Metlen Energy & Metals - Strengthening operating margin in H1

Metlen Energy & Metals achieved a record H1 EBITDA of €474m in 2024 (vs €437m in H123), while also increasing its operating margin by 169bp to 19.1% (17.4% at H123). Revenue declined marginally (-1% to €2,482m) but Metlen’s diversified and synergistic business model across the energy and metals sectors is helping to grow its margins and diversity of earnings (towards RES/Utility/Metals and away from volatile natural gas supply). Both net profit after minorities and earnings per share increased by c 5% y-o-y to €282m and €2.04, respectively. Net debt/EBITDA is a comfortable 1.76x and Metlen looks well placed for a potential upgrade to investment grade status by the rating agencies later this year, achieving its goal.