Slides
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Kepler Cheuvreux Energy Services Conference October 7, 2026
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A global and profitable Group €1,186m Current EBITDA €190m 16% of sales Employees 7,259 24 R&D centers 32 Countries 2025 key figures Sales 2 Mersen – October 2026
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3 Recognized expert in 2 areas of expertise, with leadership positions Mersen – October 2026
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Our expertise – Mersen Inside Vertical integration, from the production of synthetic graphite to on-demand products Custom parts, mainly consumables World #1 for isostatic graphite Optimized industrial footprint, the only manufacturer of isostatic graphite in the US 4 Mersen – October 2026 Main markets Solar cell manufacturing Si and SiC semiconductor manufacturing (Electronics) Power transmission (Rail) Aeronautics Chemicals Process industries: heat treatment, etc.
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Our expertise – Mersen Inside 5 Mersen – October 2026 Main end- markets Wind generators (Energy) Components for power electronics (Electronics) Electric Vehicles Aeronautics Process industries Electrical distribution Two business models (electrical distribution or OEM project) Global operations Covers all standards World #2 for fuses Unique offering for power electronics: From R&D and design to manufacturing and testing
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Global organization combined with local agility Mersen – October 20266 STRENGTHS Close customer relationships Limited trade barriers Limited inter-continental flows 43% 33% Sales Employees 33% 39% 21% 21% 3% 7% North America Europe Asia-Pacific South America - Africa
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01 Enabling ENERGY TRANSITION
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A Group focused on the energy transition as a medium-term growth driver 8 Breakdown of 2025 sales SiC SEMI CONDUCTORS LOW-CARBON TRANSPOR- TATION ENERGY EFFICIENCY PRODUCTS 5% 12% 21% 26% OTHER GRID QUALITY 11% AERONAUTICS CHEMICALS 10% RENEWABLE ENERGIES 6% 9% 59% ENERGY TRANSITION €1,186m Mersen – October 2026
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Mersen is active across the entire value chain of power generation, transportation and storage 9 Renewable Energy TransportationEnergy Conversion Power Generation Electrical Infrastructure, Power quality, Energy storage SMR Graphite parts and insulating felts (manufacturing processes for solar cells, moderator blocks for SMRs), carbon brushes Power quality ~10% of 2026 H1 sales ~11% of 2026 H1 sales Mersen – October 2026 Storage Components for power conversion Electrical Protection (fuses, SPD) ADVANCED MATERIALS ELECTRICAL POWER Some end-markets Data-centers EV Rail
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Mersen strengths Mersen, a major supplier for solar power value chain Mersen – October 202610 Historical relationships with customers Strong relationships with major OEMs in power conversion. Power Generation Energy ConversionSilicon ingot manufacturing Protection of solar panels Graphite parts and insulating felts (manufacturing processes for solar cells) Components for power conversionElectrical Protection (fuses, SPD) ADVANCED MATERIALS ELECTRICAL POWER
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Mersen strengths Mersen, a major supplier for wind power Mersen – October 202611 Strong installed base (maintenance) Historical relationships with customers Strong relationships with major OEMs in power conversion. Power Generation Carbon brushes Components for power conversion ADVANCED MATERIALS ELECTRICAL POWER Carbon brushes Electrical Protection (fuses, SPD) Energy Conversion Power generation Electrical protection Blade orientation Maintenance
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SMR: a promising long-term growth potential Mersen – October 202612 SMR Maximum capacity: 300 MWe Modular: modules are manufactured on an assembly line and assembled on site Mersen's Strengths The only integrated graphite producer in the United States Graphite grades available for moderator and reflector blocks Project Timeframe Projects now primarily driven by the United States Political Commitment and Hyper-Scaler Requirements 2026-2028: Prototypes Tests 2029-2030: Launch of mass- produced SMRs Power Generation
