Eramet

Eramet posts adjusted EBITDA of €372m for 2025 (−54%), a group net loss of €370m and negative adjusted free cash flow of €481m, with net debt of €2,046m (leverage 5.5x); the share fell about 20% after the figures. As countermeasures the company presents a three‑pillar plan: the performance programme ReSolution (target +€130–170m EBITDA within two years), targeted monetisation of assets and a planned €500m capital increase in 2026. Capex in 2026 is also to be cut by 30–40% to €250–290m; operationally Eramet expects slightly higher manganese production and a continued ramp‑up of the Centenario lithium plant to almost 100% capacity by year‑end. The success of the measures, in particular the capital increase and the performance improvements, is considered crucial to restoring investor confidence. » More on de.investing.com

Eramet shares sank 9.5% on Tuesday, recording their biggest one-day loss since October 2024. Portzamparc downgraded the stock from "Hold" to "Reduce" but raised the price target from €48 to €58. The decline marks Eramet’s largest drop in over a year. » More on de.investing.com

Moody’s has lowered Eramet’s rating from Ba3 to B1 and kept the outlook negative. The reason is a marked weakening of operating performance due to lower sales volumes, weaker commodity prices, higher costs and delays in ramping up lithium, which led to deteriorations in EBITDA, cash flow and leverage metrics. Moody’s also highlights the risk from concentration in markets with weak institutional strength and a possible export ban on manganese ore in Gabon; nonetheless, Eramet has around €746m in liquidity and an unused revolving credit facility of €935m. » More on de.investing.com