Sparks

Imerys reported H126 revenue of €1,740m (H125: €1,757m), 0.9% lower as reported but 1.8% higher at constant exchange rates, with organic growth of 1.5% and a €5m perimeter effect outweighed by a €47m currency drag. Adjusted EBITDA rose 3.0% to €290m (H125: €281m), a €26m or 10.0% increase at constant rates that lifted the margin 0.6pp to 16.6%. The bridge was led by price (+€17m) and the share of net income from joint ventures and associates (+€10m), with volumes adding €6m and fixed costs and overheads with a €4m headwind. Q226 revenue rose 2.9% at constant rates to €906m from 0.7% in Q126, with adjusted EBITDA up 14.5% to €172m. Current net income (group share) fell 19.9% to €66m (H125: €83m), and current net income per share fell to €0.78 (H125: €0.98) on current financial expenses of €46m (€32m) covering higher interest and a non-cash mark-to-market on power purchase agreements, while reported net income fell 29.9% to €49m after €17m of other operating income and expenses.

By region, Asia led with organic growth of c 12.2% to €359m, while North America grew c 1.6% to €470m and EMEA fell c 1.6% to €815m. Performance Minerals revenue grew 0.5% to €1,034m with adjusted EBITDA up 8.1% to €189m. Refractory, Abrasives & Construction rose 1.6% to €571m on 1.7% sales volume growth, prices having been cut 1.1% to win back market share, with adjusted EBITDA up 11.5% to €70m. Graphite & Carbon rose 13.6% to €137m on electric vehicle and energy storage demand, with adjusted EBITDA up 16.4% to €38m. Project Horizon has delivered €17m of its €50–60m targeted run-rate savings, although the price/cost balance narrowed to €16m (H125: €30m).

Net current free operating cash flow more than doubled to €109m (H125: €44m) on lower capex of €124m (H125: €146m) and strict working capital management. Net debt closed at €1,468m (December 2025: €1,391m), or 2.6x adjusted EBITDA, but stood at €1,383m before €46m of largely non-cash headquarters lease additions and €39m of net acquisition and disposals spend. Management targets FY26 adjusted EBITDA of €550–580m assuming no material deterioration and with expectations of automotive and transportation production declining across all geographies in Q226.