Metlen Energy & Metals (MYTIL) H1 2024 earnings summary

Executive summary

• Achieved record H1 2024 net profit of €282 million, up 5% year-over-year, with robust profitability margins and resilience amid challenging macroeconomic and market conditions.

• EBITDA reached €474 million, up 8% year-over-year, supported by synergies between Energy and Metals sectors and ongoing transformation.

• Name changed from MYTILINEOS Energy & Metals to Metlen Energy & Metals, marking a milestone in global growth and innovation.

• Dividend payout for 2023 was €1.55 per share, maintaining a consistent policy of distributing ~35% of net profits.

• Business model leverages synergies between Energy and Metals, supporting resilience and ambitious targets.

Financial highlights

• H1 2024 revenue was €2.48 billion, down 1% year-over-year; EBITDA: €474 million (+8% YoY); net income: €282 million (+5% YoY); EPS: €2.04.

• Liquidity stood at €2.6 billion, with €0.7 billion in cash and €1.9 billion in committed credit lines.

• Leverage (net debt/EBITDA) at 1.76x, with net debt at €1,774 million (adjusted for non-recourse debt).

• Dividend of €1.55 per share paid in July, totaling €214.3 million.

• CAPEX for H1: €311 million, mainly for renewables; full-year CAPEX to reach ~€1 billion, then decrease.

Outlook and guidance

• Full-year EBITDA expected within €1–1.2 billion; net earnings target €600–700 million, with H2 expected to be stronger across most segments.

• Positive outlook for Greek economy and company performance, with GDP growth expected above 2% in 2024 and 2025.

• CAPEX to decrease from 2025 as renewable asset base matures.

• Continued focus on international expansion, innovation, and sustainability.

• Optimism for further profitability improvement in the short and medium term.