REG - Metlen Energy&Metals - NINE MONTHS 2025 TRADING UPDATE

Metlen Energy & MetalsAnnouncement

06/11/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251106:nRSF3957Ga&default-theme=true

RNS Number : 3957G  Metlen Energy & Metals PLC  06 November 2025

METLEN ENERGY & METALS

("METLEN", OR "THE COMPANY")

 

NINE MONTHS 2025 TRADING UPDATE

 

Metlen Energy & Metals (LSE Listing: MTLN, RIC: MTLN.L, Bloomberg: MTLN.LN
| Athens Listing: MTLN, RIC: MTLNr.AT, Bloomberg: MTLN.GA, ADR: MYTHY US)
today announces the trading update for the nine-month period ended 30
September 2025.

 

ü Turnover increased to €5,115 million, compared to €4,203 million in 9M
2024 (+22%).

ü The Company remains on track to meet the Full Year EBITDA target.

ü In September 2025, METLEN was included in the FTSE 100 Index - a milestone
reflecting its continued expansion, investor confidence, and strengthening
international capital markets presence.

ü Recently Fitch reaffirmed its 'BB+' credit rating with a Stable Outlook for
METLEN, highlighting the Company's solid financial profile.

ü Final Investment Decision for the largest standalone energy storage unit in
Greece, confirmed. The project, of 330MW / 790MWh Battery Energy Storage
System (BESS) project in Thessaly, Greece is expected to be completed in the
second quarter of 2026, promoting the stability and flexibility of the power
system as part of the broader energy transition.

ü Long-term PPAs and strategic partnerships agreed with Copec EMOAC in Chile,
ENGIE in the UK and HRE (Brookfield Renewable Partners) in South Korea.

 

Evangelos Mytilineos, Chairman and CEO stated:

 

"In the first nine months of 2025, the Company delivered a step change in
investment, while at the same time, produced a strong performance across all
core Business Units. Geopolitical uncertainty, trade tensions and heightened
volatility in the global energy and metals markets have not obstructed the
company's growth trajectory.

 

The strategic investments that form part of our medium-term strategy reflect
the commitments undertaken in our Capital Markets Day in London in April 2025.
These investments, which are either underway or near FID status, are all
focused on key areas of future growth and industrial transformation.

 

Most advanced are the Bauxite - Alumina - Gallium project, the Circular Metals
Pilot plant which is now in the Commissioning phase, the 3(rd) plant of our M
Technologies hub in Volos, to be commissioned in Q2 2026 and the
aforementioned massive Stand-Alone Battery Storage unit of 330MW, expected to
be operational in Q2 2026.

 

Collectively, these initiatives are designed to strengthen synergies across
METLEN's business sectors and support the achievement of our ambitious
strategic and financial goals."

 

 

1.   BUSINESS SECTORS OPERATIONAL UPDATES

 

 Sales in €m.       9M 2025  9M 2024  Δ %   Q3 2025  Q3 2024  Δ %
 Energy             4,070    3,442    18%   1,154    1,454    -21%
 Metals             690      630      9%    210      218      -4%
 Infra & Conc.      356      131      171%  144      49       193%
 Total              5,115    4,203    22%   1,507    1,721    -12%

 

 

1.1. Energy Sector

The Energy Sector reported turnover of €4,070 million for the nine-month
period of 2025, representing 80% of the company's total turnover and marking a
18% increase compared to the corresponding period in 2024. Performance in Q3
2025, was affected by lower DAM (Day-Ahead Market) prices and a softer
contribution from Asset Rotation relative to the same quarter of 2024.

 

M Renewables

·   Asset Rotation model transactions (SPAs) for the 9M period reached
c.0.8GW

·   1.1 GW of RES in operation. 9M RES production came in at 1.2TWh
comprising:

ü 0.5 GWh from RES assets in Greece, and

ü 0.7 GWh from international RES operations.

·   9-month backlog for contracted and late-stage 3rd party projects came
in at c.€0.8 billion.

 

METLEN continues to accelerate its growth trajectory, with 1.6 GW of owned
projects currently under construction, reinforcing its position as a leading
player in the energy transition. Of this capacity, 0.8 GW is on track to reach
commercial operation within the next term, underscoring the company's strong
execution capabilities and disciplined project delivery.

