REG - Metlen Energy&Metals - Semi-Annual Financial Report 2025
09/09/2025 07:00
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RNS Number : 4974Y Metlen Energy & Metals PLC 09 September 2025
Table of Contents
I. Declaration by the persons responsible
II. Board of Directors Interim Management Report
III. Independent Auditor's Report
IV. Interim Condensed Financial Information
1. Information about METLEN Energy & Metals
2. Additional information
2.1 Basis for preparation of the Interim Condensed Financial Information
2.2 Amended standards adopted by the Group
3. Segments
4. Property, plant and equipment
5. Intangible assets
6. Contract balances
7. Inventory
8. Trade and other receivables
9. Issued capital
10. Dividends
11. Financial assets and financial liabilities
12. Provisions
13. Trade and other payables
14. Alternative Performance Measures
15. Capital management
16. Financial Income/expenses
17. Earnings per share
18. Cash Flows from operating activities
19. Number of employees
20. Management remuneration
21. Related party transactions according to IAS 24
22. Contingent assets and contingent liabilities
23. Post - Balance sheet events
24. Approval of Interim Condensed Financial Information
The designees:
Evangelos Mytilineos, Chairman of the Board of Directors and Chief Executive
Officer
Spyridon Kasdas, Vice - Chairman A' of the Board of Directors (non-executive
member)
Dimitrios Papadopoulos, Executive Member of the Board of
Directors
CERTIFY
As far as we know
a. the Interim Condensed Financial Information (Consolidated and Separate) of
the Group and Company "METLEN Energy & Metals S.A." for the period from
01.01.2025 to 30.06.2025, drawn up in accordance with the applicable
accounting standards, present fairly the assets and liabilities, equity and
results of "METLEN Energy & Metals S.A.", as well as of the businesses
included in Group consolidation, taken as a whole
and
b. the enclosed report of the Board of Directors is fair, balanced and
understandable and reflects in a true manner the development, performance and
financial position of "METLEN Energy & Metals S.A." and of the businesses
included in Group consolidation, taken as a whole, including the description
of the principal risks and uncertainties.
Maroussi, 8 September 2025
The designees
Evangelos
Mytilineos
Spyridon
Kasdas
Dimitrios Papadopoulos
Chairman of the Board of Directors
Vice - Chairman A' of the
Executive Member of the
and Chief Executive Officer
Board of
Directors
Board of Directors
The current "METLEN Energy & Metals S.A." Board of Directors Interim
Report relates to the first half of 2025. It has been prepared in accordance
with the relevant provisions of law 3556/2007 (GGI 91A/30.04.2007) and the
executive Decision No. 8/754/14.04.2019 of the BOD of the Hellenic Capital
Market Commission , in order for the Company to comply with its obligations as
an entity listed on the Athens Stock Exchange as at the interim period end
date of 30 June 2025.
It must be noted that after the interim period end date of 30 June 2025,
"METLEN Energy & Metals PLC" (hereinafter called "METLEN PLC") acquired
all (100%) of the shares issued by the Company, pursuant to (i) the voluntary
share exchange tender offer that METLEN PLC submitted on 25 June 2025 in
accordance with Law 3461/2006, as in force ("Law 3461"), and (ii) the right of
squeeze-out exercised by METLEN PLC in accordance with Article 27 of Law 3461
and the decision 1/644/22.4.2013, as in force, of the Board of Directors of
the Hellenic Capital Market Commission (the "HCMC"), the process of which
completed on 29 August 2025.
As a result, METLEN PLC has become the direct parent of the Company and the
ultimate parent company of the Company's Group. METLEN PLC's share capital in
ordinary registered shares amounts today to €1,573,252,780.00 and is divided
into 143,022,980 ordinary registered shares, admitted to trading on (a) the
Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated
Securities Market of the Athens Exchange (the "ATHEX").
Following the aforementioned acquisition, the Company has submitted a written
request to the HCMC to approve the delisting of the Company's ordinary
registered shares from the Athens Exchange, in accordance with Article 17,
paragraph 5 of Law 3371/2005, as in force.
The report contains financial and non-financial information, as well as
information necessary for understanding the impact on issues relating to the
solvency of the Company, its subsidiaries and associated companies
(hereinafter called the 'Group' or "METLEN", jointly with the company) for the
first half of 2025. It also describes significant events that took place
during this period and their impact on the Interim Condensed Financial
Information report. Finally, it presents the significant transactions between
the Company and its related parties.
i. The table below shows an analysis of the Group operational result
per sector as well as other items.
01.01-30.06.2025 01.01-30.06.2024 01.07-31.12.24 01.04 - 30.06.2025 01.01-31.03.2025
Turnover 3,607.5 2,482.0 3,200.9 2,058.7 1,548.8
Energy 2,916.3 1,988.2 2,583.5 1,688.4 1,227.9
Metallurgy 479.6 412.0 445.1 251.7 227.9
Infrastructure & Concessions 211.7 81.9 172.3 118.6 93.1
Group EBITDA 445.3 474.0 606.0 268.8 176.5
Energy 288.5 322.4 430.9 197.1 91.4
Metallurgy 129.5 142.1 154.7 58.4 71.1
Infrastructure & Concessions 31.2 12.2 37.5 17.8 13.4
Other (3.9) (2.7) (17.0) (4.4) 0.6
(-) Depreciation / Amortization (78.6) (76.9) (85.9) (35.8) (42.8)
(+ - ) Net Financials (76.6) (51.5) (118.5) (56.2) (20.4)
(+) Share of profit of associates 0.6 0.2 0.9 0.3 0.3
(-) Tax (29.7) (60.5) (57.1) (9.0) (20.7)
(-) Minoritiy Interest (7.3) (3.3) (12.9) (2.9) (4.4)
Net Income attributable to parent Shareholders 253.8 281.9 332.6 165.3 88.5
ii. The table below shows an analysis of cash flows and the change of
net debt for the period.
(Amounts in mil €) 01.01 - 30.06.2025
Group EBITDA 445
(-) 2024 Lead Items (Relates to operating activities of 2024) (160)
(-) Working Capital (178)
Funds from operations 107
(-) Tax (31)
(-) Interest (65)
Operating Cash Flow 11
(-) Maintenance Capex (48)
(-) Growth & Productivity Capex (416)
Free Cash Flow (453)
(-) Other Financial / Investment Cash Flows 160
Net Debt Change (293)
The inauguration of the new president of the United States was followed by
trade tensions and market volatility with global investors reacting cautiously
as new tariff policies and protectionist rhetoric unsettled supply chains.
Diplomatic relations with major economic partners, including China and the
European Union, entered a phase of realignment, raising uncertainty around
future trade agreements. The euro area experienced net inflows in capital
markets in various asset clashes, reflecting investor confidence in European
securities. In contrast, during 2025, the US dollar has become more volatile,
influenced by persistent inflationary pressures and market perceptions of the
Federal Reserve's commitment to maintaining its independence, which has
contributed to its weakening against the euro.
Geopolitical tensions have remained elevated throughout 2025, with the Middle
East conflict undergoing multiple phases-from temporary ceasefires to renewed
hostilities between the involved parties. Meanwhile, the Russo-Ukrainian war
continues unabated, despite early hopes for de-escalation. Consequently, the
energy landscape has experienced substantial volatility since the start of the
year, contributing to an inflationary environment-particularly in Europe,
where energy dependence remains a critical vulnerability.
The US maintained a restrictive monetary policy throughout the first half of
2025, with the labor market showing resilience and inflation remaining
slightly above target. In contrast, the European Central Bank (ECB) cut
interest rates for the third consecutive meeting amid growing concerns over
Europe's economic resilience and escalating downside risks to its growth
outlook. The Greek economy outperformed the broader Euro area, expanding by
2.2% in the first half of the year compared to 0.7% growth across the region.
This growth was driven by strong consumption buoyed by improving consumer
confidence, renewed investment, and a robust recovery in the tourism sector.
Steadily rising employment also contributed to a reduction in unemployment,
which fell to single-digit levels, reaching 8% as of July 2025.
The year 2025 has marked a turning point for METLEN, following a successful
share exchange offer that paved the way for a primary listing on the London
Stock Exchange, while retaining a secondary listing in Athens. This strategic
move embodies METLEN's long-term vision to broaden its international investor
base, improve liquidity, and align with global capital market standards.
Additionally, it reinforces our corporate structure and elevates our market
visibility, underpinning our growth objectives for the years ahead.
Earlier this year, Metlen hosted its Capital Markets Day at the London Stock
Exchange, where the company unveiled its medium-term growth strategy,
introducing new strategic pillars designed to enhance long-term value
creation. Key initiatives include a new gallium production line capable of
meeting Europe's entire demand, the development of Circular Metals-an
innovative process for recovering critical raw materials-and an ambitious
expansion into the defense sector through the establishment of new production
facilities.
In the first half of 2025, METLEN reaffirmed its strategic vision by
delivering robust financial performance and advancing pivotal initiatives
across key sectors. The Group demonstrated strong results in its Metals
division and accelerated growth within the Energy segment, where its
Renewables and Utility businesses, combined, achieved record-breaking
semi-annual performance-despite a one-off adverse impact from the M Power
Projects segment. By capitalizing on its operational excellence and leveraging
cross-sector synergies, METLEN adeptly navigated a challenging and volatile
market landscape while steadfastly pursuing its strategic expansion
objectives. The Company's integrated and synergistic business model has proven
exceptionally resilient in the face of ongoing macroeconomic pressures and
geopolitical uncertainty, enabling METLEN to secure critical strategic
partnerships and further solidify its leading position across both the Energy
and Metals industries.
Review per Sector
1.1. 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 5.5 GW, representing a robust 15% increase compared to the
corresponding period in 2024. The Group'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 of the Group from renewable energy sources
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, 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 a strong credit standing.
With regard to its domestic pipeline, in 2024 METLEN commenced construction on
0.4 GW of photovoltaic (PV) projects and 13 MW of wind projects, all supported
by resources from the Recovery and Resilience Facility (RRF). During H1 2025,
construction progressed on a further 0.3 GW of PV projects and an additional
48 MW 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 0.8 GW and BESS projects totaling 0.3 GW / 1.3 GWh, spanning
Greece, Chile, Bulgaria, and the United Kingdom. Additionally, PV and BESS
projects totaling 0.5 GW / 0.9 GWh 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. This trend, which commenced in the second half of 2024, gained
further momentum with electricity exports reaching 0.8 TWh in H1 2025,
compared to 0.3 TWh 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 10.7 TWh.
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 4.2
TWh in H1 2025, up from 3.9 TWh 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 - Energy & Natural Gas Supply 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 711,000 meters, up from 580,000 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 13 TWh, 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, M Power Projects' 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.
1.2. 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 ($/t) H1 2025 H1 2024 Δ%
3Μ LME 2,544.0 2,401.7 5.9%
Alumina Price Index (API) 435.5 401.8 8.4%
Metals Sector reported turnover of €480 million, representing 13% of the
company's total turnover, posting a 16% increase on a year-on-year basis.
Earnings before interest, taxes, depreciation and amortization stood at €129
million, decreased by 9% compared to H1 2024.
During the first half of 2025, electricity costs rose significantly compared
to the same period in 2024. Since 2024, METLEN has been actively transitioning
its aluminium smelter's electricity supply toward greener sources by
increasing the share of RES in its mix. This strategy includes both developing
METLEN's own renewable assets and establishing long-term agreements with
third-party RES producers, with the goal of covering the vast majority of the
smelter's electricity needs. Looking ahead, the smelter is expected to benefit
from more stable electricity prices and significantly lower costs, as
renewables-particularly PVs-currently offer some of the most competitive
levelized costs of electricity (LCOE) in the market.
The average 3-month LME aluminium price for the first half of 2025 stood at
2,544$/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 into 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/ton, marking a slight increase compared to $402 per ton 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.
1.3. Infrastructure and Concessions Sector
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.)
The key developments of the first half of 2025 include the contract signed, in
April 2025, with the Ministry of Infrastructure and Transport for the project
"Restoration of the Athens-Thessaloniki double railway line, from the exit of
Domokos station (km 288+600) to the entrance of Krannonas station (km
328+840), following the 'Daniel' and 'Elias' weather events". The project
budget amounts to €134,400,000 plus VAT. In May 2025, the TERNA-METKA joint
venture signed a contract with the Technical Chamber of Greece for the
Information System for the Delimitation of Watercourses, while during the same
month a contract was signed with the Olympic Athletic Center of Athens "Spyros
Louis" for the project "Static and Functional Restoration of the Roof
Structures of the Main Stadium and the Velodrome at OAKA". The budget is
€61,355,005.
The "Thessaloniki Inner Ring Road Upgrade (FlyOver)" PPP project, the "Upgrade
of the existing Proastiakos Railway Line of Western Attica", as well as
numerous other public and private projects, are progressing smoothly.
For H2 2025, METKA anticipates strengthening its figures through the
intensification of works on its existing backlog, the commencement of works on
contracts signed in the first half of 2025, as well as the signing of
contracts for which it is currently the preferred bidder.
In the medium term, the prospects of the construction sector in Greece are
particularly positive, both for public and private works, as well as for
Concession and Public-Private Partnership (PPP) projects, in which the
Infrastructure Sector (METKA ATE and M Concessions) has already begun to play
an important role. At present, several major infrastructure projects are at
various stages of tender, both as pure public works (e.g., extension of Athens
Metro Line 2, railway projects in Northern Greece) and as PPP projects (road
works, building works), in which METKA ATE, both independently and as the
construction arm of its affiliated M Concessions, aims to play a significant
role, delivering tangible results to its parent company.
Total impact on Group Sales and Group Results
Specifically, the effect on the Group's turnover, EBITDA and Net Profit during
the first half of 2025, compared to the first half of 2024, is presented
below:
A. Sales
Sales Group Total Energy Metals Infrastructure & Concessions Group Total
(Amounts in mil €)
Sales H1 2024 2,482 1,988 412 82 2,482
Intrinsic Effect 747 Volumes 272 2 - 274
Renewables 372 - - 372
Projects (40) 10 128 97
Other - 2 2 4
Market Effect 372 Organic €/$ eff. (6) (5) - (11)
Organic €/£ eff. 0 - - 0
Prices & Premia 331 52 - 383
Hedging 7 - 7 - 7
Sales H1 2025 3,608 2,916 480 212 3,608
B. Group EBITDA
Group EBITDA Group Total Energy Metals Infrastructure & Concessions Other Group Total
(Amounts in mil €)
Group EBITDA H1 2024 474 322 142 12 (3) 474
Intrinsic Effect 54 Volumes 69 - - - 69
Renewables 80 - - - 80
Power Projects (144) 4 16 - (123)
Other 4 23 3 (1) 29
Market Effect (56) Premia & Prices - 56 - - 56
Raw Materials prices - (15) - - (15)
€/$ rate effect (1) (4) - - (6)
€/£ rate effect (0) - - - (0)
Natural Gas Price (91) 13 - - (78)
CO(2) (1) 7 - - 6
RTBM / Day Ahead Market 80 - - - 80
Net Energy Cost (28) (71) - - (99)
Other (0) 0 - - (0)
Hedging (28) (1) (27) - - (28)
Group EBITDA H1 2025 445 288 129 31 (4) 445
C. Net Profit after minorities
(Amounts in mil €) Energy Metals Infrastructure & Concessions Other Group Total
Net Profit after Minorities H1 2024 282
Effect from:
Earnings before interest and income tax (EBIT) (40) (16) 29 (3) (30)
Net financial results (25)
Investments results 0
Minorities (4)
Income tax expense 31
Net Profit after Minorities H1 2025 254
D. Sales and Earnings before interest, taxes,
depreciation and amortisation per Business Unit
(Amounts in thousands €) Energy
Sales M Renewables M Energy Generation & Management M Energy Customer Solutions M Power Projects M Integrated Supply & Trading Intersegment Total
01.01-30.06.2025 988,942 594,734 781,376 202,529 617,920 (269,230) 2,916,271
01.01-30.06.2024 623,154 379,495 513,284 242,825 408,689 (179,212) 1,988,235
EBITDA
01.01-30.06.2025 221,184 105,989 41,298 (131,764) 51,749 - 288,456
01.01-30.06.2024 143,261 90,880 58,289 12,460 17,556 - 322,446
*The Companies which are consolidated with equity method and own Renewable
Energy Units with capacity of 1,7MW are not included in the amounts of RES.
The Intersegment Eliminations concern the elimination of turnover of common
MWh between the activities "Power Generation'' and ''Electricity Supply''
which are part of the Energy sector of the Group.
(Amounts in thousands €) Metals
Sales Alumina Aluminium Other Total
01.01-30.06.2025 103,625 349,139 26,788 479,552
01.01-30.06.2024 84,350 313,300 14,300 411,950
EBITDA
01.01-30.06.2025 46,831 74,187 8,436 129,454
01.01-30.06.2024 30,000 108,000 4,059 142,059
(Amounts in thousands €) Infrastructure & Concessions
Sales METKA ATE Concessions Intersegment Total
01.01-30.06.2025 223,682 8,002 (20,004) 211,680
01.01-30.06.2024 97,374 - (15,513) 81,861
EBITDA
01.01-30.06.2025 30,534 675 - 31,209
01.01-30.06.2024 12,762 (543) - 12,219
(Amounts in thousands €)
Sales Other Total
01.01-30.06.2025 - -
01.01-30.06.2024 - -
EBITDA
01.01-30.06.2025 (3,852) (3,852)
01.01-30.06.2024 (2,680) (2,680)
The reconciliations of Alternative Performance Measures (APMs) to the most
directly reconcilable line item are included in Note 14.
New Large-Scale Mining, Metallurgical, and Industrial Investment by METLEN for METLEN Energy & Metals Secures Long-Term Strategic Agreements with Rio METLEN strengthens its strategic presence in the Defense sector with new
the development of an integrated production line for Bauxite, Alumina, and Tinto in Bauxite and Alumina. Rio Tinto will supply bauxite over an 11-year expansions at its industrial complex in Volos. METLEN has signed a preliminary
Gallium period (2027-2037) and METLEN will supply Rio Tinto with Alumina over an agreement for the acquisition of a 19-acre property within the Volos A'
8-year period (2027-2034) with an optional 3-year extension (2035-2037) Industrial Zone, with industrial facilities covering 5,000 m2
METLEN in the Dow Jones Best-in-Class Emerging Markets Sustainability Index
and the S&P Global Sustainability Yearbook for the Third Consecutive Year
METLEN's investment in gallium production is officially included in the EU's
selected strategic projects for critical raw materials
METLEN and Glenfarne seal landmark deal for Solar and Battery Energy Storage METLEN signs 10-year PPA with Iliad to supply solar energy from two Italian Jinko ESS and METLEN signed a Frame Agreement cementing their strategic
Systems in Chile with total installed capacity of 588 MW and energy storage plants. The plants will guarantee to iliad 20 GWh of clean electricity partnership in utility-scale Battery Energy Storage Systems (BESS) of total
capacity of 1,610 MWh annually energy storage over 3GWh across Chile and European markets
METLEN Hosted Capital Markets Day in London, Unveiling Strategic Roadmap
Towards €2 Billion targeted Group EBITDA in the medium term and New Growth
Pillars
Principal risks and uncertainties
METLEN Energy & Metals considers risk management an integral part of
business operations to identify risks and opportunities and ensure business
resilience. Enterprise risk management is integrated into our decision-making,
market analysis, and business continuity, enabling us to continuously identify
and assess existing and emerging risks and opportunities on a company and
business level.
