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February 21, 2025 2024 Annual Results Alessandro Dazza - Chief Executive Officer Sébastien Rouge - Chief Financial Officer
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February 21, 2025 | Imerys 2024 Annual Results 2 February 21, 2025 | Imerys 2024 Annual Results Disclaimer More comprehensive information about Imerys may be obtained on its website (www.imerys.com), under Regulated Information, including its Universal Registration Document filed under No. D.24-0183 on March 26, 2024 with Autorité des Marchés Financiers. Imerys draws the attention of investors to the “Risk factors and Internal control” set forth in the Universal Registration Document. This document contains projections and other forward-looking statements. Investors are cautioned 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. Photo credits: Imerys Photo Library, Reserved Rights, xxx.
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February 21, 2025 | Imerys 2024 Annual Results 3 February 21, 2025 | Imerys 2024 Annual Results Imerys Highlights Financial Results Outlook
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February 21, 2025 | Imerys 2024 Annual Results 4 February 21, 2025 | Imerys 2024 Annual Results Imerys Highlights Financial Results Outlook
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5 February 21, 2025 | Imerys 2024 Annual Results Full year 2024 - Financial highlights €3,605m ● FY 2024 revenue at €3,605 million with +1% organic growth ● Q4 2024: +3.5%, and third consecutive quarter of organic growth ● Continued volume recovery, driven by additional industrial capacities, new product launches and commercial actions (1) Guidance announced on July 29, 2024: FY 2024 adjusted EBITDA between €670 million and €690 million (2) Net current free operating cash flow before strategic capital expenditures Note: Please refer to the glossary in appendix for definition of Alternative Performance Measures ● FY 2024 adjusted EBITDA at €675 million, a +11.4% increase over the prior year like-for-like, in line with guidance(1) ● Q4 2024: +13.9% vs Q4 2023 like-for-like ● Improved adjusted EBITDA margin to 18.7% for 2024, 110 bps above last year, reflecting enhanced operating leverage and higher contribution of JVs €675m €209m(2) €1.45 per share ● Current net income from continuing operations, Group share at €262 million (+8.2% vs last year) ● Proposal of a cash dividend of €1.45 per share, a 7.4% increase vs. last year (€1.35 per share ordinary dividend paid in 2024) Revenue Adjusted EBITDA Cash flow generation Proposed dividend ● Net current free operating cash flow at €209 million before strategic capital expenditures ● Sound financial structure and investment grade confirmed (BBB- stable outlook by Standard & Poor’s, Baa3 stable outlook by Moody’s)
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February 21, 2025 | Imerys 2024 Annual Results 6 February 21, 2025 | Imerys 2024 Annual Results Q4 2024 - Solid organic growth driven by positive volumes and prices ● +3.5% organic growth in sales Q4 2024 vs Q4 2023, driven by: ○ Positive volumes: +2.1% ○ Price increases: +1.4% ● +0.9% organic growth FY 2024 vs FY 2023 driven by: ○ Positive volumes: +1.1% ○ Stabilizing prices: -0.3% Revenue (in € million) Perimeter effect (mainly relating to the disposal of the assets serving the paper market in July, 2024) Group sales +3.5% organic growth 802 844 910
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February 21, 2025 | Imerys 2024 Annual Results 7 February 21, 2025 | Imerys 2024 Annual Results Full year adjusted EBITDA margin at 18.7%, significantly above last year Adjusted EBITDA (in € million) and margin (as a % of revenue) Change in pricing and costs vs prior year (in € millions) Variable costs, fixed costs and overheads 17.6% 18.7% Share of net income from joint ventures contributes 2.4 and 3.0 percentage points to 2023 and 2024 adjusted EBITDA margin, respectively Price change Price/cost balance +14 +16 -35 -5 -21 +11 +30 -40 -10 +11.4% increase like-for-like ● Full year 2024 adjusted EBITDA margin at 18.7% (+110 bps vs last year), fuelled by: ○ Volume recovery ○ Pricing discipline ○ Gross savings of €111m before inflation, i.e. 3.1% of total costs ○ Higher contribution from JVs
