The volume comeback is a good omen for Imerys. The price/mix-variable costs spread is still positive. The ROCE remains above the WACC. The balance sheet remains strong. Investments in future growth underline that management is confident in its ability to grow the top-line but, in the short term, impacts FCF generation, which is not at all a source of worry as we expect higher organic growth. Proppants continue to weigh on the performance.
