olivlawolivlaw

olivLaw · European equity research

METLEN Energy & Metals plc MTLN.L

United Kingdom · London Stock Exchange · ISIN GB00BTQGS779 · Vertical: Listed companies from United Kingdom

44.56EUR−8.84% · 1 dayClose 05 Nov 2026

METLEN is an integrated energy and metals group, the largest independent fully integrated utility in Greece, with activities in power generation and supply, renewables and aluminium. In 2025 it moved its primary listing to London, while its medium-term profitability target remained central to the strategy amid energy volatility. Turnover reached 7107 million EUR and EBITDA 753 million EUR.

At the close of 05 Nov 2026, METLEN Energy & Metals plc (MTLN.L) stock was 44.56 EUR (−8.84% on the day), with market capitalisation 6.4 bn EUR, P/E 20.3 on diluted EPS of 2.20 EUR over the last 12 months, beta 0.80, 52-week range 31.75–50.85 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
6.4 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
20.3
Diluted EPS TTM 2.20 · TTM to 31 Dec 2025
E/P (TTM)
4.93%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.80
Volatility (1y) 48%
52-week range
31.7550.85

Price history

Loading chart…

Technical reading

RSI (14)
35.7
weak (30–45)
Bollinger (20, 2)
46.14 – 50.15
below the lower band · %B -0.39 · band width 8.3%
SMA 50 / 200
48.05 / 41.96
mixed trend
MACD (12, 26, 9)
-0.30 / -0.04
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−10.3%−0.6%−9.7 pp—
3 months−11.0%−4.2%−6.8 pp—
6 months+17.9%+4.3%+13.5 pp—
Year to date+0.8%+7.5%−6.7 pp—
1 year−3.4%+9.9%−13.4 pp+5.8%
3 yearsunavailable+49.8%unavailable+26.3%
5 yearsunavailable+42.8%unavailable—
Max drawdown (1y)
−33.3%
29 Jan 2026 → 27 Mar 2026
Max drawdown (5y)
−43.6%
12 Aug 2025 → 27 Mar 2026
Compound annual growth (5y)
unavailable
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 1-quarter history (min 20.1, median 20.1, max 20.1; quarters with earnings only).

Fiscal years

Fiscal year20242025
Revenue5.7 bn7.1 bn
Revenue YoYunavailable+25.1%
Net income614.6 m314.5 m
Net income YoYunavailable−48.8%
Diluted EPS4.332.20
Diluted EPS YoYunavailable−49.3%
net %10.8%4.4%
Free cash flow-234.6 m-181.8 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.8 bn EUR
Financial debt
4.1 bn EUR
Net debt
2.3 bn EUR
Equity
3.1 bn EUR
Total assets
11.4 bn EUR
Debt / equity
1.32x
Current ratio
1.86x
ROE
10.1%
ROA
2.8%
FCF margin
-2.6%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2024
5.7 bn
2025
7.1 bn

