Thank you, and good evening to all of you. Thank you for joining us today to review Imerys' Q1 2026 results, with me here Pierre Lebreuil, our CFO.

Let me start, as usual, by giving you some highlights of the first quarter '26. I'd say immediately a strong quarter for Imerys with organic growth, improved profitability at constant at constant exchange rates, in a market which was certainly challenging.

Revenue at €835 million was up 0.7% versus last year at constant FX, driven by volume growth and steady pricing. To be noted, the significant currency headwinds on in Q1, representing approximately €40 million or 5% of sales compared to last year, when the dollar was still very strong.

Pierre will show you in detail later on this specific effect. Adjusted EBITDA for the period amounted to €118 million, up 4% at constant exchange rates, reflecting solid execution, volume increases, and costs control.

Short update on our strategic roadmap. Project Horizon, very important for this year, one of our priority, has been launched across all main relevant countries.

Social and legal processes are ongoing and in progress, deployed, I would say, per plan, on time, on track to deliver the target of savings, and I remind you, 50 to €60 million minimum versus the 2025 cost base, and as said, on time. We announced on April 10 a binding agreement to buy to acquire Great Lakes Minerals, a processor of industrial minerals in the USA, addressing typically refractory and abrasives, approximately $80 million sales at run rate.

If you look at the following slides, it shows Imerys' sales performance by geography in Q1 '26. We start by Asia: very strong, strong growth driven by good sales of conductive additives, but in general, good industrial activity, especially in China.

Europe, still slightly negative, I would say impacted by softness of the residential of the residential market, progressing, as we said, but still at a starting phase and low industrial activity. Good performance in consumer markets in Europe, as well as everywhere else in the world.

Europe, Middle East, and Africa, EMEA, also includes the Gulf area, and we did we were impacted by the Gulf crisis. We estimate missed sales of approximately €4 million, and I will go in a bit more detail in in a couple of slides, only for the month of March.

North America sales, subdued in Q1, confirming a bit the trend of Q4 of last year, softness in the especially in the housing segment, poor weather condition in January—do not really forget the very cold weather that costed us few million euros in in in January—and a Q1 '25 with a strong dollar was, of course, a very strong starting base. I would say business, however, in March, showing significant rebound, probably the worst, even in America, in North America, behind us.

South America was strong, solid, good consumer goods, a bit weaker in in construction, but positive, especially including the FX exchange in the area. If we look on the next slide on end markets and their trends, largely reflecting what I already said on the previous slide, but if if we talk more in general, I would say the year '26 started slow.

January was low, a bit of the same trend in Q4 '25. It started improving in February, and we recorded a very solid month of March.

Now, the real question is what will be the impact or long-lasting impact of the Middle East crisis going forward. Frankly, I think nobody knows.

The trend is definitely pointing in the right direction. Looking specifically, I would say, construction activity subdued compared to expectation, especially in the US; positive trend in Europe, rebounding slowly, but certainly; consumer goods, as I said, very solid in all geographies; automotive, soft basically everywhere in the world, with the exception of electric vehicles, sorry, electric vehicles, which continue to grow strongly, certainly in China and now also steadily and certainly in Europe; finally, general industrial activity, it follows a little bit other or is a consequence of other industries, rather soft in Western economies, but better in Asia and in China in general.

Short focus on our activities in the Gulf and our presence. I would like to start by saying we have a plant in the area, in Bahrain, a greenfield project we established in 2014 with a local partner.

The idea behind was a competitive cost base to produce locally and export to customers worldwide our fused minerals. We have around 103 employees, and I can tell you all of them are safe, which is the most important thing.

Operations were stopped on the 28th of February, the night the war started. We did experience some explosion very close to the site, although the site has not been touched by any event.

Middle of the month of March, we have gradually restarted operations, but we did not experience or we did not register any sales in the month of March because the commercial ports is closed, and to exit Bahrain, you have to go through the Strait of Hormuz. Therefore, exporting from this base is today still impossible.

This unit normally has a turnover of approximately €25 million per year, you can estimate a normal month would be in the area of 2.5 million, which have been missing in March of this first quarter. We are investigating alternative routes to ship containers to our customers.

