Imerys published stronger than expected sales and EBITDA figures, but net income was negatively impacted by a goodwill impairment loss, resulting in 8% miss vs our estimate. However, the outlook for FY23 is better than our expectations and, as guided previously, which will lead to a positive revision in our FY23 EPS. The company also announced a FY22 dividend of €3.85/share vs €1.55/share for FY21, which came as a positive surprise.
