Thank you. I am happy to introduce this presentation for the last time.

As I will hand over to Salvador in less than 1 month. About the quarter 1, we have a positive set of results to share.

It actually marks a return to quarterly organic growth with +3.1%. All in all, we reported Q1 2026 sales of €296 million with two main highlights: robust growth in the Electrical Power segment with organic growth of +8.7%.

Electrical Power is increasingly acting as a key growth engine for the group, supported by strong structural demand around electrification, grid efficiency, and data centers. Positive momentum in North America with 8.2% organic growth for the period.

As far as exchange rates are concerned, we have a negative impact of €17 million mainly linked to the depreciation of the US dollar and the RMB. I remind you that this does not impact our competitiveness, it is purely a conversion effect.

I will now turn over to Salvador and Thomas for more details.

Thank you, Luc, and hello, everyone. The organic growth stood at 3.1% for the quarter, including around 2% of price increases.

If we look at our performance by geography, here are the key highlights, beginning with North America, the largest area in terms of revenue with 42% of the total. North America reported strong growth of 8.2%.

This is a very solid performance driven especially by growth for data centers and growth in aeronautics. Europe reported a slight decrease.

This reflects two things: low deliveries in chemicals compared with a very strong quarter in 2025, and on the other hand, growth in other markets, which underlines the resilience of our business in the region. Excluding chemicals, organic growth would have been close to +3%.

Eventually, Asia. Asia is back to positive organic growth at 1.9%.

This reflects growth in India and South Korea driven especially by rail markets and energy storage solution. On the other hand, China reported a decrease heavily impacted by the solar market and weak deliveries in chemicals.

If we look now at our performance by segment, what we see: first, a strong growth in Electrical Power driven by projects in grid quality and driven as well by a solid sales momentum for data centers. On the other hand, a slight decrease in Advanced Materials.

We saw a lower level of activity in solar and chemicals, which was largely offset by growth in the rail markets, in aeronautics, and semiconductors, both SiC and Si. Overall, this segment reflects a mixed trend with short-term headwinds in a few markets, but solid momentum in structural growing areas.

Now I will turn over to Salvador.

Thank you, Thomas. Hello, everyone.

I would like first to briefly comment on a few business successes achieved during the first quarter. As already mentioned by Luc and Thomas, we recorded a high level of sales in electrical distribution in the United States with double-digit growth compared to the previous year.

This is driven by grid quality and data center demand. In terms of new markets, we have made progress in our collaboration with Terrestrial Energy.

Terrestrial is developing a micro modular reactor that is scalable, affordable, and deployable anywhere with a power of 1 megawatt at a time. Mersen will supply nuclear grade graphite, and today the first-of-a-kind prototype has been manufactured.

Terrestrial will now enter into a more industrial phase, which we continue to support very closely. On the EV side, concerning the battery, we disclosed last week the signing of a contract with Vulcan Energy.

This is an interesting company that is developing the first integrated lithium and energy business with a carbon-neutral footprint. We will supply to Vulcan Energy a specific synthesis unit in graphite called in our ranges, Ecoflex.

This is a quite unique solution that will support the conversion of lithium chloride into lithium hydroxide. On top of that, it will also enable to recover the energy released during the process, which will be reused in the customer processes, contributing to make this project carbon-neutral.

Finally, energy storage continues to be an important market. We are active in South Korea with customers such as Samsung SDI, delivering fuses to fully protect battery storage systems.

All these achievements illustrate very clearly our positioning on key markets with long-term growth trends, particularly electrification, energy transition, and sustainable mobility. Now, looking ahead, we remain confident on our ability to deliver our full-year objectives.

We are well-positioned on structurally attractive markets such as electrification, energy transition, clean mobility, grid reinforcement, and advanced technologies. At the same time, we remain focused on excellent execution while maintaining a strict cost discipline in the company.

As a reminder, in 2026, the group is aiming for organic sales growth between 2% and 6% with stronger growth in second half of the year versus H1 of this year, an EBITDA margin before non-recurring items of 16% plus or minus 50 basis points, operating margin before non-recurring items of 8.5% plus or minus 50 basis points, reflecting a further significant rise in amortization, and capital expenditure between €90 million and €100 million, which is representing a significant decrease compared to previous year 2025. As a reminder, our guidance considers a significant increase in raw material costs, particularly copper and silver, which we expect to offset through price adjustments with an impact that will be more visible in the second half of the year.

With this, let's move to open questions.

Yes, hello. Can you hear me?

Yeah? Yeah.

Okay. Two questions from my side: Can you split the Q1 price contribution by end market if possible?

