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RNS Number : 4948Y Metlen Energy & Metals PLC 09 September 2025
METLEN ENERGY & METALS
FINANCIAL RESULTS H1 2025
METLEN Achieves Record H1 Turnover and Outstanding Profitability in RES and
Utility Businesses
Athens, Greece - September 9, 2025 - METLEN (RIC: MTLN.L, Bloomberg: MTLN.LN,
MTLN.GA, ADR: MYTHY US) announces its H1 2025 financial results.
ü Turnover amounted to €3,608 million, representing a 45% increase
compared to €2,482 million in H1 2024, reflecting the strong growth momentum
across Energy and Metals.
ü Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
came in at €445 million, compared to €474 million in the corresponding
period of 2024. Record-breaking performance delivered collectively by the
Renewables and the Utility businesses was partially offset by a one-off impact
of the non-core M Power Projects (MPP) segment. Excluding this one-off impact,
EBITDA on a normalized basis would have reached c.€577 million.
ü Net Profit after minorities was €254 million vs. €282 million in H1
2024. The corresponding Earnings per Share came in at €1.81 from €2.04 in
the corresponding period of 2024.
ü Net Debt, on an adjusted basis, stood at €2,016 million, excluding
non-recourse debt.
In the first half of 2025, METLEN reaffirmed its strategic direction by
delivering strong financial results and advancing key initiatives across
critical sectors. The Company achieved robust performance in its Metals Sector
and recorded accelerated growth in the Energy Sector, despite a negative
contribution from the MPP. Leveraging its operational strength and
cross-sector integration, METLEN successfully navigated a volatile market
environment and continued on its path of strategic expansion.
Commenting on the Financial Results, Evangelos Mytilineos, Chairman and CEO of
the Company, stated:
"2025 is shaping up to be a landmark year for METLEN. The Company's listing on
the London Stock Exchange has already marked the beginning of a new chapter in
its history, underpinned by a clear focus on growth, international expansion,
and enhanced access to global markets.
During our Capital Markets Day, hosted at the London Stock Exchange, in April
2025, METLEN unveiled its medium-term growth strategy, introducing new
strategic pillars designed to drive long-term value creation. Among these are
the launch of a new gallium production line, capable of meeting Europe's
entire demand, an expansion into the Defence sector through the development of
new production facilities and the development of Circular Metals, an
innovative process for recovering critical raw materials from residues,
tailings and other waste materials.
The financial results for the first half of 2025 once again confirm the strong
trajectory METLEN has maintained since its corporate transformation in 2022,
solidifying its position at historically high-performance levels. The
Company's synergistic model and integrated approach have proven exceptionally
resilient amid trade tensions and geopolitical uncertainty, enabling METLEN to
secure key strategic partnerships and further reinforce its leadership across
both the Energy and Metals Sectors.
With confidence, vision, and a clear strategy, METLEN continues to claim its
rightful place among the leading international players in the sector, writing
the next chapter of its history with a steady eye on the future."
1. KEY FINANCIAL FIGURES
amounts in m. € Η1 2025 Η1 2024 Δ %
Turnover 3,608 2,482 45%
EBITDA 445 474 -6%
EATam 254 282 -10%
EPS* 1.81 2.04 -11%
Margins (%) Δ(bps)
EBITDA 12.3% 19.1% -676
EATam 7.0% 11.4% -433
Turnover reached €3,608 million in H1 2025, up 45% from €2,482 million in
the same period of 2024. This growth was primarily driven by a record-breaking
semi-annual performance from the Renewables and Utility businesses, with a
smaller contribution from higher energy prices.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
decreased by 6% reaching €445 million, compared to €474 million in the
corresponding period of 2024. While the Metals Sector continued to deliver
consistently strong performance and the combined Renewables and Utility
businesses achieved record semi-annual results, these gains were partially
offset by a one-off adverse event affecting the MPP segment.
Absent the one-off impact from the MPP, METLEN would have delivered record
semi-annual EBITDA in H1 2025, approaching €600 million, thus, setting a
solid foundation for continued performance in the second half of the year,
which in any case is expected to improve substantially, with 2025 EBITDA
projected to exceed the €1bn mark.
