METLEN achieved strong financial performance in 2024, with earnings before taxes, interest, depreciation and amortization (EBITDA) at historic highs and turnover recording a 3% increase.
According to the announcement, turnover amounted to 5,683 million euros compared to 5,492 million euros in 2023, recording a 3% increase, despite the significant de-escalation of energy prices (DAM electricity: -25%, natural gas -16%).
Earnings before taxes, interest, depreciation and amortization (EBITDA) rose 7% to 1.080 billion euros compared to 1.014 billion euros in the previous year, benefiting from both the Company’s main pillars, the Renewable Energy Sources (RES) and Greek Utility activities in the Energy Sector and the Metals Sector, which continues to have a consistently strong contribution.
METLEN achieved once again historically highest performance in terms of annual levels, led by the Energy Sector. Specifically, M Renewables (RES in Greece and abroad )saw, for another year, its profitability increase significantly (~45%) compared to 2023, with the solid support of a geographically diversified, self-financing business model, with reduced requirements in terms of capital expenditures. This is also the comparative advantage of M Renewables compared to other, traditional renewable energy producers. At the same time, in 2024 there was a substantial strengthening of the Greek Utility, the integrated energy provider of the new era, which, in terms of market share, approached 20% at the end of the year in both the production and supply of electricity, leveraging their vertically integrated presence in the Energy Sector.
The Metals Sector, in 2024, recorded a new historical record of profitability, as a result of both the strengthening of aluminum premia and the API price of Alumina. Equally crucial to achieving this year’s performance was the timely undertaking of actions by the Company’s Management regarding both securing favorable LME prices, making the most of the opportunities provided in the previous period, and strict cost control. The latter, following the expiration of the contract with PPC and the full takeover of the aluminum plant’s electrification by Protergia, is a key pillar in achieving a new historical record of profitability for the Metals Sector.
The above, in combination with the crucial synergies offered by the coexistence of the Energy and Metals Sectors, such as the ability of the aluminum factory, in a battery-like manner, to exploit the particularly low energy prices that arise due to oversupply at specific times of the day, maintain the Company among the most competitive aluminum and alumina producers worldwide, without of course ignoring the unrealistic cost of energy (on a European basis) and the difficulties it causes in production activity.
