PRESS RELEASE
PARIS, OCTOBER 30, 2024

Imerys delivers a robust performance in the first nine months of 2024 and confirms
its Adjusted EBITDA guidance for the full year

● Solid third quarter revenue at €855 million (+4.1% at constant scope and exchange rate); Adjusted
EBITDA at 148M€ reflecting the disposal of the assets serving the paper market in July 2024 and a
lower contribution from joint-ventures compared to last year

● Sales for the first nine months 2024 at €2,773 million (+0.1% organic growth vs last year), sustained
by continued volume recovery both in the second and third quarter 2024 (+2.7% and +3.8%
respectively)

● Adjusted EBITDA year-to-date at €532 million (+3% vs last year, +7% at constant perimeter),
reaching 19.2% on sales, +140 bps vs last year

● Current net income from continuing operations, Group share, in the first nine months of 2024 at
€214 million up 11% vs last year

● Guidance for full year 2024 confirmed: adjusted EBITDA between €670 and €690 million


Alessandro Dazza, Chief Executive Officer, said:
“With volume recovery across our markets, Imerys achieved a robust performance in the US and a light rebound in
Europe during the third quarter. By combining this increase in sales with rigorous cost control, we were able to
achieve improved profitability in both absolute value and margins. In a context of weakening end markets in
Europe, especially automotive, we will continue to pursue these efforts to strengthen our financial performance.”


Consolidated results1,2 9 months 9 months Change 9
Q3 2023 Q3 2024 Change Q3
(in € millions) 2023 2024 months

Revenue 918 855 -6.9% 2,900 2,773 -4.4%

Organic growth - - +4.1% - - +0.1%

Adjusted EBITDA3 172 148 -13.9% 517 532 +3.0%

Adjusted EBITDA margin4 18.8% 17.4% - 17.8% 19.2% -

Current operating income 82 77 -6.2% 300 330 +9.8%

Current operating margin 9.0% 9.0% - 10.3% 11.9% -

Operating income5 57 (250) - 231 (31) -

Current net income from continuing operations, Group share 53 41 -23.8% 192 214 +11.3%

5 6
Net income, Group share 38 (285) - 184 (143) -




1
The definition of alternative performance measures can be found in the glossary at the end of the press release
2
According to IFRS 5, HTS has been accounted for as a discontinued operation and reported under ‘Net income from discontinued activities’ (its
revenue, expenses and pre-tax profits are not detailed in the consolidated income statement), linked to the divestiture of the High Temperature
Solutions business in January 2023
3
Until December 31, 2023, the Group communicated on current EBITDA. Thereafter, the definition of adjusted EBITDA no longer takes into account
dividends received from joint ventures and associates, but includes their share in net income, which is specified in the Glossary. Comparative
information was restated.
4
Share of net income from joint ventures contributes 0.6 and 3.2 percentage points to Q3 2024 and first nine months of 2024 adjusted EBITDA
margin, respectively 2.5 pp in Q3 2023, 2.3 pp in first nine months of 2023
5
As a reminder, the translation reserve associated with the assets serving the paper market disposed of (mainly relating to the devaluation of the
Brazilian Real) has been recycled to the income statement in accordance with applicable IFRS standards. The Group’s shareholders' equity is not
affected by this non-cash loss of €302 million that is accounted for in the financial statements of the third quarter ending September 30, 2024.
6
Including €44 million of contribution of discontinued operations (High Temperature Solutions disposed of in January 2023)


1
OUTLOOK

With a proven track record of resilience in challenging environments, a diversified portfolio of specialty minerals
and a global geographical footprint, Imerys is able to confirm its adjusted EBITDA target of between €670 to 690
million for 2024. .




