Mytilineos’ record Q1 data
Mytilineos on Thursday reported its best ever performance in a first quarter, with net profit after minorities soaring 113% to 143 million euros, earnings per share jumping 109% to €1.04 and EBITDA rising 72% to €225 million, while turnover rose 30% to €1.358 billion. Net debt, on an adjusted basis, stood at €948 million.
The strong prospects of Mytilineos and the significant improvement of its credit profile were also recognized by international rating agencies such as Fitch, which recently upgraded the company to BB+, just one notch away from investment grade.
During Q1 2023, the economic environment remained highly volatile, with energy prices significantly decreasing but with structural inflation remaining high, maintaining upward pressure on lending rates. Mytilineos said that its diversified business model, the significant synergies between the energy and metallurgy sectors, as well as its international character are the main drivers behind the company’s growth, against an unstable economic environment and the unprecedented volatility in energy prices over the last couple of years.
The first-quarter results follow the company’s historically high performance of 2022, with the notable strengthening of the energy sector, which is emerging as the main factor of growth.
At the same time, the metallurgy sector, despite the recent decline in aluminium prices, continues to outperform, maintaining high levels of profitability.
