REG - Metlen Energy&Metals - Financial Results for year ended 31 December 2025
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RNS Number : 7170Z Metlen Energy & Metals PLC 09 April 2026
METLEN ENERGY & METALS PLC
("METLEN", OR "THE COMPANY")
Financial Results
for the year ended 31 December 2025
METLEN Energy & Metals PLC (LSE Listing: MTLN, RIC: MTLN.L, Bloomberg:
MTLN.LN | Athens Listing: MTLN, RIC: MTLNr.AT, Bloomberg: MTLN.GA, ADR: MYTHY
US) today announces the FY 2025 results.
ü Revenue rose to €7,107 million, up 25% from €5,683 million in 2024,
reflecting METLEN's strong growth momentum.
ü Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
amounted to €753 million, compared to €1,080 million in 2024, primarily
reflecting the impact of losses in the M Power Projects (MPP) sub-sector (now
part of Renewables, Storage & Energy Transition - MRES ET)
ü Net profit after minorities stood at €314 million, compared to €615
million in 2024, with Earnings per Share (EPS) at €2.20 versus €4.46 in
the prior year.
ü Proposed dividend of €1.00 per share
ü In August 2025, METLEN was admitted to trading on the London Stock
Exchange and subsequently included in the FTSE 100 and MSCI UK Indexes,
marking a significant milestone that underscores its sustained growth, strong
investor confidence, and enhanced international capital markets presence.
Commenting on the Financial Results Evangelos Mytilineos, Executive Chairman,
stated:
"2025 was marked by geopolitical uncertainty, trade tensions and volatility in
global energy and metals markets.
For METLEN, 2025, was a historic year, as the Company was listed on the London
Stock Exchange and subsequently included in the FTSE 100 and MSCI UK Indexes,
marking the beginning of a new chapter focused on growth, international
expansion and enhanced access to global capital markets. This was followed by
a new corporate transformation - the third in less than a decade - reflecting
the continued evolution of our business.
Despite this challenging and fluid operating environment, as well as the
pressures faced within the MPP sub-sector, METLEN delivered a strong
performance across its core Sectors.
The strategic investments presented at our April 2025 Capital Markets Day
(CMD) are progressing as planned. Alongside our established activities, we are
further strengthening our growth profile through new strategic pillars,
including Critical Metals- such as gallium - Circular Metallurgy, and the
scaling up of our defence business, all of which are expected to strengthen
the synergies across our businesses and support the delivery of our
medium-term strategic and financial objectives.
METLEN operates in a dynamic global environment where geopolitical
developments and market volatility could influence a company's performance.
Periods of heightened uncertainty, including potential conflicts in key
energy-producing regions such as the Persian Gulf, typically increase
volatility in energy and commodity markets, creating both risks and upside
potential for well-managed companies. METLEN's diversified portfolio,
disciplined risk management framework, and active hedging strategies are
designed to mitigate downside risks while enabling METLEN to capitalize on
favorable market conditions. During such periods, stronger commodity prices
and enhanced trading conditions can support revenue growth across both the
energy and metals sectors."
1. KEY FINANCIAL FIGURES
Amounts in m. € 2025 2024 Δ %
Revenue 7,107 5,683 25%
EBITDA(1) 753 1,080 -30%
EATam(1,2) 314 615 -49%
EPS 2.20 4.46 -51%
Margins (%) Δ(bps)
EBITDA 10.6% 19.0% -843
EATam 4.3% 10.8% -640
1. non-GAAP/Alternative Performance Measures (APM)
2. Earnings after Tax after minorities
Revenue reached €7,107 million in 2025, up 25% from €5,683 million in
2024, primarily fuelled by a record performance of M Renewables sector and
more than a twofold increase in the top line of the Infrastructure and
Concessions sector.
EBITDA declined by 30% to €753 million, compared to €1,080 million in
2024, despite the strong performance of the core business which continues to
demonstrate robust growth momentum. The decrease in EBITDA reflects previously
stated project execution-related losses, mainly associated with the Protos
project in the UK, which resulted in cost overruns and schedule delays.
METLEN performed a comprehensive review of all MPP projects and has booked
losses for cost overruns to date as well as projected cost overruns and
potential claims that may arise in the future through METLEN's contractual
obligations.
In line with its track-record of safeguarding shareholder interests, METLEN
successfully completed the irrevocable partial monetisation of a legal claim
in 2025 for €130 million. METLEN holds a number of similar legal claims
arising from its ordinary operations and may monetise part of these claims
while retaining the upside upon final resolution. Gains from the sale of such
claims are recognised in Other Operating Income.
Adjusting for significant unexpected project losses and partial monetization
of claims, the EBITDA of METLEN would have exceeded €1 billion.
M Renewables, Storage and Energy Transition Platform (M RES ET) recorded a
c.78% year-on-year decline in profitability due to the aforementioned MPP -
related losses. Renewables (Greece and internationally) continued its strong
growth trajectory, with profitability increasing by approximately 45%
year-on-year (following a similar increase in 2024 versus 2023). This
sustained growth is expected to continue, supported by a capital-efficient,
self-funded business model and a geographically diversified portfolio, which
together provide a competitive advantage over more traditional renewable
energy operators.