There are possibility to go through Saudi Arabia, still under investigation, being tested, at the moment, certainly expensive. On top of this local business that exports, we do sell as a group into the area, into the Gulf area—Emirates, Saudi, Qatar, and Israel itself—approximately €30 million per year.

It was impacted in March, yes, especially everything going via container to the area. For the very same reason, we estimate at about 1 million or slightly more the sales that have been canceled because of the war.

I expect this non-realized sales to continue as long as the strait remains closed. Summarize, €4 million sales approximately lost in the month of March, altogether, a business of around 55 to €60 million per year, potentially up to 5 million a month if the situation does not improve or alternative routes are found.

On the next page, a last slide on my side to underline the good work done by the teams. On the left side, you can see the evolution of the full-year adjusted sorry, of the first-quarter adjusted EBITDA year on year compared to last year.

Strong impact of the US dollar, which in Q1 '26 is significantly lower. This effect should normally reduce, eventually disappear as current FX level align to those of last year Q2 and certainly Q3, Q4.

At constant exchange rates, adjusted EBITDA improved year on year by 4%, mainly thanks, as I said, to volumes, positive volume, steady pricing, and good work on costs. On the right side, the balance price/costs, which highlights the good and continuous work done by the group on cost reductions.

Despite inflation, because we do live in a world with inflation, and despite higher volumes, as I said before, cumulating fixed costs, variable costs, and overheads, we are in Q1 '26 below Q1 '25 in absolute terms. You see the -1 as the sum of the three.

That's really our operational excellent programs, savings initiatives, and also the first effects of our Project Horizon. All of this contributed to this good performance.

Pricing, prudent, I would say, to adapt to competitive pressure, but also because we do we can afford to be more prudent this year. Pierre will now give you some more details or more detailed analysis of our financial results.

Pierre, over to you.

Thank you, Alessandro. Good evening, everyone, and thank you for joining us today.

Let me recap some of the key aspects of our financial performance, starting with revenue. Group sales amounted to €835 million.

This represents a 0.7% increase at constant exchange rates and perimeter compared to last year, especially driven by a 0.5% growth in volumes. Price increases were moderate to reflect improved costs and protect market shares.

Currencies had a strong negative effect of €42 million. As a reminder, USD was at a strong 1.05 USD per euro level in the first quarter of 2025.

Let's now look more in detail at our three business segments, starting with Performance Minerals. As a reminder, this business generated €597 million in Q1 2026; it represents 60% of Imerys group sales.

Overall, the business remains very resilient given market circumstances, showing just a slightly negative organic growth with contrasted performances between America and Europe, Middle East, Africa, and Asia Pacific. For Performance America, sales volume declined slightly by 1.1%, impacted by continued softness in the housing market and poor weather conditions in January.

This was partly offset by a solid increase in sales to consumer goods, particularly filtration. Prices continued to hold well.

In the Europe, Middle East, Africa, and Asia Pacific region, sales were solid in consumer goods, notably filtration and animal feed, and in automotive, driven by market share gains. This was partly offset by slower sales to construction, notably in the ceramics business.

Prices showed a positive trend. Now let's look at our Solutions for Refractory, Abrasives and Construction business.

Sales volume increased by 1.1%, supported by a dynamic momentum in the Asia Pacific region, offsetting the impact of the Middle East conflict, including disruption at our Bahrain plant, as Alessandro was reporting, and offsetting as well poor weather in the US in January. Selling prices were slightly lowered to reflect improved costs and protect market shares.

The Solutions for Refractory, Abrasives and Construction business delivered a third consecutive quarter of organic growth. Now let's complete this segment review with Solutions for Energy Transition.

Starting with Graphite & Carbon, which delivered a very good first quarter with a 10% revenue growth at constant exchange rate. Revenue is solid at €65 million, fueled by a 11% volume increase.

This is due to strong sales of conductive additives for electric vehicles, energy storage systems, and polymers, and confirms the trend of previous quarters. To complete this segment review, let me now say a few words on TQC.

As a reminder, TQC is our 50% joint venture in high-purity quartz business. You may remember that we disclose figures for this JV only on an half-year basis.

