Metlen Energy & Metals reported higher revenue, earnings and operating cash flow for the first half of 2026, while reducing net debt and advancing investments in energy, metals, defense and infrastructure.
Executive Chairman Evangelos Mytilineos said the company’s first-half performance reflected the resilience of its integrated business model after setbacks related to legacy projects in 2025. Revenue rose 11% year over year to nearly €4 billion, while group EBITDA increased 23% to €550 million. Net profit attributable to shareholders also rose 23%, reaching €313 million.
Group CFO Foteini Ioannou said earnings per share increased to €2.18 from €1.80 in the first half of 2025. Operating cash flow exceeded €800 million, aided by cash conversion in the integrated utility and aluminum businesses, asset rotation proceeds, collections of overdue receivables and customer prepayments under long-term commercial arrangements.
The cash generation helped reduce net debt by roughly €500 million during the six-month period. Net leverage fell to 1.7 times net debt to EBITDA at the end of June from 3.1 times at the end of 2025. Management said it expects leverage to remain at least at the current level through year-end despite planned capital expenditures, dividends and other second-half outflows.
Energy segment expands storage and renewable activity
Metlen’s energy segment generated EBITDA of €331 million, up 15% from a year earlier. The company said it has completed the simplification of the segment into an integrated utility platform and its M-ReSET renewables, storage and energy-transition platform.
M-ReSET EBITDA rose about 30% year over year to €116 million. During the period, the company completed the sale of a roughly 280-megawatt U.K. solar portfolio and energized more than 400 MW of battery energy storage system projects in Greece and Italy.
Management also provided an update on legacy MPP projects that affected profitability in 2025. Ioannou said the company remains on track to deliver 11 of 13 projects in 2026, including progress at the Grudziądz project, the Drax contract and the Protos project in the U.K. As projects near completion, the company recognized additional completion costs in first-half results.
Ioannou said the “worst is behind us” on the legacy projects, while Mytilineos noted that the two projects not expected to be completed this year include a subsea cable project between Scotland and England that is progressing well.
The integrated utility business recorded EBITDA of €215 million, an 8% increase despite lower wholesale electricity prices. Power generation in Greece reached about 4.4 terawatt-hours, while Protergia’s electricity market share increased to 21.5%, approximately 150 basis points above the prior-year period.
Group CEO Christos Gavalas said the future renewable asset-rotation mix is expected to shift toward batteries and hybrid projects rather than standalone solar, citing low solar pricing and stronger storage demand. He said the company has approximately 2.5 gigawatts of asset-rotation projects under construction and expects to dispose of a hybridized Australian project in 2027.
Metals results rise; gallium commercialization advances
The metals business produced EBITDA of nearly €150 million, up 15% year over year, supported by stronger aluminum prices and improved cost efficiency. The company said it has hedged aluminum and most calcine and alumina sales for 2026 through 2028 at progressively higher prices, while also hedging key input costs.
Mytilineos said the company’s alumina sales are increasingly linked to London Metal Exchange pricing rather than the alumina price index. He said the company would maintain its existing guidance rather than raise it, despite first-half results that he said could support an upgrade.
During the period, Metlen secured European Investment Bank financing and other institutional support for what it described as Europe’s first industrial-scale gallium production facility. The company also signed its first commercial gallium contract, covering a significant portion of expected output.
Mytilineos said gallium pricing in commercial contracts is generally benchmarked to Argus and Fastmarkets publications. He declined to disclose the buyer, contract duration or detailed commercial terms, citing confidentiality provisions. He said the company is targeting annual gallium production of 50 tons and is exploring whether it can expand capacity to 60 tons, with an update not expected before the second quarter of 2027.
The company also introduced Metlen Critical and Rare Metals, or MCRM, a platform combining its critical raw materials and circular-metals activities. Mytilineos said Metlen is advancing work on scandium and germanium recovery and expects the first high-purity metal oxides from its Thessaloniki circular-metals plant in 2027.
Infrastructure and defense activity builds
Infrastructure and concessions EBITDA rose to €82 million from €31 million in the first half of 2025, supported by project execution, including projects funded through the Recovery and Resilience Facility. The company said its total backlog, including projects at an advanced stage, exceeded €2 billion.
Mytilineos said the infrastructure and construction business has exceeded management’s expectations. He also said the defense business generated approximately €12 million to €15 million of EBITDA in 2025, is expected to generate about €30 million in 2026, and has an initial 2027 budget pointing to €85 million of EBITDA.
The company is expanding its defense industrial facility in Volos and said it recently secured a contract with Houtris. Management is considering renaming M Technologies as Advanced Metal Technologies to reflect the segment’s broader activities.
Capital markets and outlook
Metlen said its inclusion in the FTSE 100, expansion of its London presence and share-buyback program reflected its focus on international investors and shareholder returns. Management said a potential Medca initial public offering in the second half of 2026 remains a strong possibility depending on market conditions.
The company has a €500 million bond maturing in the second half of 2026 with a 2.25% coupon. Mytilineos said early repayment does not make sense, and said the decision to repay using cash or refinance would depend on market conditions. The group reported total liquidity of €5 billion, including €2.6 billion of cash.
Looking ahead, management cited energy security, critical raw materials, industrial resilience, defense and infrastructure as structural themes supporting its medium-term strategy. Mytilineos said the company intends to retain its current guidance and continue prioritizing financial discipline as it funds its investment program.
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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