 

In Chile, the solar projects are already operational, with transaction closing
anticipated soon, following the delivery of the Battery Energy Storage System
(BESS) component. Meanwhile, the Company is in the final stages of
negotiations for the sale of its Australian and UK portfolios, with both
transactions anticipated to be finalized in the near term.

M Energy Generation & Management

 

 METLEN Generation (TWh)  9M 2025  9M 2024  Δ%
 Thermal Plants           6.44     6.40     1%
 RES                      0.50     0.47     8%
 Total                    6.95     6.87     1%

 

 

Leveraging the most efficient fleet of natural gas plants in Greece and a
rapidly expanding RES portfolio, METLEN is ideally positioned to capitalize on
the country's growing significance as a regional electricity exporter.

 

During the period, the Company achieved higher electricity production, driven
primarily by the renewable energy segment, which recorded an 8% increase in
the first nine months of 2025 compared to the same period in 2024.

 

Notably, METLEN's thermal generation represented c.38% of Greece's total
electricity output from gas-fired plants-underscoring METLEN's critical role
in maintaining the stability and competitiveness of the national power system.

 

 

M Energy Customer Solutions

 

 METLEN - Supply of Power    9M 2025  9M 2024  Δ%
 Market share                21.8%    18.5%    18%
 Electricity Supplied (TWh)  7.5      6.6      13%

 

Protergia continued to strengthen its retail electricity position, reaching a
c.22% market share at the end of September 2025 (HEnEx data, including
Volterra), up from 18.5% a year earlier. Thus, in the first nine months of
2025, Protergia supplied c.7.5 TWh of electricity to the market, compared to
c.6.6 TWh of electricity in the corresponding period of 2024.

 

With regards to natural gas, Protergia's market share increased to c.26% in
the first nine months of 2025 (c.1.75 TWh), from c.21% in the same period of
2024 (c.1.37 TWh), while its customer base grew steadily to more than 64,000
meters, compared with 50,000 at the corresponding period of 2024.

 

The growing alignment and operational synergies between METLEN's Energy and
Metals Sectors are enhancing integration and flexibility across the Group.
METLEN remains on track to achieve its long-term goal of capturing a 30% share
of Greece's total electricity consumption and evolving into a fully
integrated, "green" utility with a broadening international footprint.

 

M Integrated Supply & Trading

 

Total natural gas supply, in the first nine months of 2025, amounted to 34TWh,
out of which 19TWh sold to the Greek market, accounting for c.33% of Greece's
total imports. The natural gas business remains a key component of METLEN's
integrated model-supporting its "Utility of the Future" vision and creating a
natural hedge across its Energy and Metals operations.

 

 

M Power Projects

 

During the first nine months of 2025, MPP's performance was driven by
challenges encountered in the Protos project, which, as previously disclosed
in detail, have disrupted the execution of the project. Today, Protos has
entered the commissioning phase, with the related activities progressing
in-line with the revised schedule.

 

 

 

1.2. Metallurgy Sector

 amounts in m. €    9M 2025  9M 2024  Δ %
 Revenues           690      630      9%

 

 Total Production Volumes (ktons)  9Μ 2025   9Μ 2024   Δ%
 Alumina                           641       646       -0.7%
 Primary Aluminium                 134       136       -1.2%
 Recycled Aluminium                41        40        2.6%
 Total Aluminum Production         175       176       -0.4%

 

 Aluminium & Alumina Prices ($/t)      9Μ 2025   9Μ 2024   Δ%
 3Μ LME                                2,568     2,408     6.6%
 Alumina Price Index (API)             410       437       -6.2%

 

 

Metallurgy Sector reported turnover of €690 million, representing 13% of the
company's total turnover.

 

During the first nine months of 2025, the aluminium industry faced significant
headwinds globally, as well as across the EU and Greece. Elevated energy
costs, subdued alumina prices, and the weaker USD/EUR exchange rate, weighed
on the sector's financial performance. However, the recent upward trend in LME
aluminium prices, the stabilization of the USD, and the transition of our spot
sales from API- to LME-linked formulas are expected to support a renewed
growth trajectory for the sector in the coming quarters.

 

Aluminium (3M LME) 9-month 2025 average price came in at 2,568$/t marking a
6.6% increase compared to the corresponding period of 2024. During Q3 2025,
aluminium prices, continued the upward trend, approaching the 2,700$/t level,
with the rally extending into October, reaching the $2,900/t level- the
highest since Q2 2022. However, the euro value of USD‑priced aluminium, and
consequently the benefit of higher metal prices, has been partially offset by
negative currency effects, as the US dollar has weakened by approximately 12%
year-to-date.

