France · Delayed Price · Currency is EUR Mersen Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a return to organic growth at +3.1%, led by electrical power and North America, with strong data center and semiconductor sales. Guidance for 2026 is maintained, with higher H2 growth expected and price increases to offset raw material costs.
Fiscal Year 2025
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Full-year sales reached EUR 1,186 million, with strong growth in wind, energy storage, and electrical distribution offsetting declines in solar and SiC. EBITDA margin held at 16%, CapEx was reduced, and no major rebound is expected in SiC or solar for 2026.
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Q3 sales declined 4.3% organically, with nine-month revenue at €895 million, mainly due to weakness in solar and SiC semiconductors. Guidance for 2025 was lowered for organic growth and EBITDA margin, while CapEx was reduced. Rail, wind, and U.S. electrical distribution showed strong growth.
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H1 revenue was EUR 610 million with robust margins and strong cash flow, despite a -4% organic growth. Guidance for 2025 is maintained, with stable or slightly positive revenue expected and continued investment in SiC and EV capacity. CEO transition to Salvador Lamas announced.
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The AGM reviewed record 2024 revenue, strong cash flow, and increased investments, with net income down due to non-recurring charges. All resolutions passed, including a €0.90 dividend, board renewals, and new incentive plans. Strategic focus remains on growth in renewables, EV, and SiC, with local production to manage risks.
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Q1 sales declined 2.5% reported and 6.4% organically, mainly due to weakness in solar and SiC semiconductors, while wind, rail, and aerospace showed strong growth. Guidance for 2024 is stable sales, with H2 expected to outperform H1 and EBITDA margin targeted at 16%-16.5%.
Fiscal Year 2024
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Record 2024 sales and EBITDA were driven by North America and strong transportation and process industry demand, despite slowdowns in solar and SiC. Guidance for 2025 anticipates flat to slightly negative organic growth, with continued investment and a solid financial structure.
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Record annual sales of €1,244 million were achieved, with strong growth in transportation, wind, and chemicals, while solar and silicon semiconductors declined due to overstocking. Operating margin guidance was raised to 10.5%, and net debt improved to below €400 million.
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Growth in key markets like EVs and SiC semiconductors is delayed by three years, but medium- and long-term prospects remain robust, with targets to double EBITDA and expand in renewables, semiconductors, and advanced materials by 2029. Investments are being adjusted, and operational resilience is prioritized.
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Record nine-month sales were achieved, but Q3 growth slowed due to downturns in solar and semiconductors, prompting a downward revision of 2024 guidance. Optimization measures and acquisitions are underway, with 2027 targets reaffirmed despite near-term headwinds.
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Record H1 sales of €624M with 4.9% organic growth and strong cash flow. EBITDA margin rose to 16.9%. GMI acquisition completed, boosting U.S. presence. 2024 guidance and 2027 targets confirmed, with H2 expected to improve, especially in SiC and solar.