Metlen Energy & Metals Plc · LSE:MTLN
Metlen Energy & Metals — Investor Presentation (October 2024)
36 slides from Metlen Energy & Metals's investor presentation, October 2024
Slide 1: Corporate Presentation Q4 2024
Corporate Presentation Q4 2024
Slide 2: Disclaimer
Disclaimer Forward Looking Statements The information contained in this corporate presentation (CP) has been prepared by Metlen Energy & Metals (the Certain statements in the CP are forward-looking. Such information is given only as of this date and the Company is Company). It is based on historical
Slide 3: Introduction to Metlen
Wy 01 Introduction to Metlen
Slide 4: Metlen at a Glance
Metlen at a Glance ▪ Leading industrial company with internationally diverse activities in Energy & Metals, FY2023 operating via a unique synergetic business model €5,492 m Revenue $6,041 m* ▪ “MYTILINEOS” was initially listed on the Athens Stock Exchange (ASE) in 1995 €1,014 m EBITDA Global Presenc
Slide 5: Business Structure: Metlen - Energy & Metals
Business Structure: Metlen - Energy & Metals METKA S.A. Subsidiaries METKA S.A. Construction and general The new, leaner, organizational structure with two main, complementary pillars, further enhances METLEN contracting Metlen’s synergistic business model Energy & Metals M Concessions Concessions a
Slide 6: Key Operational Highlights
Key Operational Highlights Greek Utility – balanced between Generation & Supply Global RES portfolio H1 2024 Electricity Supply H1 2024 Thermal Capacity Power Production c.17% Total Power Projects c.14GW 5.7 TWh c.2.0GW backlog …of which c.1GW in >17% of the Greek power generation the most efficient
Slide 7: Consistent Value Growth
Consistent Value Growth The Metlen business model Metlen’s valuation evolution 40 Numbers in € 30 Synergistic business model 36.7 35.4 30 Operational excellence 19.7 18.0 20 14.9 15.9 11.7 20 13.9 11.3 12,2 Strong track-record of organic growth 8.4 12.9 12.7 15.1 20.3 10 10 9.5 11.9 7,9 7.2 9.8 8.2
Slide 8: Metlen's Credit Profile
Melten’s Credit Profile 8.00 MYTIL 2 ¼ 10/30/26 €500m €500m €500m 7.00 6.00 MYTIL 2 ½ 12/01/24 2024 Notes 2026 Notes 2030 Notes 5.00 MYTIL 4 07/10/30 3.9% 4.00 3.8% 3.00 3.4% Maturity 1 Dec. 2024 30 Oct. 2026 10 Jul. 2030 2.00 1.00 Coupon 2.50% 2.25% 4.00% Mid Yield to Maturity 0.00 Rating* BB+/BB+
Slide 9: YTD 2024 Factsheet
YTD 2024 Factsheet H1 2024 results’ overview EPS EBITDA Leverage/ Net Market Cap ADTV 2023 Dividend 75% Energy Revenue Debt €1.55 /share €2.04 €474m 25% Metals €4.8 bn. c.$10m 5% ΥοΥ 8% ΥοΥ €2,482m 1.76x/1.8b* 3rd largest in ASE most liquid stock in +25% * excl. non-recourse debt ex-financials ASE e
Slide 10: FY 2023 Factsheet
FY 2023 Factsheet «2023 was a milestone year for Metlen as the EBITDA level profitability surpassed the €1 billion mark, for the first time in the company’s history, confirming in the most convincing way the resilience of Metlen’s business model against the ever-changing market dynamics» EPS EBITDA
Slide 11: Investment Highlights
Wy 02 Investment Highlights
Slide 12: Key Investment Thesis
Key Investment Thesis Metlen operates a diversified business model with Global presence Naturally Hedged, Business Model combining Value & Growth Strong financial profile with high profitability, low leverage, prudent financial policy and proven resilience through the cycle Vertically Integrated Bus
Slide 13: Highly Successful Industrial and Energy Group with Diversified Business Mix
