Full Year 2025 Imerys SA Earnings Call Transcript
Key Points
- Imerys (IMYSF) maintained stable revenue for 2025 at EUR3.385 billion, despite challenging market conditions.
- The company achieved a resilient adjusted EBITDA of EUR546 million, within guidance, despite currency headwinds.
- Imerys' Performance Minerals segment showed a 4% increase in adjusted EBITDA like-for-like, driven by price discipline and cost management.
- The company successfully launched Project Horizon, targeting annual cost savings of EUR50 million to EUR60 million, with benefits expected to begin in 2026.
- Imerys achieved significant sustainability milestones, including a 28% reduction in Scope 1 and 2 CO2 emissions since 2021, ahead of its 2030 target.
- Imerys faced a noncash goodwill impairment of EUR467 million in its refractory, abrasive, and construction business due to changed market conditions.
- The company experienced a negative impact of EUR82 million from currency fluctuations, primarily due to the devaluation of the US dollar.
- Free operating cash flow was impacted by a decrease in dividends from joint ventures, notably TQC, which did not pay dividends in 2025.
- The North American talc entities are undergoing a Chapter 11 process, with the outcome still pending court ruling.
- Imerys' British Lithium project has been placed on maintenance and care, halting further investments in the near future.
Good morning. This is the conference operator. Welcome, and thank you for joining the Imerys 2025 annual results conference call. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Alessandro Dazza, Chief Executive Officer; and Pierre Lebreuil, Chief Financial Officer of Imerys. Please go ahead.
Good morning to all of you. Thank you for joining us today to review Imerys Q4 and full year 2025 results. I think the first word is dedicated to Pierre Lebreuil, our CFO, next to me, our new CFO. Pierre is not new to Imerys. He has been with us for more than 20 years, new in his role.
I'm very proud of this promotion because Pierre will bring strong leadership to the team, experience and will guarantee continuity in this business. Pierre, welcome.
Thank you, Alessandro.
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