Imerys S.A.

Group sales amounted to EUR 1.74 billion, up 1.5% organic year over year, with a 0.5% volume benefit and 1% pricing increase; currency was a EUR 47 million headwind, mainly from the weaker U.S. dollar. Adjusted EBITDA was EUR 290 million in H1 2026, corresponding to a 16.6% margin, and reported EBITDA increased 3% versus H1 2025. In Q2, adjusted EBITDA was EUR 172 million, up 14.5% at constant exchange rates, and organic growth accelerated to 2.3%. For the full year, management targets adjusted EBITDA of EUR 550 million to EUR 580 million, assuming no catastrophe and no material deterioration in the macro or geopolitical environment.

Alessandro Dazza emphasized that H1 showed broad-based operational improvement: volumes, pricing, and costs all moved in the right direction, and he said the company is proud of the result given the environment. His tone was positive but cautious, repeatedly highlighting energy-price spikes, the Middle East situation, and interest-rate uncertainty as reasons for prudence. He also stressed strategic progress, including Project Horizon, ERP integration, new capacity ramp-up, and bolt-on acquisitions, while saying the company is winning share in several markets.

Pierre Lebreuil said H1 adjusted EBITDA of EUR 290 million reflected disciplined pricing, strict cost management, and a higher contribution from joint ventures, while reported EBITDA was affected by a EUR 17 million FX hit. He highlighted H1 free operating cash flow of EUR 109 million, helped by lower working capital needs, a $10 million dividend from TQC, and lower CapEx paid; he also noted EUR 10 million of strategic CapEx, including EUR 7 million for EMILI that was fully covered by funding from Banque des Territoires. Net financial debt was EUR 1.47 billion at June 30, up EUR 77 million versus year-end, and the net debt-to-EBITDA ratio was 2.6, roughly stable. He said EUR 70 million of Horizon savings had been booked by end-June and that a EUR 30 million restructuring provision was recognized.

Analysts pressed on why full-year guidance looks conservative versus strong H1/Q2 momentum, and management pointed to energy-price volatility, possible inflation and rate impacts, and FX uncertainty as the main reasons. On net debt, management said the increase was driven by the Great Lakes acquisition and a new head office lease, but excluding those items debt would have been slightly down versus year-end; they did not give a year-end forecast, but said debt should remain under control. Questions on TQC focused on a strong Q2, and management explained part of the uplift came from contract timing and should not be extrapolated to H2. In talc/Chapter 11, management said the ruling is still pending, the cash contribution would be $95 million against a $117 million provision, and they remain optimistic about closure.