Mersen (MRN) AGM 2026 summary

2025 business highlights and performance

• Achieved innovation success in the Indian rail market and secured major contracts in energy management and batteries, with strong recognition in the US graphite sector.

• 59% of 2025 sales linked to the energy transition, with €1,186m in total sales and a resilient performance despite a 3.2% organic decline.

• EBITDA margin at 16%, operating margin at 9.2%, and a return to positive free cash flow of €6m, one year ahead of schedule.

• Dividend maintained at €1.25 per share, with a payout ratio of 39% of restated net income.

• Asset impairments, notably €37m on the p-SiC project, impacted net income, which fell to €14.1m.

Strategic positioning and market outlook

• Holds leading global positions in isostatic graphite, carbon brushes, and industrial fuses, with 15–30% market share depending on product line.

• Extensive global footprint with strong customer relationships and limited trade barriers.

• Positioned in fast-growing markets: renewables, energy storage, data centers, EVs, rail, and aeronautics, all with double-digit CAGR projections.

• 2026 guidance targets 2–6% organic sales growth, 16% EBITDA margin, and €90–100m in industrial capex.

• 2029 plan confirmed: €1.7bn sales, 19% EBITDA margin, and 12% operating margin.

Corporate social responsibility and sustainability

• Scope 1 and 2 GHG intensity down 50% vs. 2022; waste recycling rate at 73% with a target of 80% by 2030.

• Workforce of employees with disabilities up 66% since 2022; average 20 hours of skills development per employee.

• New CSR roadmap aims for 65% of sales linked to the energy transition and increased diversity, training, and ethical sourcing.