An analysis of the principal risks that METLEN faces including the description
and potential threats of each risk are presented below.
Geopolitical risk: METLEN's activities, access to markets, and operational
continuity face potential disruptions stemming from various forms of political
instability, including terrorism, war, crime and social unrest. Such events
can undermine the stability of the regions in which METLEN operates, causing
delays in project execution, increased security risks, and heightened
operational costs. Furthermore, frequent changes in policies, regulations and
legislation, short-term changes in demand and/or trade requirements could
potentially impact key markets for METLEN's products, projects and services.
Moreover, ongoing geopolitical developments, such as military conflicts, trade
disputes, sanctions, and political disruption, can have an impact on METLEN.
These dynamics can disrupt business plans and investment decisions due to
increased uncertainty, fluctuating commodity prices, etc.
Macroeconomic risk: Through its business activities that expand in various
economies, METLEN is exposed to a wide range of macroeconomic trends and
factors that could potentially threaten its activities, financial stability
and long-term viability. METLEN could face negative impacts from various
macroeconomic pressures, such as significant reductions in customer spending,
delays in investment plans, and inflationary pressures that erode profit
margins by increasing the underlying cost base. Additionally, political
instability and aggressive monetary and fiscal policies could adversely affect
the achievement of METLEN's strategic objectives.
More specifically, a variety of macroeconomic indicators may alert the
business and financial targets, e.g. an increase in unemployment rates could
negatively affect demand/default rates in retail businesses, primary surplus
can have an impact on public investments and demand for infrastructure
projects, high interest rates may affect the overall financial goals of the
business since the interest rate increase aims to slow economic activity and
is likely to lead to lower demand for goods and services as well as to
increase the borrowing costs making credit and investment more expensive and
having an impact on the overall liquidity.
Energy supply risk: METLEN operations face potential risks stemming from high
energy prices and availability constraints caused by disruptions in the energy
market. These disruptions can arise from geopolitical tensions, supply chain
interruptions, or volatility in energy commodities, creating challenges for
the organisation's ability to secure reliable and cost-effective energy
sources.
Potential failure to effectively plan and manage the energy sources
(electrical power, natural gas, etc.) in terms of quantity, pricing, and costs
could lead to delays and disruptions in the production process of the Metals
Sector, the participation of thermal units of the Energy Sector in the energy
mix, additional costs, and inability to achieve operational and financial
goals as well as client needs. Finally, the ability to maintain a balanced mix
of electrical power (RES vs Thermal) is important to meet sustainability and
financial targets.
Commercial & competition risk: METLEN's Energy segments are exposed to
significant commercial and competition risks that could impact profitability,
market share, and operational efficiency.
In the retail energy segment, intense price competition, customer retention
challenges, and regulatory pressures pose substantial risks. Rivals offering
lower prices or more attractive service packages can erode market share, while
regulatory changes may increase operational costs or constrain pricing
strategies, further compressing profit margins.
In the renewable energy segment, competition for lucrative contracts,
government incentives, and prime project sites is fierce. Fluctuating costs of
raw materials, such as solar panels and batteries, as well as delays in
project timelines, threaten operational efficiency and profitability.
Additionally, securing long-term power purchase agreements (PPAs) with
competitive terms remains critical to financial viability and the ability to
scale operations. The power projects segment faces risks tied to securing
contracts amid competitive bidding processes, with fluctuating material and
labor costs adding financial pressure to project budgets. Potential delays in
projects can lead to financial penalties and escalating costs which could
render projects unprofitable.
The energy management segment is exposed to market volatility, pricing
inaccuracies, and geopolitical factors, all of which can disrupt supply-demand
dynamics and lead to financial losses or missed opportunities in optimising
energy portfolios.
Lastly, in the natural gas segment, risks stem from securing favorable supply
agreements and maintaining competitive market positioning. Price volatility,
driven by geopolitical tensions, supply disruptions, and seasonal demand
fluctuations, further complicates operations and can strain financial
performance.
Long-term resources availability risk: The demand and supply dynamics of
long-term resources are closely related to our ability to produce the expected
economic output and support social initiatives. Our business activities are
dependent on the expected supply of raw materials (e.g. bauxite) and energy
sources (e.g. natural gas) that can be affected by various external factors
such as competition, regulations, government policies, price speculation as
well as by internal factors such as production targets and operational
efficiency.
The availability, quality, and cost of critical raw materials and energy
sources affect METLEN's financial and operational targets. More specifically,
disruptions in the bauxite production or the bauxite supply in terms of type,
concentration of iron minerals, and price could negatively or positively
affect the business objectives of the Metals Sector. These disruptions may
either negatively or positively affect METLEN's ability to meet its strategic
goals, depending on market conditions and supply agreements. Furthermore, the
security and availability of natural gas are paramount for the operations of
thermal power units, the uninterruptible Aluminium of Greece (AoG) operations,
and METLEN's participation in the energy and gas markets. Any disruption in
natural gas supply - such as those caused by geopolitical tensions, sanctions,
tariffs, or market shortages - could severely impact METLEN's objectives.
These challenges may lead to increased operational and financial costs as
METLEN seeks alternative means to secure the necessary quantities of natural
gas to sustain operations.
Investments decisions risk: Investment decisions, particularly those involving
mergers, acquisitions, and major transactions, are critical to METLEN's
strategic growth and sustainability. While such activities present
opportunities to expand operational capacity, enhance market competitiveness,
and increase market share, they are inherently accompanied by significant
risks that could affect METLEN's financial health, market position, and
overall reputation. One important risk lies in valuation inaccuracies, where
misjudging the worth of acquired assets or companies can lead to overpayment,
ultimately straining financial resources and reducing the return on
investment. Such missteps can also diminish shareholder confidence and limit
METLEN's ability to allocate capital toward other growth opportunities.
Moreover, unforeseen liabilities pose another considerable risk. Acquired
companies or assets may bring hidden issues such as unresolved legal disputes,
environmental responsibilities, or unrecorded financial debts. These
liabilities can have a lasting impact on METLEN's balance sheet, creating
financial burdens and reputational challenges.
Integration inefficiencies represent another significant challenge, especially
following mergers or acquisitions. When acquired entities or assets are not
seamlessly integrated into METLEN's operations, inefficiencies can arise,
disrupting workflows, creating bottlenecks, and delaying the realisation of
synergies. This can lead to operational underperformance and failure to
achieve the strategic benefits anticipated from the transaction.
Additionally, market conditions and economic factors play a crucial role in
the success of investment decisions. For example, while selling PV solar parks
may generate cash inflows, fluctuating demand and buyer interest could impact
pricing, placing pressure on profit margins. These external factors underscore
the importance of timing and market analysis in transaction planning.
Health & Safety risk: METLEN is exposed to health and safety risks due to
the nature of its operations. These risks include minor workplace accidents,
accidents resulting in lost workdays, occupational diseases, and, in the worst
cases, fatalities. Managing these risks is critical not only for safeguarding
the physical and mental well-being of employees, subcontractors, and business
partners but also for ensuring METLEN's business continuity and reputation.
The potential failure to manage health and safety risks effectively could
result in severe consequences. Beyond the immediate human impact, such
incidents can lead to litigation, regulatory fines, increased insurance
premiums, operational issues due to equipment damage or work stoppages that
can halt production or delay project timelines, replacement costs and
reputational damage.
Sustainability risk: METLEN faces sustainability and climate-related risks
that could disrupt its operations, financial performance, and long-term
strategy. Sustainability challenges stem from inefficient business practices,
outdated equipment, and inadequate processes, which hinder the organisation's
ability to manage and protect natural resources such as water, air, plants,
and animal species. This could lead to environmental degradation, increased
carbon emissions, resource scarcity, and non-compliance with environmental
regulations, exposing METLEN to legal liabilities, fines, and reputational
damage.
Furthermore, climate-related risks, both physical and transitional, further
compound these challenges. Physical risks, including water stress, extreme
weather events, and rising temperatures, may disrupt raw material supplies,
increase production costs, and create capacity constraints. Meanwhile,
transitional risks, such as stricter regulations, compliance costs, and the
pressure to meet decarbonisation goals, require rapid adaptation to evolving
market and policy demands.
Failure to manage these risks could result in financial losses, reputational
damage, and loss of the social and regulatory license to operate. Addressing
these sustainability and climate related risks is critical to maintaining
operational resilience, protecting ecosystems, and securing stakeholder trust.
Commodities risk: METLEN operates in global markets with exposures to market
driven commodity price fluctuations that are determined by demand and supply
dynamics, economic growth, inventory balances, speculative positions,
regulatory affairs, government policies, etc.
Potential failure to plan or manage unfavorable fluctuations in commodity
prices could adversely impact METLEN's future financial performance. More
specifically, through its business activities, METLEN is mainly exposed to
risks arising from price fluctuations in Aluminium (AL), Aluminium Oxide (OX),
natural gas, CO(2) emission allowances and scrap aluminium.
These types of exposure could negatively affect both revenues (e.g., metal
prices at LME) and costs (e.g., natural gas prices).
Credit risk: Credit Risk entails the potential failure to effectively manage
credit incidents arising from METLEN's business and financial market
transactions. In more detail, credit incidents and credit exposure may arise
from the sale activities of the Energy and Metals Sectors and the
subsidiaries, the trading transactions in derivatives and other financial
transactions such as deposits, loans, etc.
METLEN is exposed to credit risk through the possibility of a counterparty
default, a credit rating downgrade and/or an adverse credit environment in
general. As a result, credit risk related to non-performance by customers,
suppliers, and counterparties could disrupt revenue and cash flows and
increase the cost of collection, settlement and replacement.
Moreover, concentration on specific counterparties, customers, suppliers or
affiliated entities could have a significant impact on METLEN's financials in
the rise of a credit incident, thus exposing itself to reputational and
operational risks as well as to financial risks through an increase to
spreads, unfavorable prepayment obligations, borrowing terms and cost of
financing.
Furthermore, credit risk could be realised through an inability to efficiently
collect receivables that would cause significant bad debt expense and/or
excessive days receivables outstanding.
Finally, if any factors of credit risk were to materialise, METLEN's financial
condition, revenues and cashflows could be negatively impacted.
The analysis below of the balance of the Group's net trade receivables on
30.06.2025 and 31.12.2024 as well as the simple average collection days (DSO,
based on the annual Turnover) is shown in the following table:
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 30.06.2025 31.12.2024
Net trade receivables 765,316 936,874
Sales 3,607,503 5,682,956
Simple calculated DSO (w/o VAT adjustments) 38.7 60.2
Interest rates risk: METLEN faces interest rate risk arising from interest
bearing balance sheet items, such as liabilities (financing) and assets
(deposits/investments), as well as from project financing activities and
financial derivative transactions.
Moreover, macro developments and policy decisions at a regulatory level (e.g.,
European Central Bank) may affect METLEN's exposure to interest rate risk.
Foreign exchange risk: METLEN is exposed to foreign exchange risk arising from
balance sheet items, such as liabilities (financing) and assets
(deposits/investments), as well as from project financing activities and
financial derivative transactions in currencies other than the Euro.
Moreover, macro developments and policy decisions by various governments in
the territories in which the Group operates may affect METLEN's exposure to
foreign exchange risk.
Liquidity risk: Liquidity risk is related to METLEN's need to finance its
operations, meet payment obligations, and borrow funds at an acceptable cost
to support the strategic transactions, and investment programs. In more
detail, the risk may arise from various sources and activities within the
business model of METLEN, such as inadequate cash flow management, business
disruption, increase in operational costs, unplanned capital expenditures,
inadequate management of working capital, inadequate monitoring of debt
payments, ineffective collection processes, etc.
The effect of liquidity risk in the event that it becomes material may be
multi-dimensional, such as leading to an inability to meet growing capital
expansion plans, breaching bank loan terms and covenants, failure to procure
critical material/resources, mandatory prepayments of outstanding loans,
reduction of available credit lines, inability to pay wages, etc.
In addition, liquidity risk may affect METLEN evaluation by rating agencies
and thus increase the cost of financing its investment plans or limit METLEN
access to Capital Markets or alternative funding sources. On the other hand,
the effective management of liquidity risk is an integral part of potential:
a) improvement of net profitability through reduced interest expense; b)
implementation of METLEN business expansion initiatives through the ability to
secure financings with more competitive terms (enhanced terms with financiers
and suppliers); c) improvement of METLEN's credit standing & outlook from
credit rating agencies, etc.
As a result, the relevant liquidity requirements are the subject of continuous
management through the meticulous monitoring of outstanding debt, of any other
long-term financial liabilities, and of cash inflows and outflows.
People risk: METLEN relies on its employees and talent to achieve its
business, financial targets and objectives. The ability to attract, develop,
and retain a variety of skilled employees with the right mix of soft and
technical skills is critical to maintaining our leading position in the
market, compete and grow. Low levels of employee engagement, high employee
turnover rates, and inability to create a positive working environment could
lead to a loss of "know-how" and skills, to business disruptions, affect the
continuation of critical operations due to insufficient succession planning,
and reduce the confidence within the market and among stakeholders.
In addition, the expansion of METLEN through acquisitions and its presence in
multiple geographical areas may create challenges to onboarding new resources
effectively, adjusting to societal expectations and norms, and effectively
communicating our mission and purpose.
If this risk were to materialise, it could adversely impact the success of
METLEN's strategic objectives and threaten its reputation and the timely
achievement of its commitments.
Project planning & execution risk: METLEN's growth and expansion have led
to a significant increase in the volume and complexity of projects and
partnerships with sub-contractors / third parties. This expansion inherently
raises METLEN's exposure to risks associated with ineffective project
management, planning, and execution. Inefficient management could lead to
delays, cost overruns, quality and safety issues, all of which negatively
affect project outcomes and client satisfaction.
A failure to meet client expectations can escalate into legal disputes,
particularly over breached contractual terms, which may result in financial
penalties and strained business relationships. Moreover, delays or the
inability to deliver projects with significant exposure not only affect
immediate client relationships but also damage METLEN's reputation. This
damage can erode trust and reliability in the market, potentially leading to
the loss of future business opportunities.
Operational efficiency risk: METLEN faces operational efficiency risks that
challenge the effective functioning of its power plants, with potential
impacts on reliability, performance, and cost-effectiveness.
Inefficiencies in equipment maintenance, for instance, can lead to higher
operating costs, unplanned outages, and reduced energy output. Delays in
routine maintenance, inadequate monitoring of critical systems, or reliance on
outdated technology can intensify these risks, resulting in equipment failures
that cause downtime and revenue loss. Over time, operational inefficiencies
can also accelerate equipment wear and tear, increasing asset depreciation and
inflating long-term operational costs.
Given these types of risks, managing operational efficiency is essential to
ensuring the smooth operation of METLEN's power plants, meeting energy demand,
and sustaining profitability in a highly competitive market.
Corporate governance & ICS risk: As METLEN grows and faces greater
regulatory scrutiny, compliance with governance provisions, such as the UK
Corporate Governance Code, and effective governance by the Board of Directors
become increasingly critical.
Failure to adhere to Governance provisions due to weak Board oversight,
insufficient director independence, or ineffective risk management can expose
METLEN to legal, financial and reputational risks.
Additionally, METLEN's expansion increases operational complexity, raising the
risk of ineffective internal controls. Weak controls can lead to financial
inaccuracies, fraud, non-compliance, and poor decision-making. If not
addressed, these issues can escalate into regulatory penalties, material
misstatements, and reputational harm, eroding stakeholder confidence. These
governance and internal control system failures may undermine investor
confidence, profitability and growth, damage stakeholder trust, and impact
business relationships, ultimately affecting long-term growth and
sustainability.
Contractual risk: METLEN's diversification of activities and global expansion
have resulted in an increased volume of business deals and contractual
obligations with partners, clients, and vendors, exposing it to contractual
risks. These risks may arise from ineffective internal processes, such as
insufficient engagement with end-users, incomplete review and assessment of
contract terms, inability to evaluate project complexity and risks, lack of
monitoring mechanisms to ensure conformance with contract terms, or inadequate
coordination between legal and business teams.
Poorly negotiated or ambiguous contract terms, such as those related to force
majeure clauses, change orders, or performance guarantees, can result in
disputes, delays, or financial losses, ultimately affecting project timelines,
risk allocation, and overall competitiveness. Potential failure to manage
contractual risk may affect METLEN in multiple ways, trigger other risk
categories, and significantly impact its overall risk profile. More
specifically, the contractual risk may create financial losses due to revenue
losses or cost overruns, damage METLEN reputation, affect its bargaining
power, lead to lawsuits and regulatory fines, and increase the operational
effort to manage this risk.
Compliance risk: Compliance risk poses a significant challenge to METLEN as
regulatory expectations continue to grow, with new legal requirements being
introduced and a more aggressive enforcement stance adopted across various
markets. The evolving regulatory landscape demands that METLEN adhere to a
wide range of laws and standards, including anti-corruption, anti-money
laundering, global competition, human rights, data protection, and economic
sanctions.
A failure to embed a robust business integrity culture or a breach of these
laws and company policies could result in substantial financial penalties,
operational disruptions, and reputational damage. Non-compliance could erode
stakeholder trust, hinder access to global markets, and lead to the loss of
business opportunities. Moreover, the complexity of navigating overlapping
regulatory frameworks across jurisdictions increases operational burdens and
necessitates ongoing efforts to enhance compliance systems, employee training,
and monitoring practices. These measures are critical to safeguarding METLEN's
reputation and maintaining its competitiveness in an increasingly regulated
environment.
Significant related party transactions
The commercial transactions of the Group and the Company with related parties
during the first half of 2025, were realised under the common commercial
terms. The Group has not entered in any transactions with its related parties
that were not on an arm's length basis and does not intend to participate in
such transactions in the future. No transaction was under any special terms
and conditions.
The tables below present the compensation of key management personnel of the
Group and the Company, as well as intercompany sales and transactions between
the Parent Company and its subsidiaries, associates for the period ended 30
June 2025.
Compensation of key management personnel of the Group and Company
For the purposes of this analysis key management personnel are deemed to be
the members of the BoD of the parent Company, CEOs of major subsidiaries, head
of business units and other departments.