We can nevertheless report that business is normalizing in a context of markets which remain challenging in Asia. Now let's look at the group's profitability.

For the first quarter, adjusted EBITDA reached €118 million, corresponding to a 14.2% margin. Looking at Imerys direct operational performance, highlighted in the box in grey color in this slide, you can see that adjusted EBITDA was very resilient, with a 4% year-on-year growth driven by positive sales volumes, disciplined pricing, good cost management, and a slightly higher contribution from joint ventures.

On a reported basis, EBITDA decreased 8% in comparison to first quarter of year 2025 as a consequence of a massively unfavorable exchange rate effect of €14 million. Let's now move to the bottom of the P&L.

As expected, financial expenses are increasing as a consequence of the €600 million bond issued last November. Other operating expenses are negative by 20 million.

Most of this €20 million charge corresponds to restructuring costs related to Project Horizon and to the mothballing of Imerys British Lithium. As a consequence, net income, group share, is marginally positive at €1 million.

I will now hand back to Alessandro for the outlook.

Thank you, Pierre. Let me conclude with a few words on the current situation and what to potentially expect going forward.

The Middle East crisis had a limited impact in the first quarter, as we saw, costing us approximately €4 million in missed sales, but limited cost increases. It becomes now evident that energy prices go up and will stay high for longer.

Therefore, we expect energy, raw materials, and logistic costs to rise over the remainder of the year. Am I worried?

No. As in the past, the group will react.

Actually, it has already started to react and started implementing price increases to cover such higher costs. The group will continue to take appropriate actions to protect our profitability and cash generation.

I think the inflation phase of 2021, 2022 has shown that we deliver on our commitments. What we cannot estimate now are the indirect effects of a prolonged conflict and how this could adversely, or not, we don't know, affect the global macroeconomic environment and consumer sentiment.

That's the big question for the nearby future. Thank you very much for your attention, and I now hand over to you for Q&A.

Yes. Good evening, gentlemen.

Congratulations for this publication. I would have a few questions.

If I look at your hedging and how current spot evolve, is it fair to assume that the energy bill would be up maybe 10 to 20% in H2? How confident are you to cover with the price increase?

Can you perhaps quantify the price increase that you have already announced? Second question would be on the asbestos.

I think you were, Alessandro, mentioning maybe something positive end of March. We are end of April, can you maybe update us on what's going on, why is it taking so long?

The last one would be on the volume. I think I was expecting a volume way lower than that, it's a bit better.

Can you explain maybe what's in between, is there any pre-buy effect from your customers because potentially you have announced some price increase for April, and therefore they have bought some material in advance? Thank you.

Thank you, Sven. I will start, let's say, from question number two, and I will let then Pierre comment on our hedging policy, on our hedging levels today and going forward.

I don't know if he's able so rapidly to assess how much it could cost us overall for the year the current levels to simplify, around $100 per barrel oil and maybe around 45 to €50 per megawatt-hour gas, what it would cost us for the rest of the year. He will give you a more precise location.

What I can tell you, I start there, is we are very confident that we will cover this extra costs via price increases. I remind you that when the conflict started, everybody frankly thought it's going to be quick, and therefore nobody moved.

In the month of March, very little happened, very little cost increases, no price increases on our side. The first one to move were, as usual, freight suppliers, truck drivers, containers, because it's immediate.

The moment that oil price goes up, you have immediately in your bill, and they tend to implement immediately. The easiest one, because freight is a pass-through.

We buy freight for our customers, we put it in the invoice, if it moves, we just change and adjust. It goes fast, but it's passed through very fast.

What takes a bit longer is the impact of energy, oil, gas, electricity partially, and when you buy raw materials that are impacted, your supplier will send you a letter, will explain, we do understand, and we do exactly the same towards our customers. In March, I would say no price increases.

First half of April, very limited. I would say probably we started implementing with April 15, and I would say with the month of May, we should be largely implemented with all adjustments.

A slight delay, but not significant compared to the cost increases. What is the price increase?

It changes a lot. If you sell a product that is calcined with gas, it might be significant.

