Imerys

Latest Results (07.08.2024):

Revenue Growth

Imerys reported a revenue of €1,919 million for the first half of 2024, driven by volume growth. This represents a slight decrease of 3.2% compared to the same period in 2023. However, the second quarter of 2024 saw a 2.2% year-on-year increase in revenue at constant scope and exchange rates, reflecting a recovery in European end-markets and strong performance in the US.

Adjusted EBITDA

Imerys achieved an adjusted EBITDA of €384 million in the first half of 2024, marking an 11% increase compared to H1 2023. The second quarter alone saw a 13.6% rise in adjusted EBITDA year-on-year. The adjusted EBITDA margin for H1 2024 was 20%, an improvement of 260 basis points from the previous year, driven by higher revenues and cost reductions.

Net Income

Imerys's current net income from continuing operations, Group share, reached €173 million in the first half of 2024, a 25% increase compared to H1 2023. For the second quarter of 2024, the net income, Group share, was €73 million, reflecting a significant year-on-year growth of 66.2%.

Cash Flow

Imerys generated a net current free cash flow of €120 million before strategic capital expenditures in the first half of 2024. This solid cash generation was supported by actions aimed at improving operating working capital, despite an increase in other expenses mainly due to joint ventures' share in net income versus dividends received.

Outlook

Imerys expects to continue benefiting from positive business momentum in the second half of 2024, supported by its diversified geographical footprint and improved economic conditions. The Group targets a full-year 2024 adjusted EBITDA in the range of €670 to €690 million, compared to €668 million in 2023, despite the divestiture of assets serving the paper market.