METLEN achieved its highest-ever semi-annual profitability in the M Renewables
segment (RES in Greece and abroad), driven by the Asset Rotation Plan, which
continues its steady expansion. At the same time, profitability from the
Regional Utility business (M Energy Generation & Management, M Energy
Customer Solutions, and M Integrated Supply & Trading segments), increased
by 15-20% compared to H1 2023 and H1 2024, reflecting METLEN's growing
presence in electricity generation and the supply of electricity and natural
gas both in Greece and internationally. Notably, the Company surpassed the 20%
market share threshold in electricity supply in Greece for the first time,
with power generation accounting more than 18% of total Greek demand. The
Energy Sector has demonstrated strong resilience as it advances toward the
Company's strategic growth goal of capturing 30% of the Greek energy market.
The Metals Sector maintained strong profitability in the first half of 2025,
despite an increasingly challenging external environment marked by rising cost
pressures, especially on the power side and the weak US dollar. Although
aluminium and alumina prices increased year-on-year, they experienced
significant volatility during the period, driven by geopolitical instability,
trade tensions, and shifting supply-demand dynamics.
In response to price and energy costs volatility, METLEN's management
implements timely and effective measures, including securing favourable LME
pricing by capitalizing on earlier market opportunities, and enforcing strict
cost control initiatives. These actions, combined with the strategic synergies
between the Energy and Metals Sectors, continue to position METLEN among the
world's most competitive aluminium and alumina producers.
Regarding the Infrastructure and Concessions activity, the EBITDA almost
tripled in size to €31 million, compared to €12 million in the
corresponding period of the previous year. A significant increase is expected
in the second half of 2025, as the backlog of infrastructure projects already
exceeds €1.1 billion and, when including projects in advanced stages of
contracting, surpasses the €1.4bn.
Net profit after minorities came in at €254 million, representing a 10%
decrease compared to €282 million in the same period of 2024.
METLEN is strongly positioned for sustained long-term growth, underpinned by
strategic investments, expansion across core markets, and an unwavering focus
on operational excellence and sustainability. The management team reaffirms
its confidence in the strength of the company's integrated business model and
its commitment to delivering on the ambitious objectives set forth during the
recent Capital Markets Day in London.
Furthermore, all 3 new business lines, announced in the CMD last April, are
going ahead full speed giving comfort to the management that the target of
€1,900m. - €2,080m. in the medium term will be comfortably achieved.
In particular:
1. The new Gallium plant is proceeding on time and on budget, with first
production expected for 2027.
2. With regards to the Defence (M. Technologies), we had announced the
creation of a Defence Hub for Land Systems, consisting of 5 factories in the
Volos Industrial area. Two are already operational, with the third one being
in construction, with first production expected in Q2 2026. The FID for the
4(th) plant was taken at the beginning of September 2025, with first
production expected in H2 2027. Details regarding the last (5(th))
manufacturing unit will be announced shortly.
3. On the circular metals, commissioning of the Pilot Plant with annual
feedstock capacity of 50kt pa is due to commence in October 2025.
2. BUSINESS UNITS OPERATIONAL UPDATES
2.1. Energy Sector
amounts in m. € H1 2025 H1 2024 Δ %
Revenues 2,916 1,988 47%
EBITDA 288 322 -11%
Margins (%) Δ(bps)
EBITDA 9.9% 16.2% -632
Energy Sector reported a turnover of €2,916 million, representing 81% of the
company's total turnover. Earnings before interest, taxes, depreciation and
amortization stood at €288 million, reflecting an 11% decrease from €322
million in H1 2024.