esef· 15 Apr 2026verified

Cost of revenue
2024
4.7 bn
2025
6.6 bn

esef· 15 Apr 2026verified

Gross profit
2024
1.0 bn
2025
465.3 m

esef· 15 Apr 2026verified

Operating income
2024
917.3 m
2025
562.7 m

esef· 15 Apr 2026verified

Interest expense
2024
185.3 m
2025
210.1 m

esef· 15 Apr 2026verified

Pre-tax income
2024
748.4 m
2025
382.3 m

esef· 15 Apr 2026verified

Income tax
2024
117.6 m
2025
57.3 m

esef· 15 Apr 2026verified

Net income
2024
614.6 m
2025
314.5 m

esef· 15 Apr 2026verified

Diluted EPS
2024
4.33
2025
2.20

esef· 15 Apr 2026verified

Balance sheet · EUR

Cash
2024
1.4 bn
2025
1.8 bn

esef· 15 Apr 2026verified

Receivables
2024
2.3 bn
2025
2.5 bn

esef· 15 Apr 2026verified

Inventories
2024
1.6 bn
2025
1.1 bn

esef· 15 Apr 2026verified

Current assets
2024
6.2 bn
2025
7.1 bn

esef· 15 Apr 2026verified

Property, plant & equipment, net
2024
2.5 bn
2025
2.7 bn

esef· 15 Apr 2026verified

Goodwill
2024
279.5 m
2025
278.2 m

esef· 15 Apr 2026verified

Intangibles (excl. goodwill)
2024
500.4 m
2025
349.5 m

esef· 15 Apr 2026verified

Total assets
2024
10.7 bn
2025
11.4 bn

esef· 15 Apr 2026verified

Accounts payable
2024
2.5 bn
2025
2.6 bn

esef· 15 Apr 2026verified

Short-term debt
2024
375.9 m
2025
205.5 m

esef· 15 Apr 2026verified

Long-term debt
2024
3.4 bn
2025
3.9 bn

esef· 15 Apr 2026verified

Current liabilities
2024
3.5 bn
2025
3.8 bn

esef· 15 Apr 2026verified

Total liabilities
2024
7.6 bn
2025
8.3 bn

esef· 15 Apr 2026verified

Equity
2024
3.1 bn
2025
3.1 bn

esef· 15 Apr 2026verified

Shares outstanding at year end
2024
137.9 m
2025
143.0 m

esef· 23 Oct 2026derived

Cash flow · EUR

Operating cash flow
2024
409.0 m
2025
445.9 m

esef· 15 Apr 2026verified

Capex
2024
643.7 m
2025
627.7 m

esef· 15 Apr 2026verified

Free cash flow
2024
-234.6 m ≈
2025
-181.8 m ≈

esef· 15 Apr 2026derived

Investing cash flow
2024
-794.9 m
2025
-683.2 m

esef· 15 Apr 2026verified

Financing cash flow
2024
791.9 m
2025
635.7 m

esef· 15 Apr 2026verified

Share repurchases
2024
31.6 m
2025
6.3 m

esef· 15 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
25.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-38.7%
computed by olivLawFY 2025
Net income growth (YoY)
-48.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-49.3%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
6.5%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
7.9%
computed by olivLawFY 2025
Net margin
4.4%
computed by olivLawFY 2025
FCF margin
-2.6%
computed by olivLawFY 2025

Returns

ROE
10.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
8.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
7.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
2.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
445.9 m EUR
computed by olivLawFY 2025
Capital expenditure
627.7 m EUR
computed by olivLawFY 2025
Free cash flow
-181.8 m EUR
computed by olivLawFY 2025
FCF conversion
-57.8%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
124 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
73 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
140 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
57 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
6.4 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
8.7 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
20.3x
computed by olivLawFY 2025
P/E (TTM)
20.3x
computed by olivLawFY 2025
Earnings yield
4.9%
computed by olivLawFY 2025
P/B
2.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
15.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

44.56 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 6.4 bn EUR

Key indicators

Market capitalisation
6.4 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
20.3x
computed by olivLawFY 2025
P/B
2.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
10.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.4%
computed by olivLawFY 2025
Revenue growth (YoY)
25.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 23 Oct 2026
verified 63derived 2

Score by group

58% · Insufficient data

Estimated value range

Low
24.81
EUR per share
Mid
31.71
EUR per share
High
38.27
EUR per share
Price: 44.56 EUR
The price is above the range
Potential to the central value: -28.8% (value / price − 1)
Margin of safety: -40.5% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.81 – 38.27 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E24.81 – 38.27 (Mid 31.71)
    17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x
    0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Quality8.8%29 (vs peers)18%
Net margin · Quality4.4%37 (vs peers)11%
FCF conversion · Quality-57.8%0 (on a fixed band)11%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet2.7x18 (on a fixed band)11%
Current ratio · Balance sheet1.9x88 (on a fixed band)7%
P/E (TTM) · Valuation20.3x28 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-2.9%0 (on a fixed band)14%
Shareholder yield (distributions) · Returns0.1%1 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet46/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality23/100 · 3/3 factors with a value
  • Returns· partial1/100 · 1/2 factors with a value
  • Valuation15/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

METLEN ENERGY & METALS PLC (MTLN.L). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 7.1 bn EUR in 2025; YoY growth 25.1%; net margin 4.4%; ROE 10.5%.

The estimated value range is 24.81–38.27 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 31.71 EUR, the price of 44.56 EUR leaves a potential of -28.8% (value / price − 1) and a margin of safety of -40.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.9x

What contradicts it

  • ROIC: 8.8%
  • FCF conversion: -57.8%
  • Interest coverage: 2.7x
  • P/E (TTM): 20.3x
  • FCF yield: -2.9%
  • Shareholder yield (distributions): 0.1%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Listed companies from United Kingdom · same country · compared with 39 companies

