Imerys SA

XMUN:IY4

Strong H1: Imerys said first-half 2026 performance was solid, with higher sales, higher volumes, firm pricing, tight cost control, and a material increase in EBITDA and margin.

Revenue: Group sales were EUR 1.74 billion, up 1.5% organically, helped by 0.5% volume growth and 1% pricing, with Q2 accelerating to 2.3% organic growth.

Profitability: Adjusted EBITDA reached EUR 290 million, up 10% at constant FX, and the margin was 16.6%.

Outlook: Management kept a cautious full-year adjusted EBITDA target of EUR 550 million to EUR 580 million, citing geopolitical and energy-price uncertainty.

Cost control: Project Horizon remained on track, with EUR 70 million of savings already booked by June 30 versus a 2025 cost base.

Debt: Net financial debt was EUR 1.47 billion and the net debt-to-EBITDA ratio was 2.6, which management said was roughly stable and under control.

Litigation: The company said the U.S. talc Chapter 11 provision is $117 million and the expected cash contribution is $95 million, but timing remains uncertain.