Imerys (NK) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €871 million, representing 0.7% organic growth at constant scope and exchange rates, marking the fourth consecutive quarter of organic growth despite weak European industrial markets.

• Adjusted EBITDA was €128 million, up 4% year-over-year, driven by Performance Minerals and Graphite & Carbon, but impacted by lower joint venture contributions compared to an exceptional Q1 2024.

• Net income group share after non-recurring expenses was €23 million, down sharply year-over-year due to lower JV contributions and asset disposals.

• March was the strongest month of the quarter, with a positive trajectory expected to continue.

• Sustainability initiatives advanced, including the first biodiversity report and a major US Power Purchase Agreement supporting decarbonization goals.

Financial highlights

• Revenue for Q1 2025: €871 million (+0.7% organic growth year-over-year); sequential revenue improved 4.7% from Q4 2024.

• Adjusted EBITDA margin was 14.7%, down from 20.2% in Q1 2024.

• Current operating income was €56 million; current net income group share was €31 million.

• Perimeter effect of -€68 million due to paper business divestiture; positive FX effect of €6 million.

• Organic sales growth driven by resilient volumes (-0.7%) and price increases (+1.4%).

Outlook and guidance

• No formal guidance provided; management expects continued growth if volumes hold and no major recession occurs.

• Direct impact from new or increased tariffs expected to be very limited due to local production and minimal interregional flows.

• Macroeconomic and geopolitical uncertainty expected to persist, with a focus on resilience and local production capabilities.

• Commitment to responsible, profitable growth and decarbonization remains unchanged.