METLEN ENERGY & METALS: FLASH NOTE - FINANCIAL RESULTS 2024
METLEN (MYTHY) reports strong 2024 financial results with record-high EBITDA of €1,080 million, up 7% from 2023. Turnover increased 3% to €5,683 million despite lower energy prices. Net Profit after minorities was €615 million with EPS of €4.46.
The company achieved significant milestones including an 11-year agreement with Rio Tinto for bauxite supply and alumina production expansion (+400,000 tons annually). The Energy Sector contributed 81% of total turnover with €4,572 million, while the Metals Sector generated €857 million.
METLEN's renewable energy portfolio expanded to 11.1 GW, with 1.4 GW of installed capacity. The company's global power production from renewable sources reached 1.6 TWhs, a 40% increase from 2023. A proposed dividend of €1.50 per share was announced, with Net Debt to EBITDA ratio at 1.7x.
METLEN (MYTHY) ha riportato risultati finanziari solidi per il 2024 con un EBITDA record di €1.080 milioni, in aumento del 7% rispetto al 2023. Il fatturato è aumentato del 3% a €5.683 milioni nonostante i prezzi dell'energia più bassi. L'utile netto dopo le minoranze è stato di €615 milioni con un EPS di €4,46.
L'azienda ha raggiunto traguardi significativi, tra cui un accordo di 11 anni con Rio Tinto per la fornitura di bauxite e l'espansione della produzione di allumina (+400.000 tonnellate all'anno). Il Settore Energetico ha contribuito all'81% del fatturato totale con €4.572 milioni, mentre il Settore Metalli ha generato €857 milioni.
Il portafoglio di energia rinnovabile di METLEN è cresciuto fino a 11,1 GW, con una capacità installata di 1,4 GW. La produzione globale di energia dell'azienda da fonti rinnovabili ha raggiunto 1,6 TWh, con un aumento del 40% rispetto al 2023. È stato annunciato un dividendo proposto di €1,50 per azione, con un rapporto Debito Netto su EBITDA di 1,7x.
METLEN (MYTHY) informa sobre resultados financieros sólidos para 2024 con un EBITDA récord de €1.080 millones, un aumento del 7% respecto a 2023. La facturación aumentó un 3% hasta €5.683 millones a pesar de los precios más bajos de la energía. El beneficio neto después de minoritarios fue de €615 millones con un EPS de €4,46.
La empresa logró hitos significativos, incluyendo un acuerdo de 11 años con Rio Tinto para el suministro de bauxita y la expansión de la producción de alúmina (+400.000 toneladas anuales). El Sector Energético contribuyó con el 81% de la facturación total con €4.572 millones, mientras que el Sector Metales generó €857 millones.
El portafolio de energía renovable de METLEN se expandió a 11,1 GW, con una capacidad instalada de 1,4 GW. La producción global de energía de la empresa a partir de fuentes renovables alcanzó 1,6 TWh, un aumento del 40% respecto a 2023. Se anunció un dividendo propuesto de €1,50 por acción, con una relación Deuda Neta sobre EBITDA de 1,7x.
METLEN (MYTHY)는 2024년 강력한 재무 결과를 보고하며, 기록적인 EBITDA인 10억 8000만 유로를 달성하여 2023년 대비 7% 증가했습니다. 매출은 에너지 가격 하락에도 불구하고 3% 증가하여 56억 8300만 유로에 달했습니다. 소수 주주를 제외한 순이익은 6억 1500만 유로로 주당순이익(EPS)은 4.46 유로입니다.
회사는 리오 틴토와의 11년 계약을 포함하여 상당한 이정표를 달성했으며, 이는 보크사이트 공급 및 알루미나 생산 확대(+40만 톤 연간)에 관한 것입니다. 에너지 부문은 총 매출의 81%를 차지하며 45억 7200만 유로를 기여했고, 금속 부문은 8억 5700만 유로를 생성했습니다.
METLEN의 재생 가능한 에너지 포트폴리오는 11.1 GW로 확대되었으며, 설치 용량은 1.4 GW입니다. 회사의 재생 가능한 에너지로부터의 전 세계 생산량은 16억 MWh에 달하며, 이는 2023년 대비 40% 증가한 수치입니다. 주당 1.50 유로의 배당금이 제안되었으며, 순부채 대비 EBITDA 비율은 1.7배입니다.