Energy Sector's split Sales EBITDA
amounts in m. € H1 2025 H1 2024 Δ % H1 2025 H1 2024 Δ %
M Renewables 989 623 59% 221 143 54%
M Energy Generation & Management 595 379 57% 106 91 17%
M Energy Customer Solutions 781 513 52% 41 58 -29%
M Power Projects 203 243 -17% (132) 12 -
M Integrated Supply & Trading 618 409 51% 52 18 195%
Intersegment (269) (179) 50% - - -
Total 2,916 1,988 47% 288 322 -11%
RES - METLEN's Global portfolio Power (GW)
RES in Operation 0.9
RES Under Construction 1.7
RES RTB & Late stage of Development** 2.9
RES Early Stage of Development 6.6
Total 12.1
* Includes projects of all technologies (photovoltaic, energy storage, wind),
excluding the projects in Canada and also the projects that are included in
the deal with PPC
**Project ready to be Build (RTB) or that will reach RTB stage within the next
~ 6 months
As of the end of the first half of 2025, METLEN's mature and operational
portfolio reached 5.5GW, representing a robust 15% increase compared to the
corresponding period in 2024. The Company's total global portfolio, excluding
the Canadian and PPC-related transactions, expanded to 12.1GW, reflecting a
year-on-year increase of approximately 1.5GW (14%). This figure also includes
a pipeline of early-stage development projects with a total capacity of 6.6GW.
Global electricity generation from renewable energy sources (RES) amounted to
854GWh in H1 2025, marking a 35% increase year-on-year. Of this total, 317GWh
were generated from domestic (Greek) RES assets, with the remaining 537GWh
produced by international operations. This impressive performance underscores
METLEN's accelerating growth trajectory and its expanding footprint in the
global green energy landscape.
In line with its Asset Rotation Plan strategy, METLEN proceeded with the sale
of projects totaling 788MW during the period (compared to 531MW in H1 2024),
with the majority of divestments comprising Chilean assets, and the remainder
located in Europe (Italy, Romania, and Bulgaria). These transactions reflect
the company's ongoing commitment to enhancing portfolio efficiency and capital
recycling.
Supported by a geographically diversified operating model and the successful
deployment of its Asset Rotation Plan framework, METLEN continues to
strengthen the profitability of the M Renewables Segment. The Company
leverages its extensive international experience and strategic
partnerships-operational across more than 20 countries-while optimizing access
to financing tools. As a result, METLEN maintains a self-funded development
model in the RES sector, ensuring low financial leverage and strong credit
standing.
With regard to its domestic pipeline, METLEN commenced in 2024 construction on
0.4GW of PV projects and 13MW of wind projects, all supported by resources
from the Recovery and Resilience Facility (RRF). During H1 2025, construction
progressed on a further 0.3GW of PV projects and an additional 48MW of BESS
capacity.
In the BESS segment, METLEN is actively expanding its project portfolio with
developments underway in Greece, Chile, Italy, Spain, and Romania, all
expected to become operational in the coming years. These projects are poised
to consolidate METLEN's leadership position in the energy storage space, which
is increasingly critical to enabling the global energy transition.
Furthermore, METLEN recorded significant momentum in third-party activities
during the period, reinforcing its position as a leading contractor in the
renewable energy sector. In H1 2025, new agreements were signed for PV
projects totaling 0.8GW and BESS projects totaling 0.3GW / 1.3GWh, spanning
Greece, Chile, Bulgaria, and the United Kingdom. Additionally, PV and BESS
projects totaling 0.5GW / 0.9GWh are currently in the final stages of
contractual negotiation.
As of the close of the first half of 2025, METLEN's contracted backlog stood
at €654 million, with a further €201 million under advanced negotiation.
Greek Market Data - H1 2025
Production per Unit type TWh H1 2025 H1 2024 H1 2025 H1 2024
% of mix % of mix
Lignite 1.4 1.5 6% 6%
Natural Gas 10.7 9.0 43% 37%
Hydros 1.5 1.8 6% 7%
RES(1) 11.9 11.8 48% 48%
Total Production 25.5 24.2 103% 99%
Net Imports/(Exports) (0.8) 0.3 -3% 1%
Total Demand 24.7 24.5 100% 100%
( 1)Renewable Energy Sources
METLEN Generation (TWhs) H1 2025 H1 2024 Δ%
Thermal Plants 4.2 3.9 7%
RES 0.3 0.3 -3%
Total 4.5 4.2 6%
The first half of 2025 marked a significant milestone in Greece's energy
landscape, as the country transitioned to becoming a net exporter of
electricity to third countries. This trend, which commenced in the second half
of 2024, gained further momentum with electricity exports reaching 0.8TWh in
H1 2025, compared to 0.3TWh of imports during the corresponding period in
2024. This reflects an increase of over 5% in Greek electricity production
year-on-year. Within this context, METLEN recorded a power generation increase
exceeding 6% from both thermal and renewable energy sources (RES) units.
