Metlen delivered a record-breaking performance for the first nine months of 2026, posting revenues of €6.2 billion — a 21% increase compared to the same period in 2025.
At the business segment level, Energy division revenues reached €4.95 billion, up 22%, while the Metals division recorded revenues of €728 million, a 6% increase. The Infrastructure and Concessions division delivered particularly strong results, with revenues surging 50% to €534 million.
As noted in the Trading Update, the outage of the company’s largest thermal power generation unit (HClass) lasted 44 days. Repairs were successfully completed and the unit returned to full operation on 12 October 2026.
Progress was made in the strategic development of METKA Group as an independent infrastructure platform, including the exploration of a potential listing on Euronext Athens to support its growth and financial autonomy.
The company also reported continued de-risking of former MPP activities, with First Fire achieved at the PROTOS ERF facility in Cheshire and the 560 MW CCGT unit in Grudziądz, Poland, while further progress was recorded across the remaining legacy portfolio.
In parallel, the strategic asset rotation plan continued with the sale of the Tamarico II hybrid solar and battery storage project (165 MW / 725 MWh) in Chile to Copec.
The commercial momentum around gallium was further strengthened through a new long-term agreement with a major Japanese chemicals company, with additional offtake agreements expected to be announced shortly. The energy storage portfolio is also expanding, with the launch of large-scale BESS projects in Greece and Italy.
Finally, natural gas supply security and diversification were enhanced through a five-year agreement with PETRONAS for six LNG cargoes per year starting in 2027.
“METLEN continues to execute its strategy with consistency and determination, leveraging the strength of our diversified business model and the capabilities of our people. Our priorities remain clear: disciplined delivery of our targets, operational excellence, and the creation of sustainable long-term value. Despite the challenges and fluctuations in our operating environment, we remain confident in our ability to respond to market developments and fulfil our commitments,” said Executive Chairman Evangelos Mytilineos.
Key highlights for the nine-month period
In detail:
• A five-year agreement was signed with PETRONAS, through PETCO Trading (UK) Limited, for the supply of six LNG cargoes per year — equivalent to approximately 0.6 bcm annually — commencing in 2027.
• Total natural gas supply during the nine-month period of 2026 reached 47 TWh, delivered to the Greek market and other European markets.
• METLEN’s total electricity generation for the nine months of 2026 stood at 6.5 TWh, of which 5.9 TWh came from thermal units and 0.6 TWh from renewable energy sources (compared to 6.4 TWh and 0.5 TWh respectively in the nine months of 2025).
• During the period, the CCGT H-Class unit was taken offline due to a hydrogen leak in the generator cooling system, requiring the unit to be shut down for inspection and repair. Repairs were successfully completed and the unit returned to full operation on 12 October 2026.
• The acquisition of Greek energy software company Joule enhanced digital capabilities in the monitoring, optimisation and commercial management of renewable energy and storage portfolios.
• Protergia maintained a strong presence in electricity supply, with a 21.3% market share in the nine months of 2026 (IPTO data). In the first nine months of 2026, Protergia supplied 7.9 TWh of electricity to the market, with its customer base reaching 628,000 meters.
• In natural gas, Protergia’s market share increased to 28.1% in the nine months of 2026 (2.3 TWh), while its customer base grew steadily to 72,000 meters.
M Energy Transition Platform (formerly Renewables, Storage & Energy Transition — RESET)
M ETP continued to expand its operations in renewable energy and storage, strengthening its position in project development, construction and operations, as well as asset rotation.
• The Asset Rotation Plan remained a key priority during the third quarter. In September 2026, METLEN signed a Sale and Purchase Agreement (SPA) with Copec Flux SpA, backed by Copec S.A., for the sale of the Tamarico II hybrid project in Chile, comprising 165 MW of solar PV and a 725 MWh battery energy storage system.
• Energy storage in Greece: The standalone 330 MW / 790 MWh battery energy storage project developed in Thessaly in partnership with the Karatzis Group was connected to the National Electricity Transmission System. Additionally, the Aenaos 48 MW / 96 MWh battery storage project in Polygyros, Chalkidiki, was completed.
• METLEN and the Tsakos Group formalised their partnership through METLEN’s acquisition of a 40% stake in the relevant project company, advancing the development of a hybrid project in Central Greece comprising a 251.9 MW solar PV plant and an approximately 375 MWh energy storage system.
• Third-party EPC project execution maintained strong momentum during the nine months of 2026, with 3.4 GW / 3.6 GWh under construction across solar PV, BESS and hybrid projects. Of these, 1.3 GW / 2.8 GWh were successfully energised during the period, reflecting consistent execution across the EPC business.
• The M Energy Transition Platform continued to broaden its activities across the full spectrum of the energy transition. Building on its core renewable energy business, the platform strengthened its momentum in project development, EPC and integrated services, while gradually growing its presence in Grid infrastructure and Data Centers.
Regarding legacy thermal projects, M ETP achieved significant milestones in the delivery of complex energy infrastructure projects at the international level.
• First Fire using waste fuel at the PROTOS ERF facility, being constructed on behalf of Encyclis in Cheshire, marking the transition to the final stage of hot commissioning.
• First Fire at the 560 MW combined cycle gas turbine power plant being constructed for CCGT Grudziądz, a subsidiary of Energa and member of the ORLEN Group. Generator synchronisation with Poland’s National Electricity System followed, marking further progress towards commercial operations.
• Achievement of Commercial Operations Date (COD) at the Pembroke Synchronous Condenser project in July, marking the successful completion of the project.
• The Immingham project advanced to the commissioning phase following successful high-voltage backfeed in September.
