...December 10, 2025 This report does not constitute a rating action. In our view, the weak business environment will continue in the first half of 2026, with some recovery in the second half. We have lowered our full-year S&P Global Ratings-adjusted EBITDA forecast for Imerys to 540 million-560 million in 2025 (2024: 642 million) based on first-nine- months S&P Global Ratings-adjusted EBITDA of 414 million amid subdued end-markets. This reflects declines in demand, mainly in construction, and reduced industrial activity in EMEA in automotive, paints, and coatings. Imerys' refractory business is also facing Chinese competition but saw some recovery in the third quarter when prices held up (+1.1%) and offset some volume losses (-2.3% year-on-year). However, the Quartz JV has seen much lower solar demand along with significant overcapacity, diminishing its contribution to group EBITDA--20 million in the first nine months, from 89 million in 2024. We assume no dividend contribution (about 70...