Multiples and returns vs the median

P/E
20.3x
vertical median 15.3x
above median (+32.2%)
EV/EBITDA
—
vertical median —
P/S
0.9x
vertical median 1.5x
below median (−41.6%)
P/B
2.1x
vertical median 2.2x
at median
ROE
10.5%
vertical median 14.4%
below median (−27.1%)
Net margin
4.4%
vertical median 10.8%
below median (−58.9%)
EBIT margin
7.9%
vertical median 22.9%
below median (−65.5%)
Revenue YoY
25.1%
vertical median 7.9%
above median (+218.0%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 2.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BATS.LBritish American Tobacco P.L.C.104.3 bn13.516.5%30.3%−1.0%+7% / +88%
ABF.LAssociated British Foods PLC14.7 bn14.39.2%5.3%−3.1%−5% / −15%
MTLN.LMetlen Energy & Metals PLC6.4 bn20.310.5%4.4%+25.1%+1% / unavailable
0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
BAB.LBabcock International Group PLC5.1 bn24.734.7%4.1%+7.2%−10% / +158%
AUTO.LAutotrader Group PLC4.8 bn16.460.2%47.1%+3.9%−13% / −23%
BBY.LBalfour Beatty PLC4.2 bn16.323.2%2.8%+15.2%+20% / +160%
ABDN.LAberdeen Group PLC4.1 bn10.88.0%28.9%−2.1%+11% / +41%
BKG.LThe Berkeley Group Holdings PLC3.6 bn11.38.8%13.4%−4.2%−0% / −22%
BME.LB&M European Value Retail PLC2.9 bn17.421.2%2.8%+3.7%+68% / −51%
AJB.LAj Bell PLC2.4 bn22.849.9%33.1%+18.0%+8% / +128%
ASHM.LAshmore Group PLC1.4 bn13.913.1%71.6%−0.1%+28% / +18%
BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
APN.LApplied Nutrition PLC763.6 m36.241.2%19.7%+24.2%+71% / unavailable
BAG.LA.G. Barr P.L.C.671.9 m14.414.4%10.8%+4.0%−7% / +26%
ASC.LAsos PLC494.5 m—-81.3%-12.0%−14.7%+71% / +8%
ALFA.LAlfa Financial Software Holdings PLC486.8 m16.361.5%23.8%+15.3%−28% / +10%
AML.LAston Martin Lagonda Global Holdings PLC344.3 m—-93.4%-39.2%−20.6%−45% / −85%
APTD.LAptitude Software Group PLC111.3 m28.57.2%6.2%−7.3%−30% / −23%
AMGO.LAmigo Holdings PLC9.9 m———−81.9%+325% / +844%
ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−7% / +164%
AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+60% / +63%

1- and 3-year price returns: for MTLN.L from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
29.13
Total return -35% · Per year -35%
51.26
Total return 15% · Per year 15%
76.89
Total return 73% · Per year 73%
3 years
34.55
Total return -22% · Per year -8%
67.79
Total return 52% · Per year 15%
110.72
Total return 148% · Per year 35%
5 years
40.98
Total return -8% · Per year -2%
89.65
Total return 101% · Per year 15%
159.44
Total return 258% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 16.95
  • Net margin± 11.86
  • Annual revenue growth± 8.85
  • Annual dilution± 1.00

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

METLEN is an integrated energy and metals group, the largest independent fully integrated utility in Greece, with activities in power generation and supply, renewables and aluminium. In 2025 it moved its primary listing to London, while its medium-term profitability target remained central to the strategy amid energy volatility. Turnover reached 7107 million EUR and EBITDA 753 million EUR 1.

SWOT

Strengths

  • Integration of energy and metals provides natural hedges and flexibility in volatile periods, while leadership in the Greek power market supports revenues.
  • The group has an extensive renewables portfolio and technical capabilities in complex projects, supporting long-term growth.
  • The primary London listing and FTSE 100 inclusion increased the group's visibility and investor base.

Weaknesses

  • The significant fall in EBITDA in 2025 shows how sensitive results are to market conditions.
  • A high level of net debt could limit financial flexibility if earnings remain under pressure.
  • Dependence on the Greek energy market exposes the group to local regulation and economic conditions.

Opportunities

  • Rising demand for storage, electrification and data centres could support expansion of renewable capacity.
  • Development of critical raw materials and aluminium recycling could open new revenue sources.
  • Infrastructure and concessions activities in Greece and abroad could add projects with controlled returns.

Threats

  • Geopolitical conflicts and disruptions in energy supply could raise costs and volatility.
  • Restrictive trade policies could affect supply chains and metal exports.
  • Volatile carbon allowance prices could affect the operating costs of production.

Risks

  • Energy price volatilityhigh

    Swings in power and gas prices, amplified by Middle East conflicts, can affect margins in generation and supply.

