Mersen Sa · EURONEXT:MRN
Mersen Sa — Mersen Ord — H1 2026 Earnings Presentation
24 slides from Mersen Sa's earnings presentation, Jul 30, 2026
Slide 1: First-Half 2026 Results
First-Half 2026 Results July 30, 2026 Thomas Salvador LAMAS BAUMGARTNER CEO CFO
Slide 2: A Dynamic First-Half Performance
A DYNAMIC First-Half Performance Salvador LAMAS CEO
Slide 3: Strong performance in the first-half of the year
Strong performance in the first-half of the year Sales EBITDA Operating before non- income before recurring items non-recurring items €611m €97.4m + 3.9% Organic growth 15.9% of sales €56.5m 9.2% of sales 2026 guidance raised 3 Mersen - Half Year 2026 Results
Slide 4: Organic growth driven by strong activity in North America and Asia Pacific
Organic growth driven by strong activity in North America and Asia Pacific Europe €199m Organic growth -1.7% - Decrease in chemicals - Growth in rail and aeronautics North America €257m Organic growth + 6.3% - Strong growth in electrical distribution (data centers) - Growth in aeronautics and wind -
Slide 5: Successes in key high-potential markets
Successes in key high-potential markets Strong growth in electrical Significant growth in protection for data centers demand for semiconductors market Mersen, key player for the United States, India, South ion-implant process Korea, Taiwan Selected to supply SMR (Small Modular EV fuses Reactors): Pr
Slide 6: Mersen is active across the entire value chain of electrification and critical infrastructure
Mersen is active across the entire value chain of electrification and critical infrastructure Electrical Infrastructure and Data Center Power Generation Energy Storage SMR Renewable Energy Energy Conversion Transportation & Data Center Power Supply Data Center Power Distribution Energy Storage - Ene
Slide 7: Mersen benefits from the significant growth in demand for silicon semiconductors
Mersen benefits from the significant growth in demand for silicon semiconductors Growth drivers Data centers Electrification Memory Capacity Artificial Intelligence Mobility Advanced Technologies Manufacturing process of silicon semiconductors Silicon Ingot Epitaxy Ion Implantation Pulling Mersen st
Slide 8: Electric vehicles: a targeted presence in critical functions
Electric vehicles: a targeted presence in critical functions Electrical Protection Interconnection of of fast-charging Power Circuits system Interconnection and monitoring of battery cells Electrical Protection of Auxiliary Electrical Circuits Electrical Protection of the battery NEW 8 Mersen - Half
Slide 9: SMR: a promising long-term growth potential
SMR: a promising long-term growth potential SMR Projects now primarily driven by Maximum capacity: 300 MWe the United States Modular: modules are manufactured on Political Commitment and Hyper-Scaler an assembly line and assembled on site Requirements Mersen's Strengths Project Timeframe The only in
Slide 10: Solid First-Half Results
SOLID First-Half Results Thomas BAUMGARTNER CFO
Slide 11: A first semester driven by a robust performance of the Electrical Power segment
A first semester driven by a robust performance of the Electrical Power segment Group €611m sales + 3.9% +3.1% +4.6% Organic growth Q1 Q2 Includes a negative exchange rate impact of €22m Advanced €319m Electrical €292m Materials - 1.9% Power + 11.1% Organic growth Organic growth • Growth in semicond
Slide 12: EBITDA and Operating income before non-recurring items impacted by exchange rates
EBITDA and Operating income before non-recurring items impacted by the change in exchange rates in €m H1 2025 H1 2025 H1 2026 Change at at 2026 rates comparable rates EBITDA before non recurring items 97.8 94.0 97.4 +3.6% in % of sales 16.0% 16.0% 15.9% Depreciation and amortization (40.0) (38.6) (4
