Half Year 2024 Mersen SA Earnings Call Transcript
Key Points
- Mersen SA (FRA:CBE) achieved record half-year sales of EUR624 million with an organic growth of 4.9%.
- The company reported a significant increase in operating cash flow, up by 39%.
- EBITDA margin improved to 16.9%, reflecting strong operational performance.
- The acquisition of GMI was completed, adding EUR40 million in sales and enhancing Mersen's industrial structure.
- Mersen's strategic focus on silicon carbide (SiC) and electric vehicles is expected to drive growth from 2025 onwards.
- The semiconductor market is experiencing a decline, impacting Mersen's electronics segment.
- There is a noted slowdown in organic growth compared to Q1, with June deliveries being particularly weak.
- The solar energy market is in decline, mainly due to overstocking issues in China.
- The company's ROCE is expected to be lower for the full year due to higher investments and CapEx.
- Mersen faces challenges in the electric vehicle market, with some projects being postponed and market expectations not being met.
Welcome to Mersen's half year 2024 results. This is a recorded session. (Operator Instructions) Over to Véronique Boca. Over to you.
Good morning. Good morning and thank you for being with us for this call this morning. Please note that the press release and today's presentation are available on our website. As always, after this presentation, Luc Themelin, CEO; and Thomas Baumgartner, CFO will be available to answer all your questions. Over now to Luc.
Thank you, Véronique. And good morning, everyone. Mersen has just completed a very good H1. As you can see, the half year sales have reached a record of EUR624 million organic growth, slightly below 5%, 4.9% precisely with generated substantial operating cash flow.
EBITDA margin 16.9%, Thomas will develop this and operating cash flow up 39%. We're continuing the deployment of our
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