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Imerys — Earnings Release 2024
Feb 20, 2025
1431_iss_2025-02-20_05e29d4b-4d53-4643-b271-447c04503ed4.pdf
Earnings Release
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IMERYS
PRESS RELEASE
PARIS, FEBRUARY 20, 2025
Imerys delivers solid 2024 results: organic growth, increased adjusted EBITDA and margin driven by volume recovery
- FY 2024 revenue at €3,605 million:
- +1% organic growth versus last year
- Q4 2024: +3.5% vs Q4 2023 like-for-like, and third consecutive quarter of organic growth
-
Continued volume recovery, driven by additional industrial capacities, new product launches and commercial actions
-
FY 2024 adjusted EBITDA at €675 million, in line with guidance¹
- +11.4% growth versus last year like-for-like
- Q4 2024: +13.9% vs Q4 2023 like-for-like
-
Improved adjusted EBITDA margin to 18.7% for 2024, +110 bps above last year, reflecting enhanced operating leverage and higher contribution of JVs
-
FY 2024 current net income from continuing operations, Group share, at €262 million up 8.2% versus last year
- Sound financial structure and Investment Grade credit rating confirmed, with net current free operating cash flow at €209 million before strategic capital expenditures
- Proposal of a cash dividend of €1.45 per share, a 7.4% increase versus last year
- Scope 1 & 2 greenhouse gas emissions reduction of 28% (in absolute tCO₂e vs 2021 base year), on-track towards SBTi validated 2030 target of -42% and recognized by CDP with an A rating
| Consolidated results²³⁴
(€ millions) | FY 2023 | FY 2024 | Change 2024 / 2023 | Change 2024 / 2023 like-for-like |
| --- | --- | --- | --- | --- |
| Revenue | 3,794 | 3,605 | -5.0% | +0.9% |
| Adjusted EBITDA | 668 | 675 | +1.2% | +11.4% |
| Adjusted EBITDA margin⁵ | 17.6% | 18.7% | +110 bps | - |
| Current operating income | 365 | 394 | +8.0% | +18.5% |
| Current operating margin | 9.6% | 10.9% | - | |
| Operating income | 108 | 20⁶ | - | |
| Current net income from continuing operations, Group share | 242 | 262 | +8.2% | |
| Net income from continuing operations, Group share | 8 | (95)⁶ | - | |
| Net income from discontinued activities, Group share | 44 | - | - | |
| Net income, Group share | 51 | (95)⁶ | - | |
| Net current free operating cash flow (incl. discontinued ope.) | 191 | 136 | -29.0% | |
| Net financial debt (as of December 31) | 1,118 | 1,275 | +14.0% | |
| Current net income from continuing operations, Group share per share⁷ | €2.86 | €3.10 | +8.2% | |
The 2024 consolidated financial statements were approved by the Board of Directors at its meeting of February 20,2025. The audit procedures on the consolidated accounts are finalized. The audit report will be issued after the finalization of the procedures for the verification of the management report, and the presentation of the accounts to be included in the Universal Registration Document, in the format provided for in the ESEF Regulation.
¹ Guidance announced on July 29, 2024: FY 2024 adjusted EBITDA between €670 million and €690 million
² In 2023, according to IFRS 5, HTS was accounted for as a discontinued operation and reported under ‘Net income from discontinued activities’ (its revenue, expenses and pre-tax profits are not detailed in the consolidated income statement)
³ The definition of alternative performance measures can be found in the glossary at the end of the press release
⁴ Figures may not add up due to rounding
⁵ Share of net income from joint ventures contributed 2.4 and 3.0 percentage points to 2023 and 2024 adjusted EBITDA margin, respectively
⁶ This includes the translation reserve recycled in the income statement associated with the assets serving the paper market disposed of, representing a non-cash loss of €302 million for 2024, without impact on the Group’s shareholders’ equity.
⁷ Weighted average number of outstanding shares: 84,577,709 in 2024 compared with 84,564,199 in 2023
Alessandro Dazza, Chief Executive Officer, said:
"Imerys' 2024 performance demonstrates that we are reaping the benefits of the investments made in recent years to expand capacities in growing markets and launch innovative mineral-based solutions. This focused capital allocation strategy has resulted in volume recovery across the industries we serve, in an overall uncertain context. We have also demonstrated remarkable progress toward our decarbonization and sustainability objectives.
Thanks to the constant commitment and hard work of our teams, we outperformed our end-markets. Our well-invested and diversified portfolio positions us well to capture profitable growth opportunities while maintaining our world leadership."
PROPOSED DIVIDEND
Imerys continues to offer shareholders an attractive remuneration: at the Shareholders' General Meeting of May 13, 2025, the Board of Directors will propose a 7.4% increase in the ordinary cash dividend to €1.45 per share⁸ (vs. €1.35 ordinary cash dividend paid in 2024). This represents a distribution of €123 million, or a pay out of 47% of its annual net income from current operations, Group share, for 2024, in line with last year.
HIGHLIGHTS
On January 6, 2025, Imerys announced the acquisition of the European diatomite and perlite business of Chemviron, a subsidiary of Calgon Carbon Corporation. In 2024, this business generated approximately €50 million in revenue and employed around 130 people. With this acquisition, Imerys progresses on its strategic roadmap, as it continues to focus on expanding into high-growth end-markets. The Group is poised to deliver greater value to its customers in the food, beverage, filtration and pharmaceutical markets, whilst strengthening its market position and industrial footprint in diatomite and perlite.
