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July 29, 2025 2025 First Semester Results Alessandro Dazza - Chief Executive Officer Sébastien Rouge - Chief Financial Officer
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February 21, 2025 | Imerys 2024 Annual Results 2 July 29, 2025 | Imerys 2025 First Half 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.25-0161 on March 26, 2025 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 July 29, 2025 | Imerys 2025 First Half Results Imerys Highlights Financial Results Outlook Emili Project
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February 21, 2025 | Imerys 2024 Annual Results 4 July 29, 2025 | Imerys 2025 First Half Results Imerys Highlights Financial Results Outlook Emili Project
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February 21, 2025 | Imerys 2024 Annual Results 5 July 29, 2025 | Imerys 2025 First Half Results H1 2025 - Highlights ● H1 2025 adjusted EBITDA at €281 million (16% of sales), supported by pricing, ongoing cost management and strong performance of the conductive additive business ● H1 2025 adjusted EBITDA up by 1.7% vs first half 2024 excluding the contribution of JVs, perimeter and currency effects ● Q2 2025 adjusted EBITDA at €154 million up 1.7% vs Q2 2024 excluding the contribution from JVs, perimeter and currency effects €1,757m ● H1 2025 sales stable on a comparable basis (organic growth -0.4%) ● Challenging markets: persistent low industrial activity in Europe and weaker North American economy ● Q2 2025 revenue: down vs Q2 2024 on soft volumes and significant US dollar depreciation vs the euro, partly offset by positive pricing Note: Please refer to the glossary in appendix for definition of Alternative Performance Measures €281m ● Strong fundamentals of the project confirmed by the Pre-Feasibility Study (PFS) ● Next steps: ○ all necessary permits for the pilot plant to be obtained by the end of Q3 2025. ○ decision to explore partnership options Revenue Adjusted EBITDA Strategic Roadmap Progress update Emili lithium project ● Full year 2025 adjusted EBITDA target range: €540-€580 million ● Assuming no material deterioration in the current macroeconomic environment Guidance 2025 Adjusted EBITDA target
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July 29, 2025 | Imerys 2025 First Half Results6 H1 2025 revenue at €1,757m - Organic growth at -0.4% vs H1 2024 H1 2025 sales by region North America : €491 million. Organic growth: approx. +1%: ● Low construction activity: high interest rate, business uncertainties ● Resilient consumer goods ● Prices holding Europe Middle East and Africa: €834 million. Organic change: approx. -3%: ● Refractory and abrasive activity affected by persistently low industrial demand ● Construction markets gradually recovering from depressed levels ● Resilient consumer goods ● Prices holding South America: €97 million. Organic growth: approx. +7%: ● Sales to agricultural sector growing ● Market share gains in coating industry Asia: €335 million. Organic growth: approx. +2%: ● Positive growth in China ● Booming EV sales driving sales to battery manufacturers
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7 July 29, 2025 | Imerys 2025 First Half Results Robust business model, positive price-cost balance maintained Adjusted EBITDA (in € million) +1.5% increase ● Perimeter effect mainly attributable to the divestiture of the assets serving the paper market in July 2024 ● Deterioration in contribution from joint ventures versus exceptional H1 2024 performance ● Positive price/costs balance in H1 2025, fuelled by: ○ Pricing discipline ○ Cost reductions (€40m gross savings, i.e. 2.2% of total costs) Change in pricing and costs vs prior year (in € million) Variable costs, fixed costs and overheads Price change Price/cost balance +12 +25 384 281 +17
