METLEN Energy & Metals PLC (LON:MTLN) has announced its financial results for the year ended 31 December 2025
– Revenue rose to €7,107 million, up 25% from €5,683 million in 2024, reflecting METLEN’s strong growth momentum.
– Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to €753 million, compared to €1,080 million in 2024, primarily reflecting the impact of losses in the M Power Projects (MPP) sub-sector (now part of Renewables, Storage & Energy Transition – MRES ET)
– Net profit after minorities stood at €314 million, compared to €615 million in 2024, with Earnings per Share (EPS) at €2.20 versus €4.46 in the prior year.
– Proposed dividend of €1.00 per share
– In August 2025, METLEN was admitted to trading on the London Stock Exchange and subsequently included in the FTSE 100 and MSCI UK Indexes, marking a significant milestone that underscores its sustained growth, strong investor confidence, and enhanced international capital markets presence.
Commenting on the Financial Results Evangelos Mytilineos, Executive Chairman, stated:
“2025 was marked by geopolitical uncertainty, trade tensions and volatility in global energy and metals markets.
For METLEN, 2025, was a historic year, as the Company was listed on the London Stock Exchange and subsequently included in the FTSE 100 and MSCI UK Indexes, marking the beginning of a new chapter focused on growth, international expansion and enhanced access to global capital markets. This was followed by a new corporate transformation – the third in less than a decade – reflecting the continued evolution of our business.
Despite this challenging and fluid operating environment, as well as the pressures faced within the MPP sub-sector, METLEN delivered a strong performance across its core Sectors.
The strategic investments presented at our April 2025 Capital Markets Day (CMD) are progressing as planned. Alongside our established activities, we are further strengthening our growth profile through new strategic pillars, including Critical Metals- such as gallium – Circular Metallurgy, and the scaling up of our defence business, all of which are expected to strengthen the synergies across our businesses and support the delivery of our medium-term strategic and financial objectives.
METLEN operates in a dynamic global environment where geopolitical developments and market volatility could influence a company’s performance. Periods of heightened uncertainty, including potential conflicts in key energy-producing regions such as the Persian Gulf, typically increase volatility in energy and commodity markets, creating both risks and upside potential for well-managed companies. METLEN’s diversified portfolio, disciplined risk management framework, and active hedging strategies are designed to mitigate downside risks while enabling METLEN to capitalize on favorable market conditions. During such periods, stronger commodity prices and enhanced trading conditions can support revenue growth across both the energy and metals sectors.”
1. KEY FINANCIAL FIGURES
| Amounts in m. € | 2025 | 2024 | Δ % |
| Revenue | 7,107 | 5,683 | 25% |
| EBITDA1 | 753 | 1,080 | -30% |
| EATam1,2 | 314 | 615 | -49% |
| EPS | 2.20 | 4.46 | -51% |
| Margins (%) | Δ(bps) | ||
| EBITDA | 10.6% | 19.0% | -843 |
| EATam | 4.3% | 10.8% | -640 |
1. non-GAAP/Alternative Performance Measures (APM)
2. Earnings after Tax after minorities
Revenue reached €7,107 million in 2025, up 25% from €5,683 million in 2024, primarily fuelled by a record performance of M Renewables sector and more than a twofold increase in the top line of the Infrastructure and Concessions sector.
EBITDA declined by 30% to €753 million, compared to €1,080 million in 2024, despite the strong performance of the core business which continues to demonstrate robust growth momentum. The decrease in EBITDA reflects previously stated project execution-related losses, mainly associated with the Protos project in the UK, which resulted in cost overruns and schedule delays.
METLEN performed a comprehensive review of all MPP projects and has booked losses for cost overruns to date as well as projected cost overruns and potential claims that may arise in the future through METLEN’s contractual obligations.
In line with its track-record of safeguarding shareholder interests, METLEN successfully completed the irrevocable partial monetisation of a legal claim in 2025 for €130 million. METLEN holds a number of similar legal claims arising from its ordinary operations and may monetise part of these claims while retaining the upside upon final resolution. Gains from the sale of such claims are recognised in Other Operating Income.
Adjusting for significant unexpected project losses and partial monetization of claims, the EBITDA of METLEN would have exceeded €1 billion.
M Renewables, Storage and Energy Transition Platform (M RES ET) recorded a c.78% year-on-year decline in profitability due to the aforementioned MPP – related losses. Renewables (Greece and internationally) continued its strong growth trajectory, with profitability increasing by approximately 45% year-on-year (following a similar increase in 2024 versus 2023). This sustained growth is expected to continue, supported by a capital-efficient, self-funded business model and a geographically diversified portfolio, which together provide a competitive advantage over more traditional renewable energy operators.
Fully Integrated Energy Utility (comprising of energy generation, electricity & natural gas supply) delivered another solid performance, broadly in line with 2024, further reinforcing its position as a leading integrated energy provider in Greece. METLEN continued to strengthen its presence across both generation and supply. By year-end, METLEN’s electricity supply market share exceeded 21% in Greece, while its generation accounted for approximately 19% of total Greek production, benefiting from the strategic advantages of vertical integration within the Energy Sector. Growth in supply market share was supported by competitive pricing, underpinned by the operation of Greece’s most efficient thermal fleet, with business margins consistently maintained above 20%.
Metals Sector profitability was constrained by higher electricity costs, which weighed on margins. METLEN is transitioning to a greener, progressively lower-cost electricity mix, supported by both its own and third-party renewable energy production, further enhancing its cost structure. Increasing renewable energy penetration in METLEN’s electricity mix is expected to deliver structurally lower and more stable costs, materially reducing exposure to energy price volatility. This performance will be further enhanced by the strategic synergies between METLEN’s Energy and Metals Sectors. Particularly, the aluminium plant operates as a “virtual battery,” taking advantage of periods of low electricity prices driven by market oversupply. These operational and strategic advantages position METLEN among the most competitive aluminium producers globally, despite the persistently high energy costs in Europe and the associated production challenges.
Infrastructure and Concessions Sector, EBITDA doubled to €100 million, up from €50 million in 2024, reflecting strong execution and increased activity. The backlog of contracted and near-award projects is approaching €2 billion, providing clear visibility on future revenues. The outlook for the Greek construction sector remains highly favourable, underpinned by robust momentum across public and private infrastructure projects, as well as concession schemes.
