Metlen Energy & Metals PLC (LSE: MTLN) has published its nine-month 2026 trading update, reporting record revenue of €6.2bn for the period ended 30 September 2026, a 21% increase on the €5.1bn recorded in the same period of 2025. The FTSE 100-listed international industrial and energy company, which operates across more than 40 countries, reaffirmed its full-year 2026 EBITDA guidance of €1.00–1.15bn despite a 44-day outage at its largest thermal power generator. The update also highlights strategic progress in gallium production, energy storage, infrastructure, and LNG supply diversification, with investors likely to focus on the breadth of operational milestones delivered across the group.

Key Points

  • Metlen Energy & Metals PLC (LSE: MTLN), dual-listed on the London and Athens Stock Exchanges and a FTSE 100 constituent
  • Nine-month 2026 revenue reached a record €6.2bn, up 21% year-on-year, driven by growth across Energy, Metals and Infrastructure segments
  • Full-year 2026 EBITDA guidance reaffirmed at €1.00–1.15bn; medium-term EBITDA target of €1.92bn–2.08bn maintained
  • Investors may watch progress on the potential Euronext Athens listing of METKA Group, gallium offtake agreements, and completion of legacy energy infrastructure projects

Record Nine-Month Revenue of €6.2bn Achieved Across Energy, Metals and Infrastructure Divisions

Metlen's Energy segment, the largest revenue contributor, grew 22% to €4,950m, with the Fully Integrated Energy Utility sub-segment rising 24% to €3,729m and the Renewables, Storage & Energy Transition Platform increasing 16% to €1,749m. The Metals segment delivered €728m, up 6%, supported by aluminium production of 178,000 tonnes. The Infrastructure & Concessions segment delivered the strongest growth rate at 50%, reaching €534m, as METKA Group advanced major construction projects including the Athens–Thessaloniki railway restoration and a newly awarded €60.5m road interchange contract in the Skaramagas area.

H-Class CCGT Outage and LNG Supply Agreements Reshape Metlen's Energy Operations

A hydrogen leak in the generator stator cooling system of Metlen's largest H-Class combined-cycle gas turbine plant forced a 44-day outage during the nine-month period. Repairs were completed and the plant returned to full operation on 12 October 2026. Despite this disruption, the company reaffirmed annual EBITDA guidance. On the supply side, Metlen secured a five-year agreement with PETRONAS for six LNG cargoes annually from 2027, equivalent to approximately 0.6 bcm per year. Post-period, a further binding five-year agreement was signed with Shell Global LNG Limited on equivalent terms, strengthening long-term supply diversification.

Gallium Production and METKA Group Potential Listing Mark Key Strategic Milestones

Metlen's Critical and Rare Metals division secured two long-term commercial agreements for gallium supply from its facility under construction in Greece, covering approximately 25% and up to 16% of annual production respectively. One agreement was signed with a major Japanese chemicals counterparty, with additional offtake agreements described as forthcoming. First shipments of high-purity metal oxides from the Thessaloniki demonstration plant are expected by year-end 2026. Separately, Metlen is reviewing a potential listing of METKA Group on Euronext Athens to support the infrastructure platform's growth and financial autonomy, though any transaction remains subject to market, corporate and regulatory considerations.

Energy Storage Expansion and Defence Partnerships Broaden Metlen's Long-Term Growth Platform

Metlen inaugurated major battery energy storage projects in Greece and Italy during the period, including the 330 MW / 790 MWh standalone BESS in Thessaly and the 48 MW / 96 MWh Aenaos project in Halkidiki. The company's global renewable energy portfolio totals 12.1 GW across all stages of development. In defence, M Technologies signed an exclusive partnership with HOUTRIS in Cyprus for military vehicle production under the European SAFE programme, and a collaboration agreement with Thales Alenia Space and Thales Hellas was signed post-period to explore Greece's defence telecommunications space programme, with Metlen's future gallium output potentially feeding satellite supply chains.