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Imerys
Imerys (NK) investor relations material
Imerys Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
2025 revenue was €3.385 billion, broadly flat year-over-year (-0.7% like-for-like), with Q4 at €800–801 million, reflecting firm pricing amid subdued industrial and construction demand in North America and Europe.
Adjusted EBITDA for 2025 was €546 million, within guidance, despite €22 million negative FX impact and subdued industrial activity.
Net income group share was negative €409 million, mainly due to a €467 million non-cash goodwill impairment in the Solutions for Refractory, Abrasives and Construction business.
Free operating cash flow was €127 million before strategic CapEx; a €0.75 per share dividend was proposed, consistent with prior years.
Project Horizon launched to structurally lower costs, targeting €50–60 million annual savings, with over 50% of benefits expected in 2026 and full effect in 2027.
Financial highlights
Group sales declined 0.7% like-for-like; adjusted EBITDA margin was 16.1%, down from 18.7% in 2024.
Net income, group share, was a loss of €409 million, impacted by impairment and project-related write-offs.
Net financial debt increased to €1,391 million, with a net debt/EBITDA ratio of 2.5x; investment grade ratings confirmed.
Strong liquidity with €960 million in credit lines and €819 million in cash at year-end.
Currency effects reduced revenue by €82 million, mainly due to USD devaluation.
Outlook and guidance
No formal 2026 guidance provided; management remains prudent due to slow market recovery, especially in the U.S. and automotive sectors.
Over 50% of Project Horizon cost savings expected in 2026, with full impact in 2027.
CapEx for 2026 expected in the €200–270 million range, with no strategic CapEx planned.
Disciplined execution and innovation remain key priorities.
Construction in Europe expected to improve, while U.S. recovery remains uncertain.
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Project Horizon net cash impact for 2026
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Next Imerys earnings date
Q1 202627 Apr, 2026
Imerys
Next Imerys earnings date
Q1 202627 Apr, 2026
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Frequently asked questions
Imerys S.A. is a French multinational company specializing in the production and processing of industrial minerals. It is a leading provider of mineral-based solutions, offering a diverse product portfolio that includes kaolins, carbonates, mica, clays, abrasives, monolithic refractories, graphite powders, talc, porcelain, raw materials for floor tiles, and other related products and minerals. Imerys supports a wide range of sectors, from construction and automotive to consumer goods, through its solutions based on processing and refining mineral resources, synthetic minerals, and formulations. The company's operations span over 40 countries, employing over 16,000 people worldwide. Imerys is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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