This is my first question. The second one is related to the SiC business.

It appears to be recovering a bit faster than expected. Is it true or not, and what are the main drivers there?

Is it the end of a destocking phase, new order intake, I don't know, for data centers or maybe a recovery in the EV market? Could you elaborate a bit on that point, too?

Thank you.

Maybe I can answer to the first question. What we can say that we have more price impact in North America and a little bit more in Electrical Power, but this is not linked with a specific market, I would say.

It's easier in North America compared to other regions in the world.

SiC?

Yes.

There is a slight jump. It's not a big difference compared to last quarter.

We cannot say that there is a recovery. It's just a question of maybe sequence from our customer.

It's in line with the expectation. We had a compensation linked also, not a big one, but a few small millions with the renegotiation of a last contract with one customer.

In fact, I can say we had €17 million of SiC sales, and last quarter was 15, it's not a big jump.

Okay. Very clear.

Thank you.

Could you hear me?

Sorry. I was on mute.

Three questions from my side: The first one concerned the US distribution. We see a huge improvement, a positive trend for this quarter.

If I well remember, this business has some well margin in the past. Do you expect due to a strong growth coming from the US distribution higher margin, and are you more confident regarding your guidance for the full year?

The second question, you mentioned under press release strong growth coming from data centers, this should have an impact on the US distribution. I think you have a good ideas on what the business made with the data center, could you give us more precisely or could quantify the percentage made with the data center business for all the group?

The last questions concerned the solar business. You do not expect any inflection or improvement for the short term.

What is your scenario for the medium term for this business? Do you expect more growth not this year, but next year?

What's about the storage, etc.? Thank you.

I will answer to the first question. Effectively, we have a strong business in electrical distribution.

Part of it also is driven by price increase. As price increase is compensated partially or totally increase in silver cost, it doesn't increase the margin.

That's why today we just continue to say that we maintain our guidance in terms of margin. Regarding the second question, I will take it.

Yes, data centers is an activity that we're following, of course, much more closer. Today, we can say that the Q1 result is around €10 million, okay, which represents two times what was the result in Q1 2025.

Effectively, it's a business that is growing, and we are well positioned on this part of application, yes. Regarding the solar inflection, your question about midterm, definitely we do not expect inflection this year.

We expect inflection during 2027. At this time, we still don't see the signal that will trigger this inflection.

It will come from the restructuring of the industrial setup and the companies in China producing the cells. As we speak today, this is not still making it a reality in China.

We still believe that this business could come. As we say, we always position in high-end applications in this market that still are true, and we continue to assist in the future.

Thank you.

Hi, good afternoon. I have several questions: First, one technical question.

It seems that you have changed some of the company from division going from Electric Power to graphite. Can you explain that, because when we look at the number of last year, it seems to have changed.

Second question, I would like to come back more fundamentally on plenty of question on your different contract you have recently signed. First on Vulcan, you mentioned that it's a multi-year contract of million euros.

What does it mean? Is it €10 million, €20 million?

What type of, let's say, revenue we can expect from this contract to come, starting is something you expect in 2026 or is something it will come later on 2027 for Vulcan? Same question for Terrestrial.

You have not mentioned any numbers here, but I understand that now you starting a new phase with Terrestrial. Which type of revenue you can expect from Terrestrial coming?

Is it something here who expecting more in 2029 and nothing really in the short term, but just to know if any revenue are expecting for Terrestrial? Another contract who are not mentioning, but it's something which you already mentioned during the annual results, which is the contract with the US Defense, DLA, for providing some graphite for new rockets.

Considering that the US have consumed a lot of rockets recently, we had in mind something like €10 million potentially. Are you expecting now something much bigger coming on stream and will be kind again if you have some numbers, how much you expect for this year and maybe for next year on this contract?

Finally, still on the contract, talking about Korea, you mentioned in your presentation effectively this battery energy storage contracts. I was not aware.

How much we are talking about specifically, again, terms of million euro? Thank you.

I will maybe start with the first question. We are talking about a small business product line, which is linked with transportation.

In fact, the system, it was a system to connect to the ground, the rail system. In fact, it was manufactured in Electrical Power, and it uses also graphite in it, and so it was better in order to maximize the synergies to put them in the same segment, which is Advanced Materials.

In fact, it represents something like €20 million of sales per year.

Very clear.

Now regarding the second question on the contract regarding Vulcan, it is a several million euro contract, as we explained. We will not release the full amount.