Total compensation of key management personnel recognized in the Income
Statement are presented below:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 30.06.2024 30.06.2025 30.06.2024
Wages 4,341 5,986 2,884 3,739
Tax and insurance service costs 404 291 270 116
Long-term benefits 6,087 5,826 6,087 5,826
Total compensation of key management personnel 10,832 12,103 9,241 9,681
Transactions and balances between the Parent Company and its subsidiaries
METLEN ENERGY & METALS S.A.
(Amounts in thousands €)
Sales of goods 01.01-30.06.2025
KORINTHOS POWER S.A. 82,382
EFA ENERGEIAKI ETAIRIA FYSIKOU AERIOU AE 7,086
EP.AL.ME. S.A. 6,577
PROTERGIA ENERGY S.A. 4,417
PROTERGIA ENERGY ALBANIA LTD 4,211
PROTERGIA ENERGY DOOEL Skopje 1,204
EUROPEAN BAUXITES SINGLE MEMBER S.A. 1,091
VOLTERRA ANONYMH ETAIREIA PARAGOGIS & EMBORIAS ENERGEIAS 1,031
Other 1,644
Purchases of goods 01.01-30.06.2025
EUROPEAN BAUXITES SINGLE MEMBER S.A. 26,251
EP.AL.ME. S.A. 6,376
SERVISTEEL S.A. 925
Other 1,294
Services Sales 01.01-30.06.2025
MYTILINEOS FINANCIAL PARTNERS S.A. 42,587
KORINTHOS POWER S.A. 3,907
METKA-EGN LTD 2,036
PROTERGIA ENERGY S.A. 1,030
Other 1,779
Other Transactions 01.01-30.06.2025
METKA-EGN LTD 2,721
Other 297
Services Purchases 01.01-30.06.2025
ELEMKA S.A. 1,905
MYTILINEOS FINANCIAL PARTNERS S.A. 1,048
Other 1,310
Receivables from Related Parties 30.06.2025
MYTILINEOS FINANCIAL PARTNERS S.A. 1,663,825
METKA-EGN LTD 270,777
MYTILINEOS HELLENIC WIND POWER S.A. 34,065
METKA INTERNATIONAL LTD (RAK) 23,990
EP.AL.ME. S.A. 20,207
EGNATIA ERGO ENERGY SINGLE MEMBER S.A. 17,309
KORINTHOS POWER S.A. 13,576
VOLTERRA ANONYMH ETAIREIA PARAGOGIS & EMBORIAS ENERGEIAS 12,500
MYTILINEOS CONSTRUCTION SINGLE MEMBER SOCIÉTÉ ANONYME 7,239
SPIDER S.A. 7,070
J/V MYTILINEOS S.A. - ELEMKA S.A. 6,197
RENEWABLE SOURCES OF KARYSTIA S.A. 6,118
ZEOLOGIC S.A. 5,048
PROTERGIA ENERGY S.A. 4,923
METKA RENEWABLES LIMITED 3,761
AIOLIKI SAMOTHRAKIS S.A. 3,572
ELEMKA S.A. 3,373
EFA ENERGEIAKI ETAIRIA FYSIKOU AERIOU AE 3,354
HELLENIC SOLAR S.A. 3,004
METKA POWER INVESTMENTS 2,079
EGNATIA EK.A. MONOPROSOPI S.A. 1,922
POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI 1,616
EUROPEAN BAUXITES SINGLE MEMBER S.A. 1,555
SOMETRA S.A. 1,525
IKAROS ANEMOS S.A. 1,208
CHRISOS HELIOS ENERGEIAKI S.A. 927
Other 9,730
Payables to Related Parties 30.06.2025
POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI 177,894
MYTILINEOS FINANCIAL PARTNERS S.A. 50,522
EP.AL.ME. S.A. 11,228
ELEMKA S.A. 11,052
KORINTHOS POWER S.A. 6,161
EGNATIA EK.A. MONOPROSOPI S.A. 3,644
ZEOLOGIC S.A. 2,893
RENEWABLE SOURCES OF KARYSTIA S.A. 2,500
SERVISTEEL S.A. 2,436
MC17 SCHOLEIA KENTRIKIS MAKEDONIAS A.E.E.S. 2,341
EGNATIA WIND M.A.E. 1,353
SPIDER S.A. 1,014
METKA INTERNATIONAL LTD 969
Other 3,700
Transactions and balances between the Group and the Company and its associates
for the Interim period of 30.06.2025 presented in the table below:
(Amounts in thousands €) Associates Group Company
Services Sales KEDRINOS LOFOS S.A. 27,849 -
Receivables from Related Parties KEDRINOS LOFOS S.A. 14,987 14,695
Payables to Related Parties KEDRINOS LOFOS S.A. 14,579 -
Post Balance Sheet events
Since the interim period end date of 30 June 2025, "METLEN Energy & Metals
PLC" (hereinafter called "METLEN PLC") acquired all (100%) of the shares
issued by the Company, pursuant to (i) the voluntary share exchange tender
offer that METLEN PLC submitted on 25 June 2025 in accordance with Law
3461/2006, as in force ("Law 3461"), and (ii) the right of squeeze-out
exercised by METLEN PLC in accordance with Article 27 of Law 3461 and the
decision 1/644/22.4.2013, as in force, of the Board of Directors of the
Hellenic Capital Market Commission (the "HCMC"), the process of which
completed on 29 August 2025.
As a result, METLEN PLC has become the direct parent of the Company and the
ultimate parent company of the Company's Group. METLEN PLC's share capital in
ordinary registered shares amounts today to €1,573,252,780.00 and is divided
into 143,022,980 ordinary registered shares, admitted to trading on (a) the
Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated
Securities Market of the Athens Exchange (the "ATHEX").
Following the aforementioned acquisition, the Company has submitted a written
request to the HCMC to approve the delisting of the Company's ordinary
registered shares from the Athens Exchange, in accordance with Article 17,
paragraph 5 of Law 3371/2005, as in force.
Post balance sheet events are listed in Note 23 of the Interim Financial
Information.
Evangelos Mytilineos Spyridon Kasdas
Chairman of the Board of Directors & Chief Executive Officer Vice-Chairman A' of the Board of Directors
Report on Review of Interim Financial Information
To the Board of directors of Metlen Energy & Metals S.A.
Introduction
We have reviewed the condensed company and consolidated statement of financial
position of Metlen Energy & Metals, as of 30 June 2025 and the related
condensed company and consolidated statements of Income Statement,
Comprehensive income, Changes in Equity and Cash Flow statements for the
six-month period then ended, and the selected explanatory notes that comprise
the interim condensed financial information and which form an integral part of
the six-month financial report as required by L.3556/2007.
Management is responsible for the preparation and presentation of this
condensed interim financial information in accordance with International
Financial Reporting Standards as they have been adopted by the European Union
and applied to interim financial reporting (International Accounting Standard
"IAS 34"). Our responsibility is to express a conclusion on this interim
condensed financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing, as they have been transposed into
Greek Law and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying condensed interim financial information is not
prepared, in all material respects, in accordance with IAS 34.
Report on other legal and regulatory requirements
Our review has not revealed any material inconsistency or misstatement in the
statements of the members of the Board of Directors and the information of the
six-month Board of Directors Report, as defined in articles 5 and 5a of Law
3556/2007, in relation to the accompanying condensed interim financial
information.
Athens, 9 September 2025
The Certified Chartered Accountant
PricewaterhouseCoopers SA
Leoforos Kifisias 65
151 24 Marousi
SOEL Reg. 113
Socrates Leptos-Bourgi
SOEL Reg. No 41541
We confirm that the attached Interim Condensed Financial Information
(Consolidated and Separate) is the one approved by the Board of Directors of
METLEN Energy & Metals S.A. on 8 September 2025 and has been published to
the website www.metlengroup.com (http://www.mytilineos.com) according to the
International Financial Reporting Standards (IFRS) as adopted by the European
Union.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Notes 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Sales 3,607,503 2,482,047 2,190,609 1,595,878
Cost of sales (3,246,687) (2,067,895) (2,077,965) (1,355,115)
Gross profit 360,816 414,152 112,644 240,763
Other operating income 95,372 95,761 43,417 57,749
Administrative expenses (64,472) (55,861) (51,392) (47,382)
Other operating expenses (13,856) (35,040) (67,720) (35,376)
Credit losses on trade and other receivables (11,169) (21,872) (8,896) (13,766)
Total operating profit 366,691 397,140 28,053 201,988
Financial income 16 13,941 10,621 51,316 38,096
Financial expenses 16 (92,952) (61,244) (67,472) (39,005)
Other financial results 2,434 (875) 52,434 4,635
Share of profits / (losses) of associates 620 170 - -
Profit before income tax 290,734 345,812 64,331 205,714
Income tax expense (29,650) (60,517) 8,488 (49,887)
Profit after income tax 261,084 285,295 72,819 155,827
Attributable to:
Equity holders of the parent 17 253,764 281,953 72,819 155,827
Non-controlling Interests 7,320 3,342 - -
Basic earnings per share (in Euro) 17 1.8116 2.0418 0.5198 1.1285
Diluted earnings per share (in Euro) 17 1.7848 2.0118 0.5122 1.1147
The notes on pages 33 to 67 are an integral part of Financial Information.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Other Comprehensive Income:
Profit after income tax 261,084 285,295 72,819 155,827
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (36,714) 9,412 - -
Other comprehensive income from associates (net of tax) 2,793 2,397 - -
Net loss on cash flow hedges (33,345) (30,477) (4,524) (30,935)
Deferred tax on cash flow hedging reserve 3,070 7,130 317 6,802
Other comprehensive loss for the period (64,196) (11,538) (4,207) (24,133)
Total comprehensive income for the period 196,889 273,757 68,612 131,693
Attributable to:
Equity holders of the parent 189,568 270,415 68,612 131,693
Non-controlling Interests 7,320 3,342 - -
The notes on pages 33 to 67 are an integral part of Financial Information.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Notes 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Assets
Non-current assets
Property, plant and equipment 4 2,475,798 2,517,314 1,244,754 1,216,881
Goodwill 279,495 279,495 - -
Intangible assets 5 366,035 500,405 106,507 232,854
Investments in subsidiary companies - - 604,003 607,781
Investments in associates 9,689 6,324 7,013 7,013
Other investments 20 22 - -
Deferred tax assets 56,277 100,891 - -
Other financial assets 11 168,516 187,891 168,410 180,619
Derivatives 11 55,845 53,919 5,130 10,699
Contract assets 6 471,520 514,207 - -
Other long-term receivables 8 25,417 71,367 22,846 52,748
Right-of-use assets 201,242 199,288 133,917 135,290
Total non-current assets 4,109,854 4,431,123 2,292,580 2,443,885
Current assets
Inventories 7 1,167,393 1,590,106 230,004 297,202
Contract assets 6 1,949,360 866,551 301,024 257,808
Trade and other receivables 8 2,027,362 2,327,550 3,535,141 3,464,759
Financial assets at fair value through profit or loss 11 40,780 23,443 40,574 23,237
Derivatives 11 51,808 34,089 47,311 28,183
Restricted cash 19,303 13,486 - -
Cash and cash equivalents 1,296,687 1,381,772 630,475 488,182
Total current assets 6,552,693 6,236,997 4,784,529 4,559,371
Total assets 10,662,547 10,668,120 7,077,109 7,003,256
Liabilities & Equity
Equity
Share capital 9 138,815 138,604 138,815 138,604
Share premium 124,701 124,701 124,701 124,701
Convertible loan equity reserve 9 - 1,945 - 1,945
Treasury shares 9 (69) (110,565) (69) (110,565)
Reserves 218,422 257,643 (129,756) (150,273)
Retained earnings 2,649,747 2,578,418 1,613,553 1,722,919
Equity attributable to equity holders of the parent 3,131,616 2,990,746 1,747,244 1,727,331
Non-controlling Interests 109,454 102,134 - -
Total equity 3,241,070 3,092,880 1,747,244 1,727,331
Non-current liabilities
Long-term debt 11 3,938,313 3,371,331 2,961,411 2,486,788
Lease liabilities 205,997 203,677 141,535 141,715
Derivatives 11 11,643 5,565 5,662 2,614
Deferred tax liabilities 210,332 261,086 138,150 142,396
Liabilities for pension plans 9,642 9,532 6,682 6,372
Other long-term payables 102,877 113,276 51,443 46,153
Provisions 12 52,845 96,018 3,622 7,783
Total non-current liabilities 4,531,649 4,060,485 3,308,505 2,833,821
Current liabilities
Trade and other payables 13 2,330,065 2,519,904 1,752,607 1,817,242
Contract liabilities 6 111,711 146,828 82,643 118,169
Current tax liabilities 39,992 116,555 - 70,180
Short-term debt 11 109,164 375,887 84,373 317,345
Current portion of long-term debt 230,833 299,999 61,234 86,551
Lease liabilities 13,934 10,782 8,005 6,340
Derivatives 11 53,026 44,354 32,498 26,277
Provisions 12 1,103 446 - -
Total current liabilities 2,889,828 3,514,755 2,021,360 2,442,104
Total liabilities 7,421,477 7,575,240 5,329,865 5,275,925
Liabilities & Equity 10,662,547 10,668,120 7,077,109 7,003,256
The notes on pages 33 to 67 are an integral part of Financial Information.
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) Share capital Share premium Convertible loan equity reserve Treasury shares Reserves Retained earnings Total Non-controlling Interests Total
Balance at 01.01.2024 138,604 124,701 1,945 (81,299) 246,503 2,176,952 2,607,406 91,153 2,698,559
Transactions with owners
Dividends to shareholders - - - - - (214,337) (214,337) - (214,337)
Treasury share purchases - - - (13,386) - - (13,386) - (13,386)
Increase / (decrease) of share capital - - - - - (16) (16) 26 10
Transactions with owners - - - (13,386) - (214,353) (227,739) 26 (227,713)
Net profit for the period - - - - - 281,953 281,953 3,342 285,295
Other comprehensive income:
Other comprehensive income - - - - (11,538) - (11,538) - (11,538)
Total comprehensive income for the period - - - - (11,538) 281,953 270,415 3,342 273,757
Transfer to reserves - - - - (104) 104 - - -
Impact from acquisition of subsidiary - - - - - (448) (448) - (448)
Balance at 30.06.2024 138,604 124,701 1,945 (94,686) 234,861 2,244,208 2,649,634 94,521 2,744,155
Balance at 01.01.2025 138,604 124,701 1,945 (110,565) 257,643 2,578,418 2,990,746 102,134 3,092,880
Transactions with owners
Dividends to shareholders - - - - - (214,662) (214,662) - (214,662)
Equity-settled share-based payment - - - - 4,936 (993) 3,942 - 3,942
Convertible bond loan - - (1,945) - - - (1,945) - (1,945)
Treasury share surrender - - - 110,497 - 53,470 163,967 - 163,967
Increase / (decrease) of share capital 210 - - - (210) - - - -
Transactions with owners 210 - (1,945) 110,497 4,725 (162,186) (48,699) - (48,699)
Net profit for the period - - - - - 253,764 253,764 7,320 261,084
Other comprehensive income:
Other comprehensive income - - - - (64,196) - (64,196) - (64,196)
Total comprehensive income for the period - - - - (64,196) 253,764 189,568 7,320 196,889
Transfer to reserves - - - - 20,250 (20,250) - - -
Balance at 30.06.2025 138,815 124,701 - (69) 218,422 2,649,747 3,131,617 109,454 3,241,070
The notes on pages 33 to 67 are an integral part of Financial Information.
METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Share capital Share premium Convertible loan equity reserve Treasury shares Reserves Retained earnings Total
Balance at 01.01.2024 138,604 124,701 1,945 (81,299) (137,974) 1,611,583 1,657,560
Change In Equity
Dividends to shareholders - - - - - (214,337) (214,337)
Treasury share purchases - - - (13,386) - - (13,386)
Transactions with owners - - - (13,386) - (214,337) (227,723)
Net profit for the period - - - - - 155,827 155,827
Other comprehensive income:
Other comprehensive income - - - - (24,133) - (24,133)
Total comprehensive income for the period - - - - (24,133) 155,827 131,694
Balance at 30.06.2024 138,604 124,701 1,945 (94,686) (162,108) 1,553,073 1,561,529
Balance at 01.01.2025 138,604 124,701 1,945 (110,565) (150,273) 1,722,917 1,727,331
Change In Equity
Dividends to shareholders - - - - - (214,662) (214,662)
Equity-settled share-based payment - - - - 4,936 (993) 3,943
Convertible bond loan - - (1,945) - - - (1,945)
Treasury share surrender - - - 110,497 - 53,470 163,967
Increase / (decrease) of share capital 210 - - - (210) - -
Transactions with owners 210 - (1,945) 110,497 4,725 (162,185) (48,698)
Net profit for the period - - - - - 72,819 72,819
Other comprehensive income:
Other comprehensive income - - - - (4,207) - (4,207)
Total comprehensive income for the period - - - - (4,207) 72,819 68,612
Transfer to reserves - - - - 20,000 (20,000) -
Balance at 30.06.2025 138,815 124,701 - (69) (129,756) 1,613,551 1,747,244
The notes on pages 33 to 67 are an integral part of Financial Information.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Notes 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Cash flows from operating activities
Cash flows from operating activities 18 107,787 48,276 (200,083) (8,915)
Interest paid (65,170) (59,369) (36,523) (33,515)
Income taxes paid (31,250) (41,041) (25,669) (26,283)
Net cash flows from operating activities 11,367 (52,134) (262,275) (68,713)
Cash flow from investing activities
Purchases of property, plant and equipment (581,816) (299,701) (57,932) (77,585)
Purchases of intangible assets (24,157) (11,736) (18,700) (11,736)
Proceeds from sale of CO(2) and other assets 141,642 - 137,976 746
Dividends received from associates/subsidiaries 613 - 11,173 -
Purchase of financial assets at fair value through profit and loss (13,970) (6,687) (13,970) (6,687)
Acquisition of subsidiaries, net of cash (33,228) (16,092) (27,006) (17,925)
Interest received 5,187 4,312 12,690 11,953
Net receipt of government grants 235 6,235 440 1,570
Other - (145) - -
Net cash flows used in investing activities (505,494) (323,814) 44,671 (99,664)
Cash flows from financing activities
Payments for share capital increase in subsidiaries - - - (5,050)
Dividends paid to owners of parent (117) - (117) -
Proceeds from borrowings 986,325 318,193 695,858 153,018
Repayments of borrowings (508,444) (58,723) (277,130) (24,188)
Payment of principal portion of lease liabilities (6,912) (4,998) (3,477) (2,556)
(Payments) / proceeds (for) / from (acquisition) / sale of treasury shares (6,324) (16,221) (6,324) (16,221)
Net cash outflows used in financing activities 464,528 238,251 408,810 105,003
Net (decrease) / increase in cash and cash equivalents (29,598) (137,697) 191,206 (63,374)
Cash and cash equivalents, net of bank overdrafts at beginning of period 1,276,228 877,574 389,215 424,578
Exchange differences in cash and cash equivalents - (19) - -
Net cash at the end of the period 1,296,687 747,631 630,475 361,293
Bank overdrafts (50,057) (7,773) (50,054) (89)
Cash and cash equivalent net of bank overdrafts 1,246,630 739,858 580,421 361,204
Cash and cash equivalents, net of bank overdrafts at the end of the period 1,246,630 739,858 580,421 361,204
The notes on pages 33 to 67 are an integral part of Financial Information.
