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Mersen Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary28 Jan, 2026
Executive summary
Full-year 2025 reported sales reached €1,186 million, reflecting a 3.2% organic decline amid significant currency headwinds and mixed sector trends, with Q4 sales nearly stable year-on-year and sequential growth over Q3.
Strong growth in wind, energy storage, power electronics, aeronautics, rail, and electrical distribution offset sharp declines in solar and SiC semiconductors, which fell over 40% year-over-year.
Resilient performance in diversified end markets, with North America showing 0.7% growth and stability in transportation and power grid sectors.
Strategic focus remains on CapEx discipline, operational efficiency, and selective investment to support long-term growth ambitions through 2029.
Q4 2025 sales were €291 million, with a -0.5% organic decline year-over-year but a sequential improvement of +2.2% over Q3.
Financial highlights
Currency effects, mainly from USD, RMB, and CAD, negatively impacted reported sales by over €40 million, partially offset by acquisitions, a 1.5% price increase, and a €22 million scope effect.
EBITDA margin before non-recurring items held steady at around 16%, and operating margin is expected at about 9.2%, both within previously communicated guidance.
CapEx for 2025 was reduced to approximately €135 million, below the low end of previous guidance.
Advanced Materials segment sales were €613 million (-10.6% organic), while Electrical Power grew to €573 million (+6.0% organic).
North America showed resilience with €510 million in sales (+0.7% organic), while Asia-Pacific declined by -13.0% organically.
Outlook and guidance
2026 capex is expected to be lower, supporting a return to positive free cash flow, with full 2026 guidance to be disclosed in March.
No major rebound is expected in SiC or solar markets in 2026, with SiC recovery anticipated mid-2027.
Medium-term ambition targets €1,700 million sales and 12% operating margin before non-recurring items by 2029.
Strategic roadmap targets structurally attractive markets such as electrification, energy transition, and grid reinforcement.
2029 guidance confirmed.
CapEx reduction: growth strategy implications
Mersen's strategy for 800 VDC data center power
When do SIC and solar markets expect rebound?
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Next Mersen earnings date
H2 202518 Mar, 2026
Mersen
Next Mersen earnings date
H2 202518 Mar, 2026
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Frequently asked questions
Mersen S.A. focuses on electrical specialties and advanced materials, catering to high-tech industries. The company's expertise spans a range of applications, including energy, electronics, transportation, and process industries, where it provides solutions for power management, electrical protection, and control. Mersen's product portfolio includes anticorrosion equipment, graphite specialties, and technologies for power transfer. The company is headquartered in Courbevoie, France, and its shares are listed on the Euronext Paris.
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