Good trends in the core business Yesterday, Imerys published Q3 24 sales of EUR855m, up 4.1% LFL, tracking broadly in line with consensus. Volumes were up 3.8% and pricing up 0.3%. The business was stronger in consumer goods and plastics thanks to market share gains. Industrial end markets remained soft in Europe with no signs of a short-term rebound, but this was partially offset by good momentum in the US. Adj. EBITDA tracking in line: strong core business offset by soft Quartz Q3 24 adj. EBITDA came in line with consensus at EUR148m, decreasing 14% YoY, reflecting the sale of the paper-based activity. Excluding scope effects, Q3 24 EBITDA declined 2% as positive volume/pricing in the core business was more than offset by reduced contribution from the high purity quartz joint venture. The subsidiary continued to face muted demand due to high inventories in the photovoltaic value chain. However, management indicated that there were only limited disruptions after Hurricane Helene in the US with no supply interruption to customers. FY 2024 guidance unchanged Management maintained its FY 2024 guidance, aiming for an adj. EBITDA of EUR670m-690m. This implies Q4 24 adj. EBITDA of EUR137m-157m (or -9% to +4% adjusted for scope effects). Neutral maintained We leave our estimates and EUR33 TP unchanged and keep our Neutral rating.