Metlen Reports Record H1 2025 Turnover with 45% Growth and Strategic Expansions

Metlen H1 2025 results: record turnover, softer margins, and a clear H2 rebound plan

Metlen Energy & Metals delivered a thumping top line in H1 2025 as the Renewables and Utility businesses fired on all cylinders. The snag was a one-off hit in M Power Projects that dragged group margins. Management says the damage is contained and still expects full-year EBITDA to top €1 billion.

Metric	H1 2025	H1 2024	Change
Turnover	€3,608 million	€2,482 million	+45%
EBITDA	€445 million	€474 million	-6%
EBITDA (normalised, excl. MPP one-off)	c.€577 million	n/a	n/a
Net profit after minorities	€254 million	€282 million	-10%
EPS	€1.81	€2.04	-11%
EBITDA margin	12.3%	19.1%	-676 bps
Adjusted net debt (excl. non-recourse)	€2,016 million	not disclosed	–

Energy sector drives growth while M Power Projects causes a dent

The Energy sector accounted for 81% of group revenue at €2,916 million, with EBITDA of €288 million, down 11% year on year. The mix matters here: Renewables and Utility operations hit records, but M Power Projects booked a large loss due to issues at the Protos project.

Energy segment	Sales H1 2025	Sales YoY	EBITDA H1 2025	EBITDA YoY
M Renewables	€989m	+59%	€221m	+54%
M Energy Generation & Management	€595m	+57%	€106m	+17%
M Energy Customer Solutions	€781m	+52%	€41m	-29%
M Power Projects	€203m	-17%	-€132m	from €12m
M Integrated Supply & Trading	€618m	+51%	€52m	+195%

Renewables: asset rotation pays and the pipeline swells

Metlen’s renewables arm posted its best ever half-year. The company sold 788 MW of projects under its Asset Rotation Plan, up from 531 MW in H1 2024, with most divestments in Chile and the rest across Italy, Romania, and Bulgaria.

• Global RES generation: 854 GWh (+35%), split 317 GWh Greece and 537 GWh international.
• Total global portfolio: 12.1 GW excluding Canada and PPC-related deals, including 6.6 GW at early stage.
• Mature and operational portfolio: 5.5 GW, up 15% year on year.
• Third-party EPC and storage momentum: contracted backlog €654 million with a further €201 million at advanced negotiation.

Management highlights a self-funded model that keeps leverage low in RES. That is a competitive advantage in a choppy rates backdrop.

Utility and trading: market share gains with steady pricing

Protergia crossed the 20% line in Greece’s electricity supply for the first time, reaching a 20.7% market share at June 2025, with margins “above 5%”. Customer meters rose to about 711,000 from 580,000 at the end of 2024, while electricity tariffs have been kept stable for 13 months.

• Greek natural gas supply share: c.26% vs 19.5% in H1 2024.
• Metlen gas imports: 13 TWh in H1, c.37% of Greece’s total gas imports.
• Thermal generation: 4.2 TWh (+7%); total generation 4.5 TWh (+6%).

Greece became a net power exporter in H1 2025, a structural shift that should support utilisation of Metlen’s three CCGTs and CHP plant. Integrated Supply & Trading also stepped up, with EBITDA up 195% to €52 million.

M Power Projects: the drag is specific and fully booked in the numbers

MPP recorded -€132 million EBITDA after adverse events at the Protos project, including a major workplace third-party accident, delays, and subcontractor issues. A new project timeline and budget were agreed in July and full-year losses have been taken into 2025 guidance. The backlog stands at €1.0 billion, weighted to the UK and Poland, with only about 10% in Greece.

Opinion: painful, but clearly ring-fenced. The group has offsetting strength elsewhere and says H2 will be “substantially” better, with 2025 EBITDA projected to exceed €1 billion.

Metals: resilient despite higher power costs and volatile prices

Metals posted revenue of €480 million (+16%) and EBITDA of €129 million (-9%), as electricity costs rose and the US dollar softened. Hedging and tight cost control cushioned the blow, and alumina did the heavy lifting.

Metals breakdown	Sales H1 2025	YoY	EBITDA H1 2025	YoY
Alumina	€104m	+23%	€47m	+56%
Aluminium	€349m	+11%	€74m	-31%
Other	€27m	+87%	€8m	+108%

Market context:

• LME 3-month aluminium price averaged $2,544/t (+5.9%) after a volatile swing between sub-$2,300/t and c.$2,700/t.
• API alumina averaged $435.5/t (+8.4%).
• European billet and slab premia remained elevated, typically in the $500-600/t range.

Strategically, Metlen is increasing green power in its smelter mix, which should stabilise and lower power costs over time. The alumina capacity expansion and a new gallium plant are progressing to plan.

Infrastructure and Concessions: a fast-growing third leg

Revenue jumped to €212 million (+159%) with EBITDA of €31 million (+155%), broadly stable margin at 14.7%. The backlog is €1.1 billion and rises to more than €1.4 billion including projects at an advanced contracting stage. Execution is described as on schedule.

Strategic growth pillars: gallium, defence, and circular metals

• Gallium plant – on time and on budget, first production expected in 2027.
• Defence hub in Volos – five factories planned. Two operational, the third under construction with first production in Q2 2026. FID taken for the fourth in early September 2025, targeting first output in H2 2027. Details for the fifth to follow.
• Circular metals – pilot plant with 50 kt per annum feedstock capacity due to start commissioning in October 2025.

Management believes these additions support a medium-term target of €1,900 million – €2,080 million for the group, alongside the existing Energy and Metals engines.

Why this matters for investors

The story is two-speed. On one side, Renewables, Utilities, Trading, and Infrastructure delivered record or near-record results, market share gains, and expanding backlogs. On the other, a single troubled project crushed MPP’s contribution and clipped group margins.

On balance, the update is positive. Cash earnings capacity looks stronger than the reported EBITDA suggests, the Energy franchise is scaling, and Metals remains competitive despite cost headwinds. The company reiterates a markedly better H2 with 2025 EBITDA expected to exceed €1 billion.

What to watch next

• Delivery in H2 – evidence that EBITDA steps up as MPP disruption fades.
• RES asset rotations and third-party EPC wins – conversion of the €654 million backlog and €201 million pipeline.
• Utility metrics – electricity and gas market share, margin discipline above 5%, and meter growth from 711k.
• Metals power costs – progress on green power sourcing for the smelter.
• Execution of new pillars – gallium build, Defence hub milestones, and circular metals commissioning in October 2025.
• Balance sheet – adjusted net debt at €2,016 million excluding non-recourse debt.

Key takeaways at a glance

Item	Detail
Record turnover	€3,608 million (+45%) driven by Renewables and Utility
Reported EBITDA	€445 million (-6%); normalised c.€577 million excluding MPP one-off
Net profit after minorities	€254 million (-10%)
Energy share of revenue	81% of group
Power Projects	-€132 million EBITDA due to Protos issues, backlog €1.0 billion
RES scale	12.1 GW total portfolio, 5.5 GW mature and operational, 788 MW sold in H1
Utility footprint	20.7% electricity supply market share in Greece, 26% in gas
Infrastructure	EBITDA €31 million, backlog >€1.1 billion
Outlook	H2 expected to improve substantially with 2025 EBITDA projected to exceed €1 billion

In short, Metlen’s operational engines are humming, a project misstep has been accounted for, and the pipeline across Energy, Metals, and Infrastructure keeps filling. If H2 execution matches the guidance, today’s margin wobble could look like a speed bump on a faster road.