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8 July 29, 2025 | Imerys 2025 First Half Results Construction(1): flat Q2 2025 in Europe and North America Overview: FY25 market forecasts lowered. US tariffs causing uncertainty and investment decision delays. Europe FY25 projections essentially flat (+0.3%). Housing permits trending downwards. Uncertainty from tariffs, lower demand and higher costs reducing investments. Infrastructure to grow by +1.3% in 2025, driven by public funding (especially by EU green projects). North America FY25 forecast downgraded to +0.5% (vs 1.9% six months ago)as a result of higher costs, high mortgage rates and business uncertainty delaying investments. Infrastructure to drive growth to +3.4% in 2025. China Residential growth revised up to +1.7% for FY25 (vs +0.5% in Q1 forecast) driven by recent investments in infrastructure. Completed and planned real estate investments are tumbling in 2025. However, expected mortgage rate cuts, regulatory easings, and improved property funding should drive future activity. Q4-23 vs Q4-24 Q1-25 vs Q1-24 Q2-25 vs Q2-24 Europe -0% -0% +0% North Am. +3% +2% +0% Asia(2) +3% +3% +2% World +3% +2% +2% Source: (1) Oxford Economics ; (2) Including China
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9 July 29, 2025 | Imerys 2025 First Half Results Europe Driven by successive European Central Bank rate cuts and affordable energy prices, consumption growth is expected to stabilize at +1.4% in 2025. North America Sustained momentum in Q2, but this is expected to be the last quarter with such growth. Future consumption is estimated below 2% due to tariff-induced inflation. China Healthy consumption growth driven by government fiscal policies, aimed at supporting domestic demand to offset flat exports Q4-24 vs Q4-23 Q1-25 vs Q1-24 Q2-25 vs Q2-24 Europe +2% +1% +2% North Am. +3% +3% +2% Asia(2) +4% +5% +4% World +3% +3% +3% Source: (1) Oxford Economics ; (2) Including China Consumer Goods(1): resilient in all geographies
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10 July 29, 2025 | Imerys 2025 First Half Results Europe Q2 25 production at -6.4% Year on Year (YoY). Further decline expected for the rest of 2025 (-5.3% YoY) due to challenges in meeting fuel regulations; deteriorating macroeconomic conditions weakening demand and pressure from rising imports (especially from China). US tariffs (25% on vehicles) leading to decreasing exports to the US North America Full year forecast reduced by -3.3pp since Q1’25 to -5.4% vs last year due to tariffs, impacting supply chains and costs China FY25 production to increase by +3.3% vs last year. Production boosted by “trade-in for new” subsidies and promotions. More fiscal policies expected in FY25 to stimulate domestic consumption. Strong export volumes contributing to support production figures Q4-23 vs Q4-24 Q1-25 vs Q1-24 Q2-25 vs Q2-24 Europe -9% -6% -6% North Am. -4% -5% -4% Asia(2) +3% +3% +6% World +1% +3% -1% Source (1) IHS; (2) Including China Automotive(1): sharp production downgrade in Europe and North America
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11 July 29, 2025 | Imerys 2025 First Half Results Energy Weaker industrial production in the EU and North America impacting energy consumption/production and investments in the sector Electronics FY 2025 growth projection lowered to +0.5% due economic uncertainty from tariffs (+0.5% in FY 25). China (more than 50% of global consumer electronics production) particularly hit showing a decrease of -4% YoY in Q2 25 and -2% for FY25 EV ● Europe (+36% in Q2 25): Rebound expected in 2025, driven by stricter emission regulations. Increased competition from Chinese EVs (imports and local production) despite new higher tariffs on Chinese EVs imports ● North America (+14% in Q2 25): growth prospects limited due to expected roll back of IRA tax credits for EVs. Tesla production revised down -7.7% in 2025 ● China (+33% in Q2 25): Continuing success of the new trade-in subsidy and higher EV penetration rate (46%) to sustain 2025 growth (+26%) Q4-24 vs Q4-23 Q1-25 vs Q1-24 Q2-25 vs Q2-24 Europe +4% +9% +6% North Am. 0% +4% +2% Asia(2) +14% +13% +9% World +8% +9% +6% Source (1) IHS, Oxford Economics, Group estimates ; (2) Including China Energy, Electronics and EV(1): booming EV sales, weak Energy and Electronics