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February 21, 2025 | Imerys 2024 Annual Results 8 February 21, 2025 | Imerys 2024 Annual Results Imerys end-markets by revenue 2024* Construction & infrastructure 39% 22% 15% 13% 11% Consumers & healthcare Automotive & transportation Industry & equipment Energy & electronics Source: Imerys estimates * excluding paper assets
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February 21, 2025 | Imerys 2024 Annual Results 9 February 21, 2025 | Imerys 2024 Annual Results End-markets Q4 2024 and trends 2025 (1/3) Source: (1) Oxford Economics ; (2) Including China Construction(1) Construction Q2-24 vs Q2-23 Q3-24 vs Q3-23 Q4-24 vs Q4-23 Europe +1% +1% +2% North Am. +3% +3% +3% Asia (2) +3% +3% +3% World +2% +2% +3% Consumer goods Consumer goods (1) Infrastructure and non-residential still benefiting from strong government investments while the residential sector in Europe and in the US still suffering from high interest rates ● Europe: some signs of recovery with interest rates decreasing, though residential still far below previous levels. Lack of housing remaining an issue and could drive future demand ● North America: good momentum overall, with housing completions growing, but new housing starts stil slow in residential ● China: General slowdown, with Residential, Non-Residential and Infrastructure below 2% ● Europe: household consumption still growing slowly despite lower inflation ● North America: sustained private consumption in the US thanks to a robust job market ● Growth in China hampered by increased household saving levels and low confidence in 2024, with first signs of recovery since Q4 Q2-24 vs Q2-23 Q3-24 vs Q3-23 Q4-24 vs Q4-23 Europe -0% +0% -1% North Am. +7% +4% +3% Asia (2) +4% +3% +3% World +3% +3% +2%
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February 21, 2025 | Imerys 2024 Annual Results 10 February 21, 2025 | Imerys 2024 Annual Results Energy & Electronics End-markets Q4 2024 and trends 2025 (2/3) Energy, Consumer electronics and EV (2) Source (1) IHS ; (2) IHS, Oxford Economics, Group estimates ; (3) Including China Light vehicle production (1) Automotive Q2-24 vs Q2-23 Q3-24 vs Q3-23 Q4-24 vs Q4-23 Europe -6% -6% -12% North Am. -1% -6% -3% Asia (3) +1% -4% +1% World -0% -5% -1% Weakness expected to continue ● Europe: stronger drop than expected and negative outlook for 2025 ● North America: destocking continued in Q4. Further decrease of 2% expected in 2025 mainly due to supply chain disruptions linked to trade war with China ● China: after a negative Q3, significative rebound in Q4 enabling to end 2024 with a 3% growth. Stable outlook for 2025, domestic demand rebound compensating potential exports slowdown caused by tariff increases around the world ● Energy: weaker than expected output in Europe and in the US. China expected to post another year of growth (solar in particular) ● Electronics: rebound confirmed, catching up from 2023 ● Electric Vehicles: growth slowing amid short-term uncertainties (less incentives in Europe, concerns about US Inflation Reduction Act). Production, domestic sales and exports booming in China Q2-24 vs Q2-23 Q3-24 vs Q3-23 Q4-24 vs Q4-23 Europe -1% +1% +4% North Am. +2% +4% +3% Asia (3) +7% +10% +12% World +5% +7% +10%
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February 21, 2025 | Imerys 2024 Annual Results 11 February 21, 2025 | Imerys 2024 Annual Results Source: (1) Oxford Economics ; (2) including China End-markets Q4 2024 and trends 2025 (3/3) Industrial production (1) Industry & Equipment Steel production (1) Iron & Steel Q2-24 vs Q2-23 Q3-24 vs Q3-23 Q4-24 vs Q4-23 Europe +2% +3% -8% North Am. -3% +0% +0% China -1% -8% +8% ● Europe: expected rebound in H2 2024 did not materialize, recovery delayed to 2025 ● North America: flat H2 24, expected to rebound in 2025 ● China: difficulties linked to oversupply (-1.6% full year 2024 vs last year), production expected to slightly decrease in the coming years Q2-24 vs Q2-23 Q3-24 vs Q3-23 Q4-24 vs Q4-23 Europe -2% -2% -2% North Am. +0% -0% -1% Asia (2) +4% +4% +4% World +2% +2% +2% ● Europe: industrial production continuing to decrease, no rebound expected before second part of 2025 ● Industrial activity slightly slowing also in the US; rebound expected in H2 2025 ● Economy in China holding up reasonably well, but driven by exports versus softness in domestic demand. Slowdown expected in 2025
