Metlen Energy reports record EBITDA, turnover rises

ATHENS - Metlen Energy & Metals SA (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) reported a 3% increase in turnover for 2024, totaling €5,683 million, and a 7% rise in EBITDA, marking a new all-time high of €1,080 million despite a significant drop in energy and natural gas prices. The company also announced a proposed dividend of €1.50 per share.

Net profit after minorities slightly decreased from €623 million in 2023 to €615 million in 2024. Earnings per share dipped from €4.51 to €4.46 over the same period. Adjusted net debt stood at €1,776 million, aligning with the company’s financial policies and reflecting an intensive capital expenditure program.

The company’s chairman and CEO, Evangelos Mytilineos, emphasized the strong financial performance as a continuation of growth trends and the beginning of a new phase aimed at doubling the size of the business by 2028. A transformative investment in bauxite, alumina, and gallium production, announced earlier this year, marks the start of this ambitious phase.

Metlen’s energy sector, including renewable energy sources (RES) and Greek utility activities, contributed significantly to the EBITDA increase. The company’s renewable energy segment saw profitability rise by approximately 45% compared to 2023, benefiting from a diversified and self-funded business model. The Greek utility’s market share approached 20% in both production and supply of electricity by the end of the year.

The metals sector reported a 9% decrease in turnover but saw EBITDA jump by nearly 20%, driven by higher aluminum premia and alumina prices. Strategic actions, such as securing favorable LME prices and effective cost control, contributed to this record profitability.

Metlen also highlighted an 11-year agreement with Rio Tinto (NYSE:RIO), expected to enhance bauxite supply security and profitability from additional alumina quantities. This partnership aligns with the company’s strategy to strengthen its position in the global alumina market.

The company’s digital transformation initiative, "Trinity," aims to create value equivalent to a 10% increase in EBITDA over the next five years through investments in digital products and platforms, with a strong emphasis on leveraging artificial intelligence.

Further details on Metlen’s financial results, prospects, and strategy will be discussed in a conference call scheduled for Thursday at 5:00 pm. An extensive presentation is also planned for the Capital Markets Day at the London Stock Exchange (LON:LSEG) on April 28, 2025.

This report is based on a press release statement by Metlen Energy & Metals SA.

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