Eramet Reports EBITDA Rebound in H1 2026 Amid Funding Plan Execution
Event summary
- Eramet's adjusted EBITDA rebounded by 45% to €276 million in H1 2026, driven by growth in lithium and manganese volumes.
- Adjusted Free Cash-Flow turned positive at €7 million, reflecting strict capex discipline and rigorous WCR management.
- Net debt remained stable at €2 billion, with adjusted leverage improving to 4.5x.
- A €500 million capital increase was approved by shareholders and is planned for Q4 2026 as part of the funding plan.
- Lithium production at Centenario plant reached 90% of nameplate capacity in June.
The big picture
Eramet's H1 2026 results highlight a strategic turnaround driven by operational improvements in key commodities like lithium and manganese. The company's funding plan, including a significant capital increase, aims to strengthen its balance sheet amid volatile market conditions. The execution of this plan will be crucial for Eramet to return to profitable and sustainable growth.
What we're watching
- Funding Plan Execution
- The success of the €500 million capital increase planned for Q4 2026 will be critical to Eramet's funding plan and balance sheet strengthening.
- Operational Performance
- Whether Eramet can sustain the operational progress in lithium, manganese, and nickel production amid permitting constraints and market volatility.
- Market Dynamics
- The pace at which global demand for lithium, manganese, and nickel will grow and whether supply can keep up with demand.
Related topics