Imerys reports positive first quarter 2026 results driven by organic growth

¹ The definition of alternative performance measures can be found in the glossary at the end of the press release

² Share of net income from joint ventures contributes 0.7 and 0.9 percentage points to Q1 2025 and Q1 2026 adjusted EBITDA margin, respectively

Highlights of the quarter

Horizon Project

The project has been launched across main relevant countries, with social and legal processes currently in progress. The program is being deployed as per plan and is on track to deliver the targeted savings of €50–60 million versus the 2025 cost base. The Group expects to meet the projected timeline (more than 50% of the expected benefits realized in 2026 and full run-rate impact from 2027).

Acquisition of Great Lakes Minerals

On April 10, Imerys announced that it has entered into a binding agreement to acquire the Great Lakes Minerals business, a leading United States of America based processor of minerals for the refractory and abrasive industries. This acquisition will strengthen Imerys' Solutions for Refractory, Abrasives and Construction portfolio with critical materials, including calcined bauxite, mullite and fused alumina, while further positioning the Group as a key supplier to customers across North America.

Imerys expects the business to reach revenue of $80 million per year post integration, and to benefit from the ongoing reshoring of industrial activities to the USA.

The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2026.

EMILI Project

The acquisition by the French State, through Banque des Territoires, of a minority stake in Imerys' lithium project for €50 million was finalized on April 22, 2026. 

Banque des Territoires is acting on behalf of the French Government as the operator of the ‘critical metals’ component of France 2030. Announced on February 11, this transaction represents a milestone for the continued development of the project. It aims to support the EMILI project in completing the definitive feasibility study, scheduled for early 2027. This level of study is required before any final investment decision concerning the future lithium production site located in the Allier region is taken.
 

Outlook

While the Middle East crisis had a limited impact in the first quarter, a prolonged conflict could adversely affect the global macroeconomic environment. Imerys expects energy, raw material and logistic costs to rise over the remainder of the year, driven in particular by higher energy prices. In response, the Group has initiated price increases and will continue to take appropriate actions to protect cash generation and profitability.

Commentary the results

Revenue

Revenue in the first quarter 2026 was €835 million and included a negative currency effect of €42 million (-4.8%), primarily reflecting the significant depreciation of the US dollar against the euro.

At constant exchange rates, Group revenue rose by 0.7%, with a positive 0.5% volume effect, driven by strong sales of conductive additives and a dynamic Asian business. Sales to the construction industry were subdued, reflecting a continued weak market environment, especially in the USA.
 

Adjusted EBITDA

Adjusted EBITDA reached €118 million, up 4% vs Q1 2025 at constant exchange rates (down 7.5% on a reported basis). The currency impact represented a negative €14 million in Q1. The adjusted EBITDA improvement benefited from positive sales volume, disciplined pricing, good cost management and a slightly higher contribution from joint ventures.

Imerys achieved an adjusted EBITDA margin of 14.2% on a reported basis.

Current net income

Current net income, Group share, totaled €21 million in the first quarter 2026. Net financial result was negative at €18 million. The income tax expense of €7 million corresponds to an effective tax rate of 26%.

Net income

Net income, Group share, in the first quarter 2026 totaled €1 million vs €23 million in prior year. It is impacted by other net income of -€21 million mainly relating to ongoing restructuring costs (Project Horizon).

³Share of net income from joint ventures contributes 0.7 and 0.9 percentage points to Q1 2025 and Q1 2026 adjusted EBITDA margin, respectively
 

Performance by activities

Performance Minerals

First quarter 2026 revenue generated by the Performance Minerals reached €497 million, down -0.3% at constant exchange rates compared to last year.
 

Revenue in the Americas was up 0.7% at constant exchange rates, reaching €198 million in the first quarter of 2026. Sales volumes declined slightly (1.1%), impacted by continued softness in the housing market and poor weather conditions in January, only partly offset by a solid increase in sales to consumer goods, particularly filtration. Prices continued to hold well.

Revenue in Europe, Middle East, Africa and Asia-Pacific was 1.1% lower than last year at constant exchange rates in the first quarter 2026. Solid sales in consumer goods (notably filtration and animal feed), driven by market share gains, and to automotive, especially in Asia, were partly offset by slower sales to construction, notably in the ceramics business. Prices showed a positive trend.

Solutions for Refractory, Abrasives and Construction

Revenue generated by Refractory, Abrasives & Construction in the first quarter of 2026 reached €274 million, in line with prior year. Sales volumes increased 1.1%, supported by a dynamic momentum in the Asia-Pacific region, offsetting the impact of the Middle East conflict (including the Bahrain plant disruptions) and poor weather in January in the US. Selling prices were slightly lowered to reflect improved costs and protect market shares. The Solutions for Refractory, Abrasives and Construction business delivered the third consecutive quarter of organic growth.

Solutions for Energy Transition 

Graphite and Carbon posted solid revenue at 65M€ in the first quarter of 2026, fuelled by a 11% volume increase. Strong sales of conductive additives for EVs, energy storage systems and polymers continued, supported by market share gains and new products.

The Quartz Corporation (high purity quartz joint venture, 50% owned by Imerys) business is normalizing in a context of challenging markets in Asia.
 

2026 first quarter 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 quarter 2026 results at 6.30 PM (CET) on April 29, 2026, which can be accessed via this link.

Financial Calendar

These dates are subject to change and may be updated on the Group’s website https://www.imerys.com/finance 

*For the appendix, download the PDF version of press release

Imerys is the world’s leading supplier of mineral-based specialty solutions for the industry with €3.4 billion in revenue and 12,300 employees in 40 countries in 2025. 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 19, 2026 under number D.26-0117 (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:

Cyrille Arhanchiague : +33 (0)6 07 16 67 26 
finance@imerys.com 
 

Press contacts:

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