What happened? Imerys released Q1 25 sales of EUR871m down 6% YoY and up 0.7% on a LFL basis. We were expecting sales of EUR891m up 3.5% organically. Volumes were down 0.7%, slowing down from previous quarter while pricing was steady at +1.4%. The group continued to see adverse business trends in construction, industrial and automotive end markets in Europe. This was partially offset by stable demand in consumer goods and healthcare as well as a pickup in BEV related activities. Adj. EBITDA fell 32% at EUR128m (in line with our forecasts) primarily due to lower JV contribution and to a lesser extent scope effect (following the sale of paper related activities). Imerys expects a limited impact from US trade tariffs as group''s North American business is mostly local. Management did not provide any quantified guidance for 2025 citing heightened uncertainty on macro. BNPP Exane View: Q1 25 EBITDA was weak but in line with our forecasts. The fact that the group does not provide guidance at this point is also not surprising.