It's a multi-year contract, but the expectation would be starting invoicing this contract late 2026, but mainly 2027 and a little bit in 2028. What we can say is you should expect on this contract in the life of the contract a little bit less than €10 million contract,

okay,

just to give you some figures. The third one regarding...

Sorry, I didn't hear. It's broadly around €10 million, maybe plus and minus?

Less than €10 million. Fine.

Less than

€10 million, okay? Now, regarding Terrestrial, we've submitted the prototype as I mentioned in 2026.

We do expect the industrialization phase to ramp up not before 2028 because it takes time to put in place everything that is needed, okay? Now, DLA.

DLA, as is the Defense Logistics Agency North America. It's not specified what is the use of this graphite.

It's for strategic purposes, and it's a contract that lasts 3 years. It could be repeated.

At this stage, we don't know yet, but it's something that, yes, could be renewed. At this time, not much information to share with you about it.

Regarding Korea, Samsung SDI is a recurring customer for us. There's contracts awarded systematically every other year regarding new platforms.

If I can give you a number roughly, we can expect about this contract several million euros per year of sales on fuses.

Thank you very much. Welcome.

Yes, thank you. A number of questions have already been answered, but there's one around small modular reactors.

The question is: Can you quantify the consumption of ton of graphite by small modular reactors?

Consumption, in fact, I don't know what you mean by consumption. In fact, when we build the small modular reactor, you have to fill the reactor with around 100 ton of graphite.

It stay at least 15 years during the usage of the reactor before being replaced. That means each time they will sell a small modular reactor, we will have to supply 100 ton of graphite.

Now move to question around organic growth: Since you printed an organic growth of 3.1% already in Q1, and you expected stronger growth in H2, is it fair to assume that you will end in the upper end of the range provided in the guidance?

We keep our guidance, why? Because last year we had a very strong Q2, in fact, linked with some contract renegotiation.

At the end of it, that's why we are comfortable with the guidance we gave, but we have no more indication to give.

Second question is from Giovanni is: What kind of growth did you have in Q1 for semicon, both silicon and silicon carbide?

In fact, in silicon carbide, it's really important because it was very low in the first quarter last year. It was around €10 million, and as I said, it's 17 €17 million today.

On the Si, it's a double-digit growth, a good start, I would say.

Just a clarification asked on the tons of graphite for SMR, small modular reactors. Can you clarify that you said, Luc, that's for you:

So

100 tons of graphite are sold to each modular reactor. What tonnage of graphite did Mersen sell in 2025?

Something around 12 less than 12,000. Mm.

The range...

In total for... ...the

range 10, 12,000.

Then

I have a question from Jeremy: What is the anticipated pricing impact for the year? Maybe together with the second question: Why not tighten the organic growth guidance toward the upper end of the range after the Q1 performance, especially given that organic growth is expected to be stronger in H2?

Today, I already said, and don't forget that there is a war in in Iran and can have impact, not direct impact, I would say, but indirect impact. I think it's not the time to to give a very precise range of of sales.

Now, the pricing impact: We have today a 2% 2% price impact compared to last year. This is the full this is the full-year impact, the full-year impact.

This will the 2% will disappear, okay, because we increases the we increased last year the price gradually, it will go back to zero. I don't know if I am clear, but the 2% will disappear.

Then we will add other price increases, okay, that are will be we will see them in the end of this quarter, the second quarter, and in H2, especially to cover and to compensate for the increase in raw material, namely silver and copper. That's why yes, maybe it will be higher than 2%, but don't forget that it's not in addition to 2%.

Now we have a question on the context: Can you share some information regarding the situation in Middle East and possible impact for Mersen?

Yes, I will take this one. Effectively, the group is closely monitoring what is happening in Middle East, that's for sure.

At this stage, we know that we have not seen any significant direct impact on our activities. Of course, this is lasting long, or longer than expected for a lot of people, and yes, we could have some repercussions in global economy.

We're watching it. At this stage, no significant direct impact.

We may have some indirect impacts like transportation costs increasing that we are seeing, and these we consider that we can most of it compensate by price increases in during the year.

Thank you. I don't have other question.

If you may, we still have time if you want to send a question or ask. I see Thomas wants to ask more question.

Just to clarify on the Middle East question, you are not expecting any bottleneck on your own supply chain or some raw materials for the formulation of graphite or stuff like that?

No impact. No.

We don't buy sulfur, we are not impacted directly. Thank you.

No more question here.

If we have no more question, we look forward to updating you on our progress on July the 30th for the half-year results.

Thank you. Goodbye.

Thank you. Goodbye.

Goodbye.

Thank you. Bye.