Imerys Sa · EURONEXT:NK
Imerys Sa — Imerys Sa Ord — FY2025 Earnings Presentation
30 slides from Imerys Sa's earnings presentation, Feb 20, 2026
Slide 1: 2025 Annual Results
2025 Annual Results February 20, 2026 Alessandro Dazza, Chief Executive Officer Pierre Lebreuil, Chief Financial Officer February 20, 2026 | Imerys 2025 Annual results presentation
Slide 2: Disclaimer
Disclaimer More comprehensive information about Imerys may be obtained on its website (www.imerys.com), under Regulated Information, including its Universal Registration Document filed under No. D.25-0161 on March 26, 2025 with Autorité des Marchés Financiers. Imerys draws the attention of investors
Slide 3: Highlights, Financial, Outlook
Imerys HIGHLIGHTS FINANCIAL OUTLOOK RESULTS February 20, 2026 | Imerys 2025 Annual results presentation
Slide 4: Highlights
Imerys HIGHLIGHTS FINANCIAL OUTLOOK RESULTS February 20, 2026 | Imerys 2025 Annual results presentation
Slide 5: Full year 2025 – Financial Highlights
Full year 2025 – Financial Highlights(1) Revenue Adjusted EBITDA Cash flow generation Proposed dividend €3,384 m €546 m €127 m(2) €0.75 per share ● Net current free operating cash ● Cash dividend proposal of €0.75 ● Revenue at €3,384 million and Q4 ● Full year adjusted EBITDA per share, with payout r
Slide 6: Full year 2025 revenue at €3,384m, broadly stable like-for-like
Full year 2025 revenue at €3,384m, broadly stable like-for-like Full year 2025 sales by region (-0,7% vs LY like-for-like) North America €712 million Asia Organic growth: approx. +0,0% €494 million • Weak residential market, impacted by high interest rates, unsold housing inventory Organic growth: a
Slide 7: End-market trends in Q4 and FY 2025
End-market trends(1)(2) in Q4 and FY 2025 11% ENERGY & ELECTRONICS ● FY 2025: booming EV sales, weak energy and electronics. Q4 in line with FY 38% CONSTRUCTION & INFRASTRUCTURE 13% ● FY 2025: flattish market overall INDUSTRY & EQUIPMENT (growth only in infrastructure) ● FY 2025: soft in Europe and i
Slide 8: Business development to drive future growth
Business development to drive future growth Additional industrial capacities 2025 Innovative products ● Willebroek (Belgium): ● Green Mobility & Sustainable Energy: ○ Lighthouse site for conductive additive materials for ○ “SU-NERGY”: first low CO2-emission synthetic graphite lithium-ion batteries in
Slide 9: Resilient business model supported by a solid price/cost balance
Resilient business model supported by a solid price/cost balance FY 2025 Adjusted EBITDA (€m) in line with last year excluding FY 2025 Adjusted EBITDA benefiting from: • Steady pricing: +1.3% vs LY JV contribution, perimeter and FX effects • Flat costs despite inflation, thanks to continuous cost savin
Slide 10: Cost and performance improvement program: Project Horizon
Cost and performance improvement program: “Project Horizon” Overview Target ● Objective: ● €50–60 million of annual run-rate savings vs. the 2025 cost base ○ Achieve targeted profitability ○ Consolidate the Group’s competitive edge, drive ● Timeline: efficiencies and facilitate the agility needed in th
Slide 11: Key updates
Key updates Lithium projects Chapter 11 update ● EMILI lithium project: €50 million investment by the ● Confirmation hearing of the Plan of Reorganization French State for a minority stake started on February 2 and concluded on February 6, 2026, at US Bankruptcy Court in Delaware ○ Key milestone in t
Slide 12: 2023-2025 SustainAgility roadmap successfully completed
2023-2025 SustainAgility roadmap successfully completed Empowering Growing with Caring for our planet Caring for our planet our people our customers Scope 1 & 2 GHG Emission Safety Culture Maturity Group EcoVadis Score Environmental Maturity Reduction ✔ ✔ ✔ ✔ ✔ Assessment ✔ 2022 2025 2022 2025 2021
Slide 13: 2025 Results in line with our long-term GHG reduction targets
2025 Results in line with our long-term GHG reduction targets Scope 1 & 2 Scope 3 -42% -25% * only categories included in SBTi target (ktCO2eq) (kt CO2eq) Scope 1 and 2 GHG emissions reduction scope 3 GHG emissions reduction - 28 % in 2025 compared to 2021 baseline -22 % in 2025 compared to 2021 bas
Slide 14: New SustainAgility 2030 streamlined plan
New SustainAgility 2030 streamlined plan: focusing on objectives to meet key shareholders' expectations Empowering our people Growing with our customers Caring for our planet Objective 2030 Objective 2030 Objective 2030 Safety: Reduce the Group Total Injury -5% Existing portfolio sustainability: Ass
Slide 15: Financial
