Half Year 2026 Mersen SA Earnings Call Transcript

Jul 30, 2026 / 08:00 AM GMT

Release Date Price: $39.24

Transcript

Key Points

Positve

Mersen SA (CBLNY) delivered solid organic growth of 3.9% in H1 2026, driven by strong demand in North America and Asia-Pacific, particularly in data centers and silicon semiconductors.
The company raised its full-year 2026 guidance, now expecting organic growth between 4% and 6% and an EBITDA margin between 16% and 16.5%, both at the upper end of initial ranges.
Data center revenue is expected to more than double in 2026 to over EUR 40 million, with the company well-positioned across the entire electrical value chain supporting AI-driven infrastructure.
The electrical power segment showed exceptional performance, with EBITDA margin gaining 280 basis points, driven by volume growth and successful price increases, which management considers sustainable.
Mersen SA (CBLNY) secured new EV nominations with Ford and LeapMotor, and continues to advance its SMR partnerships with Terra and Novadum, positioning for long-term growth in next-generation energy infrastructure.
The company maintains a strong financial structure with a leverage ratio of 2.3 and a solid liquidity profile, with average financing maturity of 5.4 years, providing flexibility for disciplined M&A.

Negative

Europe reported a slight sales decrease in H1 2026, primarily due to weak chemical market sales, which offset positive performance in aeronautics and rail.
China remains in negative territory due to weak solar and chemical markets, with no signs of recovery in the solar sector.
The advanced materials segment was negatively impacted by the non-recurrence of a positive effect from the silicon carbide long-term contract renegotiation in H1 2025, representing about 100 basis points of margin.
Working capital increased by EUR 45 million in H1 due to higher activity, inventory revaluation from rising silver and copper prices, and reimbursement of customer advances, though partially offset by factoring.
Depreciation and amortization increased as expected due to the large CapEx program, with further increases expected in H2 as new equipment is commissioned, pressuring operating margins.
The company faces a challenging macroeconomic and geopolitical environment, with management noting the low end of guidance reflects caution despite strong H1 performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CBLP.PA - Mersen SA
Half Year 2026 Mersen SA Earnings Call
Jul 30, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, welcome to Merson 2026 half-year results. The webcast will be structured in two parts. First, a presentation by the Merson management team, represented by Salvador Lamas, Group CEO, and Thomas Baumgartner, Group CFO.

Afterwards, there will be a Q&A session, during which you may ask questions in two ways: by submitting a writing question in the box below the player. Or by clicking the green hand button on the player to ask your question orally.

I will now hand over to Salvador Lamas. Cyr, please go ahead.

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Unidentified_2 [2]
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