METKA, the dedicated infrastructure platform of METLEN Energy & Metals PLC (LON:MTLN) in Greece, today announces its intention to proceed with an initial public offering of its ordinary shares and to apply for admission of all its shares to trading on Euronext Athens.
The Group was formed in 2026 as part of the broader strategic plan of the Metlen Group for the reorganization of its construction, concessions and PPP sectors. METKA brings together Metlen’s infrastructure activities in a single, integrated platform. Through its three wholly owned operating subsidiaries – METKA ATE (which conducts the Group’s construction operations), M Concessions (which conducts the Group’s PPPs and concession activities) and UNISON (which provides facility management services) – the Group participates across the full lifecycle of infrastructure projects, from origination, design and financing through construction to operation and maintenance. The Group is one of only four infrastructure groups in Greece whose construction company, METKA ATE, holds the highest (seventh-class) contractor’s certification in Greece and which also have a growing portfolio of PPPs and concessions.
Key Investment Highlights
Positioned to capture a multi-year infrastructure investment cycle in Greece and Southeastern Europe. Greece’s cumulative infrastructure investment gap relative to the European average is estimated at approximately €83 billion since 2012[1]. Investment across transport, social, water and environmental infrastructure is supported by substantial EU and national funding[2], including approximately €6 billion of additional road and rail investment expected over 2027–2030 and a national water strategy of approximately €3.4 billion. In Southeastern Europe, Romania, Serbia, Croatia, Bulgaria and North Macedonia together benefit from approximately €54 billion of EU Cohesion Policy and Growth Plan allocations and more than €35 billion of cumulative EBRD investment[3], which the Group intends to address selectively through a project-led, partnership-driven approach drawing on the Metlen Group’s regional presence.
Integrated platform capturing value across the full project lifecycle. METKA ATE delivers complex public and private transport, building, social and environmental projects; M Concessions develops, finances and operates PPPs and concession projects; and UNISON, with nearly 50 years of operating history in the Greek market, provides technical, operation and maintenance and support services to a diversified, blue-chip customer base. The Group’s construction capabilities enable M Concessions to bid competitively for PPPs and concession projects with a meaningful construction component while retaining construction margins within the Group. PPP projects generate construction mandates and UNISON provides operation and maintenance services for Group-built assets. METKA ATE’s scalable, subcontractor-led operating model converts a significant proportion of fixed costs into variable costs and limits capital expenditure on equipment. The Group’s strategy is focused on disciplined value creation, with emphasis on optimizing profitability and risk-adjusted returns across the project portfolio and supporting the sustainable, long-term development of the business.
Established market position and proven track record in complex infrastructure. METKA is one of Greece’s four leading infrastructure platforms, distinguished by strong engineering expertise, experience across complex infrastructure sectors and a proven track record of delivery. Almost 100% of the Group’s projects have been completed within the agreed timetable (including agreed extensions or client-related delays) and within budget. Landmark projects include the Kiato–Rododafni railway line, the Aktio–Amvrakia motorway, the restoration of approximately 40 km of the Athens–Thessaloniki railway line following storms Daniel and Elias delivered within 15 months, and the 414-room, five-star IKOS Kissamos resort in Crete, delivered within 24 months. Projects under execution include the Thessaloniki Ring Road–Flyover, the extension of Pier 6 at the Port of Thessaloniki, the Chalkida–Psachna Bypass, the Casino VORIA integrated resort and development works at The Ellinikon, while 7 of the 17 bioclimatic schools in Central Macedonia have been delivered ahead of or on schedule, with a further 3 expected to be delivered by 19 November.
Robust construction backlog and substantial project wallet supporting medium-term visibility. As at June 30, 2026, the Group’s construction backlog amounted to approximately €2.1 billion, up approximately 50% from approximately €1.4 billion as at December 31, 2024 and representing approximately 2.7 times the Group’s construction revenue for LTM June 2026. This total includes approximately €1.0 billion of projects at an advanced stage of contracting, of which approximately €200 million has been signed since July 1, 2026. The backlog spans heavy infrastructure (approximately 65%) and buildings (approximately 35%), and is diversified across PPPs and concessions (approximately 39%), private works (approximately 35%) and public works (approximately 26%). The Group estimates its construction project wallet, including PPP and concession-related opportunities, at approximately €13.5 billion and has achieved a historical average win rate of approximately 23% in construction tenders since 2023 and a historical average win rate of over 30% across its broader PPP tender universe, while targeting a win rate of approximately 20–25% going forward. The identified project wallet and established track record of winning projects support the replenishment of the Group’s backlog.
