Metlen Energy & Metals (MYTIL) Q3 2024 TU earnings summary

Executive summary

• Achieved record nine-month profitability in 2024, driven by synergies between Metals and Energy sectors and strong performance in both segments.

• Turnover rose 3% year-over-year to €4,203 million, with EBITDA up 6% to €763 million and net profit after minorities up 4% to €482 million.

• Earnings per share increased 5% to €3.49, reflecting robust operational results and margin expansion.

• Continued progress on growth strategy amid geopolitical uncertainty and energy market volatility.

Financial highlights

• Turnover reached €4,203 million, up 3% from €4,088 million in 9M 2023.

• EBITDA increased 6% to €763 million; EBITDA margin improved to 18.2% from 17.7% year-over-year.

• Net profit after minorities rose 4% to €482 million; EPS up to €3.49 from €3.34.

• Adjusted net debt stood at €2,064 million, with net debt/EBITDA at 2.05x despite intensive CAPEX.

• Successful €750 million green bond issuance at 4% interest rate, supporting investment and credit profile.

Outlook and guidance

• Profitability, led by Energy Sector (RES and Greek Utility), expected to continue growth in Q4, targeting new record-high annual results.

• Ongoing and planned investments in Energy and Metallurgy to further strengthen sector synergies and support ambitious growth targets.

• Construction and concessions activity expected to double profitability over 2023, with a strong Q4 anticipated.