Mersen (MRN) Investor presentation summary

Scale and portfolio

• 2025 sales €1,186m; current EBITDA €190m, equal to 16% of sales; 7,259 employees, 24 R&D centers and operations in 32 countries.

• Two areas of expertise: Advanced Materials and Electrical Power; ranked world #1 in isostatic graphite and #2 in fuses.

• Advanced Materials integrates synthetic graphite production through custom, mainly consumable products; Electrical Power serves electrical distribution and OEM projects.

Energy-transition exposure and growth markets

• Energy-transition-related activities represented 59% of 2025 sales; markets include semiconductors, grid quality, renewables, low-carbon transport and energy-efficiency products.

• Products span solar and wind power, grid infrastructure, energy storage, data centers, EVs, rail and semiconductor manufacturing.

• SMR opportunity is primarily US-driven; 2026–2028 prototypes and tests are followed by planned mass production launches in 2029–2030. Strengths include US graphite production and grades for moderator and reflector blocks.

• Cited market CAGRs include 14% for renewable energy production to 2034, 11% for energy storage to 2030 and data centers to 2034, and 13% for EVs to 2032.

• 2029 targets: sales around €1,700m, EBITDA margin before non-recurring items 19% ±50 bps, operating margin 12% ±50 bps and ROCE 13% ±50 bps; plan assumes ~€100m acquisition revenue and February 2023 FX rates.

First-half 2026 performance

• Sales €611m, +3.9% organic; EBITDA before non-recurring items €97.4m, 15.9% of sales; operating income before non-recurring items €56.5m, 9.2% of sales.

• Electrical Power sales €292m, +11.1% organic, led by power electronics, EVs and electrical distribution for data centers; Advanced Materials sales €319m, -1.9% organic.

• Advanced Materials saw semiconductor growth, accelerating in silicon, while SiC eased partly due to a 2025 one-off; aeronautics and rail grew, while chemicals and solar declined.

• Regional organic growth: North America +6.3% on €257m sales; Asia Pacific +7.6% on €131m; South America and Africa +8.6% on €24m; Europe -1.7% on €199m.

• At comparable exchange rates, EBITDA before non-recurring items rose 3.6% and operating income before non-recurring items rose 2.0%; reported margins were 15.9% and 9.2%, respectively.