Slide 1: Q4 & FY 2025 Sales
Q4 & FY 2025 Sales January 28th, 2026 Luc Themelin Thomas Baumgartner CEO CFO
Slide 2: Resilient 2025 sales in contrasting global market environment
Resilient 2025 sales in contrasting global market environment FY Reported sales Significant negative Strong growth Low level of sales FY 2025 impact of exchange (up by more than (down by more than rate (conversion) 5% YoY) in wind, 40% YoY) €1,186m energy storage, in solar and SiC - €40 m power elec
Slide 3: Scope expansion and pricing power offset currency headwinds
Scope expansion and pricing power offset currency headwinds FY 2025 sales in €m €1,244 m -€40 m +€22 m +€20 m -€60 m €1,186 m Currency Scope Pricing Solar and SiC Other effects effects semicon markets FY 2024 FY 2025 3 Mersen - FY & Q4 2025 sales
Slide 4: Diversified end-markets provide stability amid mixed sectors trends
Diversified end-markets provide stability amid mixed sectors trends Sales 2025 Trend 2025 Long-term drivers (% total) Solar 4% Energy transition Wind 5% Energy transition Storage 1% Energy transition SiC semicon 5% Energy efficiency Si semicon 5% AI, digitalization, … Power conversion 10% Power qual
Slide 5: Resilience in North America and accelerated growth in the Electrical Power segment in 2025
Resilience in North America and accelerated growth in the Electrical Power segment in 2025 Group FY 2025 sales €1,186M €388M Organic growth Organic growth -3.2% -2.6% ADVANCED MATERIALS Europe €613M North America Organic growth -10.6% €510M Asia-Pacific ELECTRICAL POWER Organic growth +0.7% €248M €5
Slide 6: Sequential improvement in Q4
Sequential improvement in Q4 Q4 Reported sales Q4 Negative impact Resilience in Confirmation of 2025: €291m of exchange rate Europe Growth in Electrical (conversion) Power -0.5% organic - €18 m Growth in North vs Q4 2024 America Sequential +2.2% organic improvement in vs Q3 2025 Advanced Materials c
Slide 7: October-revised 2025 guidance broadly confirmed, with Capex below low end of the range
October-revised 2025 guidance broadly confirmed, with Capex below low end of the range EBITDA Operating margin Capex EBITDA margin before non- Operating margin before non- Capex around €135m recurring items around 16% recurring items of around 9.2% (Guidance revised in (Guidance revised in October O
Slide 8: Management focus on capex discipline and cash-flow optimization
Management focus on capex discipline and cash-flow optimization Reduce Capex in 2026 vs 2025 Bring free cash flow back in and reach normative level (6.5% of sales) positive territory in 2026 by 2027 (€m) Cash-flow (€m) from operations 250 300 200 150 200 100 100 50 Free cash-flow 0 0 2022 2023 2024
Slide 9: Mersen confirms its medium-term ambition
Mersen confirms its medium-term ambition of approx. SALES 2029 €1,700m OPERATING MARGIN BEFORE EBITDA MARGIN BEFORE NON-RECURRING ITEMS NON-RECURRING ITEMS ROCE 12% ±50 pts 19% ±50 pts 13% ±50 pts of sales of sales 9 Mersen - FY & Q4 2025 sales
Slide 10: Questions
QUESTIONS