Half Year 2025 Imerys SA Earnings Call Transcript
Key Points
- Imerys (IMYSF) reported a resilient performance with flat sales and an increase in EBITDA despite challenging market conditions.
- The company achieved a 16% adjusted EBITDA margin for the first half of 2025, with a target range of EUR 540 million to EUR 580 million for the full year.
- Investments in growing businesses, such as conductive additives, are starting to deliver significant sales and profits.
- The graphite and carbon activity saw a 20% revenue increase, driven by robust end markets like electric vehicles and conductive polymers.
- The lithium project in France, Emili, is progressing well, with strong fundamentals and significant potential for future growth in the electric vehicle market.
- The second quarter was softer due to global uncertainty triggered by sudden changes in US tariff policy, impacting demand.
- Sales in Europe were notably weak, with a significant drop in Germany, reflecting low industrial activity and challenges in the automotive sector.
- The adjusted EBITDA was negatively impacted by the perimeter effect and a significant drop in the contribution from joint ventures.
- The CapEx for the Emili lithium project has been revised upwards to EUR 1.8 billion, higher than initially expected due to inflation and ESG compliance costs.
- The net financial debt to adjusted EBITDA ratio increased to 2.5x, reflecting the impact of scope changes and JV contributions.
Good day, and thank you for standing by. Welcome to Imerys half year 2025 results webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to have the conference over to your first speaker today, Alessandro Dazza, Chief Executive Officer. Please go ahead, sir.
Good afternoon to all of you, and thank you for joining us today to review Imerys H1 '25 results. With me this afternoon, as usual, Sébastien Rouge, our CFO. And as usual, please let me start by giving you a few highlights of the semester we just closed and in particular, on the second quarter of the year.
I think Imerys delivered a very resilient H1 results. On a comparable basis, our sales were flat, and our EBITDA for the underlying business was even up. And I think this is a great achievement considering the environment around us.
If we go a bit more in detail, the performance in the first half was the result of
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