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February 21, 2025 | Imerys 2024 Annual Results 12 February 21, 2025 | Imerys 2024 Annual Results Full year 2024 - Strategic highlights ● Acquisition of the European diatomite and perlite business of Chemviron: ○ serving the food, beverage, filtration and pharmaceutical end markets ○ in 2024, revenue of approximately €50 million with 130 people ● Reduction of scope 1 & 2 greenhouse gas emissions of -28% (in absolute tCO2e vs 2021 base year), on-track towards SBTi validated 2030 target of -42% ● Improvement of ESG ratings in 2024 ○ awarded A rating by the CDP ○ systematically rated above the “industrial average” ● On January 5, 2025, more than 90% of voting claimants have accepted the Plan of Reorganization ● Next step: proceeding towards a confirmation hearing by the Bankruptcy Court currently scheduled in Q2 2025 ● Subject to its confirmation plan to be reviewed and affirmed by the US Federal District Court ● Provision currently recognized in Imerys’ financial statement considered as appropriate ● EMILI project progressing according to plan: ○ Pre-Feasibility Study completed ○ launch of engineering work for the Definitive Feasibility Study ○ permitting and financing processes for industrial pilot plant ongoing ● Imerys British Lithium: ○ acquisition of the remaining 20% interest ○ better characterization of the deposit ○ production of battery-grade lithium carbonate at lab scale M&A Talc update SustainabilityLithium
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February 21, 2025 | Imerys 2024 Annual Results 13 February 21, 2025 | Imerys 2024 Annual Results ● Conductive additive materials for lithium-ion batteries ● Commissioning and ramp-up of the new production lines dedicated to high purity carbon black ● €31 million additional sales in 2024 Full year 2024 - New production lines already contributing 50M€ to Group’s sales ● New plant in China, producing high quality talc used for lightweighting of polymers (automotive applications) ● Aims to support the industry transition towards a low-carbon economy with mineral solutions ● €4 million sales in H2 2024, after successful commissioning ● Production of calcium aluminate binders ● Opening of a regional Research & Development Centre at Vizag to support local product development ● Expected to ramp up from 30 to 50 thousand tons by 2030 to meet increasing local demand ● €14 million sales in 2024 Jade (China) Willebroek (Belgium) Vizag (India)
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February 21, 2025 | Imerys 2024 Annual Results 14 February 21, 2025 | Imerys 2024 Annual Results Sustainable Construction Natural Solutions for Consumer Goods Green Mobility & Sustainable Energy ● Specialty binders (LEAP product series) to enable cement and concrete decarbonization, acting as strength boosters: €4 million sales in 2024 (+38% vs last year) and over €25 million within five years ● Advancing mineral diversification for larger and lighter ceramic tiles: €25 million sales in 2024 ● Mineral-based biocontrol agents as alternative to pesticides in agriculture and biostimulants as alternative to chemicals: €2 million sales in 2024, above €10 million within five years ● FilmLink new generation for breathable films in hygiene products: €3 million sales in 2024, ramping up rapidly ● New mineral absorbents to purify waste feedstocks for conversion into renewable diesel (biofuels): €5 million sales in 2024 (+39% vs last year) and over €10 million sales within five years ● Improved conductive additives for anodes and cathodes in lithium-ion batteries and fuel cells for electric vehicles * Based on the SustainAgility Solutions Assessment framework. A “SustainAgility Solution” is a product in an application that has scored within the two highest categories of the four possible categories 86% of new product launches in 2024 labelled “SustainAgilityTM solutions” * Innovative products generating more than 40M€ revenue in 2024 A selection of recent successes:
