olivLaw · European equity research
Eramet ERA.PA
France · Euronext Paris · ISIN FR0000131757 · Vertical: Listed companies from France
Eramet is one of the leading global producers of manganese and nickel, also active in mineral sands and in lithium in Argentina. In 2025 the company went through a difficult period, with weaker profitability, higher debt and a balance-sheet repair plan that must be completed by the end of 2026. Revenue of 2753 million EUR and EBITDA of 130 million EUR show the scale of the financial pressure.
At the close of 05 Nov 2026, Eramet (ERA.PA) stock was 37.94 EUR (−1.96% on the day), with market capitalisation 1.1 bn EUR, beta 1.13, 52-week range 33.74–87.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.3
- neutral
- Bollinger (20, 2)
- 31.58 – 43.05
- in the upper half of the band · %B 0.55 · band width 30.8%
- SMA 50 / 200
- 41.73 / 50.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.25 / -1.81
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.9% | −0.6% | −16.3 pp | — |
| 3 months | −18.0% | −4.2% | −13.9 pp | — |
| 6 months | −35.1% | +4.3% | −39.5 pp | — |
| Year to date | −34.2% | +7.5% | −41.7 pp | — |
| 1 year | −30.7% | +9.9% | −40.6 pp | −6.8% |
| 3 years | −44.7% | +49.8% | −94.5 pp | −15.9% |
| 5 years | −44.2% | +42.8% | −87.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.3 bn | 2.9 bn | 2.8 bn |
| Revenue YoY | unavailable | −9.8% | −6.1% |
| Net income | 109.0 m | 14.0 m | -477.0 m |
| Net income YoY | unavailable | −87.2% | −3,507.1% |
| Diluted EPS | 3.75 | 0.50 | -16.67 |
| Diluted EPS YoY | unavailable | −86.7% | −3,434.0% |
| net % | 3.4% | 0.5% | -17.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 568.0 m EUR
- Financial debt
- 2.0 bn EUR
- Net debt
- 1.4 bn EUR
- Equity
- 1.5 bn EUR
- Total assets
- 5.9 bn EUR
- Debt / equity
- 1.32x
- Current ratio
- 1.37x
- ROE
- -26.3%
- ROA
- -7.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.3 bn | 2.9 bn | 2.8 bn | esef· 15 Apr 2026verified |
| Operating income | -193.0 m | 51.0 m | -372.0 m | esef· 15 Apr 2026verified |
| Depreciation & amortisation | 240.0 m | 248.0 m | 270.0 m | esef· 15 Apr 2026verified |
| EBITDA | 47.0 m ≈ | 299.0 m ≈ | -102.0 m ≈ | esef· 15 Apr 2026derived |
| Income tax | 88.0 m | 94.0 m | 43.0 m | esef· 15 Apr 2026verified |
| Net income | 109.0 m | 14.0 m | -477.0 m | esef· 15 Apr 2026verified |
| Diluted EPS | 3.75 | 0.50 | -16.67 | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 631.0 m | 568.0 m | esef· 15 Apr 2026verified |
| Inventories | 619.0 m | 692.0 m | 648.0 m | esef· 15 Apr 2026verified |
| Current assets | 3.0 bn | 2.4 bn | 2.0 bn | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 2.2 bn | 2.8 bn | 2.9 bn | esef· 15 Apr 2026verified |
| Total assets | 6.3 bn | 6.5 bn | 5.9 bn | esef· 15 Apr 2026verified |
| Long-term debt | 1.5 bn | 1.8 bn | 2.0 bn | esef· 15 Apr 2026verified |
| Current liabilities | 1.8 bn | 1.5 bn | 1.4 bn | esef· 15 Apr 2026verified |
| Equity | 2.0 bn | 2.1 bn | 1.5 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 28.7 m | 28.0 m | 28.6 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 172.0 m | -125.0 m | -313.0 m | esef· 15 Apr 2026verified |
| Investing cash flow | -557.0 m | -306.0 m | -136.0 m | esef· 15 Apr 2026verified |
| Financing cash flow | 269.0 m | -12.0 m | 437.0 m | esef· 15 Apr 2026verified |
| Share repurchases | 10.0 m | 5.0 m | 8.0 m | esef· 15 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -10.0% | 10 (vs peers) | 38% |
| Net margin · Quality | -17.3% | 26 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.7% | 11 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial48/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality16/100 · 2/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ERAMET (ERA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.8 bn EUR in 2025; YoY growth -6.1%; net margin -17.3%; ROE -44.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -10.0%
- Net margin: -17.3%
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| ERA.PAEramet | 1.1 bn | — | -44.2% | -17.3% | −6.1% | −29% / −46% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ERA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Eramet is one of the leading global producers of manganese and nickel, also active in mineral sands and in lithium in Argentina. In 2025 the company went through a difficult period, with weaker profitability, higher debt and a balance-sheet repair plan that must be completed by the end of 2026. Revenue of 2753 million EUR and EBITDA of 130 million EUR show the scale of the financial pressure 1.