General information
METLEN Energy & Metals S.A. (the "Company" and, together with its
subsidiaries, "METLEN" or the "Group"), (formerly MYTILINEOS S.A.) is a global
industrial and energy company focusing on the Energy and Metals Sectors. The
Company, which was founded in 1990 as a metallurgical company of international
trade and participations, is an evolution of an old metallurgical family
business which began its activity in 1908.
The Group's headquarters are located in Athens - Maroussi (8 Artemidos Str.,
P.C. 151 25) and its shares are listed on the Athens Stock Exchange since
1995.
On 29 August 2025, "METLEN Energy & Metals PLC" (hereinafter called
"METLEN PLC") acquired all (100%) of the shares issued by the Company,
pursuant to (i) the voluntary share exchange tender offer that METLEN PLC
submitted on 25 June 2025 in accordance with Law 3461/2006, as in force ("Law
3461"), and (ii) the right of squeeze-out exercised by METLEN PLC in
accordance with Article 27 of Law 3461 and the decision 1/644/22.4.2013, as in
force, of the Board of Directors of the Hellenic Capital Market Commission
(the "HCMC").
As a result, METLEN PLC has become the direct parent of the Company and the
ultimate parent company of the Company's Group. METLEN PLC's share capital in
ordinary registered shares amounts today to €1,573,252,780.00 and is divided
into 143,022,980 ordinary registered shares, admitted to trading on (a) the
Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated
Securities Market of the Athens Exchange (the "ATHEX").
Following the aforementioned acquisition, the Company has submitted a written
request to the HCMC to approve the delisting of the Company's ordinary
registered shares from the Athens Exchange, in accordance with Article 17,
paragraph 5 of Law 3371/2005, as in force.
The Interim Condensed Financial Information (Consolidated and Separate) for
the six month period ended 30.06.2025 (along with the respective comparative
information of 30.06.2024), was approved by the Board of Directors on 8
September 2025.
Nature of activities
METLEN is a global industrial and energy Group with a strong presence in all
five continents covering two business Sectors, the Energy Sector and the
Metals Sector. The Group is strategically placed at the forefront of the
energy transition as a leading and integrated green utility, with an
international presence, while establishing itself as a reference point of
"green" metallurgy in the European landscape.
METLEN Energy & Metals is active in the entire spectrum of energy, from
the development, construction and operation of thermal units and RES projects
to the design and construction of electricity infrastructure projects, retail
supply of electricity and natural gas, supply and trading of natural gas,
provision of competitive energy products and services.
METLEN Energy & Metals is a leader in the Metals industry. Operating the
only vertically integrated bauxite, alumina and primary aluminum production
unit in all of Europe with privately owned port facilities and the largest
electricity cogeneration unit, METLEN has dynamically entered the sector of
recycled aluminum and zinc lead recycling.
Group structure
The Group's Structure is presented in the 2024 "Integrated Annual Report".
Group structure changes as of 30 June 2025 are presented in the following
table:
Newly incorporated subsidiaries - Full consolidation 30 June 2025 31 December 2024
Company Name Ownership Interest % Ownership Interest %
Direct Indirect Direct Indirect
Cyprus
PROTERGIA ENERGY CYPRUS LTD 100.00% 0.00% 0.00% 0.00%
Newly incorporated SPVs* 30 June 2025 31 December 2024
Company Name Ownership Interest % Ownership Interest %
Direct Indirect Direct Indirect
Australia
ALLIGATOR BESS HOLDINGS PTY LTD 0.00% 100.00% 0.00% 0.00%
ALLIGATOR BESS PTY LTD 0.00% 100.00% 0.00% 0.00%
CARYINA BESS HOLDINGS PTY LTD 0.00% 100.00% 0.00% 0.00%
CARINYA BESS PTY LTD 0.00% 100.00% 0.00% 0.00%
EMU PARK ENERGY HOLDINGS PTY LTD 0.00% 100.00% 0.00% 0.00%
EMU PARK ENERGY PTY LTD 0.00% 100.00% 0.00% 0.00%
Canada
HANOVER INTERMEDIATE HOLDCO LIMITED 0.00% 100.00% 0.00% 0.00%
HANOVER SOLAR INC 0.00% 100.00% 0.00% 0.00%
HOMESTEAD INTERMEDIATE HOLDCO LIMITED 0.00% 100.00% 0.00% 0.00%
Italy
METLEN ITA PROPERTY COMPANY SRL 0.00% 100.00% 0.00% 0.00%
MYT BUTERA STORAGE S.R. L 0.00% 100.00% 0.00% 0.00%
MYT CARINOLA S.R.L. 0.00% 100.00% 0.00% 0.00%
MYT ERCHIE CAVE S.R. L 0.00% 100.00% 0.00% 0.00%
MYT GENERAL BETON S.R.L. 0.00% 100.00% 0.00% 0.00%
MYT GG LATINA 1 S.R.L. 0.00% 100.00% 0.00% 0.00%
MYT GG LATINA 2 S.R. L 0.00% 100.00% 0.00% 0.00%
MYT SAN PANCRAZIO S.R. L 0.00% 100.00% 0.00% 0.00%
MYT SCANDALE S.R.L. 0.00% 100.00% 0.00% 0.00%
SOLAR UBH 1 S.R.L. 0.00% 100.00% 0.00% 0.00%
SOLAR UBH 2 S.R.L. 0.00% 100.00% 0.00% 0.00%
SOLAR UBH 3 S.R.L. 0.00% 100.00% 0.00% 0.00%
SOLAR UBH 4 S.R.L. 0.00% 100.00% 0.00% 0.00%
United Arab Emirates
DEMETER INVESTMENT HOLDINGS (DIFC) LIMITED 0.00% 100.00% 0.00% 0.00%
* Special Purpose Vehicles (SPVs) relate to the Energy Sector (M Renewables
Segment) and are incorporated or acquired to facilitate the development,
construction and disposal of renewable energy projects (primarily photovoltaic
parks).
The net assets of these SPVs, after intra group eliminations, are classified
within inventory as they are part of the Group's Asset Rotation Plan.
New Group branch:
Croatia
METKA EGN GREECE SINGLE MEMBER S.A. - PODRUZNICA ZAGREB
2.1 Basis for preparation of the Interim Condensed Financial Information
The Interim Condensed Financial Information (Consolidated and Separate) of the
Group and Company for the 6-month period of 2025 (hereinafter referred to as
the "Financial Information") has been prepared in accordance with the
International Financial Reporting Standards ("IFRS") as adopted by the
European Union in particular in accordance with the provisions of IAS 34
Interim Financial Reporting, and in compliance with the Greek law. No
standards have been applied prior to the date of their application.
The Interim Condensed Financial Information has 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
when otherwise indicated.
The accounting policies used in the preparation of the Financial Information
are consistent with those used in the 2024 annual financial statements, except
for the adoption of applicable amendments to accounting standards effective as
of 1 January 2025. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
The critical accounting judgements and key sources of estimation uncertainty
are detailed below. Actual outcomes could 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; they are
recognised in the period of the revision and future periods if the revision
affects both current and future periods.
Management regularly reviews, and revises as necessary, the accounting
judgements that significantly impact on the amounts recognised in the Interim
Condensed Financial Information and the estimates that are 'critical
estimates' due to their potential to give rise to material adjustments in the
Financial Information. Management's identified critical judgements and
estimates are detailed below (Note 2.3).
The Financial Information is unaudited but has been reviewed by the auditors
and their review opinion is included before the Financial Information.
The official language of this Financial Information is Greek. Should there be
any differences in the text between the Greek original version of the
Financial Information and this English translation, the Greek language text
prevails
Going concern
The Directors have assessed that they have a reasonable expectation that
METLEN will continue to meet its liabilities as they fall due for a period of
at least 12 months from the date of approving Financial Information and have
adopted the going concern basis in preparing these financial statements.
On 30 June 2025, the Group had cash and cash equivalents, net of overdrafts,
of €1,247 million (see Interim Condensed Cash Flow Statement) and borrowings
of €4,278 million (see Note 15) of which €340 million is current. The
Directors have also considered the macroeconomic and geopolitical risks
affecting the economies of the Group's operations as part of their assessment.
The Directors assessment has involved the review of cash flow forecasts for
the assessment period for each of the Group's segments. Having reviewed the
Group's cash flow forecasts, the Directors consider that the Group is expected
to continue to have available liquidity headroom under its finance facilities
and operate within its financial covenants over the going concern period,
including in a severe but plausible downside scenario.
The Directors consider this to be appropriate after consideration of METLEN's
capital commitments, budgeted cash flows and related assumptions, including
appropriate stress testing of the identified uncertainties (primarily
commodity prices) and access to undrawn credit facilities and monitoring of
debt maturities. This process involved constructing scenarios to reflect the
Group's current assessment of its principal risks, including those that would
threaten its business model, future performance, solvency or liquidity. Under
all scenarios modelled, and taking into account mitigating actions available
to the Board, where appropriate, the Group is forecasted to maintain
sufficient liquidity and continues to remain in compliance with its covenants.
The Directors have also considered any significant events, including any
committed outflows beyond the period of assessment, through to 30 June 2026,
in forming their conclusion. The going concern assessment primarily focuses on
cash flow forecasts, available liquidity and continued compliance with banking
covenants over the period assessed.
Significant events and changes in the current period
1. On 22 April 2025, the Group and Glenfarne Asset Company, LLC have
entered into a share purchase agreement ("SPA") for the latter to acquire a
portfolio of Solar ("PV") and Battery Energy Storage System ("BESS") assets in
Chile. The transaction involves operational solar projects with
total capacity of 588 MW, combined with co-located BESS facilities with
storage capacity of 1,610 MWh. Construction for the BESS facilities is ongoing
and expected to be completed within a year. The headline consideration of the
acquisition is agreed at USD 815 million, which includes an amount arising
from an earn-out mechanism of USD 50 million. The closing of the transaction
is planned to occur when the BESS becomes operational, regulatory approvals
are obtained and certain financing and other customary conditions for this
type of transactions are fulfilled.
The above transaction was treated according to the Group's accounting policies
and judgements for Asset Rotation Plan transactions, as described in the
Group's 2024 Annual Financial Report. The earn-out amount was determined by
prices derived from power price curves (PV and BESS) applicable in the market
in Chile. In terms of quantities, management based its estimates on the
assumption that the parks will operate at full capacity. Management also
applied a 10% sensitivity to the quantities (downgrade), resulting in an
estimated impact of €4.6 million. According to the SPA, the earn-out amount
will be repaid over a period of 10 years, resulting in a finance cost of
€12.5 million being recognised in the period to reflect the discounting
impact (see Note 16).
2. The EBITDA of the M Power Projects business unit amounted to a
loss of €132 million for the current period. These losses relate to certain
projects resulting, among others, from delays incurred due to connectivity
issues and increased project costs due to higher than expected
inflation. During the first half of 2025, M Power Projects' 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. Where possible the Group has initiated legal actions in order to be
compensated for damages incurred outside its responsibility.
Management considers these losses to be project specific, rather than
pervasive for the M Power Projects business and that it has already enhanced
controls around its M Power Projects contracts and projects to ensure that
such instances are identified timely and managed appropriately.
3. Group net debt increased by €293 million due to the financing of the
Group's operations especially in Renewables in Greece, as part of the Group's
plan for the green energy transition.
4. The revenues of the Group increased by 45% compared to the same period
last year driven primarily by the aforementioned Asset Rotation Plan
transaction in Chile, higher natural gas prices compared to the comparative
period last year and the increased activities of the Infrastructure &
Concessions sector. (Note 3).
2.2 Amended standards adopted by the Group
One amendment became effective as of 1 January 2025 and was adopted by the
Group. The adoption of this amendment did not have a significant impact on the
Interim Condensed Financial Information. Amendment to IAS 21 - Lack of
Exchangeability: This amendment specifies how an entity should assess whether
a currency is exchangeable and how it should determine a spot exchange rate
when exchangeability is lacking. The amendment also requires disclosure of
information that enables users of its financial information to understand how
the currency not being exchangeable into the other currency affects, or is
expected to affect, the entity's financial performance, financial position and
cash flows. When applying the amendment, an entity cannot restate comparative
information.
3. Segments
For management purposes, the Group is organised into business units based on
its products and has three operating sectors, which are also the Group's
reportable segments, as follows:
The Energy Sector, which is active in the development, construction and
operation of thermal units and RES projects, design and construction of
electricity infrastructure projects, retail supply of electricity and natural
gas, supply and trading of natural gas, and the provision of competitive
energy products and services.
The Metals Sector, which is active in the extraction, processing, and refining
of various metals and minerals. This includes the development and operation of
mining sites, the implementation of advanced metallurgical techniques, and the
production of high-quality metal products.
The Infrastructure and Concessions Sector, which is active in engineering,
procurement and construction.
The support function of the Group's reportable segments is unallocated to any
segment and is included in the Group's reconciliation. The CEO is the Chief
Operating Decision Maker ("CODM") and monitors the operating results of its
business segments separately for the purpose of making decisions about
resource allocation and performance assessment. The CEO uses a measure of
Group EBITDA (see Note 14) to assess the performance of the operating
segments. The CEO also receives information about the segments' revenue and
assets monthly.
For reference, intersegment transactions represent transactions that take
place between different reportable segments within the Group. These
transactions involve the transfer of goods, services, or other resources from
one segment to another and are eliminated upon consolidation. This is
included, where relevant, within the segment information below.
The totals that are presented in the following tables reconcile to the related
accounts of the Interim Condensed Financial Information.
Income and results per operating segment for 30.06.2025 and 30.06.2024 are
presented as follows.
Group EBITDA
METLEN ENERGY & METALS GROUP
Group EBITDA Energy Metals Infrastructure & Concessions Intersegment Total
(Amounts in thousands €)
01.01 - 30.06.2025 288,455 129,454 31,209 (3,852) 445,266
01.01 - 30.06.2024 322,446 142,059 12,219 (2,676) 474,048
Group's sales per activity
The following table provides a summary of revenue disaggregated by sales
activity and business units from the Group's contracts with customers.
METLEN ENERGY & METALS GROUP
Sales 01.01 - 30.06.2025 01.01 - 30.06.2024
(Amounts in thousands €)
Alumina 103,625 84,350
Aluminium 349,139 313,300
Infrastructure & Concessions 211,680 81,861
M Renewables 988,942 623,154
M Energy Generation & Management 594,734 379,495
M Energy Customer Solutions 781,376 513,284
M Power Projects 202,529 242,825
M Integrated Supply & Trading 617,920 408,689
Intersegment (269,230) (179,212)
Other sales 26,788 14,300
Sales 3,607,503 2,482,047
Within the table above, adjustments and eliminations relate to intersegment
sales that are eliminated upon consolidation. Intersegment eliminations
include the elimination of turnover from the generation and supply of energy
within the Group between "M Energy Generation & Management" segment unit
and "M Energy Customer Solutions" segment, which are part of the Energy
sector.
Revenue by Sector is analysed as follows:
(Amounts in thousands €) Energy Metals Infrastructure & Concessions Total
01.01 - 30.06.2025 2,916,271 479,552 211,680 3,607,503
01.01 - 30.06.2024 1,988,236 411,950 81,861 2,482,047
In the following table, revenue is disaggregated by primary geographical
market and segment.
(Amounts in thousands €) Energy Metals Infrastructure & Concessions Total
01.01-30.06.2025
Greece 1,228,979 225,292 211,213 1,665,484
European Union (excluding Greece) 845,572 236,185 - 1,081,757
Other countries 841,720 18,075 467 860,262
Total 2,916,271 479,552 211,680 3,607,503
(Amounts in thousands €) Energy Metals Infrastructure & Concessions Total
01.01-30.06.2024
Greece 951,449 186,842 77,626 1,215,917
European Union (excluding Greece) 755,716 207,515 3,841 967,072
Other countries 281,071 17,593 394 299,058
Total 1,988,236 411,950 81,861 2,482,047
The transaction price allocated to the remaining performance obligations
(unsatisfied or partially unsatisfied) associated with the backlog of projects
as at the period end, excluding Asset Rotation Plan projects, that is expected
to be recognised in future periods was as follows:
30.06.2025 up to 1 year 1-3 years 3-5 years > 5 years Total
(Amounts in thousands €)
Revenue to be recognised for M Power Projects 513,452 431,969 41,733 673 987,827
Revenue to be recognised for M Renewables 583,421 70,896 - - 654,317
Revenue to be recognised for Infrastructure & Concessions 750,226 330,313 6,750 - 1,087,289
Total 1,847,099 833,178 48,483 673 2,729,434
31.12.2024 up to 1 year 1-3 years 3-5 years > 5 years Total
(Amounts in thousands €)
Revenue to be recognised for M Power Projects 484,098 529,299 67,858 24,653 1,105,908
Revenue to be recognised for M Renewables 413,320 49,800 - - 463,120
Revenue to be recognised for Infrastructure & Concessions 453,130 456,847 67,852 - 977,829
Total 1,350,548 1,035,946 135,710 24,653 2,546,857
The transaction price allocated to the remaining performance obligations
(unsatisfied or partially unsatisfied) associated with the backlog of Asset
Rotation Plan projects (M Renewables segment) as at the period end is expected
to be recognised in future periods.
Asset Rotation Plan
(Amounts in thousands €) up to 1 year 1-3 years 3-5 years > 5 years Total
30.06.2025 804,089 226,683 - - 1,030,772
31.12.2024 417,714 423,200 - - 840,914
The Group has not adopted the practical expedients permitted by IFRS 15,
therefore all contracts which have an original expected duration of one year
or less have been included in the table above. The estimate of the transaction
price represents a contractually agreed amount and does not include any
amounts of variable consideration which are constrained.
