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February 20, 2026 | Imerys 2025 Annual results presentation 2025 Annual Results February 20, 2026 Alessandro Dazza, Chief Executive Officer Pierre Lebreuil, Chief Financial Officer
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February 20, 2026 | Imerys 2025 Annual results presentation 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 20, 2026 | Imerys 2025 Annual results presentation Imerys HIGHLIGHTS FINANCIAL RESULTS OUTLOOK
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February 20, 2026 | Imerys 2025 Annual results presentation Imerys HIGHLIGHTS FINANCIAL RESULTS OUTLOOK
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February 20, 2026 | Imerys 2025 Annual results presentation Full year 2025 – Financial Highlights(1) ● Full year adjusted EBITDA at €546 million within guidance(1) despite currency headwinds (€22 million) ● Resilient year-on-year performance (-0.4%) at constant exchange rates, excluding perimeter effects and joint-venture contributions, supported by disciplined pricing and ongoing cost management ● Q4 2025: showed similar trend Revenue ● Revenue at €3,384 million and Q4 (€801 million) broadly stable like-for-like vs last year (-0.7%) ● Subdued industrial activity in Europe and lackluster construction demand in North America and Europe ● Firm prices Adjusted EBITDA ● Cash dividend proposal of €0.75 per share, with payout ratio consistent with prior years ● Non-cash goodwill impairment charge (€467 million) related to the Solutions for Refractory, Abrasives and Construction business Proposed dividend ● Net current free operating cash flow at €127 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) Cash flow generation (1) Guidance announced on July 29, 2025: FY 2025 adjusted EBITDA between €540 million and €580 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 Measure €3,384 m €546 m €127 m(2) €0.75 per share
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February 20, 2026 | Imerys 2025 Annual results presentation Full year 2025 revenue at €3,384m, broadly stable like-for-like North America €712 million Organic growth: approx. +0,0% • Weak residential market, impacted by high interest rates, unsold housing inventory • Soft consumer market • Market share gains in refractory business • Prices holding Europe, Middle East & Africa €1,236 million Organic change: approx. -1.6% • Refractory activity affected by low industrial demand, but H2 improvement • Softness in residential market; resilient consumer markets • Steady prices South America €142 million Organic change: approx. -2.1% • Increase in sales to agricultural sector • Negative impact of US tariffs Asia €494 million Organic growth: approx. +1.3% • Positive development in China • Growth in EV penetration supporting demand for battery materials Full year 2025 sales by region (-0,7% vs LY like-for-like)
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February 20, 2026 | Imerys 2025 Annual results presentation End-market trends(1)(2) in Q4 and FY 2025 (1) External sources and Imerys estimates (2) Imerys exposure to each end market as a % of total sales (2025 revenue) 24% CONSUMERS & HEALTHCARE ● FY 2025: resilient in all geographies, slightly slowing in Q4 especially in the US 14% AUTOMOTIVE & TRANSPORTATION ● FY 2025: low production levels in Europe and North America, booming in China ● Q4 2025: solid growth in China, driven by exports 13% INDUSTRY & EQUIPMENT ● FY 2025: soft in Europe and in the US, robust in China. Similar trend for Q4 25 38% CONSTRUCTION & INFRASTRUCTURE ● FY 2025: flattish market overall (growth only in infrastructure) ● Q4 2025: contraction for residential sector in North America, positive trend in Europe confirmed 11% ENERGY & ELECTRONICS ● FY 2025: booming EV sales, weak energy and electronics. Q4 in line with FY
