Imerys, the French industrial minerals group, is navigating the sharp downturn in the construction sector by leaning heavily into its battery materials ambitions, including the planned development of a new lithium mine in the Allier region scheduled to come online by 2030. Despite headwinds from a slumping real estate market, the company managed to deliver a resilient performance in the first half of 2026, helped by strategic diversification and two fresh acquisitions. It also flagged that the impact of the Middle East conflict on its operations has proved less severe than initially feared.

The broader construction crisis, marked by falling demand for cement, ceramics and other building materials, has pressured Imerys’ traditional segments. However, the company’s pivot towards the energy transition — particularly its Emili lithium project in central France — is increasingly acting as a counterweight. The project, which aims to extract lithium from the Beauvoir kaolin quarry, is one of Europe’s most advanced mining ventures for battery-grade lithium. It is seen as a long-term growth driver timed to meet surging demand from electric vehicle battery gigafactories across the continent. The ongoing feasibility and permitting work is proceeding on track, according to the group, and it has already secured key industrial and financial partnerships.

The H1 2026 results, while reflecting the property slowdown, showed the benefit of cost discipline and a focus on higher-value markets. The group’s specialty minerals divisions, particularly those serving the batteries, electronics and life sciences sectors, posted stable or growing revenues, partially offsetting weakness in construction-linked products. Imerys did not disclose full figures in the briefing note, but indicated that its adjusted EBITDA margin held up better than anticipated.

Alongside organic resilience, the company completed two bolt-on acquisitions in the first half. These deals, which were not named in the preliminary statement, are understood to reinforce Imerys’ portfolio in advanced ceramics and sustainable minerals, both areas aligned with green technologies. The transactions are expected to be accretive to earnings from 2027.

On geopolitical risks, Imerys noted that the Middle East conflict’s effect on raw materials sourcing and energy costs has progressively diminished. Supply chains that were disrupted earlier have been largely rerouted or buffered by inventory management, and energy hedging policies have contained the hit to production costs. This assessment marks an improvement from earlier warnings and provides greater visibility for the second half of the year.

Freiné par la crise de l’immobilier, Imerys (aux commandes d’un projet de nouvelle mine de lithium dans l’Allier d’ici à 2030) parvient à tirer son épingle du jeu au premier semestre 2026. Il signe également deux nouvelles acquisitions tout en notant un impact finalement minoré du conflit au Moyen-Orient.