Core Insights - The company is focusing on operational efficiency following disappointing results in H1 2025, with a commitment to improve performance in the second half of the year [2][4][19] Financial Performance - Adjusted EBITDA (excluding SLN) for H1 2025 was €191 million, down 45% compared to H1 2024, primarily due to reduced contributions from PT WBN and unfavorable product mix [4][19] - Net Income, Group share (excluding SLN) was negative at -€101 million, a decline of €132 million year-on-year [4][19] - Adjusted Free Cash Flow was -€266 million, with liquidity remaining high at €1.7 billion [4][24] Operational Highlights - Safety performance remained strong with a Group TRIFR of 0.6, significantly better than the CSR roadmap target of <1.0 [5] - Manganese ore transported volumes are revised to between 6.5 and 7.0 million tonnes for 2025, with FOB cash costs adjusted to between $2.1 and $2.3/dmtu [4][47] - Nickel ore sales are projected between 36 and 39 million wet metric tonnes for 2025, reflecting revised licensing [4][64] Market Trends - Global carbon steel production declined by nearly 2% in H1 2025, with China experiencing a 3% drop due to reduced domestic demand [33][34] - The price index for manganese ore averaged $4.6/dmtu in H1 2025, down 14% year-on-year, influenced by increased supply from South Africa and Australia [38][39] - Global demand for lithium increased by 29% in H1 2025, driven by electric vehicle sales, while lithium supply also rose, leading to a surplus in the market [81][82] Strategic Initiatives - The company launched an in-depth operational review in June 2025 to enhance performance [4] - A controlled capex plan for 2025 is reiterated at between €400 million and €450 million, focusing on sustaining and strengthening rail transportation capacity [4][97] - The company is actively pursuing health prevention efforts as part of its "Act for Positive Mining" roadmap [8]