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 earnings per share exceeding €2.

• Business model synergies between Energy and Metals sectors provided resilience amid high interest rates, geopolitical instability, and global challenges.

• Ongoing transformation, organic growth, and strategic investments have driven profitability to more than 200% above 2020 levels.

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

• Management expressed optimism for a stronger second half, expecting results to be within or above full-year targets.

Financial highlights

• H1 2024 revenue was €2.48 billion, down 1% year-over-year; EBITDA reached €474 million, up 8% year-over-year.

• Net income attributable to shareholders was €282 million, up 5% year-over-year; EPS rose to €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; net debt at €1,774 million (adjusted), with a public ceiling set at 3x.

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

Outlook and guidance

• Management is confident full-year EBITDA will be within €1–1.2 billion and net earnings €600–700 million, as set in June AGM.

• 2024 profitability is expected to be weighted towards H2, with full-year EBITDA pace projected at around €1.1 billion.

• H2 expected to be stronger across most segments, with higher turnover and profitability, supported by seasonality in Greek utility business.

• Gas trading performance may improve slightly in H2 but will remain subdued.

• Company remains optimistic about achieving ambitious business targets for the year.