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
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.”
| Consolidated results(2)(3)(4) (€ 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 Adjusted EBITDA margin(5) | 668 17.6% | 675 18.7% | +1.2% +110 bps | +11.4% - |
Current operating income Current operating margin | 365 9.6% | 394 10.9% | +8.0% - | +18.5% |
Operating income | 108 | 20(6) | - | |
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 at December 31) | 1,118 | 1,275 | +14.0% | |
Current net income from continuing operations per share(7) | €2.86 | €3.10 | +8.2% |
1Guidance announced on July 29, 2024: FY 2024 adjusted EBITDA between €670 million and €690 million
2In 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)
3The definition of alternative performance measures can be found in the glossary at the end of the press release
4Figures 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
6This 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
7Weighted average number of outstanding shares: 84,577,709 in 2024 compared with 84,564,199 in 2023
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 share (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
Sustainabilty
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 | |||
Occupational safety:
|
2.43 3.0 |
3.39 3.2 |
2.50 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 (16) | 39% | 82% | 100% |
| Reduce Group scope 1 & 2 greenhouse gas emissions (tCO2eq) by 42% from 2021 base year in alignment with a 1.5°C trajectory by the end of 2030 | 0% (2021 baseline) | -28% | -42% (2030) |
| Reduce Group scope 3 greenhouse gas emissions (tCO2eq) by 25% from 2021 base year by the end of 2030 | 0% (2021 base year) | -15% | -25% (2030) |
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)
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.
11By expenditure.
12Based 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.
13Priority sites refer to withdrawal > 1 Mm3 or located in water stress zones.
14Priority 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.
15Scope 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.
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.
For the full Press Release, download the PDF here
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
finance@imerys.com
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