• Closing of the sale of A&D at end-April confirming the Group’s strategic repositioning
  • Adjusted turnover[i] (including the proportional contribution of Weda Bay) of €949m (-24%), strongly penalised by the expected decrease in our selling prices (-24%) compared to the very high levels of Q1 2022
  • Contrasting operational performance across activities, given the incidents, now resolved, that impacted Q1:
    • -18% in volumes of manganese ore sold externally in Gabon, following the landslide at end-2022 that halted activity over January
    • +89% in volumes of nickel ore sold externally in Indonesia
  • Significant decline in selling prices compared to Q1 2022 particularly for manganese alloys, of which prices were exceptionally at that time, but also for Class II nickel (NPI and ferronickel)
  • Input costs remain high, albeit with a trend reversal in freight and reducing agent prices
  • Strength of Eramet’s financial profile: first financial ratings obtained from Fitch (BB+) and Moody’s (Ba2)
  • Liquidity remains at a high level contributing to secure the Group’s financing plan
  • The outlook for 2023 is, as expected, set against the background of a less buoyant macroeconomic context.
  • Adjusted EBITDA is revised slightly downwards to around €1.1bn in 2023, factoring in:
    • A more significant trend reversal in Class II nickel prices at the beginning of the year
    • A target for manganese ore transported volumes revised downwards to more than 7 Mt, given the non-recurring logistical incidents at the beginning of the year
  • The Group continues to focus on cost control, productivity actions and cash generation, while preparing its growth projects in the energy transition.

1Definitions of adjusted turnover and adjusted EBITDA, new Alternative Group Performance Indicators, are presented in the financial glossary, in Appendix 4

Christel Bories
Group Chair and CEO

The strategic repositioning in our Mining and Metals activities is now finalised.
Today, our strategy is based on a solid financial structure reflected in the financial rating assigned to Eramet by two leading agencies. These ratings will support the Group in securing and diversify-ing its financing plan.
As we had anticipated, the first quarter is characterised by a depressed economic context and a significantly less favourable price environment. It has also been impacted by non-recurring inci-dents that have disrupted the production and transport of manganese ore.
In the short term, we remain particularly focused on controlling our costs, improving our productivity, and effectively implementing our development programmes.