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 weak industrial activity in Europe and subdued demand in North America.

• Adjusted EBITDA for the nine months was €421 million (16.3% margin), nearly flat year-over-year like-for-like, supported by disciplined pricing and cost management.

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

• A comprehensive cost reduction and performance improvement program has been launched to restore profitability and simplify the organization.

• Strategic initiatives include the 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%.

• Adjusted EBITDA for Q3 2025 was €140 million (16.9% margin); nine-month adjusted EBITDA was €421 million, down 20.9% year-over-year, mainly due to lower JV contributions and FX effects.

• Net income, Group share, for Q3 was €39 million, compared to a €285 million loss last year due to non-cash expenses from asset disposals.

• Current net income, Group share, for nine months was €126 million, down 41.2% 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 is expected in the near term; cost actions are being accelerated to restore profitability.

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

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