Imerys Sa · EURONEXT:NK
Imerys Sa — Imerys Sa Ord — H1 2025 Earnings Presentation
37 slides from Imerys Sa's earnings presentation, Jul 29, 2025
Slide 1: 2025 First Semester Results
2025 First Semester Results July 29, 2025 Alessandro Dazza - Chief Executive Officer Sébastien Rouge - Chief Financial Officer
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: Imerys: Financial Highlights, Results, Outlook, Emili Project
Imerys Financial Highlights Results Outlook Emili Project 3 February July 21,| 2025 29, 2025 | Imerys Imerys 2024 2025 First Annual Half Results Results
Slide 4: Financial Highlights
Imerys Financial Emili Project Highlights Outlook Results 4 February July 21,| 2025 29, 2025 | Imerys Imerys 2024 2025 First Annual Half Results Results
Slide 5: H1 2025 - Highlights
H1 2025 - Highlights Revenue Adjusted EBITDA Guidance Strategic Roadmap 2025 Adjusted EBITDA Progress update €1,757m €281m target Emili lithium project ● H1 2025 sales stable on a ● H1 2025 adjusted EBITDA at €281 ● Full year 2025 adjusted EBITDA ● Strong fundamentals of the project comparable basis
Slide 6: H1 2025 sales by region
H1 2025 sales by region H1 2025 revenue at €1,757m - Organic growth at -0.4% vs H1 2024 Europe Middle East and Africa: €834 million. Organic North America : €491 million. Organic growth: approx. +1%: change: approx. -3%: ● Low construction activity: high interest rate, business ● Refractory and abra
Slide 7: Robust business model, positive price-cost balance maintained
Robust business model, positive price-cost balance maintained Adjusted EBITDA (in € million) Change in pricing and costs vs prior year (in € million) 384 281 ● Perimeter effect mainly +12 +17 +25 attributable to the divestiture of the assets serving the paper market in July 2024 ● Deterioration in c
Slide 8: Construction: flat Q2 2025 in Europe and North America
Construction(1): flat Q2 2025 in Europe and North America Overview: FY25 market forecasts lowered. US tariffs causing uncertainty and investment decision delays. Europe Q4-23 vs Q1-25 vs Q2-25 vs Q4-24 Q1-24 Q2-24 FY25 projections essentially flat (+0.3%). Housing permits trending downwards. Uncertai
Slide 9: Consumer Goods: resilient in all geographies
Consumer Goods(1): resilient in all geographies Europe Driven by successive European Central Bank rate cuts and affordable energy Q4-24 vs Q1-25 vs Q2-25 vs prices, consumption growth is expected to stabilize at +1.4% in 2025. Q4-23 Q1-24 Q2-24 North America Sustained momentum in Q2, but this is exp
Slide 10: Automotive: sharp production downgrade in Europe and North America
Automotive(1): sharp production downgrade in Europe and North America Europe Q2 25 production at -6.4% Year on Year (YoY). Further decline expected for the rest of 2025 (-5.3% YoY) due to challenges in meeting fuel regulations; Q4-23 vs Q1-25 vs Q2-25 vs deteriorating macroeconomic conditions weaken
Slide 11: Energy, Electronics and EV: booming EV sales, weak Energy and Electronics
Energy, Electronics and EV(1): booming EV sales, weak Energy and Electronics Energy Weaker industrial production in the EU and North America impacting energy consumption/production and investments in the sector Electronics Q4-24 vs Q1-25 vs Q2-25 vs Q4-23 Q1-24 Q2-24 FY 2025 growth projection lowere
Slide 12: Industry and Equipment: soft except for China
Industry and Equipment(1): soft except for China Europe Further decrease in industrial production; no material rebound expected before Q4-24 vs Q1-25 vs Q2-25 vs Q4-23 Q1-24 Q2-24 late H2 2025 / early 2026 North America Europe -2% -1% 0% Industrial activity expected to suffer in H2 from supply chain
Slide 13: Iron and Steel production: very contrasted momentum per region
