METLEN Group closed 2025 with a turnover of EUR 7.1 billion, up 25%, and a net profit of EUR 314 million.

In particular, METLEN Group, which plans to propose a dividend of EUR 1 per share, reported a strong increase in turnover mainly due to the record performance of its M Renewables business and more than double the turnover growth of its Infrastructure and Concessions Division.

EBITDA declined by 30% to €753 million compared to €1.08 billion in the previous year, despite a strong performance of the core business, which continues to demonstrate dynamic growth. The decline in EBITDA reflects the already known losses related to project execution, mainly in relation to the Protos project in the UK, which led to increased costs and delays in implementation.

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The Company has undertaken an extensive review of all MPP projects and has identified losses relating to both cost overruns to date and estimated future overruns, as well as potential claims that may arise under its contractual obligations.

Continuing its track record of defending shareholders’ interests, the company successfully completed in 2025 the irrevocable partial liquidation of a legal claim for a price of €130 million. METLEN, as noted in a statement, maintains a number of similar legal claims arising from its ordinary activities and may proceed to a partial liquidation of these, while retaining any goodwill until their final resolution. Gains on the sale of such receivables are recognised in Other Operating Income.

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Adjusted for significant, non-recurring project losses and the partial liquidation of receivables, METLEN’s EBITDA would have exceeded EUR 1 billion.

The M Renewables, Storage and Energy Transition platform (M RES ET) recorded a decline in profitability of around 78% year-on-year due to the aforementioned MPP-related losses. Renewable Energy (in Greece and internationally) continued its dynamic growth trajectory, with profitability increasing by approximately 45% year-on-year (following a corresponding increase in 2024 versus 2023). This growth is expected to continue, supported by a capital efficient, self-funded business model and a geographically diversified portfolio, which provide a clear competitive advantage over more traditional players in the renewable energy sector.

In 2025, METLEN’s Fully Integrated Energy Utility, comprising power generation, electricity and gas supply, recorded another strong performance, aligned with 2024, further strengthening its position as the leading integrated energy provider in Greece.

The company continued to strengthen its presence in both production and supply. At the end of the year, its market share in electricity supply exceeded 21% in Greece, while its production accounted for approximately 19% of total production in Greece, benefiting from the strategic advantages of vertical integration in the Energy Sector. The increase in market share in supply was supported by competitive pricing based on the operation of the most efficient thermal fleet in the country, with profitability margins consistently maintained above 20%.

In 2025, the Metals Division’s profitability was negatively impacted by higher electricity costs, which put pressure on margins. METLEN is moving towards a greener and progressively lower cost energy mix, utilizing both own generation through renewables and third party generation, further strengthening its cost structure. The increasing penetration of renewables in METLEN’s energy mix is expected to lead to structurally lower and more stable costs, substantially reducing exposure to energy price volatility.

This performance is expected to be further enhanced through strategic synergies between METLEN’s Energy and Metals Divisions. In particular, the aluminium plant acts as a “battery”, taking advantage of periods of low electricity prices due to oversupply in the market. These operational and strategic advantages rank METLEN among the most competitive aluminium and alumina producers globally, despite the sustained high energy costs in Europe and associated production challenges.

In the Infrastructure and Concessions Segment, EBITDA doubled to €100 million compared to €50 million in 2024, reflecting strong project execution and increased activity. The backlog of contracts and projects at an advanced stage of award is approaching EUR 2 billion, providing clear visibility on future revenues. The outlook for the construction sector in Greece remains highly positive, supported by the momentum of both public and private infrastructure projects and concessions.

Commenting on the Financial Results, the Company’s Executive Chairman, Evangelos Mytilineos said: “2025 was characterized by geopolitical uncertainty, trade tensions and increased volatility in the global energy and metals markets.

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However, 2025 was a historic year for METLEN, with a defining milestone being its listing on the London Stock Exchange and subsequent inclusion in the FTSE 100 and MSCI UK indices, events that marked the start of a new chapter with a focus on growth, international expansion and expanded 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 model. Despite the volatile operating environment – as well as challenges in the MPP sub-sector – METLEN recorded strong performance in all of its key business areas.

The strategic investments presented at the April 2025 Capital Markets Day (CMD) are progressing as planned. Alongside our existing activities, we are further enhancing our growth profile through new strategic pillars such as Critical Metals – including Gallium – Cyclic Metallurgy, as well as further development of our Defence activities, which are expected to enhance synergies between our businesses and support the achievement of our medium-term strategic and financial objectives.

METLEN operates in a dynamic global environment where geopolitical developments and market volatility may affect a company’s performance. Periods of heightened uncertainty, including potential conflicts in key energy regions such as the Persian Gulf, tend to amplify volatility in energy and commodity markets, creating both risks and opportunities for companies with the ability to respond with efficiency and flexibility. METLEN’s diversified portfolio, rigorous risk management framework and active hedging strategies are designed to limit downside risks while allowing the Company to take advantage of favorable market conditions. In such periods, higher commodity prices and improved trading conditions can support revenue growth in both the energy and metals sectors.”

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