Mersen S.A.
Mersen makes electrical components and specialist materials for equipment used in energy, transport and manufacturing. Its fuses, cooling equipment and graphite parts help customers protect power electronics, manage heat and manufacture products such as solar cells and semiconductors.
Overview
Latest results
Reported in EUR
Latest financial publication
Third-quarter and nine-month 2026 sales
Investment Thesis
Specialist parts behind electrification
European Tech Equities analysis ·
The investment case
Mersen offers exposure to parts that many energy technologies need, including electrical protection, cooling and high-temperature materials. This spreads the opportunity across solar, storage, electricity networks and other industries. The case depends on customers choosing its components and on the company earning adequate returns from the production capacity it has built.
Business progress
Third-quarter 2026 sales rose 15.7% as reported to €329.2 million; growth excluding currency and acquisition effects was 14.2%. Nine-month sales reached €940.7 million. Electrical Power benefited from power infrastructure and wind demand, while semiconductor activity improved. Separately, the GE Vernova contract shows a concrete use for Mersen’s current-transfer parts in equipment that supports grid stability.
Customer demand
Customers buy Mersen’s parts because power equipment must handle electrical stress, heat and long operating lives. Electrification can increase those needs, but different markets move at different speeds. Solar manufacturing remained weak in the latest update. Semiconductor factory investment and industrial production can also change demand independently of renewable-energy growth.
Financial position
First-half 2026 revenue was €611.5 million, with reported operating profit of €55.5 million and group net profit of €31.1 million. Operating cash flow fell to €35.7 million as working capital absorbed cash. Cash investment also fell sharply to €28.2 million. At June 30, financial debt including leases was €522.5 million against cash of €62.4 million, making debt reduction an important part of the financial story.
Value and risks
The share price needs to be considered alongside debt and the earnings that the expanded factories can produce over time. The weak 2025 net result included impairment and other non-recurring costs, while management’s preferred EBITDA excludes such items. Neither a depressed statutory profit nor an adjusted headline is enough on its own: cash generation after investment provides another useful perspective.
What would weaken the case
- Debt and working-capital needs can limit the benefit of improving sales.
- Solar and semiconductor demand can reverse before new capacity is fully used.
- Mersen serves many industries; clean-energy growth is not the same as growth for the entire group.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Revenue
- EUR 940.7m
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Net income is the group total, including non-controlling interests; EPS uses profit attributable to shareholders. EBITDA before non-recurring items is an adjusted measure and is not presented as statutory EBITDA. Cash capex includes tangible and intangible purchases. Q3 and nine-month releases report sales only.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Net income is the group total, including non-controlling interests; EPS uses profit attributable to shareholders. EBITDA before non-recurring items is an adjusted measure and is not presented as statutory EBITDA. Cash capex includes tangible and intangible purchases. Q3 and nine-month releases report sales only.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Net income is the group total, including non-controlling interests; EPS uses profit attributable to shareholders. EBITDA before non-recurring items is an adjusted measure and is not presented as statutory EBITDA. Cash capex includes tangible and intangible purchases. Q3 and nine-month releases report sales only.
Quarterly
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Net income is the group total, including non-controlling interests; EPS uses profit attributable to shareholders. EBITDA before non-recurring items is an adjusted measure and is not presented as statutory EBITDA. Cash capex includes tangible and intangible purchases. Q3 and nine-month releases report sales only.
Year to date
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Net income is the group total, including non-controlling interests; EPS uses profit attributable to shareholders. EBITDA before non-recurring items is an adjusted measure and is not presented as statutory EBITDA. Cash capex includes tangible and intangible purchases. Q3 and nine-month releases report sales only.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Mersen S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2025 · Published Oct 28, 2026 · Checked Nov 6, 2026
Q3 2026 · Published Oct 28, 2026 · Checked Nov 6, 2026
9M 2025 · Published Oct 28, 2026 · Checked Nov 6, 2026
9M 2026 · Published Oct 28, 2026 · Checked Nov 6, 2026
H1 2026 · Published Jul 30, 2026 · Checked Nov 6, 2026
FY 2024 · Published Mar 31, 2026 · Checked Nov 6, 2026
FY 2025 · Published Mar 31, 2026 · Checked Nov 6, 2026
H1 2025 · Published Jul 31, 2025 · Checked Nov 6, 2026
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Checked 2026-11-06