Mytilineos reported its highest quarterly profitability performance in its history, led by energy sector. Third quarter numbers came in above street’s expectations. 

Profits rose 33% y-o-y in the third quarter, to 193 million euros. Nine-month profits stood at 462 million euros, up 48%. 

Earnings before interest, tax, depreciation and amortisation increased 19% y-o-y in the third quarter to 285 million euros. 

However, sales fell 35% in the third quarter and 11% in the nine months, mainly due to the significant de-escalation of energy and metal prices.

Net Debt, on an adjusted basis, came in at 1.37 billion euros, excluding 231 million euros of non-recourse debt. Adjusted Net Debt to EBITDA stood at 1.37x, level on par with or better than investment grade companies.