Metlen Energy & Metals (MYTIL) Q4 2025 earnings summary

Executive summary

• Revenue grew 25% year-over-year to €7,107 million, driven by strong renewables, utility, and infrastructure performance.

• EBITDA declined 30% to €753 million due to significant project execution losses, especially in the ex-MPP and Renewables segments.

• Net profit after minorities was €314–325 million; EPS fell 51% to €2.20; liquidity remains robust, supporting investments and a €1/share dividend for 2025.

• Achieved London Stock Exchange listing, FTSE 100 and MSCI UK Index inclusion, and completed major organizational changes including merging ex-MPP into Renewables.

• Strategic investments in critical metals, circular metallurgy, and defense are progressing, supporting medium-term objectives.

Financial highlights

• Revenue reached €7,107 million, up 25% year-over-year, mainly from renewables and infrastructure.

• EBITDA was €753 million, down 30% year-over-year; underlying EBITDA would have exceeded €1 billion excluding project losses and claim monetization.

• Net profit after minorities totaled €314–325 million; EPS €2.20; proposed dividend €1/share.

• Liquidity improved to €3.7 billion at year-end; operating cash flow to EBITDA exceeded 85%.

• Asset rotation sales hit a record 1.5 GW, reflecting strong global demand.

Outlook and guidance

• 2026 expected to be a year of consolidation and return to growth, with medium-term EBITDA targets of €1.9–2.1 billion for 2028–2030.

• Infrastructure & Concessions sector targets EBITDA of €140–150 million in 2026, supported by a robust project pipeline.

• Focus on financial discipline, resilience, and deleveraging to achieve investment grade rating by end-2026.

• Further details on 2026 outlook to be provided at the AGM in May.

• Profitability growth expected from organic expansion in renewables, storage, and energy management.