Imerys (NK) AGM 2025 summary

Opening remarks and agenda

• The meeting was chaired by Patrick Kron, with executive presentations from Alessandro Dazza and Sébastien Rouge, and included safety instructions and a welcome, noting the meeting would be filmed and available online.

• Legal formalities for convening the meeting were confirmed, with all required documents made available to shareholders.

• The quorum was established at 92.5%, and voting procedures were explained.

• The agenda covered 2024 results, Q1 2025 update, sustainability, dividend proposal, resolutions, auditor reports, Q&A, and voting.

Financial performance review

• 2024 revenue reached EUR 3.605 billion, with 1% organic growth and adjusted EBITDA up 11.4% to EUR 675 million; EBITDA margin improved to 18.7%.

• Free cash flow before strategic investments was EUR 66 million; net debt at year-end was EUR 1.275 billion, with net debt/EBITDA at 1.9x and investment grade ratings confirmed.

• Q1 2025 revenue was EUR 871 million (+0.7% like-for-like), with EBITDA at EUR 128 million, showing continued organic growth despite weak industrial markets.

• Net current income from continuing operations was EUR 262 million (+8.2%).

• Divestment of paper market assets impacted sales by EUR -182 million.

Board and executive committee updates

• Board composition changes included the renewal of two directors and appointment of two new directors, maintaining 60% independence and 40% female representation.

• Thanks were extended to outgoing board members and committee chairs for their contributions.