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February 20, 2026 | Imerys 2025 Annual results presentation Additional industrial capacities 2025 Innovative products Business development to drive future growth ● Green Mobility & Sustainable Energy: ○ “SU-NERGY”: first low CO2-emission synthetic graphite in the world. Qualification ongoing at main customers ○ “Super C130” carbon black: new, advanced carbon black for LIB applications, used alone or in combination with CNT ● Sustainable Construction ○ ImerBuild C 100: fine ground calcium carbonate engineered for high impact performance in PVC profiles. Sales increase by 30% in 2025 ● Natural Solutions for Consumer Goods ○ New product for cat litter applications in Eastern Europe, addressing local growing demand ● Circular economy ○ Valumix: an engineered solution for refractory applications containing at least 50% of reclaimed materials ● Willebroek (Belgium): ○ Lighthouse site for conductive additive materials for lithium-ion batteries ○ Recent addition of two production lines dedicated to high purity carbon black ○ 20M€ additional sales in 2025 ● Jade (China): ○ New plant in Wuhu, producing high quality talc used for lightweighting of polymers (automotive applications) ○ €6 million additional sales in 2025 ● Vizag (India): ○ Production of calcium aluminate binders for refractories and construction ○ Sales in 2025: +16% vs L/Y ● Celpure (USA): ○ High-purity diatomite filter aids for pharma ○ Capacity increase launched in 2025 ○ Ramping up, with €3 million additional sales in 2025
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February 20, 2026 | Imerys 2025 Annual results presentation Perimeter effect +48 Resilient business model supported by a solid price/cost balance FY 2025 Adjusted EBITDA benefiting from: • Steady pricing: +1.3% vs LY • Flat costs despite inflation, thanks to continuous cost savings initiatives (89M€, 2.7% of total costs) FY 2025 Adjusted EBITDA (€m) in line with last year excluding JV contribution, perimeter and FX effects Change in variable and fixed costs, and overheads Price change Price/cost balance +29 Adjusted EBITDA excluding perimeter, FX effect and JV contribution JV contribution FX Impact FY 2024 FY 2025FY 2024 FY 2025 (in €m) 22 -0.4% 539 537 40 974
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February 20, 2026 | Imerys 2025 Annual results presentation Overview Target Cost and performance improvement program: “Project Horizon” ● €50–60 million of annual run-rate savings vs. the 2025 cost base ● Timeline: ○ More than 50% of the expected benefits realized in 2026 ○ Full run-rate impact from 2027 ● Cash implementation costs expected to represent approximately one year of savings ● Objective: ○ Achieve targeted profitability ○ Consolidate the Group’s competitive edge, drive efficiencies and facilitate the agility needed in the current ever-changing environment ● Key elements of the program: ○ Simplify and streamline the Group’s organization ○ Structurally lower the cost base, adjust the industrial footprint and rationalise production capacity worldwide ● Subject to the completion of the required social and legal processes
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11 February 20, 2026 | Imerys 2025 Annual results presentationFebruary 20, 2026 | Imerys 2025 Annual results presentation Key updates ● Confirmation hearing of the Plan of Reorganization started on February 2 and concluded on February 6, 2026, at US Bankruptcy Court in Delaware ● Next steps: ○ Bankruptcy Court to issue its ruling in the weeks ahead ○ In case of positive confirmation of the Plan of Reorganization by the Bankruptcy Court, and subject to any appeal, review and affirmation by the U.S. Federal District Court ● Provision currently recognized in Imerys’ financial statements (€99.7 million) considered as appropriate ● EMILI lithium project: €50 million investment by the French State for a minority stake ○ Key milestone in the continued development of the EMILI project, a project of major national interest in France, and recognized as strategic at the European level ○ Investment to support the EMILI project in finalizing the definitive feasibility study ● Imerys British Lithium: ○ Project placed on “maintenance and care” ○ Scoping study finalized early 2026 confirming high value and strategic relevance of the project Chapter 11 updateLithium projects