On January 5, 2025, Imerys' North American talc entities (the "NA Talc Entities") announced that more than 90% of voting claimants have accepted the Plan of Reorganization proposed in their Chapter 11 process and that they have therefore achieved the legally required approval threshold. This is a very positive development in the ongoing procedure, though a few steps remain before the NA Talc Entities can conclude the Chapter 11 process. The NA Talc Entities' cases will now proceed towards a confirmation hearing with the Bankruptcy Court, which is currently scheduled in the second quarter. Subject to the confirmation of the Plan by the Bankruptcy Court, the U.S. Federal District Court must then also review and affirm the Bankruptcy Court's ruling. The provision currently recognized in Imerys' financial statements is considered as appropriate to cover the expected financial impact of the Plan of Reorganization and the resolution of the Group's historic liabilities relating to the North American talc operations.
Imerys' lithium projects are progressing according to plan:
- In France, EMILI's Pre Feasibility Study (PFS) is now completed. The national public debate was conducted in an open and constructive atmosphere during most of the year 2024 and was concluded in December with the publication of certain commitments from Imerys which will be implemented as we move along with the project. As we start the engineering work for the Definitive Feasibility Study (DFS), we are simultaneously advancing the permitting and financing processes for the construction of an industrial pilot plant.
- Concerning Imerys British Lithium, Imerys announced in November the acquisition of the remaining 20% interest it did not own. Although still at an early stage, this project could potentially strengthen the Group's position in the European lithium market and support its ambition to become a key lithium supplier to the European and UK electric vehicle battery industries in the future. In 2024, several drilling campaigns were launched to achieve a better characterization of the deposit. A lab-scale pilot plant is now producing battery-grade lithium carbonate.
⁸Ex-dividend and payment date would be May 20, 2025 and May 22, 2025 respectively
SUSTAINABILITY
Highlights
Our 2024 performance in terms of sustainability is robust and we are well on track to achieve our 2025 sustainability roadmap objectives.
With regards to climate change, the Group decreased its scope 1 & 2 GHG emissions by 28% as of the end of 2024 compared to its 2021 base year. This reduction demonstrates that Imerys is ahead of the linear trajectory required to meet the Group's ambitious target of a 42% decrease by 2030. Key decarbonization initiatives implemented since 2021, including energy efficiency and recovery, fuel switching and the purchase of low-carbon and renewable electricity contributed to this reduction.
Imerys' strong commitment to reducing greenhouse gas (GHG) emissions and transparency on progress has been awarded an A rating by the CDP (its highest score) on February 6, 2025.
Our safety performance has been impacted by minor incidents in 2024. We are actively implementing measures to address this and further strengthen our actions.
The Group also continues to achieve significant progress on suppliers' assessment, in order to ensure risk mitigation and fulfill its duty of care in responsible sourcing.
| FY 2022 (baseline) | FY 2024 | Target 2025 | |
|---|---|---|---|
| Empowering our people | |||
| Total recordable accident frequency rate^{9} | 2.43 | 3.39 | 2.50 |
| Average level of safety maturity of operational sites | 3.0 | 3.2 | 3.3 |
| Increase the score of the Diversity, Equity & Inclusion Index^{10} | 0% | 66% | 100% |
| Growing with our customers | |||
| Business ethics and responsible purchasing management: proportion of suppliers assessed against environmental, social and governance criteria^{11} | 53% | 70% | 75% |
| Assess the Products in Application Combinations (PAC) of Imerys product portfolio (by revenue) according to sustainability criteria^{12} | 55% | 71% | 75% |
| Caring for our planet | |||
| Improve water management by ensuring priority sites^{13} comply with new water reporting requirements | 0% | 55% | 100% |
| Reduce impact on biodiversity by filling our Act4nature commitments and conducting biodiversity audits at the priority sites^{14} | 39% | 82% | 100% |
| Reduce Group scope 1 & 2 greenhouse gas emissions (tCO_{2}eq) by 42% from 2021 base year in alignment with a 1.5°C trajectory by the end of 2030 | 0% (2021 base year) | -28% | -42% (2030) |
| Reduce Group scope 3^{15} greenhouse gas emissions (tCO_{2}eq) by 25% from 2021 base year by the end of 2030 | 0% (2021 base year) | -15% | -25% (2030) |
9 Includes all accidents without lost time whenever a healthcare professional is involved in the treatment, even if only for first aid.
10 Imerys' Diversity, Equity & Inclusion Index is a composite metric used to track diversity, equity and inclusion across a range of dimensions including gender balance, pay equity, nationality, disability, as well as inclusion.
11 By expenditure.
12 Based on the SustainAgility Solutions Assessment framework a "SustainAgility Solution" is a product in an application that has scored within the two highest categories of the four possible categories.
13 Priority sites refer to withdrawal > 1 Mm3 or located in water stress zones.
14 Priority sites for biodiversity audits have been defined as sites with a quarry that extracts more than 1 million tons per year, or are located within a radius of 5 km of an area classified as IUCN category I, II or III, or are located in a biodiversity hotspot within a radius of 5 km of an area classified IUCN category IV.
15 Scope 3 categories covered under the target: purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, waste generated in operations, business travel, employee commuting, and investments.
Strong ESG performance recognized by main leading rating agencies
Beyond CDP, Imerys' performance has been recognized by several leading ESG rating agencies, reflecting its ongoing commitment to sustainability and responsible business practices:
- EcoVadis: 73/100 (94th percentile)
- CDP climate change: A (above industry average B-)
- ISS ESG: C+ (80th percentile) Prime status (sustainable equity and bonds)
- MSCI ESG: AA (72th percentile)
- S&P Global ESG Score: 62/100 (85th percentile)
OUTLOOK
The Group expects further volume growth in an overall economic environment which is still uncertain. Our focus remains on cost control and cash generation. By combining these efforts with our commercial initiatives, innovative product offerings and our recent investments in additional production capacities, we are confident that we will continue delivering a strong financial performance.