COMMENTARY ON THE RESULTS

Revenue

Change 2024 / 2023

Consolidated results 2023 2024 Reported Like-for-like
Volumes Price mix
(€ millions) change change

First quarter 997 926 -7.1% -5.3% -3.4% -1.9%

Second quarter 985 992 +0.7% +2.2% +2.7% -0.6%

Third quarter 918 855 -6.9% +4.1% +3.8% +0.3%

Total 2,900 2,773 -4.4% +0.1% +0.9% –0.8%

Revenue in the third quarter of 2024 was €855 million, a 4.1% year-on-year increase at constant scope and
exchange rates. Group sales volumes were up 3.8%. This good performance is coming from the US market,
holding up well, European activities enjoying a light rebound, particularly in consumer goods, and Asia
performing well. Automotive and industrial markets in Europe were lagging behind in Q3. Prices reverted to a
positive trend in the third quarter of 2024.

In the first nine months of 2024, volumes were slightly positive compared to the prior year at 0.9%, and
revenue reached €2,773 million, slightly above the prior year at constant scope and exchange rates. First nine
months revenue included a negative currency effect of €36 million (-1.2%), as a result of the strengthening of the
euro against most currencies. The scope effect was negative €94 million, mainly attributable to the divestiture of
the assets serving the paper market.




Adjusted EBITDA

Consolidated results Change
2023 2024
(€ millions) 2024 / 2023

First quarter 172 188 +9.2%

Second quarter 173 197 +13.6%

Third quarter 172 148 -13.9%

Total adjusted EBITDA 517 532 +3.0%
of which share in net income from joint ventures 67 89

Margin7 17.8% 19.2% +140 bps

Adjusted EBITDA decreased by €24 million in the third quarter of 2024, principally due to perimeter effect (-€17
million) and the lower contribution from our joint-ventures (-€17 million compared to 2023). Imerys Performance
Minerals performed strongly, driven by volume recovery and a positive price/cost balance.




7
Share of net income from joint ventures contributes 2.3 and 3.2 percentage points to the first nine months of 2023 and the first nine months of 2023
adjusted EBITDA margin, respectively


2
For the first nine months of 2024, adjusted EBITDA increased by 3.0% (+6.8% at constant perimeter) and
reached a 19.2% margin on sales, with a significant progress of 140 bps compared to 2023, driven by a stronger
operating leverage and an improved year-to-date joint ventures contribution more than offsetting the negative
perimeter effect.


Current net income

Current net income, Group share, totaled €41 million in the third quarter of 2024, (Q3 2023: €53 million).

In the first nine months, current net income, Group share was €214 million, a significant improvement of
11.3% compared to last year.



Net income
Net income, Group share was -€285 million in the third quarter of 2024, after booking €326 million of net
expenses, mostly originating from the translation reserve associated with the assets serving the paper market
divested in July. As a reminder, this translation reserve is largely related to the devaluation of the Brazilian Real
since the acquisition of the assets three decades ago. At closing, this translation reserve has been recycled to
the income statement as "other income and expenses" in accordance with applicable IFRS standards. This
non-cash loss has no impact on the Group shareholders equity.

For the first nine months of 2024, net income, Group share totaled -€143 million vs €184 million of prior year.
This decline is linked to the accounting entry mentioned above and last year’s contribution of discontinued
operations for €44 million (High Temperature Solutions, disposed of in January 2023). These two negative
impacts are partly offset by a year-on-year improved current net income.




PERFORMANCE BY ACTIVITY

Performance Minerals

Like-for-like Consolidated amount Like-for-like
Q3 2023 Q3 2024 9M 2023 9M 2024
change (€ millions) change

255 224 +11.6% Revenue Americas 788 768 +5.4%

Revenue Europe, Middle East and
339 308 +5.7% Africa and Asia-Pacific 1,086 1,035 +0.4%

-30 -18 - Eliminations -92 -89 -

564 514 +8.2% Total revenue 1,783 1,714 +2.0%



Third quarter 2024 revenue generated by Performance Minerals reached €514 million, reflecting an organic
growth of 8.2% compared to last year.

Revenue in the Americas was up 11.6% at constant scope and exchange rates, reaching €224 million in the third
quarter of 2024. Sales were supported by volumes (+9.8% vs Q3 2023), mainly driven by a good dynamic in
consumer goods end-market, market share gains, as well as sustained prices.