If you are in the US, limited, gas in the US did not move much. To give you a rough number is difficult because it can really change from one product to the other, from one country to the other, depending on the impact really specifically in the country or in the geography and on the product.

Then on volumes, as I said, the year started a little bit in line with Q4 last year, slow or soft. It kept improving through February.

It improved in March. March was a very solid month in all businesses, in all geographies, fundamentally.

Pre-buy, I don't think so, and for two reasons. First, it was too early.

The war was the first days of March. First, you realize there is a war, you don't think of the long-term consequences, and if you call Imerys on the 15th of March and you want more material, I can guarantee to you we cannot supply it in 10 days.

Pre-buy, for me, is excluded. I think, as we said, the economy is turning, construction in Europe is turning in the right direction, the US has been more resilient than expected—yes, construction is still soft, but overall activity with less uncertainty after all the chaos caused by tariffs is okay—China is remaining dynamic, a lot of exports, fine.

Overall, I think the year started well. I can tell you feeling is, looking at my order intake, that April is on a good trend.

The question is really, what is the consequence of this war mid, long term? Are we ahead of a higher inflation, and therefore, again, consumers stopping spending, companies stopping investing, people don't buy new cars, not renovating the house because inflation is up?

Will interest rates move up again, stopping the recovery of the construction industry? These are all the questions that we cannot answer today.

I think, as predicted, I think the economy has turned the corner, had reached the bottom, was going up, and therefore the volume increase, for me, is good news, but not totally surprising. Last comments on asbestos or on the Chapter 11 case: we do have regular interaction with the judge.

The judge is writing her ruling intensively. We were hoping to have sometimes end of March, beginning of April, and announce, of course, immediately the outcome.

It has not come. For me, it shall not be interpreted in any way, simply a very precise judge that wants to write the most solid judgment, plus a very busy judge because she has many cases.

I did check the last rulings, and specifically the very last one was on the Boy Scouts of America. It was 250 pages.

I do understand that I don't know if ours will be that long, but I think it's really a matter of time in drafting the document. A good, solid, clear, trustworthy judgment is in the interest of everybody because it will really give validity and solidity to the judgment.

We patiently wait, and we do not interpret in any form. I hope any day, including tonight, if we're lucky, to give you the good news that the ruling is out, and I remain confident it will be positive.

Really, it could come any day. Pierre, on hedging?

Hedging and energy, a few facts and figures. First, probably worth remembering you that energy globally represent roughly 10% of our sales at Imerys, plus or minus, out of which, say, 50% electricity, 25% gas, and 25% for other energies.

This is the first point. Then, in term of impact, as this was your question, you might consider that going forward the gross impact might be around, say, 10 to 20% of our energy bill.

Obviously, as Alessandro was mentioning, this will be offset by price increases and will be smoothed, especially in the first months, by the impact of our hedging. We are quite well hedged, especially in Q2, Q3.

You might consider that we are hedged around 50, 60%.

If I can complete, Sven, if you say around 10% on a full-year basis, we are talking about €35 million, which is roughly our estimation of what the cost could be of a barrel at $100 and gas at €50 per megawatt-hour between now and the end of the year. With sales of around 3.5 billion, we are talking about potentially a 1% price increase needed to cover.

Of course, this is all theoretical because it's on a full-year basis and we are in March, April, and hedging, but to give you the feeling, we are way, way far from '21, '22, when we were talking about 8, 9, 10, 11, 15%. It's a limited effort that we need to ask our customers, and again, it might be 3, 4% if you're an energy-intensive European product, or if you are a low energy in the US, gas-based, where there is basically no move.

That's the ballpark, something absolutely reasonable.

Thank you, Sven. I think we addressed all your questions.

Thank you.

Sorry. Thank you for taking my question, and hello, Alessandro and Pierre.

I have three, if I may. The first one is about the cost reduction plan.

Could you give us an update on at which level you are at this time? My second question is about the quartz business.

You say that the situation is stabilizing now. Maybe what should we expect for the next quarter, stabilization or maybe an improvement of the situation?

My last question is about the acquisition you made, Great Lakes Minerals, maybe more numbers in terms of scope effect and the multiple or price you will pay on this acquisition. Thank you.