• The legacy MPP portfolio continues to record significant progress towards the completion of its remaining projects, with a focus on disciplined execution and successful delivery, further demonstrating the value of the integrated M Energy Transition Platform. The company remains on track to complete the remaining legacy projects in the coming months.
Metals division
METLEN continued to strengthen the competitiveness and strategic importance of its Metals division through investments in the integrated aluminium value chain and the development of European gallium production.
M Aluminium Value Chain
• A strategic investment of approximately €25 million in EP.AL.ME. was made with the aim of expanding recycled aluminium processing capabilities through state-of-the-art, highly automated sorting, processing and smelting equipment. At full capacity, the Aluminium Value Chain is expected to deliver competitive costs, reduce the environmental footprint and increase total aluminium production to more than 250,000 tonnes per year.
• The flagship Leader project — encompassing bauxite activity expansion, a 50% increase in alumina production to 1.3 million tonnes, and a 50-tonne-per-year gallium production unit — is progressing on schedule.
M Critical and Rare Metals
• M CRM has secured two significant long-term commercial agreements for the future supply of gallium from its production facility in Greece, currently under construction, covering approximately 25% and up to 16% of its total annual production respectively.
• Both agreements highlight the strong international demand for secure and diversified sources of critical raw materials and position METLEN at the forefront of building a competitive European gallium value chain.
• Commissioning is proceeding on schedule at the Critical Metals pilot facility in Thessaloniki, which combines proprietary technology with unique industrial capabilities and secured feedstock from both own and third-party sources. The first shipments of high-purity metal oxides are expected by the end of 2026, marking a significant milestone in supporting Europe’s technological and industrial resilience and unlocking major long-term commercial opportunities for the company.
M Technologies
M Technologies continued to expand METLEN’s presence in defence and advanced metal technologies, combining participation in programmes with strategic industrial partnerships and measurable operational gains.
• In the Republic of Cyprus, M Technologies signed an exclusive Cooperation Agreement with HOUTRIS for the development of new industrial capabilities in defence systems. The agreement provides for the establishment of a joint venture to support technology transfer, skills development and the strengthening of Cyprus’s defence industrial base. Under the European SAFE programme, the new company will proceed with military vehicle production, while the partners will explore further opportunities in defence systems manufacturing, integration, support and maintenance.
• At the Volos Hub, the operational excellence programme launched earlier this year is delivering tangible results, with delivery times reduced by 50% and production nearly doubled compared to the nine months of 2025. This approach is being standardised into a repeatable operational model, supporting the execution of M Technologies’ growing order backlog as new units come on stream.
Infrastructure and concessions division
METKA is advancing the consolidation and development of its infrastructure-related activities under a single infrastructure platform, while simultaneously driving major construction projects forward and strengthening execution capabilities. The period was characterised by new contract awards and progress on key infrastructure projects.
The Infrastructure and Concessions division and the new METKA Group are not directly comparable, due to differences in their scope of activities.
• Strategic restructuring of METKA: Following the announcement of the demerger of PPP and concessions activities, METKA continued the consolidation of its construction activities, concessions, PPP investments and facility management operations under a single infrastructure platform.
• The company is evaluating strategic options, including a potential listing of METKA Group on Euronext Athens, with the aim of supporting its growth, capital requirements and financial autonomy. Any potential transaction remains subject to relevant market conditions as well as corporate and regulatory parameters.
• On 31 July, METKA ATE delivered the Athens–Thessaloniki railway line restoration project on time (40 kilometres of new track in 15 months).
• Skaramagkas and Western Peripheral Ring Road of Egaleo: METKA, in a joint venture with DOMIKI KRITIS, signed a €60.5 million contract with the Ministry of Infrastructure and Transport for the construction of three grade-separated interchanges in the broader Skaramagkas area and the completion of the relevant section of the Western Peripheral Ring Road of Egaleo. The contractual construction period is 36 months.
• Flyover project, Thessaloniki: Construction progress reached approximately 65%, with a target completion date of May 2027.
• School infrastructure in Central Macedonia: Four of the 17 school units under the programme were delivered ahead of schedule in the third quarter, with a further six expected to be delivered on time in the final quarter of the year.
• Metropolitan Park AENAON, Faliro: The project contract was signed on 2 September 2026 by the Region of Attica and the TERNA–METKA–ILIOCHORA–ELEMKA consortium. Site establishment is expected in November 2026, construction works are scheduled to begin in January 2027, and completion is anticipated in the second half of 2029.
• Acquisition of a 49% stake in KOSMO KATASKEUSTIKI S.A.: METKA announced an agreement to acquire a 49% stake in the Greek company specialising in earthworks, enhancing its access to critical excavation, earthmoving and site preparation capacity. The investment aims to strengthen execution readiness, resource availability and the coordination of complex infrastructure projects.
Post-period events
• Long-term LNG supply agreement with Shell: On 2 November 2026, METLEN signed a binding five-year agreement with Shell Global LNG Limited for the supply of six LNG cargoes per year (approximately 0.6 bcma), commencing in 2027. The cargoes will be sourced primarily from Shell’s US LNG portfolio, to supply Greece and access other European markets via the Vertical Gas Corridor. The agreement builds on the Memorandum of Understanding signed in February 2026 and strengthens METLEN’s long-term supply portfolio, source diversification and commercial flexibility.
• On 12 October 2026, a cooperation agreement was signed with Thales Alenia Space and Thales Hellas for the joint preparation for potential opportunities under Greece’s future defence space telecommunications programme. The agreement defines a framework for assessing the respective capabilities of the partners and their potential contribution to a future end-to-end defence space telecommunications system. The agreement also provides for the potential use of METLEN’s future gallium production in the relevant supply chains for satellites manufactured by Thales Alenia Space.