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February 21, 2025 | Imerys 2024 Annual Results 15 Group sustainability roadmap: well on track to achieve 2025 targets CARING FOR OUR PLANETGROWING WITH OUR CUSTOMERSEMPOWERING OUR PEOPLE Safety & Health Human Capital Environmental Stewardship Climate Change Sustainable Solutions Business Conduct Safety Culture Maturity Health Action Plan Completion Rate Diversity, Equity & Inclusion Imerys Index Group EcoVadis Score Supplier EcoVadis Coverage Portfolio SSA mapping Innovation SSA scores Scope 1 & 2 GHG Emission Reduction Environmental Maturity Assessment Water Reporting Requirements Biodiversity Audits and act4nature commitments Mineral Reporting Requirements KPIs integrated in the Index ⏶Women in SM roles ⏶Women in M/E/P roles ーM/E/P employees with non significant pay gap ⏶Underrepresented nationalities in SM roles ⏶Headcount with a disability ⏶D&I engagement score ⏶Fairness engagement score Scope 3 GHG emission reduction ✔ ✔ ✔ ✔ ✔ ✔ ✔ ∿ ✔ Intermediate target achieved ∿ ✔✔ ✔ ✔ Slightly below intermediate target Below intermediate target
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February 21, 2025 | Imerys 2024 Annual Results 16 Accelerating decarbonisation by aligning with a 1.5°C trajectory tCO2e ● Energy efficiency and recovery ● Fuel switching and biomass ● Low-carbon and renewable electricity ● Electrification ● Process innovation ● Managing our product portfolio Decarbonisation levers Target compatible with a 1.5°C trajectory* tCO2e - scope 1 & 2 * The Group new target aligned with a 1.5°C trajectory was built based on the most recent SBTi requirements and was validated by the SBTi in July 2023. -28% -42%
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February 21, 2025 | Imerys 2024 Annual Results 17 17 Strong ESG performance recognized by leading rating agencies Imerys ratings as of 11/02/2025 69 (-D to A) (0 to 100) (CCC to AAA) (D- to A+) (0 to 100) Indices/ Assessment Most recent rating Relative to industry Above industry average B- Minings & Metals 94th percentile All industries 80th percentile Construction materials 85th percentile Materials 62C+AA73 A 72th percentile Construction materials
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February 21, 2025 | Imerys 2024 Annual Results 18 February 21, 2025 | Imerys 2024 Annual Results Imerys Highlights Financial Results Outlook
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February 21, 2025 | Imerys 2024 Annual Results 19 February 21, 2025 | Imerys 2024 Annual Results Sales variances 2024 driven by volume recovery (€m) 2023 revenue 2024 revenue Perimeter Currencies Volumes Price-mix +40 -10 3,605 -38-182 Reported -4.8% -1.0% +1.1% -0.3% -5.0% 3,794 Q4 894 -89 -2 +17 +11 832 -9.9% -0.2% +2.1% +1.4% -7.0% organic variation: +0.9%
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February 21, 2025 | Imerys 2024 Annual Results 20 20 February 21, 2025 | Imerys 2024 Annual Results ● Performance Minerals Americas: ○ FY 2024: 4.5% volume increase, mainly driven by consumer goods and, to a lesser extent, construction end-markets and price increases ○ Q4 2024 stronger than previous quarters, driven by healthy volume growth ● Performance Minerals Europe, Middle East, Africa and Asia-Pacific: ○ FY 2024 supported by volumes with a progressive recovery since Q2 2024, driven by dynamic plastic and paints industries ○ Q4 2024 supported by increasing sales from new production capacity in China for lightweighting of polymers. Pricing confirming its positive trend ● Adjusted EBITDA sustained by demand recovery for specialty minerals and significant cost savings Performance Minerals (1) Reported change Q4 2023 Q4 2024 Like-for-like change Consolidated amount (€ millions) 2023 2024 Like-for-like change 246 219 +9.4% Revenue Americas 1,034 986 +6.2% 336 292 +2.2% Revenue Europe, Middle East and Africa and Asia-Pacific 1,423 1,327 +0.8% (24) (20) - Eliminations (116) (109) - 559 490 +3.9% Total revenue 2,341 2,204 +2.4% - - - Adjusted EBITDA 374 395 +4.6% (1) - - - Adjusted EBITDA margin 16.0% 17.9% -
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February 21, 2025 | Imerys 2024 Annual Results 21 21 February 21, 2025 | Imerys 2024 Annual Results ● FY 2024 revenue benefiting from good momentum in the US, while suffering from low activity in Europe, notably in industrial and construction markets ● Performance in Q4 2024 mainly impacted by higher selling prices, with volumes overall stable ● Improvement of Adjusted EBITDA in the last twelve months, supported by a positive price/cost balance and cost saving actions Solutions for Refractory, Abrasives & Construction (1) Reported variation Q4 2023 Q4 2024 Like-for-like change Consolidated amount (€ millions) 2023 2024 Like-for-like change 288 286 +1.3% Revenue Refractory, Abrasives & Construction 1,233 1,190 -0.9% - - - Adjusted EBITDA 141 151 +7.1% (1) - - - Adjusted EBITDA margin 11.5% 12.7% -