Iron and Steel production (1): very contrasted momentum per region Europe Production decrease in Q2 25 (-2.0%) caused by weak domestic demand and tariffs on exports to the US. Import quotas and Carbon Border Adjustment Mechanism policy to potentially reduce cheap foreign imports to Q4-24 vs Q1-25 vs
Slide 14: Results
Imerys Financial Emili Project Highlights Outlook Results 14 February July 21,| 2025 29, 2025 | Imerys Imerys 2024 2025 First Annual Half Results Results
Slide 15: H1 2025 Sales variances
H1 2025 Sales variances (€m) -7.1% -1.0% -2.0% +1.6% -8.4% Reported 1,919 +28 1,757 -35 -136 -19 Organic variation: -0.4% 2024 H1 Perimeter Currencies Volumes Price 2025 H1 revenue revenue 992 -68 -25 -29 +16 886 Q2 -6.8% -2.5% -3.3% +1.7% -10.7% 15 February July 21,| 2025 29, 2025 | Imerys Imerys 2
Slide 16: Performance Minerals
Performance Minerals Like-for-like Consolidated amount Like-for-like Q2 2024 Q2 2025 H1 2024 H1 2025 change (€ millions) change 284 222 +0.4% Revenue Americas 543 444 +1.3% Revenue Europe, Middle East and Africa and 375 331 -1.8% Asia-Pacific 727 648 -1.0% -38 -19 - Eliminations -71 -37 - 620 534 -0.
Slide 17: Solutions for Refractory, Abrasives & Construction
Solutions for Refractory, Abrasives & Construction Like-for-like Consolidated amount Like-for-like Q2 2024 Q2 2025 H1 2024 H1 2025 change (€ millions) change Revenue Refractory, Abrasives & 320 291 -6.0% Construction 620 580 -5.0% - - - Adjusted EBITDA 81 69 -14.1%* - - - Adjusted EBITDA margin 13.0
Slide 18: Solutions for Energy Transition (SET)
Solutions for Energy Transition (SET) H1 2024 H1 2025 Solutions for Energy Transition Reported Graphite & (€ millions) Graphite & change TQC (50%) SET TQC (50%) SET Carbon Carbon 102 102 Revenue 123 123 - 20 20 Adjusted EBITDA 34 34 - 78 78 Share in net income from JVs 6 6 - 98 Adjusted EBITDA 40 -5
Slide 19: H1 2025 Adjusted EBITDA variances
H1 2025 Adjusted EBITDA variances (€m) 384 +1 +1 -34 -8 -2 281 -17 +28 -71 +€5 million 20.0% Adjusted EBITDA margin 16.0% H1 2024 Perimeter Currencies Volumes Price Variable Fixed Change Share in net H1 2025 Adjusted costs costs and in inventories income of Adjusted EBITDA overheads and others assoc
Slide 20: H1 2025 Net income
H1 2025 Net income (€m) H1 2024 H1 2025 Change Adjusted EBITDA 384 281 -26.7% Current operating income 253 143 -43.2% Current financial expenses (27) (32) - Current income tax (50) (29) - Minority interests (3) 0 - Current net income, Group share 173 83 -52.3% Other operating income and expenses, net
Slide 21: Cash flow generation in H1 2025
Cash flow generation in H1 2025 (€m) H1 2024 H1 2025 Adjusted EBITDA 384 281 Increase (–)/decrease (+) in operating working capital (15) (25) Notional tax on current operating income (56) (37) Elimination of share of net income from JVs (84) (11) Dividends received from JVs 49 3 Other adjustments 4 1
Slide 22: Sound financial structure
Sound financial structure Change in net financial debt (€m) Net Debt Net current Financial result paid Other Income & Dividends Other Net Debt Dec. 31, 2024 free operating Expenses June 30, 2025 cash flow Covenant 1.9x Net financial debt to adjusted EBITDA (no covenant) 2.5x - 39% Net financial debt
Slide 23: Outlook
Imerys Financial Emili Project Highlights Outlook Results 23 February July 21,| 2025 29, 2025 | Imerys Imerys 2024 2025 First Annual Half Results Results
Slide 24: Outlook
Outlook ● Operating in a world characterized by heightened geopolitical and macroeconomic uncertainties, the Group targets an adjusted EBITDA for the FY 2025 in the range of €540 to €580 million. ● This is assuming no material deterioration in the current macroeconomic environment. ● Imerys expects
Slide 25: Emili Project
Imerys Financial Emili Project Highlights Outlook Results 25 February July 21,| 2025 29, 2025 | Imerys Imerys 2024 2025 First Annual Half Results Results
Slide 26: Emili project overview
