France · Delayed Price · Currency is EUR Imerys Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw modest revenue growth and improved profitability at constant FX, despite currency headwinds and Middle East disruptions. Project Horizon is on track for significant cost savings, and price increases are being implemented to offset rising energy costs.
Fiscal Year 2025
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2025 revenue and EBITDA were flat year-over-year, with strong pricing offsetting weak volumes and FX headwinds. Project Horizon aims for €50–60 million annual cost savings, while CapEx will remain limited in 2026. A €467 million goodwill impairment impacted net income.
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Revenue for the first nine months of 2025 was €2.6 billion, down 0.7% year-over-year, with adjusted EBITDA at €421 million and net profit at €110 million. Cost reduction initiatives and strategic acquisitions are underway, while market recovery is expected to be gradual, with Europe showing early signs of improvement.
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H1 2025 saw resilient results with flat sales and higher underlying EBITDA, despite global uncertainty and weak European demand. Guidance for 2025 targets EUR 540–580 million Adjusted EBITDA, with growth expected in H2 from innovation, EVs, and construction recovery.
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The meeting reviewed strong 2024 financial results, approved a 7.4% dividend increase, and advanced strategic projects in lithium and specialty minerals. All resolutions, including board changes and compensation policies, were passed, with key risks noted in market uncertainty and litigation.
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Q1 2025 saw 0.7% organic revenue growth and a 4% rise in adjusted EBITDA, with strong performance in Performance Minerals and Graphite & Carbon. Despite weak European markets and ongoing talc litigation, the outlook remains positive, supported by robust EV demand and sustainability initiatives.
Fiscal Year 2024
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Delivered solid 2024 results with 1% organic revenue growth, 11.4% higher adjusted EBITDA, and margin expansion, supported by volume recovery, cost savings, and new product launches. Outlook for 2025 is positive, with continued growth expected, especially as major capex winds down.
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Strong Q3 and nine-month results driven by specialty minerals, market share gains, and robust U.S. performance, with adjusted EBITDA margin up to 19.2%. Guidance for full-year EBITDA is maintained, while cost savings and strategic investments support resilience amid market uncertainties.
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H1 2024 saw strong volume-driven growth, improved margins, and robust cash flow, with the U.S. and recovering European markets as key drivers. Guidance for 2024 targets stable EBITDA despite the paper business exit, while caution remains on TQC due to high inventories.