Fully Integrated Energy Utility (comprising of energy generation, electricity
& natural gas supply) delivered another solid performance, broadly in line
with 2024, further reinforcing its position as a leading integrated energy
provider in Greece. METLEN continued to strengthen its presence across both
generation and supply. By year-end, METLEN's electricity supply market share
exceeded 21% in Greece, while its generation accounted for approximately 19%
of total Greek production, benefiting from the strategic advantages of
vertical integration within the Energy Sector. Growth in supply market share
was supported by competitive pricing, underpinned by the operation of Greece's
most efficient thermal fleet, with business margins consistently maintained
above 20%.
Metals Sector profitability was constrained by higher electricity costs, which
weighed on margins. METLEN is transitioning to a greener, progressively
lower-cost electricity mix, supported by both its own and third-party
renewable energy production, further enhancing its cost structure. Increasing
renewable energy penetration in METLEN's electricity mix is expected to
deliver structurally lower and more stable costs, materially reducing exposure
to energy price volatility. This performance will be further enhanced by the
strategic synergies between METLEN's Energy and Metals Sectors. Particularly,
the aluminium plant operates as a "virtual battery," taking advantage of
periods of low electricity prices driven by market oversupply. These
operational and strategic advantages position METLEN among the most
competitive aluminium producers globally, despite the persistently high energy
costs in Europe and the associated production challenges.
Infrastructure and Concessions Sector, EBITDA doubled to €100 million, up
from €50 million in 2024, reflecting strong execution and increased
activity. The backlog of contracted and near-award projects is approaching
€2 billion, providing clear visibility on future revenues. The outlook for
the Greek construction sector remains highly favourable, underpinned by robust
momentum across public and private infrastructure projects, as well as
concession schemes.
2. SECTORAL OPERATIONAL UPDATES
2.1. Energy Sector
Energy Sector's split Revenues EBITDA Margin
amounts in m. € 2025 2024 2025 2024 2025 2024
Fully Integrated Energy Utility 3,911 3,305 357 365 9.1% 11.0%
Renewables, Storage & Energy Transition Platform 2,274 1,802 86 388 3.8% 21.5%
Intrasector (552) (535) - - - -
Total 5,633 4,572 443 753 7.8% 16.5%
Energy Sector reported revenue of €5,633 million, representing 79% of
METLEN's total revenue and increasing by 23% compared to the previous year.
EBITDA stood at €443 million, 41% lower vs. 2024.
METLEN, through its new dynamic and flexible structure, is well positioned to
face current as well as upcoming challenges. Moreover, METLEN is strategically
positioned at the forefront of Energy Transition as a leading and integrated
energy company, with an international presence in the entire spectrum of the
energy sector (Renewables, Energy Generation as well as electricity and
natural gas supply).
METLEN stands as the largest independent fully integrated utility in Greece,
leveraging its robust presence to expand across Southeast Europe. METLEN is
benefiting from a diversified energy platform combining efficient thermal
generation, renewable assets, energy trading, and downstream supply
activities. This integrated model allows METLEN to capture value across the
electricity value chain while maintaining flexibility in a volatile power
market.
2.1.1. Renewables, Storage & Energy Transition Platform
Amounts in m. € 2025 2024 Δ %
Revenues 2,274 1,802 26%
EBITDA 86 388 -78%
Margins (%) Δ(bps)
EBITDA 3.8% 21.5% -1,774
Renewables Storage & Energy Transition Platform generated Revenue of
€2,274 million, representing 32% of METLEN's total revenue. EBITDA came in
at €86 million. The notable decline year-on-year, despite robust performance
from M Renewables (now part of Renewables, Storage & Energy Transition
Platform), reflects the impact of losses incurred in the Engineering,
Procurement, and Construction -EPC (former MPP sub-sector) of the Renewables
Storage & Energy Transition Platform.
RES - METLEN's Global portfolio Power (GW)(1)
RES in Operation 1.3
RES Under Construction 1.2
RES RTB & Late stage of Development(2) 3.9
RES Early Stage of Development 5.5
Total 11.9
1. Includes projects of all technologies (photovoltaic, energy
storage, wind), excluding the projects in Canada and projects that are
included in the PV deal with PPC
2. Project Ready to Built (RTB) or that will reach RTB stage within
the next ~ 6 months
RES Electricity Generation 2025 2024 Δ %
(amounts in ΤWh)
Internationally 0.7 0.9 -19%
Greece 0.7 0.7 4%
Total 1.4 1.6 -9%
Asset Rotation Plan Sales 2025 2024 Δ %
(amounts in GW) 1.5 1.0 51%
METLEN's operational portfolio reached 1.3GW by year-end 2025. Overall, the
global portfolio reached 11.9GW, up ~7% versus the start of the year.
In 2025, global electricity generation from RES totaled 1.4TWh, comprising
0.7TWh from domestic (Greek) assets and 0.7TWh from international operations.
International RES output declined as a result of the sale of Chilean assets
during the year. The results highlight METLEN's continued acceleration in
renewable energy growth and its expanding global presence.
METLEN leveraged its diversified global footprint and Asset Rotation Plan to
further enhance the profitability of its Renewables, Storage & Energy
Transition Platform, drawing on expertise and strategic partnerships in over
20 countries while optimizing financing. In 2025, METLEN executed SPAs
totaling 1.5GW, including 0.6GW of PV projects combined with 1.6GWh Battery
Energy Storage System (BESS) in Chile, 42MW in South Korea, and 0.9GW across
Europe. A 283MW UK solar portfolio was negotiated in 2025 and closed in Q1
2026.
