In This Article:
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Revenue: EUR871 million, 0.7% organic growth at constant scope and exchange rate.
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Adjusted EBITDA: EUR128 million, increased by about 4% year on year.
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Adjusted EBITDA Margin: 14.7%.
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Performance Minerals Revenue: EUR522 million, 1.2% organic growth.
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Solutions for Refractory, Abrasive, and Construction Revenue: EUR289 million.
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Graphite and Carbon Business Revenue: EUR61 million, 22.5% increase year on year.
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Current Operating Income: EUR56 million.
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Current Net Income Group Share: EUR31 million.
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Net Income Group Share After Non-Recurring Expenses: EUR283 million.
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Price Increase: 1.4% in the first quarter compared to last year.
Release Date: April 28, 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 0.7% organic growth in Q1 2025, marking the fourth consecutive quarter of growth.
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The adjusted EBITDA increased by about 4% year on year, reaching EUR128 million, driven by strong performance in the performance minerals and graphite and carbon businesses.
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Imerys (IMYSF) reaffirmed its commitment to sustainability by issuing its first biodiversity report and signing a major power purchase agreement in the United States.
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The company experienced strong growth in sales of electric vehicles, where it holds a solid market position.
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The graphite and carbon business showed a robust recovery, with a 22.5% increase in revenue, driven by demand in electric vehicles and conductive polymers.
Negative Points
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Group volumes slightly declined due to weakness in the construction market and a significant slowdown in the industrial and automotive sectors in Europe.
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The contribution from joint ventures deteriorated compared to an exceptional performance in Q1 2024.
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The solutions for refractory, abrasive, and construction business faced volume decreases, particularly due to lower sales of refractory products impacted by low industrial activity in Europe.
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The overall profitability was affected by the perimeter effect from the disposal of paper market assets and the lower contribution from joint ventures.
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The automotive market outlook remains negative, with production risks due to tariffs and a weak performance in Europe.
Q & A Highlights
Q: Can you confirm if maintaining the EBITDA margin at 16% as in 2024 will be difficult, and provide details on organic growth in terms of volume and prices? Also, what is the contribution of TQC in Q1 compared to previous quarters? A: Maintaining the 16% margin may be challenging due to current uncertainties. Organic growth showed flattish volumes with a 1.4% price increase. The slight volume decrease was mainly in Europe, affected by weak automotive and iron and steel markets. TQC's Q1 contribution was lower than Q4 2024, impacted by overstocking in the supply chain, but the underlying photovoltaic market continues to grow.