This development is poised to serve as a pivotal turning point in Greece's
energy strategy. Moving beyond a sole focus on meeting domestic demand, Greece
is now positioned to expand its role as a regional energy hub. This transition
enhances the country's strategic standing within the broader energy market,
paving the way for increased regional influence.
Looking forward, rising demand in neighbouring markets, coupled with ongoing
enhancements to export infrastructure, is expected to drive further growth and
expansion of domestic power production. These factors will continue to
underpin Greece's evolution into a leading energy exporter within the region.
The most pronounced increase in electricity generation compared to H1 2024 was
observed in natural gas-fired thermal plants, which rose c.18% to 10.7TWh.
This growth accommodated the country's export requirements alongside weaker
hydropower and lignite production.
METLEN's portfolio of three Combined Cycle Gas Turbine (CCGT) plants and one
high-efficiency Combined Heat and Power (CHP) plant generated a total of
4.2TWh in H1 2025, up from 3.9TWh in the same period of 2024. This represents
an approximate 7% increase in the company's total thermal production. Notably,
METLEN's thermal generation accounted for roughly 39% of Greece's total
electricity output from natural gas-fired units.
METLEN - Supply of Energy & Natural Gas Η1 2025 Η1 2024 Δ%
Market share 20.7% 16.7% 24%
Regarding the electricity supply activity, Protergia continues to solidify its
position in the retail market, with its electricity market share reaching
approximately 21% at the end of June 2025 (HEnEx market shares, including
Volterra's share), up from 16.7% at the close of H1 2024. Equally noteworthy
is METLEN's consistent ability to expand market share while maintaining robust
profitability, with margins sustained above the 5% threshold.
METLEN is progressing swiftly toward its strategic objective of capturing a
30% share of Greece's energy consumption, thereby establishing itself as an
integrated "green" Utility with a growing international footprint. In pursuit
of this goal, METLEN aspires to become the "Utility of the Future"-an
integrated energy provider attuned to the demands of a transitioning energy
landscape. The operational synergy and coexistence between the Energy and
Metals Sectors considerably enhance the Company's overall integration and
operational flexibility.
These strengths enable the formulation of a stable and competitive pricing
policy, even amid significant market volatility. Protergia's pricing strategy
has maintained stable electricity rates for thirteen consecutive months since
last July, delivering competitive prices to consumers while fostering
innovation within the energy sector. Concurrently, Protergia's customer base
has expanded steadily, now approaching 711k meters, up from 580k at the end of
2024.
Protergia is also reinforcing its presence in the Greek natural gas supply
market, having increased its market share to approximately 26% by the end of
June 2025, compared to 19.5% at the end of H1 2024. Beyond the Greek market,
METLEN has achieved substantial penetration in other Southeastern European
markets through natural gas supply and trading, in line with the company's
broader internationalization strategy. By maintaining significant natural gas
volumes, METLEN has emerged as a key regional player in the supply and trading
of natural gas across the Balkans and wider Southeastern Europe.
This accomplishment has enabled the Company to secure competitive natural gas
prices, the benefits of which are disseminated throughout METLEN's operations
via its synergistic business model. In the first half of 2025, the Company's
natural gas imports totalled 13TWh, with METLEN accounting for approximately
37% of Greece's total natural gas imports.
Power Projects METLEN H1 2025
Backlog of contracted projects €1.0 billion
The M Power Projects Segment is steadily enhancing its international presence
by delivering projects that align with the Energy Transition and Sustainable
Development objectives.
