Metlen Energy & Metals — Strong 9M26 update

Metlen Energy & Metals (LSE: MTLN; ATHEX: MYTIL)

Last close As at 04/11/2026

EUR48.88

▲ 1.26 (2.65%)

Market capitalisation

EUR6,950m

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Research: Industrials

Metlen Energy & Metals — Strong 9M26 update

Metlen delivered a strong nine-month trading update (revenues only). Revenue of €6.2bn increased by 21% y-o-y (€5.1bn) and was a new record for the nine-month period, which saw growth and continued progress across the business. EBITDA guidance for both FY26 and the medium term was reaffirmed at €1.0–1.15bn and €1.92–2.08bn, respectively, and the company continues to work towards a potential METKA listing on Euronext Athens, subject to market and regulatory considerations. 2026 is continuing to shape up well, and we make no changes to our forecasts or our 50/50 DCF/SOTP €75.3/share valuation, which implies upside of more than 50%.

Written by

Jonathan Day

Director of Content, Industrials

Metlen Energy & Metals — Edison report on Metlen’s capital markets day

Industrials

9M26 trading update

5 November 2026

Price €48.88
Market cap €6,949m

Net cash/(debt), FY26e, ex non-recourse

€(1,445.0)m

Shares in issue

142.2m
Free float 78.5%
Code MTLN
Primary exchange LSE
Secondary exchange ATHENS
Price Performance

Business description

Metlen Energy & Metals (previously Mytilineos) is a global industrial and energy company, operating in two main business segments: energy and metallurgy. Metlen is strategically positioned at the forefront of the energy transition as an integrated utility, while also having a successful, fully vertically integrated green metallurgy business. Metlen’s strengths come from its synergies across the entire business, aiding the company’s objective of becoming a global leader.

Analysts

Jonathan Day
+44 (0)20 3077 5700
Harry Kilby
+44 (0)20 3077 5700

Metlen Energy & Metals is a research client of Edison Investment Research Limited

Note: EPS is normalised. DPS is final distributed dividend per share.

Year end EBITDA (€m) Net income (€m) EPS (€) DPS (€) P/E (x) Yield (%)
12/24 1,080.1 620.1 4.50 1.53 10.9 3.1
12/25 752.9 315.1 2.20 1.00 22.2 2.0
12/26e 1,092.5 596.9 4.19 1.47 11.7 3.0
12/27e 1,296.0 743.1 5.22 2.09 9.4 4.3

Energy revenues grew 22% y-o-y to €4.95bn (€4.07bn) reflecting double-digit gains in both the Fully Integrated Utility (+24%) and the Renewables, Storage & Energy Transition Platform (+16%). Integrated Utility growth was despite lower generation due to disruption at Metlen’s largest combined-cycle gas turbine, which kept the plant offline for 44 days. With repairs complete, the plant returned to full operation on 12 October. Metlen has continued to secure and diversify its gas supply, signing a five-year agreement with Petronas for six LNG cargoes annually from 2027, and a 2 November supply agreement with Shell Global LNG also for six cargoes annually from 2027. Both agreements are for five years. In Renewables & Storage, asset rotation continued, battery storage saw continued project development and integration into the grid, and the legacy project business made significant progress further de-risking these activities.

Metals revenues increased by 6% in 9M26 to €728m (€690m) with total aluminium production up by 2% y-o-y. Metlen continues to invest in the integrated aluminium value chain while Critical and Rare Metals has secured two landmark long-term commercial agreements to supply gallium, once its production facility in Greece is complete. The agreements cover 25% and 16% of Metlen’s expected total annual production and should be positive for future profits as detailed in our recent note. Critical Metals commissioning is progressing to schedule.

Progress in M Technologies included reduced lead times and an almost doubling of production y-o-y at the Volos Hub, with the approach being standardised into a replicable operating model. The 12 October collaboration agreement with Thales Alenia Space and Thales Hellas to jointly prepare for potential opportunities under Greece’s future defence telecommunications space programme represents a positive development and the company also envisages the potential use of Metlen’s future gallium production capabilities in relevant supply chains for satellites built by Thales Alenia Space.

The company continues to work towards a potential METKA listing on Euronext Athens with METKA Group advancing major construction projects, strengthening execution capabilities and consolidating its activities under an integrated infrastructure platform. Metlen reiterated that any potential transaction remains subject to relevant market, corporate and regulatory considerations.

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