METLEN also secured long-term PPAs in Europe and Latin America: over 250GWh
annually in Italy and the UK, and a 15-year BESS PPA in Chile delivering
450GWh p.a. from Q2 2026, backed by 322MW of BESS - demonstrating METLEN's
integrated renewable generation and energy storage capabilities.
METLEN accelerated the development, construction, and management of BESS and
hybrid projects in 2025, serving both third-party clients and its own
portfolio. Pipeline continues to grow across Bulgaria, Greece, Chile, Italy,
Spain, and Romania, with additional third-party BESS projects totaling 0.7GWh
in the final contracting stage.
A major milestone was the Q1 2026 Joint Venture Agreement with PPC Group to
develop, construct, and operate BESS projects totaling up to 1,500 MW / 3,000
MWh in Romania, Bulgaria, and Italy, strengthening METLEN's European storage
footprint.
With regards to the 3rd-party EPC activities during 2025, new agreements cover
solar projects of c.1.2GW, Hybrid projects of c.0.5GW/1.5GWh and BESS projects
of c.1.0GWh across Greece, Chile, Bulgaria, Ireland, New Zealand, and the UK.
Within 2025 METLEN, had under construction solar projects of c.2.2 GW, Hybrid
projects of c.0.5 GW / c.1.5 GWh & BESS projects of c.2.4 GWh.
The former MPP sub-sector was integrated into the Renewables, Storage &
Energy Transition platform in Q4 2025. Project execution challenges
principally affecting three projects in the UK and Poland -most notably the
Protos projects in the UK- led to significant cost overruns. The group
implemented enhanced controls in this area following the listing on LSE.
All affected projects remain on track for commissioning in 2026 under revised
timelines. METLEN has conducted a comprehensive review of all MPP and has
identified no other significant cost overruns to date.
METLEN has since taken a series of targeted actions to materially strengthen
execution oversight and financial control. These include enhanced accounting
procedures to enable earlier identification of cost deviations, revised
project budgeting disciplines, and a significantly higher cadence of project
reforecasting and management review.
2.1.2. Fully Integrated Utility
Amounts in m. € 2025 2024 Δ %
Revenues 3,911 3,305 18%
EBITDA 357 365 -2%
Margins (%) Δ(bps)
EBITDA 9.1% 11.0% -193
Fully Integrated Utility revenue rose 18% year-on-year to €3,911 million
(55% of total), driven by higher electricity supply market share. EBITDA fell
slightly to €357 million, down 2% versus €365 million in 2024, due to
METLEN's electricity pricing strategy to expand market share, partially offset
by strong performance from power generation and natural gas supply.
Greek Market Data
Production per Unit type TWh 2025 2024 Δ% 2025 2024
% of mix
% of mix
Lignite 2.7 3.2 -16% 5% 6%
Natural Gas 22.9 21.0 9% 45% 41%
Hydros 3.4 3.5 -3% 7% 7%
RES(1) 25.3 24.3 4% 49% 47%
Total Production 54.3 52.1 4% 106% 101%
Net Imports/(Exports) (3.0) (0.3) - -6% -1%
Total Demand 51.3 51.8 -1% 100% 100%
( 1)Renewable Energy Sources
METLEN (Greek) Generation (TWhs) 2025 2024 Δ%
Thermal Plants (three CCGTs and CHP) 9.0 8.7 3%
RES 0.7 0.7 4%
Total 9.7 9.4 3%
2025 was marked by a 4% increase in domestic electricity production,
supported- for the first time since the early 2000s-by meaningful electricity
exports, which reached 3 TWh (c.6% of total Greek demand), compared to just
0.3 TWh in 2024. This further strengthens the consolidation of Greece's
position as a net electricity exporter, reflecting improved system adequacy,
enhanced export capacity, and increased interconnection utilization. The trend
builds on the structural shift that began in the second half of 2024,
supported by favorable regional market dynamics, signifying the strong
foundations of the Greek electricity system.
The increase in generation was primarily met by natural gas-fired plants, with
output rising 9% year-on-year, followed by renewables, which grew by 4%,
offsetting reduced contributions from hydro and lignite, the latter continuing
its structural decline. In terms of the generation mix, renewables accounted
for 49% of total demand (up from 47% in 2024), while natural gas increased to
45% (from 41%), further underscoring the system's transition toward cleaner
and more flexible generation sources.
Against this backdrop, METLEN's total power generation in Greece reached 9.7
TWh in 2025, up 3% year-on-year, representing 18.8% of total demand (from
18.2% in 2024), supported by both thermal and renewable assets. In 2025,
METLEN delivered 7.8 TWh of output from its three CCGTs, continuing to achieve
robust generation margins in excess of 20%, marking another year of strong
operational performance.
METLEN's flexible and technologically diversified portfolio, anchored by the
most efficient thermal fleet in Greece and a continuously expanding renewables
base, enables METLEN to optimize dynamically between generation and trading
opportunities. Looking ahead, METLEN is well positioned to benefit from
Greece's strengthening export profile and rising electricity demand, driven by
electrification and data center growth. Its ability to secure competitive
natural gas sourcing through established partnerships further reinforces its
competitive positioning.
