Imerys Sa Ord (IMYSF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon to all of you, and thank you for joining us today to review Imerys H125 results. With me this afternoon, as usual, Sébastien Rouge, our CFO. And as usual, please let me start by giving you a few highlights of the semester we just closed, and in particular, on the second quarter of the year. I think Imerys delivered a very resilient H1 results. On a comparable basis, our sales were flat. and our EBITDA for the underlying business was even up. And I think this is a great achievement, considering the environment around us. If we go a bit more in detail, the performance in the first half was the result of a good start in the year with a solid Q1, and for sure a softer Q2. This sudden and unpredictable U.S. tariff policy, and especially the changes thereof, triggered a global uncertainty in the U.S. land, a bit everywhere, but also in North America. Despite softer volumes in two, organic growth for the first half of the year was flat, basically, compared to last year. Even in this challenging context, we posted an increase in EBITDA versus last year, 1.7, both for the second quarter and for the full first half, excluding, of course, Perinita and the contribution of JD, as well as change, which in Q2 turned significantly negative, reporting in Euro, and Sébastien will show you the impact of the dollar devaluation. As I said, this demonstrates the strength and the resilience of our company, but also the good work done on cost-saving, cost-saving initiatives and programs, pricing discipline, innovation, and I will come back on this because it starts to be significant, and also thanks to the investments we have launched in the last two years on growing businesses, such as conductive additives, that are finally starting to deliver significant sales and profits. ...