Imerys (NK) AGM 2026 summary

Opening remarks and agenda

• The meeting was chaired by the Chairman of the Board, with participation from the CEO, CFO, General Counsel, and introductions of key executives and board members, confirmation of legal formalities, and appointment of scrutineers for voting.

• The agenda included financial results, sustainability, dividend proposal, board updates, resolutions, Q&A, and confirmation of quorum and availability of required documents.

Financial performance review

• 2025 revenue was €3.384 billion, stable year-over-year (-0.7%), with adjusted EBITDA at €546 million, reflecting strong pricing and cost control despite €22 million currency headwinds and subdued industrial activity.

• 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 at year-end 2025 was €1,391 million, with investment-grade ratings confirmed and no major strategic investments 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.

• Board changes included re-appointment of two directors, ratification of one co-opted director, appointment of a new director, and the addition of Fatima Bensif as employee representative director.

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

• Board composition post-AGM: 8 directors (5 independent), 3 women, 5 men.