Imerys reports first quarter 2025 results with continued organic growth
- First quarter 2025 revenue at €871 million, +0.7% growth at constant scope and exchange rate1 vs Q1 2024; fourth consecutive quarter of organic growth, in an uncertain environment and weak industrial markets in Europe
- Adjusted EBITDA at €128 million
- benefiting from an improved contribution from the Performance Minerals and Graphite & Carbon businesses, and
- reflecting a deterioration in the contribution from joint ventures, compared to an exceptional performance in the first quarter of 2024
- Constant commitment to sustainability demonstrated by
- first biodiversity report, and
- major Power Purchase Agreement (PPA) signed in the USA
Capacity increases in growing markets, combined with new and innovative mineral-based solutions, supported Imerys' continued revenue growth momentum in the first quarter of 2025, mitigating the impact of a widespread slowdown of activities. Price discipline and strict cost control helped the Group improve its financial performance compared to Q1 2024, both in absolute value and percentage terms, after adjusting for joint venture contributions and perimeter effects. To the benefit of its teams, customers and all stakeholders, Imerys will use every lever at its disposal to navigate this uncertain period and preserve the resilience of its business model.
| Consolidated results1 (in € millions) | Q1 2024 | Q1 2025 | Change Q1 |
|---|---|---|---|
Revenue Organic growth | 926 - | 871 +0.7% | -6.0% - |
Adjusted EBITDA of which share of net income from JVs of which perimeter2 Adjusted EBITDA margin3 | 188 55 17 20.2% | 128 6 1 14.7% | -31.9% - - - |
Current operating income of which share of net income from JVs of which perimeter2 Current operating margin | 123 55 17 13.3% | 56 6 1 6.5% | -54.3% - - - |
Operating income | 108 | 48 | -55.3% |
Current net income, Group share | 83 | 31 | -62.8% |
Net income, Group share | 69 | 23 | -66.0% |
1The definition of alternative performance measures can be found in the glossary at the end of the press release
2Mainly attributable to the disposal of the assets serving the paper market (July 2024), and the acquisition of perlite and diatomite business (January 2025)
3Share of net income from joint ventures contributes 5.9 and 0.7 percentage points to Q1 2024 and Q1 2025 adjusted EBITDA margin, respectively
Highlights
In March 2025, Imerys published its first report on biodiversity. In this comprehensive voluntary report, Imerys presents its strategy, progress and targets to preserve natural heritage. This innovative approach in the industrial minerals sector illustrates Imerys' dedication to combine responsible mineral extraction with the preservation of biodiversity. As a reminder, Imerys operates in more than 150 industrial sites and quarries in 33 countries. The Group is committed to progress towards no net loss of biodiversity, using the mitigation hierarchy to avoid, minimize, restore, and offset impacts. All the key components of this strategy are explained and illustrated with concrete local examples.
In April 2025, Imerys signed a new, major Power Purchase Agreement (PPA) in the USA with Akuo, an independent renewable energy developer and producer. When operational in 2026, 30% of Imerys’ electricity needs in the US will come from renewable sources. This 15 years agreement will result in a reduction of approximately 67kt of Greenhouse Gas (GHG) emissions per year for Imerys, corresponding to 3% of the Group-wide emissions (2021 baseline). Launched in 2023, Imerys' Global PPA Program aims to meet the electricity needs of Imerys sites worldwide through both off-site and on-site renewable energy PPAs like those already in place with solar farms in Cornwall in the United Kingdom, Hidd in Bahrain, Wuhu in China, and Ipoh in Malaysia. Renewable energy and PPAs are gamechangers for Imerys’ decarbonization strategy, representing 50% of the Group’s efforts to reduce its Scope 1 & 2 GHG emissions by 42% by 2030 (vs 2021 baseline).
Outlook
Thanks to its widespread industrial network, and minimal products flows between regions across the world, Imerys expects the direct impact of new or increased tariffs to be very limited, based on information available at the time of this press release.
The upcoming quarters present uncharted territory with rapidly shifting macroeconomic and geopolitical circumstances creating remarkable uncertainty for the global economy. Building on Imerys’ performance in the first quarter, which highlights its resilience to external disruptions, Imerys will capitalize on its local production capabilities and utilize all available resources to navigate this volatile period.
To the benefit of our teams, customers, and stakeholders, we maintain an unwavering commitment to responsible, profitable growth.
To read the full version of the press release with the appendix, download the PDF
2025 first quarter 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 first quarter of 2025 results at 6.30 PM (CET) on April 28, 2025, which can be accessed via this link.
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, 2025 under number D.25-0161 (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