Availability-based PPPs and an agreed concession interest providing long-term cash flow visibility. Built from a standing start, the Group has assembled a young and diversified portfolio of PPP projects, comprising four signed projects – the Thessaloniki Ring Road–Flyover, the 17 Bioclimatic Schools, the Yperia–Orfana Irrigation Network and the Epirus Street Lighting project, which entered operation in July 2026 – and the University of Western Macedonia Student Halls project, for which the Group has been declared preferred bidder and the contract is expected to be signed by December 2026. The Group’s pro rata share of nominal availability payments is estimated at approximately €1.7 billion[4], with a weighted-average remaining operating period of approximately 26 years, and cumulative distributions to M Concessions over the respective service availability periods of its five-project PPP portfolio are expected to represent approximately 20% of total availability payments[5]. All PPP projects are remunerated through availability-based mechanisms, limiting exposure to demand risk. In addition, the Group has agreed to acquire a 24% interest in the VOAK concession for the Northern Road Axis of Crete, the largest motorway currently under construction in Europe[6], with a 30-year operating period starting from 2031, alongside a 30% participation in the construction joint venture. The Group has not yet formally entered the VOAK consortium; its participation remains subject to the completion of the transaction in accordance with the relevant transaction documentation. The PPPs and concessions portfolio developed by the Group in recent years enhances the resilience to cyclical fluctuations in the broader construction and infrastructure markets. The long-term, contractually underpinned cash flows generated by these projects contribute to greater predictability and stability in the Group’s financial performance.
High-growth, profitable and cash-generative business with a strong balance sheet. Revenue increased from €364 million for the financial year ended December 31, 2024 to €689 million for the financial year ended December 31, 2025 and €869 million for the LTM June 2026, while EBITDA[7] increased from €57 million (representing a 15.7% EBITDA margin) to €110 million (representing a 16.0% EBITDA margin) and €158 million (representing an 18.2% EBITDA margin), respectively. Construction EBITDA reached €148 million for the LTM June 2026,. Recent construction margins were elevated, driven by disciplined bidding focused on returns, targeting high-value and technically complex projects and are expected to normalize over time, while ensuring they still remain best-in-class. The capital-light construction model, with construction capital expenditure of €10 million in the LTM June 2026 and advance payments that help fund initial project costs, supported our construction operating cash flow of €111 million over the same period, alongside average construction operating cash conversion of approximately 84% over the financial years ended December 31, 2024 and 2025. As at June 30, 2026, Adjusted Net Cash[8] amounted to €166 million. As of the date of this announcement, all intercompany balances between METKA and Metlen Group that were outstanding as of June 30, 2026, have been settled.
Substantial project wallets and selective adjacent opportunities supporting the next phase of growth. The Group estimates its construction project wallet at approximately €13.5 billion across public works, private works and PPP and concession-related opportunities[9], and targets a win rate of approximately 20–25%, in line with its historical average win rates since 2023 of approximately 23.3% in construction tenders and 34% across its broader PPP tender universe, while maintaining disciplined project selection, pricing and execution. M Concessions is currently participating in 19 competitive PPP tender procedures with an aggregate net present value of availability payments of approximately €3.3 billion on a 100% project basis, including the new Anti-Cancer Hospital of Thessaloniki (approximately €351 million), the relocation of the Korydallos Prisons (approximately €451 million) and the “ANDREAS LENTAKIS” Government Park (approximately €421 million). Facility management provides additional opportunities to deepen participation in portfolio assets and grow the share of third-party mandates, including technical services, energy upgrades and integrated infrastructure O&M. Beyond its core activities, the Group also intends to pursue selective Greek real estate development and investment opportunities across residential, hospitality, housing and logistics, and a selective, project-led and partnership-driven expansion into Southeastern Europe, drawing on the Metlen Group’s regional presence, in each case subject to disciplined capital allocation.
