France · Delayed Price · Currency is EUR Mersen Earnings Call Transcripts
Fiscal Year 2026
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Record Q3 sales grew organically 14.2%, led by Electrical Power and broad regional momentum. FY organic growth guidance rose to 6.5%–7.5%, while margin guidance held steady.
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Solid H1 2026 results with 3.9% organic growth and strong profitability led to raised full-year guidance. Data centers, semiconductors, and EVs drove segment growth, while chemicals and solar remained weak. CapEx and leverage remain controlled, with ongoing M&A focus and long-term growth targets reaffirmed.
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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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Sales reached nearly EUR 1.2 billion in 2025, with strong performance in electrical power and resilience despite solar and SiC market declines. EBITDA margin was 16%, and free cash flow turned positive a year ahead of plan. 2026 guidance targets 2%-6% organic growth and stable margins.
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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 EUR 895 million, mainly impacted by weak solar and SiC semiconductor markets. Guidance for 2025 was lowered for organic growth and EBITDA margin, while CapEx was reduced. U.S. electrical distribution and rail markets 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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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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The group is navigating a temporary slowdown in key markets, postponing its growth targets by two years but maintaining its ambition to double EBITDA and significantly increase free cash flow by 2029. Strategic investments, operational flexibility, and a diversified portfolio underpin resilience and long-term growth, with recovery expected from 2026.
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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.