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12 July 29, 2025 | Imerys 2025 First Half Results Europe Further decrease in industrial production; no material rebound expected before late H2 2025 / early 2026 North America Industrial activity expected to suffer in H2 from supply chain disruptions, higher costs and general uncertainty following new tariffs implementation China Industrial production sustained by government stimulus package, “trade-in for new” policies and exports Q4-24 vs Q4-23 Q1-25 vs Q1-24 Q2-25 vs Q2-24 Europe -2% -1% 0% North Am. 0% +1% +1% Asia(2) +4% +5% +4% World +3% +3% +3% Source: (1) Oxford Economics ; (2) including China Industry and Equipment(1): soft except for China
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13 July 29, 2025 | Imerys 2025 First Half Results Europe Production decrease in Q2 25 (-2.0%) caused by weak domestic demand and tariffs on exports to the US. Import quotas and Carbon Border Adjustment Mechanism policy to potentially reduce cheap foreign imports to the advantage of domestic production in the medium term. North America After a weak FY24 (-2.6% vs 2023) and Q1 25 (-1.0%), US steel production to rebound with +5.2% for the FY25, mainly driven by tariffs on steel and aluminum. However, production to remain below historical levels, reflecting soft economic activity China Production expected to decrease by -3.8% in 2025 due to lower exports (pushback from the EU and the US), lower steel prices and margins. Q4-24 vs Q4-23 Q1-25 vs Q1-24 Q2-25 vs Q2-24 Europe +2% -6% -2% North Am. -4% -1% +5% China +7% +1% -6% Source: (1) Oxford Economics Iron and Steel production (1): very contrasted momentum per region
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February 21, 2025 | Imerys 2024 Annual Results 14 July 29, 2025 | Imerys 2025 First Half Results Imerys Highlights Financial Results Outlook Emili Project
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February 21, 2025 | Imerys 2024 Annual Results 15 July 29, 2025 | Imerys 2025 First Half Results H1 2025 Sales variances (€m) 2024 H1 revenue 2025 H1 revenue Perimeter Currencies Volumes Price -35 +28 1,757 -19-136 Reported -7.1% -1.0% -2.0% +1.6% -8.4% Organic variation: -0.4% 1,919 Q2 992 -68 -25 -29 +16 886 -6.8% -2.5% -3.3% +1.7% -10.7%
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February 21, 2025 | Imerys 2024 Annual Results 16 16 July 29, 2025 | Imerys 2025 First Half Results ● Performance Minerals Americas: ○ Q2 and H1 2025 holding up in volumes and prices ○ Construction sector penalized by persistently high interest rates and business uncertainties ● Performance Minerals Europe, Middle East, Africa and Asia-Pacific: ○ H1 2025: volumes slightly down (-1.9% vs H1 2024) driven by low activity in the automotive and coating industries partially offset by positive filtration business ○ Trend similar in Q2 2025 as it was in Q1 ● Adjusted EBITDA: H1 2025 adjusted EBITDA stood at €186 million, in line with 2024 at comparable exchange rate and perimeter, thanks to operational leverage Performance Minerals * Reported change Q2 2024 Q2 2025 Like-for-like change Consolidated amount (€ millions) H1 2024 H1 2025 Like-for-like change 284 222 +0.4% Revenue Americas 543 444 +1.3% 375 331 -1.8% Revenue Europe, Middle East and Africa and Asia-Pacific 727 648 -1.0% -38 -19 - Eliminations -71 -37 - 620 534 -0.8% Total revenue 1,200 1,056 +0.2% - - - Adjusted EBITDA 224 186 -17.2%* - - - Adjusted EBITDA margin 18.7% 17.6% -
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February 21, 2025 | Imerys 2024 Annual Results 17 17 July 29, 2025 | Imerys 2025 First Half Results ● Revenue at Solutions for Refractory Abrasives and Construction in Q2 and H1 2025 was impacted by: ○ decreasing sales to the refractory market, suffering from low industrial activity in Europe and heightened Chinese competition, and, to a lesser extent, softer industrial activity in the US, especially in Q2. ○ a positive contribution of our specialty construction solutions business, showing good resilience ○ Pricing holding up well ● Adjusted EBITDA: positive price/cost balance and cost-saving actions helped mitigating the impact of volume drop Solutions for Refractory, Abrasives & Construction Q2 2024 Q2 2025 Like-for-like change Consolidated amount (€ millions) H1 2024 H1 2025 Like-for-like change 320 291 -6.0% Revenue Refractory, Abrasives & Construction 620 580 -5.0% - - - Adjusted EBITDA 81 69 -14.1%* - - - Adjusted EBITDA margin 13.0% 11.9% - * Reported change