Emili project overview The Emili project represents a major hard-rock lithium resource, strategically located in the heart of Europe (Allier department ), with the ambition to deliver battery-grade lithium hydroxide to the growing European EV supply chain ● Target production of 34,000 tons of lithiu
Slide 27: Pre-Feasibility Study confirming Emili project's strong fundamentals (1/2)
Pre-Feasibility Study confirming Emili project’s strong fundamentals (1/2) A world-class lithium ● Significantly higher resources than expected (373 millions tons at 1.0% Li2O) deposit (top 5 ● Evidence of higher grade core of 69 million tonnes at 1.22% Li2O worldwide for hard ● 50-year life of mine r
Slide 28: Pre-Feasibility Study confirming Emili project's strong fundamentals (2/2)
Pre-Feasibility Study confirming Emili project’s strong fundamentals (2/2) Production cash cost ● Cash-cost in the lower end of the €7-9/kg range announced previously ensuring project competitiveness ● Emily positioned in the second quartile of the global cost curve ● Capex for commercial plant revis
Slide 29: Imerys' commitment to responsible mining
Imerys’ commitment to responsible mining Imerys Environmental IRMA compliance Design choices Charter Initiative for Responsible Integral part of Imerys Underground mine Mining Assurance corporate values and Conversion site in industrial business strategy Best-practice ESG standards for area mining S
Slide 30: Global lithium market: price rebound expected at the end of the decade
Global lithium market: price rebound expected at the end of the decade Worldwide lithium demand expected to grow at 13% CAGR Price rebound expected towards the end of the decade, but still far from 2022 peak Lithium supply/demand forecast 2024-2035 Historical1 and forecasted2 lithium price Supply/de
Slide 31: European lithium market: significant growth demand and deficit of supply by 2030
European lithium market: significant growth demand and deficit of supply by 2030 Lithium demand to progress by 22% per year until 2030 Europe supply deficit estimated at 160 kt by 2030 EV & hybrid sales in Europe Unit: kt LCE* Lithium demand for batteries in Europe Unit: kt LCE* Source: Benchmark Miner
Slide 32: Emili project: progress and next steps
Emili project: progress and next steps 2022-2023 2024-2025 Next steps ● Scoping study completed ● CNDP (Public Debate) ● Partner search in 2023 successfully completed in 2024 ● Definitive Feasibility Study ● Preliminary mine design (DFS) ongoing defined ● Pre-Feasibility Study completed in 2025 ● Cons
Slide 33: APPENDIX
Imerys APPENDIX 33 July 29, 2025 | Imerys 2025 First Half Results
Slide 34: Q2 Net income
Q2 Net income (€m) Q2 2024 Q2 2025 Change Revenue 992 886 -10.7% Adjusted EBITDA 197 154 -21.8% of which share of net income from JVs 28 5 - Current operating income 129 87 -32.6% Current financial expenses (12) (17) - Current income tax (26) (18) - Minority interests (2) 0 - Current net income, Grou
Slide 35: Strong liquidity position
Strong liquidity position Bond maturity profile (€m) Bilateral credit lines maturity profile (€m) Bonds Average maturity Bilateral credit lines Average maturity €1,700m 3.4 years €1,010m 2.2 years Average maturity Average maturity (€m) 31/12/2024 30/06/2025 High level of available resources: Bonds 1,7
Slide 36: Glossary
Glossary Alternative Performance Definitions and reconciliation to IFRS indicators Measures Growth at constant scope and • Calculated by stripping out the impact of currency fluctuations as well as acquisitions and disposals (scope effect). exchange rates (also called • Restatement of the currency effec
Slide 37: 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/ 37 February July 29, 21,| 2025 27, 2025 2021 | Imerys Imerys 2024 first half 2025 First Annual 2021 Half Results Results Results