  • Aluminium price volatilitymedium

    Aluminium prices could fall sharply after a peak, which could reduce revenues in the metals division.

  • Debt levelmedium

    The group's leverage could limit financial flexibility if EBITDA remains below expectations.

  • Project execution riskmedium

    Delays or budget overruns in renewables, alumina and gallium projects could reduce investment returns.

  • Regulatory and environmental risklow

    Changes in climate policy and the European emissions trading system could increase compliance costs.

Investment thesis

What would need to be true (bull case)

  • If aluminium prices and transition-driven energy demand hold, margins could recover toward the medium-term profitability target.
  • Integration of energy and metals and leadership in Greece could dampen the impact of volatility on results.
  • Growth of the renewables portfolio and project backlog could support revenues over the longer term.

What would break the thesis

  • The recent fall in EBITDA shows that results can be seriously affected by market conditions.
  • High debt could limit investment if revenues do not grow enough.
  • Dependence on geopolitical conflicts and energy prices could keep uncertainty elevated for longer.

What to watch

  • EBITDA trajectory against the target of about 2 billion EUR2026
  • Net debt level and leverage ratioQ1 2027
  • Completion timeline for alumina, gallium and recycling projects2027
  • Pace of renewable asset monetisation under the rotation modelnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

METLEN Energy & Metals plc is an integrated energy and metals group based in Greece, combining thermal generation, renewable projects, energy trading and supply with the aluminium value chain. The strategy The Third Era – Progress in Motion aims to strengthen core businesses, expand into critical raw materials and recycling, and grow infrastructure and concessions 1. In 2025 the group reported turnover of 7107 million EUR and EBITDA of 753 million EUR, a 30.29% decline in EBITDA 1.

The integrated model lets the group offset price volatility, since energy and metals operations act as natural hedges for each other. The group said managing volatility relied on timely hedging, cost discipline and this integrated model 1.

The 2025 annual report also describes total investments of 687 million EUR, a renewables portfolio of about 12 GW and a project backlog of 2.6 billion EUR, metrics that underpin the group's growth ambitions 1.

Segments

Energy

The energy division combines efficient thermal plants, renewable assets, trading and supply. The group reached a 21.4% electricity supply market share in Greece, corresponding to slightly more than 10 TWh 1. It is developing a 1.5 GW solar portfolio in Greece and has announced BESS storage projects 1.

Metals

The metals division covers alumina and aluminium production, aluminium recycling and gallium projects, with 232,359 tonnes of aluminium and 855,000 tonnes of alumina produced in 2025 1. The group also pursues critical metals and metallurgical applications for defence 1.

Market context

Energy markets stayed under pressure in 2025 and early 2026 due to conflicts in the Middle East and Ukraine, disruptions on shipping routes and rising oil and gas prices. Aluminium prices swung between 2,300 and 2,900 dollars per tonne in 2025 and reached a multi-year high in early 2026 1.

The Greek economy grew 2.1% in 2025, above the eurozone average, and the Bank of Greece projects steady growth through 2027, supported by consumption, investment and EU recovery funds 1.

Trends

  • Energy price volatilitymixed

    Sharp rises in energy and gas prices linked to conflicts could support production revenues, but could also raise procurement costs and supply risk.

  • Aluminium pricestailwind

    Aluminium reached a multi-year high, supported by supply constraints and demand from energy transition sectors, which could improve the group's margins.

  • Energy transition and electrificationtailwind

    Rising demand for renewables, storage, electrification and data centres supports the group's capacity expansion if project delivery stays on schedule.

  • Geopolitical tensions and trade policyheadwind

    Protectionist trade policies and conflicts in the Middle East and Ukraine have raised global uncertainty, which could affect supply chains and industrial demand.

Competitive position

The group competes in the Greek and Southeast European energy markets with other suppliers and producers, and in metals with European aluminium and alumina producers. The source provided does not name competitors explicitly, so the list below reflects only categories that can be inferred from the document.

  • Public Power Corporation

    A major player in the Greek power market; the source provided does not detail its relative position.

  • Regional energy suppliers in Southeast Europe

    Companies active in the same supply and trading area; the source does not name them.

  • European aluminium producers

    Rivals in primary and recycled aluminium; the source does not list specific companies.

  • Renewable project developers

    Competition for solar, wind and storage projects, where the group uses an asset rotation model.

News & filings

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

METLEN Energy & Metals plc (MTLN.L): stock, results, valuation and forecast · olivLaw