METLEN - Electricity Supply in Greece 2025 2024 Δ%
Meters (No of Clients) 677k 580k 17%
Market share 21.4% 18.2% 18%
ΤWh 10.1 8.9 14%
METLEN - Natural Gas Supply in Greece 2025 2024 Δ%
Meters (No of Clients) 70k 54k 30%
Market share 17% 14% 24%
ΤWh 2.5 2.0 26%
Regarding electricity supply activities, Protergia continued to strengthen its
position in the Greek retail market in 2025, with its market share rising to
21.4% (Independent Power Transmission Operator -ADMIE- market shares),
compared to 18.2% at the end of 2024, reflecting a 18% year-on-year increase.
This performance confirms METLEN's consistent momentum in the retail sector
and places METLEN firmly above the 20% threshold of total Greek electricity
consumption.
Looking ahead, METLEN remains committed to its strategic objective of evolving
into an integrated, internationally active utility, with the medium-term goal
of achieving a 30% market share in retail electricity supply in Greece,
through mainly organic growth. Leveraging the vertical integration of its
Energy Sector activities, METLEN has successfully established itself as the
integrated energy provider of the new era ("Utility of the Future"), enhancing
resilience against market volatility while delivering tangible benefits to end
consumers.
METLEN's integrated model supports disciplined, competitive pricing,
cushioning wholesale volatility while preserving attractive electricity supply
pricing for customers. This has supported continued retail market share gains,
reinforcing its competitive position and value proposition.
METLEN - Global Natural Gas Supply 2025 2024
(Amounts in TWh)
Procured Globally 53.5 52.2
Sold to third parties 33.5 32.6
Used for own needs 20.1 19.6
METLEN sold c.34 TWh of natural gas to third parties in 2025, with full-year
margins ending slightly above H1 levels.
METLEN also entered its first LNG supply and trading cooperation agreement
with Shell plc, establishing a framework for LNG transfers via Greek import
terminals. The agreement enhances supply diversification and flexibility,
reinforcing METLEN's position as a key regional gas player.
The value of natural gas supply and trading sector, is embedded across
METLEN's fully synergistic business model, driving efficiency and
competitiveness. Leveraging its scale and regional footprint, METLEN continues
to strengthen its leading position in both electricity and gas markets,
supporting long-term growth.
Anchored by innovation, operational excellence, and strategic market access,
METLEN's energy sector remains a cornerstone of the company's growth strategy
and medium-term profitability ambitions.
Looking ahead, profitability growth will be driven by the organic expansion of
renewable energy and storage capacity, increasing electricity demand linked to
electrification and data center infrastructure, as well as the scaling of
energy management activities across Southeast Europe. Combined with METLEN's
highly efficient thermal fleet and diversified natural gas procurement
strategy, METLEN's energy sector is well positioned to deliver resilient
earnings and act as a key driver of the Group's targeted profitability
expansion.
2.2. Metals Sector
Metals Sector's split Revenues EBITDA Margin
amounts in m. € 2025 2024 2025 2024 2025 2024
Alumina 206 198 79 87 38.2% 43.9%
Aluminium 646 623 127 199 19.7% 31.9%
Other 55 37 19 12 34.7% 31.5%
Total 907 857 225 297 24.8% 34.7%
Total Production Volumes (kt) 2025 2024 Δ%
Alumina 855 865 -1%
Primary Aluminium 176 182 -4%
Recycled Aluminium 57 56 2%
Total Aluminium Production 232 238 -2%
Aluminium & Alumina Prices ($/t) 2025 2024 Δ%
3Μ LME 2,638 2,456 7%
Alumina Price Index (API) 386 503 -23%
Metals Sector reported revenue of €907 million, representing 13% of the
METLEN's total revenue. EBITDA declined to €225 million, down 24% versus
2024, driven primarily by higher energy costs.
The average aluminium price (3M LME) in 2025 stood at $2,638/t, up from
$2,456/t in 2024, representing an increase of 7.4%. During the year, aluminium
prices exhibited significant volatility while maintaining an upward
trajectory, reaching $3,000/t levels in late December for the first time since
2022. In Q1 2026, prices continued their upward trend with increased
volatility, peaking above $3,500/t before moderating.
Over the course of 2025, the global aluminium market ended broadly balanced to
modestly in deficit. Prices were heavily influenced by trade tensions,
particularly the introduction of U.S. import tariffs, which altered sourcing
strategies and created regional cost premiums. These policy shifts triggered
uncertainty among market participants, contributing to increased market
volatility. A weakening U.S. dollar throughout much of the year made
dollar-denominated commodities more attractive globally.
In the first months of 2026, the global aluminium market has been influenced
by the ongoing Middle Eastern crisis, as aluminium production has been
disrupted due to supply chain constraints tied to the Iranian conflict. At the
same time, supply growth remains limited as Chinese smelters reach their
self-imposed capacity cap. Together, these factors are expected to maintain
market tightness and support continued price volatility.
Aluminium billet premia continued to play a pivotal role in shaping regional
profitability throughout 2025, as premia in Europe remained elevated.
Throughout the year, premia held firm within a historically elevated range of
$500-$530/t, reflecting a structurally tight European market. This sustained
strength was primarily driven by limited domestic supply as well as
persistently high energy costs. As in the previous year, Europe continued to
rely heavily on imports from third countries to meet its billet needs,
reinforcing the region's premium resilience. During 2026, aluminium billet
premia increased significantly, driven primarily by heightened geopolitical
tensions in the Middle East.
