Mersen S.A. (CBLNY) Q3 2025 Sales Call Transcript

Core Insights - Mersen reported Q3 '25 sales of EUR 285 million, reflecting an organic growth decline of 4.3%, consistent with the first half of the year [1] - Year-to-date revenue for the first nine months reached EUR 895 million, with an organic growth decline of 4.1%, aligning with the 4% decline reported at the end of June [1] Market Trends - The company observed contrasting market trends in Q3, with double-digit growth in rail, wind, and power electronics markets, alongside a recovery in the silicon semiconductor market [2] - The SiC semiconductor market remained at a low level compared to the previous year, and the anticipated positive turnaround in the solar market did not materialize during this quarter [2] Financial Adjustments - Mersen has adjusted its targets for '25 to the lower end for organic growth and EBITDA margin, while also revising investment plans downwards [3] - The company is maintaining its current operating margin target despite these adjustments [3]