Slide 1: Annual General Meeting of Shareholders
Annual General Meeting of SHAREHOLDERS May 12, 2026
Slide 2: Agenda
Agenda Key highlights of 2025 2025 Results Outlook Report by Statutory Auditors Corporate Governance Report Answers to shareholder’s questions Vote of resolutions 2 AGM - May 12, 2026
Slide 3: 2025: A Resilient Year
2025: A RESILIENT YEAR Luc Themelin CHIEF EXECUTIVE OFFICER
Slide 4: Key highlights of the year
Key highlights of the year Business Preparation Success of our innovation First nomination from CATL Recognition of our graphite (pantograph) for the (China), world number 1 in expertise in the United for the Indian rail market batteries States with the DLA contract governance transition, Expertise
Slide 5: Further CSR progress
Further CSR progress CSR A new 2022-2030 roadmap ENVIRONMENT New targets Decrease in Scope 1 and 2 Waste recycling rate: 73% Publication of the full intensity: down 50% vs. 2022 (71% in 2024) Scope 3 inventory #1 SOCIAL Sales linked to the energy transition Workforce of employees with Skills MersenC
Slide 6: A Group focused on the energy transition as a medium-term growth driver
A Group focused on the energy transition as a medium-term growth driver ENERGY TRANSITION SiC RENEWABLE LOW-CARBON ENERGY OTHER GRID QUALITY SEMICONDUCTORS ENERGIES TRANSPORTATION EFFICIENCY 59% PRODUCTS 41% €1,186m 21% 5% 10% 11% 12% Breakdown of 2025 sales 6 AGM - May 12, 2026
Slide 7: Resilient 2025 performance indicators with a return to positive Free Cash Flow
Resilient 2025 performance indicators with a return to positive Free Cash Flow generation Sales Current Industrial EBITDA CAPEX Free Cash Flow* €1,186m €190m €129m -3.2% (organic) 16% of sales March 2025 guidance March 2025 guidance March 2025 guidance €6m + €61m vs 2024 → Organic growth → EBITDA ma
Slide 8: Dividend identical to the 2024 level
Dividend identical to the 2024 level Amount paid (€m) Dividend per share Payout ratio* €1.25 €1.25 €0.90 €0.90 39% of restated net income** In line with the Group's 30 dividend policy 26 (30% to 40% payout) 22 22 2022 2023 2024 2025 * Dividend/Net income attributable to the Group ** Adjusted for imp
Slide 9: Solid 2025 operating results
SOLID 2025 operating results Thomas Baumgartner CHIEF FINANCIAL OFFICER
Slide 10: 2025 Sales: scope expansion and pricing power offset currency headwinds
2025 Sales: scope expansion and pricing power offset currency headwinds -€40m +€22m +€20m -€60m €1,186m €1,244m Currency Scope Pricing Solar and SiC Other effect effect semiconductors markets 2024 2025 10 AGM - May 12, 2026
Slide 11: EBITDA and operating income before non-recurring items, in line with guidance
EBITDA and operating income before non-recurring items, in line with guidance in €m 2024 2025 EBITDA before non recurring items 205.5 190.4 in % of sales 16.5% 16.0% Depreciation & Amortization (74.5) (81.3) Operating income before non recurring items 131.1 109.1 in % of sales 10.5% 9.2% Increase in
Slide 12: Price increases and productivity measures help offset inflation
Price increases and productivity measures help offset inflation In bps Operating income before non-recurring items 2024 10.5% Volume/mix effect -2.4 Adaptation plan +1.6 Price increase +1.4 Raw materials inflation -1.4 + 0.4 pt Salary inflation -0.9 Productivity +1.3 Amortization -0.9 Exchange rate
Slide 13: Increased focus on containing costs and cash flows
Increased focus on containing costs and cash flows to adapt to changing markets Measures An action plan since H2 2024, to optimize for inventory management structurally and to adapt to the launched in H2 2024 current context 2024-2026 charges 2024-2025 cash €23m €15m H2 2024-2025 INVENTORY REDUCTION
Slide 14: Net income impacted by asset impairments