Other Disclosures
METLEN ENERGY & METALS GROUP
Cost of Sales Energy Metals Infrastructure & Concessions Intersegment Total
(Amounts in thousands €)
2025 (2,696,033) (366,238) (178,452) (5,964) (3,246,687)
2024 (1,699,097) (285,705) (79,438) (3,655) (2,067,895)
Assets & Liabilities
The Group's non-current assets, Property, plant and equipment, Goodwill and
Intangible Assets, are divided into the following geographical areas:
METLEN ENERGY & METALS GROUP
Non- Current assets
(Amounts in thousands €) 30.06.2025 31.12.2024
Greece 2,606,670 2,642,847
European Union (excluding Greece) 26,238 15,155
Other countries 488,420 639,212
Total 3,121,328 3,297,214
The Group's assets and liabilities per operating segment are presented as
follows:
METLEN ENERGY & METALS GROUP
30.06.2025
(Amounts in thousands €) Energy Metals Infrastructure & Concessions Total
Total Assets 8,375,695 2,271,094 516,598 11,163,387
Total Liabilities 3,232,288 368,390 239,081 3,839,759
31.12.2024
(Amounts in thousands €) Energy Metals Infrastructure & Concessions Total
Total Assets 8,948,597 2,256,614 467,933 11,673,144
Total Liabilities 3,942,433 507,824 220,627 4,670,884
Total assets
(Amounts in thousands €) 30.06.2025 31.12.2024
Total segment asset 11,163,387 11,673,144
Intersegment eliminations (794,987) (1,311,841)
Unallocated Assets:
Right of use Assets 123,087 124,103
Cash and cash equivalent 64,992 96,967
Financial assets at fair value through profit or loss 40,574 23,237
Property, plant and equipment 37,997 36,321
Other 27,497 26,189
Total Assets 10,662,547 10,668,120
Total liabilities
(Amounts in thousands €) 30.06.2025 31.12.2024
Total segment liabilities 3,839,759 4,670,884
Intersegment eliminations 22,251 (95,071)
Unallocated liabilities:
Debt 3,150,672 2,709,635
Lease liabilities 138,229 136,375
Provision for income tax liability - 67,189
Dividend payable 209,083 4,460
Other 61,483 81,768
Total liabilities 7,421,477 7,575,240
4. Property, plant and equipment
Property, plant and equipment presented in the financial statements are
analysed as follows:
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total
Net book value at 31.12.2024 442,379 1,809,054 14,422 251,459 2,517,314
Gross book value 604,125 2,934,088 62,660 360,278 3,961,151
Accumulated depreciation and/or impairment (162,493) (1,273,521) (49,339) - (1,485,353)
Net book value at 30.06.2025 441,632 1,660,567 13,321 360,278 2,475,798
(Amounts in thousands €) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total
Net book value at 31.12.2024 442,379 1,809,054 14,422 251,459 2,517,314
Additions 9,492 16,036 1,160 112,833 139,521
Disposals (1,461) (128,346) (940) (2) (130,749)
Depreciation (10,538) (36,304) (1,397) - (48,239)
Transfers 3,743 157 112 (4,012) -
Net foreign exchange differences (1,983) (30) (36) - (2,049)
Net book value at 30.06.2025 441,632 1,660,567 13,321 360,278 2,475,798
The table below provides a detailed summary of the composition of the Group's
property, plant and equipment.
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 30.06.2025 31.12.2024
Land 156,273 156,205
Metallurgy - Production plants 515,173 509,057
Metallurgy - Mining-Quarries 10,600 11,782
Thermal plants 601,677 627,313
Renewable Energy Sources 783,650 912,900
Other 48,147 48,597
Assets under construction 360,278 251,459
Total 2,475,798 2,517,314
Additions of the period are mainly related to the Metals sector plant
expansion plan, as well as the development of Renewable projects in Greece
with the intention to retain and operate. Disposals for the period include the
sale of PV assets in Chile under the Group's Asset Rotation Plan.
METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total
Net book value at 31.12.2024 336,391 788,786 9,633 82,071 1,216,881
Gross book value 434,850 1,705,905 50,569 124,206 2,315,531
Accumulated depreciation and/or impairment (101,357) (927,807) (41,612) - (1,070,776)
Net book value at 30.06.2025 333,493 778,098 8,957 124,206 1,244,754
(Amounts in thousands €) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total
Net book value at 31.12.2024 336,391 788,786 9,633 82,071 1,216,881
Additions 1,452 15,205 84 42,423 59,164
Depreciation (4,369) (26,050) (872) - (31,291)
Transfers 19 157 112 (288) -
Net book value at 30.06.2025 333,493 778,098 8,957 124,206 1,244,754
5. Intangible assets
Intangible assets presented in the financial statements are analysed as
follows:
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) Software Mining development Licenses Other intangible assets Total
Net book value at 31.12.2024 2,706 24,408 190,702 282,589 500,405
Gross book value 15,753 96,931 249,931 291,556 654,171
Accumulated depreciation and / or impairment (13,564) (71,282) (64,601) (138,689) (288,136)
Net book value at 30.06.2025 2,189 25,649 185,330 152,867 366,035
(Amounts in thousands €) Software Mining development Licenses Other intangible assets Total
Net book value at 31.12.2024 2,706 24,408 190,702 282,589 500,405
Additions 721 2,828 160 20,447 24,156
Disposals (890) - (40) (135,815) (136,745)
Amortisation (348) (1,587) (5,492) (14,354) (21,781)
Net book value at 30.06.2025 2,189 25,649 185,330 152,867 366,035
Licenses include licenses for operational RES, as well as licenses for
conventional power plants.
Other intangible assets mainly include CO(2) emission rights, clientele, cost
of obtaining customer relationships.
Disposals of the period are mainly related to the sale of CO(2) emission
rights.
The following table summarises the detailed composition of the Group's
intangibles.
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 30.06.2025 31.12.2024
Software 2,189 2,706
Metallurgy - Mining - Quarries 40,781 38,312
Renewable Energy Sources licenses and other 134,602 138,850
CO(2) emission rights 44,864 181,539
Clientele 28,920 31,859
Cost of obtaining customer relationships 41,678 31,026
Thermal Plant licenses and other 66,118 67,358
Other 6,883 8,755
Total net book value 366,035 500,405
Clientele and cost of obtaining contracts with customers relate to the energy
retail business unit of the Group.
CO(2) emission rights are designated to be surrendered for Metallurgy and
Thermal Plants, according to the EU ETS system.
The maturity stage of the licenses for Renewable Energy Sources in the Group's
portfolio is presented in Inventory (Note 7).
METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Software Licenses Other intangible assets Total
Net book value at 31.12.2024 1,512 51,825 179,518 232,854
Gross book value 13,155 92,933 132,087 238,176
Accumulated depreciation and / or impairment (11,863) (42,231) (77,575) (131,669)
Net book value at 30.06.2025 1,292 50,702 54,512 106,507
(Amounts in thousands €) Software Licenses Other intangible assets Total
Net book value at 31.12.2024 1,512 51,825 179,518 232,854
Additions 22 101 18,463 18,586
Disposals - - (134,874) (134,874)
Amortisation (241) (1,223) (8,594) (10,059)
Net book value at 30.06.2025 1,292 50,702 54,512 106,507
6. Contract balances
The following table provides a summary of contract assets and liabilities
arising from the Group's contracts with customers.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Contract assets 2,420,880 1,380,758 301,024 257,808
Contract liabilities 111,711 146,828 82,643 118,169
Trade receivables are included within the 'Trade and other receivables'. See
Note 8 for further details.
Contract assets are disaggregated by major business unit split between
non-current and current classification:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
M Renewables (Asset Rotation plan) 471,520 514,207 - -
Total non-current contract assets 471,520 514,207 - -
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
M Power Projects (EPC) 347,165 312,469 301,024 257,808
M Renewables (Asset Rotation plan) 1,285,427 266,865 - -
M Renewables (EPC) 173,714 195,576 - -
Infrastructure & Concessions 143,054 91,641 - -
Total current contract assets 1,949,360 866,551 301,024 257,808
Contract assets comprise unbilled balances not yet due on contracts where
revenue recognition does not align with the agreed payment schedule related to
the Group's construction activity EPC as well as from balances from
development and construction agreements for renewable energy projects (Asset
Rotation Plan).
The increase in the contractual assets of the M Power Projects Segment in the
Energy Sector primarily stems from the Group's EPC projects in Greece and the
United Kingdom, where there was an increased time lag between the progress of
work and the predefined contractual billing (mainly milestones).
The total contractual assets of the M Renewables Segment in the Energy Sector
as at 30 June 2025 amount to €1,930,661 thousand (31 December 2024:
€976,648 thousand), originating from development and construction agreements
for renewable energy projects (Asset Rotation Plan) as well as from
construction contracts EPC in various countries worldwide. The increase in
assets for this activity is primarily due to new development and construction
agreements for photovoltaic parks mainly in Chile as well as Romania, Italy
and Bulgaria (see Note 3). The long-term portion of the contractual assets
pertains to projects whose development and construction agreements were signed
between 2023 and 30 June 2025, with the majority of their receipts expected to
be realised within 2 years.
Finally, the increase in the Infrastructure & Concessions Sector is due to
the increased activity of concession motorway and railway projects undertaken
by the Group in Greece.
Contract liabilities are disaggregated by major business unit as follows:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
M Power Projects (EPC) 82,643 118,169 82,643 118,169
M Renewables (EPC) 25,564 22,765 - -
Infrastructure & Concessions 3,504 5,894 - -
Total current contract liabilities 111,711 146,828 82,643 118,169
Contract liabilities relate to consideration received from customers for the
Group's construction activities, for which revenue is recognised based on the
stage of completion of the contract. The balance reduces as revenue is
subsequently recognised in the following periods, offset by further advanced
consideration received. Reduction in the period relates to Power Projects in
Poland. The contractual obligations are recognised as revenue in the income
statement over a period of approximately 2 years, depending on the nature and
progress of each project.
The following table summarises the reconciliation of contract liabilities in
each reporting period:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 2025 2024* 2025 2024*
At 01 January 146,828 185,068 118,169 174,339
Deferred during the period/year 39,652 104,068 33,033 71,047
Recognised as revenue during the period/year (73,024) (137,209) (68,559) (127,217)
Performance obligations satisfied in previous years (1,745) (5,099) - -
At 30 June / *31 December 111,711 146,828 82,643 118,169
*Comparatives relate to full year figures
7. Inventory
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Metallurgy inventory 223,618 231,528 193,604 201,261
Asset Rotation Plan RES under development 891,775 1,247,540 - -
Thermal plant spare parts 41,155 39,536 26,130 24,998
Natural gas 14,510 11,550 14,510 11,550
CO(2) emissions rights - 63,633 - 63,633
Other 1,685 1,668 - -
Total 1,172,743 1,595,455 234,244 301,442
Less: Provision for inventory (5,349) (5,349) (4,239) (4,239)
Total inventories 1,167,393 1,590,106 230,004 297,202
The decrease in the "Renewable Energy Sources under development" account is
mainly attributed to the sale of a portfolio of photovoltaic parks in Chile by
METKA EGN (M Renewables Segment), partially offset by the acquisition and
development of new photovoltaic projects.
Additionally, during the period the Group sold CO(2) emission rights,
classified within Inventory, amounting to €64 million.
The Group's total RES portfolio as at 30 June 2025 is analyses as shown below.
The carrying amounts for these projects are classified within Property, Plant
and Equipment for the projects operated by the Group and within Inventory for
the projects that are part of the Group's Asset Rotation Plan.
Global RES Portfolio - MW
Global RES Portfolio MW
In Operation 907
Australia 377
Greece 371
Ireland 14
Italy 13
Romania 58
South Korea 4
UK 70
Under Construction 1,712
Australia 150
Greece 817
Italy 145
Romania 363
South Korea 24
UK 213
Ready to Build 702
Greece 28
Ireland 19
Italy 167
Romania 365
Spain 99
UK 22
Late Stage of Development* 2,175
Australia 528
Chile 494
Greece 52
Italy 771
Romania 227
Spain 88
South Korea 16
Middle Stage of Development 2,206
Early Stage of Development 4,407
Grand Total ** 12,109
*Late stage of development, refers to projects that will reach the RTB status
within the next c.6m
**Excludes Canada portfolio and PPC deal portfolio
8. Trade and other receivables
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Receivables from third-party customers 889,903 1,051,675 744,545 661,094
Cheques receivable 5,373 5,260 2,669 2,693
Less: Allowance for expected credit losses (129,961) (120,061) (100,188) (93,431)
Net trade receivables 765,316 936,874 647,026 570,357
Other debtors 229,373 279,879 305,323 276,856
Receivables from the State 146,554 141,832 102,480 87,074
Receivables from subsidiaries - - 1,742,276 1,712,561
Accrued income 117,313 160,344 51,550 68,764
Accrued income related to trading and energy generation activities 142,332 143,030 154,464 152,739
Accrued income related to Metallurgy 129,429 94,600 129,429 94,600
Unbilled retail revenue 207,530 213,293 181,378 197,809
Prepayments 295,647 361,759 226,865 307,511
Less: Allowance for expected credit losses (6,131) (4,061) (5,650) (3,512)
Net other receivables 1,262,047 1,390,676 2,888,115 2,894,402
Total net trade and other receivables 2,027,363 2,327,550 3,535,141 3,464,759
Allowance for expected credit losses
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Trade and other receivables
Balance at 01.01. 2024 91,467 86,470
Provision of the period 28,594 6,961
Balance at 31.12.2024 120,061 93,431
Provision of the period 9,900 6,757
Balance at 30.06.2025 129,961 100,188
In the net movement of provision amount of €9.9 million, €7.4 derives from
MECS subsegment, €1.9 from M Renewables and €0.6 Infrastructure &
Concessions.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Other Receivables
Balance at 01.01.2024 1,840 1,888
Provision of the period 2,221 1,624
Balance at 31.12.2024 4,061 3,512
Provision of the period 2,070 2,138
Balance at 30.06.2025 6,131 5,650
Other long-term receivables relate mainly to collateral paid for leases and
collateral given to transmission system operators of the Gas Trading business.
The relevant decrease mainly stemming from the settlement of the latter, due
to the normalization of the market conditions.
9. Issued capital
As of 30 June 2025, the share capital of METLEN Energy & Metals S.A.
amounts to €138,814,916.17, divided into 143,108,161 issued and outstanding
shares at a par value of €0.97 per share.
The movement in the number of ordinary shares, share capital and treasury
shares are reported in the following table:
Ordinary Shares Treasury Shares Convertible loan equity reserve
(Shares in thousands) (amounts in thousands €) (Shares in thousands) (amounts in thousands €) (amounts in thousands €)
Outstanding at 01.01.2024 142,891 138,604 4,594 (81,299) 1,945
Treasury shares - Share buyback - - 908 (31,927) -
Treasury shares - Awarded according to shared based programmes - - (139) 2,661 -
Outstanding at 31.12.2024 142,891 138,604 5,363 (110,565) 1,945
Convertible Bond Loan - - - - (1,945)
Share capital increase 217 210 - - -
Treasury shares - Share buyback - - 174 (6,324) -
Treasury shares - Allocated to institutional investors - - (5,250) 110,750 -
Treasury Shares - Distributed for acquisitions - - (235) 5,028 -
Treasury shares - Awarded according to shared based programmes - - (49) 1,042 -
Outstanding at 30.06.2025 143,108 138,815 3 (69) -
The Group's ordinary share capital reflects the total number of shares in
issue, which are publicly traded. With respect to distribution of dividends
and the repayment of capital, the provisions of Greek Corporate Law 4548/2018
apply. Treasury shares represent the holding of METLEN S.A.'s own shares. The
shares held in treasury stock have no voting rights attached to them, and
treasury shares are not included for purposes of quorum and the voting process
in general meetings of shareholders.
METLEN Energy & Metals S.A. has a share premium balance at 30 June 2025 of
€124.7 million (2024: €124.7 million) consequently, there was nil share
movement in the share premium account in 2025.
During the period, 5,250 million treasury shares were allocated to
institutional investors in settlement of convertible bond loans. The table
above reflects the weighted average price at the date of sale.
Treasury shares
The Extraordinary General Meeting of Shareholders dated 27 March 2024 approved
to renew the approval and terms for acquisition of own shares for an
additional twenty-four (24) months period, i.e. until 26 March 2026, with
maximum number of Company shares to be acquired a total of up to 14,289,116,
minimum price €0.97 per share and maximum price €50 per share and
authorised the Board of Directors to implement the New Own Share Buyback
Program. The own shares that the Company holds at any given time (including
the own shares that the Company has already acquired and holds) are intended
for any purpose and use permitted by and in compliance with the law
(including, indicatively but without limitation, reduction of share capital
and cancellation, or/and distribution to personnel or/and members of the
management of the Company or/and of any affiliated company). The Board of
Directors decided on 27 March 2024 to start implementation of the New Own
Share Buyback Program by the Company.
On 18 June 2025, a total of 48,746 own common registered shares with a total
value of €2,145,798.92, calculated based on the closing price of €44.02 on
the previous day, were awarded for free. These shares had been acquired from 1
June 2020 to 20 March 2025 under and in accordance with the terms of the
Company's own share acquisition program, which was approved by the
Extraordinary General Meeting of shareholders on 27 March 2020, 23 March 2022,
10 April 2023, and 27 March 2024.
Also, on 18 June 2025, 235,295 own shares were transferred as part of the
agreed consideration for the already announced share acquisition of the
company WATT+VOLT - "Watt and Volt Anonymous Company for the Exploitation of
Alternative Forms of Energy".
Following the aforementioned transactions, METLEN holds in aggregate 3,206
treasury shares, equivalent to 0.002% of the total number of shares in issue.
Convertible bonds
On 10 February 2025, due to the exercise of the exchange right under the terms
of the exchangeable bond loan issued on 7 February 2023 by METLEN, entities
controlled by Fairfax Financial Holdings Limited (hereinafter: "FFH" or
"Bondholders") acquired a total of 2,500,000 common registered voting shares
of METLEN. Additionally, on 30 June 2025, due to the exercise of the exchange
right under the terms of the already announced exchangeable bond issued on 28
March 2025 by METLEN, controlled entities by Fairfax Financial Holdings
Limited acquired a total of 2,750,000 common registered voting shares of
METLEN. As a result of the above, as of 30 June 2025, FFH holds 11,938,047
METLEN shares corresponding to a participation percentage of 8.34% of its
total voting shares. The shares acquired by FFH were allocated from the
treasury shares held by the Company.
Other transactions
The Annual General Meeting of METLEN's shareholders, held on 3 June 2025,
resolved to increase the Company's share capital by €210,490 through the
capitalisation of an equal amount from distributable reserves, by issuing
217,000 new common registered voting shares of the Company, with a nominal
value of €0.97 each.
Pursuant to this increase, 217,000 new common registered voting shares with a
nominal value of €0.97 each were issued, which will be distributed for free
to key management personnel or/and higher officers of the Company or/and
affiliated companies, or/and persons that provide services to the Company on a
permanent basis, as part of the implementation of the Long-Term Program for
Free Distribution of Shares, as approved by the Annual General Meeting of
shareholders on 15 June 2021 and as amended by the Annual General Meeting on 4
June 2024, in accordance with the provisions of article 114 of Law 4548/2018.