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February 21, 2025 | Imerys 2024 Annual Results 22 22 February 21, 2025 | Imerys 2024 Annual Results ● Graphite & Carbon: ○ FY 2024 revenue: behind last year by 3.5%, adversely impacted by heavy destocking at Asian customers and some price concessions during H1 ○ Adjusted EBITDA for the full year at €42 million, a decrease of 20% vs last year, but picking up in the second part of the year ● The Quartz Corporation: ○ Very contrasted year: Strong H1 2024 sales, fuelled by exceptionally strong sales to the photovoltaic market in China. H2 affected by photovoltaic overproduction and consequent high inventory in the value chain ○ Semiconductor and optical fiber end markets holding well throughout the year ○ Net income at €196 million for the full year 2024, a 22.2% increase year-on-year Solutions for Energy Transition (1) Reported variation (2) For the definition of TQC’s EBITDA, see Imerys 2023 Universal Registration Document The Quartz Corporation (100%) (€ millions) 2023 2024 Reported change Revenue 331 334 +0.9% EBITDA(2) 205 249 +21.5% Net income 160 196 +22.2% Graphite & Carbon (€ millions) 2023 2024 Like-for-like change Revenue 224 215 -3.5% Adjusted EBITDA 53 42 -19.8% (1) Adjusted EBITDA margin 23.5.% 19.6% - 2023 Solutions for Energy Transition (€ millions) 2024 Reported change SETGraphite & Carbon TQC (50%) SET Graphite & Carbon TQC (50%) SET 224 224 Revenue 215 215 - 53 53 Adjusted EBITDA 42 42 - 80 80 Share in net income from JVs 98 98 - 133 Adjusted EBITDA SET 140 +5.5%
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February 21, 2025 | Imerys 2024 Annual Results 23 February 21, 2025 | Imerys 2024 Annual Results Adjusted EBITDA at €675 million in line with FY 2024 guidance(1) (€m) +1.2% 675 -17 -15 +91 18.7% margin 17.6% margin +5 -44 -52 Perimeter2023 Adjusted EBITDA PriceCurrencies Volumes Change in inventories and other Variable costs Fixed costs and overheads 2024 Adjusted EBITDA 668 Share in net income of associates(2) +20 +20 151 143Q4 -24 -1 +8 +10 +14 -3 -2-10 -5.1% (1) Guidance announced on July 29, 2024: FY 2024 adjusted EBITDA between €670 million and €690 million (2) Share of net income from joint ventures contributes 2.4 and 3.0 percentage points to 2023 and 2024 adjusted EBITDA margin, respectively (2.5pp in Q4 2023, 2.4pp in Q4 2024) like-for-like variation: +11.4%
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February 21, 2025 | Imerys 2024 Annual Results 24 July 27, 2021 | Imerys first half 2021 ResultsFebruary 21, 2025 | Imerys 2024 Annual Results (1) Other net expenses are mostly originating from the translation reserve associated with the assets serving the paper market divested in July. 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 of €302m has no impact on the Group shareholders equity. Current net income from continuing operations reached €262 million (€m) 2023 2024 Change Adjusted EBITDA 668 675 +1.2% Current operating income 365 394 +8.0% Current financial expenses (38) (51) - Current income tax (81) (79) - Minority interests (3) (2) - Current net income from continuing operations, Group share 242 262 +8.2% Other operating income and expenses, net, Group share(1) (235) (357) - Net income, Group share 51 (95) - of which discontinued operations 44 - -
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February 21, 2025 | Imerys 2024 Annual Results 25 February 21, 2025 | Imerys 2024 Annual Results 2024 cash flow generation (€m) 2023 2024 Adjusted EBITDA (including discontinued operations) 676 675 Increase (–)/decrease (+) in operating working capital 86 4 Notional tax on current operating income (96) (90) Elimination of share of net income from JVs (91) (110) Dividends received from JVs 55 75 Other adjustments 9 10 Net current operating cash flow (before capital expenditure) 639 564 Paid capital expenditure (390) (364) of which strategic investments (97) (73) Right to use assets (IFRS 16) (58) (65) Net current free operating cash flow 191 136 of which discontinued operations 6 -
