Mersen Reports Record 2024 Half-Year Sales of €624 Million

Mersen, a global expert in electrical power and advanced materials, reported record sales of €624 million in the first half of 2024, marking a 4.9% organic growth compared to the same period in 2023. The EBITDA margin increased by 40 basis points, reaching 16.9%. Operating margin before non-recurring items was 11.2% of sales, just shy of the 11.3% recorded in the first half of 2023.

The company confirmed its full-year 2024 guidance, targeting around 5% organic growth, an operating margin of approximately 11%, and capital expenditure between €200 million and €240 million. Mersen also completed the integration of GMI, a US-based company specializing in graphite and carbon composites.

The Advanced Materials segment experienced 7.0% organic growth, driven by the semiconductor and aerospace markets. Electrical Power sales grew by 2.3% on an organic basis, bolstered by transportation and process industries.

Net income attributable to Mersen shareholders fell to €38.9 million, down from €43.9 million in the first half of 2023, mainly due to non-recurring expenses of €5.4 million. The income tax expense rose slightly, reflecting a 24% effective tax rate. Net debt increased to €258.5 million from €212.5 million at the end of 2023, primarily driven by higher capital expenditures.

First-half cash flows from operating activities totaled €54.5 million, up nearly 40% from the same period last year. This strong performance was supported by an increase in prepayments on long-term SiC semiconductor contracts and ongoing optimization measures.