SWOT
Strengths
- Leading position in manganese and manganese alloys, with a product range considered the broadest on the market, supported by vertical integration with the Gabon rail link.
- Access to strategic resources such as nickel in New Caledonia, the Indonesian stake and the Argentine lithium project, which give geographic diversification.
- The ReSolution performance plan launched at the end of 2025, aiming to raise EBITDA and reduce operating costs.
Weaknesses
- High net debt and reduced credit ratings in 2025 and early 2026, which limit access to financing and financial flexibility.
- Strong dependence on the raw material price cycle and on a few concentrated geographic areas, which makes results volatile.
- Significant net losses in 2025 and asset impairment in mineral sands, which weigh on shareholders' equity.
Opportunities
- Rising demand for lithium and critical metals could bring new revenue if Centenario reaches its planned capacity.
- If Gabon and the company agree a joint roadmap for local ore processing, this could open new sources of value.
- Trade protection measures in the US and EU could reduce competition from steel imports and support alloy demand.
Threats
- Prolonged oversupply in the zircon market and lower demand from China could keep pressure on mineral sands prices.
- Risk of further rating downgrades if the balance-sheet strengthening plan is not delivered within the announced timeline.
- Regulatory pressure and compliance risks linked to CBAM, environmental policy and the rules in the countries where it operates.
Risks
- Debt and liquidityhigh
Net debt rose in 2025, and the revolving credit line was fully drawn in early 2026. If the balance-sheet plan is not completed, the group could have to renegotiate covenants or accept tougher financing terms.
- Reduced credit ratingshigh
Moody's and Fitch lowered the long-term rating, with negative outlooks. A further downgrade could raise borrowing costs and limit access to bond markets.
- Impairment in mineral sandsmedium
The impairment test led to a significant write-down. If the zircon market stays in oversupply, further adjustments could arise.
- Execution of the Centenario projectmedium
The Argentine lithium plant had technical problems in the first half of the year. Further ramp-up delays could postpone cash generation from this segment.
- Logistics and transport risksmedium
Logistical difficulties in Gabon affected volumes in 2025. If the rail network is not rehabilitated in time, the volume growth expected for 2026 could be smaller than estimated.
Investment thesis
What would need to be true (bull case)
- If the ReSolution plan and the balance-sheet strengthening are completed by the end of 2026, the company could regain access to financing and strategic flexibility.
- A moderate recovery in manganese prices in 2026 could significantly lift EBITDA, especially if transported volumes grow as planned.
- If Centenario reaches full nominal capacity, lithium could become a long-term growth driver within a market based on electrification.
What would break the thesis
- If debt stays high and cash generation does not improve, the company could be forced to sell assets or accept significant dilution of its equity.