Revenue in Europe, Middle East, Africa and Asia-Pacific increased by 5.7% at constant scope and exchange
rates in the third quarter of 2024 compared to last year. Sales benefit from a good business momentum in
plastics, with some market share gains and the ramp up of the Group’s new plant in China. Filtration and life
sciences business is holding well, while pricing is back to a positive trend.




3
In the first nine months of 2024, revenue for Performance Minerals increased by 2% at constant scope and
exchange rates to reach €1 714 million. In comparison with last year, growth was mainly driven by Performance
Minerals America, while Europe, Middle East, Africa and Asia-Pacific have returned to positive growth after a low
Q1 2024.



Solutions for Refractory, Abrasives and Construction

Like-for-like Consolidated amount Like-for-like
Q3 2023 Q3 2024 9M 2023 9M 2024
change (€ millions) change

Revenue Refractory, Abrasives &
297 284 -1.4% Construction 944 904 -1.6%



Third quarter 2024 revenue generated by Solutions for Refractory, Abrasives and Construction reached
€284 million, a decrease of 1.4% compared to prior year at constant scope and exchange rates. Volumes reflect
low industrial activity in Europe, the weakness of the automotive sector impacting especially abrasive demand,
partially offset by a good momentum in the US and resilient prices in a deflationary environment.

Sales in the first nine months 2024 for Solutions for Refractory, Abrasives and Construction business
reached €904 million (-1.6% at constant scope and exchange rates vs last year) and benefited from a good
momentum in the US, but low industrial activity in Europe.



Solutions for Energy Transition

Like-for-like Consolidated amount Like-for-like
Q3 2023 Q3 2024 9M 2023 9M 2024
change (€ millions) change

58 57 -1.1% Revenue Graphite & Carbon 175 159 -8.9%


The Graphite and Carbon business generated €57 million in revenue in the third quarter of 2024, in line with
prior year. It benefited from the lithium-ion batteries market growth and market share gains partially
compensated by some price adjustments. In the first nine months of 2024, revenue was behind last year,
adversely affected by Asian destocking and price concessions during the first semester.

The US operations of The Quartz Corporation (high purity quartz joint venture, 50% owned by Imerys) suffered
limited disruptions from Hurricane Helene. Careful safety stock management ensured no supply interruption
occurred and production is gradually returning to normal. The outlook for photovoltaic installations for the
remainder of the year remains positive, though the business is still negatively impacted by high inventories in the
value chain.




4
2024 first nine months results webcast
The press release is available on the Group’s website www.imerys.com. The Group will hold a live webcast to
discuss the first nine months of 2024 results at 6.30 PM (CET) on October 30, 2024, which can be accessed via
this link.



Imerys is the world’s leading supplier of mineral-based specialty solutions for the industry with €3.8 billion in revenue
and 13,700 employees in 54 countries in 2023. The Group offers high value-added and functional solutions to a wide
range of industries and fast-growing markets such as solutions for the energy transition and sustainable
construction, as well as natural solutions for consumer goods. Imerys draws on its understanding of applications,
technological knowledge, and expertise in material science to deliver solutions which contribute essential properties
to customers’ products and their performance. As part of its commitment to responsible development, Imerys
promotes environmentally friendly products and processes in addition to supporting its customers in their
decarbonization efforts.

Imerys is listed on Euronext Paris (France) with the ticker symbol NK.PA.

More comprehensive information about Imerys may be obtained from its website (www.imerys.com) in the
Regulated Information section, particularly in its Registration Document filed with the French financial markets
authority (Autorité des marchés financiers, AMF) on March 26, 2024 under number D.24-0183 (also available from
the AMF website, www.amf-france.org). Imerys draws investors’ attention to chapter 2 “Risk Factors and Internal
Control” of its Registration Document.

Disclaimer: This document contains projections and other forward-looking statements. Investors should be aware
that such projections and forward-looking statements are subject to various risks and uncertainties (many of which
are difficult to predict and generally beyond the control of Imerys) that could cause actual results and developments
to differ materially from those expressed or implied.