COMMENTARY ON THE RESULTS
Revenue
| Consolidated results (€ millions) | 2023 | 2024 | Change 2024 / 2023 | |||
|---|---|---|---|---|---|---|
| Reported change | Like-for-like change | Volumes | Price mix | |||
| First quarter | 997 | 926 | -7.1% | -5.3% | -3.4% | -1.9% |
| Second quarter | 985 | 992 | +0.7% | +2.2% | +2.7% | -0.6% |
| Third quarter | 918 | 855 | -6.9% | +4.1% | +3.8% | +0.3% |
| Fourth quarter | 894 | 832 | -7.0% | +3.5% | +2.1% | +1.4% |
| Total | 3,794 | 3,605 | -5.0% | +0.9% | +1.1% | -0.3% |
In 2024, Imerys returned to positive organic growth, driven by steady volume increases since Q2 2024. Revenue in the fourth quarter of 2024 was €832 million, a +3.5% year-on-year increase at constant scope and exchange rates, and a third consecutive quarter of organic growth.
This solid performance was fuelled by the excellent work of the Performance Minerals teams, both in the US and in EMEA & APAC.
Adjusted EBITDA
| Consolidated results (€ millions) | 2023 | 2024 | Change 2024 / 2023 | Change 2024/2023 like-for-like |
|---|---|---|---|---|
| First quarter | 172 | 188 | +9.2% | +14.4% |
| Second quarter | 173 | 197 | +13.6% | +16.6% |
| Third quarter | 172 | 148 | -13.9% | +0.1% |
| Fourth quarter | 151 | 143 | -5.1% | +13.9% |
| Total adjusted EBITDA of which share in net income from joint ventures | 668 | |||
| 89 | 675 | |||
| 110 | +1.2% | |||
| - | +11.4% | |||
| - | ||||
| Margin¹⁶ | 17.6% | 18.7% | - | - |
¹⁶ Share of net income from joint ventures contributes 2.4 and 3.0 percentage points to FY 2023 and FY 2024 adjusted EBITDA margin, respectively
Adjusted EBITDA was up 13.9% in the fourth quarter of 2024 at constant change and perimeter (-5.1% reported, with a negative perimeter impact of €24 million), supported by revenue growth, positive pricing and cost saving actions.
For the full year of 2024, the adjusted EBITDA margin reached 18.7%, showing a significant improvement of 110 bps compared to 2023, driven by a stronger operating leverage and a higher share of net income from JVs.
Current net income
Current net income, Group share, totaled €48 million in Q4, down 3.6% vs. Q4 2023. Net financial result was negative at €12 million.
For the full year 2024, current net income, Group share, was €262 million, an improvement of 8.2% compared to last year.
Net income
Net income, Group share, totaled €48 million in the fourth quarter of 2024, after other income and expenses of -€0.2 million.
For the full year 2024, net income, Group share amounted to -€95 million after booking €374 million of net other expenses, mostly originating from the translation reserve recycled in the income statement associated with the assets serving the paper market divested last July. As a reminder, this translation reserve is largely related to the devaluation of the Brazilian Real since the acquisition of these assets three decades ago. At closing, this translation reserve has been recycled to the income statement as "other income and expenses" in accordance with applicable IFRS standards. This non-cash loss has no impact on the Group shareholders equity.
The net income, Group share of €51 million generated in 2023 had benefited from the contribution of discontinued operations for €44 million (High Temperature Solutions, disposed of in January 2023).
Net current free operating cash flow
| (€ millions) | 2023 | 2024 |
|---|---|---|
| Adjusted EBITDA (including discontinued operations) | 676 | 675 |
| Increase (-) / decrease (+) in operating working capital | 86 | 4 |
| Notional tax on current operating income | (96) | (90) |
| Elimination of share of net income from JVs | (91) | (110) |
| Dividends received from JVs | 55 | 75 |
| Others | 9 | 10 |
| Net current operating cash flow (before capital expenditure) | 639 | 564 |
| Right of use assets (IFRS 16) | (58) | (65) |
| Capital expenditure | (390) | (364) |
| of which strategic capital expenditures | (97) | (73) |
| Net current free operating cash flow (before strategic capex) | 288 | 209 |
| Net current free operating cash flow | 191 | 136 |
| of which discontinued operations | 6 | - |
Imerys generated a net current free operating cash flow of €136 million in 2024 after accounting for strategic capex in the lithium projects and the construction of a new line for carbon black in Belgium. Operating working capital improved by €4 million compared to the prior year. It reflects efficient working capital management at constant perimeter in a context of revenue growth and higher volumes.
In 2024, capital expenditures amounted to €364 million in total, of which €73 million of strategic capex, a reduction compared to last year. The Group's production capacity expansion program for mobile energy was completed in 2024, while the lithium projects ramped up. Excluding strategic investments in relation to lithium, the level of capex for 2025 should be further reduced to below €280 million.
The current net free operating cash flow generation was also supported by dividends received from joint ventures and associates for €75 million in 2024.
| (€ millions) | 2023 | 2024 |
|---|---|---|
| Net current free operating cash flow | 191 | 136 |
| Acquisitions and disposals | 644 | -39 |
| Dividend | -330 | -116 |
| Acquisition of treasury shares | -11 | -14 |
| Change in non-operating working capital | 19 | 25 |
| Other non-recurring income and expenses | -43 | -33 |
| Financial result paid^{17} | -34 | -80 |
| Exchange rates and other | -7 | -36 |
| Change in net financial debt | 428 | -159 |
| Discontinued operations | 119 | - |
The change in full year 2024 net financial debt includes a non recurring cash contribution to the UK and US pension plans (€52 million), and a negative currency impact (€36 million, mostly attributable to the US dollar).
| (€ millions) | 2023 | 2024 |
|---|---|---|
| Opening net financial debt | -1,666 | -1,118 |
| Change in net financial debt | 513 | -159 |
| Assets held for sale | 35 | 3 |
| Closing net financial debt | -1,118 | -1,275 |
Financial structure
| (€ millions) | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|
| Net financial debt | 1,118 | 1,275 |
| Shareholders' equity | 3,157 | 3,301 |
| Net financial debt / shareholders' equity | 35.4% | 38.6% |
| Net financial debt / adjusted EBITDA | 1.7x | 1.9x |
As of December 31, 2024, net financial debt totaled €1,275 million, which corresponds to a net financial debt to adjusted EBITDA ratio of 1.9x.
