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, legal formalities, and confirmation of board and auditor presence.

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

• The session was declared open, presentations were filmed and broadcast, and a Q&A session was scheduled for the end.

Financial performance review

• 2024 revenue reached EUR 3.605 billion, with 1% organic growth and adjusted EBITDA of EUR 675 million, up 10.4% like-for-like.

• EBITDA margin improved to 18.7%, driven by operational leverage and higher joint venture contributions.

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

• 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, up 0.7% like-for-like, with EBITDA at EUR 128 million and continued organic growth despite weak industrial markets.

Board and executive committee updates

• Board composition changes included the renewal of Ian Gallienne and Lucile Ribot, and appointment of Nicolas Gheysens and Martin Doyen, maintaining 60% independence and 40% female representation.

• Adjustments to 2025 compensation policies were made to enhance transparency and align with shareholder expectations.