Highly Successful Industrial and Energy Group with Diversified Business Mix Historic EBITDA evolution (€m) New record semi-annual 6% profitability in 2024 despite 4% M Renewables global economic turmoil; Metals Energy Metals Energy M Energy Generation & Management certifies Metlen’s transition to a
Slide 14: Metlen Operates a Robust Synergistic Business Model
Metlen Operates a Robust Synergistic Business Model Largest private Greek utility; Fully vertically Naturally hedged between Integrated, low-cost, Power Generation and Supply Metals Business Model • Aluminium serves as a base load customer strengthening Metlen’s position in • Energy segment (NG supp
Slide 15: Optimized Asset Base with Low and Competitive Cost Structure
Optimized Asset Base with Low and Competitive Cost Structure One of the lowest cost producers of Aluminium and Alumina, globally 3,000 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile Q2 24 Q2 24 Q2 24 Q2 24 2024 Protergia 2,500 assumed Aluminium 50th percentile smelter’s electricity METLEN Alumi
Slide 16: Sectors: Record H1 Performance
06. Sectors Sectors Record H1 performance, Despite Soft Pricing Environment Metlen: semi-Annual EBITDA (€m) • Record H1 performance, driven by robust Renewables and Power Generation profitability, 700 as well as consistently strong performance of the Metals’ Sector. 576 600 530 • Diversified busines
Slide 17: Financial Overview
03 Financial Overview
Slide 18: Financial Results H1 2024
Record-high H1 Net Profits Financial Results Η1 2024 coupled with robust profitability margins” EPS Net Profit EBITDA €2.04/sh €282m €474m 5% ΥοΥ 8% ΥοΥ 5% ΥοΥ H1 2024 performance, sets new, even Record-high H1 performance coupled 2024 profitability weighted higher levels of profitability with robus
Slide 19: Income Statement
Income Statement (unaudited) ON CONSOLIDATED BASIS Metlen Energy & Metals (Amounts in mn. €) 1/1-30/06/2024 1/1-30/06/2023 Δ% 1/1-30/06/2024 1/1-30/06/2023 Δ% Sales 2,482 2,516 (1)% 1,596 2,000 (20)% EBITDA 474 437 8% 243 322 (24)% Depreciation (77) (51) 50% (41) (30) 37% Financial results (51) (42)
Slide 20: Financial discipline ensures growth & resilience through the cycle
Financial discipline ensures growth & resilience through the cycle Disciplined approach to leverage Net debt (€mm) 618 568 390 421 535 803 716 1,453* 1,744* 7,000 3 6,306 6,000 2.8 5,492 2.2 5,000 1.9 1.7 2 Maintenance capex: 4,000 1.76* €50 - 70m p.a. 1.4 1.3 1.5* 3,000 2,664 0.9 2,482 2,256 1,051
Slide 21: ESG - ERM Performance
Wy 04 ESG - ERM Perfomance
Slide 22: Evolution of Green EBITDA
04. ESG Performance Evolution of “Green” EBITDA 54% Metlen is moving towards a new, greener, low-emission era of 160 142 profitability, driven mainly by the strong growth prospects of 140 Renewable Energy Sources, as well as the “greening” of Aluminium production. 92% 120 92 In addition, the contrib
Slide 23: ESG Performance (H1 2024)
04. ESG Performance ESG Performance (H1 2024) ESG Performance ESG Distinctions Key Κλίμακα ✓ Metlen joined, for the 1st time the LEADERS group H1 2023 H1 2024 Y-Y ESG Raters (high – low) of the MSCI ESG Ratings Index, achieving an excellent ESG performance of “AA”. 100 - 0 60 66 ✓ Metlen is the only
Slide 24: Appendix – Sectors H1 2024 Business Overview
05 Appendix – Sectors H1 2024 Business Overview
Slide 25: Key Financial Figures: Segments
05. Key Financial Figures Flash Note Segments* Comparative Advantages 1,988 1,994 ENERGY 480 METALS Metlen focus on growing RES asset base, 412 with portfolio capacity at c.11GW Sole vertically integrated Alumina and Aluminium producer in South-Eastern Leading independent power producer and Europe s
