Mersen (MRN) investor relations material

Executive summary

• First-half 2025 sales reached €610–610.4 million, down 4% organically and 2.2% reported year-over-year, with Q2 showing improved momentum over Q1.

• EBITDA margin was 16% and operating margin before non-recurring items 9.5%, both in line with annual guidance.

• Net cash from operating activities rose over 40% year-over-year, driven by inventory optimization; net debt remained stable at €380–380.1 million, leverage at 2.2x.

• Full-year 2025 guidance confirmed, with management citing resilience, adaptation plans, and international presence.

• CEO transition planned, with Salvador Lammas to succeed at the next AGM.

Financial highlights

• EBITDA for H1 was €97.8 million (16% of sales), down from last year due to lower volumes.

• Net income attributable to shareholders was €29.3–29.5 million, down from €38.9 million in H1 2024.

• Operating cash flow increased over 40% year-over-year to €78.7 million, with WCR ratio improved to 19.2%.

• Net debt stable at €380–380.1 million as of June 30, 2025; CapEx in H1 was €64.1–71 million.

• Gross margin was 29.8% of sales, down from 32.6% in June 2024.

Outlook and guidance

• Full-year 2025 guidance confirmed: reported sales expected to be stable or slightly positive, with organic growth between -5% and 0%.

• EBITDA margin guidance between 16% and 16.5%; operating margin before non-recurring items between 9% and 9.5%.

• CapEx for the year targeted at €160–170 million, including €15 million delayed from 2024.

• H2 expected to see continued momentum in wind power, a slight solar rebound, and growth in silicon semiconductor and aeronautics markets.