Experienced management team with a demonstrated execution track record. The senior management team combines a long-standing presence within the Metlen Group with extensive experience across construction, concessions, project finance and contract risk, including experience gained at leading Greek and international infrastructure, construction and concession groups. The Group is supported by more than 1,000 employees and contractors (excluding UNISON), including approximately 500 engineers with an average of approximately 19 years of experience in infrastructure. Under this team, the construction backlog has grown from approximately €0.9 billion in 2023 to approximately €2.1 billion as at June 30, 2026, and a PPP portfolio comprising four signed projects and the University of Western Macedonia Student Halls project, for which the Group is preferred bidder and the contract has not yet been signed, has been originated from a zero base, together with an agreed interest in the VOAK concession, subject to the completion requirements described above.
Capital allocation, dividend policy and medium-term objectives
The Group’s capital allocation policy is designed to balance growth, shareholder returns and financial resilience. The Group intends to (i) reinvest operating cash flow in the platform, to support equity commitments in respect of secured and expected PPP and concession projects; (ii) use METKA’s net proceeds from the offering to enhance financial flexibility and pursue further growth in PPPs and concessions, as well as selected adjacent opportunities in real estate and Southeastern Europe, subject to stringent financial criteria; (iii) fund existing investment commitments of approximately €88 million across the secured PPPs and VOAK; (iv) maintain low leverage and a prudent Adjusted Net Cash position with most of the debt remaining non-recourse at project level; and (v) pursue a dividend policy targeting distributions of approximately 35% of profit after tax, in line with the dividend policy of Metlen, subject to applicable law, the availability of distributable profits and any applicable financing restrictions.
Over the medium term, the Group expects construction revenue growth to be driven primarily by the execution of its existing backlog, while targeting average annual backlog replenishment in excess of €1.0 billion. The timing and rate of conversion of backlog into revenue will depend on the execution schedules of individual projects. In addition, METKA targets a construction EBITDA margin in the low teens over the same period, remaining above the industry average. Construction capital expenditure is expected to amount to less than 2% of revenue and net working capital to 5–10% of revenue, subject to seasonal fluctuations. In PPPs and concessions, the identified pipeline of approximately €5.3 billion, comprising approximately €3.3 billion of live tenders and a further approximately €2.0 billion arising from a new wave of PPP opportunities, together with a further approximately €2.0 billion of potential motorway concession opportunities, is expected to support portfolio growth and diversification, with new PPP projects expected to exhibit weighted average returns and financing structures broadly consistent with those of the Group’s existing portfolio, with equity typically representing approximately 20%–25% and non-recourse project debt approximately 75%–80% of total funding requirements. In addition, the Group’s stake in the VOAK concession is expected to generate approximately €1.6 billion in revenues subject to traffic risk, of which approximately 42% is expected to be converted into equity distributions. In facility management, the Group targets double-digit revenue growth and an increase in EBITDA margin to the mid-to-high single digits.
Mr. Dinos Benroubi, Chief Executive Officer of METKA Group, said:
“METKA has been built around its people and their ability to deliver complex projects safely, on time and within budget. Our integrated platform brings together construction, PPPs and concessions, and facility management, allowing us to assess, design, finance, build, operate and maintain infrastructure as a single value-creation process. We intend to grow with the same focus on execution, profitability and disciplined project selection that has defined our progress to date.”
Mr. Evangelos Chrysafis, Chairman of the Board of Directors of METKA Group, said:
“Infrastructure markets are undergoing a structural transformation, as technical capability must increasingly be combined with investment capacity, financing expertise and disciplined risk management. METKA is well positioned for this new environment, with an integrated model that enables us to create value across the full lifecycle of an asset, while remaining highly selective in the projects and markets we pursue.”
Mr. Christos Gavalas, Group Chief Executive Officer of METLEN, said:
“METKA’s progress is a testament of the way we operate and our ability to turn strategy into measurable results. Clear accountability, faster decision-making and disciplined execution have created a platform that can scale while maintaining a relentless focus on delivery. Our priority is to keep raising the standard of execution and consistently deliver on our commitments.”
Mr. Evangelos Mytilineos, Executive Chairman of METLEN, added:
“METKA was created with the strength, experience and culture of excellence of METLEN behind it. The next stage of its development requires a distinct identity, clear accountability and the financial autonomy to assess investments on its own merits and be judged by its own results. This is not a separation from METLEN, but the natural evolution of the model we have followed for decades: build strong businesses, give them the freedom to grow and challenge them to prove how far they can go.”
