Sparks - Metlen Energy & Metals

Metlen reported record H1 turnover of €3.6bn, up 45% y-o-y. Reported EBITDA fell 6% to €445m, but adjusting for one-off losses at the Protos power project, underlying EBITDA would have been ~€577m. Net profit after minorities was €254m, down 10% y-o-y, with EPS at €1.81/share. Adjusted Net Debt was €2.0bn (c.1.7x ND/EBITDA).

Energy EBITDA fell 11% y-o-y to €288m, with record renewables EBITDA of €221m (+54%) and utilities expanding market share in Greek electricity (20.7%) and gas (26%). These gains were offset by losses in Power Projects (–€132m vs +€12m H1 24) following delays and cost overruns at Protos. Losses were recognised at the EBITDA level under IFRS, as EPC contract cost overruns are booked in operating expenses.

Metals EBITDA declined 9% to €129m despite higher alumina prices, with aluminium margins pressured by energy costs. Infrastructure & Concessions nearly tripled EBITDA to €31m, supported by a €1.4bn order book.

Management reiterated FY25 EBITDA guidance of >€1bn and medium-term targets of €1.9–2.1bn, underpinned by new growth pillars: gallium (2027 start), defence (2026) and circular metals (pilot Q4 25).