The Group's financial strength is demonstrated by the "Investment Grade" credit ratings confirmed by Standard and Poor's (December 17, 2024, BBB-, stable outlook) and Moody's (October 10, 2024, Baa3, stable outlook).
17 including contributions to the UK and US pension plans in 2024
PERFORMANCE BY ACTIVITY
Performance Minerals
| Q4 2023 | Q4 2024 | Like-for-like change | Consolidated amount (€ millions) | 2023 | 2024 | Like-for-like change |
|---|---|---|---|---|---|---|
| 246 | 219 | +9.4% | Revenue Americas | 1,034 | 986 | +6.2% |
| 336 | 292 | +2.2% | Revenue Europe, Middle East and Africa and Asia-Pacific | 1,423 | 1,327 | +0.8% |
| (24) | (20) | - | Eliminations | (116) | (109) | - |
| 559 | 490 | +3.9% | Total revenue | 2,341 | 2,204 | +2.4% |
| - | - | - | Adjusted EBITDA | 377 | 395 | +4.6%* |
| - | - | - | Adjusted EBITDA margin | 16.1% | 17.9% | - |
- Reported variation
Full year 2024 revenue generated by Performance Minerals reached €2,204 million, representing a 2.4% organic growth vs last year.
Revenue in 2024 for the Americas was up 6.2% at constant scope and exchange rates, reaching €986 million for the full year. Sales were supported by a 4.5% volume increase, mainly driven by the consumer goods and, to a lesser extent, construction end-markets, and price increases. The performance in the fourth quarter of 2024 (+9.4% at constant scope and perimeter) was stronger than in previous quarters driven by a healthy volume growth.
Revenue in 2024 for Europe, Middle East, Africa and Asia-Pacific was up 0.8% at constant scope and exchange rates, reaching €1,327 million. Sales were supported by volumes (+1.0%) with a progressive recovery since Q2 2024, driven by dynamic plastic and paints industries. Performance in the fourth quarter of 2024 (+2.2% at constant scope and exchange rates) was also supported by increasing sales from new production capacity in China for lightweighting of polymers. Pricing in H2 confirmed its positive trend.
Adjusted EBITDA of the Performance Minerals activity increased by 4.6% in 2024 compared to prior year, sustained by demand recovery for specialty minerals and significant cost savings.
Solutions for Refractory, Abrasives and Construction
| Q4 2023 | Q4 2024 | Like-for-like change | Consolidated amount (€ millions) | 2023 | 2024 | Like-for-like change |
|---|---|---|---|---|---|---|
| 288 | 286 | +1.3% | Revenue Refractory, Abrasives & Construction | 1,233 | 1,190 | -0.9% |
| - | - | - | Adjusted EBITDA | 141 | 151 | +7.1%* |
| - | - | - | Adjusted EBITDA margin | 11.5% | 12.7% | - |
- Reported variation
Sales for the full year 2024 for the Solutions for Refractory, Abrasives and Construction business reached €1,190 million (-0.9% vs 2023 at constant scope and exchange rates) and benefited from good momentum in the US, while suffering from low activity in Europe, notably in the industrial and construction markets. Performance in the fourth quarter of 2024 (+1.3% at constant scope and exchange rate) was mainly supported by higher selling prices (+1.4% compared to 2023), whereas volumes were overall stable.
Adjusted EBITDA in absolute value and as a percentage of sales has improved significantly in the last twelve months, supported by a positive price/cost balance and cost saving actions.
Solutions for Energy Transition
| 2023 | Solutions for Energy Transition (€ millions) | 2024 | Reported change | ||||
|---|---|---|---|---|---|---|---|
| Graphite & Carbon | TQC (50%) | SET | Graphite & Carbon | TQC (50%) | SET | ||
| 224 | 224 | Revenue | 215 | 215 | - | ||
| 53 | 53 | Adjusted EBITDA | 42 | 42 | - | ||
| 80 | 80 | Share in net income from JVs | 98 | 98 | - | ||
| 133 | Adjusted EBITDA | 140 | +5.5% | ||||
| Q4 2023 | Q4 2024 | Like-for-like change | Graphite & Carbon (€ millions) | 2023 | 2024 | Like-for-like change | |
| --- | --- | --- | --- | --- | --- | --- | |
| 49 | 56 | +15.9% | Revenue | 224 | 215 | -3.5% | |
| - | - | - | Adjusted EBITDA | 53 | 42 | -19.8%* | |
| - | - | - | Adjusted EBITDA margin | 23.5% | 19.6% | - |
- Reported variation
The Graphite and Carbon business posted a 16% revenue increase like-for-like in the fourth quarter of 2024 compared to last year. It benefited from the lithium-ion battery market growth and market share gains in the conductive polymers business. Prices stabilized towards the end of the year after a difficult start. For the full year 2024, revenue was behind last year by 3.5%, adversely impacted by heavy destocking at Asian customers and some price concessions during the first semester.
In 2024, adjusted EBITDA was €42 million, a decrease of 19.8% compared to last year, primarily due to price concessions and partially offset by cost savings in the first semester. Adjusted EBITDA picked up in the second part of the year.
| The Quartz Corporation (100%)
(€ millions) | 2023 | 2024 | Reported change |
| --- | --- | --- | --- |
| Revenue | 331 | 334 | +0.9% |
| EBITDA* | 205 | 249 | +21.5% |
| Net income | 160 | 196 | +22.2% |
*For the definition of TQC's EBITDA, see Imerys 2023 Universal Registration Document
The Quartz Corporation (high purity quartz joint venture, 50% owned by Imerys) posted in 2024 stable revenues at €334 million. It reflects a very contrasted year. Revenue for the first semester 2024 (at €264 million) was fuelled by exceptionally strong sales to the photovoltaic market in China. The situation reversed in the second part of the year (€70 million in revenue) due to solar modules overproduction and consequently high inventories in the value chain. The semiconductor and optical fiber end markets held well throughout the year.
