Mersen (MRN) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened on May 16, 2025, with live streaming and replay available; legal formalities and quorum (64.02% of voting rights) were confirmed.

• The agenda included a review of 2024 results, market perspectives, auditor reports, board activities, committee summaries, Q&A, and voting on resolutions.

Financial performance review

• 2024 saw record revenue of €1.244 billion, with 10% average annual growth since 2020; North America led growth (+6.3%), while Asia saw a decline due to solar market slowdown.

• EBITDA reached €206 million, a new record, with a margin of 16.5%; operating income before non-recurring items was €131.1 million (10.5% of sales).

• Net income fell to €61.5 million, mainly due to non-recurring charges, adaptation plan costs, and higher financial expenses.

• Strong operational cash flow (€194 million) and high investments (€204 million) led to increased net debt (€370 million), partly due to acquisitions; leverage remains solid at 1.8.

• Extra-financial performance improved: 14% CO2 reduction (scopes 1 & 2), better supplier compliance, and increased gender diversity in management.

Board and executive committee updates

• The board has eight members, including independent and employee representatives; two mandates were up for renewal, with one extended for only one year to allow for succession planning.

• The executive committee expanded to 11 members, with a new Deputy CEO appointed as part of succession planning for the CEO role, to be finalized by mid-2025.

• CEO compensation: fixed at €500,000, variable at €359,050 (down 50% YoY), and 17,321 performance shares; 2025 policy increases EBITDA weighting in variable pay.