Full Year 2024 Imerys SA Earnings Call Transcript
Key Points
- Imerys (IMYSF) achieved a solid performance in 2024 with a 1% organic growth in revenues, reaching EUR3.6 billion.
- The company posted an adjusted EBITDA of EUR675 million, marking an 11.4% increase over the prior year like-for-like.
- Imerys generated a free operating cash flow of EUR209 million before strategic CapEx, indicating strong cash generation capabilities.
- The company continues to offer attractive shareholder remuneration, proposing a 7.4% increase in ordinary cash dividends.
- Imerys has made strategic acquisitions, such as the European diatomite and perlite business, enhancing its product portfolio in filtration and life sciences.
- The automotive market remains a significant concern, with weakness expected to continue, particularly in Europe.
- The energy sector is weak in Europe and the US, impacting Imerys' performance in these regions.
- The iron and steel market is under pressure, with recovery delayed until the second half of 2025.
- Imerys faces challenges in the photovoltaic market due to high inventory levels, particularly in China.
- There is uncertainty regarding the lithium project's competitiveness without subsidies, given the low-cost brine production in Latin America.
Good morning to all of you. Thank you for joining us today to review Imerys Q4 and full year 2024 annual results. With me this morning, Sebastien Rouge, our CFO. Let me start as usual by giving you some highlights for the year we just closed.
In 2024, Imerys delivered a solid performance, posting organic growth and increased EBITDA and increased margin driven by volume recovery. Revenues landed at EUR3.6 billion with a 1% organic growth. In Q4, organic growth amounted to 3.5%, and this was the third consecutive quarter of improvement. This achievement reflects continued volume recovery driven by additional industrial capacities, new product launches, commercial action and pricing turning positive in the second half of the year.
Imerys posted an adjusted EBITDA for the full year at EUR675 million, an 11.4% increase over the prior year like-for-like, and in line with our guidance. Noteworthy, the strong Q4 performance at plus 14% like-for-like compared to 2023. The group generated a free operating
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