METLEN (MYTHY) annonce des résultats financiers solides pour 2024 avec un EBITDA record de 1,080 milliard d'euros, en hausse de 7% par rapport à 2023. Le chiffre d'affaires a augmenté de 3% pour atteindre 5,683 milliards d'euros malgré la baisse des prix de l'énergie. Le bénéfice net après minoritaires s'est élevé à 615 millions d'euros avec un BPA de 4,46 euros.
L'entreprise a atteint des jalons significatifs, notamment un accord de 11 ans avec Rio Tinto pour l'approvisionnement en bauxite et l'expansion de la production d'alumine (+400 000 tonnes par an). Le secteur de l'énergie a contribué à 81% du chiffre d'affaires total avec 4,572 milliards d'euros, tandis que le secteur des métaux a généré 857 millions d'euros.
Le portefeuille d'énergie renouvelable de METLEN s'est élargi à 11,1 GW, avec une capacité installée de 1,4 GW. La production mondiale d'électricité de l'entreprise à partir de sources renouvelables a atteint 1,6 TWh, soit une augmentation de 40% par rapport à 2023. Un dividende proposé de 1,50 euro par action a été annoncé, avec un ratio de dette nette sur EBITDA de 1,7x.
METLEN (MYTHY) berichtet über starke Finanzzahlen für 2024 mit einem Rekord-EBITDA von 1.080 Millionen Euro, was einem Anstieg von 7% gegenüber 2023 entspricht. Der Umsatz stieg trotz niedrigerer Energiepreise um 3% auf 5.683 Millionen Euro. Der Nettogewinn nach Minderheiten betrug 615 Millionen Euro, mit einem EPS von 4,46 Euro.
Das Unternehmen erreichte bedeutende Meilensteine, darunter einen 11-Jahres-Vertrag mit Rio Tinto zur Bauxitversorgung und zur Erweiterung der Alumina-Produktion (+400.000 Tonnen jährlich). Der Energiesektor trug 81% zum Gesamtumsatz mit 4.572 Millionen Euro bei, während der Metallsektor 857 Millionen Euro generierte.
Das erneuerbare Energieportfolio von METLEN erweiterte sich auf 11,1 GW, mit einer installierten Kapazität von 1,4 GW. Die weltweite Stromproduktion des Unternehmens aus erneuerbaren Quellen erreichte 1,6 TWh, was einem Anstieg von 40% im Vergleich zu 2023 entspricht. Eine vorgeschlagene Dividende von 1,50 Euro pro Aktie wurde angekündigt, mit einem Verhältnis von Nettoverschuldung zu EBITDA von 1,7x.
- Record EBITDA of €1,080 million (+7% YoY)
- Turnover growth to €5,683 million (+3% YoY)
- Strategic 11-year agreement with Rio Tinto for bauxite supply
- 40% increase in renewable energy production to 1.6 TWhs
- Market share in Greek electricity retail reached 18.5% (up from 13.5%)
- Metals sector EBITDA increased 20% YoY to €297 million
- Net Profit slightly decreased to €615 million from €623 million
- EPS declined to €4.46 from €4.51 in 2023
- Metals sector turnover decreased 9% YoY
New Record-high EBITDA
Consistently strong Turnover and Net Profit levels
- Turnover amounted to €5,683 million, compared to
€5,492 million in 2023, despite the significant de-escalation of energy and natural gas prices. - 7% increase in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reaching a new all-time high of €1,080 million, compared to
€1,014 million in 2023. - Net Profit after minorities was €615 million vs.
€623 million in 2023. The corresponding Earnings per Share came in at€4.46 from€4.51 in 2023. - Proposed dividend €1.50 per share. It is noted that the final dividend amount will be adjusted upwards, taking into account the treasury shares on the ex-dividend date.
- Net Debt, on an adjusted basis, came in at €1,776 million, excluding non-recourse debt and related cash. Despite the intensive CAPEX program that is in full swing, adjusted Net Debt to EBITDA stood at 1.7x, in line with METLEN's financial policies.
- 11-year breakthrough agreement with Rio Tinto, which is expected to bring dual benefits for the company by enhancing bauxite supply security and ensuring profitability from additional alumina quantities (+400,000 tons annually) under competitive terms with one of the largest companies in the sector globally.
Commenting on the Financial Results, the Chairman and CEO of the Company, Evangelos Mytilineos stated:
"We take great pride in our 2024 strong financial performance as it affirms METLEN's establishment at historically high levels. This confirms that the remarkable growth in our performance of the last few years was not a temporary phenomenon, but simply the warming up of much bigger things to come.
