Metlen Energy & Metals (MYTIL) Q2 2025 earnings summary

Executive summary

• Achieved a 45% year-over-year revenue increase to €3.61 billion, driven by growth in metallurgy, energy, infrastructure, and asset rotation in Chile, alongside higher natural gas prices.

• Successfully listed on the London Stock Exchange, joined the FTSE 100, and transitioned from Athens Exchange, supporting international expansion and capital access.

• Launched medium-term growth strategy with new gallium production, defense sector expansion, and circular metals initiatives.

• One-off losses in Empower (MPP)/Power Projects impacted results, but underlying business remains robust.

• Maintained strong performance since 2022, leveraging an integrated business model and strategic partnerships.

Financial highlights

• H1 2025 turnover reached €3,607.5 million, up 45% year-over-year; EBITDA was €445.3 million, down 6% year-over-year due to one-off losses and higher costs.

• Net profit for H1 2025 was €253.8 million, a 10% decrease year-over-year; earnings per share fell 11% to €1.81.

• Net debt increased by €293 million to €2.92 billion, with a leverage ratio of 2.78x EBITDA.

• CapEx for H1 reached €464 million, with 90% allocated to growth, especially renewables.

• Free cash flow was negative at €453 million, mainly due to high capex in renewables.

Outlook and guidance

• Confident in exceeding full-year EBITDA target of €1 billion, with medium-term EBITDA target set at €2 billion, driven by renewables, metals, and new business segments.

• Ongoing focus on international growth, asset rotation, and capital recycling.

• Greek infrastructure and energy markets expected to remain robust, with further export growth and retail power/gas market share targeted at 30%.

• Infrastructure and concessions EBITDA expected to double versus 2024.