Imerys (NK) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened with introductions of key executives and board members, confirmation of legal formalities, and appointment of scrutineers for voting.

• The agenda, draft resolutions, and voting procedures were outlined, with confirmation of quorum and availability of required documents.

Financial performance review

• 2025 revenue was €3.384 billion, stable year-over-year, with adjusted EBITDA at €546 million, reflecting strong pricing and cost control despite adverse forex effects.

• Net income was negative due to a €467 million goodwill impairment in the RAC segment, but cash flow remained positive before strategic CapEx.

• Free cash flow before strategic CapEx was €127 million; after CapEx, €78 million, mainly for lithium projects.

• Net financial debt increased slightly, but investment-grade ratings were confirmed; no major strategic investments are planned for 2026.

• Q1 2026 saw revenue of €835 million (+0.7% like-for-like) and adjusted EBITDA of €118 million (+4% at constant rates), with strong cost control and operational execution.

Board and executive committee updates

• New CFO Pierre Lebreuil was introduced, bringing 20 years of company experience.

• Johannes Huth and Michael Ogrinz were presented as new board members, with their appointments ratified.

• Annette Messemer and Ian Gallienne stepped down from the board, with acknowledgments for their service.

• Fatima Bensif joined as employee representative director.