Imerys Sa Ord (IMYSF) Q2 2025 Earnings Call

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WEBVTT 00:00:01.853 -- 00:00:07.078 Good afternoon to all of you, and thank you for joining us today to review Imerys 00:00:07.078 -- 00:00:09.580 H125 results. 00:00:09.580 -- 00:00:13.964 With me this afternoon, as usual, Sébastien Rouge, our CFO. 00:00:13.964 -- 00:00:19.048 And as usual, please let me start by giving you a few highlights of the semester we just 00:00:19.048 -- 00:00:23.613 closed, and in particular, on the second quarter of the year. 00:00:23.613 -- 00:00:28.757 I think Imerys delivered a very resilient H1 results. 00:00:28.757 -- 00:00:32.262 On a comparable basis, our sales were flat. 00:00:32.262 -- 00:00:36.607 and our EBITDA for the underlying business was even up. 00:00:36.607 -- 00:00:41.754 And I think this is a great achievement, considering the environment around 00:00:41.754 -- 00:00:47.060 us. If we go a bit more in detail, the performance in 00:00:47.060 -- 00:00:52.848 the first half was the result of a good start in the year with a solid Q1, 00:00:52.848 -- 00:00:56.005 and for sure a softer Q2. 00:00:56.005 -- 00:01:01.814 This sudden and unpredictable U.S. tariff policy, 00:01:01.814 -- 00:01:07.203 and especially the changes thereof, triggered a global uncertainty 00:01:07.203 -- 00:01:12.451 in the U.S. land, a bit everywhere, but also in North America. 00:01:12.451 -- 00:01:18.080 Despite softer volumes in two, organic growth for the first half of the year was flat, 00:01:18.080 -- 00:01:21.503 basically, compared to last year. 00:01:21.503 -- 00:01:26.649 Even in this challenging context, we posted an increase in EBITDA 00:01:26.649 -- 00:01:32.135 versus last year, 1.7, both for the second quarter and for 00:01:32.135 -- 00:01:37.181 the full first half, excluding, of course, Perinita and the contribution 00:01:37.181 -- 00:...