Metlen reports 37% revenue surge in Q1 2026 driven by strong growth

METLEN Energy & Metals started 2026 dynamically, recording a 37% revenue increase in the first quarter, with turnover reaching €2.05 billion compared to €1.5 billion in the corresponding period of 2025. The Mytilineos Group, which operates in the energy, metals and infrastructure sectors, shows strong growth across all business fronts, with the most impressive performance from the Infrastructure & Concessions division, which nearly doubled its revenues. At the same time, the company announced a series of strategic moves — from energy storage agreements to its entry into the construction of the Northern Road Axis of Crete — confirming its progress towards implementing the medium-term targets set at the Capital Markets Day in London in April 2025.

Full announcement from METLEN Energy & Metals

METLEN Energy & Metals PLC (LSE Listing: MTLN, RIC: MTLN.L, Bloomberg: MTLN.LN | Athens Listing: MTLN, RIC: MTLNr.AT, Bloomberg: MTLN.GA, ADR: MYTHY US) announces today the Trading Update for Q1 2026. The Company recorded a strong start to the year, which reflects the steady momentum in the Energy, Metals and Infrastructure sectors, combined with the steady implementation of its strategic investment program. It remains on track to achieve its medium-term targets, as presented at the Capital Markets Day in London in April 2025.

• Revenue +37% year-on-year to €2.05 billion
• Simplification of the Energy sector into two business lines
• Restructuring of former MPP activities and integration into the M RES-ET platform
• Reorganization of the Metals sector targeted at three development pillars
• Significant energy storage portfolio ~2GW through strategic partnerships
• Investment in 283MW photovoltaic portfolio in the UK under the Asset Rotation Model
• Participation in the VOAK concession project
• New offices in London

Evangelos Mytilineos, Executive Chairman, stated: “METLEN started 2026 with strong momentum across all areas of activity. Our steady investments in energy transition, critical raw materials and defense, combined with disciplined implementation of our strategy, position the Company in a strong position to respond effectively to a complex geopolitical environment, while ensuring sustainable development.”

Strategic transformation in full swing in Q1

Simplification of the Energy sector

METLEN reorganized its five individual energy activities into two integrated platforms in 2025:

1. Fully Integrated Utility: Electricity generation and retail supply, natural gas supply and trading
2. Renewables, Storage & Energy Transition Platform (M RESET): RES portfolio, asset rotation, storage development, networks and data centers.

This new structure is expected to enhance implementation speed, coordination of commercial operations and capital efficiency.

Completion of MPP restructuring

MPP was fully restructured, with its activities integrated into the M RESET platform, creating a new structure focused on selective international opportunities and disciplined execution.

Repositioning metallurgy for growth

METLEN also reorganized the Metals sector into three strategic pillars, repositioning it within a broader European platform of strategic materials and industrial technologies:

1. Vertical Aluminium Value Chain
2. Critical Raw Materials & Circular Metals
3. M Technologies (defense and industrial applications)

KEY FINANCIAL FIGURES FOR METLEN

UPDATE ON BUSINESS SEGMENT OPERATIONS

• Energy sector

• Strategic agreements with the DEH Group and Tsakos Group strengthened the storage portfolio, which now amounts to approximately 2GW in Greece and international markets.
• METLEN signed a Memorandum of Understanding (MoU) with Shell for the supply of up to 1 bcm annually for the period 2027–2031.
• A 283MW photovoltaic portfolio in the UK was sold to Schroders Greencoat, confirming the implementation of the Asset Rotation strategy.

2.2. Metals sector

The Metals sector benefited from favorable aluminum prices, resilient premiums and the advantages of METLEN’s fully integrated vertical production model.

• During the quarter, the investment program in bauxite, alumina and aluminum progressed, funded by the European Investment Bank, including the first industrial gallium production unit in Europe. Strong interest is observed from the US, Japan and Europe, with offtake agreements expected soon. Initial production is expected in 2027, increasing to 50 tons annually by 2028.
• The Circular Metals sub-sector is progressing positively, with encouraging results from the pilot unit and optimization of the expansion plan in the final stretch, expected within the year.
• M Technologies continued to develop through the acquisition of an additional unit (former NK Trailers), bringing operational units to six, with initial targets progressing faster, supporting increasing demand for defense systems. Meanwhile, cooperation with Naval Group was strengthened, with equipment deliveries for the FDI frigate program and a new cooperation agreement for submarine and surface ship projects.

2.3. Infrastructure & Concessions sector

The Infrastructure and Concessions sector continues to perform according to management forecasts for profitability and growth, nearly doubling its turnover in Q1 2026 compared to the corresponding period of 2025, with all projects proceeding smoothly and on schedule. METKA ATE maintains a high position in the sector, enjoying market recognition, now securing a strong project portfolio (total unexecuted balance of infrastructure projects under construction including projects at advanced stages of imminent contracting approaching €2.2 billion) and dynamically exploiting new opportunities. Based on their expertise and strategic position, METKA ATE and M Concessions strengthen their position in public and private projects and PPP projects and contribute substantially to long-term value creation.

In February 2026, METLEN agreed to participate with a 24% stake in the concession company DIKTAION PARACHORISEIS Single Member S.A. for the “Northern Road Axis of Crete (VOAK) – Chania – Heraklion Section” project, while METKA ATE will participate with a 30% stake in the construction consortium of the same project. During the first quarter, METKA signed the construction of the Casino and Hotel complex in Maroussi and the Holocaust Museum in Thessaloniki. It was also declared provisional contractor for the Skaramanga Triple Junction project.

Outlook

Q1 2026 confirms METLEN’s strong position within its diversified business model, with all sectors contributing to growth.

The Company operates in an environment of heightened geopolitical tensions and ongoing conflicts, affecting energy markets, supply chains and defense demand. At the same time, these conditions highlight the strategic importance of METLEN’s synergistic business model, further enhanced by its activities in energy