GICS Sector : Basic Materials
Imerys S.A. provides mineral-based specialty solutions for various industries worldwide.The company operates in Performance Minerals and High Temperature Solutions segments.It provides additives for interior decorative paints, as well as marine protection, facade coating, can coating, etc.; rubber, tires, medical rubber, and cables; and adhesives and sealants.
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.
Publication Date: Feb -22
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.
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.
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.
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.
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Mar -30
Imerys (IMYSF) Full Year 2025 Earnings Call Highlights: Resilient Performance Amid Market Challenges
Feb -20
Fluorspar mine restart makes Newfoundland the only North American producer of critical mineral
Nov -28
Imerys (ENXTPA:NK) Is Up 8.1% After Swinging to Profit on Lower Sales in Q3 2025
Nov -12
Starlink rival Eutelsat makes surprise CFO change ahead of fund raising
Nov -05
Eutelsat Appoints New Chief Financial Officer
Nov -05
High Purity Quartz (HPQ) Market Trends and Business Strategies (2025-2030) Featuring Sibelco, The Quartz Corp., Jiangsu Pacific Quartz Co., Imerys, Russian Quartz and Other Key Players
Oct -28
LBB Specialties and Imerys Form Specialty Distribution Partnership in North America
Sep -15
Imerys' Performance Minerals segment growth is driven by increasing demand for specialty minerals in energy-efficient applications, such as refractories and ceramics, as well as growing adoption in emerging markets. Additionally, the company's focus on innovation and sustainability, including the development of eco-friendly products, contributes to its 2% growth.
Imerys' Refractories, Abrasives and Construction segment growth is driven by increasing demand for high-performance materials in steel production, rising infrastructure development, and growing adoption of sustainable building practices. Additionally, the company's strategic acquisitions and investments in R&D have enhanced its product offerings and operational efficiency, contributing to the 4% growth rate.
Imerys S.A.'s growth is driven by increasing demand for specialty minerals in energy storage, filtration, and refractories. Strong sales in ceramic and refractory markets, coupled with strategic acquisitions, have contributed to its growth. Additionally, the company's focus on sustainability and innovation has enabled it to capitalize on emerging trends in clean energy and eco-friendly products.
A soft, white mineral used in paper, ceramics, and cosmetics
A type of clay used in foundry, drilling, and construction
A thermally treated kaolin used in ceramics, paint, and plastics
A soft, powdery mineral used in plastics, paint, and cosmetics
A sedimentary rock used in construction, paper, and water treatment
Heat-resistant minerals used in high-temperature applications
A calcium silicate mineral used in plastics, paint, and ceramics
A mineral used in paper, plastics, and construction
The threat of substitutes for Imerys S.A. is medium due to the availability of alternative materials and products that can replace its offerings.
The bargaining power of customers for Imerys S.A. is low due to the company's strong brand reputation and diversified customer base.
The bargaining power of suppliers for Imerys S.A. is medium due to the company's dependence on a few key suppliers for raw materials.
The threat of new entrants for Imerys S.A. is low due to the high barriers to entry in the industry, including significant capital requirements and regulatory hurdles.
The intensity of rivalry for Imerys S.A. is high due to the competitive nature of the industry, with several established players vying for market share.
| Value | |
|---|---|
| Debt Weight | 46.91% |
| Debt Cost | 11.19% |
| Equity Weight | 53.09% |
| Equity Cost | 11.19% |
| WACC | 11.19% |
| Leverage | 88.36% |
Value: 5.5
Growth: 8.2
Quality: 6.2
Yield: 6.9
Momentum: 6.0
Volatility: 6.7
1-Year Total Return ->
Value: 9.6
Growth: 1.9
Quality: 4.2
Yield: 5.6
Momentum: 7.5
Volatility: 8.3
1-Year Total Return ->
Value: 6.2
Growth: 7.3
Quality: 7.4
Yield: 3.8
Momentum: 7.5
Volatility: 4.0
1-Year Total Return ->
Value: 9.6
Growth: 2.7
Quality: 2.5
Yield: 3.8
Momentum: 5.5
Volatility: 5.7
1-Year Total Return ->
Value: 7.8
Growth: 1.3
Quality: 2.8
Yield: 8.1
Momentum: 2.0
Volatility: 4.3
1-Year Total Return ->
Value: 3.8
Growth: 1.6
Quality: 3.4
Yield: 5.6
Momentum: 1.0
Volatility: 5.3
1-Year Total Return ->