By the close of H1 2025, the contracted project backlog reached €1.0
billion, with only c.10% attributable to domestic projects in Greece. The vast
majority of the portfolio is focused on foreign markets, predominantly the UK
and Poland, where significant expansion is anticipated. Furthermore, the
European Recovery Fund offers considerable growth potential, particularly for
Greece, which benefits from the highest allocation relative to its GDP among
participating countries.
During the first half of 2025, MPP's performance was driven by challenges
encountered in the Protos project, where unforeseen issues disrupted
execution, resulting in increased costs and extended timelines beyond initial
expectations. Specifically, a major workplace third-party accident played an
important role in further exacerbating these disruptions, causing substantial
delays and multiple work stoppages. These challenges were compounded by the
bankruptcy of a key subcontractor and the subsequent withdrawal of another
from all its regional operations. In July, an updated project timeline was
agreed, the budget was carefully reassessed, and annual losses were recorded
following the conclusion of negotiations. The Company continues to monitor and
actively manage these issues and, consistent with its prudent and transparent
approach, has fully accounted for their financial impact in the period's
results and for the entire financial year 2025.
2.2. Metals Sector
amounts in m. € Η1 2025 Η1 2024 Δ %
Revenues 480 412 16%
EBITDA 129 142 -9%
Margins (%) Δ(bps)
EBITDA 27,0% 34,5% -749
Sales EBITDA
amounts in m. € Η1 2025 Η1 2024 Δ % Η1 2025 Η1 2024 Δ %
Alumina 104 84 23% 47 30 56%
Aluminium 349 313 11% 74 108 -31%
Other* 27 14 87% 8 4 108%
Total 480 412 16% 129 142 -9%
* Includes manufacturing facilities
Total Production Volumes (ktons) H1 2025 H1 2024 Δ%
Alumina 426 431 -1.2%
Primary Aluminium 90 91 -0.6%
Recycled Aluminium 28 29 -2.8%
Total Aluminum Production 118 120 -1.1%
Aluminium & Alumina Prices ($/t) H1 H1 Δ%
2025 2024
3Μ LME 2,544.0 2,401.7 5.9%
Alumina Price Index (API) 435.5 401.8 8.4%
Metals Sector reported turnover of €480 million, representing 13% of the
company's total turnover, posting a 16% increase on a year-on-year basis.
Earnings before interest, taxes, depreciation and amortization (EBITDA) stood
at €129 million, decreased by 9% compared to H1 2024.
During the first half of 2025, electricity costs rose significantly compared
to the same period in 2024. Since 2024, METLEN has been actively transitioning
its aluminium smelter's electricity supply toward greener sources by
increasing the share of RES in its mix. This strategy includes both developing
METLEN's own renewable assets and establishing long-term agreements with
third-party RES producers, with the goal of covering the vast majority of the
smelter's electricity needs. Looking ahead, the smelter is expected to benefit
from more stable electricity prices and significantly lower costs, as
renewables-particularly PVs-currently offer some of the most competitive
levelized costs of electricity (LCOE) in the market.
The average 3-month LME aluminium price for the first half of 2025 stood at
2,544$/t, marked by higher-than-average volatility, amid uncertainty over
tariffs and geopolitical developments.
During Q1 2025, prices trended upwards, surpassing $2,700/t, before dipping
below $2,300/t in early April. This decline was mainly driven indirectly by
trade war tensions and related tariffs, raising concerns about a potential
global economic slowdown. These fears, combined with a surplus in the primary
aluminium market during Q1, weighed on prices.
Prices began to recover in spring, following the initial easing of U.S.
tariffs. The market shifted to a deficit in Q2 2025, further supporting the
rebound. Additional factors bolstering the rally included a weakening U.S.
dollar and a sharp decline in available LME inventories. In June, the
U.S.-China trade agreement further boosted market sentiment, with the LME
3-month aluminium price closing Q2 around $2,600/t. Thanks to its effective
hedging strategy, the Metals Sector remained largely insulated from these
price fluctuations.
European aluminium billet and slab premia remained elevated in H1 2025,
averaging >$500/t. Over the past 18 months, premia have shown reduced
volatility, consistently trading within the $500/t-$600/t range-reflecting
sustained demand for European aluminium Value-Added Products (VAPs).