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February 20, 2026 | Imerys 2025 Annual results presentation Target surpassed 2023-2025 SustainAgility roadmap successfully completed Empowering our people Safety Culture Maturity Health Action Plan Completion Rate Diversity, Equity & Inclusion Imerys Index Stakeholder Engagement mapping progress Growing with our customers Group EcoVadis Score Supplier EcoVadis Coverage Portfolio SSA mapping Innovation SSA scores Caring for our planet Scope 1 & 2 GHG Emission Reduction Scope 3 GHG emission reduction ✔ Climate Risk Adaptation Biodiversity Audits and Act4Nature commitments Caring for our planet Environmental Maturity Assessment Air pollution Reduction Risk Water Reporting Requirements Mineral Reporting Requirements 2022 3.0 2025 3.3 2022 0% 2025 75% 2022 0% 2025 100% 2022 - 2025 100% 2022 69 2025 74 2022 53% 2025 75% 2022 55% 2025 75% 2022 75% 2025 >75% 2021 0% 2030 -42% 2021 0% 2030 -25% 2022 - 2025 100% 2022 39% 2025 100% 2022 0% 2025 100% 2022 - 2025 100% 2022 0% 2025 100% 2022 0% 2025 80% ✔ Target achieved ∿ Slightly below target ✔ ✔ ✔ ✔ ∿∿ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔✔ ✔✔ ✔✔ ✔✔ ✔✔✔✔
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February 20, 2026 | Imerys 2025 Annual results presentation 2025 Results in line with our long-term GHG reduction targets €82M Capex invested since 2021 for decarbonation, mainly in energy efficiency & recovery and low carbon and renewable electricity projects * only categories included in SBTi target 57% Scope 1 & 2 Scope 3 -28% Scope 1 and 2 GHG emissions reduction in 2025 compared to 2021 baseline -42% 2030 Group’s commitment for scope 1 and 2 GHG emission reduction as per SBTi reduction target -22% scope 3 GHG emissions reduction in 2025 compared to 2021 baseline -25% Suppliers with CO2 reduction engagement 2030 Group’s commitment for scope 3 GHG emission reduction as per SBTi reduction target (ktCO2eq) (kt CO2eq) * Scope 3 GhG categories included in SBTi target -25%-42%
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February 20, 2026 | Imerys 2025 Annual results presentation New SustainAgility 2030 streamlined plan: focusing on objectives to meet key shareholders' expectations Objective 2030 Safety: Reduce the Group Total Injury Frequency Rate annually (TIFR) -5% vs 2029 or 2.4* D&I: Increase the Diversity & Inclusion Index score 100% Local communities: Complete the action plans related to local community grievances on time 100% Objective 2030 Water quality: Achieve the coverage of priority water discharge points with continuous monitoring for water quality 90% Biodiversity: Reduce impacts on biodiversity by fulfilling the Group external commitments 90% Climate change: Reduce Group scope 1 & 2 greenhouse gas emissions (tCO2eq) from 2021 base year in alignment with a 1.5°C trajectory -42% Reduce Group scope 3 greenhouse gas emissions (tCO2eq) from 2021 base year -25% Empowering our people Growing with our customers Caring for our planet 1 Initial target, not the intermediate target Objective 2030 Existing portfolio sustainability: Assess Imerys' existing product portfolio against the ISO Life Cycle Assessment standard 80% Sustainable innovation: Ensure that New Product Developments launched deliver a sustainability improvement for the downstream value chain 80% Responsible purchasing: Ensure core suppliers (by spend) achieve at least a moderate sustainability score 80% *TIFR is the sum of the numbers of lost time accidents + number of non lost time accidents divided by 1 million man hours worked.
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February 20, 2026 | Imerys 2025 Annual results presentation Imerys HIGHLIGHTS FINANCIAL RESULTS OUTLOOK