Our new flagship industrial investment in Bauxite, Alumina and Gallium production announced at the beginning of this year, is only the beginning of the third transformative phase, code-named Big 3, which, with the experience of our two transformations since 2017, the massive financial firepower and our realistic but ambitious plans has the goal of doubling the size of the business before 2028, and place us among the elite of big European companies.
Always keeping an eye on our financial discipline and with our usual vision and foresight, we remain committed and dedicated to our continuous value creation for our people everywhere in the world, our upstream and downstream partners, our shareholders and ultimately the society as a whole.
2024 was a landmark year for us where we completed our second major transformation which is now clearly reflected in our performance. Our continued international expansion and consolidation in top markets, combined with our Company's rebranding, heralds a new era for METLEN defined by strategic foresight and operational excellence. Over the past year, we have achieved significant milestones, securing major agreements, completing acquisitions, and further strengthening our position in the Energy and Metals sectors."
1. KEY FINANCIAL FIGURES
Amounts in m. € | 2024 | 2023 | Δ % |
Turnover | 5,683 | 5,492 | 3 % |
EBITDA | 1,080 | 1,014 | 7 % |
EATam | 615 | 623 | -1 % |
EPS* | 4.460 | 4.505 | -1 % |
Margins (%) | Δ(bps) | ||
EBITDA | 19.0 % | 18.5 % | 51 |
EATam | 10.8 % | 11.3 % | -49 |
Turnover amounted to €5,683 million compared to
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by
METLEN achieved, once again, a record-high annual performance, led by the Energy Segment. Specifically, M Renewables (RES in
The Metals Sector, in 2024, generated a new record profitability, in part, due to both the strengthening of the aluminum premia as well as the alumina price (API). Equally vital, were the timely actions taken by the Company's Management regarding the security of favorable LME prices, fully capitalizing on the opportunities presented in the previous period, while showcasing an effective cost control. The latter, following the expiration of the PPC contract and the subsequent electrification of the aluminum plant from Protergia, has become a key driver of the Metal's sector's new profitability record. The above, combined with the key synergies offered by the coexistence of the Energy and Metals sectors, with a prime example being the aluminum's plant capacity to act like a battery, taking advantage of the particularly low energy prices due to oversupply, positioning METLEN among the most competitive aluminum and alumina producers globally; without disregarding the exceptionally high energy cost (in
Despite the tripling of the Company's profitability in the previous years, METLEN's financial performance is expected to continue to strengthen significantly, as the Company continues to steadily grow organically, capitalizing on opportunities offered in all three main pillars of its activity. The above should result in new, significantly higher profitability levels, as strong cash flows will enable the execution of investments. This will not only bolster METLEN's turnover, but also help to maintain the Company's excellent credit profile.
Regarding the construction and concessions activity, the Earnings before Taxes, Interests and Depreciation (EBITDA) amounted to
2. BUSINESS UNITS OPERATIONAL UPDATES
2.1. Energy Sector
Amounts in m. € | 2024 | 2023 | Δ % |
Revenues | 4,572 | 4,425 | 3 % |
EBITDA | 753 | 766 | -2 % |
Margins (%) | Δ(bps) | ||
EBITDA | 16.5 % | 17.3 % | -84 |
Energy Sector reported turnover of €4,572 million, representing
METLEN ENERGY & METALS, through its new dynamic and flexible structure, is able to face current as well as upcoming challenges. Moreover, the Company is strategically positioned at the forefront of the Energy Transition as a leading and integrated energy company, with an international presence in the entire spectrum of the energy sector (Renewables, Energy & Generation Management, Energy Customer Solutions, Integrated Supply & Trading and Power Projects).
RES – METLEN's Global portfolio | Power (GW) |
RES in Operation | 1.4 |
RES Under Construction | 1.4 |
RES RTB & Late stage of Development** | 2.1 |
RES Early Stage of Development | 6.2 |
Total | 11.1 |
*Includes projects of all technologies (photovoltaic, energy storage, wind), excluding the projects in
**Project ready to be Build (RTB) or that will reach RTB stage within the next ~ 6 months
In 2024, METLEN achieved significant results, strengthening its leading position in the Renewable Energy sector and advancing sustainable development through strategic agreements and completed projects on a global scale.
The Company's operational portfolio recorded dynamic expansion, reaching the 1.4GW of installed capacity by the end of the year, surpassing the 1 GW milestone for the first time. Overall, METLEN's global portfolio exceeded the 11.1 GW, marking a total increase of c.0.6 GW compared to the beginning of the year. The portfolio incorporates 4.9GW of operational and mature stage of development projects, as well as 6.2GW of projects in early stages of development.
