Eramet Implements a Plan to Improve Its Finances

Detailed Financial Strategy for 2025

Facing a deterioration in its financial situation by 2025, Eramet is rolling out a detailed financing plan aimed at normalizing its credit ratios and securing its liquidity. The plan first relies on improving performance with the implementation of the ReSolution program, launched at the end of 2025, which aims to generate an EBITDA improvement potential of 130 to 170 million euros in a full year within two years. The second part involves a strategic review of assets with monetization options planned for 2026. The third part is a project to strengthen equity of approximately 500 million euros in 2026, the principle of which has been agreed with reference shareholders. The necessary resolutions will be submitted to the General Assembly in May 2026.

Preserving Liquidity During Plan Implementation

To preserve its liquidity during the implementation of the plan, Eramet maintains access to its revolving credit line of 935 million euros, fully drawn at the beginning of the year as a precaution. A waiver on the gearing covenant was obtained in December 2025 from the banking pool; a new waiver will be requested for 2026. The group will follow a strict approach in terms of capital allocation, with debt reduction as a priority, targeted investments, and a suspension of dividend payments over the next two years. Concurrently, the ReSolution program is structured around three axes: safety and responsible mining, improvement of operational performance with more than 50 initiatives already launched, and strengthening of cash generation with a capex rationalization expected to decrease by 30 to 40% in 2026.