Metlen Energy & Metals (MYTIL) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 performance with revenue up 11% to €3,987m, EBITDA up 23% to €550m, and net profit after minorities up 23% to €313m, driven by strong growth across Energy, Metals, and Infrastructure & Concessions sectors.

• Net leverage ratio reduced to 1.7x from 3.1x at FY2025, reflecting robust operating cash flow and disciplined capital allocation.

• Strategic milestones included the launch of the Critical and Rare Metals platform, first gallium offtake agreement, major BESS project energizations, and expansion in defense and infrastructure.

• Board approved a share buyback programme and paid a €1.00/share dividend for FY2025, reflecting confidence in long-term prospects.

• Inclusion in the FTSE 100 and London Stock Exchange listing highlight increased international recognition.

Financial highlights

• Revenue increased by 11% to €3,987m; EBITDA rose 23% to €550m; net profit after minorities up 23% to €313m; EPS up 20% to €2.18.

• Operating cash flow exceeded €800m, enabling a €728m reduction in adjusted net debt.

• Liquidity at €5bn, net debt reduced to €2.6bn, and net leverage improved to 1.7x.

• ROCE reached 8.3% and ROE 11.8%, both up year-over-year.

• Gross profit improved to €508m from €361m year-over-year.

Outlook and guidance

• 2026 EBITDA guidance reaffirmed at €1.00–1.15bn; medium-term EBITDA target of €1.92–2.08bn.

• Asset rotation, strong cash generation, and strategic initiatives in alumina and gallium expected to support further deleveraging and growth.

• Majority of investments expected to achieve payback in under two years, supporting long-term value creation.

• CapEx for H2 2026 expected below €1bn, with continued investment in metallurgy and energy.

• Net leverage expected to remain at or below current levels despite increased CapEx and dividend payments.