Mersen (MRN) AGM 2025 summary

Opening remarks and agenda

• Agenda included 2024 results, market trends, statutory auditors' report, corporate governance, resolutions, Q&A, and voting.

Financial performance review

• Record 2024 sales of €1,244m, with strong growth in North America (+6.3%) and moderate growth in Europe (+1.8%).

• EBITDA margin remained high at 16.5%, with operating income before non-recurring items at €131.1m (10.5% of sales).

• Net income declined to €61.5m, mainly due to adaptation plan costs and increased financial expenses.

• Cash flow from operating activities before capex reached €194m, and net debt increased to €370m, partly due to acquisitions.

• Dividend per share set at €0.90, representing a 37% payout ratio.

Board and executive committee updates

• Board comprised of independent and employee representatives, with 9 meetings and 98% attendance in 2024.

• Executive committee included CEO, CFO, COO, CTO, and VPs for HR, legal, and information.

• CEO compensation unchanged from 2023; performance shares granted based on financial and extra-financial criteria.