Sparks - Metlen Energy & Metals

Metlen delivered FY25 results that were in line with the revised guidance issued on 6 February 2026. Group revenues of €7.1bn (+25% y-o-y) were c -2.5% versus consensus, with EBITDA of €753m (-30% y-o-y)  1% better than the €749m consensus. While the core business continues to demonstrate robust growth momentum, group EBITDA was affected by previously flagged project execution-related losses relating to the Protos energy-to-waste plant in the UK. Energy division revenues of €5.6bn (79% of group FY25) grew 23% y-o-y, while EBITDA of €433m was -41% y-o-y. Within Energy the renewables business performed well, highlighting a continued acceleration in renewable energy growth but the division was held back by the aforementioned project losses where Metlen has taken action to strengthen execution and financial control. Fully Integrated Utility revenue grew by 18% y-o-y supported by higher power production, increased exports and growth in supply market share, while EBITDA of €443m fell by -2% y-o-y. The company remains committed to its target for 30% market share in Greek retail electricity supply and with demand growth driven by electrification and data centres. Metals division revenues grew c 6% y-o-y but higher energy costs resulted in an EBITDA decline of -24% y-o-y to €225m. The Infrastructure and Concessions division saw strong growth as guided per the April 2025 capital markets day. EBITDA of €100m rose +100% y-o-y and the company sees continued strong momentum in the division, guiding for FY26 EBITDA of €140-150m and a positive medium-term outlook.

For 2026 Metlen expects to return to its planned trajectory with continued delivery against its medium-term targets subject to ongoing geopolitical developments. It remains confident in its medium-term guidance for EBITDA of €1.9-2.08bn driven by organic growth and expects to provide further information at its AGM on 21 May 2026. Strategic investments to support its organic growth are progressing as planned.