The global power production from Renewable Sources, in the end of 2024 amounted to 1.6 TWhs, an increase of
In 2024, as part of its growth strategy, METLEN, signed a Cooperation Framework Agreement (CFA) with PPC, for the development and construction of a 2 GW portfolio of solar projects in
Supported by its geographically diversified, self-funded business model, with reduced capital requirements, the successful Asset Rotation Plan allows the Company to consistently drive the growth in profitability of M Renewables, capitalizing on its international experience and network of partners, with operations and presence across more than 20 countries. During 2024 alone, METLEN proceeded to conclude agreements for the sale of photovoltaic (PV) projects (SPAs) with total capacity of c.1GW, in
With regards to METLEN's Greek pipeline, during 2024 commenced the construction of 0.4GW of PV projects, 48MW of energy storage projects (BESS), and 13MW of wind projects. The Greek portfolio utilizes resources from the Recovery and Resilience Facility (RRF).
It is worth noting, that the Renewable Energy Sector, within the energy division, continues to perform strongly, thanks to the collaborative Energy and Metals model and the seamless operation of Energy Management.
In 2024, METLEN saw significant growth in the development, construction, and management of energy storage systems (BESS), both for third parties and own projects, solidifying its position as a leading renewable energy developer. The Company reached a total storage capacity of approximately c.0.7GWh across
Finally, during 2024, new third-party projects with a total capacity of c.1.1GW were contracted in
Greek Market Data
Production per Unit type [TWh] | 2024 | 2023 | Δ% | 2024 | 2023 |
Lignite | 3.2 | 4.5 | -28 % | 6 % | 9 % |
Natural Gas | 21.0 | 15.4 | 36 % | 41 % | 31 % |
Hydros | 3.5 | 4.1 | -14 % | 7 % | 8 % |
RES1 | 24.3 | 20.4 | 20 % | 47 % | 41 % |
Net Imports | -0.3 | 4.9 | -106 % | -1 % | 10 % |
Total | 51.7 | 49.2 | 5.2 % | 100 % | 100 % |
1. Renewable Energy Sources
METLEN Generation (TWhs) | 2024 | 2023 | Δ% |
Thermal Plants | 8.7 | 5.1 | 71 % |
RES | 0.7 | 0.6 | 12 % |
Total | 9.4 | 5.7 | 65 % |
2024 was marked by a significant increase in electricity demand, recording a year-on-year growth of
Production from domestic units was particularly high considering that, in addition to the increase in consumption in the domestic market,
The largest increase, compared to 2023, was noted in electricity generation from natural gas thermal plants, which increased by
With regards to electricity exports, 2025, is expected to mark a turning point for the future of
Total power production in
METLEN – Supply of Energy & Natural Gas | 2024 | 2023 | Δ% |
Market share | 18.5 % | 13.5 % | 37 % |
Regarding the electricity supply activity, Protergia, is steadily strengthening its presence in the retail market, with its market share at the end of 2024 reaching
Moreover, METLEN, beyond the Greek market, has achieved significant penetration in other markets in the Southeast European region, in terms of natural gas supply and trading, as part of the Company's internationalization strategy. METLEN, by maintaining consistently high volumes of natural gas, has become a major regional player in both the Balkans and wider
The benefit of this activity is distributed through METLEN's synergistic model to all the Company's operations. Overall, for 2024, the Company was a leading player in natural gas trading in
Power Projects METLEN | 2024 |
Backlog of contracted projects |
M Power Projects Sector, continuously strengthening its international presence on projects that support the Energy Transition and Sustainable Development goals, currently executing 22 projects in 8 different countries.
At the end of 2024, the backlog of contracted projects amounted to
M Power Projects focuses particularly on the construction and development of critical infrastructures, specializing in electrical network projects, interconnections, Data Centers construction and Power Supply Solutions for Data Centers. With the main priority of ensuring reliable and efficient energy systems, it leverages its expertise to meet the growing demands for robust and reliable energy solutions. Through its commitment to innovation and quality, it plays a key role in promoting, upgrading, and developing the energy infrastructures necessary to strengthen the digital economy.
