Key Highlights

  • Metlen Energy & Metals PLC (LSE:MTLN) reported record first-half 2026 EBITDA of €550 million, up 23%, on Revenue of €3,987 million.
  • The company reaffirmed 2026 EBITDA guidance of €1.00 billion to €1.15 billion and a medium-term target of about €1.92 billion to €2.08 billion.
  • Net Leverage fell to 1.7 times after adjusted net Debt was reduced by €728 million.
  • Falling oil and gas prices after the US midterm elections are a key Factor for its energy trading and metals businesses.

Why Metlen Is in Focus Today

Metlen Energy & Metals PLC (LSE:MTLN), the Greek energy, metals and infrastructure group that moved its primary listing to London in 2025, is drawing attention on the FTSE 100 as energy markets shift. On Wednesday, 4 November 2026, Brent Crude fell below $100 a barrel for the first time since early October after the US midterm elections raised hopes of de-escalation in the Middle East. The FTSE 100 rose 1.8%, while energy producers such as BP fell.

For Metlen, energy prices cut both ways. Its integrated Utility and gas trading businesses benefit from market Volatility and trading opportunities, while its aluminium smelter is a large consumer of energy, so lower power and gas costs can improve metals margins. Investors are watching how these dynamics will affect results for the rest of the year.

Record First Half

Metlen reported first-half 2026 revenue of €3,987 million, up 11% from €3,608 million, driven mainly by higher Natural Gas trading activity in its energy division. EBITDA reached a record €550 million, up 23% from €445 million, and net profit after minorities rose 23% to €313 million, with Earnings Per Share of €2.18. Healthy Operating Cash Flow allowed adjusted net debt to fall by €728 million, bringing net leverage down to 1.7 times.

The energy segment generated EBITDA of €331 million, up 15%, including about €116 million from M-ReSET, its renewables, storage and energy transition platform, and €215 million from the integrated utility business. Metals EBITDA rose about 15% to €149 million, helped by higher aluminium prices and cost efficiency. Infrastructure and concessions EBITDA more than doubled to €82 million, with a Backlog approaching €2 billion.

Guidance and Strategy

Metlen reaffirmed its 2026 EBITDA guidance of €1.00 billion to €1.15 billion, a sharp recovery from €753 million in 2025, when losses on a legacy power plant project weighed on results. Executive chairman Evangelos Mytilineos said the company has returned to a trajectory aligned with its medium-term objectives, including EBITDA of about €2 billion. Management chose to keep guidance unchanged rather than raise it, prioritising financial discipline as it funds its Investment programme.

The group is also developing a defence business, expected to generate around €30 million of EBITDA in 2026 with an initial budget pointing to €85 million in 2027, and is commercialising gallium production at its metals operations, a critical mineral used in semiconductors.

Market Context on 4 November

European gas and power prices have been volatile in 2026 because of the Middle East conflict, which drove Inflation higher across the continent. Eurozone inflation reached 4.0% in October, with energy prices up 21% year on year. A sustained fall in oil and gas prices would reduce costs for energy-intensive industries but could also reduce trading gains. Aluminium prices have been supported by Supply constraints and Demand from electrification.

Dual Listing and Investor Base

Metlen moved its primary listing to London in 2025 while retaining a listing in Athens, aiming to broaden its investor base and gain inclusion in major indices. Its shares are quoted in euros in London. Joining the FTSE 100 increased visibility among UK and international investors and passive funds. The company has a history of paying dividends, including a special Dividend after its 2025 results, and investors will look for continued Shareholder returns as leverage falls. The executive chairman's family remains a significant shareholder, providing long-term stability.

Risks to Consider

Risks include energy price volatility, execution risk on renewable projects and asset rotation, aluminium price swings, construction risk in infrastructure projects, currency movements and Greek and European regulatory changes. The company's ambitious investment plan requires careful management of debt.

What Investors Are Watching Next

Investors will watch the nine-month results, usually published in November, for confirmation that the company remains on track for full-year guidance. Progress on renewable asset rotation, including about 2.5 gigawatts of projects under construction, the growth of the defence Business and gallium commercialisation will also be important. Energy price trends after the midterms will shape the outlook for Metlen Energy & Metals PLC (LSE:MTLN).