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February 20, 2026 | Imerys 2025 Annual results presentation Full year 2025 sales variance analysis FY 2024 revenue FY 2025 revenue Perimeter FX Volumes Price -69 +45 3,384 -82-115 -3.1% -2.3% -2.0% +1.3% -6.1% Organic change: -0.7% 3,605 Q4 832 +9 -35 -14 +9 801 +1.3% -4.2% -1.8% +1.1% -3.7% (€m)
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February 20, 2026 | Imerys 2025 Annual results presentation Performance Minerals Americas: ● FY 2025: volumes (-3.1%) impacted by weak residential construction activity and soft consumer markets in the US. Prices holding at +1.8%. ● Q4 2025: trends in line with Q3; impact of residential construction. Performance Minerals Europe, Middle East, Africa and Asia-Pacific: ● FY 2025: volumes (-2.8%) impacted by muted construction and automotive markets, partly compensated by a good performance in the filtration market. ● Q4 2025: performance in line with previous quarters, with similar market trends. Adjusted EBITDA: 4% above last year at constant scope and exchange rates, driven by price discipline and cost management. Resilient EBITDA margin at 17.8% on sales. Chemviron diatomite and perlite business acquired in January 2025 performing ahead of expectations, with rapid integration and strong synergies. Performance Minerals Q4 2024 Q4 2025 Like-for-like change Consolidated amount (in €m) 2024 2025 Like-for-like change Reported Change 219 197 -2.4% Revenue Americas 986 841 -1.3% -14.7% 292 292 -2.0% Revenue Europe, Middle East and Africa and Asia-Pacific 1,327 1,249 -1.7% -5.8% -20 -15 - Eliminations -109 -69 - - 490 474 -1.5% Total revenue 2,204 2,022 -1.3% -8,3% - - - Adjusted EBITDA 395 361 4.0% -8.7% - - - Adjusted EBITDA margin 17.9% 17.8% - -
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February 20, 2026 | Imerys 2025 Annual results presentation Solutions for Refractory, Abrasives & Construction Q4 2024 Q4 2025 Like-for-like change Consolidated amount (in €m) 2024 2025 Like-for-like change Reported Change 286 271 0.1% Revenue Refractory, Abrasives & Construction 1,190 1,128 -2.1% -5.2% - - - Adjusted EBITDA 151 129 -9.9% -14.8% - - - Adjusted EBITDA margin 12.7% 11.4% - - ● FY 2025 revenue: sales to the refractory market lagged, impacted by low industrial activity in Europe and China, while the US market proved more resilient. Prices remain steady (+2%). ● Q4 2025 revenue: positive organic growth (as in Q3 2025) driven by commercial actions and strong sales of advanced ceramics products. ● FY 2025 adjusted EBITDA: declined by 9.9% at constant scope and exchange rate affected by lower volumes, partly offset by a positive price/cost balance and cost-saving initiatives Refractory, Abrasives & Construction
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February 20, 2026 | Imerys 2025 Annual results presentation ● FY 2025 revenue: +11% like-for-like driven by solid end markets, primarily electric vehicles (EVs), new product launches and a robust conductive polymers business. ● Q4 2025 Revenue: fourth-quarter revenue was stable at 57M€, impacted by external and temporary factors delaying sales. ● FY 2025 adjusted EBITDA: 41% improvement vs. the previous year, primarily attributable to significant volume growth. Adjusted EBITDA margin up 5.4 percentage points to reach 25%. Solutions for Energy Transition 2024 Consolidated amount (in €m) 2025 Like-for-like change Reported change Graphite & Carbon TQC (50%) SET Graphite & Carbon TQC (50%) SET 215 - 215 Revenue 238 - 238 +11.0% +10.8% 42 - 42 Adjusted EBITDA 60 - 60 +39.7% +41.2% - 98 98 Share in net income from JVs - 17 17 - -82.1% - - 140 Adjusted EBITDA SET - - 77 - -45% The Quartz CorporationGraphite & Carbon ● FY 2025 revenue: €167 million revenue (at 100%), a 50% drop from a record-breaking previous year. Performance affected by an overstocked s olar value chain. Positive revenue trend in H2 2025 at €85 million, outperforming both H1 2025 and H2 2024, as inventories progressively normalize. ● FY 2025 net income: net income dropping to €35 million (at 100%).