Imerys HIGHLIGHTS FINANCIAL OUTLOOK RESULTS February 20, 2026 | Imerys 2025 Annual results presentation
Slide 16: Full year 2025 sales variance analysis
Full year 2025 sales variance analysis (€m) -3.1% -2.3% -2.0% +1.3% -6.1% 3,605 3,384 -115 -82 -69 +45 Organic change: -0.7% FY 2024 Perimeter FX Volumes Price FY 2025 revenue revenue Q4 832 +9 -35 -14 +9 801 +1.3% -4.2% -1.8% +1.1% -3.7% February 20, 2026 | Imerys 2025 Annual results presentation
Slide 17: Performance Minerals
Performance Minerals Like-for-like Consolidated amount Like-for-like Reported Q4 2024 Q4 2025 2024 2025 change (in €m) change Change 219 197 -2.4% Revenue Americas 986 841 -1.3% -14.7% Revenue Europe, Middle East 292 292 -2.0% 1,327 1,249 -1.7% -5.8% and Africa and Asia-Pacific -20 -15 - Eliminations
Slide 18: Solutions for Refractory, Abrasives & Construction
Solutions for Refractory, Abrasives & Construction Like-for-like Consolidated amount Like-for-like Reported Q4 2024 Q4 2025 2024 2025 change (in €m) change Change Revenue Refractory, 286 271 0.1% 1,190 1,128 -2.1% -5.2% Abrasives & Construction - - - Adjusted EBITDA 151 129 -9.9% -14.8% - - - Adjust
Slide 19: Solutions for Energy Transition
Solutions for Energy Transition 2024 2025 Consolidated amount Like-for-like Reported Graphite & (in €m) Graphite & change change TQC (50%) SET TQC (50%) SET Carbon Carbon 215 - 215 Revenue 238 - 238 +11.0% +10.8% 42 - 42 Adjusted EBITDA 60 - 60 +39.7% +41.2% - 98 98 Share in net income from JVs - 17
Slide 20: Full year 2025 Adjusted EBITDA variance analysis
Full year 2025 Adjusted EBITDA variance analysis (€m) 675 546 -30 -22 +2 +1 -8 -36 +38 -74 -€3 million / -0.7% like for like 18.7% 16.1% Adjusted EBITDA margin 16.0% FY 2024 Fixed Change in Share in net FY 2025 Perimeter FX Volumes Price Variable Adjusted Adjusted costs and inventories income of cos
Slide 21: Full year 2025 net income, group share
Full year 2025 net income, group, share Breakdown of Other operating income (in €m) 2024 2025 Change and expenses, net, Group Share Adjusted EBITDA 675 546 -19.1% ● Non-cash goodwill impairment charge of €467 million related to the Solutions for Current operating income 394 257 -34.7% Refractory, Ab
Slide 22: 2025 cash flow generation
2025 cash flow generation (in €m) 2024 2025 Adjusted EBITDA 675 546 Increase (–)/decrease (+) in operating working capital 4 -26 Notional tax on current operating income -90 -64 Elimination of share of net income from JVs -110 -31 Dividends received from JVs 75 7 Other adjustments 10 13 Net current o
Slide 23: Sound financial structure
Sound financial structure Change in net financial debt (€m) Net Debt Dec. 31, 2024 Net current free operating Financial result paid Other income and expenses Dividends Other Net Debt Dec. 31, 2025 Highlights cash flow 1.9x Net financial debt to adjusted EBITDA (no covenant) 2.5x ● Net financial debt r
Slide 24: Outlook
Imerys HIGHLIGHTS FINANCIAL OUTLOOK RESULTS February 20, 2026 | Imerys 2025 Annual results presentation
Slide 25: Outlook
Outlook With markets showing no significant improvement in early 2026, Imerys will require more visibility before it can commit to improved 2026 performance versus 2025. Disciplined execution across all strategic directions and continued innovation will remain key priorities as the Group moves forwar
Slide 26: Appendix
Appendix February 20, 2026 | Imerys 2025 Annual results presentation
Slide 27: Strong liquidity position
Strong liquidity position Bond maturity profile (€m) Bilateral credit lines maturity profile (€m) Bonds Average maturity Bilateral credit lines Average maturity €2,043m 4.3 years €960m 3.0 years Average maturity Average maturity (€m) 31/12/2024 31/12/2025 Bonds 1,700 2,043 High level of available reso
Slide 28: Best in class performance on ESG ratings
Best in class performance on ESG ratings Indices/ Assessment (100 - 0) (-D to A) (0 to 100) (CCC to AAA) (D- to A+) (0 to 100) 0 = low risk Most recent A 79 AA C+ 70 27.7 rating 69 CDP Climate: A Gold medal Prime status: CDP SER*: A Sustainable investment CDP Water: B Above industry Relative to aver
Slide 29: Glossary
Glossary Alternative Performance Measures Definitions and reconciliation to IFRS indicators • Calculated by stripping out the impact of currency fluctuations as well as acquisitions and disposals (scope effect). • Restatement of the currency effect consists of calculating aggregates for the prior year a
Slide 30: Thank you for your attention
Thank you for your attention Visit www.imerys.com for more information. Or connect with us: www.linkedin.com/company/imerys/ February 20, 2026 | Imerys 2025 Annual results presentation