Net income impacted by asset impairments in €m 2024 2025 Operating income before non-recurring items 131.1 109.1 Non-recurring income & expenses (23.5) (52.7) Net financial expense (24.0) (25.8) Income tax (22.0) (17.8) Net income 61.5 12.8 Net income attributable to owners of the parent 59.0 14.1 i
Slide 15: Return to positive Free Cash Flow in 2025, one year ahead of schedule
Return to positive Free Cash Flow in 2025, one year ahead of schedule (€m) 204 200 176 -37% Discipline and 129 Capex 97 selectivity in Capex 100 -37% 0 between 2024 et 2025 2022 2023 2024 2025 240 194 179 186 Inventory optimization Operating Plan Cash Flow 140 106 -€29m 40 6 in 2025 excluding exchan
Slide 16: A robust financial structure
A robust financial structure Net debt (€m) Bank covenants Leverage at 3.5x 500 4,0 3,5 370 382 Group 400 3,0 300 2,5 Leverage 241 212 2.2x 2,0 Policy between 1.5x 200 1,5 100 1,0 and 2.5x 0,5 0 0,0 2022 2023 2024 2025 16 AGM - May 12, 2026
Slide 17: Encouraging outlook
ENCOURAGING outlook Salvador Lamas CHIEF OPERATING OFFICER
Slide 18: Future prospects built on strong positioning
Future prospects built on strong positioning Competitive Competitive positioning advantages World number 1 or 2 → Graphite production capacity #1 isostatic graphite producer → Technical barriers to entry: #1 in the design and manufacture of carbon brushes graphite formulation, fuse design #2 in indu
Slide 19: A Group with an extensive footprint
A Group with an extensive footprint Europe 33% 39% STRENGTHS North America 19 12 43% 33% Close customer relationships 19 7 Asia-Pacific Limited trade 21% 21% South America - Africa barriers 3% 7% 4 12 5 Limited inter-continental flows Sales Employees Industrial Sites R&D centers 19 AGM - May 12, 202
Slide 20: Positioned in structurally fast-growing markets
Positioned in structurally fast-growing markets over the medium to long term Renewable energy production Electrical infrastructure and Data centers energy storage +14% CAGR by 2034 +11% CAGR by 2030 +11% CAGR by 2034 Solar installations Energy storage market (Source: Fortune Business Insights Feb. 2
Slide 21: Business drivers for Mersen
Business drivers for Mersen Mid/Long-term Short-term Sales linked to the energy → Solar market still disrupted transition → EV (and therefore SiC) market inflection point 59% of total 2025 sales expected in late 2027 → Continued momentum in power grids, 2030 objective aeronautics and rail Around 65%
Slide 22: 2026 market trends for Mersen
2026 market trends for Mersen SiC RENEWABLE LOW-CARBON ENERGY OTHER GRID QUALITY SEMICON ENERGIES TRANSPORTATION EFFICIENCY PRODUCTS 2026 trend + + - + + = 22 AGM - May 12, 2026
Slide 23: 2026 Guidance
2026 Guidance Main hypothesis: → Significant increase in copper and silver prices, largely offset by price adjustments – effective mostly in the second half of the year EBITDA MARGIN OPERATING MARGIN ORGANIC GROWTH INDUSTRIAL BEFORE NON- BEFORE NON- OF SALES CAPEX RECURRING ITEMS RECURRING ITEMS BET
Slide 24: Key highlights of Q1 2026, in line with expectations
Key highlights of Q1 2026, in line with expectations Return to quarterly Still significant organic growth exchange rate impact +3.1% -€17m €296m Q1 2026 Robust growth in Positive momentum sales Electrical Power in North America Organic growth Organic growth +8.7% +8.2% 24 AGM - May 12, 2026
Slide 25: 2029 medium-term plan confirmed
2029 medium-term plan 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 25 AGM - May 1
Slide 26: Our new CSR roadmap
Our new CSR roadmap Alignment with the double materiality matrix Time horizon in line with environmental practices (2030) Limiting our Developing our Ethical and responsible environmental impact* human capital* business practices Reduction of the carbon footprint Diversity, inclusion and Responsible