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February 21, 2025 | Imerys 2024 Annual Results 18 18 July 29, 2025 | Imerys 2025 First Half Results ● Graphite & Carbon: ○ Sales growth driven by solid EV and conductive polymers end-markets, market share gains & new product launches ○ Adjusted EBITDA improvement fuelled by significant sales volume increase ● The Quartz Corporation ○ H1 2025 sales affected by disrupted solar value chain with persistently high inventories, even though activity improved progressively in Q2. Solutions for Energy Transition (SET) *Reported variation **For the definition of TQC’s EBITDA, see Imerys 2024 Universal Registration Document H1 2024 Solutions for Energy Transition (€ millions) H1 2025 Reported changeGraphite & Carbon TQC (50%) SET Graphite & Carbon TQC (50%) SET 102 102 Revenue 123 123 - 20 20 Adjusted EBITDA 34 34 - 78 78 Share in net income from JVs 6 6 - 98 Adjusted EBITDA 40 -59.8% Q2 2024 Q2 2025 Lfl change Graphite & Carbon (€ millions) H1 2024 H1 2025 Lfl change 53 62 18.7% Revenue 102 123 +20.6% - - - Adjusted EBITDA 20 34 +64.7%* - - - Adjusted EBITDA margin 20.0% 27.3% - The Quartz Corporation (100%) (€ millions) H1 2024 H1 2025 Reported change Revenue 264 82 -69.1% EBITDA** 199 24 -88.0% Net income 156 12 -92.4%
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February 21, 2025 | Imerys 2024 Annual Results 19 July 29, 2025 | Imerys 2025 First Half Results H1 2025 Adjusted EBITDA variances (€m) 281-2 +28 +1 -34 +1 PerimeterH1 2024 Adjusted EBITDA PriceCurrencies Volumes Variable costs Fixed costs and overheads H1 2025 Adjusted EBITDA 384 Share in net income of associates -17 -71 +€5 million Adjusted EBITDA margin20.0% 16.0% Q2 197 -7 +13 -2 +14 154-18 -15 -8 -8 Change in inventories and others -20
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February 21, 2025 | Imerys 2024 Annual Results 20 July 27, 2021 | Imerys first half 2021 ResultsJuly 29, 2025 | Imerys 2025 First Half Results H1 2025 Net income (€m) H1 2024 H1 2025 Change Adjusted EBITDA 384 281 -26.7% Current operating income 253 143 -43.2% Current financial expenses (27) (32) - Current income tax (50) (29) - Minority interests (3) 0 - Current net income, Group share 173 83 -52.3% Other operating income and expenses, net, Group share (31) (12) - Net income, Group share 142 70 -50.2%
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February 21, 2025 | Imerys 2024 Annual Results 21 July 29, 2025 | Imerys 2025 First Half Results Cash flow generation in H1 2025 (€m) H1 2024 H1 2025 Adjusted EBITDA 384 281 Increase (–)/decrease (+) in operating working capital (15) (25) Notional tax on current operating income (56) (37) Elimination of share of net income from JVs (84) (11) Dividends received from JVs 49 3 Other adjustments 4 1 Net current operating cash flow (before capital expenditure) 282 212 Paid capital expenditure (171) (146) of which strategic investments (32) (20) Right of use assets (IFRS 16) (24) (26) Net current free operating cash flow (before strategic capex) 120 60 Net current free operating cash flow 88 40
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February 21, 2025 | Imerys 2024 Annual Results 22 July 29, 2025 | Imerys 2025 First Half Results Sound financial structure Baa3 Stable outlook BBB- Stable outlook Change in net financial debt (€m) 2.5x 45% Covenant 160%, before IFRS 16 -1.9x 39% (1,666) +40 -24 -13 -123 -15 (1,410) Net financial debt to adjusted EBITDA (no covenant) Net financial debt to shareholders’ equity (covenant to 160% before IFRS 16) Disposals: €673m Acquisitions: €0m €1.45 per share paid in May 2025 (1,275) Net Debt Dec. 31, 2024 Net current free operating cash flow Financial result paid Other Income & Expenses Dividends Other Net Debt June 30, 2025
