MYTILINEOS' growth trajectory enhanced by the synergies between Energy and Metallurgy ATHENS, Greece, April 25, 2024 /CNW/ -- MYTILINEOS Energy & Metals (RIC: MYTr.AT) (Bloomberg: MYTIL.GA) announces its Q1 2024 financial results. 10% increase in Net Profit after minorities to €158 million vs. €143 million in Q1 2023. Earnings per Share came in at €1.141, an increase of 10% compared to the corresponding quarter of the previous year. 12% increase in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) to €252 million, compared to €225 million in the corresponding period of 2023. Turnover stood at €1,143 million, compared to €1,358 million in Q1 2023, a decrease of c. 16% attributed to the consequences of the de-escalation of energy prices. Net Debt, on an adjusted basis, came in at €1,592 million, excluding €607 million of non-recourse debt. Adjusted Net Debt to EBITDA stood at c.1.6x, level on par with investment grade companies. The above have also been reflected in the recent upgrades by FITCH and S&P, with MYTILINEOS Energy & Metals being one notch away from the investment grade level. Following the historically high 2023 performance, MYTILINEOS, in 2024, maintains its strong growth trajectory, responding successfully to a conjuncture of challenges related to the weak pricing environment, the escalating geopolitical tensions, which impacting energy markets, while interest rates remain at the highest levels in recent years. MYTILINEOS' business model remains a key growth lever, based on the powerful synergies derived from the coexistence of the Energy and Metallurgy sectors, as well as MYTILINEOS' ability to implement high-yield investments, while simultaneously maintaining leverage and business risk at relatively low levels. 1.  KEY FINANCIAL FIGURES amounts in m. € Q1 2024 Q1 2023 Δ % Turnover 1,143 1,358 -16 % EBITDA 252 225 12 % EATam 158 143 10 % EPS* 1.141 1.040 10 % Margins (%) Δ(bps) EBITDA 22.1 % 16.5 % 554 EATam 13.8 % 10.6 % 324  *own equity shares adjusted   As expected, turnover was significantly lower (-16%) due to the significant decline in natural gas, electricity and metals' prices. This is the first time since the Group's corporate transformation in 2022 that it has faced serious external headwinds that have literally "tested" the resilience of the synergistic Energy and Metals Model. The results have vindicated this historic transformation: Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) showed a rise, of 12% reaching €252 million, compared to €225 million in the corresponding period of 2023, benefiting from the steady profitability growth of the Energy Sector, and in particular of the RES activity. The above resulted in the substantial strengthening of the EBITDA margin, by ~5.5 percentage points, to 22%, confirming the robustness of MYTILINEOS' business model, which consistently generates high levels of profitability regardless of the energy price levels. Net profit increased to €158m (+10%), which is a record first quarter performance, in terms of profitability. This record performance was primarily driven by RES, supported by both the electricity generation, which has been enhanced by the operation of the new 826MW CCGT, as well as by the consistently robust performance of the Metallurgy Sector. MYTILINEOS, fully utilizing its competitive advantages, has laid the foundations to consolidate its profitability, steadily, at levels above €1 billion while entering a new phase of strong growth. The Energy Sector, driven by M Renewables, managed to increase its profitability in terms of EBITDA by 22% compared to Q1 2023. MYTILINEOS has been also benefited significantly by the energy production activity, and the substantial contribution of the new H-CLASS 826MW in particular, which is the most efficient user of natural gas in the country, thus contributing to MYTILINEOS' increased production compared to the levels of the first quarter of 2023. Despite the significant decrease of premia, when compared to the corresponding levels of 2023, the Metallurgy Sector achieved the record-high profitability levels of Q1 2023. This performance is mainly attributed to the timely actions taken by the Company's Management regarding both securing favorable LME prices, the €/$ exchange rate, as well as  strict cost cotnrol. The above, along with the strategically important synergies provided by the coexistence of the Energy and Metallurgy Sectors, maintains MYTILINEOS among the most competitive aluminum and alumina producers globally. The Company's position is expected to be further enhanced and stabilized in the first quartile of the global cash cost curve, due to the transition to less polluting energy sources as well as the recent acquisition of IMERYS Bauxites, which enhances MYTILINEOS' vertically integrated production model. Regarding the construction activity (including M Concessions), the Earnings before Taxes, Interests and Depreciation (EBITDA) amounted to €3 million in Q1 2024, compared to €5 million in Q1 2023, due to a transitional phase of completion and delivery of certain ongoing major projects and the commencement of new projects in an early stage. Today, the backlog of infrastructure projects in progress exceeds €1 billion when including projects in an advanced stage of contracting (only including the percentage of METKA ATE related to joint ventures). The prospects for the construction industry in Greece are particularly positive, especially for concession and PPP projects, in which, the Infrastructure Sector, aspires to play a leading role, starting in 2024 where we expect the first impact from the consolidation of our 100% construction subsidiary METKA ATE. 2.  BUSINESS UNITS OPERATIONAL UPDATES 2.1.   Energy Sector  amounts in m. € Q1 2024 Q1 2023 Δ % Revenues 904 1,112 -19 % EBITDA 184 150 22 % Margins (%)