Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Record-high profitability with strong momentum

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Edison Investment Research

Toby Thorrington

Mytilineos - Record-high profitability with strong momentum

Mytilineos achieved record-high profitability in FY21, with a 31% increase in EPS, demonstrating its business model is resilient despite global challenges and providing a platform for even stronger performance in 2022. Q421 EBITDA of €118m outperformed seasonal trends, representing 47% growth versus Q420, driven by very strong performance in the Power & Gas division due to a combination of increased demand for electricity, favourable wind conditions, high efficiency and availability of its plants, along with its ability to source natural gas at very competitive prices. Mytilineos is well funded to support its investment in the energy transition, with financial flexibility of c €1.5bn augmented by strong operating cash flow across all areas of the business. Its annual dividend increased by 10% to €0.42 per share.

31/01/2022 1 EN

Underlying

MYTILINEOS S.A.

Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.

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GRS393503008 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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