10. Dividends
Dividends distributed (for the period ended 30.06.2025)
The Annual Regular General Meeting of the Shareholders of the Company, held on
3 June 2025, resolved, among others, to distribute a dividend in the amount of
one euro and fifty eurocents (€1.50) per share.
The final dividend amount that was paid out stands at €1.5294240342 per
share, increased by the dividend corresponding to 2,753,206 own shares that
were held by the Company on 26 June 2025 (ex-dividend date). The dividend is
subject to a 5% withholding tax, in accordance with the applicable tax
provisions (with the exception or differentiation of such withholding for
shareholders falling under special provisions). Therefore, the net amount of
dividend which was paid to shareholders amounted to €1.4529528325 per share.
The ex-date was set to 26 June 2025 and payment of the dividend to the
beneficiaries commenced on 2 July 2025. The beneficiaries of the dividend are
the shareholders registered in the records of the Dematerialised Securities
System (DSS) of the "Hellenic Central Securities Depository" on 27 June 2025
(record date).
Dividends paid (for the period ended 30.06.2024)
The General Assembly of the Shareholders (GA) of METLEN Energy & Metals
S.A. on 4 June 2024 approved the distribution of dividend of gross amount
€214.34 million or one euro and fifty eurocents (€1.50) per share. The
payment of the dividend to shareholders was initiated on 2 July 2024.
11. Financial assets and financial liabilities
a) Accounting classification
The Group's exposure to various risks associated with the financial
instruments as presented in 11d. The maximum exposure to credit risk at the
end of the reporting period is the carrying amount of each class of financial
assets mentioned above. The Group & Company hold the following financial
instruments:
METLEN ENERGY & METALS GROUP
30.06.2025 31.12.2024
(Amounts in thousands €) Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total
Cash and cash equivalents 1,296,687 - - 1,296,687 1,381,772 - - 1,381,772
Restricted cash 19,303 - - 19,303 13,486 - - 13,486
Trade and other receivables 2,027,362 - - 2,027,362 2,327,550 - - 2,327,550
Derivatives - Designated as hedges - 75,924 31,729 107,653 - 40,700 47,308 88,008
Other financial investments - 40,780 - 40,780 - 23,443 - 23,443
Other financial assets 168,516 - - 168,516 187,891 - - 187,891
Total of financial assets 3,511,868 116,704 31,729 3,660,301 3,910,699 64,143 47,308 4,022,150
Trade and other payables 2,330,065 - - 2,330,065 2,519,904 - - 2,519,904
Lease liabilities 219,931 - - 219,931 214,459 - - 214,459
Derivatives - Designated as hedges - 9,199 55,470 64,669 - 12,439 37,480 49,919
Debt 4,278,310 - - 4,278,310 4,047,217 - - 4,047,217
Total of financial liabilities 6,828,306 9,199 55,470 6,892,975 6,781,580 12,439 37,480 6,831,499
METLEN ENERGY & METALS S.A.
30.06.2025 31.12.2024
(Amounts in thousands €) Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total
Cash and cash equivalents 630,475 - - 630,475 488,182 - - 488,182
Trade and other receivables 3,535,141 - - 3,535,141 3,464,759 - - 3,464,759
Derivatives - Designated as hedges - 20,748 31,693 52,441 - - 38,882 38,882
Other financial investments - 40,574 - 40,574 - 23,237 - 23,237
Other financial assets 168,410 - - 168,410 180,619 - - 180,619
Total of financial assets 4,334,026 61,322 31,693 4,427,041 4,133,560 23,237 38,882 4,195,679
Trade and other payables 1,752,607 - - 1,752,607 1,817,242 - - 1,817,242
Lease liabilities 149,540 - - 149,540 148,055 - - 148,055
Derivatives - Designated as hedges - 7,021 31,139 38,160 - - 28,891 28,891
Debt 3,107,018 - - 3,107,018 2,890,684 - - 2,890,684
Total of financial liabilities 5,009,165 7,021 31,139 5,047,325 4,855,981 - 28,891 4,884,872
b) Recognised fair value measurements
Fair value hierarchy
The following table shows the classification of the Group's & Company's
financial instruments by valuation method in accordance with IFRS 13 "Fair
Value Measurement":
METLEN ENERGY & METALS GROUP
30.06.2025 31.12.2024
(Amounts in thousands €) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets
Derivatives - designated as hedges - 36,189 71,463 107,653 - 38,776 49,232 88,008
Financial assets at fair value through profit and loss 40,780 - - 40,780 23,443 - - 23,443
Other financial assets - 168,516 - 168,516 - 185,306 2,585 187,891
Financial assets 40,780 204,705 71,463 316,948 23,443 224,082 51,817 299,342
Presented on the balance sheet as:
Derivatives - current assets - 31,060 20,748 51,808 - 25,557 8,532 34,089
Derivatives - non-current assets - 5,130 50,716 55,845 - 13,219 40,700 53,919
Financial assets at fair value through profit and loss 40,780 - - 40,780 23,443 - - 23,443
Other financial assets - 168,516 - 168,516 - 185,306 2,585 187,891
Financial liabilities
Derivatives - designated as hedges - 59,909 4,760 64,669 - 36,942 12,977 49,919
Financial Liabilities - 59,909 4,760 64,669 - 36,942 12,977 49,919
Presented on the balance sheet as:
Derivatives - current liabilities - 48,266 4,760 53,026 - 31,377 12,977 44,354
Derivatives - non-current liabilities - 11,643 - 11,643 - 5,565 - 5,565
METLEN ENERGY & METALS S.A.
30.06.2025 31.12.2024
(Amounts in thousands €) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets
Derivatives - designated as hedges - 31,693 20,748 52,441 - 30,350 8,532 38,882
Financial assets at fair value through profit and loss 40,574 - - 40,574 23,237 - - 23,237
Other financial assets - 168,410 - 168,410 - 180,619 - 180,619
Financial assets 40,574 200,103 20,748 261,425 23,237 210,969 8,532 242,738
Presented on the balance sheet as:
Derivatives - current assets - 26,563 20,748 47,311 - 19,651 8,532 28,183
Derivatives - non-current assets - 5,130 - 5,130 - 10,699 - 10,699
Financial assets at fair value through profit and loss 40,574 - - 40,574 23,237 - - 23,237
Other financial assets - 168,410 - 168,410 - 180,619 - 180,619
Financial liabilities
Derivatives - designated as hedges - 33,476 4,684 38,160 - 28,353 538 28,891
Financial Liabilities - 33,476 4,684 38,160 - 28,353 538 28,891
Presented on the balance sheet as:
Derivatives - current liabilities - 27,814 4,684 32,498 - 25,739 538 26,277
Derivatives - non-current liabilities - 5,662 - 5,662 - 2,614 - 2,614
The increase of financial assets at fair value through profit and loss relates
mainly to purchase of shares of listed company.
There were no transfers between levels 1, 2 and 3 of the fair value hierarchy
in any of the periods presented.
Valuation techniques used to determine fair values
Specific valuation techniques used to value financial instruments include:
• the use of quoted market prices or dealer quotes
for similar instruments;
• for interest rate swaps: the present value of
the estimated future cash flows based on observable yield curves;
• for foreign currency forwards: the present value
of future cash flows based on the forward exchange rates at the reporting
date;
• for foreign currency options: option pricing
models (e.g. Black-Scholes model); and
• for other financial instruments: discounted cash
flow analysis.
All material resulting fair value estimates are included in either Level 1 or
Level 2. There has been no changes in the valuation techniques used by the
Group in determining Level 2 and Level 3 fair values.
Valuation processes
The finance department of the Group includes a team that performs the
valuations of items required for financial reporting purposes, including Level
3 fair values. This team reports directly to the CFO and the Group's Audit
Committee. Discussions of valuation processes and results are held between the
CFO, the Group's Audit Committee and the valuation team at least once every
six months, in line with the Group's half-yearly reporting periods.
Effects of derivatives on the statement of financial position
The fair value of derivative financial instruments is based on observable
market data. For all derivative contracts, actual values are confirmed by the
credit institutions or brokers with which the Group has entered into the
respective agreements.
• For commodity contracts (i.e., natural gas &
aluminium), fair value is determined by reference to: Natural Gas: The Title
Transfer Facility (TTF) price and Aluminium: The London Metal Exchange (LME)
price.
• For Interest rate contracts, fair value is
determined by reference to the relevant interest rate benchmark index (i.e.,
EURIBOR/USD, SOFR/AUD).
• For exchange rate contracts, fair value is
determined by reference to the relevant price of USD/EUR.
The Group & Company hold the following derivatives at the reporting date:
METLEN ENERGY & METALS GROUP
30.06.2025 31.12.2024
(Amounts in thousands €) Assets (Carrying Amount) Liabilities (Carrying Amount) Assets (Carrying Amount) Liabilities (Carrying Amount)
Foreign exchange risk
Foreign Exchange Contracts 18,766 (25,419) 12,245 (23,353)
Swaps 2,626 (784) 165 (2,277)
Price risk
Futures 2,817 (3,542) 6,986 (3,646)
Options - (1,792) - (2,338)
Swaps 7,520 (25,545) 19,380 (2,413)
Physical forwards 20,748 (4,683) 8,532 (538)
Virtual PPAs 55,176 (2,177) 40,700 (12,439)
Interest Rate Risk
Swaps - (727) - (2,915)
Total 107,653 (64,669) 88,008 (49,919)
METLEN ENERGY & METALS S.A.
30.06.2025 31.12.2024
(Amounts in thousands €) Assets (Carrying Amount) Liabilities (Carrying Amount) Assets (Carrying Amount) Liabilities (Carrying Amount)
Foreign exchange risk
Foreign Exchange Contracts 18,766 (1,994) 4,120 (20,081)
Swaps 2,626 (784) 165 (2,277)
Price risk
Futures 2,780 (3,361) 6,686 (1,244)
Options - (1,792) - (2,338)
Swaps 7,520 (25,545) 19,380 (2,413)
Physical forwards 20,748 (4,683) 8,532 (538)
Total 52,441 (38,159) 38,883 (28,891)
Transfers from the hedging reserve to the statement of profit and loss relate
to the maturity of the positions and are presented below:
METLEN ENERGY & METALS GROUP
01.01-30.06.2025 01.01-31.12.2024
(Amounts in thousands €) Amount reclassified Amount reclassified
from hedging reserve
from hedging reserve
to profit and loss
to profit and loss
Foreign exchange risk
Foreign Exchange Contracts (5,775) 7,651
Options 1,942 (2,052)
Swaps (1,810) (112)
Price risk
Futures 2,934 (1,893)
Options 256 (18,768)
Swaps 2,939 23,969
Physical forwards 8,071 -
Total 8,558 8,795
METLEN ENERGY & METALS S.A.
01.01-30.06.2025 01.01-31.12.2024
(Amounts in thousands €) Amount reclassified Amount reclassified
from hedging reserve
from hedging reserve
to profit and loss
to profit and loss
Foreign exchange risk
Foreign Exchange Contracts (7,790) 13,822
Options 1,942 (2,052)
Swaps (1,810) (112)
Price risk
Futures 2,634 (1,934)
Options 256 (18,768)
Swaps 2,939 23,969
Physical forwards 8,071 -
Total 6,242 14,925
The Group recognises any ineffectiveness relating to the hedging relationship
immediately in the statement of profit or loss. During 2024 and in the six
months ended 30 June 2025, no ineffectiveness was recognised in the statement
of profit or loss.
Gains (losses) recognised in other comprehensive income as at the end of the
period are presented below:
METLEN ENERGY & METALS GROUP
01.01 - 30.06.2025 01.01 - 31.12.2024
(Amounts in thousands €) Gains (losses) recognised in other comprehensive income Gains (losses) recognised in other comprehensive income
Foreign exchange risk
Foreign Exchange Contracts 4,454 (18,614)
Options - 2,052
Swaps 3,953 (2,001)
Price risk
Futures (9,462) 9,171
Options 546 2,522
Swaps (35,024) (6,923)
Interest Rate Risk
Swaps 2,188 (2,220)
Total (33,345) (16,013)
METLEN ENERGY & METALS S.A.
01.01 - 30.06.2025 01.01 - 31.12.2024
(Amounts in thousands €) Gains (losses) recognised in other comprehensive income Gains (losses) recognised in other comprehensive income
Foreign exchange risk
Foreign Exchange Contracts 32,732 (29,782)
Options - 2,052
Swaps 3,953 (2,001)
Price risk
Futures (6,765) 8,552
Options 546 2,522
Swaps (34,990) (6,923)
Total (4,524) (25,580)
Maturity analysis
The following table presents a maturity analysis of the derivative liability
positions of the Group for each of the years presented:
METLEN ENERGY & METALS GROUP
Maturity analysis < 6 months Between 6 and 12 months Between 1 and 5 years After 5 years Total
(Amounts in thousands €)
30.06.2025 30,101 22,925 11,643 - 64,669
31.12.2024 29,185 14,631 6,103 - 49,919
METLEN ENERGY & METALS S.A.
Maturity analysis < 6 months Between 6 and 12 months Between 1 and 5 years After 5 years Total
(Amounts in thousands €)
30.06.2025 16,513 15,985 5,662 - 38,160
31.12.2024 14,344 11,395 3,152 - 28,891
c) Other financial assets
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Opening balance 187,891 149 180,619 37
Other additions - - - 1,441
Vendor financing (12,209) 185,306 (12,209) 176,711
Other (7,167) 2,437 - 2,430
Closing balance 168,516 187,891 168,410 180,619
d) Group's debt by instrument
The following table summarises the carrying value of the Group's total debt as
at the dates presented:
METLEN ENERGY & METALS GROUP
30.06.2025 31.12.2024
(Amounts in thousands €) Maturity date Fixed/floating rate IRS Nominal value Deferred expenses Book value Nominal value Deferred expenses Book value
Bonds 1,750,000 (19,570) 1,730,430 1,750,000 (22,826) 1,727,175
ATHEX 10.07.2030 Fixed 500,000 (7,103) 492,897 500,000 (7,711) 492,289
GREENBOND 30.10.2026 Fixed 500,000 (5,462) 494,538 500,000 (7,432) 492,568
GREENBOND 2024 17.10.2029 Fixed 750,000 (7,005) 742,995 750,000 (7,684) 742,317
Convertible Bonds - - - 50,000 (1,945) 48,055
FFH Fixed - - - 50,000 (1,945) 48,055
Long Term Loans 1,348,642 (9,689) 1,338,953 850,403 (11,009) 839,394
UBS Floating Rate 49,400 (2,764) 46,636 54,888 (3,339) 51,550
NBG BANK Floating Rate 100,000 (841) 99,159 100,000 (950) 99,050
NBG BANK Floating Rate 150,000 - 150,000 - -
NBG BANK Floating Rate 2,700 (4) 2,696 3,600 (6) 3,594
PIRAEUS BANK Fixed 200,000 (1,693) 198,307 100,000 (1,890) 98,110
PIRAEUS BANK Floating Rate 50,000 - 50,000 - - -
ALPHA BANK Floating Rate 81,250 (382) 80,868 87,500 (419) 87,081
EIB Fixed 70,313 (21) 70,292 78,125 (26) 78,099
EIB Fixed 120,000 - 120,000 120,000 - 120,000
EIB Floating Rate 120,000 - 120,000 - - -
EBRD Floating Rate 60,938 (279) 60,659 65,625 (318) 65,307
EUROBANK Fixed 200,000 (958) 199,042 200,000 (1,086) 198,914
ERBK Luxembourg Floating Rate 43,658 - 43,658 37,334 - 37,334
ING Floating Rate 50,000 - 50,000 1,488 (1,488) -
INTESA SANPAOLO Floating Rate 50,000 (2,747) 47,253 1,488 (1,488) -
NBG BANK Floating Rate - - - 125 - 125
PIRAEUS BANK Floating Rate 125 - 125 54 - 54
EFG Floating Rate 260 - 260 177 - 177
Bridge Loans 97,305 (991) 96,314 83,271 (2,002) 81,267
EUROBANK Floating Rate 61,430 (945) 60,485 32,500 (903) 31,595
ALPHA BANK Floating Rate 21,400 (46) 21,354 15,400 - 15,400
NBG BANK Floating Rate 8,440 - 8,440 - -
NBG BANK Floating Rate 6,034 - 6,034 25,275 (70) 25,205
PIRAEUS BANK Floating Rate - - - 10,096 (1,029) 9,067
Project Finance Loans 1,024,840 (21,392) 1,003,448 998,992 (25,370) 973,622
Australia and New Zealand Banking Group Limited Floating Rate Yes - - - 166,410 (4,161) 162,248
BNP Paribas Floating Rate Yes 71,666 (2,628) 69,038 81,981 (3,388) 78,594
INTESA SANPAOLO Floating Rate Yes 56,388 (2,067) 54,321 64,505 (2,665) 61,839
SMBC Floating Rate Yes 56,388 (2,067) 54,321 64,504 (2,665) 61,839
Rabobank Floating Rate Yes 40,277 (1,477) 38,801 46,075 (1,904) 44,171
Santander Floating Rate No 19,071 (94) 18,977 20,142 (229) 19,913
ALPHA BANK Floating Rate No 140,380 (401) 139,979 163,875 (1,963) 161,912
Westpac Banking Corporation Floating Rate Yes 123,398 (3,139) 120,259 66,319 (1,990) 64,329
Banco De Credito E Inveriones S.A., Miami Branch Floating Rate Νο 29,027 (1,064) 27,963 33,206 (1,372) 31,834
PIRAEUS BANK Floating Rate No 146,835 (4,139) 142,696 121,677 (2,642) 119,036
IBK Fixed Rate No 12,473 (760) 11,713 2,448 - 2,448
Deutsche Bank AG, Sydney Branch Floating Rate Yes 41,687 - 41,687 - - -
Intesa Sanpaolo S.p.A., Sydney Branch Floating Rate Yes 57,267 - 57,267 - - -
NBG BANK Floating Rate No 6,933 (142) 6,791 7,618 (169) 7,449
NBG BANK Floating Rate No 2,802 (208) 2,594 3,215 (265) 2,950
NBG BANK Floating Rate No 35,260 (240) 35,020 37,376 (787) 36,589
NBG BANK Floating Rate No 38,205 (1,098) 112,247 40,996 (1,170) 118,472
RRF Fixed No 66,169 53,212
NBG BANK Fixed No 8,972 25,433
RRF Fixed Rate No 32,159 (860) 55,964 - - -
NBG BANK Floating Rate No 24,665 - - -
PIRAEUS BANK Floating Rate Yes 14,818 (1,007) 13,811 - - -
Overdrafts / Short Term Loans 109,165 - 109,165 121,825 - 121,825
NBG BANK Floating Rate 50,037 - 50,037 98,938 - 98,938
NBG BANK Floating Rate 625 - 625 13 - 13
NBG BANK Floating Rate 4 - 4 0 - 0
EUROBANK Floating Rate 10,216 - 10,216 8,000 - 8,000
EUROBANK Floating Rate 3,300 - 3,300 2,102 - 2,102
ALPHA BANK Floating Rate 3,031 - 3,031 3,039 - 3,039
ALPHA BANK Floating Rate - - - 192 - 192
ALPHA BANK Floating Rate 2,472 - 2,472 2,478 - 2,478
OPTIMA Floating Rate 800 - 800 46 - 46
PIRAEUS BANK Floating Rate 1,515 - 1,515 1,519 - 1,519
ATTICA BANK Floating Rate 2,529 - 2,529 2,535 - 2,535
PIRAEUS BANK Floating Rate 14 - 14 29 - 29
HSBC FR Floating Rate 34,320 - 34,320
ALPHA BANK Floating Rate 3 - 3
NBG BANK Fixed - - - 2,048 - 2,048
PIRAEUS BANK Floating Rate - - - 404 - 404
ALPHA BANK Floating Rate 300 - 300 300 - 300
EFG Floating Rate - - - 182 - 182
CO(2) REPOS - - - 255,880 - 255,880
Total 4,329,952 (51,642) 4,278,310 4,110,371 (63,153) 4,047,217
METLEN ENERGY & METALS S.A.