Highlights of the proposed offering
The offering is expected to consist of (i) new ordinary shares to be issued by the Company through a share capital increase with abolition of the pre-emptive rights of its existing shareholders (the “New Shares”), expected to raise approximately €250 million and (ii) existing ordinary shares offered by the Selling Shareholder (the “Existing Shares” and, together with the New Shares, the “Offer Shares”). The Offer Shares will be offered through a public offering to retail and institutional investors in Greece (the “Greek Public Offering”) and a private placement to eligible institutional investors outside Greece, which is exempted from the requirement to publish a prospectus under the Prospectus Regulation (as defined below) and other applicable laws outside the United States, in compliance with Regulation S (the “Institutional Offering” and, together with the Greek Public Offering, the “Combined Offering”).
The Company intends to use its net proceeds from the issuance of the New Shares to support its infrastructure investment and growth strategy, with a primary focus on new PPPs and concessions investments, and to provide additional financial flexibility to pursue selected opportunities in adjacent activities such as real estate in Southeastern Europe, while preserving adequate liquidity for project execution. The Company will not receive any proceeds from the sale of Existing Shares, which will be received by the Selling Shareholder.
Following completion of the Combined Offering, Metlen is expected to retain an indirect majority shareholding in the Company. The Board of Directors comprises seven (7) members, four (4) of whom are independent non-executive directors, in accordance with Law 4706/2020.
Detailed information about the Combined Offering will be published in due course, following approval of the Prospectus.
Syndicate members & advisers
Morgan Stanley Europe SE, BNP PARIBAS and Citigroup are acting as Joint Global Coordinators in the Institutional Offering. AXIA, Euroxx Securities, Ambrosia Capital, Eurobank, National Bank of Greece and Piraeus Bank are acting as Joint Bookrunners in the Institutional Offering.
National Bank of Greece and Piraeus Bank are acting as Issue Advisors and as Joint Coordinators in connection with the Greek Public Offering. AXIA, Eurobank, CrediaPantelakis and Optima Bank are acting as Joint Coordinators in connection with the Greek Public Offering.
All the above institutions are collectively referred to as the “Managers”.
Souriadakis Tsibris and Seissoglou & Nicolaidis Law Firm are acting as joint Greek legal advisers and Milbank is acting as international legal adviser to the Company. Kyriakides Georgopoulos Law Firm is acting as Greek legal adviser and Latham & Watkins is acting as international legal adviser to the Managers.
[1] IOBE (Foundation for Economic & Industrial Research); cumulative shortfall in infrastructure investment relative to the European average since 2012.
[2] Including the National Development Programme (EPA) 2026–2030, which has a base budget of €13.5 billion, as well as other EU and national funding sources.
[3] European Commission (EU Cohesion Policy 2021–27 and EU Growth Plan 2024–27 allocations) and EBRD (cumulative investment to date) for Romania, Bulgaria, North Macedonia, Serbia and Croatia.
[4] Pro rata share of nominal availability payments over the respective service availability periods of the five-project PPP portfolio, including the University of Western Macedonia Student Halls project, for which contract award remains pending. Excludes the VOAK concession.
[5] The quantum and timing of these returns vary by project, reflecting differences in capital structure, debt amortization, tax position and distribution constraints, and should not be assumed to accrue evenly over the life of the PPP project.
[6] Company information.
[7] EBITDA and EBITDA margin are non-IFRS measures. The Group’s definitions may not be comparable to similarly titled measures used by other companies.
[8] Adjusted Net Cash is calculated as cash and cash equivalents plus restricted cash, less short-term recourse debt (principally relating to UNISON), and excludes non-recourse debt at the level of project entities. Adjusted Net Cash is not a measure defined under IFRS.
[9] Management estimates. The construction project and PPP tender wallet represent potential opportunities rather than secured contracts or expected revenue, are assessed on different bases and should not be added together. There can be no assurance that the identified opportunities will be tendered, pursued by or awarded to the Group. PPP amounts represent the estimated net present value of availability payments on a 100% project basis and do not represent the Group’s expected revenue, equity commitment or participation-adjusted investment value; tender participation does not assure contract awards.
