• Adjusted turnover[i] of €742m, stable versus Q1 2024, reflecting a negative volume/mix effect (‑5%), offset by positive price (+3%) and currency (+3%) effects
  • Increase in nickel ore production in Indonesia (+3% vs. Q1 2024); temporary destocking of the plants at the Weda Bay industrial park at the start of the year, weighing on sales (-11%)
  • Operational and logistics difficulties encountered since end-2024 at the port of Owendo in Gabon, combined with a social movement in March, leading to a decline in manganese ore volumes sold (‑15%)
  • Solid operational performance for mineral sands with growth in ilmenite (+68%) and zircon (+32%) volumes sold
  • First sales of lithium carbonate produced in Argentina, confirming the operation at industrial scale of the direct extraction process (“DLE”) developed by Eramet
  • Market environment remains very uncertain:
    • Decrease in selling prices over Q1, except for manganese ore with a gradual rebound in the price index at around $5.0/dmtu[ii] at end-March
    • Macroeconomic situation weighing on the Group’s end-markets, particularly the steel industry in China as well as exchange rate trends; to date, the market consensus averaged around $4.7/dmtu[iii] in 2025 for manganese ore
  • 2025 volume and cash cost targets maintained:
  • Transported manganese ore: between 7 and 7.2 Mt, with a FOB cash cost[iv] between $2.0 and $2.2/dmtu,
  • Nickel ore sold externally: 29 Mwmt, in line with the permit delivered
  • Lithium carbonate produced: between 10 and 13 kt-LCE, with a gradual ramp-up over the year
  • Controlled capex plan in 2025 reiterated: between €400m and €450m[v]

[i] Definitions for adjusted turnover are presented in the financial glossary in Appendix 7

[ii] CRU CIF China 44% spot price

[iii] As of April 2025

[iv] See financial glossary in Appendix 7. Cash cost calculated excluding non-controllable costs: sea transport, marketing costs, mining taxes and royalties

[v] Excluding the capex of SLN, financed by the French State

Christel Bories - Presidenta

Christel BORIES
Group Chair and CEO

The first quarter turned out to be more difficult than expected, with a highly uncertain market context marked by strong commercial and geopolitical tensions weighing on our markets.

In this disrupted environment, we achieved a mixed operating performance, with sales remaining stable compared with last year.
We continued to ramp up our Centenario plant in Argentina and sold our first tonnes of lithium. This success confirms the efficiency of our direct extraction technology, with a very promising carbonate quality.

Despite this complicated and volatile context, we are maintaining our operating targets for 2025. To achieve them, we must remain focused on the operational performance of each of our sites, cost control, and the rigorous management of our investments and cash.