Slide 13: Price effect and productivity measures helped offset the inflation
Price effect and productivity measures helped offset the inflation in % points H1 2025 Operating margin before non-recurring items 9.5% Volume/mix effect +0.9 Price Effect +2.2 Raw material/energy Inflation -2.4 + 0.2 pt Wage Inflation -1.2 Productivity gains 1.6 Depreciation & Amortization -0.1 Exc
Slide 14: Strong momentum in Electrical Power; EBITDA resilience of Advanced Materials
Strong momentum in the Electrical Power segment EBITDA resilience of the Advanced Materials segment Advanced Materials 52% of sales Electrical Power 48% of sales → Profitability impacted by non-recurring effects in LTA SiC → Profitability increased thanks to volume → Price increase and productivity
Slide 15: 5% growth in Net Income
5% growth in Net Income in €m H1 2025 H1 2026 Operating income before non-recurring items 57.8 56.5 Non-recurring income and expenses (4.9) (1.0) Net financial expense (13.5) (13.8) Average cost of debt: 4.9% Effective tax rate: 25% Income tax (9.9) (10.6) Net income 29.5 31.1 + 5% Net income Attrib
Slide 16: A change in WCR driven by increased activity, seasonality, and cyclical factors
A change in WCR driven by increased activity, seasonality, and a few cyclical factors 7 8 254 7 36 -11 (in €m) 207 WCR at dec 25 Impact Other impact Reimbursement Net payment Factoring WCR at june 26 of activity & on inventory of customer of variable and other seasonality (mainly advanced compensati
Slide 17: Operating cash flow, expected to ramp up in H2
Operating cash flow, expected to ramp up in H2 in €m H1 2025 H1 2026 Operating cash flow before change in WCR 93.1 91.1 Change in WCR (7.5) (44.6) Income tax paid (6.9) (10.8) Operating cash flow 78.7 35.7 Capex (64.1) (21.9) Disposal of assets and other (0.1) (0.3) Operating cash flow after capex 1
Slide 18: A solid and well-managed financial structure
A solid and well-managed financial structure Net Debt in €m Leverage Bank Covenants 500 4,0 at 3.5 400 3,5 400 370 382 3,0 Group Leverage 2,5 300 2.3 Policy 2,0 200 1,5 1,0 Between 1.5 100 and 2.5 0,5 0 0,0 2024 2025 H1 2026 18 Mersen - Half Year 2026 Results
Slide 19: Strong liquidity to cover medium-term repayments
Strong liquidity to cover medium-term repayments Available Situation as of June 30, 2026 Liquidity (Credit lines drawn in €m) 100 ~ €62m Cash 90 88 ~ €270m (undrawn Group syndicated loan) 51 53 Maturity* 42 5.4 years 21 3 Fixed rates 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ~ 66% of gross d
Slide 20: 2026 guidance raised
2026 guidance raised EBITDA MARGIN OPERATING MARGIN ORGANIC GROWTH BEFORE NON- INDUSTRIAL BEFORE NON- OF SALES RECURRING ITEMS CAPEX RECURRING ITEMS BETWEEN BETWEEN BETWEEN BETWEEN €80m and NEW 4% and 6% 16.0% 9.0% and 16.5% and 9.5% €90m Between Between 2% INITIAL 16% +/-50bps 8.5% +/-50bps €90m an
Slide 21: Confidence in our outlook
CONFIDENCE in our outlook Salvador LAMAS CEO
Slide 22: A strong position in structurally promising markets and key strengths to drive growth
A strong position in structurally promising markets and key strengths to drive growth WELL POSITIONED CAPACITIES in markets with mid-term to seize opportunities growth drivers → Mersen is enabling major changes in: → Structural capex deployed to capitalize on future growth → Low-carbon power generat
Slide 23: 2029 medium-term road map confirmed
2029 medium-term road map confirmed EBITDA MARGIN OPERATING MARGIN BEFORE NON- BEFORE NON- SALES RECURRING ITEMS ROCE RECURRING ITEMS Around 19% 12% 13% €1,700m +/-50bps +/-50bps +/-50bps Plan based on February 2023 exchange rates, assuming approximately €100m in revenue from acquisitions 23 Mersen
Slide 24: Questions
QUESTIONS