Alumina Price Index (API) averaged $386/t in 2025, down 23% compared to the
previous year. Persistently high energy costs continued to weigh on refining
margins, keeping input costs elevated for non-integrated aluminium producers.
In 2026, alumina prices declined further amid a growing market surplus driven
by supply additions and easing bauxite prices.
Today, METLEN's main alumina contracts are LME-linked, mitigating the impact
of Alumina Price Index (API) fluctuations while capturing upside from
aluminium price movements. This alignment acts as a natural hedge, improving
cost predictability and risk management across the aluminium value chain.
Management is taking proactive measures to lock in favorable LME prices for
the coming years. METLEN has effectively hedged its aluminium and calcined
alumina production for 2026 and 2027 at progressively higher price levels,
ensuring strong margin visibility. Given METLEN's 1-2 year forward hedging
strategy, the upside from currently elevated aluminium prices is expected to
materialize from late-2027 onwards. METLEN has also hedged most of its major
cost components; for instance, natural gas is hedged for 2026 and 2027
ensuring high margin visibility.
At the same time, METLEN is transitioning to a greener, progressively
lower-cost electricity mix, supported by both its own and third-party
renewable energy production, further enhancing its cost structure. Increasing
renewable energy penetration in METLEN's electricity mix is expected to
deliver structurally lower and more stable costs, materially reducing exposure
to energy price volatility. In parallel, the aluminium plant operates as a
"virtual battery," taking advantage of periods of low electricity prices
driven by market oversupply.
These operational and strategic advantages position METLEN among the most
competitive aluminium producers globally, despite the persistently high energy
costs in Europe and the associated production challenges. The greater
verticalization in the aluminum market is now considered as imperative, not
only for an even more effective cost management, but also for the seamless
continuation of the production process, by securing bauxite supply, the raw
material for alumina, which in turn becomes aluminum's key input cost.
2.3. Infrastructure and Concessions Sector
amounts in m. € 2025 2024 Δ %
Revenues 567 254 123%
EBITDA 100 50 100%
Margins (%) Δ(bps)
EBITDA 17.6% 19.7% -204
The Infrastructure and Concessions EBITDA, as communicated in our April 2025
CMD, doubled, reaching €100 million compared to €50 million in 2024. The
backlog of ongoing infrastructure projects, including projects at an advanced
stage prior to contract award, approaches €2 billion.
For 2026, the Sector is expected to maintain its growth momentum, targeting
EBITDA of €140-150 million, supported by continued expansion in construction
activity and additional infrastructure projects across both public and private
sectors, despite inflationary pressures on building materials driven by the
ongoing wars in Ukraine and the Middle East. Market trends are underpinned by
continued large‑scale investments in transport infrastructure and urban
regeneration, a substantial pipeline of Public-Private Partnership (PPP) and
concession projects, rising demand for hotel and commercial
developments-particularly in high‑tourism areas-the adoption of modern
construction technologies and sustainability practices to improve cost
efficiency and project management, and the effective use of European and
national funding instruments.
Over the medium term, the outlook for the Greek construction sector remains
particularly positive across public and private works, as well as concessions
PPPs, where the Infrastructure and Concessions sector (METKA ATE and M
Concessions) plays an increasingly important role. In February 2026, METKA ATE
approved its participation with a 30% stake in a new construction consortium,
alongside TERNA and AKTOR ATE, which will act as the main Design-Build
subcontractor for the "Northern Road Axis of Crete - Chania-Heraklion Section"
project.
Prospects
METLEN is expected to achieve its medium-term objectives, outlined in the CMD
in April 2025. Further analysis regarding METLEN's financial results,
prospects, business developments and strategy will be provided by METLEN's
Management in the scheduled conference call on Thursday 9/4/2026, 9:00 am BST.
2025 Summary financial statements
Alternative Performance Measures
METLEN makes use of the alternative performance measures ("APMs") Group
EBITDA, Net Debt, Return on Capital Employed and Return on Equity. These APMs
are used by the Executive Leadership Team to monitor and manage the
performance of the Group, to ensure that decisions taken align with its
long-term interests. The Directors believe that these alternative performance
measures are useful measures as they focus on core functional activities
before the effects of capital structure, enabling periodical review of
essential items for comparability and purposes of transparency. It is pointed
out that the following indicators are APMs, which are not defined in IFRS. The
Group considers these figures to be relevant and reliable for the evaluation
of the Group's financial performance and position; however, they do not
replace other figures calculated in accordance with IFRS.
