Imerys Raises Adjusted EBITDA Forecast to €590 Million for 2026
Key Facts
Imerys raised its 2026 adjusted earnings before interest, taxes, depreciation and amortization forecast range to €570–590 million, from €550–580 million previously, according to Reuters coverage published by Boursorama. The revision reflects an improved estimate of the company’s annual results, while the guidance remains conditional on there being no significant deterioration in the operating environment. This comes after the company said in February that it needed greater clarity before committing to an improvement in performance in 2026 compared with 2025. The coverage linked the higher forecast to contributions from acquisitions and cost-improvement measures, as well as performance and pricing dynamics. Imerys is scheduled to publish its full-year results on 18 February 2027.
The new guidance range provides more headroom than the previous estimate at both ends: the lower bound rose from €550 million to €570 million, and the upper bound from €580 million to €590 million. Chief Executive Alessandro Dazza said the two latest acquisitions, Great Lakes Minerals and “S&P Mineração,” “are already contributing to an increase in our results.” Boursorama coverage said the two acquisitions together added €23 million to third-quarter revenue. This contribution places external growth among the factors that supported activity, alongside cost-improvement measures and performance. The expected earnings range remains tied to operating conditions for the rest of the year, in line with the company’s stated condition.
On the market side, strong commercial momentum in Asia, continued sales of conductive additives and market-share gains helped offset weak European demand, particularly in construction, according to the same coverage. These factors show that the improvement in activity was uneven across regions and sectors, with strength in Asia countering pressure in Europe. The coverage also attributed better performance to pricing discipline and cost improvements. Pricing and cost control are important to understanding the higher forecast, which was revised while European demand remained weak. No additional revenue or profit-margin figures were included in the information available here.
But the improvement in the operating forecast does not correspond to an increase in every profit measure: net profit attributable to the group fell to €92 million in the first nine months of 2026, compared with €110 million in the same period a year earlier, according to Boursorama. The coverage said charges related to the Horizon project restructuring weighed on net profit, while a gain from the revaluation of the Imerys lithium project partly offset them. Net profit therefore followed a different course from the one reflected in the higher adjusted earnings before interest, taxes, depreciation and amortization guidance. The year-on-year comparison shows net profit declined by €18 million, even as the full-year operating forecast improved. This divergence makes the effects of the restructuring and the revaluation gain central to interpreting the period’s results.
The Horizon project stems from a cost-cutting plan Imerys announced with its 2025 results; the project targets total annual savings of between €50 million and €60 million once its full impact is reached. The company said at the time that more than half of the benefits were expected in 2026, with the full impact to be seen in 2027. This timeline places the cost-improvement measures in a context that extends beyond the current year. In February 2026, the company said it was not ready to commit to better results in 2026 than in 2025, citing the lack of a tangible market improvement and the need for greater clarity. The current guidance increase marks a change from that earlier assessment, but remains conditional on there being no significant deterioration in the operating environment. The annual results, due to be announced on 18 February 2027, will provide an opportunity to assess the year’s outcome and the impact of these factors.