Slide 26: Key Operational Highlights H1 2024
Key Operational Highlights H1 2024 H1 2024 H1 2024 H1 2024 Global RES portfolio Power Production Thermal Capacity Total Power Projects 4.2 TWh c.2.0 GW pipeline c.10.6 GW vs. 2.4 TWh in H1 2023 the most efficient thermal fleet in Greece c.€1.8bn …of which c.5GW in Operation, under construction and m
Slide 27: Energy
06. Sectors Energy SALES EBITDA Sales EBITDA EBITDA Margin 1,988 1,994 (amounts in million €) Η1 2024 Η1 2023 Η1 2024 Η1 2023 Η1 2024 Η1 2023 M Renewables 623 257 143 89 23.0% 34.5% M Energy Generation & Management 379 290 91 50 24.0% 17.2% 322 M Energy Customer Solutions 513 644 58 55 11.3% 8.5% 30
Slide 28: M Renewables
06. Sectors M Renewables Global RES portfolio of c.11GW supports M Renewables growth profile M Renewables maintains its strong growth outlook as it continues to expand into new markets. Metlen currently operates 0.9GW of RES globally. Total under-construction RES projects currently Ambitious targets
Slide 29: M Renewables Global RES Portfolio
06. Sectors Global RES Portfolio MW Μ Renewables In Operation Australia 946 377 New deals-flow offer profitability visibility to Metlen’s Asset Rotation Model Chile 195 Greece 287 Italy 8 Romania 26 Total capacity of the Operational and Mature Global portfolio of M Renewables, which is dynamically e
Slide 30: M Energy Generation & Management
06. Sectors M Energy Generation & Management Greek energy demand increases 4% year-on-year H1 2024 was marked by a significant increase in electricity demand, recording a 4% YoY growth. Following a sharp increase of the wholesale market prices in 2022, that The largest increase, compared to the corr
Slide 31: M Energy Generation & Management
06. Sectors M Energy Generation & Management New, highly efficient, CCGT, boosts Metlen’s power production in Greece Metlen continues to significantly benefit from the high efficiency of its The new CCGT production in H1 2024, exceeded the Power production from Metlen’s thermal and RES power generat
Slide 32: Supply (M Energy Customer Solutions & M Integrated Supply & Trading)
06. Sectors Supply (M Energy Customer Solutions & M Integrated Supply & Trading) Metlen targets >25% of the Greek Electricity supply market, while being a major Natural Gas player in the wider South-Eastern Europe METLEN, has become a major regional player in the supply and trading of natural gas in
Slide 33: M Power Projects
06. Sectors M Power Projects Executing 35 projects in 11 different countries Following the recent restructuring, M Power Projects (MPP) continuously strengthening its international presence on M Power Projects, is leveraging on its reputation as a projects that support the Energy Transition and Sust
Slide 34: Metals
06. Sectors Flash Note Metals SALES EBITDA 480 412 Sales EBITDA EBITDA Margin (amounts in million €) H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 142 135 Alumina 84 94 30 18 35.7% 19.1% Aluminum 313 361 108 106 34.5% 29.3% Other* 14 25 4 12 28.0% 50.4% Total 412 480 142 135 34.5% 28.4% Η1 2024 Η1
Slide 35: Metals
06. Sectors Metals Alumina Refinery and Aluminium Smelter positioned competitively in the global cost curve, whilst constantly enhancing their Green credentials H1 2024 record half-year profitability performance, is driven by both proactive management actions as Demand for Green aluminium is expecte
Slide 36: Thank you
Thank you
Metlen Energy & Metals — Investor Presentation (October 2024) on 6ix