Metlen Energy & Metals PLC (MTLN), listed on the London Stock Exchange and Euronext Athens, has announced that its wholly owned Greek infrastructure subsidiary METKA S.A. Group of Companies intends to float on the Regulated Market of Euronext Athens. The proposed initial public offering is expected to raise approximately €250 million through the issuance of new ordinary shares, with proceeds directed primarily towards new public-private partnership and concessions investments. The announcement marks a significant structural development for the Metlen Group, which operates across energy, metals and infrastructure in 48 countries across five continents.

Key Points

  • Metlen Energy & Metals PLC (MTLN) — parent of METKA S.A. Group of Companies
  • METKA has announced its intention to float on the Regulated Market of Euronext Athens via an IPO of ordinary shares
  • The new share issuance is expected to raise approximately €250 million; METKA reported LTM June 2026 revenue of €869 million and EBITDA of €158 million, with a construction backlog of approximately €2.1 billion and Adjusted Net Cash of €166 million as at 30 June 2026
  • Investors should watch for Prospectus approval by the Hellenic Capital Market Commission and confirmation of final offer terms

METKA's Revenue Growth and Construction Backlog Underpin the Euronext Athens Float

METKA reported revenue of €364 million for the financial year ended 31 December 2024, rising to €689 million for the year ended 31 December 2025, and reaching €869 million for the twelve months ended 30 June 2026. EBITDA over the same periods grew from €57 million, representing a 15.7% margin, to €158 million, representing an 18.2% margin. The Group's construction backlog stood at approximately €2.1 billion as at 30 June 2026, up approximately 50% from approximately €1.4 billion at end-2024, providing meaningful near-term revenue visibility. The Group also reported construction operating cash flow of €111 million for the twelve months ended 30 June 2026.

IPO Structure: New Shares, Secondary Offer, and Metlen's Retained Majority Stake

The proposed Combined Offering comprises new ordinary shares expected to raise approximately €250 million, alongside a secondary offering of existing shares by the selling shareholder, Metlen Energy & Metals Single Member S.A. Metlen is expected to retain an indirect majority shareholding in METKA following completion. The Company will not receive proceeds from the sale of existing shares. Morgan Stanley Europe SE, BNP Paribas and Citigroup are acting as Joint Global Coordinators for the Institutional Offering, with National Bank of Greece and Piraeus Bank serving as Issue Advisors for the Greek Public Offering.

PPP Portfolio and €13.5 Billion Project Wallet Support METKA's Medium-Term Growth Targets

METKA's PPP portfolio includes four signed projects and the University of Western Macedonia Student Halls, for which the Group has been declared preferred bidder. The Group's pro rata share of nominal availability payments across its PPP portfolio is estimated at approximately €1.7 billion, with a weighted-average remaining operating period of approximately 26 years. The Group has also agreed to acquire a 24% interest in the VOAK concession for the Northern Road Axis of Crete, subject to completion of the relevant transaction. The Group's total estimated construction project wallet stands at approximately €13.5 billion.

Dividend Policy and Capital Allocation Framework Set Ahead of Listing

Ahead of the IPO, METKA's board has outlined a dividend policy targeting distributions of approximately 35% of profit after tax, consistent with Metlen's own dividend policy, subject to applicable law and distributable profits. The capital allocation framework prioritises reinvestment in PPP equity commitments, maintenance of low leverage with predominantly non-recourse project-level debt, and funding of approximately €88 million of existing investment commitments across secured PPPs and the VOAK concession. Full offer details remain subject to Hellenic Capital Market Commission approval of the Prospectus, which is expected to be published in due course.