Thank you, Ebrahim. I start with quartz.

I think business, as we saw around the second part of '25, the business is definitely becoming more normal, more constant, more predictable, and slightly in recovery. As I said in the last messages, inventories, again, is largely a Chinese business, largely solar, limited visibility and not fully reliable information, but what we see is the inventory is coming down to a more normal level, and therefore activity is slowly but progressively picking up.

What is still for me remained the key is as long as this industry as a whole does not become rationalized, meaning excess capacities are taken out so that producers make money, producers run their plants well, efficiently, and full, then the needs for high-quality products will remain a little bit behind. That's what we see.

It's starting, but they're trying to optimize their cost position because they have empty plants. Still, I would say Q1 this year is definitely ahead of Q1 last year, overall the trend could continue to be in the positive direction.

That's overall, even with a market installation of solar panels this year that should be growing less or even some estimation are stable, because China has removed a lot of subsidies, the rest of the world is still pushing, but China will buy a bit less this year or will install a bit less this year. On good way, not yet fully rebounding as we wish.

On the acquisition, is a private transaction, what you see disclosed is what we can disclose. The only thing I may say is the business is doing a good or has a good level of profitability, in line with the group, and I believe we were able to agree on a price or on a multiple that is absolutely reasonable for current market conditions, and I would say it will be relutive to the group, probably below our current trading multiples.

Good acquisition for the group. We do expect some synergies.

It is in a very dynamic market, the US, as we know very well. They go down, but they rebound fast and rapidly.

Serving abrasive, refractory, basically the general industry and steel production, aluminum production, we do expect mid-term to see good business based on the reshoring of industrial activities to the US that the president is pushing, and all these tariffs should normally support. I think a good time to purchase, and we do look forward to close as soon as possible.

No significant regulatory hurdles, it should be done very fast. I let Pierre comment on few numbers on Horizon.

A word on Horizon, indeed. Thanks, Alessandro.

First thing, to confirm that the project has been launched in the main relevant countries, with the social, legal processes currently currently ongoing. The program is being deployed, and is fully on track to deliver the 50 to €60 million savings versus 2025 cost base that had been announced, communicated communicated before.

The group expects as well to meet the projected timeline, meaning that at least 50% of expected savings will already impact our profitability in 2026, and then the full run rate will will impact our accounts from 2027 onwards. Worth mentioning that in term of cost, we are as well quite well in the in the picture we of what we had communicated so far, cost around corresponding to around one year of one year of savings.

Just as a proof and as a sign of the impact of the savings, if you just look at the EBITDA waterfall that we we presented a few minutes ago, you can see that the fixed cost, overheads effect is negative -1% -1 million, excuse me, considering that considering that in a given month our fix in a given quarter, excuse me, fixed cost plus overheads represent roughly 500 million, if you just apply inflation, probably inflation in the in in in our fixed cost, overheads was 8 to €10 million. This means that this is showing already this has already offset in our financials by the first effect of of Horizon plan, as this is already visible.

Yeah. Some countries go faster, Ebrahim, US, for instance.

I think we have already implemented a large part of our program. Other countries, and I take France as an example, the procedures are extremely long.

Announcements and discussions have been done, are ongoing, but the impact you will see it probably around the end of the year because you know well that the timeline of such a program is given by law and it's long. Then there are a lot of countries in between, and they will come on stream as implemented.

Absolutely. Thank you.

Thank you very much.

Hello, good evening, and thank you for taking my questions. My first one is on the absence of a quantitative '26 guidance statement and extent of seasonality because we're at a stage of the year where Imerys probably knows roughly what's happened in the first four months, let's say what has happened in April.

What speaks against just providing a wide range at this stage? Are there any signs for trading has changed materially in April versus March across the group?

My second question is more around the performance of the new energy part of the group. This seems to have done quite nicely, it maybe even picked up some market share.

Is Imerys at its current level of CapEx capable of growing 10% per year indefinitely within the new energy part of the portfolio? Thank you.

Thank you for your question, Sebastian. On guidance, I know you started recently to follow Imerys, but it is our practice to give guidance only at mid-year, where we have a bit more visibility of what's going on, so that's why in Q1 there is no guidance.

