Imerys raises its 2026 EBITDA guidance as net income falls 16.3% over nine months
On October 29, 2026, Imerys raised its adjusted EBITDA guidance for fiscal year 2026 to a range of €570 to €590 million. It had targeted €550 to €580 million in its statement of July 29, 2026. The group sets one condition: no significant deterioration of the current operating environment.
This upgrade comes as operating profitability grows over nine months. Net income attributable to the Group, however, fell 16.3% to €92 million, due to higher financial charges and non-recurring items.
The announcement follows several weeks of decline in the share price. The stock had lost 11.5% over one month as of October 8, 2026, then on October 22, 2026 hit a 30-session low of €21.86.
Revenue up 2.9% organically in the third quarter
In the third quarter of 2026, revenue came to €884 million. It rose 7.0% on a reported basis and 2.9% at constant scope and exchange rates. It exceeded the estimate of €861 million from a single analyst in the consensus of October 28, 2026.
Organic growth relied mainly on prices (+2.7%), primarily due to the pass-through of higher energy and logistics costs. Volumes rose 0.2%. The acquisitions of Great Lakes Minerals and S&B Mineração contributed €23 million, and currency effects contributed €11 million.
Over nine months, sales reached €2,624 million, up 2.0% at constant scope and exchange rates (volumes +0.4%, prices +1.6%). On the same basis, adjusted EBITDA rose 10.3% to €450 million, and 10.8% in the third quarter to €160 million.
The adjusted EBITDA margin moved from 16.3% to 17.1% over nine months, and from 16.9% to 18.1% in the third quarter. Current operating income for the quarter increased 22.7% to €89 million. The current operating margin thus reached 10.0%, compared with 8.7% a year earlier.
Net income declines over nine months but rises in the third quarter
Over nine months, the operating improvement does not carry through to net income. Current net income attributable to the Group fell 7.3% to €116 million. Net income attributable to the Group decreased 16.3% to €92 million, compared with €110 million a year earlier.
Current financial charges rose from €46 million to €66 million. This amount includes a €9 million increase in interest expenses and a -€6 million revaluation of power purchase agreements, with no impact on cash. The effective tax rate came to 27%.
Net income also includes restructuring charges related to the Horizon project. These are partly offset by a revaluation gain on the EMILI lithium project, following the acquisition by Banque des Territoires of a €50 million stake in April 2026.
In the third quarter alone, the trend is reversed. Current net income rose 16.9% to €50 million, and net income rose 8.0% to €43 million.
Graphite and Americas growing, EBITDA guidance raised to €570-590M
By business segment, Graphite and Carbon posted the strongest growth. Its sales rose 16.0% at constant scope and exchange rates over nine months, to €207 million, and 21.0% in the third quarter. This growth was driven notably by electric vehicles and energy storage.
Within Performance Minerals, the Americas grew 4.3% over nine months and 8.0% in the third quarter. The Europe, Middle East, Africa and Asia-Pacific region remained stable (+0.3%). Its volumes fell 2.7% in the quarter, mainly due to lower sales in ceramics.
Refractories, Abrasives and Construction Solutions was stable over nine months (-0.3%), at €865 million. It declined 1.9% in the third quarter, a decrease attributable to refractories, held back by weak end-market demand in Europe.
The group now targets adjusted EBITDA between €570 and €590 million for 2026. This new range raises the adjusted EBITDA guidance of €550 to €580 million announced on July 29, 2026. Imerys indicates that inflationary pressures and difficult market conditions are expected to persist in the coming months.
Over the first nine months of 2026, adjusted EBITDA already reached €450 million. Annual results for fiscal year 2026 are scheduled for February 18, 2027.