(Amounts in thousands €) 2025 2024
Group EBITDA 752,927 1,080,076
Net Debt 3,106,788 2,628,516
ROCE (%) 7.9% 14.0%
ROE (%) 10.4% 20.5%
Group EBITDA
(Amounts in thousands €) 2025 2024
Reconciliation of Group EBITDA
Profit before income tax 382,271 748,383
Less: Finance income (27,778) (20,855)
Plus: Finance expenses 210,144 185,300
Less: Other financial results 654 5,555
Less: Share of profits of associates (2,633) (1,117)
Less: Grants amortisation (3,913) (2,818)
Plus: Depreciation 124,479 110,686
Plus: Amortisation 46,678 35,975
Plus: Depreciation of right-of-use assets 23,025 18,967
Group EBITDA 752,927 1,080,076
Net Debt
(Amounts in thousands €) 2025 2024
Long-term debt 3,887,256 3,371,331
Short-term debt 205,484 375,887
Current portion of long-term debt 780,575 299,999
Financial assets at fair value through profit or loss - (23,443)
Restricted cash (13,527) (13,486)
Cash and cash equivalents (1,753,000) (1,381,772)
Net debt 3,106,788 2,628,516
Return on Capital Employed
(Amounts in thousands €) 2025 2024
EBIT (A) 562,658 917,266
Equity attributable to parent's shareholders (B) 3,012,425 2,990,746
Non-Current Debt Liabilities* (C) 4,092,080 3,575,008
ROCE (A/(B+C)) 7.9% 14.0%
Return on Equity
(Amounts in thousands €) 2025 2024
Profit after tax and minority interests (A) 314,468 614,587
Equity attributable to parent's shareholders (B) 3,012,425 2,990,746
ROE (A/B) 10.4% 20.5%
Consolidated Statement of Profit and Loss
For the year ended 31 December
(Amounts in thousands €) 2025 2024
Sales 7,106,996 5,682,956
Cost of goods sold (6,641,720) (4,663,795)
Gross profit 465,276 1,019,161
Other operating income 288,552 152,835
Administrative expenses (143,868) (154,611)
Other operating expenses (27,486) (78,247)
Credit losses on trade and other receivables (19,816) (21,872)
Total operating profit 562,658 917,266
Financial income 27,778 20,855
Financial expenses (210,144) (185,300)
Other financial results (654) (5,555)
Share of profits/(losses) of associates 2,633 1,117
Profit before income tax 382,271 748,383
Income tax expense (57,341) (117,573)
Profit after income tax 324,930 630,810
Attributable to:
Equity holders of the parent 314,468 614,587
Non-controlling Interests 10,462 16,223
Basic earnings per share (€) 2.1987 4.4555
Diluted earnings per share (€) 2.1980 4.3312
Consolidated Statement of Comprehensive Income
METLEN ENERGY & METALS
For the year ended 31 December
(Amounts in thousands €) 2025 2024
Other comprehensive income:
Profit after income tax 324,930 630,810
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses) (15) 138
Deferred tax from actuarial gains/(losses) 4 (3)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (52,532) 12,466
Other comprehensive income/(expense) from associates (net of tax) 3,806 993
Net gain/(loss) on cash flow hedges (101,767) (16,013)
Deferred tax on cash flow hedging reserve 20,020 5,285
Other comprehensive (loss)/income for the year (130,484) 2,866
Total comprehensive income for the year 194,446 633,676
Attributable to:
Equity holders of the parent 183,984 617,453
Non-controlling Interests 10,462 16,223
Consolidated Statement of Financial Position
METLEN ENERGY & METALS
As at 31 December
(Amounts in thousands €) 2025 2024
Assets
Property, plant and equipment 2,688,105 2,517,314
Goodwill 278,209 279,495
Intangible assets 349,482 500,405
Investments in associates 10,713 6,324
Other investments 20 22
Deferred tax assets 53,274 100,891
Other financial assets 176,348 187,891
Derivatives 71,784 53,919
Contract assets 399,118 514,207
Other long-term receivables 78,859 71,367
Right-of-use assets 197,868 199,288
Total non-current assets 4,303,780 4,431,123
Inventories 1,055,481 1,590,106
Contract assets 1,730,367 866,551
Trade and other receivables 2,520,139 2,327,550
Financial assets at fair value through profit and loss - 23,443
Derivatives 55,303 34,089
Restricted cash 13,527 13,486
Cash and cash equivalents 1,753,000 1,381,772
Total current assets 7,127,817 6,236,997
Total assets 11,431,597 10,668,120
Equity
Share capital 143,023 138,604
Share premium - 124,701
Convertible loan equity reserve - 1,945
Treasury shares - (110,565)
Reorganisation reserve (1,432,835) -
Capital Reduction reserve 1,430,230 -
Reserves 604,046 257,643
Retained earnings 2,267,960 2,578,418
Equity attributable to equity holders of the parent 3,012,424 2,990,746
Non-controlling Interests 95,378 102,134
Total equity 3,107,802 3,092,880
Liabilities
Long-term debt 3,887,256 3,371,331
Lease liabilities 204,824 203,677
Derivatives 12,974 5,565
Deferred tax liabilities 172,154 261,086
Liabilities for pension plans 10,315 9,532
Other long-term payables 104,647 113,276
Provisions 89,349 96,018
Total non-current liabilities 4,481,519 4,060,485
Trade and other payables 2,567,269 2,519,904
Contract liabilities 66,414 146,828
Current tax liabilities 18,706 116,555
Short-term debt 205,484 375,887
Current portion of long-term debt 780,575 299,999
Lease liabilities 14,105 10,782
Derivatives 92,135 44,354
Provisions 97,588 446
Total current liabilities 3,842,276 3,514,755
Total liabilities 8,323,795 7,575,240
Total equity and liabilities 11,431,597 10,668,120
Consolidated Statement of Changes in Equity
Attributable to equity holders of parent
