Eramet: Stability in Q1 2025 turnover

Core Points - Eramet reported stable adjusted turnover of €742 million in Q1 2025, reflecting a mixed operating performance amid a challenging market environment [3][19][90] - The company maintained its operational targets for 2025 despite geopolitical tensions and market uncertainties [4][31] - Safety performance improved significantly, with a Total Recordable Incident Rate (TRIR) of 0.6, a 30% reduction compared to Q1 2024 [5] Financial Performance - Adjusted turnover remained stable compared to Q1 2024, with a negative volume/mix effect of -5% offset by positive price and currency effects of +3% each [7][19] - Manganese activities turnover increased by 2% to €457 million, while nickel turnover decreased by 18% to €114 million [15][36] - Mineral Sands turnover rose by 30% to €68 million, driven by increased production volumes [54] Production and Sales - Nickel ore production in Indonesia increased by 3% to 9.2 million wet metric tons (Mwmt), but external sales volumes decreased by 11% due to temporary destocking [35][45] - Manganese ore external sales fell by 15% to 1.2 million tons, impacted by operational difficulties at the port of Owendo [20][27] - First sales of lithium carbonate were achieved in Argentina, confirming the operational efficiency of the Direct Lithium Extraction (DLE) technology [4][63] Market Trends - The global market for manganese ore remains uncertain, with a consensus price of around $4.7/dmtu for 2025 [25][32] - Demand for nickel is expected to grow, driven by stainless steel production, while the market remains in slight surplus [48][49] - The lithium market is projected to remain under pressure due to increased supply, despite strong demand from electric vehicle sales [73][74] Strategic Initiatives - The company is focused on maintaining a controlled capital expenditure plan of €400 million to €450 million for 2025 [3][88] - Eramet's sustainability initiatives include the launch of the eraLow brand for low CO2 manganese alloys and the publication of its first Sustainability Report [9][8] - The Ageli project in Alsace has been recognized as a strategic project, facilitating support for its development [76][77]