Imerys' share in TQC net income amounted to €98 million for the full year 2024, a 22.2% increase year-on-year, (€78 million in the first semester and €20 million in the second part of the year).
9
2024 full year results webcast
The press release is available on the Group's website www.imerys.com. The Group will hold a live webcast to discuss the full year 2024 results at 9.00 AM (CET) on February 21, 2025, which can be accessed via this link.
Financial Calendar
| April 28, 2025 | First quarter 2025 results |
|---|---|
| May 13, 2025 | General Meeting of Shareholders |
| July 29, 2025 | First half 2025 results |
| October 30, 2025 | Third quarter 2025 results |
These dates are subject to change and may be updated on the Group's website https://www.imerys.com/finance.
Imerys is the world's leading supplier of mineral-based specialty solutions for the industry with €3.6 billion in revenue and 12,400 employees in 46 countries in 2024. The Group offers high value-added and functional solutions to a wide range of industries and fast-growing markets such as solutions for the energy transition and sustainable construction, as well as natural solutions for consumer goods. Imerys draws on its understanding of applications, technological knowledge, and expertise in material science to deliver solutions which contribute essential properties to customers' products and their performance. As part of its commitment to responsible development, Imerys promotes environmentally friendly products and processes in addition to supporting its customers in their decarbonization efforts.
Imerys is listed on Euronext Paris (France) with the ticker symbol NK.PA.
More comprehensive information about Imerys may be obtained from its website (www.imerys.com) in the Regulated Information section, particularly in its Registration Document filed with the French financial markets authority (Autorité des marchés financiers, AMF) on March 26, 2024 under number D.24-0183 (also available from the AMF website, www.amf-france.org). Imerys draws investors' attention to chapter 2 "Risk Factors and Internal Control" of its Registration Document.
Disclaimer: This document contains projections and other forward-looking statements. Investors should be aware that such projections and forward-looking statements are subject to various risks and uncertainties (many of which are difficult to predict and generally beyond the control of Imerys) that could cause actual results and developments to differ materially from those expressed or implied.
Analyst/Investor Relations:
Cyrille Arhanchiague: +33 (0)6 07 16 67 26
[email protected]
Press contacts:
Claire Garnier: +33 (0)1 49 55 64 27
Mathieu Gratiot: +33 (0)7 87 53 46 60
Hugues Schmitt (Primatice): +33 (0)6 71 99 74 58
Olivier Labesse (Primatice): +33 (0)6 79 11 49 71
APPENDIX
KEY INCOME STATEMENT INDICATORS
| (€ millions) | Q4 2023 | Q4 2024 | Change | Change like-for-like |
|---|---|---|---|---|
| Revenue | 894 | 832 | -7.0% | +3.5% |
| Adjusted EBITDA | 151 | 143 | -5.1% | +13.9% |
| of which share of net income from JVs | 23 | 20 | - | - |
| Current operating income | 64 | 64 | -0.4% | +23.8% |
| Current financial expense | (5) | (12) | - | |
| Current income tax | (9) | (6) | - | |
| Minority interests | 0 | 2 | - | |
| Current net income, Group share | 50 | 48 | -3.6% | |
| Other operating income and expenses, net, Group share | (182) | 0 | - | |
| Net income, Group share | (132) | 48 | - |
CONSOLIDATED INCOME STATEMENT
| (€ million) | 2024 | 2023 |
|---|---|---|
| Revenue | 3 604,9 | 3 794,4 |
| Raw materials and consumables used | (1195,7) | (1365,3) |
| External expenses | (944,7) | (990,1) |
| Staff expenses | (888,6) | (869,1) |
| Taxes and duties | (36,7) | (28,5) |
| Amortization, depreciation and impairment | (292,5) | (299,7) |
| Other current income and expenses | 37,6 | 33,5 |
| Share in net income of joint ventures and associates | 109,5 | 89,5 |
| Current operating income | 393,8 | 364,7 |
| Gain (loss) from obtaining or losing control | (335,6) | (14,1) |
| Other non-recurring items | (38,6) | (242,9) |
| Operating income | 19,6 | 107,7 |
| Income from securities | 35,0 | 16,7 |
| Gross financial debt expense | (66,4) | (41,0) |
| Net financial debt expense | (31,4) | (24,3) |
| Other financial income | 46,4 | 45,9 |
| Other financial expenses | (58,1) | (60,3) |
| Other financial income (expenses) | (11,7) | (14,4) |
| Foreign exchange gain (loss)(1) | (7,6) | 0,3 |
| Financial income (loss) | (50,7) | (38,4) |
| Income taxes | (61,5) | (60,4) |
| Net income from continuing operations | (92,6) | 8,9 |
| Net income from continuing operations, Group share(2) | (95,0) | 7,6 |
| Net income from continuing operations attributable to non-controlling interests | 2,4 | 1,3 |
| Net income from discontinued operations(3) | 0,0 | 44,9 |
| Net income from discontinued operations, Group share | - | 43,7 |
11
| Net income from discontinued operations attributable to non-controlling interests | - | 1,2 |
|---|---|---|
| Net income | (92,6) | 53,8 |
| Net income, Group share(2) | (95,0) | 51,3 |
| Net income attributable to non-controlling interests | 2,4 | 2,5 |
(1) Presentation in 2024 of foreign exchange gain (loss) in a separate line of other financial income (expenses). The comparative information has been restated.
