Nine Months 2026 Trading Update

METLEN posts record €6.2bn nine-month revenue, up 21%, and reaffirms strong EBITDA targets.

What the company is saying

METLEN Energy & Metals PLC reports its highest-ever nine-month revenue of €6.2 billion for the period ended 30 September 2026, a 21% increase over €5.1 billion in the prior year. The company highlights resilience despite a 44-day outage at its largest thermal power generator, which returned to full operation on 12 October 2026. METLEN reaffirms its full-year 2026 EBITDA guidance of €1.00–1.15 billion and a medium-term EBITDA target of €1.92–2.08 billion, emphasizing confidence in its diversified business model. Strategic progress includes advancing METKA as a standalone infrastructure platform, reviewing a potential Euronext Athens listing, and executing asset rotation through the sale of the 165 MW Tamarico II solar-plus-storage project in Chile. The update also cites new commercial agreements, such as a long-term gallium offtake with a Japanese chemicals counterparty and a five-year LNG supply deal with PETRONAS for six cargoes annually from 2027. Executive Chairman Evangelos Mytilineos frames the narrative around disciplined execution, operational excellence, and sustainable value creation, with a positive and assertive tone.

What the data suggests

The disclosed figures show METLEN achieving €6.2 billion in revenue for the first nine months of 2026, a record for the period and a 21% increase from €5.1 billion in 9M2025. The company managed this growth despite a significant 44-day outage at its largest thermal power generator, which was resolved by mid-October. Full-year 2026 EBITDA guidance is reaffirmed at €1.00–1.15 billion, implying a substantial increase over 2025 EBITDA of €753 million. The medium-term EBITDA target is set at €1.92–2.08 billion. Asset rotation is evidenced by the sale of the 165 MW Tamarico II project in Chile, and operational progress is marked by First Fire at the 560 MW CCGT Grudziądz plant in Poland. The company’s balance sheet at year-end 2025 showed €2.10 billion in adjusted net debt and a Net Debt/EBITDA ratio of 3.1x. METLEN employs over 8,500 people and operates in more than 40 countries. While financial disclosures are comprehensive, some operational claims—such as the scale of new BESS projects and the specifics of gallium agreements—lack quantitative detail.

Analysis

The announcement is upbeat, highlighting record nine-month revenue (€6.2bn, +21% YoY), and provides realised financials for 2025 (revenue, EBITDA, net profit). The company discloses both realised and forward-looking claims: realised facts include the asset sale in Chile, First Fire at major plants, and the resolution of a significant outage. However, several key claims are forward-looking, such as reaffirmed EBITDA guidance for 2026, medium-term EBITDA targets, and strategic initiatives (e.g., METKA Group listing review, future offtake agreements, and LNG supply starting 2027). While the financial disclosure is strong for historical periods, some operational claims (energy storage expansion, gallium agreements) lack quantitative detail. The tone is somewhat inflated by broad statements about 'commercial momentum', 'major projects', and 'sustainable long-term value creation' without granular evidence for all initiatives. The capital intensity flag is set due to ongoing large-scale projects and asset rotation, with some benefits (e.g., LNG supply) only materialising from 2027.

Risk flags

• ●Execution risk remains around meeting the ambitious EBITDA targets, especially given the recent 44-day outage at a key thermal power plant. While repairs are complete, any further operational disruptions could impact profitability.
• ●Forward-looking claims about METKA’s standalone development, a potential Euronext Athens listing, and additional gallium agreements lack detailed milestones, financial impact, or timelines, making it difficult to assess the likelihood and timing of value realisation.
• ●The five-year LNG supply agreement with PETRONAS, while positive for supply diversification, does not commence until 2027, so its benefits are not imminent and are subject to future market and operational uncertainties.
• ●Some operational achievements, such as the expansion of the energy-storage portfolio and the gallium offtake agreement, are described in qualitative terms without quantitative backing, limiting transparency and making it harder to gauge their true financial impact.

Bottom line

METLEN delivers a strong trading update, with record nine-month revenue of €6.2 billion and a 21% year-on-year increase, demonstrating operational resilience despite a major plant outage. The company’s reaffirmed EBITDA guidance and medium-term targets suggest management’s confidence in continued growth, but these are still forward-looking and will require sustained execution. Asset rotation and new commercial agreements signal strategic progress, yet several initiatives—including the METKA Group listing review and gallium offtake expansion—remain at an early stage with limited disclosed detail. The five-year LNG supply deal with PETRONAS will not impact results until 2027. Investors should focus on the company’s ability to convert these qualitative milestones into quantifiable financial gains and monitor the delivery of full-year 2026 results. The key takeaway is that METLEN’s financial trajectory is positive, but some headline strategic initiatives still need to translate into measurable value.

Announcement summary

(LSE:MTLN) METLEN Energy & Metals PLC announced its Trading Update for the nine months ended 30 September 2026. Revenue for the nine-month period amounted to €6.2 billion, representing the highest ever for this period in the company's history and a 21% increase compared to €5.1 billion in 9M2025. The company experienced an extended outage of its largest thermal power generator (H-Class), which was out of operation for 44 days, but repairs were completed and the plant returned to full operation on 12 October 2026. METLEN reaffirmed its full-year 2026 EBITDA guidance of €1.00-1.15 billion and its medium-term EBITDA target of €1.92-2.08 billion. The company advanced METKA's strategic development as a standalone infrastructure platform under the newly formed METKA Group, including a review of a potential Euronext Athens listing. METLEN continued de-risking its MPP business, achieving First Fire at the PROTOS ERF in Cheshire and at the 560 MW CCGT Grudziądz in Poland, and made further progress across its legacy portfolio. The company executed its asset-rotation strategy through the sale of the 165 MW / 725 MWh Tamarico II solar-plus-storage project in Chile to Copec. Commercial momentum for gallium was strengthened through a new long-term agreement with a major Japanese chemicals counterparty, with additional offtake agreements expected. The energy-storage portfolio expanded with major BESS projects inaugurated in Greece and Italy. METLEN strengthened the security and diversification of its gas supply through a five-year agreement with PETRONAS for six LNG cargoes annually from 2027. Evangelos Mytilineos, Executive Chairman, stated that METLEN continues to execute its strategy with consistency and determination, focusing on disciplined execution, operational excellence, and sustainable long-term value creation. In 2025, METLEN reported consolidated revenue of €7.11 billion, EBITDA of €753 million, and net profit of €314 million. Adjusted net debt stood at €2.10 billion, with a Net Debt/EBITDA ratio of 3.1x. The company employs over 8,500 people worldwide and operates across five continents and in more than 40 countries. METLEN is rated by leading international sustainability and ESG agencies and holds a unique Greek position in the Dow Jones Best-in-Class Emerging Market Index.

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