Metlen H1 2026 Results: Record Earnings and Strong Cash Flow Support Guidance

Metlen Energy & Metals has reported record first-half revenue, earnings and operating cash flow, providing evidence that the diversified industrial group has regained momentum after the operational challenges faced in 2025.

Revenue for the six months ended 30 June 2026 increased by 11% to €3.99 billion, while EBITDA rose by 23% to €550 million. EBITDA means earnings before interest, tax, depreciation and amortisation, and is commonly used to assess underlying operating performance.

Net profit attributable to shareholders also climbed 23% to €313 million, with basic earnings per share increasing to €2.18.

Most importantly, stronger cash generation helped bring adjusted net leverage down to 1.7 times EBITDA, from 3.1 times at the end of 2025. That progress strengthens the credibility of Metlen's claim that it can invest for growth while repairing its balance sheet.

Investors can read the original company announcement for the complete financial statements.

Metlen's H1 2026 results at a glance

Key figure	H1 2026	H1 2025	Change
Revenue	€3.99 billion	€3.61 billion	11%
EBITDA	€550 million	€445 million	23%
EBITDA margin	13.8%	12.3%	144 basis points
Net profit after minorities	€313 million	€254 million	23%
Basic earnings per share	€2.18	€1.81	20%
Net operating cash flow	€735 million	€11 million	Not meaningful
Adjusted net leverage	1.7x	3.1x at FY 2025	Lower

A basis point is one-hundredth of a percentage point. The 144 basis-point improvement in the EBITDA margin therefore represents an increase of 1.44 percentage points.

The combination of double-digit revenue growth and faster EBITDA growth is encouraging. It suggests Metlen did not simply sell more, but also converted a greater proportion of revenue into operating earnings.

Cash flow is the standout feature

The income statement was strong, but cash generation may be the most significant part of these results.

Net cash flow from operating activities reached €735 million, compared with just €11 million in H1 2025. Cash and cash equivalents increased to €2.59 billion at 30 June 2026, from €1.75 billion at the end of 2025.

Metlen said robust operating cash flow reduced adjusted net debt by €728 million. The resulting decline in adjusted leverage to 1.7 times represents a substantial improvement over six months.

This matters because Metlen is pursuing several investment programmes at once, including renewable energy, battery storage, alumina expansion, gallium production and defence manufacturing. Strong cash conversion reduces the need to choose between funding these projects and controlling debt.

Management also expects 2026 capital expenditure to come in below the assumption presented at its April 2025 Capital Markets Day, partly because spending was brought forward into 2025.

Energy remains the largest earnings engine

The Energy division generated revenue of €3.13 billion, accounting for 79% of group revenue. Its EBITDA increased by 15% to €331 million.

The Fully Integrated Utility platform produced EBITDA of €215 million, up from €199 million. Metlen benefited from its mix of power generation, gas procurement, trading and retail supply.

Natural gas trading was a particularly important revenue driver. Gas trading revenue rose to €853 million from €618 million, while the volume sold to third parties increased by more than 45% to approximately 22.5 TWh.

The Protergia retail business also gained ground in Greece. Its electricity market share increased to 21.5%, while natural gas market share reached 29.3%.

Renewables, Storage and Energy Transition EBITDA rose by 30% to €116 million, despite revenue slipping slightly to €1.17 billion. The platform finished the period with a contracted backlog of approximately €1.3 billion and another €0.2 billion under advanced negotiation.

Metlen energised more than 400 MW of battery energy storage system capacity across Greece and Italy. Battery storage allows electricity to be stored and supplied when needed, helping balance power grids with growing levels of intermittent renewable generation.

The company also completed the sale of a 283 MW UK solar portfolio under its Asset Rotation model. This involves developing renewable assets and selling selected projects, recycling the proceeds into new opportunities.

Metals margins moved higher

Metals revenue was broadly stable at €485 million, but EBITDA increased by around 15% to €149 million. The EBITDA margin improved to 30.7%, from 27.0%.

The aluminium operation was the main contributor, with EBITDA rising to €101 million from €74 million. Metlen cited higher realised prices and improved cost efficiency.

The company has hedged its aluminium and most of its calcined alumina production for 2026, 2027 and 2028, alongside its key energy costs. Hedging involves fixing or protecting prices in advance, which can improve earnings visibility but may also limit exposure to further favourable price movements.

Metlen's approximately €300 million bauxite, alumina and gallium programme remains on schedule. The first gallium offtake agreement covers around 25% of planned annual production, providing an early customer commitment before production is expected to begin in the second half of 2027.

Infrastructure delivered the fastest growth

Infrastructure and Concessions revenue increased by 74% to €368 million, while EBITDA jumped 162% to €82 million.

The division benefited from rapid execution of projects funded through the EU's Recovery and Resilience Facility, alongside a favourable project mix. Its infrastructure backlog, including projects at an advanced stage before contract award, exceeded €2 billion.

This division remains smaller than Energy, but its H1 performance demonstrates the value of Metlen's diversified structure. Growth was not reliant on a single commodity or activity.

Guidance stays firmly in place

Metlen reaffirmed its 2026 EBITDA guidance of €1.00 billion to €1.15 billion. The company also retained its medium-term EBITDA target of approximately €1.92 billion to €2.08 billion.

H1 EBITDA of €550 million represents 55% of the bottom end of full-year guidance and roughly 48% of the top end. That places the company in a solid position at the halfway stage, although the timing of renewable asset sales and project completions can make earnings uneven between periods.

For additional context on the start of the year, see the earlier review of Metlen's Q1 2026 performance and strategic transformation. The wider Metlen Energy & Metals company page also brings together related coverage.

What investors should watch next

The positives are clear: record first-half EBITDA, improved margins, much stronger operating cash flow and rapid deleveraging. Growth also came from all three major sectors, supporting the case for Metlen's integrated model.

There are still areas requiring attention. Metlen recognised additional completion costs on the Protos, Grudziądz and Drax legacy contracts, which weighed on 2025 performance. Management expects the remaining work to be completed over the coming months, but investors will want confirmation that further cost overruns are contained.

Execution is another key consideration. The medium-term target depends on delivering several sizeable projects, including alumina expansion, gallium production, battery storage and defence capacity. Commodity prices, geopolitical disruption and energy-market conditions can also affect results, even where hedging provides some protection.

For now, Metlen's H1 figures show a business producing stronger earnings while reducing financial risk. Maintaining that cash conversion and completing the remaining legacy contracts will be central to sustaining the recovery through the second half of 2026.