Metlen Energy & Metals S A : Flash Note - Financial Results First Half 2024

Flash Note H1 2024

25.07.2024

FlashNote

Integrated Financial

25.07.24

& non-Financial Results H1 2024

-30%	Net
reduction	Zero
in CO2e	By 2050
By 2030

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Contents

01. Chairman's Message | 04-05

02. Key Highlights | 06 -09

03. Calendar of Events | 10-12

04. ESG Performance | 13-15

05. Key Financial Figures | 16-25

06. Sectors| 26-38

07. Risks-Subsequent Events | 39-41

O1

Chairman's

Message

01. Chairman's Message

5

Evangelos Mytilineos

H1 2024 strong financial performance, confirms the establishment of METLEN in the historically high levels of performance achieved post the 2022 corporate

transformation.

During a year of significant challenges, in an environment of high interest rates and intense geopolitical instability,

METLEN's business model, which incorporates, at its core,

the vital synergies of the Energy and Metal Sectors, demonstrates once again the required resilience, allowing us to be optimistic about achieving the ambitious business targets we have set for the entire year

O2

Key

Highlights

Financial Results Η1 2024

Record-high H1 Net Profits 7

coupled with robust profitability margins"

EPS

€2.04/sh

5% ΥοΥ

H1 2024 performance, sets new, even

higher levels of profitability

Liquidity

€2.6bn

4% ΥοΥ

Comprising c.€0.7bn Cash and c.€1.9bn Committed Credit lines

to fund Growth

Net Profit

€282m

5% ΥοΥ

Record-highH1 performance coupled

with robust profitability margins

Leverage / Net Debt

1.76x* / €1,774m*

Despite continuous CAPEX spending, Leverage remains well-undercontrol, due to strong Cash Flow generation

*adjusted for non-recourse net debt

EBITDA

€474m

8% ΥοΥ

2024 profitability weighted

towards H2

2023 Dividend

€1.55/sh*

Strong track-record

*adjusted for own shares on the ex- dividend date

02. Key Highlights

Financial KPIs

Realizing new, higher levels of profitability

New level of profitability comes >200% higher vs 2020 levels

		New EBITDA profile post-
		2023 (> 200% higher)
Typical, pre-	2021-22 performance
2021, EBITDA
continuously breaking
profile
historic seasonality	576

					530
						437		474
				293				c.+227%
	170		204
145	156
H1 20	H2 20	H1 21	H2 21	H1 22	H2 22	H1 23	H2 23	H1 24
2020	2021	2022	2023	2024

Source: Company

Current, new level of Metlen's profitability, indicates that seasonality pattern returns back to normal (pre-2021 level), though at much higher levels (c.227%). H1 2024 EBITDA, based on previous years profitability split pattern among semesters, indicates a 2024 EBITDA pace of c.€1.1bn.

8

Organic growth generates high returns on capital"

ROIC, ROME & Net Economic Value Added (Net EVA %)

Robust value generation sourced mainly from Organic Growth

5										25.0%
4.5							22.3%
4										20.0%
3.5							16.8%
									15.0%
							13.6%	12.3%
3							13.2%
	10.4%
2.5	8.3%	10.1%					10.6%	10.7% 10.0%
			7.8%
	9.4%
2		7.7%	7.9%
4.8%	2.2%				3.6%			5.0%
1.5		4.0%
	4.1%						3.6%
1	-2.2%											0.0%
0.5							3.41	4,50		2.04
	0.29	1.01		0.91	1.19
0									-5.0%
	Pre-merger	2019	2020	2021		2022	2023	Η1 2024
	Source: Company			EPS	ROME			ROIC	EVA

Growing Organically by employing significant capital at high rates of return. The compounding effect of high ROIC produces strong long-termShareholder value and proves the quality of the

management team.

02. Key Highlights

Financial KPIs

Business Model's resilience

H1 2024 Profitability further improved despite lower energy and metal prices

9

Structural growth driven by

Metlen's fundamentals"

Leverage Ratio (Net debt/EBITDA)

Low Leverage during aggressive CAPEX spending period

€m							€/MWh
350							140
300						322	120
				303
250							100
200	159					80
150	158				60
					142
			137
100			135		40
50	77 79					20
0								0
H1 2021	H1 2022		H1 2023	H1 2024
			Metals EBITDA		Energy EBITDA	TTF

Source: Company

During H1 2024, Metlen achieved a new, record performance despite further price normalization in its principal end markets, energy and aluminum. That is the result of Metlen's strongly synergistic business model's resilience, further supported by the evolvement to a "Greener", more sustainable future as well as the adoption of a leaner organizational structure.

			2.2x						2.2x
						1.9x
	1.7x
					0.9x
	2020	2021	2022	2023	H1 2024

Source: Company

Profit distribution (final dividend payments, €/share)

Consistent dividend policy (c.35% of Net Profits)

c. €400m of dividends distributed the last two years alone

1.55

1.24

0.32 0.36 0.36 0.38 0.43

Despite continuous CAPEX spending, Leverage remains

well-under control around the 2x level, due to strong Cash

Flow generation

Metlen remains committed to distribute c. 35% of its earnings.

2023 dividend payment represents the 7th consecutive dividend since the 2017 merger, which in turn further enhances Metlen's proven track record of consistent and sustainable dividends.

2017

2018

2019

2020

2021

2022

2023

Source: Company

O3

Calendar

Events