METLEN Energy & Metals has posted record financial results for the first half of 2026, with revenue climbing to €3.987 billion and EBITDA reaching an unprecedented €550 million. The performance signals a definitive return to the company's medium-term growth trajectory following a challenging 2025 fiscal year.
The company’s net profit after minorities rose to €313 million, up from €254 million during the same period last year. This momentum translated into earnings per share of €2.18, compared to €1.81 in the first half of 2025. Executive Chairman Evangelos Mytilineos attributed the gains to disciplined capital allocation and the resilience of the firm's diversified business model in the face of ongoing geopolitical instability.
Financial discipline significantly improved the company's balance sheet, as robust operating cash flow allowed for a €728 million reduction in adjusted net debt. Consequently, the net leverage ratio dropped to 1.7x from 3.1x at the end of 2025. METLEN reaffirmed its full-year 2026 EBITDA guidance of €1.00–1.15 billion and maintained its long-term target of up to €2.08 billion.
Strategic operations continue to advance, with the company successfully energizing 0.4 GW of battery storage projects in Greece and Italy, while another 1.6 GW remain in development across Southern and Southeastern Europe. A milestone in the metals sector was reached with the signing of a gallium offtake agreement with a major U.S. technology firm, covering 25% of the company's production. While the firm incurred additional completion costs for legacy contracts at Protos, Grudziądz, and Drax, management expects these projects to conclude in the coming months.
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