On top, frankly, giving guidance today with the actual world, I would feel very uncomfortable, as it can go in all directions. I'm glad we stick to our principles.

What I can for sure tell you is if I look at my April trading, as I said before, for the time being, it's rather in line with March. I see no crisis, no significant drop of activities at all.

I do see my sales in the area or going out of the area missing, as I saw in March, but it remains a small number. For the rest, activity is absolutely okay.

No reason to panic or the contrary. Second question around new energies, especially Graphite & Carbon that has posted a 10% volume growth: indefinitely, no.

I wish, but no, we cannot indefinitely grow at 10%, but we can grow at this level for a few years. We invested heavily in this business in the years 2022 to 2025.

We have built a line three in Belgium, a line four in Belgium that we just commissioned at the end of last year. We do have adequate capacity to follow, I would say, at least the next three years.

We've invested in Switzerland again with new lines that even probably a bit longer than that. We are ready to accompany our customers without any significant CapEx at least for the next three years.

Then, as you well know, when you build new lines, the next step is optimizing these lines and debottlenecking, we do consider already now how we could squeeze more out of existing lines, we might have here and there a few millions to debottleneck, and that should give us again a little bit of time before considering the next serious investment. One day, I believe we will get there, because this market is growing strongly.

I think electrification, and I'm not talking only on vehicles, I think electrification of vehicles will continue. China will move to 100% electric, they are only at 55% new sales, Europe is around 20, will continue to grow.

It doesn't matter what the US do, they are irrelevant to today's numbers in EVs. Not only that.

A big, big market that is growing very strongly is energy storage, static batteries that you put next to data centers, next to wind turbines, next to solar parks or solar farms to compensate the peaks and the lows in production. Grids are starting to do the same, because it's cheaper to have a battery rather than starting up a power generation plant to cover one or two hours where you have a low.

There is a whole new market that is just at the beginning that could guarantee long-term further growth of this business.

That's helpful. Thank you.

Thank you, Sebastian.

Good evening, gentlemen. Thanks for the call.

A couple quick ones for me, and then I'm going to sort of go all over the place here. In terms of the plant in Bahrain, do you continue to incur costs there even while the sales are being impacted?

I guess, is there opportunity to produce product and sell product from other plants to make up for the fact that you can't deliver from this plant? Second one was just on BESS, thanks for the background on that, the battery energy storage systems.

I wanted to understand here whether you feel like you're geared to China enough, because it seems to me that a lot of the hardware for the battery energy storage systems is ultimately coming out of China. Are you in a position where you can actually supply to people in China, or is your business more geared to Western battery producers?

Then third one, I guess, Alessandro, would just be about the nature of the recovery. I think it was about 12 months ago we were talking about some green shoots and maybe we'd start to really see a pickup in activity, and then nothing's happened, right?

If I look at some of the revenue numbers, sort of low single-digit changes doesn't really feel like a V-shaped recovery. I'm just wondering how you're thinking about the nature of the recovery that we're seeing here or not seeing.

Thank you, Jason. Bahrain, first of all, we are at the very beginning or early on in this crisis, I think things might change.

I have to admit that the government, the local government, has supported us when we shut down the plant immediately in the early days of the conflict, and people were home. The government gave us a kind of economic support for employees, for the cost of the employees.

You have no other costs. You don't have commitments to power consumption and so on, it's really mostly relating to labor costs, the 103 employees, a little bit similar to what happened COVID times in Western countries, the governments jump in and help.

We lost sales, we lost profitability on these sales, but we did not fully incur in all the costs. Good news.

Future, I don't know. I don't know what the new decision it was rapid, and we will see.

We have restarted production. We run around probably 30, 40% of capacity, we are back in production.

We are, as I said, we're trying to reroute sales via Saudi Arabia, going to the Red Sea and exiting the area from the other side. We're not the only one with this good ideas, prices for containers out of Jeddah are expensive, we are testing, and we will see if it's viable mid, long term.

Jeddah itself as a port has to ramp up to the new challenge. It could be a solution long term, but still in experimenting phase at the moment.