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Enabling transportation, conversion of Energy, Power Quality and Energy storage Mersen – October 202613 AC/DC Conversion DC/AC Conversion AC Transmission Key components for energy conversion/Storage: Cooling devices, capacitors, busbars and fuses for the power electronics module AC or DC Electricity Generation Storage Storage Synchronous condenser: Carbon brushes, slip ring, MERSEN DustCollector® Synchronous condenser ADVANCED MATERIALS ELECTRICAL POWER
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Mersen at the core of Electrification main drivers Mersen – October 202614 ADVANCED MATERIALS ELECTRICAL POWERCarbon brushes, slip ring, pantographs Fuses, Busbars, Capacitors, cooling devices - Energy Conversion - Servers (racks) - UPS - Energy storage Data Center Power Supply Data Center Power Distribution Electrical protection Interconnection Electrical protection Interconnection Data Center EV ~3% of 2026 H1 sales ~2% of 2026 H1 sales Rail ~10% of 2026 H1 sales Examples of customers Electrical distribution OEM
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Mersen strengths Electrification trend requires more semiconductors Mersen – October 202615 Global footprint (USA, China, South Korea, Taiwan, India) Historical relationships with customers Renowned quality of graphite grades ~10% of 2026 H1 sales Manufacturing process of silicon semiconductors Silicon Ingot Pulling Epitaxy Ion Implantation SiC Sublimation process Epitaxy Manufacturing process of SiC semiconductors
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02 AT THE CORE of electrification
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Rail Positioned in structurally fast-growing markets over the medium to long term Mersen – October 202617 Renewable energy production +14% CAGR by 2034 Solar installations (Source: Fortune Business Insights Feb. 2026) +7% CAGR by 2034 Wind installations (Source: Global Market Insights 2025) Electrical infrastructure and energy storage +11% CAGR by 2030 Energy storage market (Source: Grand View Research – Energy Storage Systems market 2023-2030) Data centers Aeronautics +8% CAGR by 2030 Civil and Military (Source: Mordor Intelligence 2025) Electric vehicles +11% CAGR by 2034 (Source: Fortune Business Insights - Data Center Market 2026) +5% CAGR by 2030 Rail systems (Source: Mordor Intelligence 2025-2030) +13% CAGR by 2032 BEV, HEV (Source: Fortune Business Insights Feb. 2026)
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A strong position in structurally promising markets and key strengths to drive growth Mersen – October 202618 WELL POSITIONED in markets with mid-term growth drivers CAPACITIES to seize opportunities → Structural capex deployed to capitalize on future growth → Take full advantage of our global presence and our Mersen International organization → Solid financial means to seize value- creating external growth opportunities → Mersen is enabling major changes in: → Low-carbon power generation → Electrification and transition to Direct Current → Data centers development and AI-related needs → Green mobility → Industrial transition
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2029 medium-term road map confirmed Mersen – October 202619 EBITDA MARGIN BEFORE NON- RECURRING ITEMS 19% +/-50bps ROCE OPERATING MARGIN BEFORE NON- RECURRING ITEMS SALES Around €1,700m 12% +/-50bps 13% +/-50bps Plan based on February 2023 exchange rates, assuming approximately €100m in revenue from acquisitions
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03 SOLID First-Half 2026 Results
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Strong performance in the first-half of the year Mersen – October 202621 €611m + 3.9% Organic growth €97.4m EBITDA before non- recurring items 15.9% of sales €56.5m Operating income before non-recurring items Sales 9.2% of sales 2026 guidance raised
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Organic growth driven by strong activity in North America and Asia Pacific 22 North America €257m South America and Africa €24m Europe €199m Asia Pacific €131m Organic growth + 6.3% - Strong growth in electrical distribution (data centers) - Growth in aeronautics and wind - Strong growth in silicon semicon market Organic growth + 8.6% Organic growth -1.7% - Decrease in chemicals - Growth in rail and aeronautics Organic growth + 7.6% - Growth in rail - Growth in data-centers - Strong growth in silicon semicon - Decrease in chemicals and solar in China Sales H1 2026 Organic growth vs H1 2025 Mersen – October 2026
