Shares of Metlen Energy & Metals PLC (MTLN.L) experienced a modest gain of approximately 1.4% following the release of its FY 2025 financial results.
While revenue demonstrated strong growth, a decline in profitability stemming from challenges within the Renewables, Storage & Energy Transition (MRES ET) platform tempered overall earnings.
Revenue for the year climbed to €7,107 million, marking a 25% increase from €5,683 million in 2024. This growth was primarily fueled by record performance in the M Renewables sector and a substantial increase in the Infrastructure and Concessions sector. However, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) decreased by 30% to €753 million, compared to €1,080 million in the previous year, impacted by losses in the MRES ET sub-sector, particularly the Protos project in the UK.
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Net profit after minorities stood at €314 million, a 49% decrease from €615 million in 2024, resulting in Earnings per Share (EPS) of €2.20, down from €4.46. Despite the profit decline, Metlen has proposed a dividend of €1.00 per share, signaling a commitment to shareholder returns.
The company’s listing on the London Stock Exchange (LSE) in August 2025 and subsequent inclusion in the FTSE 100 and MSCI UK Indexes represent a significant corporate milestone, enhancing its access to international capital markets. Evangelos Mytilineos, Executive Chairman, acknowledged the challenging geopolitical and market environment of 2025, emphasizing that the LSE listing marks a new chapter for Metlen focused on growth and international expansion.
The MRES ET platform experienced a 78% year-on-year decline in profitability due to project execution-related losses. Meanwhile, the Fully Integrated Energy Utility delivered a stable performance, maintaining its position as a leading integrated energy provider in Greece. The Metals Sector faced margin pressure from higher electricity costs, which Metlen is addressing through a transition to greener energy sources.
The Infrastructure and Concessions sector saw EBITDA double to €100 million, reflecting strong execution and increased activity, with a backlog of contracted and near-award projects approaching €2 billion.
The mixed financial results could lead to short-term volatility in Metlen’s share price. Markets will likely focus on the company’s ability to mitigate losses in the MRES ET platform and capitalize on growth opportunities in other sectors. The proposed dividend should provide some support.
Evangelos Mytilineos, Executive Chairman, stated, “Despite this challenging and fluid operating environment, as well as the pressures faced within the MPP sub-sector, Metlen delivered a strong performance across its core Sectors.”
Analyst Summary: Bull and Bear Cases
Bull Case:
- Renewables Expansion: Continued growth in the renewables sector, excluding MPP losses, contributed positively to revenue.
- Infrastructure Growth: Doubling of EBITDA in the Infrastructure and Concessions sector showcased strong project execution.
- Integrated Utility Stability: The Fully Integrated Energy Utility maintained a solid performance, reinforcing its market position in Greece.
Bear Case:
- Significant Profit Decline: EBITDA fell by 30% and net profit by 49% year-on-year.
- MRES Platform Losses: The Renewables, Storage & Energy Transition platform saw a 78% drop in profitability due to project execution issues.
- Metals Sector Margin Pressure: The Metals Sector is facing challenges from higher electricity costs, impacting margins.
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