Athens, Greece - May 4, 2023 -MYTILINEOS SA (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) announces its Q1 2023 financial results.
113% increase in Net Profit after minorities to €143 million €67 million in Q1 2022. Earnings per Share came in at €1.04, an increase of 109% compared to the corresponding quarter of the previous year. 72% increase in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) to €225 million, compared to €130 million in the corresponding period of 2022. Turnover increased by 30% to €1,358 million, compared to €1,042 million in Q1 2022. Net Debt, on an adjusted basis, stood at €948 million, excluding €151 million of non-recourse debt. The strong prospects of MYTILINEOS and the significant improvement of its credit profile were also recognized by the international rating agencies such as FITCH, which recently upgraded the Company to "BB+", just one notch away from the investment grade. Notably, despite high Q1 2023 CAPEX, adjusted Net Debt to EBITDA came in at 1.03x, level which refers to Investment grade companies, a credit rating we are aiming to. During Q1 2023, the economic environment remained highly volatile, with energy prices significantly decreasing but with the structural inflation remaining high, maintaining upward pressure on lending rates. The diversified business model, the significant synergies between the Energy and Metallurgy Sectors as well as the international character of MYTILINEOS, 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 Q1 2023 set of results, follows the 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, supporting MYTILINEOS to maintain its growth trajectory by steadily incorporating higher levels of profitability.
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