METLEN Energy & Metals PLC recorded a 25% increase in turnover to €7.1 billion, according to its announced results, while EBITDA reached €753 million.
Specifically, according to the listed company’s announcement, the key results are:
– Revenue increased to €7,107 million, compared to €5,683 million in 2024 (+25%), reflecting the Company’s dynamic and growth trajectory.
– Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached €753 million, versus €1,080 million in 2024. Performance in 2025 was negatively affected by losses in the M Power Projects (MPP) sub-sector (which is now integrated into the Renewables, Storage & Energy Transition – MRES ET sector).
€314 million Net Profits After Minority Rights versus €615 million in 2024. Correspondingly, earnings per share reached €2.20 versus €4.46 in 2024
– Proposed dividend of €1.00 per share
In August 2025, METLEN was listed for trading on the London Stock Exchange and subsequently included in the FTSE 100 and MSCI UK indices, marking a significant milestone that reflects its continued development, investor confidence and strengthened international presence in capital markets.
Mytilineos: METLEN recorded strong performance across all key business sectors
Commenting on the Financial Results, the Company’s Executive Chairman, Evangelos Mytilineos stated:
“2025 was characterized by geopolitical uncertainty, trade tensions and increased volatility in global energy and metals markets. However, 2025 was a historic year for METLEN, with the decisive milestone being the London Stock Exchange listing and subsequent inclusion in the FTSE 100 and MSCI UK indices, events that marked the beginning of a new chapter focused on growth, international expansion and enhanced access to global capital markets. This was followed by a new corporate transformation – the third in less than a decade – reflecting the continuous evolution of our business model. Despite the unstable operating environment – as well as challenges in the MPP sub-sector – METLEN recorded strong performance across all its key business sectors.
The strategic investments presented during the April 2025 Capital Markets Day (CMD) are progressing according to schedule. Alongside our existing activities, we are further strengthening our growth profile through new strategic pillars, such as Critical Metals – including Gallium – Circular Metallurgy, as well as further development of Defense activities, which are expected to enhance synergies between our activities and support the achievement of our medium-term strategic and financial objectives.
METLEN operates in a dynamic global environment where geopolitical developments and market volatility may affect a company’s performance. Periods of increased uncertainty, including potential conflicts in key energy regions such as the Persian Gulf, tend to enhance volatility in energy and commodity markets, creating both risks and opportunities for companies that have the ability to respond effectively and flexibly. METLEN’s diversified portfolio, strict risk management framework and active hedging strategies are designed to limit downside risks, while allowing the Company to capitalize on favorable market conditions. In such periods, higher commodity prices and improved trading conditions can support revenue growth in both the energy and metals sectors.”
Non-GAAP / Alternative Performance Measures (APMs)
Revenue reached €7,107 million, increased by 25% versus €5,683 million in 2024, mainly due to the record performance of the M Renewables sector and the more than doubling of the Infrastructure and Concessions Division’s revenue.
EBITDA decreased by 30% to €753 million versus €1,080 million in the previous year, despite the strong performance of the core business, which continues to demonstrate dynamic growth trajectory. The EBITDA decline reflects the already known losses related to project execution, mainly related to the Protos project in the United Kingdom, which led to increased costs and implementation delays.
The Company conducted an extensive review of all MPP projects and has recognized losses relating to both cost overruns to date and estimated future overruns, as well as potential claims that may arise under its contractual obligations.
Following its track record in protecting shareholder interests, the Company successfully completed in 2025 the irrevocable partial liquidation of a legal claim, for consideration of €130 million. METLEN maintains a series of similar legal claims arising from its ordinary activities and may proceed with partial liquidation of these, while retaining any potential surplus value until their final resolution. Gains from the sale of such claims are recognized in Other Operating Income.
Adjusted for significant, non-recurring project losses and partial claim liquidation, METLEN’s EBITDA would exceed €1 billion.
The M Renewables, Storage and Energy Transition platform (M RES ET) recorded a profitability decline of approximately 78% year-on-year, due to the aforementioned losses related to MPP. Renewables (in Greece and internationally) continued their dynamic growth trajectory, with profitability increasing by approximately 45% year-on-year (following a corresponding increase in 2024 versus 2023). This growth is expected to continue, supported by a capital-efficient, self-funded business model and a geographically diversified portfolio, which provide clear competitive advantage over more traditional players in the renewable energy sector.
In 2025, METLEN’s Fully Integrated Energy Utility (including electricity generation, electricity and natural gas supply) recorded another strong performance, aligned with 2024, further strengthening its position as the leading integrated energy provider in Greece. The Company continued to strengthen its presence in both generation and supply. At year-end, its market share in electricity supply exceeded 21% in Greece, while its generation corresponded to approximately 19% of total generation in Greece, benefiting from the strategic advantages of vertical integration in the Energy Sector. The increase in supply market share was supported by competitive pricing, based on operating the most efficient thermal fleet in the country, with profit margins remaining stable above 20%.
In 2025, the Metals Division’s profitability was negatively affected by increased electricity costs, which put pressure on profit margins. METLEN is transitioning to a more “green” and gradually lower-cost energy mix, utilizing both own production through renewables and third-party production, further enhancing its cost structure. The increasing penetration of renewables in METLEN’s energy mix is expected to lead to structurally lower and more stable costs, substantially reducing exposure to energy price volatility. This performance is expected to be further enhanced through strategic synergies between METLEN’s Energy and Metals Divisions. Specifically, the aluminum unit operates as a “battery,” taking advantage of periods of low electricity prices due to market oversupply. These operational and strategic advantages rank METLEN among the most competitive aluminum and alumina producers globally, despite the persistently high energy costs in Europe and related production challenges.
In the Infrastructure and Concessions Division, EBITDA doubled to €100 million, versus €50 million in 2024, reflecting strong project execution and increased activity. The unexecuted balance of contracts and projects in advanced award stage approaches €2 billion, providing clear visibility regarding future revenues. Prospects for the construction sector in Greece remain particularly positive, supported by the dynamism of both public and private infrastructure projects, as well as concession contracts.
