Imerys (NK) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was €2,583 million, down 0.7% like-for-like year-over-year, reflecting a strong start and a softer second half due to a U.S. slowdown and ongoing European weakness.

• Adjusted EBITDA for the nine months was €421 million (16.3% margin), nearly flat year-over-year excluding joint ventures; Q3 EBITDA was €140 million (16.9–17% margin).

• Net income, Group share, for the nine months reached €110 million, a significant improvement from a €143 million loss last year, mainly due to non-cash charges in 2024.

• A comprehensive cost reduction and performance improvement program is being launched to simplify the organization and adjust the industrial footprint, targeting improved profitability from 2026.

• Key strategic moves include an agreement to acquire SB Mineração in Brazil, advanced discussions for a minority investment in the EMILI Lithium Project, and partnerships to expand the battery materials portfolio and decarbonize operations.

Financial highlights

• Q3 2025 revenue was €827 million, down 1.3% year-over-year at constant scope and exchange rates; nine-month revenue was €2,583 million, down 0.7% like-for-like.

• Adjusted EBITDA for the first nine months was €421 million, down 21% year-over-year, mainly due to lower JV contributions, perimeter changes, and FX effects.

• Net profit for the period reached €110 million, with current net income from continuing operations at €126 million.

• Current operating income for the nine months was €216 million, down 34.6% year-over-year.

• FX impact was -€47 million, mainly from USD devaluation.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance is confirmed at €540–580 million, assuming stable macroeconomic conditions and exchange rates.

• No significant market recovery expected in the near term; cost actions are being accelerated.

• European volumes expected to improve in Q4, aided by anti-dumping measures on Chinese mineral imports.

• U.S. recovery anticipated in the second half of 2026; Europe expected to rebound next year, though the magnitude is uncertain.