 

This volatility, which presents both challenges and opportunities, was further
reflected in the market's transition from a surplus in Q1 2025 to the largest
quarterly deficit since late 2021 in Q2, before returning to a more balanced
position in Q3. Following years of oversupply, the market is gradually
tightening, fostering conditions conducive to stronger market fundamentals.

 

In Europe, aluminium billet premia, remained elevated throughout the year,
supported by limited domestic supply, structurally high energy costs and
increased demand due to expectations of the CBAM implementation.

 

In the first nine months of 2025, the average API alumina index price came in
at $410/t, marking a slight decrease compared to $437/t in the corresponding
period of 2024. Chinese capacity expansion, has put moderate pressure in
alumina prices.

 

As global market dynamics continue to evolve, vertical integration is emerging
as an imperative differentiator for alumina and aluminium producers globally.

 

 

 

1.3. Infrastructure and Concessions Segment

 

 amounts in m. €    9M 2025  9M 2024  Δ %
 Revenues           356      131      171%

 

The Infrastructure and Concessions Segment sustained performance in line with
management's projections, achieving more than a twofold increase in turnover
during the first nine months of 2025 compared to the corresponding period in
2024. All projects are advancing smoothly and according to schedule. METKA
ΑΤΕ maintains a strong position in the sector, enjoying market recognition,
thereby securing a robust project portfolio (total backlog and late-stage
contracts of €1.4 billion combined) while proactively leveraging new
opportunities. By capitalizing on its expertise and strategic position, METKA
ΑΤΕ and M Concessions strengthen their presence in public projects, private
projects, as well as PPP projects, contributing substantially to the creation
of long-term value.

 

On 31/10/2025, the Board of Directors of Thessaloniki Port Authority (ThPA)
appointed the "METKA ΑΤΕ (70%) - TEKAL S.A. (30%) Consortium" as the
provisional contractor for the construction of the project "6th Pier, Port
Infrastructure Expansion," which constitutes a mandatory investment under the
concession agreement between the Hellenic Republic and ThPA S.A. The Board
also approved the construction works contract. All necessary actions will
follow for the signing of the contract, with an estimated budget of
approximately €200 million, in accordance with the terms of the tender.

 

 

 

 

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)

 

The financial and operational data presented in this trading update fairly
represent Metlen Energy & Metals SA's performance for the nine months
ended 30 September 2025. There were no material differences between the
financial and operating performance of Metlen Energy & Metals PLC and
Metlen Energy & Metals SA during this period.

 

METLEN Energy & Metals Plc (METLEN) is the parent company of the
international industrial and energy group, a leader in the metallurgy and
energy sectors, focused on sustainable growth and the circular economy. METLEN
is a benchmark in competitive "green" metallurgy at both European and global
level, operating the only fully integrated bauxite, alumina and primary
aluminium production plant in the European Union, with privately owned port
facilities. In the energy sector, the Company provides integrated solutions
through the implementation of thermal and renewable power generation projects,
electricity distribution and supply, 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 9,000
people worldwide and applying a fully synergistic model across its metallurgy,
energy and end-to-end energy project development activities.

 

METLEN Financial Highlights

The Company 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 2024, METLEN reported consolidated revenue of €5.68 billion and
EBITDA of €1.08 billion, up 7% year-on-year, with net profit of €615
million. Adjusted net debt stood at €1.78 billion, with a Net Debt/EBITDA
ratio of 1.7x, reflecting strong financial resilience. METLEN is rated by
leading international sustainability and ESG agencies, holding the unique
Greek position in the Dow Jones Sustainability Index Best-in-Class Emerging
Market, and distinguished across MSCI, Sustainalytics, ISS ESG, S&P
Global, LSEG, CDP, FTSE Russell, ESG Book, EcoVadis, Bloomberg and
IdealRatings.

 

For more information, please visit: www.metlengroup.com
(http://www.mytilineos.gr/) | Facebook
(https://www.facebook.com/MytilineosSA/) | Twitter
(https://twitter.com/MytilineosSA) | YouTube
(https://www.youtube.com/user/MytilineosGroup) | LinkedIn
(https://www.linkedin.com/company/6646293/)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUVRURVAUARUA



            Copyright 2019 Regulatory News Service, all rights reserved