In This Article:
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Revenue: EUR3.6 billion for 2024, with a 1% organic growth.
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Q4 Organic Growth: 3.5% increase, marking the third consecutive quarter of improvement.
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Adjusted EBITDA: EUR675 million for the full year, an 11.4% increase like-for-like.
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Adjusted EBITDA Margin: 18.7%, up 110 basis points from the previous year.
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Free Operating Cash Flow: EUR209 million before strategic CapEx, EUR136 million reported.
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Ordinary Cash Dividend: Proposed EUR1.45 per share, a 7.4% increase from last year.
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Cost Savings: EUR111 million of gross savings, representing approximately 3% of total costs.
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Performance Minerals Revenue: EUR2.2 billion, with 2.4% organic growth.
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Solutions for Refractory, Abrasive, and Construction Revenue: EUR1.2 billion, stable compared to 2023.
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Graphite & Carbon Revenue: 3.5% decrease for 2024, with a Q4 sales increase of 16% year-over-year.
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Net Income: EUR196 million for the full year, a 22% increase compared to the prior year.
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Net Debt: Represents 1.9x adjusted EBITDA.
Release Date: February 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Imerys (IMYSF) achieved a solid performance in 2024 with a 1% organic growth in revenues, reaching EUR3.6 billion.
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The company posted an adjusted EBITDA of EUR675 million, marking an 11.4% increase over the prior year like-for-like.
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Imerys generated a free operating cash flow of EUR209 million before strategic CapEx, indicating strong cash generation capabilities.
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The company continues to offer attractive shareholder remuneration, proposing a 7.4% increase in ordinary cash dividends.
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Imerys has made strategic acquisitions, such as the European diatomite and perlite business, enhancing its product portfolio in filtration and life sciences.
Negative Points
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The automotive market remains a significant concern, with weakness expected to continue, particularly in Europe.
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The energy sector is weak in Europe and the US, impacting Imerys' performance in these regions.
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The iron and steel market is under pressure, with recovery delayed until the second half of 2025.
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Imerys faces challenges in the photovoltaic market due to high inventory levels, particularly in China.
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There is uncertainty regarding the lithium project's competitiveness without subsidies, given the low-cost brine production in Latin America.
Q & A Highlights
Q: Can you provide more details on the guidance for EBITDA growth in 2025? A: Alessandro Dazza, CEO, stated that while they do not provide early-year guidance due to uncertainties, they expect growth to continue based on strong markets, new products, and capacities. He noted that pricing improved in Q4 2024, suggesting a positive trend for 2025.