30.06.2025 31.12.2024
(Amounts in thousands €) Maturity date Fixed/floating rate IRS Nominal value Deferred expenses Book value Nominal value Deferred expenses Book value
Bonds 1,750,000 (19,570) 1,730,430 1,750,000 (22,826) 1,727,174
ATHEX 10.07.2030 Fixed 500,000 (7,103) 492,897 500,000 (7,711) 492,289
GREENBOND 30.10.2026 Fixed 500,000 (5,462) 494,538 500,000 (7,432) 492,568
GREENBOND 2024 17.10.2029 Fixed 750,000 (7,005) 742,995 750,000 (7,684) 742,316
Convertible Bonds - - - 50,000 (1,945) 48,055
FFH Fixed - - - 50,000 (1,945) 48,055
Long Term Loans 1,301,900 (9,685) 1,292,215 809,114 (11,003) 798,111
UBS Floating Rate 49,400 (2,764) 46,636 54,888 (3,339) 51,550
NBG BANK Floating Rate 100,000 (841) 99,159 100,000 (950) 99,050
NBG BANK Floating Rate 150,000 - 150,000 - - -
PIRAEUS BANK Fixed 200,000 (1,693) 198,307 100,000 (1,890) 98,110
PIRAEUS BANK Floating Rate 50,000 - 50,000 - - -
ALPHA BANK Floating Rate 81,250 (382) 80,868 87,500 (419) 87,081
EIB Fixed 70,313 (21) 70,292 78,125 (26) 78,099
EIB Fixed 120,000 - 120,000 120,000 - 120,000
EIB Floating Rate 120,000 - 120,000 - - -
EBRD Floating Rate 60,938 (279) 60,659 65,625 (318) 65,307
EUROBANK Fixed 200,000 (958) 199,042 200,000 (1,086) 198,914
ING Floating Rate 50,000 - 50,000 1,488 (1,488) -
INTESA SANPAOLO Floating Rate 50,000 (2,747) 47,253 1,488 (1,488) -
Overdrafts / Short Term Loans 84,374 - 84,374 98,966 - 98,966
NBG BANK Floating Rate 50,037 - 50,037 98,938 - 98,938
PIRAEUS BANK Floating Rate 14 - 14 29 - 29
HSBC FR Floating Rate 34,320 - 34,320 -
ALPHA BANK Floating Rate 3 - 3 -
CO(2) REPOS - - - 218,378 - 218,378
Total 3,136,273 (29,255) 3,107,018 2,926,458 (35,774) 2,890,684
The effective weighted average borrowing rate for the Group, as at the balance
sheet date is 3.81% (31.12.2024: 4.13%).
The financial covenants for compliance with certain ratios applicable to the
Group's loan obligations are referred to Note 15.
e) Financial and capital risk strategy
The Group is exposed to various financial and capital risk factors that may
affect its performance and equity position. The assessment of exposure to
financial and capital risks is carried out regularly to support the
decision-making process regarding the risk management strategy.
The Group's policy aims to create a capital structure that supports the
long-term continuity of its business activities. Against this backdrop, the
Group has made dividend payments to shareholders of the parent with a total
amount of €206 million for the financial year 2023 during 2024, while for
2024 the Group has declared dividend payments to shareholders of €215
million, while maintaining a debt profile that is suitable for its activities,
with annualized spread over the years, thus avoiding a concentration on a
specific period.
The Board of Directors determines and oversees the management of financial
risks with the support of the Capital Allocation and Project Advisory
Committee, which ensures that the Group's financial activities are governed by
appropriate policies and procedures and that financial risks are identified,
measured and managed in accordance with the Group's policies and objectives.
The Group has developed its strategy by taking an integrated view of the risks
to which it is exposed. This considers not only the risks arising from the
variables traded on the financial market (market risk) and liquidity risk, but
also the risks arising from the obligations entered by third parties towards
the Group (credit risk).
The Group uses derivative financial instruments to protect its exposure
against market risks arising from its operating, financing and investment
activities. The portfolio of financial instruments is reassessed monthly,
which enables the financial results and their impact on cash flow to be
monitored.
Risks Risk exposures Risk responses
Market risk - Foreign currency exchange rates Financial instruments and other financial liabilities that are not denominated Swap and forward positions
in Euro
Market risk - Interest rates Loans and financing indexed to different interest rates Swap positions
Market risk - Product prices and input costs Volatile commodity and input prices Forward positions and option contracts
Credit risk Receivables, contract assets, derivative transactions, guarantees, advances Portfolio diversification and policies and procedures and procedures for
to suppliers and financial investments monitoring counterparty solvency and liquidity indicators
Liquidity risk Contractual or assumed obligations Availability of revolving credit lines
The investment of surplus cash is undertaken with the objective of ensuring
that there is always sufficient liquidity, so that funds are available to meet
liabilities as they fall due, whilst securing a return from invested funds and
preserving the capital value of those funds within the Group's policies. These
policies manage credit risk exposure by setting out minimum rating
requirements and maximum investments with any one counterparty based on their
rating and the maturity profile.
Effects of derivatives on the statement of financial position
The fair value of derivative financial instruments is based on observable
market data. For all derivative contracts, actual values are confirmed by the
credit institutions or brokers with which the Group has entered into the
respective agreements.
For commodity contracts (i.e., natural gas & aluminium), fair value is
determined by reference to: Natural Gas: The Title Transfer Facility (TTF)
price and Aluminium: The London Metal Exchange (LME) price.
For Interest rate contracts, fair value is determined by reference to the
relevant interest rate benchmark index (i.e., EURIBOR/USD, SOFR/AUD).
For exchange rate contracts, fair value is determined by reference to the
relevant price of USD/EUR.
The Group applies hedge accounting to the aforementioned contracts and, since
it has established that the hedging relationship entered into through these
instruments is effective, the fair value gains or losses on the respective
derivatives is taken to a hedging reserve through Other Comprehensive Income.
The Group may from time to time enter into contracts for the sale of the
electricity production over a period of time of existing operational or under
construction RES power plants. To the extent such contracts are virtual (i.e.,
with no requirement for physical delivery of the electricity to the buyer),
they are treated as derivative financial instruments and are also valued at
fair value at the reporting date using market data, such as forecasted prices
of renewable energy. The movement in the fair value of these contracts is
taken to profit or loss.
Finally, the Group may enter into physical forward contracts relating to
natural gas. Similarly, with PPA, their fair value movement is taken to profit
or loss.
Market risk - Foreign exchange
Market risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market prices.
Foreign currency risk
The Group's foreign currency risk is mainly in US dollar and results from
business transactions in foreign currencies and from net investments in
foreign companies. Therefore, changes in exchange rates could have a negative
impact on cash flows, costs, projects' profitability and ultimately
shareholder returns.
The Group's cash flow is also exposed to the volatility of various currencies
against the Euro and the US dollar. While most of our product prices are
linked to the US dollars, most of our costs, expenses and investments are
linked to currencies other than the US dollar, primarily the Euro.
The Group uses hedging transactions to protect its cash flow from the market
risks arising from its debt obligations and other liabilities - primarily
currency volatility. The hedging transactions cover most of the debt
denominated in US dollar. The Group uses swaps and forwards to convert debt
and financial obligations linked to the Euro into US dollars, with volumes,
flows and settlement dates similar to - or sometimes lower than - those of the
debt instruments and financial obligations, depending on market liquidity
conditions.
There is an economic relationship between the hedged item and the hedging
instrument as the terms of the foreign exchange swaps and forwards match the
terms of our debt obligations and other liabilities. The Group has established
a hedge ratio of 1:1 for this hedging relationship as the underlying risk of
the foreign exchange swaps and forwards are identical to the hedged risk
components.
Hedging instruments with shorter maturities are renegotiated over time so that
their final maturity matches or approximates the final maturity of the debt
and financial obligations. At each settlement date, the results of the swap
and forward transactions partially offset the impact of the exchange rate on
the Group's obligations, thereby helping to stabilise the cash disbursements
in US dollars.
Market risk - Product prices and input costs
The Group is also exposed to market risks in connection with the price
volatility of commodities and inputs, in particular natural gas and carbon
dioxide costs. In accordance with its risk management policy, commodity risk
mitigation strategies are utilised to reduce cash flow volatility. These risk
mitigation strategies include derivative instruments, primarily forwards,
futures and options. There is an economic relationship between the hedged item
and the hedging instrument as the terms of the commodity forwards, futures and
options match the terms of the expected highly probable forecast transactions.
The Group has established a hedge ratio of 1:1 for this hedging relationship
as the underlying risk of the commodity forwards, futures and options are
identical to the hedged risk components.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities
(primarily trade receivables) and from its financing activities, including
deposits with banks and financial institutions, foreign exchange transactions
and other financial instruments.
To manage the credit exposure arising from cash investments and derivative
instruments, credit limits are approved for each counterparty with which the
Group enters into a credit exposure. In addition, the Group controls the
diversification of the portfolio and monitors various indicators of the
solvency and liquidity of the different counterparties authorised for trading.
Cash and cash equivalents comprise cash in hand and short-term deposits. These
are subject to insignificant risk of change in value or credit risk. All cash
and cash equivalents are held with reputable financial institutions. The Group
continually reviews the credit ratings of these financial institutions. There
are no significant concentrations of credit risk, as the Group maintains
deposits across multiple financial institutions.
Market risk - Interest rates
METLEN faces interest rate risk arising from balance sheet items, such as
liabilities (financing) and assets (deposits/investments), as well as from
project financing activities and financial derivative transactions. Moreover,
macro developments and policy decisions at a regulatory level (e.g., European
Central Bank) may affect METLEN's exposure to interest rate risk. METLEN
implements a diversification strategy in terms of funding sources, including
bank lending, bond issuance, project finance, and trade finance services,
which are further diversified in terms of duration and fixed and floating
interest rates.
METLEN has established a policy for the management of interest rate risk
arising from the assets and liabilities in its balance sheet. This policy
includes: a) in regard to assets, investment of its cash mainly in short-term
time deposits, so as to maintain the necessary liquidity while achieving
satisfactory return for its shareholders; b) in regard to liabilities,
structuring its funding portfolio in consideration of desired liabilities' mix
between fixed and variable interest rates, market conditions, assessment of
alternative interest rate risk profiles and market products characteristics
(duration, type, etc.). This is achieved either through direct borrowing at a
fixed rate or through the employment of interest rate derivatives.
A significant portion of Group's debt holds either fixed interesting (Bonds)
or incorporates interest hedging agreements. As a result, the market risk
relating to interest rates is low.
Trade and other receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses which uses a lifetime expected loss allowance for all trade and other
receivables. The estimate of the allowance for expected credit loss is
performed at each reporting date using either a provision matrix or a combined
probability model, under the general approach, to measure expected credit
losses.
The receivables from Group's core operations relate to Energy, Metals and
Infrastructure sectors are split in receivables groups of similar credit
characteristics (considering the type of counterparties) and business
activities.
For the Group's Energy retail and Metallurgy (sales of aluminium) receivables,
a provision matrix with ageing analysis for past due receivables, along with
historical rates, adjusted for forward-looking factors specific to the debtors
and the economic environment. The calculation reflects the
probability-weighted outcome, the time value of money and reasonable and
supportable information that is available at the reporting date about past
events, current conditions and forecasts of future economic conditions.
For the remaining receivable balances, a combined probability model is applied
under the general approach methodology. The key model inputs are as follows:
Probability of Default (PD) - the estimated probability of default occurring
over the remaining duration of the receivable. The Group uses data from
external credit ratings, issued by rating agencies, which are widely used
measures of creditworthiness and are generally forward looking and incorporate
a number of future macroeconomic scenarios.
Exposure at Default (EAD) - an estimate of present value (discounted using the
effective interest rate), if relevant, of future cash flows, to be realised
from the receivables, based on contractual terms in each agreement for the
sales performed.
Loss Given Default (LGD) - the fraction of the total exposure that the Group
estimates not to be recoverable in case of default.
The maximum exposure to credit risk at the reporting date is the carrying
value of each class of financial assets. The Group does not hold collateral as
security. The Group only undertakes investment and derivative transactions
with banks and financial institutions that have reputable credit ratings.
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Trade receivables from third-party customers 895,276 1,056,935 747,214 663,787
Accrued income 117,313 160,344 51,550 68,764
Accrued income related to trading and energy generation activities 142,332 143,030 154,464 152,739
Accrued income related to Metallurgy 129,429 94,600 129,429 94,600
Unbilled retail revenue 207,530 213,293 181,378 197,809
Contract assets 2,420,880 1,380,758 301,024 257,808
Less: Allowance for expected credit losses (129,961) (120,061) (100,188) (93,431)
Total 3,782,799 2,928,899 1,464,871 1,342,076
Liquidity risk management
Liquidity risk arises from the possibility that the Group may not be able to
meet its obligations on the due dates and may have difficulty meeting its cash
requirements due to liquidity shortages in the market. The Group manages its
funding requirements centrally to cover its operating requirements and
long-term capital needs.
As of 30 June 2025, the Group held €1,316 million in cash and cash
equivalents, including restricted cash, (2024: €1,395 million), of which
€839 million (2024: €621 million) were held as time deposits. These
instruments are managed as part of the Group's liquidity management. The
Group's policy is that the maturity of such positions shall be shorter than 3
months. Time deposits are normally available at shorter notice, subject to
bank approval and potential break costs.
To fund possible cash deficits, the Group will normally raise equity,
long-term bond or bank debt in available markets. Financial liabilities, such
as trade payables, except for derivatives, have a final maturity date within
one year.
Assets pledged
The Group's assets pledges and other encumbrances for securing bank loans
amount to €1,107 million (2024: €1,018 million). The assets pledged
primarily consist of cash accounts, and other contractual pledges (e.g., for
Power Purchase Agreements). There are no other significant terms and
conditions associated with the assets pledged and other encumbrances.
12. Provisions
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) Decommissioning provision Other Total
01.01.2024 30,332 15,763 46,095
Acquisition of subsidiaries 11,575 16,386 27,961
Arising during the year 37,533 7,221 44,756
Accretion increases 2,152 - 2,152
Unrealised provisions reversal - (7,676) (7,676)
Utilised provisions (482) (16,340) (16,823)
31.12.2024 81,110 15,354 96,464
Long -Term 81,110 14,908 96,018
Short - Term - 446 446
Arising during the year 561 1,602 2,163
Accretion increases 514 - 514
Disposal Chile SPV's (38,237) - (38,237)
Utilised provisions - (6,955) (6,955)
30.06.2025 43,948 10,000 53,948
Long -Term 43,948 8,897 52,845
Short - Term - 1,103 1,103
METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Other Total
01.01.2024 15,047 15,047
Arising during the year 5,492 5,492
Unrealised provisions reversal (6,961) (6,961)
Utilised provisions (5,795) (5,795)
31.12.2024 7,783 7,783
Long -Term 7,783 7,783
Short - Term - -
Arising during the year 497 497
Utilised provisions (4,658) (4,658)
30.06.2025 3,622 3,622
Long -Term 3,622 3,622
Short - Term - -
The reversal of Decommissioning provision during the period includes the
de-recognition of provision associated with the sale of PV assets in Chile, in
the context of the Group's Asset Rotation Plan.
13. Trade and other payables
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Deferred income- Grants 54,332 55,801 18,835 19,419
Customer advances 12,556 26,490 - -
Energy retail guarantees 35,989 30,985 32,608 26,733
Total non-current trade and other payables 102,877 113,276 51,443 46,153
Trade payables 795,316 1,128,856 454,820 678,429
Customer advances 366,319 443,267 183,802 131,497
Liabilities to related parties - - 234,169 358,009
Accrued expense 427,398 506,931 274,574 337,678
CO(2) emissions liability 272,010 127,660 204,310 85,190
Dividends payable 210,706 4,145 209,919 2,856
Other taxes payables and social security costs 182,810 175,180 130,386 124,171
Other payables 75,506 133,865 60,627 99,411
Total current trade and other payables 2,330,065 2,519,904 1,752,607 1,817,241
The CO(2) liability has increased since 31.12.2024 as a result of the
additional emissions incurred during the period, while no surrenders of
emission rights have taken place with respect to prior period. Additionally,
emissions that are not currently covered by emission rights held by the Group
have been valued at market value which was higher than the previous carrying
amount per unit of emission.
14. Alternative Performance Measures
METLEN makes use of the alternative performance measures Group EBITDA, Net
Debt, Return on Capital Employed ("ROCE") and Return on Equity ("ROE"). These
"APMs" are used by the Executive Committee to monitor and manage the
performance of the Group, to ensure that decisions taken align with its
long-term interests. The Directors believe 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 Alternative Performance
Measures (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 IFRSs.
Operating earnings before financial & investment results, tax,
depreciation & amortisation ("Group EBITDA")
Group EBITDA is derived through adjusting Profit before income tax for the
effects of any interest income and expenses, investment results, depreciation,
amortisation and before the effects of any share in the operational results of
associates when they are engaged in business in any of the business sectors of
the Group, as well as for the effect of write-offs made in transactions with
the aforementioned associates.
"Group EBITDA" is an important indicator used by METLEN to manage the Group's
operating activities and to measure the performance of the individual
segments.
The calculation of Group EBITDA may differ from the calculation method used by
other companies/groups. However, Group EBITDA is calculated with consistency
in each financial reporting period and any other financial analysis presented
by the Group. Specifically financial results contain interest income/expense,
while investment results contain gains/loss of financial assets at fair value
through profit and loss, share of results in associates and gains/losses from
the disposal of financial assets (such as subsidiaries and associates).