(Amounts in thousands €) Share capital Share premium Convertible loan equity reserve Treasury shares Reorganisation reserve Capital Reduction reserve Reserves Retained earnings Total Non-controlling Interests Total
Balance as at 1 January 2024 138,604 124,701 1,945 (81,299) - - 246,503 2,176,952 2,607,406 91,153 2,698,559
Net profit/(loss) for the period - - - - - - - 614,587 614,587 16,223 630,810
Other comprehensive income - - - - - - 2,829 37 2,866 - 2,866
Total comprehensive income - - - - - - 2,829 614,624 617,453 16,223 633,676
Dividends to shareholders - - - - - - - (214,337) (214,337) (3,514) (217,851)
Transfer to reserves - - - - - - 728 (728) - - -
Equity-settled share-based payment - - - - - - 7,583 (1,528) 6,055 - 6,055
Treasury share sale/(purchases) - - - (29,266) - - - 2,307 (26,959) - (26,959)
Impact from acquisition of subsidiary - - - - - - - 1,128 1,128 (1,728) (600)
Balance as at 31 December 2024 138,604 124,701 1,945 (110,565) - - 257,643 2,578,418 2,990,746 102,134 3,092,880
Net profit/(loss) for the period - - - - - - - 314,468 314,468 10,462 324,930
Other comprehensive income - - - - - - (130,484) - (130,484) - (130,484)
Total comprehensive income - - - - - - (130,484) 314,468 183,984 10,462 194,446
Dividends to shareholders - - - - - - - (214,662) (214,662) (17,538) (232,200)
Transfer to reserves - - - - - - 467,168 (467,168) - - -
Equity-settled share-based payment - - - - - - 9,929 5,655 15,584 - 15,584
Convertible bond loan - - (1,945) - - - - - (1,945) - (1,945)
Treasury share sale/(purchases) - - - 110,565 - - - 51,311 161,876 - 161,876
Change of parent company to Metlen PLC 1,434,438 (124,701) - - (1,432,835) - - - (123,098) - (123,098)
Increase/(decrease) of share capital (1,430,019) - - - - 1,430,230 (210) (62) (61) 320 259
Balance as at 31 December 2025 143,023 - - - (1,432,835) 1,430,230 604,046 2,267,960 3,012,424 95,378 3,107,802
Consolidated Statement of Cash Flows
For the year ended 31 December
(Amounts in thousands €) 2025 2024
Cash flows from operating activities
Cash flows from operating activities 654,161 666,464
Interest paid (161,785) (134,840)
Income taxes paid (46,500) (122,579)
Net cash flows from operating activities 445,876 409,045
Cash flow used in investing activities
Purchases of property, plant and equipment (627,706) (643,688)
Purchases of intangible assets (59,843) (157,569)
Dividend received from financial assets at fair value through profit and loss 3,319 -
Purchase of financial assets at fair value through profit and loss - (1,683)
Acquisition of subsidiaries, net of cash (33,228) (16,423)
Sale of financial assets at fair value through profit and loss 23,443 -
Interest received 9,743 13,590
Receipt of government grants 1,106 10,842
Net cash flows used in investing activities (683,166) (794,931)
Cash flows from financing activities
Cash payments related to the change of parent company to METLEN PLC (123,098) -
Dividends paid to owners of parent (214,090) (206,363)
Dividends paid to NCI (17,538) (3,514)
Proceeds from borrowings 2,618,375 2,088,419
Repayments of borrowings (1,604,505) (1,044,215)
Payment of principal portion of lease liabilities (17,149) (10,821)
Payments for acquisition of treasury shares (6,324) (31,634)
Net cash outflows generated from financing activities 635,671 791,872
Net (decrease)/increase in cash and cash equivalents 398,381 405,986
Cash and cash equivalents, net of bank overdrafts as at 1 January 1,276,227 870,241
Net cash as at 31 December 1,753,000 1,381,772
Bank overdrafts (78,392) (105,545)
Cash and cash equivalents, net of bank overdrafts as at 31 December 1,674,608 1,276,227
Basis for preparation of the Consolidated Financial Statements
Reporting entity
Metlen Energy & Metals PLC (the 'Company') is a public company
incorporated under the Companies Act 2006 in the United Kingdom. The address
of the registered office is 19th Floor 51 Lime Street, London, United Kingdom,
EC3M 7DQ and the Company's head office address is 8 Artemidos Str., Maroussi,
15125, Greece. These Condensed Consolidated Financial Statements of the
Company for the year ended 31 December 2025 consist of the consolidation of
the Financial Statements of the Company and its subsidiaries (together
referred to as the 'Group') together with the Group's interest in jointly
controlled and associated entities.
The Consolidated Financial Statements of the Group for the year ended 31
December 2025 (2025 Annual Report) are available upon request from the Company
Secretary, at the Company's registered office at 19(th) Floor, 51 Lime Street,
London, EC3M 7DQ, United Kingdom.
Statement of compliance
These Condensed Consolidated Financial Statements have been prepared in
accordance with the International Financial Reporting Standards, as adopted by
the European Union ("EU") and UK-adopted International accounting standards,
and in accordance with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards. The Condensed
Consolidated Financial Statements do not include all the information required
for full annual statements and should be read in conjunction with the 2025
Integrated Annual Report.
The Board of Directors approved the Condensed Consolidated Financial
Statements, which are an extract of the Audited Consolidated Financial
Statements, on 8 April 2026. They are not statutory accounts within the
meaning of section 435 of the Companies Act 2006.