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A first semester driven by a robust performance of the Electrical Power segment Mersen – October 202623 €611m + 3.9% Organic growth Group sales Advanced Materials €319m - 1.9% Organic growth Electrical Power €292m + 11.1% Organic growth +3.1% Q1 +4.6% Q2 Includes a negative exchange rate impact of €22m • Growth in semiconductors, with an acceleration in silicon and a slight decrease in SiC (one-off in 2025) • Strong growth in aeronautics and rail • Decrease in chemicals and solar • Strong growth in power electronics • Growth in Electric Vehicles • Growth in electrical distribution (data centers)
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EBITDA and Operating income before non-recurring items impacted by the change in exchange rates Mersen – October 202624 in €m H1 2025 H1 2025 at 2026 rates H1 2026 Change at comparable rates EBITDA before non recurring items 97.8 94.0 97.4 +3.6% in % of sales 16.0% 16.0% 15.9% Depreciation and amortization (40.0) (38.6) (40.9) +6.0% Operating income before non- recurring items 57.8 55.4 56.5 +2.0% in % of sales 9.5% 9.4% 9.2%
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H1 2025 Operating margin before non-recurring items 9.5% Volume/mix effect +0.9 Price Effect +2.2 Raw material/energy Inflation -2.4 Wage Inflation -1.2 Productivity gains 1.6 Depreciation & Amortization -0.1 Exchange rate and perimeter effect -0.2 Other (mainly impact of LTA SiC) -1.1 H1 2026 Operating margin before non-recurring items 9.2% Price effect and productivity measures helped offset the inflation Mersen – October 202625 in % points + 0.2 pt
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43 33 55 44 EBITDA Operating Income Strong momentum in the Electrical Power segment EBITDA resilience of the Advanced Materials segment Mersen – October 202626 Advanced Materials → Profitability impacted by non-recurring effects in LTA SiC → Price increase and productivity offset inflation 63 36 53 25 EBITDA Operating Income → Profitability increased thanks to volume → Price increase and productivity largely offset inflation Electrical Power Current EBITDA H1 2025 Current Operating Income H1 2025Current EBITDA H1 2026 Current Operating Income H1 2026 10.5% 18.8% 7.9% 16.6% 12.2% 15.9% 14.9% 18.7% Margin in % of sales Margin in % of sales 52% of sales 48% of sales The current collection business was transferred from the Electrical Power segment to the Advanced Materials segment effective January 1, 2026. The 2025 figures have been restated accordingly.
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A change in WCR driven by increased activity, seasonality, and a few cyclical factors Mersen – October 202627 36 7 7 8 - 11 WCR at dec 25 WCR at june 26 (in €m) Impact of activity & seasonality Other impact on inventory (mainly revaluation) Reimbursement of customer advanced payment Factoring and other Net payment of variable compensation 207 254
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Operating cash flow, expected to ramp up in H2 Mersen – October 202628 in €m H1 2025 H1 2026 Operating cash flow before change in WCR 93.1 91.1 Change in WCR (7.5) (44.6) Income tax paid (6.9) (10.8) Operating cash flow 78.7 35.7 Capex (64.1) (21.9) Disposal of assets and other (0.1) (0.3) Operating cash flow after capex 14.5 13.5
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A solid and well-managed financial structure Mersen – October 202629 Net Debt in €m Bank Covenants at 3.5 370 382 400 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 0 100 200 300 400 500 2024 2025 H1 2026 Group Leverage Policy Leverage 2.3 Between 1.5 and 2.5
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2026 guidance raised Mersen – October 202630 EBITDA MARGIN BEFORE NON- RECURRING ITEMS 16% +/-50bps INDUSTRIAL CAPEX BETWEEN €90m and €100m OPERATING MARGIN BEFORE NON- RECURRING ITEMS ORGANIC GROWTH OF SALES 4% and 6% 8.5% +/-50bps BETWEEN €80m and €90m BETWEEN 16.0% and 16.5% BETWEEN 9.0% and 9.5% Between 2% and 6% INITIAL NEW Between
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Appendix
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Electric vehicles: a targeted presence in critical functions Mersen – October 202632 Electrical Protection of fast-charging system Interconnection and monitoring of battery cells Electrical Protection of the battery Electrical Protection of Auxiliary Electrical Circuits Interconnection of Power CircuitsNEW
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Mersen in railways Mersen – October 202633 Pantographs & pantograph contact strips Current collector devices & shoes Fuse boxes Fuses & fusegear Earth return current units & carbon brushes Carbon brushes, brush-holders High speed fuses Cooling devices – busbars – capacitors Rupture disks Cooling devices – disconnectors Surge arresters Carbon brushes, brush-holders
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Graphite manufacturing process Mersen – October 202634