Slide 27: Reports by the Statutory Auditors
Reports by the STATUTORY AUDITORS
Slide 28: Corporate Governance Report
CORPORATE GOVERNANCE Report
Slide 29: Composition of the Board before the AGM
Composition of the Board before the AGM *: independent ** : as of February 10, 2026 29 AGM - May 12, 2026
Slide 30: Composition of the Board after the AGM
Composition of the Board after the AGM Lead Director *: independent 30 AGM - May 12, 2026
Slide 31: Presentation of the new directors
Presentation of the new directors Florence Lambert is 52 years old. She began her career at the French Alternative Energies and Atomic Energy Commission (CEA), where she held a number of different positions. She helped set up the CEA’s National Institute for Solar Energy (Institut National de l’Éner
Slide 32: Group Executive Committee after the AGM
Group Executive Committee after the AGM Chief Executive Officer 32 AGM - May 12, 2026
Slide 33: Compensation for 2025
Compensation for 2025 Luc Themelin, CEO 2025 Comments Fixed compensation 500,000 Unchanged from 2024 Annual variable compensation 466,500 89% of target for operating margin before non-recurring items 100% of target for cash-flow 73% of target for EBITDA 79% of extra-financial objectives Performance
Slide 34: Proposed compensation policy for 2026 (1/2)
Proposed compensation policy for 2026 (1/2) Chairman of the Board of Directors • Fixed compensation unchanged since 2022. • Fixed compensation increased to €150,000 (up from €120,000 previously) Members of the Board of Directors • Maximum ceiling increased to €360,000 (up from €330,000 previously) i
Slide 35: Proposed compensation policy for 2026 (2/2)
Proposed compensation policy for 2026 (2/2) Chief Executive Officer until the AGM • Fixed compensation (€500,000), unchanged vs 2024 • Annual variable compensation identical to 2024 (70% financial criteria, 30% individual criteria) Payments prorated based on his tenure as Chief Executive Officer Chi
Slide 36: Main work performed by the Board of Directors in 2025
Main work performed by the Board of Directors in 2025 8 meetings in 2025 with 100% attendance Strategy and development: strategic plans, budget, acquisitions, SiC and EV markets, feedback on capex, geopolitical impacts CSR policy: CSR performance, sustainability reporting, CSR governance, CSR road m
Slide 37: Main work performed by the Governance, Appointments and Remuneration Committee
Main work performed by the Governance, Appointments and Remuneration Committee in 2025 8 meetings in 2025 with 98% attendance Compensation: 2025 compensation and 2026 proposals, LTI plans Governance: Assessment of the Board of Directors Review of director’s expertise Review of the votes at the annua
Slide 38: Main work performed by the Audit and Accounts committee in 2025
Main work performed by the Audit and Accounts committee in 2025 5 meetings in 2025 with 100% attendance Results: review of financial statements and reporting process Universal Registration Document CSRD: double materiality matrix, new CSR road map Risk mapping (including environment, compliance and
Slide 39: Share grants
Share grants 3 plans for 3 types of beneficiaries 1. Executives (including the Chief Executive Officer) – 135,240 shares for 16 beneficiaries 2. Managers – 115,600 shares for around 200 beneficiaries 3. Experts and Talents – 16,800 shares for around 55 beneficiaries Common principles Duration: 3 yea
Slide 40: Ceilings for financial resolutions
Ceilings for financial resolutions With preferential ~45% of capital Issue of ordinary Capital increase for subscription rights €22 million shares employees share program € 500,000 Resolution 19 Resolutions 25 and 26 5-day priority ~20% of capital subscription period Contribution in kind €9.5 millio