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Mersen
Mersen (MRN) investor relations material
Mersen Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary28 Jan, 2026
Executive summary
Reported sales for 2025 reached €1,186 million, reflecting a 3.2% organic decline, at the high end of prior guidance, amid significant currency headwinds and mixed sector trends.
Strong performance in wind, energy storage, power electronics, aeronautics, rail, and electrical distribution offset sharp declines in solar and SiC semiconductors, which fell over 40% year-over-year.
The company maintained a diversified market presence, providing stability amid contrasting global conditions.
Q4 2025 sales were €291 million, with a -0.5% organic decline year-over-year but a sequential improvement of +2.2% over Q3 2025.
Financial highlights
Currency effects, mainly from the USD, RMB, and CAD, negatively impacted reported figures by over €40 million for the year and €18 million in Q4.
Price increases contributed 1.5% to sales for the full year.
Q4 saw a -0.5% organic decline, a sequential improvement from -4% in Q3, with a 2.2% sequential sales increase.
Advanced Materials segment sales were €613 million (-10.6% organic), while Electrical Power grew to €573 million (+6.0% organic).
North America showed resilience with €510 million in sales (+0.7% organic), while Asia-Pacific declined by -13.0% organically.
Outlook and guidance
Full 2026 guidance will be disclosed on March 18; no precise guidance provided yet.
CapEx discipline remains a focus, with 2025 CapEx at €135 million, below guidance, and further reductions planned for 2026 to restore positive free cash flow.
No significant rebound expected in SiC or solar markets in 2026; SiC recovery anticipated mid-2027.
Medium-term ambition targets €1,700 million sales and 12% operating margin before non-recurring items by 2029.
CapEx reduction: growth strategy implications
Mersen's strategy for 800 VDC data center power
When do SIC and solar markets expect rebound?
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Next Mersen earnings date
H2 202518 Mar, 2026
Mersen
Next Mersen earnings date
H2 202518 Mar, 2026
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Frequently asked questions
Mersen S.A. focuses on electrical specialties and advanced materials, catering to high-tech industries. The company's expertise spans a range of applications, including energy, electronics, transportation, and process industries, where it provides solutions for power management, electrical protection, and control. Mersen's product portfolio includes anticorrosion equipment, graphite specialties, and technologies for power transfer. The company is headquartered in Courbevoie, France, and its shares are listed on the Euronext Paris.
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