Metlen LON: MTLN told shareholders at its annual general meeting in Athens that 2025 marked both a continuation of its growth trajectory and the start of a new phase following its London Stock Exchange listing.
Executive Chairman Vangelis Mytilineos said the meeting was the company’s first AGM as a PLC and reflected new procedures under U.K. company law and listing rules. He said the company’s August listing in London had broadened its investor base, raised its international profile and secured inclusion in the FTSE 100 and major global indices.
2025 Performance and 2026 Outlook
Mytilineos said Metlen delivered revenue of €7.1 billion in 2025, supported by momentum across its core businesses. However, he said profitability was affected by execution challenges in certain energy projects and the timing of renewables asset rotations.
“I also want to be candid about the challenges we faced,” Mytilineos said, adding that unforeseen complexities increased costs and extended timelines in some project execution. He said the company had strengthened governance, tightened processes and reinforced accountability in response.
Looking ahead, Mytilineos said Metlen expects record turnover in 2026 and EBITDA in the range of €1 billion to €1.15 billion, potentially reaching a new all-time high. The company also reaffirmed its medium-term target of €2 billion in annual EBITDA.
Group Chief Executive Officer Christos Gavalas said 2025 was a year of growth, change and challenges, but added that the company’s target of €2 billion in EBITDA “is there” and was strongly reaffirmed.
Energy, Metals and New Growth Pillars
Metlen’s strategy remains centered on energy and metals, with new growth pillars in circular metals, defense and infrastructure. Mytilineos said the company strengthened its position as an integrated utility in energy, while Protergia advanced toward its market share targets and the company’s natural gas and LNG activities remained important for regional supply security.
In renewables and storage, Mytilineos said a 330-megawatt standalone battery storage project in Greece is in commissioning and is expected to become operational in the third quarter of 2026. He described it as the largest standalone energy storage system in Greece and among the largest in Europe. He also said Enerset is executing 87 construction sites across 11 countries, covering solar parks, battery energy storage systems and grid projects.
In metals, Metlen is expanding alumina capacity from 865,000 tons to 1.25 million tons, with full operation expected in the fourth quarter of 2027. The company’s gallium pilot plant is operational, while the main facility is under construction and also targets readiness in the fourth quarter of 2027.
During the Q&A, Mytilineos said demand for gallium is far above the quantities Metlen expects to have available. He said the company believes it will have 50 tons of gallium in 2028 and estimated that its production cost would be about half that of Chinese producers. He said potential customers are seeking caps in multi-year pricing contracts, but did not provide specific contract terms.
Metlen also said its circular metals demonstration plant is about 65% complete and is targeting operation in the first quarter of 2027, with initial production of copper, nickel, cobalt and zinc oxide.
Balance Sheet, Cash Flow and Capital Allocation
Gavalas said Metlen ended 2025 with liquidity close to €4 billion, helped by a €600 million, 5.5-year Eurobond issued at 4%. Net leverage rose to 3.1 times, but he said the company is committed to reducing that ratio to about 2 times or lower.
He said 2026 and 2027 will remain years of significant investment, but added that cash inflows are expected from asset rotations, project deliveries and working capital improvements. Chief Financial Officer Fotini Ioannou said the company expects positive organic operating flows and an improvement in leverage driven by profitability and debt reduction.
Mytilineos said the company is not a startup or a pure growth company, emphasizing that Metlen seeks to combine growth, liquidity and dividends. Gavalas also said management focuses internally on cash flow and net profitability, even though markets commonly use EBITDA as a key metric.
METKA, Defense and Other Initiatives
Metlen said it is preparing METKA for a potential IPO, subject to market conditions. Mytilineos said METKA’s turnover this year is expected to be nearly €1 billion with zero debt, and that an IPO could provide additional liquidity and allow the business to operate more independently while Metlen retains a majority stake.
Gavalas said METKA has secured more than €2 billion of backlog and is expected to increase its contribution to about €150 million this year.
On defense, Mytilineos said the business is progressing well and that its contribution is expected to more than double. He said Metlen now has six defense-related factories, compared with earlier plans to reach five by the medium term.
In response to shareholder questions, Mytilineos also said Metlen has already built the two largest data centers in Greece and expects to see more activity in the sector. He said the company views data centers as part of the energy transition rather than as a METKA construction activity.
Governance and Shareholder Vote
Senior Independent Director Ioannis Petridis said Metlen’s board has a 75% independence ratio, female representation of close to 40% and about 62% foreign nationals. He said non-executive directors have held more than 20 meetings since the London listing and that he met with shareholders representing about 40% of the company’s share capital during a governance roadshow.
At the close of the AGM, Mytilineos said proxy votes showed support for all resolutions ranging from approximately 94% to 98%. He said all resolutions were expected to pass with overwhelming support, calling it the strongest level of shareholder support the company had received at an annual general meeting.
About MetalNRG LON: MTLN
MetalNRG PLC LON: MTLN is a UK-listed exploration and development company concentrating on critical battery and precious metals. The firm's project portfolio targets nickel, copper, cobalt and platinum group elements (PGEs), which are essential for electric vehicle batteries, renewable energy systems and wider decarbonisation efforts. MetalNRG employs modern exploration techniques, including geophysical surveying, geochemical sampling and drilling campaigns, to identify and advance high-potential mineral prospects.
The company's primary licences are situated in Scandinavia, where robust mining regulations, established infrastructure and proximity to European battery and automotive supply chains offer strategic advantages.
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