(2) Net income per share
Basic net income per share, Group share (in €) (1,12) 0,61
Diluted net income per share, Group share (in €) (1,11) 0,60
Basic net income from continuing operations per share, Group share (in €) (1,12) 0,09
Diluted net income from continuing operations per share, Group share (in €) (1,11) 0,09
(3) High Temperature Solutions line of business.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (€ million) | 2024 | 2023 |
|---|---|---|
| Non-current assets | 4 717,3 | 4 469,8 |
| Goodwill | 1 859,9 | 1 839,1 |
| Intangible assets | 382,2 | 333,3 |
| Right-of-use assets | 154,9 | 151,4 |
| Mining assets | 422,3 | 391,1 |
| Property, plant and equipment | 1 553,2 | 1 475,9 |
| Joint ventures and associates | 162,8 | 122,7 |
| Other financial assets | 36,6 | 5,6 |
| Other receivables | 50,8 | 36,0 |
| Derivative financial assets | 4,3 | 0,2 |
| Deferred tax assets | 90,3 | 114,5 |
| Current assets | 1 944,0 | 2 643,6 |
| Inventories | 724,7 | 734,6 |
| Trade receivables | 364,3 | 398,5 |
| Other receivables | 197,4 | 237,1 |
| Derivative financial assets | 17,2 | 14,8 |
| Other financial assets | 5,4 | 673,6 |
| Cash and cash equivalents | 635,0 | 585,0 |
| Assets held for sale(1) | 21,7 | 38,5 |
| Consolidated assets | 6 683,0 | 7 151,9 |
| Equity, Group share | 3 280,8 | 3 124,0 |
| Share capital | 169,9 | 169,9 |
| Share premium | 614,4 | 614,4 |
| Treasury shares | (17,9) | (16,5) |
| Reserves | 2 609,4 | 2 304,9 |
| Net income, Group share | (95,0) | 51,3 |
| Equity attributable to non-controlling interests | 19,9 | 33,3 |
| Equity | 3 300,7 | 3 157,3 |
| Non-current liabilities | 2 398,3 | 2 497,6 |
12
Provisions for employee benefits 97,4 154,9
Other provisions 384,1 432,3
Borrowings and financial debt 1 693,1 1 691,3
Lease liabilities 110,3 119,2
Other debts 18,5 18,4
Derivative financial liabilities 2,1 0,3
Deferred tax liabilities 92,8 81,2
Current liabilities 975,1 1 471,0
Other provisions 33,8 43,5
Trade payables 403,0 377,9
Income tax payable 67,4 86,1
Other debts 344,6 364,6
Derivative financial liabilities 18,7 32,1
Borrowings and financial debt 19,9 520,2
Lease liabilities 49,6 41,3
Bank overdrafts 38,1 5,3
Liabilities related to assets held for sale(2) 8,9 26,0
Consolidated equity and liabilities 6 683,0 7 151,9
(1) At December 31, 2024, €21.7 million with respect to the business serving the paper market and at December 31, 2023, €38.5 million with respect to the bauxite production business.
(1) At December 31, 2024, €8.9 million with respect to the business serving the paper market and at December 31, 2023, €26.0 million with respect to the bauxite production business.
ADJUSTED EBITDA
At December 31, 2024
| (€ million) | PM EMEA | Autres | ||
|---|---|---|---|---|
| Americas | & APAC | PM | Total PM | |
| Revenue | 986,1 | 1 326,9 | (108,6) | 2 204,5 |
| Current operating income | 110,7 | 127,1 | 0,8 | 238,6 |
| Adjustments | ||||
| Amortization, depreciation and impairment | 78,7 | 87,7 | 0,0 | 166,4 |
| Change in current operating write-downs and provisions | (7,2) | (2,9) | 0,0 | (10,1) |
| ADJUSTED EBITDA | 182,3 | 211,9 | 0,8 | 395,0 |
| (€ million) | PM | RAC | IG&C | TQC (1) |
| --- | --- | --- | --- | --- |
| Revenue | 2 204,5 | 1 190,1 | 215,0 | - |
| Current operating income | 238,6 | 77,6 | 18,4 | 97,8 |
| Adjustments | ||||
| Amortization, depreciation and impairment | 166,4 | 77,3 | 22,7 | - |
| Change in current operating write-downs and provisions | (10,1) | (3,4) | 1,0 | - |
| ADJUSTED EBITDA | 395,0 | 151,4 | 42,1 | 97,8 |
(1) Contribution of TQC to the consolidated income statement.
At December 31, 2023
| (€ million) | PM Americas | PM EMEA & APAC | Autres PM | Total PM |
|---|---|---|---|---|
| Revenue | 1 033,9 | 1 422,9 | (115,8) | 2 341,0 |
| Current operating income | 82,2 | 115,6 | 4,4 | 202,2 |
| Adjustments | ||||
| Amortization, depreciation and impairment | 84,0 | 85,7 | (0,0) | 169,7 |
| Change in current operating write-downs and provisions | 1,1 | 4,5 | -0,1 | 5,5 |
| ADJUSTED EBITDA | 167,3 | 205,8 | 4,4 | 377,4 |
| (€ million) | PM | RAC | IG&C | TQC (1) |
| --- | --- | --- | --- | --- |
| Revenue | 2 341,0 | 1 232,7 | 223,6 | - |
| Current operating income | 202,2 | 46,9 | 33,9 | 80,1 |
| Adjustments | ||||
| Amortization, depreciation and impairment | 169,7 | 89,7 | 20,5 | - |
| Change in current operating write-downs and provisions | 5,5 | 4,7 | (1,9) | - |
| ADJUSTED EBITDA | 377,4 | 141,4 | 52,6 | 80,1 |
(1) Contribution of TQC to the consolidated income statement.
