Imerys delivered a muted Q1 performance in line with the guidance. Revenues were down 0.9% yoy and the current EBITDA was down by 3.4%. The flat performance was mainly due to a 12% volume decline (especially in RAC) which was offset by an 11% increase in prices. Moving forward, the management expects a demand recovery but this will be partially offset by declining prices, since the energy surcharge component is fading.