Net debt
The Group defines "Net Debt" as the total interest-bearing financial
obligations of the Group (excluding lease liabilities), less the assets as
presented in Note 15. Net Debt is an important measure used by the Group for
capital management oversight and decisions, including the monitoring of its
covenants arising from bank financing. Further details regarding covenants and
the Group's calculation of Net Debt can be found within Note 15 which captures
capital management.
Return on Capital Employed ("ROCE")
This index is derived by dividing profit before interest & taxes, to the
total capital employed by the Group, being the sum of long-term debt,
non-current lease liabilities and equity attributable to equity holders of the
parent.
Return on Equity ("ROE")
This index is derived by dividing profit after tax and minority interests by
the Equity attributable to the shareholders of the Parent.
The above indicators for the presented period 2025, as well as for the
previous year, are as follows:
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 30.06.2025 30.06.2024
Group EBITDA 445,266 474,048
Net Debt 2,921,540 2,628,516
ROCE (%) 12.2% 14.0%
ROE (%) 18.7% 20.5%
Group EBITDA
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 30.06.2025 30.06.2024
Operating earnings before income tax, financial results, depreciation, and 445,266 474,048
amortisation ("Group EBITDA")
Definition of Group EBITDA
Profit before income tax 290,734 345,812
Less: Financial income (13,941) (10,621)
Plus: Financial expenses 92,952 61,244
Less: Other financial results (2,434) 874
Less: Share of profits of associates (620) (170)
Less: Grants amortisation (1,829) (1,517)
Plus: Depreciation 48,232 52,005
Plus: Amortisation 21,780 17,157
Plus: Depreciation of right-of-use assets 10,392 9,262
Group EBITDA 445,266 474,048
EBITDA
METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 30.06.2024
Operating earnings before income tax, financial results, depreciation, and 74,967 243,200
amortisation ("EBITDA")
Definition of EBITDA
Profit before income tax 64,331 205,714
Less: Financial income (51,316) (38,096)
Plus: Financial expenses 67,472 39,005
Less: Other financial results (52,434) (4,636)
Less: Grants amortisation (944) (549)
Plus: Depreciation 31,291 29,530
Plus: Amortisation 10,059 5,734
Plus: Depreciation of right-of-use assets 6,507 6,498
EBITDA 74,967 243,200
Return on Capital Employed (ROCE)
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 2025 2024
EBIT (A) 886,817 917,266
Equity attributable to parent's shareholders (B) 3,131,617 2,990,747
Non-Current Debt Liabilities* (C) 4,144,311 3,575,008
ROCE [A / (B+C)] 12.2% 14.0%
*Non-Current Debt Liabilities is calculated as the sum of long-term debt and
non-current lease liabilities
Return On Equity (ROE)
METLEN ENERGY & METALS GROUP
(Amounts in thousands €) 2025 2024
Profit after tax and minority interests (A) 586,398 614,587
Equity attributable to parent's shareholders (B) 3,131,617 2,990,747
ROE [A / B] 18.7% 20.5%
15. Capital management
The primary objective of the Group's capital management is to ensure the
continuous smooth operation of its business activities and the achievement of
its growth plans, combined with an acceptable credit rating. The Group manages
its capital structure and adjusts it considering changes in economic
conditions and the requirements of the financial covenants. To maintain or
adjust the capital structure, the Group may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares.
The Group's borrowing's include financial covenants, to maintain certain
ratios applicable to the Group's borrowing obligations, including that the
"Net Debt to Group EBITDA" maintain a ratio below or equal to 4 and the "Group
EBITDA to Net Interest Expense" maintain a ratio above or equal to 2.25.
The Group manages these ratios in a manner that ensures creditworthiness in
line with its growth and development strategy. For the purpose of calculating
the Group's financial covenants, Net Debt excludes cash and cash equivalents,
restricted cash and debt associated with project finance. Interest Expense is
calculated as Interest Expense is calculated as bank loan interest, other
banking expenses less Bank deposits interest. As of 30 June 2025, the latest
applicable financial covenant testing date, there have been no breaches of the
financial covenants of any of the Group's interest-bearing loans or
borrowings.
METLEN ENERGY & METALS GROUP
30.06.2025 31.12.2024
(Amounts in thousands €)
Long-term debt 3,938,313 3,371,331
Short-term debt 109,164 375,887
Current portion of long-term debt 230,833 299,999
Financial assets at fair value through profit or loss (40,780) (23,443)
Restricted cash (19,303) (13,486)
Cash and cash equivalents (1,296,687) (1,381,772)
Group Net debt 2,921,540 2,628,516
Group EBITDA* 1,051,294 1,080,076
Net debt / Group EBITDA 2.78 2.43
Group EBITDA / Net Interest Expense* 7.84 9.29
*Group EBITDA and Net Interest Expense refer to annualised data
To achieve this overall objective, the Group's capital management, among other
things, aims to ensure that the financial constraints associated with
interest-bearing loans and liabilities, which determine the capital structure
requirements, are met. Violations in the fulfillment of the financial
constraints would allow the bank to immediately demand repayment of the loans
and liabilities.
No changes were made in the objectives, policies or processes for managing
capital during the year ended 31 December 2024 and the interim period from 1
January to 30 June 2025.
16. Financial Income/expenses
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Financial income
Ιnterest on bank deposits 5,626 5,221 776 2,512
Interest on trade receivables 7,584 1,690 7,427 1,690
Interest from loans to related parties - - 42,587 31,580
Other interest 731 3,709 527 2,314
Total 13,941 10,621 51,316 38,096
Financial expenses
Discounts of employees' retirement benefits liability due to service 62 88 62 61
termination
Interest on bank loans 56,096 38,085 45,795 18,829
Loans to related parties interest - - 1,608 3,207
Commissions for letters of credit 7,546 4,533 6,519 2,993
Interest on factoring arrangements 5,577 2,841 5,168 2,436
Other banking expenses 4,011 3,775 3,488 2,851
Interest from operating/trading activities - 4,351 - 4,351
Earn-out discounting (Chile transaction) 12,540 - - -
Unwinding of discount on long term decommissioning provisions 514 1,887 - -
Interest on lease liabilities 6,606 5,685 4,831 4,277
Total 92,952 61,244 67,472 39,005
17. Earnings per share
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Profit attributable to ordinary equity holders of the parent for basic 253,764 281,953 72,819 155,827
earnings
Convertible bond - 885 - 885
Profit attributable to ordinary equity holders of the parent for basic 253,764 282,838 72,819 156,712
earnings adjusted for the effect of dilution
- -
Weighted average number of shares 140,081 138,089 140,081 138,089
Convertible bond - 2,500 - 2,500
Options 2,096 - 2,096 -
Weighted average number of shares adjusted for the effect of dilution 142,177 140,589 142,177 140,589
Basic earnings per share 1.8116 2.0418 0.5198 1.1285
Diluted earnings per share 1.7848 2.0118 0.5122 1.1147
Basic earnings per share has been calculated by dividing the profit
attributable to shareholders by the weighted average number of shares in issue
during the period. Diluted earnings per share has been calculated after
adjusting the weighted average number of shares used in the basic calculation
to assume the conversion of all potentially dilutive shares.
A potentially dilutive share arises from the convertible bond (see to Note
9) and options (shared-based payments).
The number of shares in issue used to calculate these amounts may not be
representative of the number of shares in issue in the future.
18. Cash Flows from operating activities
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Cash flows from operating activities
Profit for the period 261,084 285,295 72,819 155,825
Tax 29,650 60,516 (8,488) 49,887
Depreciation of property, plant and equipment 48,235 52,263 31,288 29,530
Amortasation of intangible assets 21,781 16,785 10,063 5,734
Depreciation of right-of-use assets 10,424 9,620 6,507 6,498
Impairment of property, plant and equipment - 5,530 - -
Provisions 1,245 (761) 1,867 (510)
Income / loss from reversal / utilisation of prior year's provisions - 8 - -
(Profit) / loss from change in fair value of other financial instrument (3,687) 18 (3,687) 18
through profit / loss
(Profit) / loss from sale of financial assets at fair value - (4,656) - (4,636)
Financial income (13,941) (10,621) (51,316) (38,096)
Financial expenses 92,952 61,244 67,471 39,005
Dividends (613) - (50,613) -
Grants amortisation (1,864) (1,757) (944) (549)
184,183 188,189 2,147 86,881
(Increase) / decrease in inventories 66,948 17,848 67,198 14,726
(Increase) / decrease in trade receivables (238,066) (622,153) (188,896) (379,710)
Increase / (decrease) in liabilities (166,353) 178,838 (153,661) 113,218
Provisions (736) - - -
Pension plans 727 267 310 143
(337,480) (425,202) (275,049) (251,623)
Cash flows from operating activities 107,787 48,276 (200,083) (8,915)
Changes in liabilities arising from financing cash flows
A reconciliation of the movements in liabilities arising from financing
activities for both cash and non-cash movements is provided below:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) Borrowings Lease liabilities Total Borrowings Lease liabilities Total
Balance 01.01.2024 2,929,207 182,789 3,111,996 1,766,669 150,392 1,917,061
Cash flow from financing activities 1,044,204 (23,249) 1,020,955 1,069,147 (14,492) 1,054,655
New leases - 43,822 43,822 - 3,948 3,948
Derecognition of leases - (827) (827) - (492) (492)
Acquisitions of subsidiaries 3,360 - 3,360 - - -
Interest expense - 12,428 12,428 - 9,198 9,198
Overdrafts 62,929 - 62,929 63,908 - 63,908
Other 7,517 (504) 7,013 (9,041) (498) (9,539)
Balance 31.12.2024 4,047,217 214,459 4,261,676 2,890,683 148,056 3,038,739
Cash flow from financing activities 477,878 (13,341) 464,537 418,727 (8,319) 410,408
Effects of exchange rates (38,858) 174 (38,684) - (64) (64)
New leases - 14,847 14,847 - 5,331 5,331
Derecognition of leases - (2,829) (2,829) - (306) (306)
Interest expense - 6,621 6,621 - 4,842 4,842
Exchangeable bond with treasury shares (160,000) - (160,000) (160,000) - (160,000)
Overdrafts (55,481) - (55,481) (48,913) - (48,913)
Other 7,555 - 7,555 6,520 - 6,520
Balance 30.06.2025 4,278,310 219,931 4,498,241 3,107,018 149,540 3,256,558
19. Number of employees
The average number of full-time equivalent employees at 30.06.2025 was 4,978
for the Group and 2,850 for the Company. Respectively, on 31.12.2024, the
average number of full-time equivalent employees was 4,469 for the Group and
2,660 for the Company.
*2,278 non-core business personnel (UNISON) is not included above (2024:
2,165).
20. Management remuneration
For the purposes of this analysis key management personnel are deemed to be
the members of the BoD of the parent Company, CEOs of major subsidiaries, head
of business units and other departments.
Total compensation of key management personnel recognized in the Income
Statement are presented below:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 30.06.2024 30.06.2025 30.06.2024
Wages 4,341 5,986 2,884 3,739
Tax and insurance service costs 404 291 270 116
Long-term benefits 6,087 5,826 6,087 5,826
Total compensation of key management personnel 10,832 12,103 9,241 9,681
No loans have been granted to members of BoD or other management members of
the Group (and their families).
21. Related party transactions according to IAS 24
Related Party Transactions are shown at the following table:
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024
Sales of goods
Subsidiaries - - 109,643 128,597
Total - - 109,643 128,597
Purchases of goods
Subsidiaries - - 34,846 63,908
Total - - 34,846 63,908
Services sales & other transactions
Subsidiaries - - 54,356 116,314
Associates 27,849 - - -
Other related parties 129 136 - -
Total 27,978 136 54,356 116,314
Services purchases
Subsidiaries - - 4,263 42,414
Management remuneration and fringes 10,832 12,103 9,241 9,681
Other related parties - 447 - 79
Total 10,832 12,550 13,504 52,174
METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A.
(Amounts in thousands €) 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Receivables from related parties
Subsidiaries - - 2,130,470 1,956,642
Associates 14,987 - 14,695 -
Other related parties 49 7 - -
Total 15,036 7 2,145,165 1,956,642
Guarantees granted for related parties
Subsidiaries 4,003,863 3,401,067 4,003,863 3,401,067
Total 4,003,863 3,401,067 4,003,863 3,401,067
Payables to related parties
Subsidiaries - - 277,707 440,916
Associates 14,579 - - -
Other related parties 59 43 59 25
Total 14,638 43 277,767 440,942
The above-mentioned guarantees refer to:
€167.7 million (2024: €136.9 million) are Company guarantees for bank
loans of the subsidiaries of the Group and €3,836.1 million (2024:
€3,264.1 million) are Company guarantees on behalf of customers and
suppliers of the Group.
It is noted that the above amounts of guarantees issued by the Company on
behalf of customers and suppliers of its subsidiaries refers to the maximum
amount of the guarantee and the respective risk undertaken by the Company,
regardless of the probability of realisation of said risk.
22. Contingent assets and contingent liabilities
Unaudited tax years - Group's resident (Greek) subsidiaries
There have been no significant changes since 31 December 2024 (as described in
the 2024 Integrated Annual Report).
Claims relating to Projects
As part of the Group's activity in the M Power Projects sector, the Group has
raised or is in the process of raising a number of claims primarily related to
compensation for delays caused either by the clients of the projects or by the
suppliers. These claims are based on the respective contractual terms, the
applicable legal framework of each country, as well as on expert and other
specialist reports.
These claims have not been recognised in the Group's financial results, as the
criteria for their accounting recognition had not been fully met by the date
of approval of the interim Financial Information. The Group, through its legal
advisors, is in the process of expediting the resolution of these claims.
Arbitration Proceedings - Supply Contract Dispute
In October 2024, METLEN S.A. submitted a request for arbitration to the
International Chamber of Commerce in respect of a dispute with one of METLEN
S.A.'s contractors on the basis of a supply contract entered into between
METLEN S.A. and the contractor, with METLEN S.A. seeking compensation of
approximately €300 million due to defective equipment delivered to METLEN
S.A. by the contractor. The agreed deadline for METLEN S.A. to submit its
statement of claim is 30 September 2025.
Petitions for annulment of Regulatory Authority for Energy (RAE) decisions -
CHP plant
The Company filed before the Council of State: (a) petition for annulment of
RAE's decision no. 80/2016 entitled "Management of condensate heat during the
calculation of cogeneration efficiency for the Approval of Special Operating
Conditions of CHP plant"; and (b) petition for annulment of RAE's decision no
410/2016 entitled "Amendment of RAE's decision no. 1599/201, with which it was
approved the Issue "Cash Specifications and Size Measurements at the request
of the ministerial decision no Δ6 / Φ1 / οικ.8786 / 06.05.2010 for the
implementation of the System of Guarantees of Origin of the Electricity from
RES and High Efficiency CHP and its Ensuring Mechanism".
The Company also filed before the Athens Administrative Court of Appeal a
petition for annulment of RAE's decision no. 334/2017 entitled "On the
application of the société anonyme ALUMINUM OF GREECE BEAE and the
distinctive title "ΑΤΕ" for the revision of RAE's decision no. 569/2016";
(b) of RAE's decision no. 569/2016 entitled "Efficiency Control and
Determination of Special Operating Conditions of the Distributed HE-CHP unit
of the société anonyme ALUMINUM OF GREECE BEAE (SA)".
From the combination of the above decisions, the cogeneration efficiency of
the CHP plant of the Metallurgy Business Unit is negatively affected, as they
change the calculation method for the amount of high efficiency electricity,
including by subtracting the thermal energy contained in returnable
concentrate, when calculating the total efficiency of the unit, resulting in a
reduction in unit revenue.
The decisions of the Council of State were issued, according to which the
Company's petitions for annulment have been rejected. On the contrary to the
decision no. 1652/2022 of the Supreme Court of Justice, the Company's
application before the Administrative Court of Appeal of Athens for the
annulment of no. 334/2017 of the RAE decision was accepted and the above
decisions were deemed illegal and annulled. It is also noted that, on the one
hand, the annulment decision has retroactive effect, resulting in the
administrative act being annulled to be considered as if it never existed,
while on the other hand, even an appeal against the decision has no effect of
suspension.
In view of the above, the decision RAE 569/2016 is considered as if it never
existed and the duty to comply with the decision No. 1652/2022 of the
Administrative Court of Appeal of Athens mandates that the pricing of
electricity for the period from 12.1.2017 onwards be corrected immediately,
based on the decisions RAE 700/2012 and 341/2013 and according to the specific
provisions in the Appendix attached there to RAE filed an appeal against the
above decision.The case has been heard before the court on 13.05.2025 and we
expect the decision to be issued.
23. Post - Balance sheet events
Since the interim period end date of 30 June 2025, "METLEN Energy & Metals
PLC" (hereinafter called "METLEN PLC") acquired all (100%) of the shares
issued by the Company, pursuant to (i) the voluntary share exchange tender
offer that METLEN PLC submitted on 25 June 2025 in accordance with Law
3461/2006, as in force ("Law 3461"), and (ii) the right of squeeze-out
exercised by METLEN PLC in accordance with Article 27 of Law 3461 and the
decision 1/644/22.4.2013, as in force, of the Board of Directors of the
Hellenic Capital Market Commission (the "HCMC"), the process of which
completed on 29 August 2025.
As a result, METLEN PLC has become the direct parent of the Company and the
ultimate parent company of the Company's Group. METLEN PLC's share capital in
ordinary registered shares amounts today to €1,573,252,780.00 and is divided
into 143,022,980 ordinary registered shares, admitted to trading on (a) the
Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated
Securities Market of the Athens Exchange (the "ATHEX").
Following the aforementioned acquisition, the Company has submitted a written
request to the HCMC to approve the delisting of the Company's ordinary
registered shares from the Athens Exchange, in accordance with Article 17,
paragraph 5 of Law 3371/2005, as in force.
24. Approval of Interim Condensed Financial Information
The Interim Condensed Financial Information for the period ended 30.06.2025
were approved by the Board of Directors of METLEN Energy & Metals S.A. on
8 September 2025.
Maroussi, 8 September 2025
Evangelos Mytilineos
I.D. No ΑΝ 094179/2017
Chairman of the Board of Directors & Chief Executive Officer
Eleftheria Kontogianni Spyridon Kasdas
I.D. No Α00419969/2024 I.D. No ΑP 1 04707/2022
Chief Finance Officer Vice-Chairman A' of the Board of Directors
Ioannis Boumponaris Periklis Kazakos
I.D. No ΑM 499302/2014 I.D. No A01271813/2024
Finance & MIS Senior Director Financial Reporting & Controlling Senior Manager
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