France's Eramet H1 adjusted EBITDA rises 45% on lithium and manganese growth

Eramet

29/07/2026 17:41

Overview
France mining group's H1 adjusted turnover rose 8% yr/yr, driven by lithium and manganese
Adjusted EBITDA for H1 rose 45% yr/yr, supported by higher volumes and cost savings
Company plans €500 mln capital increase in Q4 2026 to support funding plan

Outlook
Eramet confirms 2026 manganese ore volume target at 6.4-6.8 Mt, FOB cash cost $2.4-$2.6/dmtu
Company expects lithium carbonate production of 17-20 kt-LCE in 2026, near full capacity by year-end
Mineral Sands production seen at 300-400 kt-HMC in 2026; full capacity expected Q1 2027

Result Drivers
LITHIUM RAMP-UP - Higher lithium volumes and improved prices from the Centenario plant in Argentina drove EBITDA growth
MANGANESE VOLUMES - Increased manganese ore and alloy volumes, supported by rail transport improvements in Gabon, contributed to revenue and EBITDA gains
COST REDUCTIONS - Productivity gains, purchasing gains and lower capital expenditure under the ReSolution programme supported profitability

Company press release: ID:nGNE3X7VBJ

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Adjusted Turnover
 
EUR 1.65 bln
 
H1 Adjusted EBITDA
 
EUR 276 mln
 
H1 EBITDA
 
EUR 179 mln
 
H1 Net Debt
 
EUR 1.87 bln
 
H1 ROCE
 
-1.00%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the diversified mining peer group is "buy."
Wall Street's median 12-month price target for Eramet SA is €55.00, about 30.4% above its July 28 closing price of €42.18

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)