Eramet announced on Wednesday a structural plan aimed at improving cash generation and strengthening its balance sheet, approved by the board of directors. The plan revolves around three main areas: enhancing operational performance through the ReSolution program, a strategic asset review with monetization options, and a project to strengthen equity.
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
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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.
SectorMétaux et matières premières›Métaux non ferreux
Context
Period
Period: 3T 2025
Guidance from the release
Malgré un contexte de marché difficile, Eramet a maintenu un niveau d’activité solide, grâce à l’engagement et à l’agilité de ses équipes.
Conjoncture macroéconomique incertaine pesant sur la demande et les prix; marchés du manganèse, nickel et lithium globalement en excédent au T3 2025 avec pression sur les prix; perturbations logistiques au Gabon et incertitudes réglementaires en Indonésie.
Risks mentioned
Difficultés logistiques sur le réseau ferroviaire gabonais (Transgabonais) affectant le transport du minerai
Pression des prix et faible demande macroéconomique
Risque de non-respect du covenant de gearing au 31/12/2025 (waiver demandé)
Enquête des autorités indonésiennes sur une partie de la concession PT WBN
Opportunities identified
Montée en cadence robuste de la production de carbonate de lithium (usine Centenario) — volumes 2 080 t-LCE au T3 2025, objectif 4 - 7 kt-LCE en 2025
Rebond des volumes et chiffre d’affaires de PT WBN (forte progression des ventes externes de minerai de nickel)
Programme d’amélioration de la performance opérationnelle et financière (cash boost, optimisation capex, réduction coûts)
Ajustement du plan de capex pour préserver trésorerie (capex 2025 entre 400 M€ et 425 M€)
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