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February 21, 2025 | Imerys 2024 Annual Results 23 July 29, 2025 | Imerys 2025 First Half Results Imerys Highlights Financial Results Outlook Emili Project
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24 July 29, 2025 | Imerys 2025 First Half Results Outlook ● Operating in a world characterized by heightened geopolitical and macroeconomic uncertainties, the Group targets an adjusted EBITDA for the FY 2025 in the range of €540 to €580 million. ● This is assuming no material deterioration in the current macroeconomic environment. ● Imerys expects volumes to turn positive in H2 2025 vs last year. ● Despite an increasingly unpredictable global environment, the Group remains confident in navigating these challenges with discipline, focus, and a long-term view.
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February 21, 2025 | Imerys 2024 Annual Results 25 July 29, 2025 | Imerys 2025 First Half Results Imerys Highlights Financial Results Outlook Emili Project
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26 Emili project overview ● Target production of 34,000 tons of lithium hydroxide per year at the end of the decade, enough to power 700,000 electric vehicles per year ● Significant lithium resources identified beneath the existing kaolin quarry, guaranteeing 50 years of exploitation ● Competitive cost position ● Highest social and environmental standards ● 100% Imerys-owned; Pre-Feasibility Study (PFS) stage completed ● Strategic project for French and European sovereignty: ○ Project of Major National Interest in France and Strategic Project for the EU under the CRMA (Critical Raw Materials Act) ○ Potential to qualify for large-scale French and European funding programs The Emili project represents a major hard-rock lithium resource, strategically located in the heart of Europe (Allier department), with the ambition to deliver battery-grade lithium hydroxide to the growing European EV supply chain
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27 Pre-Feasibility Study confirming Emili project’s strong fundamentals (1/2) ● Half the CO2 emissions of the average existing hard rock lithium operations ● Water consumption among the lowest worldwide ● Successful completion of public debate, actively engaging with local, regional and national stakeholders ● 1,500 direct and indirect jobs locally ● Development and technology testing completed in continuous piloting mode in a dedicated laboratory ● Battery-grade lithium hydroxide to date: nearly one tonne produced in laboratory A world-class lithium deposit (top 5 worldwide for hard rock) Production process fully validated ● Significantly higher resources than expected (373 millions tons at 1.0% Li2O) ● Evidence of higher grade core of 69 million tonnes at 1.22% Li2O ● 50-year life of mine Environmentally and socially responsible lithium production
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28 Pre-Feasibility Study confirming Emili project’s strong fundamentals (2/2) ● Start of commercial production now planned for 2030 due to duration of the public debate and certain permitting considerations ● Final investment decision on the construction of the commercial plant by the end of 2027 Commercial production now planned for 2030 ● Long-term lithium price market forecasts continuing to support the project's attractive return profile ● Aligned with the Group's value creation goals Attractive return confirmed ● Capex for commercial plant revised up to €1.8 billion, mainly due to ESG compliance enhancements and inflation ● Tax credit of €200 million (C3IV) confirmed, further subsidy opportunities being pursued ● Substantial reductions identified through further engineering improvements, outsourcing Construction costs up ● Cash-cost in the lower end of the €7-9/kg range announced previously ● Emily positioned in the second quartile of the global cost curve Production cash cost ensuring project competitiveness