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February 20, 2026 | Imerys 2025 Annual results presentation Full year 2025 Adjusted EBITDA variance analysis (€m) 546 -22 +38 +2-30 +1 PerimeterFY 2024 Adjusted EBITDA FX FY 2025 Adjusted EBITDA 675 Share in net income of associates -36 -74 -€3 million / -0.7% like for like Adjusted EBITDA margin 18.7% 16.0% Q4 143 -11 +6 +2 -4+1 -7 +3 -8 -8 16.1% 125 PriceVolumes Variable costs Fixed costs and overheads Change in inventories and others
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February 20, 2026 | Imerys 2025 Annual results presentation Full year 2025 net income, group, share (1) Non-cash loss of €302m with non impact on the Group shareholders equity. Mostly originating from the translation reserve associated with the assets serving the paper market divested in July (in €m) 2024 2025 Change Adjusted EBITDA 675 546 -19.1% Current operating income 394 257 -34.7% Current financial expenses -51 -63 - Current income tax -79 -48 - Minority interests -2 0 - Current net income Group share 262 146 -44.2% Other operating income and expenses, net, Group share -357(1) -555 Net income, Group share -95 -409 - ● Non-cash goodwill impairment charge of €467 million related to the Solutions for Refractory, Abrasives and Construction business. It reflects substantially more difficult market conditions in 2025 and lower level of protection from EU anti-dumping measures than initially announced in July 2025 ● Project Horizon (€41 million) and Imerys British Lithium (€31 million) project-related non cash write-offs Breakdown of Other operating income and expenses, net, Group Share
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February 20, 2026 | Imerys 2025 Annual results presentation 2025 cash flow generation (in €m) 2024 2025 Adjusted EBITDA 675 546 Increase (–)/decrease (+) in operating working capital 4 -26 Notional tax on current operating income -90 -64 Elimination of share of net income from JVs -110 -31 Dividends received from JVs 75 7 Other adjustments 10 13 Net current operating cash flow (before capital expenditure) 564 445 Paid capital expenditure -364 -317 of which strategic investments -73 -49 Right to use assets (IFRS 16) -65 -51 Net current free operating cash flow 136 78
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February 20, 2026 | Imerys 2025 Annual results presentation 2.5x 53% 1.9x 39% (1,391) -123-57 Net financial debt to shareholders’ equity (covenant to 160% before IFRS 16) Net financial debt to adjusted EBITDA (no covenant) -8 (1,275) Net Debt Dec. 31, 2024 Net current free operating cash flow Financial result paid Other income and expenses Dividends Other Net Debt Dec. 31, 2025 78 ● Net financial debt reduced at December 2025 End vs June 2025 End ● No significant strategic capital expenditures planned for 2026 ● Successful placing of €600 million senior unsecured notes and tender offer in November 2025. Average maturity extended to 4.3 years from 3.4 years in June 2025 ● Investment grade confirmed by both S&P and Moody’s in 2025 Change in net financial debt (€m) -6 Sound financial structure of which -€49m strategic capex Dividend paid in May 2025 Highlights
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February 20, 2026 | Imerys 2025 Annual results presentation Imerys HIGHLIGHTS FINANCIAL RESULTS OUTLOOK
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February 20, 2026 | Imerys 2025 Annual results presentation Outlook With markets showing no significant improvement in early 2026, Imerys will require more visibility before it can commit to improved 2026 performance versus 2025. Disciplined execution across all strategic directions and continued innovation will remain key priorities as the Group moves forward.
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February 20, 2026 | Imerys 2025 Annual results presentation Appendix
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February 20, 2026 | Imerys 2025 Annual results presentation Bond maturity profile (€m) Bilateral credit lines maturity profile (€m) Strong liquidity position Average maturity 4.3 years (€m) 31/12/2024 31/12/2025 Bonds 1,700 2,043 Other debts 177 167 Gross debt 1,877 2,210 Cash 602 819 Net debt 1,275 1,391 Average interest rate (gross) 1.4% 3.0% Average maturity 3.0 years Average maturity High level of available resources : €960 million credit lines and €819 million cash as of December 31, 2025 Average maturity Bonds €2,043m Bilateral credit lines €960m
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February 20, 2026 | Imerys 2025 Annual results presentation Best in class performance on ESG ratings Imerys ratings as of 02/02/2026 69 (-D to A) (0 to 100) (CCC to AAA) (D- to A+) (0 to 100) (100 - 0) 0 = low risk Indices/ Assessment Most recent rating Relative to industry Above industry average B- Minings & Metals 96th percentile All industries - 80th percentile Construction materials 74th percentile Construction materials 85th percentile Materials 70C+AA79 A 72th percentile Construction materials 27.7 CDP Climate: A CDP SER*: A CDP Water: B *SER: Supplier Engagement Rating Prime status: Sustainable investment Performance trend Gold medal
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February 20, 2026 | Imerys 2025 Annual results presentation 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 20, 2026 | Imerys 2025 Annual results presentation Visit www.imerys.com for more information. Or connect with us: www.linkedin.com/company/imerys/ Thank you for your attention