Mersen (MRN) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 sales reached EUR 285 million, with organic growth down 4.3% year-over-year.

• Nine-month 2025 sales totaled EUR 895 million, reflecting a 4.1% organic decline year-over-year.

• Strong double-digit growth in rail, wind, and power electronics; solar and SiC semiconductor markets remained weak.

• Investment and growth targets were revised downward, with EBITDA margin and CapEx guidance lowered.

Financial highlights

• Q3 sales: EUR 285 million; nine-month revenue: EUR 895 million.

• Advanced Materials Q3 sales: EUR 141 million, down 15.3% organically; Electrical Power Q3 sales: EUR 143 million, up 9.8% organically.

• Price increases, especially in North America, contributed EUR 12 million; external growth added EUR 21 million.

• Currency impact was negative EUR 22 million, mainly from RMB and USD/Canadian dollar conversion.

Outlook and guidance

• Organic sales growth for 2025 now expected between -5% and -3%, revised from previous -5% to 0%.

• EBITDA margin before non-recurring items forecast at around 16%, down from 16–16.5%.

• Operating margin guidance unchanged at 9–9.5%.

• CapEx forecast reduced to EUR 140–150 million from EUR 160–170 million.

• 2029 mid-term targets confirmed.