Analyst/Investor Relations: Press contacts:

Cyrille Arhanchiague : +33 (0)6 07 16 67 26 Claire Garnier : +33 (0)1 49 55 64 27

finance@imerys.com Mathieu Gratiot : +33 (0)7 87 53 46 60

Hugues Schmitt (Primatice) : + 33 (0)6 71 99 74 58

Olivier Labesse (Primatice) : + 33 (0)6 79 11 49 71




5
APPENDIX


KEY INCOME STATEMENT INDICATORS
(€ millions) Q3 2023 Q3 2024
Revenue 918 855
8
of which perimeter 94 -
Adjusted EBITDA 172 148
of which share of net income from JVs 23 5
8
of which perimeter 17 -
Current operating income 82 77
Current financial expense (8) (12)
Current income tax (20) (23)
Minority interests (1) (2)
Current net income from continuing operations,
53 41
Group share
Other operating income and expenses, net, Group share (15) (326)
Net income, discontinued operations, Group share (0) -
Net income, Group share 38 (285)




8
Perimeter includes the effect on revenue and adjusted EBITDA of acquisitions and disposals closed since last year, mainly attributable to assets
serving the paper market and the bauxite business disposals

6
GLOSSARY
Imerys uses “current” indicators to measure the recurrent performance of its operations, excluding significant items that,
because of their nature and their relatively infrequent occurrence, cannot be considered as inherent to the recurring
performance of the Group (see section 5.5 Definitions and reconciliation of alternative performance measures to IFRS
indicators in the 2023 Universal Registration Document).

Alternative Performance Definitions and reconciliation to IFRS indicators
Measures

Growth at constant scope and Calculated by stripping out the impact of currency fluctuations as well as acquisitions and
exchange rates (also called disposals (scope effect).
life-for-like change, LFL growth
organic or internal growth) Restatement of the currency effect consists of calculating aggregates for the current year at the
exchange rate of the prior year. The impact of exchange rate instruments qualifying as hedging
instruments is taken into account in current data.
Restatement of Group structure to take into account newly consolidated entities consists of:
subtracting the contribution of the acquisition from the aggregates of the current year, for entities
entering the consolidation scope in the current year;
subtracting the contribution of the acquisition from January 1 of the current year, until the last day
of the month of the current year when the acquisition was made the prior year, for entities
entering the consolidation scope in the prior year.
Restatement of entities leaving the consolidation scope consists of:
subtracting the departing entity’s contribution from the aggregates of the prior year as from the
first day of the month of divestment, for entities leaving the consolidation scope in the current
year;
subtracting the departing entity’s contribution from the aggregates of the prior year, for entities
leaving the consolidation scope in the prior year.

Volume effect The sum of the change in sales volumes of each business area between the current and prior
year, valued at the average sales price of the prior year.

Price mix effect The sum of the change in average prices by product family of each business area between the
current and prior year, applied to volumes of the current year.

Current operating income The operating income before other operating income and expenses (income from changes in
control and other non-recurring items).

Net income from current The Group’s share of income before other operating income and expenses, net (income from
operations changes in control and other non-recurring items, net of tax) and income from discontinued
operations.

Adjusted EBITDA Effective January 1, 2024 adjusted EBITDA is calculated from current operating income before
operating amortization, depreciation, impairment losses and adjusted for changes in operating
provisions and write-downs. It includes the share in net income of joint ventures (instead of
dividends received, in the prior definition) to better reflect their contribution to the Imerys Group

Net current free operating cash Calculated from current operating income before operating amortization, depreciation and
flow impairment losses and adjusted for changes in operating provisions and write-downs, share in net
income and including dividends received from joint ventures and associates, adjusted for notional
income tax on current operating income, changes in operational working capital requirement,
proceeds from divested intangible and tangible assets, paid intangible and tangible capital
expenditure and changes in right-of-use assets.

Net financial debt Difference between financial liabilities (borrowings, financial debts, and IFRS 16 liabilities) and cash
and cash equivalents.

Notional income tax rate Income tax rate on current operating income




7