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Mersen (MRN) investor relations material
Mersen H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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