METLEN Reports Record H1 2026 Earnings as Leverage Drops

The surge in performance was driven by strong momentum across the company's Energy & Infrastructure and Concessions sectors. Net profit after minorities reached €313 million, up from €254 million in the same period last year, resulting in earnings per share of €2.18. This financial turnaround allowed the firm to slash adjusted net debt by €728 million.

Executive Chairman Evangelos Mytilineos noted that the results demonstrate the effectiveness of the business plan outlined at the April 2025 Capital Markets Day. The company is actively addressing the legacy contracts at Protos, Grudziądz, and Drax that weighed on previous performance. Simultaneously, METLEN has energized 0.4GW of battery storage projects in Greece and Italy, with an additional 1.6GW currently in development across Southeastern Europe.

A key strategic milestone reached during the half-year was the signing of a gallium offtake agreement with a major U.S. technology firm. This contract covers 25% of the company's total production, de-risking both alumina expansion efforts and new gallium initiatives. Management has reaffirmed its full-year 2026 EBITDA guidance of €1.00–1.15 billion and its medium-term target range of €1.92–2.08 billion.