Eramet stock trades at EUR 44.00 as nickel mine restarts

Published on 09/28/2026 at 09:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Eramet stock posted adjusted EBITDA of EUR 276 million in S1 2026, up 45 percent year over year. Weda Bay Nickel restarted after four months of maintenance.

Eramet, FR0000131757, Illustration mit AI erstellt.

Eramet stock (ISIN FR0000131757) was last at EUR 44.00 on Euronext Paris on September 28, 2026, at 9:08 a.m. CEST, with the session range at EUR 43.94 to EUR 44.02. The immediate catalyst is the progressive restart of the companys PT Weda Bay Nickel mine in Indonesia after four months of care and maintenance, according to Eramet on September 10, 2026.

Nickel restart resets the outlook

The restart is being conducted progressively with contractors, while the ramp-up depends on equipment remobilization, a revised yearly mine plan and administrative work, Eramet said in the September 10 release. The company plans to update its 2026 guidance for external nickel ore sales as the operating plan develops.

For investors, the restart is a volume story with a near-term execution hurdle. Eramet holds an indirect 38.7 percent stake in PT WBN, according to MarketScreener, so the pace of the restart directly matters for Eramets nickel sales profile.

EBITDA rose 45 percent in S1

Eramets S1 2026 adjusted EBITDA reached EUR 276 million, compared with EUR 191 million in S1 2025, an increase of 45 percent, according to Eramet. Adjusted free cash flow was EUR 7 million, versus negative EUR 266 million a year earlier, while net debt declined to EUR 1.868 billion from EUR 1.935 billion.

The improvement is substantial, but the balance sheet remains central to the equity case. Eramet reported net income attributable to the group excluding SLN of negative EUR 146 million in S1 2026, compared with negative EUR 101 million in S1 2025, showing that stronger adjusted operating performance did not yet translate into a positive bottom line.

Analyst target remains above the price

A September 25 market overview from Ideal Investisseur said CIC Market Solutions set a EUR 47.00 target on Eramet with a hold rating. The same overview placed the median analyst target at EUR 51.48, making the target reference EUR 7.48 above the September 28 price.

At EUR 44.00, Eramet has a market capitalization of EUR 1.3 billion and a 52-week range of EUR 40.98 to EUR 88.20 as of September 28, 2026. The contrast between improved adjusted EBITDA and the wide annual trading range leaves the Weda Bay ramp-up and financing discipline as the clearest operating checkpoints.