2.2. Metals Sector
Amounts in m. € | 2024 | 2023 | Δ % |
Revenues | 857 | 942 | -9 % |
EBITDA | 297 | 248 | 19.7 % |
Margins (%) | Δ(bps) | ||
EBITDA | 34.7 % | 26.4 % | 831 |
Total Production Volumes (ktons) | 2024 | 2023 | Δ% |
Alumina | 865 | 869 | -0.4 % |
Primary Aluminium | 182 | 183 | -0.7 % |
Recycled Aluminium | 56 | 56 | 0.0 % |
Total Aluminum Production | 238 | 239 | -0.6 % |
Aluminium & Alumina Prices ($/t) | 2024 | 2023 | Δ% |
3Μ LME | 2,456 | 2,287 | 7.4 % |
Alumina Price Index (API) | 503 | 344 | 46.2 % |
Metals Sector reported turnover of €857 million, representing
The 2024 average aluminium price (3M LME) came in at 2,456$/t, from 2,287$/t in 2023, marking a
Recently, the price of aluminium has stabilized at the
Despite aluminium price fluctuations, the impact of the aluminum billet premia, particularly in the regions where the Company operates (
Alumina price index (API), followed a strong upward trend, rising by nearly
Therefore, the need for greater verticalization in the aluminum market is now seen as imperative, not only for an even more effective cost management, but also for the seamless continuation of the production process, by securing bauxite supply, the raw material for alumina, which in turn becomes aluminum's key input cost.
In this context, METLEN, following Imerys Bauxites acquisition, being one of the largest producers in
With regards to the above, METLEN, yesterday announced a breakthrough agreement with Rio Tinto, which is expected to have a twofold benefit for the company as it enhances its bauxite security of supply, while ensuring future profitability from the incremental alumina quantities (+ 400kt per annum), under competitive terms, with one of the largest companies in the sector globally. This 11-year strategic partnership, bulletproofs new large investment's (announced in January) exceptional returns, while strengthens METLEN's competitive position and deepens the Company's presence in the global alumina market.
METLEN, starting from 2027-28, is expected to increase its bauxite production by more than
The significant comparative advantages offered by the coexistence of the Energy and Metals Segments, combined with the fact that METLEN has managed to secure favorable LME prices, an advantageous €/$ FX rate, are expected to maintain the Company among the most competitive aluminium and alumina producers globally in years to come.
Prospects
At the outset of 2025, the global economic environment remains highly volatile, marked by ongoing geopolitical instability and heightened competition among the world's most powerful nations. Nonetheless, despite these uncertainties and challenges, METLEN's exceptional performance in 2024 provides a solid foundation for achieving our objectives.
METLEN, always committed to competitiveness and optimal cost management, and based on the principles of continuous improvement, is intensifying its efforts by accelerating its digital transformation. The goal is to maintain its resilience, drive growth, reduce costs, and enhance the employee experience.
At the same time, the company aims to leverage digital tools, and the progress already made to maximize the value generated across all its activities. Specifically, over the next five years, the digital transformation plan is expected to enable value creation equivalent to approximately a
In line with its culture of continuous improvement, METLEN designed and launched "Trinity", a new operating and value delivery model through accelerated digital transformation.
Through this new model, which strengthens the collaboration of three core pillars—Business Units, Operational Technology, and IT—the company is creating cross-functional teams that develop innovative technology-enabled solutions tailored to address real business needs and issues.
The digital transformation is supported by investments of approximately ~
Particular emphasis is placed on leveraging Artificial Intelligence, with 12 out of the 45 digital products and platforms currently under development incorporating AI/GenAI technology.
Additionally, the plan is backed by 150+ employees (to date) and a specialized upskilling program that offers targeted learning and development programs, focuses on the enhancement of digital skills and places digital acumen at the heart of performance management initiatives.
The upskilling program, already in place, reaffirming METLEN's commitment to enhance the skills of its workforce, enabling them to drive strategic goals and innovation within the organization.
Further analysis regarding the Company's financial results, prospects, business developments and strategy will be provided by METLEN Management in the scheduled conference call on Thursday 20/2/2025, 17:00 pm.
An extensive presentation of the company's prospects and the large-scale investment program included in the company's 3rd transformation (code-named Big 3) will be presented at the Capital Markets Day (CMD) which will be held in a special room after a relevant invitation at the London Stock Exchange around on 28th of April 2025.
Finally, it is noted that the presentation of the financial results of 2024 is also available in an interactive environment (Metaverse) on the page https://flashnote.metlengroup.com.
You may access the Flash Note presentation here.
METLEN Energy & Metals is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy. The Company is listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of
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