Sparks - Metlen Energy & Metals

Metlen’s trading update for the first nine months of 2024 (9M24) reported continued growth in profitability. EBITDA increased by 6% to €763m, compared with €722m in the corresponding period of 2023. Net profit (post minorities) was up 4% from €462m to €482m and EPS increased by 5% from €3.34 to €3.49. Adjusted net debt (excluding non-recourse debt) was reported at €2.06bn, with adjusted net debt to EBITDA at 2.05x.

Both of Metlen’s major segments reported EBITDA growth, with Energy up 2% to €545m and Metallurgy up 7% to €207m. In its Renewable Energy Sources (RES) segment, operating capacity exceeded 1GW for the first time (1.1GW), with the total portfolio and development pipeline reported at 11GW. Greek electricity demand was up 5% in the first nine months of 2024, with the mix continuing to shift from lignite (down 30%, now representing only 6% of supply) and imports (down 81% to 2% of supply), towards natural gas (up 30% to 38% of supply) and RES (up 18% to 46% of supply). Metlen accounted for 17.3% of supply, compared to 11.7% at the end of September 2023, due to growth in the RES business and the commissioning of a new combined cycle gas turbine plant. Metlen’s thermal power production was up 61% y-o-y.