Metlen Energy & Metals (MYTIL) AGM 2024 Presentation summary

Financial performance and growth

• Achieved record EBITDA of €1,014m in 2023, surpassing €1bn for the first time, with net profit at €623m, up 34% YoY.

• Revenue reached €5,492m in 2023, with 75% from Energy and 25% from Metals.

• EPS for 2023 was €4.5, with a proposed dividend of €1.50 per share, maintaining a consistent dividend policy.

• Leverage remained low at 1.5x net debt/EBITDA despite record CAPEX and aggressive growth.

• Market capitalization stood at €5.1bn, with strong share performance and high liquidity on the Athens Stock Exchange.

Strategic initiatives and business model

• Pursued synergistic business model with strong organic growth, value-focused M&A, and business diversification.

• Major acquisitions included IMERYS Bauxites, WATT+VOLT, VOLTERRA, EfaEnergy, and entry into the Canadian RES market.

• Considering a potential international listing, including the London Stock Exchange, within 12–18 months.

• Maintained a global RES portfolio of 13.8GW, with significant growth in renewables and green EBITDA.

• Signed a €2bn cooperation agreement with PPC Group for 2GW of solar projects across Europe.

Credit profile and financing

• Credit rating upgraded to BB+ by S&P and Fitch, one notch below investment grade.

• Issued €500m in 7-year senior notes at 4% and secured €400m EIB financing for solar and battery projects.

• Maintained liquidity above €2.5bn as of end-2023, with robust cash and committed credit lines.

• Leverage remains well-controlled at 1.6x, adjusted for non-recourse debt.

• Closed non-recourse financing for solar portfolios in Chile, Australia, Romania, and Greece totaling €700m.