Paulo CASTELLARI, CEO Abel MARTINS-ALEXANDRE, CFO 4 th December, 2025 Disclaimer Certain information contained in this presentation including any information on Eramet's plans or future financial or operating performance and any other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significa ...

Core Insights - Eramet's turnover decreased by 10% in Q3 2025, amounting to €720 million, primarily due to a negative price effect of 25% and logistical challenges, despite a positive volume effect of 22% [6][20][30] Financial Performance - Adjusted turnover for manganese activities fell to €421 million, down 26% year-on-year, with manganese ore turnover declining by 35% to €221 million [17][21] - Nickel activity saw a significant increase, with adjusted turnover rising to €142 million, a 122% increase compared to Q3 2024, driven by a 567% increase in external nickel ore sales [38][39] - Mineral sands turnover decreased by 32% to €51 million, reflecting price pressures and a slight decrease in ilmenite volumes sold [55] Operational Challenges - Manganese ore transportation volumes declined by 13% to 1.6 million tonnes due to operational challenges on the rail network [21][31] - The company is facing a highly uncertain macroeconomic environment, which is negatively impacting demand and cash generation [6][20] Production and Sales - Lithium carbonate production ramped up significantly, reaching 2,080 tonnes in Q3 2025, with sales of 1,000 tonnes [66][72] - Nickel ore production in Indonesia increased to 12.3 million wet metric tonnes, with external sales volumes rising to 9.3 million wet metric tonnes [38][48] Market Trends - Global manganese ore consumption increased by 8% in Q3 2025, driven by sustained manganese alloys production, particularly in China [26] - The price index for manganese ore averaged $4.3/dmtu in Q3 2025, down 40% compared to Q3 2024, reflecting unfavorable comparatives [28] Strategic Initiatives - The company has initiated a performance improvement program focusing on safety, operational excellence, and financial resilience [5][6] - A revised Capex plan for 2025 is set between €400 million and €425 million, down from previous estimates [81] Outlook - The outlook for Q4 2025 indicates a continued decline in global carbon steel production, which is expected to impact manganese ore demand [35] - The lithium market is anticipated to remain in surplus, with prices under pressure, despite strong demand driven by electric vehicle sales [70][73]