FREE OPERATING CASH FLOW
| (€ million) | 2024 | 2023 |
|---|---|---|
| Items from the Consolidated Income Statement | ||
| Revenue | 3 604,9 | 3 867,4 |
| Raw materials and consumables used | (1 195,7) | (1 403,2) |
| External expenses | (944,7) | (1 000,6) |
| Staff expenses | (888,6) | (882,5) |
| Taxes and duties(1) | (36,6) | (28,7) |
| Other current income and expenses | 37,6 | 29,7 |
| Share in net income of joint ventures and associates | 109,5 | 90,6 |
| Adjustments | ||
| Change in provisions for employee benefits | (1,1) | (1,5) |
| Change in current operating write-downs and provisions | (9,8) | 4,2 |
| Adjusted EBITDA continuing operations | 675,5 | 667,7 |
| Adjusted EBITDA discontinued operations(2) | - | 7,6 |
| Adjusted EBITDA | 675,5 | 675,3 |
| Income taxes | ||
| Notional income tax on current operating income | (90,3) | (95,8) |
| Adjustments | ||
| Elimination of share in net income of joint ventures and associates | (109,5) | (90,6) |
| Dividends received from associates | 75,3 | 54,7 |
| Change in operating working capital requirement(3) | 3,5 | 86,3 |
| Carrying amount of intangible assets and property, plant and equipment disposed of | 9,9 | 8,9 |
14
| Net current operating cash flow | 564,4 | 638,8 |
|---|---|---|
| of which discontinued operations(2) | 0,0 | 8,2 |
| Investing activities | ||
| Acquisitions of intangible assets and property, plant and equipment(4) | (364,1) | (390,3) |
| Additions to right-of-use assets | (64,7) | (58,2) |
| Net current free operating cash flow | 135,5 | 191,0 |
| of which discontinued operations(2) | 0,0 | 5,9 |
| (1) Consolidated Income Statement | ||
| (2) High Temperature Solutions line of business. | ||
| (3) Change in operating working capital requirement | ||
| (Consolidated Statement of Cash Flows) | 3,5 | 86,3 |
| Adjustments for decrease (increase) in inventories | (43,7) | 135,8 |
| Adjustments for decrease (increase) in trade receivables | 13,7 | 133,0 |
| Adjustments for increase (decrease) in trade payables | 33,5 | (182,5) |
| (4) Acquisitions of intangible assets and property, plant and equipment | ||
| (Consolidated Statement of Cash Flows) | (364,1) | (390,3) |
| Acquisitions of intangible assets | (72,1) | (68,5) |
| Acquisitions of property, plant and equipment | (280,1) | (330,1) |
| Change in payables on acquisitions of intangible assets and property, plant and equipment | (11,8) | 8,3 |
CHANGE IN FINANCIAL NET DEBT
| (€ million) | 2024 | 2023 |
|---|---|---|
| Net current free operating cash flow | 135,5 | 191,0 |
| of which discontinued operations (1) | 0,0 | 5,9 |
| Income taxes | ||
| Notional income tax on financial income (loss) | 11,7 | 5,9 |
| Change in current and deferred tax assets and liabilities | 4,8 | 12,1 |
| Change in income tax payables and receivables | (7,2) | (22,7) |
| Income taxes paid on non-recurring income and expenses | 14,9 | 23,3 |
| Items from the Consolidated Income Statement | ||
| Financial income (loss) | (50,7) | (36,5) |
| Other operating income and expenses | (374,2) | (231,9) |
| Adjustments | ||
| Change in non-operating working capital requirement | 16,5 | 14,4 |
| Change in financial write-downs and provisions | (40,6) | (6,4) |
| Change in fair value of hedging instruments | (0,9) | 2,2 |
| Non-recurring impairment losses | - | 5,4 |
| Change in non-recurring write-downs and provisions | 5,3 | 211,7 |
| (Gain) loss on businesses disposed of | 320,7 | (53,6) |
| (Gain) loss on intangible assets and property, plant and equipment disposed of | (0,1) | 0,9 |
| Investing activities | ||
| Acquisition of businesses | (57,0) | (26,0) |
| Disposal of businesses | 16,7 | 666,5 |
| Disposal of intangible assets and property, plant and equipment | 0,2 | - |
| Loans and advances in cash received from (granted to) third parties | 0,7 | 3,2 |
15
| Equity | ||
|---|---|---|
| Share capital increases (decreases) | 0,0 | 3,6 |
| Disposals (acquisitions) of treasury shares | (14,5) | (14,8) |
| Share-based payments | 11,9 | 10,3 |
| Dividends | (116,5) | (330,3) |
| Change in net financial debt excl. exchange rate effects | (122,8) | 428,4 |
(1) High Temperature Solutions line of business.
