Imerys (NK) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached €2,773 million, with Q3 revenue at €855 million, reflecting solid volume recovery and stable pricing year-over-year, driven by specialty minerals and market share gains.

• Adjusted EBITDA for the first nine months was €533 million (+3% year-over-year), with a margin of 19.2% (+140 bps), supported by cost reductions, operating leverage, and joint venture contributions.

• Current net income (group share) for nine months at €214 million, up 11.3% year-over-year.

• Net income, group share, was -€143 million for the first nine months, impacted by a non-cash translation reserve loss from the disposal of paper market assets.

• Full-year 2024 adjusted EBITDA guidance is confirmed at €670–690 million, reflecting confidence in operational resilience.

Financial highlights

• Q3 2024 organic revenue growth was 4.1% year-over-year, with volumes up 3.8% and prices up 0.3%.

• Year-to-date organic revenue growth was 0.1%, with volumes up 0.9% and prices down 0.8%.

• Adjusted EBITDA for Q3 was €148 million; nine-month adjusted EBITDA at €533 million, with a 19.2% margin (up 140–150 bps year-over-year).

• Current operating income for nine months at €330 million (11.9% of sales), up 9.8% year-over-year.

• Net income, group share, for nine months was -€143 million, mainly due to a non-cash translation reserve loss.

Outlook and guidance

• Full-year 2024 adjusted EBITDA guidance maintained at €670–690 million, reflecting confidence in resilience and a diversified portfolio.

• Management remains prudent due to macroeconomic and geopolitical uncertainties but expects continued outperformance and volume-driven growth.

• Construction and residential markets expected to recover as interest rates fall, providing further growth potential.