Persistently high energy and raw material costs across Europe have also
supported elevated premium levels, as producers seek to offset rising
production expenses.
In the first half of 2025, the average API alumina index price came in at
$435/t, marking a slight increase compared to $402/t in H1 2024. Prices were
pushed higher in the second half of 2024 due to geopolitical tensions,
including heightened conflict in the Persian Gulf between Israel and Iran,
fears of a potential closure of the Strait of Hormuz, and uncertainty stemming
from the Guinean government's signals of reduced bauxite availability. In
2025, global alumina supply rose, particularly from Asian producers such as
Indonesia and India, while demand remained subdued, putting moderate pressure
on prices.
The major new investment initiative-focused on expanding alumina production
capacity and establishing a state-of-the-art gallium production facility-is
advancing according to the planned timeline. The alumina expansion will
enhance the Company's vertical integration and supply chain security, while
the new gallium plant is set to tap into growing demand driven by emerging
technologies, including semiconductors and advanced electronics. Both
developments underscore METLEN's commitment to innovation, sustainability, and
long-term value creation.
2.3. Infrastructure and Concessions Segment
amounts in m. € Η1 2025 Η1 2024 Δ %
Revenues 212 82 159%
EBITDA 31 12 155%
Margins (%) Δ(bps)
EBITDA 14.7% 14.9% -18
The Infrastructure and Concessions Segment sustained performance in line with
management's projections, achieving more than a twofold increase in turnover
during the first half of 2025 compared to the corresponding period in 2024.
All projects are advancing smoothly and according to schedule. METKA ATE has
swiftly established a strong market presence, securing a substantial portfolio
of projects and proactively capitalizing on emerging opportunities within the
sector. By leveraging its technical expertise and strategic positioning, METKA
ATE is consolidating its role in the infrastructure domain and making a
meaningful contribution to the creation of long-term shareholder value.
As of the end of H1 2025, the outstanding infrastructure project backlog stood
at €1.1 billion, increasing to over €1.4 billion when including projects
at an advanced contracting stage. (Note: For projects executed through joint
ventures, only METKA ATE's proportional share is included.)
Prospects
METLEN's remains on track to achieve both its short-term as well as its
longer-term objectives as outlined during the recent Capital Markets Day in
London. Further analysis regarding the Company's financial results, prospects,
business developments and strategy will be discussed by METLEN's Management in
the scheduled conference call on Tuesday 9/9/2025, 14:00 pm (UK TIME).
For further information, please contact:
Investors Relations
Tel. +30 210-6877300 | Fax +30 210-6877400 | E-mail: ir@metlengroup.com
(mailto:ir@mytilineos.)
Press Office
Tel. +30 210-6877346 | Fax +30 210-6877400 | E-mail:
communications@metlengroup.com (mailto:communications@metlengroup.com)
METLEN Energy & Metals PLC (METLEN or the Company) is the parent company
of a multinational industrial and energy group and a leader in metallurgy and
energy industries, focusing on sustainability and circular economy. The
Company is primary listed on the London Stock Exchange with a secondary
listing on the Athens Exchange, having a consolidated turnover and EBITDA of
€5.68 billion and €1.08 billion, respectively, (2024). METLEN's group is a
reference point for competitive green metallurgy at the European and global
level, whilst operating only vertically integrated bauxite, alumina and
primary aluminum production unit in the European Union (E.U.) with privately
owned port facilities. In the energy sector, METLEN's group offers
comprehensive solutions, covering thermal and renewable energy projects,
electricity distribution and trading, alongside investments in grid
infrastructure, battery storage, and other green technologies. The Company's
group is active in the markets of all five continents, in more than 40
countries, adopting a full-scale synergetic model between the Metallurgy and
Energy Sectors, while undertaking end-to-end development of major energy
infrastructure projects.
www.metlengroup.com (http://www.metlengroup.com) | Facebook
(https://www.facebook.com/MytilineosSA/) | Twitter (https://x.com/MetlenSA) |
YouTube (https://www.youtube.com/user/MytilineosGroup) | LinkedIn
(https://www.linkedin.com/company/6646293/)
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