The Consolidated Financial Statements for the year ended 31 December 2025 have
been approved and authorized for issue by the Board of Directors on 8 April
2026. They have been reported on by the Group's auditors and will be delivered
to the registrar of companies in due course.
The comparative figures for the financial year 31 December 2024 have been
extracted from METLEN SA statutory accounts, the former parent of the Group
prior to the transition of METLEN's primary listing to the LSE. The report of
the auditors was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement under section
498(2) or (3) of the Companies Act 2006.
The Consolidated Financial Statements have been prepared under the historical
cost convention, except where otherwise stated, and are presented in Euros,
being the currency in which the Group trades in the normal course of business.
All values are rounded to the nearest thousand (€'000), except where
otherwise indicated.
During the year, METLEN Energy & Metals PLC implemented a corporate
reorganisation in connection with its admission to the London Stock Exchange,
pursuant to which it became the new listed parent entity of the existing Group
headed by Metlen S.A. As there was no change in ultimate control, the
transaction was accounted for using predecessor accounting in accordance with
IAS 8. The condensed consolidated financial statements therefore represent a
continuation of the existing Group, with the assets, liabilities and equity
balances recognised at their existing carrying values at the date of the
reorganisation with the assets, liabilities and equity balances recognised at
their existing carrying values at the date of the reorganisation. No goodwill
or fair value adjustments arose from the transaction. Any difference between
the legal share capital of the new parent and the historical equity of the
predecessor group was recognised within equity as a group reorganisation
reserve. With the exception of the application of predecessor accounting set
out above, the condensed consolidated financial statements have been prepared
in accordance with the accounting policies previously adopted by the Metlen
S.A. group for the year ended 31 December 2024.
Actual outcomes may differ from those estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the
revision affects only that period; if the revision affects both current and
future periods, adjustments are recognised in the period of the revision and
in future periods.
Management regularly reviews, and revises as necessary, the accounting
judgements that significantly impact the amounts recognised in the
Consolidated Financial Statements, as well as the estimates that are
considered "critical" due to their potential to result in material adjustments
in the Consolidated Financial Statements
[Cautionary statement / Disclaimer]
This announcement contains statements that are, or may be deemed to be,
"forward-looking statements". These statements are based on current
expectations, projections and assumptions and are not guarantees of future
performance. Forward-looking statements typically include words such as "aim",
"anticipate", "believe", "estimate", "expect", "intend", "may", "plan",
"project", "seek", "should", "will" and similar expressions, or their
negatives.
By their nature, such statements involve known and unknown risks,
uncertainties and other factors which may cause actual results, performance or
achievements to differ materially from those expressed or implied by such
forward-looking statements. These risks and uncertainties include, but are not
limited to, changes in economic conditions, market trends, regulatory
developments, operational challenges, and other factors beyond the Company's
control.
No representation, warranty or assurance is given that any forward-looking
statements will be realised. Readers are therefore cautioned not to place
undue reliance on such statements, which speak only as of the date they are
made. Except as required by applicable law or regulation, (including under the
Market Abuse Regulation, the UK Listing Rules and the Disclosure and
Transparency Rules of the Financial Conduct Authority), each of the Company,
its affiliates, officers, employees or agents undertakes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For further information, please contact:
Investor Relations
Tel. +30 210-6877300 | Fax +30 210-6877400 | E-mail: ir@metlen.com
(mailto:ir@metlen.com)
Press Office
Tel. +30 210-6877346 | Fax +30 210-6877400 | E-mail: communications@metlen.com
(mailto:communications@metlen.com)
About METLEN:
METLEN Energy & Metals Plc (METLEN) is an international industrial and
energy Company, holding a leading position in the metals and energy sectors,
focused on sustainable growth and the circular economy. METLEN has established
itself as a benchmark in competitive "green" metallurgy at both European and
global level, operating the only fully integrated bauxite, alumina and primary
aluminium production unit in the European Union, with privately owned port
facilities. In the Energy Sector, METLEN provides integrated energy solutions
through the implementation of thermal and renewable power generation projects,
electricity distribution and trading, as well as investments in network
infrastructure, battery storage and other green technologies. METLEN operates
across five continents and in more than 40 countries, employing over 8,500
people worldwide and implementing a fully synergistic model across its
Sectors.
METLEN Financial Highlights
METLEN has its primary listing on the London Stock Exchange and secondary
listed on the Athens Stock Exchange and is a constituent of the FTSE 100
Index. In 2025, METLEN reported consolidated revenue of €7.11 billion and
EBITDA of €753 million with net profit of €314 million. Adjusted net debt
stood at €2.10 billion, with a Net Debt/EBITDA ratio of 3.1x, reflecting
strong financial resilience. METLEN is rated by leading international
sustainability and ESG agencies, holding the unique Greek position in the Dow
Jones Best-in-Class Emerging Market Index, and distinguished across MSCI,
Sustainalytics, ISS Quality score, ISS Corporate Score, S&P Global ESG,
LSEG, CDP, FTSE Russell, ESG Book, EcoVadis, Bloomberg and IdealRatings.
www.metlen.com (http://www.metlen.com) | Facebook
(https://www.facebook.com/metlengroup) | X (https://x.com/MetlenSA) | YouTube
(https://www.youtube.com/@MetlenGroup) | LinkedIn
(https://www.linkedin.com/company/metlengroup)
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