Mersen: 14.2% organic growth in the third quarter, 2026 target raised to 6.5-7.5%
Mersen published on October 28, 2026 revenue of €329.2 million for the third quarter, with organic growth of 14.2%. The group raised for the second time this year its organic growth target for 2026, now between 6.5% and 7.5%, compared to 4% to 6% previously.
This quarter stands out from the cumulative pace: over nine months, revenue reached €940.7 million, with organic growth of 7.3%. Both divisions contributed to the increase, and Advanced Materials returned to organic growth for the first time since the third quarter of 2024.
Margin targets are confirmed without being raised. According to the group, they incorporate stronger-than-anticipated inflation and a less favorable product mix effect.
Electrical Power grows 22.8%, Advanced Materials 6.4%
In the third quarter, consolidated revenue rose from €284.5 million to €329.2 million, representing published growth of 15.7%. The Electrical Power division achieved €168.6 million in sales, with organic growth of 22.8% and published growth of 24.0%, thus surpassing the Advanced Materials division for the period.
The group attributes this progression to demand for electrical protection in data centers and power electronics projects. Price increases, intended to largely offset raw material costs, also contributed, while electric vehicles and wind energy remained well oriented.
The Advanced Materials division reached €160.6 million, with organic growth of 6.4%. The increase stems primarily from silicon semiconductors and aerospace. Sales destined for SiC semiconductors grew against a weak comparison base, while chemicals remained behind, as expected by the group.
Quarterly growth higher than the cumulative pace of 7.3%
The cumulative reading and that of the third quarter alone diverge. Advanced Materials posted €480.2 million over nine months, with organic growth of 0.7%, compared to 6.4% in the last quarter. Electrical Power totaled €460.5 million, with organic growth of 15.1% over nine months and 22.8% in the quarter.
Prices play a role in this dynamic: the increase reached approximately 3% over nine months and approximately 4% in the third quarter. According to Mersen, these increases made it possible to largely offset widespread inflation in components and materials.
Geographically, North America, the group's main region with €147.8 million in the quarter, grew 17.2% organically, driven notably by data centers. Asia-Pacific posted organic growth of 18.6% and Europe 9.5%, with Germany remaining stable.
Rest of World, which represents €10.0 million, declined 5.9% organically. On the stock exchange, the share rose 3% on the publication date, after losing 8% in a week on October 20.
Growth target raised, margin targets confirmed
After an initial increase in late July, Mersen now targets organic sales growth between 6.5% and 7.5% in 2026. The current EBITDA margin is confirmed between 16% and 16.5%, now expected in the middle of the range.
The current operating margin is confirmed between 9.0% and 9.5%, now expected in the upper part of the range. Industrial investments remain unchanged, between 80 and 90 million euros. The group indicates that its margin targets take into account stronger-than-anticipated inflation and a less favorable product mix effect.
For the fourth quarter, Mersen anticipates a continuation of momentum in data centers, silicon semiconductors, wind energy and transport, notably through deliveries to ACC for electric vehicle batteries. Deliveries would remain at a low level for SiC semiconductors, solar and chemicals.
The group also plans to continue its price increases to largely cover cost inflation. Annual revenue will be published on January 27, 2027, with an organic growth target now set between 6.5% and 7.5%.