- If steel demand in China keeps falling, manganese revenues could stay under pressure, and the cost plan might not offset the gap.
- Declining ratings and negative outlooks could raise the cost of capital and restrict investment in growth projects.
What to watch
- Delivery of the equity strengthening plan and the outcome of the strategic asset reviewby end of 2026
- Transported ore volumes and FOB cash cost against the 2026 guidance2026
- Moody's and Fitch ratings and the trend in net debtnext 10-K
- Production ramp-up at Centenario and reaching nominal capacity2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Eramet group mines and processes manganese, nickel, mineral sands (zircon and titanium dioxide) and lithium. Manganese operations are mainly in Gabon, through Comilog and the Setrag rail link, while nickel comes from New Caledonia, through Le Nickel-SLN, and from the 38.7% stake in PT Weda Bay Nickel in Indonesia 1. The company employed 8684 people at the end of 2025 1.
Eramet produces an extensive range of manganese alloys at plants in Gabon, France, Norway and the United States, allowing it to sell both ore and finished products to the steel industry 1. This vertical integration means profitability depends strongly on raw material prices and transported volumes.
In 2025 the company sold its high-performance alloys division and Eramet Titanium and Iron, while continuing to invest in Centenario in Argentina, where lithium carbonate production started in 2024 1. The medium-term strategy focuses on critical metals for the energy transition 1.
Segments
Nickel
Nickel comes from New Caledonia (SLN, with five mines and a ferronickel plant) and from the minority 38.7% stake in Weda Bay in Indonesia. This segment is affected by weak price conditions and by the need to rebalance the group's finances 1.
Lithium
The Centenario project in Argentina entered production in 2024 and ramped up quickly in 2025, reaching by year end a daily capacity close to nominal. The segment is seen as strategic for future growth but still contributes little to current results 1.
Market context
Manganese demand depends largely on global carbon steel output, especially in China. In 2025 global steel output fell slightly, with China down about 4.4%, while India grew strongly 1. The zircon market stayed in oversupply, and demand fell amid macroeconomic uncertainty and weak property activity in China 1.
Trends
- Downturn in raw material pricesheadwind
A raw material downcycle reduced the group's profitability and cash generation in 2025. If prices recover moderately in 2026, margin pressure could ease, but macroeconomic uncertainty continues to weigh on demand 1.
- Electrification and lithium demandtailwind
Eramet's strategy rests on long-term electrification scenarios for mobility, which could support demand for the critical metals in its portfolio. The assumptions are reviewed regularly as battery technology and regulation evolve 1.
- Global steel overcapacitymixed
Chinese steel exports reached a record in 2025, intensifying competition and reducing the share of European producers. Protective measures in the EU and US could support domestic steel demand and, indirectly, manganese demand 1.
- Climate regulation and CBAMheadwind
The EU carbon border adjustment mechanism could affect the competitiveness of the group's European plants. Eramet pursues decarbonisation through projects such as CO2 capture at Porsgrunn, but compliance costs remain a variable to monitor 1.
Competitive position
The manganese and nickel markets are dominated by large, vertically integrated producers that control their own resources and transport routes. Eramet differentiates through its wide alloy range and its rail integration in Gabon, but competition from China and Indonesia puts pressure on prices 1.
In lithium, Eramet competes with producers that already have larger operating capacity and lower costs. The company's advantage lies in the direct extraction technology applied at Centenario, but commercial success depends on plant performance during ramp-up 1.
- Tsingshan Holding Group
Former partner in Argentina and shareholder of Eramine until 2024, with a large presence in nickel and steel in China and Indonesia.
- Glencore
Global mining company that extended a loan to the group in 2025 and is active in several commodities.
- Chinese manganese and alloy producers
Competitors with competitive production costs that influence alloy prices in the Asian market.
- INEOS Enterprises
Buyer of the Eramet Titanium and Iron division, active in intermediate chemicals on a global scale.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eramet · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.