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29 Underground mine Conversion site in industrial area Imerys’ commitment to responsible mining Water consumption among the lowest worldwide 90% recycling rate Zero liquid discharge Initiative for Responsible Mining Assurance Best-practice ESG standards for mining Integral part of Imerys corporate values and business strategy Imerys Environmental Charter Divided by 2 compared to the world average for existing hard-rock operations 2024 Public Debate (CNDP) Continuous public consultation 3 sites within 50 km area IRMA compliance Design choices Social acceptance CO2 emissions Water management
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30 Worldwide lithium demand expected to grow at 13% CAGR Note: (1) Source for historical price: Fastmarkets for lithium hydroxide, battery grade, spot price cif China, Japan & Korea, $/kg (2) Source for price forecast - Imerys analysis based on various market publications Price rebound expected towards the end of the decade, but still far from 2022 peak Source: Benchmark Minerals (Top), Imerys analysis (Bottom) *LCE = Lithium Carbonate Equivalent Lithium supply/demand forecast 2024-2035 Supply/demand balance consensus 2024-2035 Historical1 and forecasted2 lithium price Consensus price range2 Global lithium market: price rebound expected at the end of the decade
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31 Europe supply deficit estimated at 160 kt by 2030 Lithium demand to progress by 22% per year until 2030 EV & hybrid sales in Europe Lithium demand for batteries in Europe Source: Rho Motion, Benchmark Mineral Intelligence Unit: kt LCE* Source: Benchmark Mineral Intelligence, Imerys Analysis *LCE = Lithium Carbonate Equivalent European lithium market: significant growth demand and deficit of supply by 2030 Unit: kt LCE*
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32 Emili project: progress and next steps 2022-2023 2024-2025 Next steps ● Scoping study completed in 2023 ● Preliminary mine design defined ● Laboratory testing of technology ● CNDP (Public Debate) successfully completed in 2024 ● Pre-Feasibility Study completed in 2025 ● Battery-grade lab production of lithium hydroxide ● Partner search ● Definitive Feasibility Study (DFS) ongoing ● Construction of industrial pilot plant, once permits obtained ● Industrial pilot plant to confirm process and technology
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33 July 29, 2025 | Imerys 2025 First Half Results Imerys APPENDIX
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34 July 29, 2025 | Imerys 2025 First Half Results Q2 Net income (€m) Q2 2024 Q2 2025 Change Revenue 992 886 -10.7% Adjusted EBITDA 197 154 -21.8% of which share of net income from JVs 28 5 - Current operating income 129 87 -32.6% Current financial expenses (12) (17) - Current income tax (26) (18) - Minority interests (2) 0 - Current net income, Group share 90 52 -42.6% Other operating income and expenses, net, Group share (17) (5) - Net income, Group share 73 47 -35.4%
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35 July 29, 2025 | Imerys 2025 First Half Results Bond maturity profile (€m) Bilateral credit lines maturity profile (€m) Strong liquidity position Average maturity 3.4 years (€m) 31/12/2024 30/06/2025 Bonds 1,700 1,700 Other debts 177 174 Gross debt 1,877 1,874 Cash 602 464 Net debt 1,275 1,410 Average interest rate (net) 2.5% 3.9% Average maturity 2.2 years High level of available resources: €1,010 million credit lines and €464 million cash as of June 30, 2025 Bonds €1,700m Bilateral credit lines €1,010m Average maturity Average maturity
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36 July 29, 2025 | Imerys 2025 First Half Results 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 Glossary
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February 21, 2025 | Imerys 2024 Annual Results 37 37 July 27, 2021 | Imerys first half 2021 ResultsJuly 29, 2025 | Imerys 2025 First Half Results Thank you for your attention Visit www.imerys.com for more information. Or connect with us: www.linkedin.com/company/imerys/