Yes, we was caught by surprise ourselves, but yes, we are now trying to supply our customers from other locations in the world. We do have other locations in the world, in China as well as in Europe, producing the same product, we are ramping up other locations to try to keep our customers going and keep them loyal to Imerys going forward.

It's really transition, it will work, but today it's still, let's say, the lost sales are really lost. Now we're trying to recover them either directly from Bahrain or via supply from other countries.

I am quite confident that mid-term the impact will not be as bad as the month of March, where we were really caught by surprise. Energy storage, ESS or energy storage systems, we are absolutely exposed to China, totally, and thankfully so, because if we were supposed to supply Western producers, we would probably be starving.

All our main customers are in China, in Korea, in Japan, then followed by Italy, Germany, and so on, US, definitely strong exposure to China. That's where batteries are made, that's where the biggest producers are, technology similar to an EV, and therefore producers are fundamentally the same as for EVs, with some new people coming up dedicated specifically to energy storage, but we have presence, our products are really a bit the reference in the lithium-ion world, and therefore very present.

Last, on the recovery: one year ago, we were very positive, not in Q1, but in February, when we announced our full-year results, and then Liberation Day came, and there was a mess. Uncertainty followed, and the economy slowed down, construction slowed down, interest rates, especially in the US, did not drop, and we have lived a very soft 2025.

I said around the end of last year, prudence, but I see a change in trend. Is it a V-shape?

I doubt it. I would say a slow, progressive recovery.

Construction, automotive probably has turned the corner, and all of this will carry industrial activity in general. Iron and steel in Europe should be supported by tariffs that will apply from July.

I don't see a V-shape, but I do see maybe a U or a flat U going forward, and again with a question mark on the impact of this war really on a macroeconomic level. I think the US are more protected, more independent; Europe is fully exposed, and some parts of area of Asia are also exposed.

Question mark on the continuation and/or acceleration of this recovery.

Thanks, Alessandro. Could I maybe just do a follow-up question if you don't mind?

The other thing, I sit right next to the guys in our office who cover chemicals, and what they've seen over the past four or five years is that Chinese companies have emerged as major, major, aggressive competitors in the chemical space, and I'm just wondering if you're seeing any of that in your verticals.

Yes, to a very small extent, otherwise the answer is no. Why?

What is the big barrier to enter in our business? What is the big, big advantage and diversifying element in Imerys?

We have a mine. We mine our products to 80, 85%.

Nobody can copy. Nobody can copy cheaper.

If you don't have access to the resources, you will never be able to do a product in competition to Imerys. Yes, there are competitors in America, in South America, in Europe, very little in China, fundamentally the exposure to this fierce competition that you say and we follow very much in the chemical industry cannot and will not happen on Imerys because we're naturally protected.

We need the market, the underlying markets, to be solid, to grow, and it will not be a market share gain. Then, I said almost entirely no, we do have a small part of the business, I quantify it in around 15%, maybe 20, which is synthetically made, and that's exactly where we do feel the competition of China, typically in Europe.

When you do it synthetically, you need a lot of energy to create synthetically a mineral, and when you produce in Europe, you are extremely exposed to high energy costs, and that's where one of our businesses, specifically the fused minerals within the RAC business unit, suffered in '23 with the big inflation, '24, and '25. That's why we took an impairment on this business.

I think competition has done its part. I think market shares have settled.

On these businesses posted three quarters of organic growth because I think we have lost what we unfortunately needed to lose, competition typically Asian, not to say China. Now it's more stable.

We fight on quality, on service. We have specialty products, a bit of health through anti-dumping measures imposed in Europe or introduced in Europe.

Even this part of the business, I would say, and numbers prove it, huh, Q1 again organic growth, so that should have at least stabilized, if not started to progress in the proper direction. You cannot apply the rule of the chemical industry, fortunately, because it's really tough for the European chemical industry.

It doesn't apply for Imerys.

Thank you. Grazie mille.

No more question?

Thank you very much, and thanks to all participants for dedicating this hour to Imerys. We completed a good quarter with prudence on the future because of what's happening in the Middle East, but I think the trend is positive, and I do look forward to a good 2026.

Thank you all, and have a good evening.

Have a good evening.

Bye.