| (€ million) | 2024 | 2023 |
|---|---|---|
| Opening net financial debt | (1 118,4) | (1 666,2) |
| Change in net financial debt excl. exchange rate effects | (122,8) | 520,7 |
| Reclassification to/from liabilities related to assets held for sale(1) | 2,6 | 35,3 |
| Exchange rate effects | (36,3) | (8,2) |
| Change in net financial debt | (156,5) | 547,8 |
| CLOSING NET FINANCIAL DEBT | (1 274,9) | (1 118,4) |
(1) At December 31, 2024, the business serving the market for -€0.3 million and the bauxite production business for +€2.9 million and at December 31, 2023, the business serving the market for +€38.2 million and the bauxite production business for -€2.9 million
CONSOLIDATED STATEMENT OF CASH FLOWS
| (€ million) | 2024 | 2023 |
|---|---|---|
| Net income | (92,6) | 53,8 |
| Adjustments | ||
| Net increase in amortization, depreciation and impairment | 301,5 | 510,6 |
| Change in provisions | (52,4) | 3,1 |
| Gains (losses) on non-current asset disposals | 321,7 | (54,1) |
| Share in net income of joint ventures and associates | (109,5) | (90,6) |
| Income tax expense | 61,5 | 57,5 |
| Other adjustments | 18,8 | 37,2 |
| Other items for which cash effects are investing or financing cash flows | 0,0 | 28,8 |
| Change in working capital requirement | 20,0 | 100,7 |
| Net cash flow from (used in) operations | 469,0 | 646,9 |
| Income taxes refund (paid) | (66,1) | (72,4) |
| Dividends received from joint ventures and associates | 75,2 | 54,7 |
| Net cash flows related to operating activities | 478,1 | 629,2 |
| of which discontinued operations(1) | 0,0 | 11,9 |
| Acquisitions of intangible assets and property, plant and equipment, net of the change in payables on acquisitions | (364,1) | (390,3) |
| Cash flows used in (from gaining) control of subsidiaries or other businesses | (48,7) | (25,8) |
| Other cash payments related to the acquisition of equity and debt instruments of other entities | (0,1) | 0,0 |
| Proceeds from disposals of intangible assets and property, plant and equipment | 2,4 | 10,3 |
| Cash flows from losing control of subsidiaries or other businesses(2) | 1,9 | 541,9 |
| Other cash payments related to the disposal of equity and debt instruments of other entities | 0,2 | 0,9 |
| Cash advances and loans granted to third parties | (11,0) | (7,5) |
|---|---|---|
| Cash receipts from repayment of advances and loans granted to third parties | 11,6 | 9,0 |
| Interest received and other financial income(3) | 34,8 | 17,0 |
| Net cash flows related to investing activities | (373,0) | 155,5 |
| of which discontinued operations(1) | 0,0 | (60,7) |
| Proceeds from issuing shares | 0,0 | 3,6 |
| Payments to acquire or redeem treasury shares | (14,5) | (14,8) |
| Dividends paid | (116,5) | (330,3) |
| Loans issued | 4,0 | 496,5 |
| Repayments of borrowings | (500,0) | 0,0 |
| Repayments of lease liabilities | (54,7) | (52,1) |
| Interest paid(3)(4) | (60,6) | (34,0) |
| Other cash inflows (outflows)(5) | 663,5 | (1 033,7) |
| Net cash flows related to financing activities | (78,8) | (964,8) |
| of which discontinued operations(1) | 0,0 | (58,6) |
| CHANGE IN CASH AND CASH EQUIVALENTS | 26,2 | (180,0) |
(1) High Temperature Solutions line of business in 2023.
(2) Of which in 2023, €554.2 million with respect to the disposal of the High Temperature Solutions line of business.
(3) In 2024, reclassification of gains (losses) on the disposal of investment securities as interest received and other financial income. The comparative information has been restated for €7.6 million.
(4) Reclassification in 2024 of interest paid from net cash flows related to operating activities to net cash flows related to financing activities. The comparative information has been restated for 26.4 million euros.
(5) In 2024, cash inflows mainly consisting of €670.0 million of marketable securities disposal; in 2023, cash outflows mainly consisting of acquisitions of investment securities (€670.0 million) and repayment of debt securities (€433.0 million).
GLOSSARY
Imerys uses "current" indicators to measure the recurrent performance of its operations, excluding significant items that, because of their nature and their relatively infrequent occurrence, cannot be considered as inherent to the recurring performance of the Group (see section 5.5 Definitions and reconciliation of alternative performance measures to IFRS indicators in the 2023 Universal Registration Document).
| Alternative Performance Measures | Definitions and reconciliation to IFRS indicators |
|---|---|
| Growth at constant scope and exchange rates (also called life-for-like change, LFL growth organic or internal growth) | 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 previous year at the exchange rate of the current year. The impact of exchange rate instruments qualifying as hedging instruments is taken into account in current data. | |
| Restatement of Group structure to take into account newly consolidated entities consists of: | |
| subtracting the contribution of the acquisition from the aggregates of the current year, for entities entering the consolidation scope in the current year; | |
| subtracting the contribution of the acquisition from January 1 of the current year, until the last day of the month of the current year when the acquisition was made the prior year, for entities entering the consolidation scope in the prior year. | |
| Restatement of entities leaving the consolidation scope consists of: | |
| subtracting the departing entity's contribution from the aggregates of the prior year as from the first day of the month of divestment, for entities leaving the consolidation scope in the current year; | |
| subtracting the departing entity's contribution from the aggregates of the prior year, for entities leaving the consolidation scope in the prior year. | |
| Volume effect | The sum of the change in sales volumes of each business area between the current and prior year, valued at the average sales price of the prior year. |
| Price mix effect | The sum of the change in average prices by product family of each business area between the current and prior year, applied to volumes of the current year. |
| Current operating income | The operating income before other operating income and expenses (income from changes in control and other non-recurring items). |
| Net income from current operations | The Group's share of income before other operating income and expenses, net (income from changes in control and other non-recurring items, net of tax) and income from discontinued operations. |
| Adjusted EBITDA | Effective January 1, 2024 adjusted EBITDA is calculated from current operating income before operating amortization, depreciation, impairment losses and adjusted for changes in operating provisions and write-downs. It includes the share in net income of joint ventures (instead of dividends received, in the prior definition) to better reflect their contribution to the Imerys Group. |
| Net current free operating cash flow | Calculated from current operating income before operating amortization, depreciation and impairment losses and adjusted for changes in operating provisions and write-downs, share in net income and including dividends received from joint ventures and associates, adjusted for notional income tax on current operating income, changes in operational working capital requirement, proceeds from divested intangible and tangible assets, paid intangible and tangible capital expenditure and changes in right-of-use assets. |
| Net financial debt | Difference between financial liabilities (borrowings, financial debts, and IFRS 16 liabilities) and cash and cash equivalents. |
| Notional income tax rate | Income tax rate on current operating income |
17