Imerys Meets its 2025 Forecasts and Launches a 50 to 60 Million Euro Savings Program
The mining and specialty group Imerys confirmed on Friday its adjusted EBITDA target for 2025 at 546 million euros, despite a lackluster demand environment. The company announces the launch of Project Horizon, a structural program aimed at generating annual savings of 50 to 60 million euros starting in 2026.
Financial Performance in 2025
Imerys recorded a revenue of 3,384 million euros in 2025, remaining generally stable when adjusted for scope and exchange rates compared to 2024, with a slight decline of 0.7%. The fourth quarter of 2025 also showed relative stability, with sales of 801 million euros. This performance is due to a strict pricing policy applied in a context of moderate industrial activity, especially in construction in North America and Europe. The adjusted EBITDA of 546 million euros aligns with the forecasts announced, despite an unfavorable exchange rate effect of 22 million euros. Compared to 2024, this indicator shows a limited decline of 0.4% at constant exchange rates and excluding perimeter effects. The net result of the group reached minus 409 million euros, mainly due to a goodwill impairment of 467 million euros affecting the Solutions for Refractories, Abrasives, and Construction business. This charge does not impact the group's cash flow. This accounting deterioration results from a revision of market assumptions following the European Union's anti-dumping measures, deemed insufficient to counterbalance the competitive pressure from Chinese producers and persistently weak industrial activity.
Financial Stability and Dividend Proposal
The group's cash position remains stable, with a net current operational free cash flow of 127 million euros before strategic investments, confirming the financial robustness of Imerys and its investment-grade rating. The net financial debt stood at 1,391 million euros as of December 31, 2025. The group proposes an ordinary dividend of 0.75 euro per share, representing a distribution of 64 million euros, which is a payout ratio of 44% of the net recurring result. The payment will occur on May 20, 2026, after the detachment of rights on May 22, 2026. The net recurring result per share is established at 1.73 euros in 2025, compared to 3.10 euros in 2024.
Launch of Project Horizon and Updates on Lithium Projects
Imerys launches Project Horizon, a program aimed at generating between 50 and 60 million euros in annual savings compared to the 2025 cost base. More than half of the gains are expected as early as 2026, with full effect anticipated in 2027. This initiative is based on organizational simplification, structural cost reduction, and optimization of global production capacity. On the lithium front, the French government, through the Banque des Territoires, is investing 50 million euros in the EMILI project to support its development until the finalization of the definitive feasibility study, scheduled for early 2027. Concurrently, Imerys places its British project, Imerys British Lithium, in maintenance mode while maintaining it as a strategic program. Pierre Lebreuil, who has been with the group since 2002, is promoted to Chief Financial Officer effective February 20, 2026.
