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Imerys: Imerys' 2025 Financial Performance: Stability Amidst Challenges

Imerys reported a stable revenue of EUR 3.385 billion in 2025, consistent with the previous year, with Q4 revenue reaching EUR 800 million. The adjusted EBITDA was EUR 546 million, within guidance, despite a slight decline at constant exchange rates. Notably, the company's net income group share was negatively impacted by a non-cash goodwill impairment charge of EUR 467 million related to the Solutions for Refractory, Abrasive & Construction business, resulting in a net loss of EUR 409 million. The company's adjusted EBITDA margin for Graphite & Carbon reached 25%, indicating a strong performance in this segment.

NK.PA

EUR 23.64

-6.86%

A-Score: 4.4/10

Publication date: February 20, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Stable Revenue & EBITDA Guidance: 2025 revenue at EUR 3.385 billion (Q4: EUR 800M), adjusted EBITDA EUR 546M (0.4% decline at constant rates), within guidance.
  • Cost-Cutting Program (Project Horizon): Targeting EUR 50–60M annual savings to restore profitability, with costs in 2026 and savings from 2026–2027.
  • Lithium Projects Progress: EMILI valued at EUR 150–160M (French state holds minority stake), UK project paused due to advanced French project stage.
  • Segment Performance: Graphite & Carbon EBITDA margin reached 25%, Energy Transition revenue grew 11% like-for-like, RAC EBITDA down 9.8%.
  • Cash Flow & Debt Management: Free operating cash flow EUR 78M (EUR 127M before strategic CapEx), EUR 600M bond issuance extended debt maturity to 4.3 years.

Segmental Performance

The Performance Minerals segment reported revenue of EUR 2 billion, with adjusted EBITDA increasing by 4% like-for-like. In contrast, the Solution for Refractory, Abrasive & Construction business experienced a 9.8% decline in adjusted EBITDA. However, the Solution for Energy Transition segment saw an 11% increase in revenue like-for-like, driven by growing demand. As Alessandro Dazza mentioned, the company's focus on ramping up capacities and innovation efforts is expected to drive future growth.

Cost Savings and Lithium Projects

Imerys launched Project Horizon, a cost and performance improvement program targeting annual cost savings of at least EUR 50-60 million. The company's lithium projects, EMILI and British Lithium, are progressing, with the French state acquiring a minority stake in EMILI. The lithium project in the UK was paused, but not ended, to focus on the advanced French lithium project and secure investors.

Cash Flow and Debt

The company's free operating cash flow was EUR 127 million before strategic CapEx and expenses. Net debt slightly increased in 2025 due to strategic CapEx spend and dividend paid, but net financial debt decreased in H2 2025. The company's investment grade was confirmed by S&P and Moody's, with net debt representing 2.5x the adjusted EBITDA. The valuation metrics indicate a P/E Ratio of -5.92, P/B Ratio of 0.77, and EV/EBITDA of 14.16, suggesting that the market has priced in the challenges faced by the company.

Outlook and Guidance

The company expects a progressive recovery from 2026 onwards, driven by savings from Project Horizon. Analysts estimate next year's revenue growth at 2.6%. The company will not provide guidance but will release updates after H1 2026. The asbestos case is progressing, with a final hearing, and the company remains confident but must wait for the ruling. The interest charge in 2025 is expected to be a good proxy for future years, with a step-up in cost due to bond refinancing.

Imerys's A-Score