Imerys (NK) investor relations material

Executive summary

• Q1 2026 revenue reached €835 million, up 0.7% year-over-year at constant exchange rates, driven by volume growth and steady pricing despite significant currency headwinds of €40–42 million or about 5% of sales.

• Adjusted EBITDA was €118 million, up 4% at constant FX, reflecting solid execution, volume increases, and cost control.

• Project Horizon, a key cost-saving initiative, is on track to deliver €50–60 million in annual savings versus the 2025 cost base, with over 50% of benefits expected in 2026.

• A binding agreement was announced to acquire Great Lakes Minerals, a U.S. industrial minerals processor with $80 million in sales, expected to close in H1 2026 and strengthen the US market position.

• The EMILI lithium project advanced with a €50 million minority investment from the French State.

Financial highlights

• Adjusted EBITDA margin for Q1 2026 was 14.2%.

• On a reported basis, EBITDA decreased 7.5–8% year-over-year due to a €14 million negative FX impact.

• Net income, Group share, was €1 million, down from €23 million in Q1 2025, mainly due to restructuring costs and higher financial expenses.

• Current operating income declined 18.6% year-over-year to €46 million.

• Financial expenses increased following a €600 million bond issued in November; net financial result was negative at €18 million.

Outlook and guidance

• No quantitative 2026 guidance provided; guidance typically given at mid-year for better visibility.

• Energy, raw materials, and logistics costs are expected to rise for the remainder of the year, but price increases and further actions are being implemented to offset these and protect profitability.

• The group is well hedged for energy costs in Q2 and Q3 (50–60% hedged), with a potential 10–20% increase in the energy bill, but expects to cover this with price increases.

• The main uncertainty is the indirect macroeconomic impact of the prolonged Middle East conflict.

• April trading is in line with March, with no significant drop in activity.