Metlen Energy & Metals (MYTIL) Q2 2025 earnings summary

Executive summary

• Achieved 45% revenue growth in H1 2025 to €3.61 billion, driven by energy, renewables, and infrastructure, despite a 6% EBITDA and 10% net profit decline due to one-off losses in Power Projects and margin pressures.

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

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

• Major asset sale in Chile and new strategic agreements with Rio Tinto and Glenfarne advanced global positioning.

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

Financial highlights

• H1 2025 revenues reached €3,608m–€3,607.5m, up 45% year-over-year; EBITDA was €445m–€445.3m, down 6%; net profit was €253.8m–€254m, down 10%.

• Profit margin declined to 7.0% from 11.4% in H1 2024; earnings per share fell 11% to €1.81.

• Net debt increased by €290m–€293m to €2.92bn, with leverage ratio at 2.06x–2.78x EBITDA.

• CapEx reached €464m in H1, with 90% allocated to growth, especially renewables; maintenance capex €48m, growth capex €416m.

• Robust liquidity with €1.4bn in cash and €1.5bn in committed credit lines; consistent dividend policy, €1.50 per share paid in July 2025.

Outlook and guidance

• Confident in exceeding full-year EBITDA target of €1 billion, with medium-term Group EBITDA target set at €2 billion.

• Utility business and renewables expected to drive growth, with Metka EBITDA forecasted at €100m in 2025 and €150m in 2026.

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

• Defense and circular metals initiatives progressing, with first production from circular metals expected in 2028.

• Greek infrastructure and energy markets expected to remain robust, with further export growth.