Sparks - Metlen Energy & Metals

Metlen reported a strong set of H126 results. Group revenue of €3.99bn (H125: €3.61bn) grew 11% y-o-y, a c 7% beat versus Bloomberg consensus. Growth was driven primarily by gas trading within the energy sector, although retail electricity and gas sales also increased. EBITDA of €550m was up c 23% y-o-y (H125: €445m) and came in 3% ahead of Bloomberg consensus, keeping Metlen on track to achieve its reaffirmed FY26 EBITDA guidance of €1–1.15bn.  EBITDA growth was driven by both the fully integrated utility, metals and infrastructure and concessions.

Net profit after minorities of €313m (H125: €254m) was up 23% y-o-y  and 28% ahead of consensus, driving EPS of €2.18 (H125: €1.81). EPS was also up 23% y-o-y and 10% ahead of Bloomberg consensus. In addition to reaffirming its FY26 guidance, the company confirmed its medium-term EBITDA guidance of €1.92–2.08bn, stating that it has returned to its medium-term growth trajectory. Metlen made significant progress with legacy projects that weighed on FY25 performance and noted that all strategic initiatives are progressing on schedule and within budget.