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February 21, 2025 | Imerys 2024 Annual Results 26 February 21, 2025 | Imerys 2024 Annual Results Sound financial structure Baa3 Stable outlook BBB- Stable outlook Change in net financial debt (€m) 1.9x 39% Covenant 160%, before IFRS 16 -1.7x 35% (1,666) +136 -80 -33 -39 -116 +3 -26 (1,275) Net financial debt to adjusted EBITDA (no covenant) Net financial debt to shareholders’ equity (covenant to 160% before IFRS 16) mostly linked to the €1.35 per share dividend paid in May 2024 (1,118) Net Debt Dec. 31, 2023 Net current free operating cash flow Financial result paid Other income and expenses Acquisition net of disposals Dividends Assets held for sale Other Net Debt Dec. 31, 2024 of which -€73m strategic capex of which -€52m pension contributions of which -€36m FX effects
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February 21, 2025 | Imerys 2024 Annual Results 27 February 21, 2025 | Imerys 2024 Annual Results Imerys Highlights Financial Results Outlook
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28 February 21, 2025 | Imerys 2024 Annual Results Outlook ● The Group expects further volume growth in an overall economic environment which is still uncertain ● Our focus remains on cost control and cash generation ● By combining these efforts with our commercial initiatives, innovative product offerings and our recent investments in additional production capacities, we are confident that we will continue delivering a strong financial performance
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February 21, 2025 | Imerys 2024 Annual Results 29 February 21, 2025 | Imerys 2024 Annual Results Imerys APPENDIX
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February 21, 2025 | Imerys 2024 Annual Results 30 February 21, 2025 | Imerys 2024 Annual Results 2024 COI 2024 current operating income variance (€m) +8.0% 394 -16 -15 +96 +26 -17 -65 Perimeter2023 COI Price- MixCurrencies Volumes Variable costs Fixed costs and overheads 365 Share in net income of associates & others +20 64 64Q4 -12 -1 +8 +10 -7 -6+8 -0.4% like-for-like variation: +18.5%
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February 21, 2025 | Imerys 2024 Annual Results 31 February 21, 2025 | Imerys 2024 Annual Results Bond maturity profile (€m) Bilateral credit lines maturity profile (€m) Strong liquidity position Average maturity 3.9 years (€m) 31/12/2023 31/12/2024 Bonds 2,200 1,700 Other debts 172 177 Gross debt 2,372 1,877 Cash 1,253 602 Net debt 1,118 1,275 Average interest rate (gross) 1.2% 1.4% Average maturity 2.7 years Average maturity High level of available resources : €1,010 million credit lines and €602 million cash as of December 31, 2024 Average maturity Bonds €1,700m Bilateral credit lines €1,010m
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February 21, 2025 | Imerys 2024 Annual Results 32 February 21, 2025 | Imerys 2024 Annual Results Glossary Alternative Performance Measures Definitions and reconciliation to IFRS indicators Growth at constant scope and exchange rates (also called life-for-like growth, LFL, organic growth or internal growth) • Calculated by stripping out the impact of currency fluctuations as well as acquisitions and disposals (scope effect). • Restatement of the currency effect consists of calculating aggregates for the prior year at the exchange rate of the current 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 and 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 and 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 operations The Group’s share of income before other operating income and expenses, net (income from 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 flow Calculated from current operating income before operating amortization, depreciation and 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 The difference between borrowings and financial debt and cash and cash equivalents. Notional income tax rate Income tax rate on current operating income
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February 21, 2025 | Imerys 2024 Annual Results 33 33 July 27, 2021 | Imerys first half 2021 ResultsFebruary 21, 2025 | Imerys 2024 Annual Results Thank you for your attention Visit www.imerys.com for more information. Or connect with us: www.linkedin.com/company/imerys/