discipline and accountability in performance management processes.

Further information will be provided to the market early December.

This programme lays the foundation to build a stronger and more competitive Eramet and will be expanded to a broader set of initiatives. In addition, the Group is considering further measures to maintain adequate level of liquidity and restore its balance sheet.

CSR commitments

Safety

The Group mourns the death of a PT Weda Bay Nickel (“PT WBN”) subcontractor following a road accident on August 9th. The driver of a dumper truck lost control of his vehicle, causing it to overturn. Despite the vehicle’s rollover protection system (“ROPS”), regrettably, the accident was fatal. The Indonesian authorities completed their investigation, with an action plan currently underway.

The safety results remained in line with the CSR roadmap, with TRIFR5 at 0.8 over nine months, below the limit set for 2025 (