Greek industrial and energy group Metlen reported record first-half results on Thursday, with revenue, EBITDA and net profit rising on strong performance across its energy, metals and infrastructure businesses.
Metlen said revenue reached €3.99 billion in the six months to June, up 11% from €3.61 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 23% to a record €550 million.
Net profit after minorities increased to €313 million from €254 million in the first half of 2025, while earnings per share rose to €2.18 from €1.81.
The company reaffirmed its 2026 EBITDA guidance of €1.0 billion to €1.15 billion and maintained its medium-term target of around €1.9 billion to €2.1 billion.
Metlen also reduced adjusted net debt by €728 million during the first half, bringing its net leverage ratio down to 1.7 times from 3.1 times at the end of 2025, supported by strong operating cash flow and its asset rotation strategy.
"All of our business segments delivered strong growth during the period, supported by robust cash flow generation and disciplined execution," Executive Chairman Evangelos Mytilineos said.
The company said its energy division remained the largest contributor, generating revenue of €3.13 billion and EBITDA of €331 million, helped by higher natural gas trading activity, retail energy growth and the expansion of renewable energy capacity.
Metlen said its renewable energy, storage and energy transition platform now has a global portfolio exceeding 12 GW, including 5.1 GW of operational and mature projects.
During the first half, the company brought more than 400 MW of battery energy storage projects into operation across Greece and Italy, while advancing additional projects in Southern and Southeastern Europe.
In metals, EBITDA rose to €149 million from €129 million a year earlier, supported by higher aluminium prices, improved realised pricing and cost efficiency measures.
The company said it had secured its first gallium offtake agreement with a U.S. technology company, covering around 25% of expected production, ahead of the planned start of its first industrial-scale gallium facility in 2027.
Metlen's infrastructure and concessions division more than doubled EBITDA to €82 million, supported by stronger execution of projects and a backlog exceeding €2 billion.
The company said it remained on track with its strategic investments, including the expansion of alumina production, gallium production, defence activities and energy storage projects.
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