METLEN ENERGY & METALS S.A.: Trading Update Q1 2025
METLEN Energy & Metals (ADR: MYTHY) reported strong Q1 2025 financial growth with total sales revenue reaching €1.5 billion, up 31% from Q1 2024. The company's Energy sector led growth with a 31% increase to €1,180 million, while Metals grew 11% to €228 million.
Key developments include Fairfax Financial's €110 million exchangeable bond agreement for potential acquisition of 2.75 million treasury shares at €40/share, increasing their stake to 8.35%. Energy production increased 35% to 3.1 TWh, with renewables showing 78% growth. The company expanded its retail energy market share to 19.4%.
In Metals, despite slight production declines, METLEN secured strategic agreements with Rio Tinto for bauxite supply and alumina offtake. The company announced a €295.5 million investment for integrated bauxite, alumina, and gallium production in Greece. Infrastructure & Concessions sector showed over 100% turnover growth, with a project backlog of €1.5 billion.
METLEN Energy & Metals (ADR: MYTHY) ha riportato una forte crescita finanziaria nel primo trimestre 2025, con un fatturato totale di 1,5 miliardi di euro, in aumento del 31% rispetto al primo trimestre 2024. Il settore Energia ha guidato la crescita con un incremento del 31% a 1.180 milioni di euro, mentre il settore Metalli è cresciuto dell'11% raggiungendo 228 milioni di euro.
Tra gli sviluppi chiave, Fairfax Financial ha siglato un accordo per un prestito obbligazionario convertibile da 110 milioni di euro per l'acquisizione potenziale di 2,75 milioni di azioni proprie a 40 euro per azione, aumentando la propria quota all'8,35%. La produzione di energia è cresciuta del 35% arrivando a 3,1 TWh, con le rinnovabili in crescita del 78%. L’azienda ha ampliato la sua quota nel mercato al dettaglio dell’energia al 19,4%.
Nel settore Metalli, nonostante un leggero calo della produzione, METLEN ha siglato accordi strategici con Rio Tinto per la fornitura di bauxite e l’acquisto di allumina. L’azienda ha annunciato un investimento di 295,5 milioni di euro per una produzione integrata di bauxite, allumina e gallio in Grecia. Il settore Infrastrutture e Concessioni ha registrato una crescita del fatturato superiore al 100%, con un portafoglio ordini pari a 1,5 miliardi di euro.
METLEN Energy & Metals (ADR: MYTHY) reportó un sólido crecimiento financiero en el primer trimestre de 2025, con ingresos totales por ventas de 1.500 millones de euros, un aumento del 31% respecto al primer trimestre de 2024. El sector Energía lideró el crecimiento con un aumento del 31% hasta 1.180 millones de euros, mientras que Metales creció un 11% hasta 228 millones de euros.
Entre los desarrollos clave, Fairfax Financial firmó un acuerdo de bonos convertibles por 110 millones de euros para la posible adquisición de 2,75 millones de acciones propias a 40 euros por acción, aumentando su participación al 8,35%. La producción de energía aumentó un 35% hasta 3,1 TWh, con las renovables creciendo un 78%. La compañía amplió su cuota de mercado minorista de energía al 19,4%.
En Metales, a pesar de una ligera disminución en la producción, METLEN aseguró acuerdos estratégicos con Rio Tinto para el suministro de bauxita y la compra de alúmina. La empresa anunció una inversión de 295,5 millones de euros para la producción integrada de bauxita, alúmina y galio en Grecia. El sector de Infraestructura y Concesiones mostró un crecimiento del volumen de negocio superior al 100%, con una cartera de proyectos de 1.500 millones de euros.
METLEN Energy & Metals (ADR: MYTHY)는 2025년 1분기에 총 매출액이 15억 유로로 2024년 1분기 대비 31% 증가하는 강한 재무 성장을 보고했습니다. 에너지 부문이 31% 증가한 11억 8,000만 유로로 성장을 주도했으며, 금속 부문은 11% 증가한 2억 2,800만 유로를 기록했습니다.
주요 발전 사항으로는 Fairfax Financial이 4만 유로 주당 가격으로 275만 자사주 인수를 위한 1억 1,000만 유로 교환사채 계약을 체결해 지분율을 8.35%로 늘렸습니다. 에너지 생산은 35% 증가한 31억 kWh(3.1 TWh)에 달했으며, 재생에너지는 78% 성장했습니다. 회사는 소매 에너지 시장 점유율을 19.4%로 확대했습니다.
금속 부문에서는 생산이 다소 감소했음에도 불구하고 METLEN은 Rio Tinto와 보크사이트 공급 및 알루미나 구매에 관한 전략적 계약을 체결했습니다. 회사는 그리스에서 보크사이트, 알루미나, 갈륨 통합 생산을 위한 2억 9,550만 유로 투자를 발표했습니다. 인프라 및 수권 부문은 매출이 100% 이상 성장했으며, 프로젝트 수주 잔액은 15억 유로입니다.
METLEN Energy & Metals (ADR : MYTHY) a annoncé une forte croissance financière au premier trimestre 2025, avec un chiffre d'affaires total atteignant 1,5 milliard d'euros, en hausse de 31 % par rapport au premier trimestre 2024. Le secteur Énergie a mené cette croissance avec une augmentation de 31 % à 1,18 milliard d'euros, tandis que les Métaux ont progressé de 11 % à 228 millions d'euros.
Parmi les développements clés, Fairfax Financial a conclu un accord d'obligations échangeables de 110 millions d'euros pour une acquisition potentielle de 2,75 millions d'actions propres à 40 euros par action, augmentant ainsi sa participation à 8,35 %. La production d'énergie a augmenté de 35 % pour atteindre 3,1 TWh, avec une croissance de 78 % dans les énergies renouvelables. L'entreprise a élargi sa part de marché dans la vente au détail d'énergie à 19,4 %.
Dans le secteur des Métaux, malgré une légère baisse de la production, METLEN a obtenu des accords stratégiques avec Rio Tinto pour l'approvisionnement en bauxite et la reprise d'alumine. L'entreprise a annoncé un investissement de 295,5 millions d'euros pour une production intégrée de bauxite, d'alumine et de gallium en Grèce. Le secteur Infrastructures & Concessions a affiché une croissance du chiffre d'affaires de plus de 100 %, avec un carnet de commandes de 1,5 milliard d'euros.
METLEN Energy & Metals (ADR: MYTHY) meldete ein starkes finanzielles Wachstum im ersten Quartal 2025 mit einem Gesamtumsatz von 1,5 Milliarden Euro, was einem Anstieg von 31 % gegenüber dem ersten Quartal 2024 entspricht. Das Energiesegment führte das Wachstum mit einem Plus von 31 % auf 1,18 Milliarden Euro an, während der Metallbereich um 11 % auf 228 Millionen Euro wuchs.
Zu den wichtigsten Entwicklungen gehört ein Wandelanleihe-Abkommen von Fairfax Financial über 110 Millionen Euro zur potenziellen Übernahme von 2,75 Millionen eigenen Aktien zu 40 Euro pro Aktie, wodurch ihr Anteil auf 8,35 % steigt. Die Energieproduktion stieg um 35 % auf 3,1 TWh, wobei der Bereich Erneuerbare Energien ein Wachstum von 78 % verzeichnete. Das Unternehmen erweiterte seinen Marktanteil im Einzelhandel mit Energie auf 19,4 %.
Im Metallbereich sicherte sich METLEN trotz leichter Produktionsrückgänge strategische Vereinbarungen mit Rio Tinto zur Versorgung mit Bauxit und Alumina. Das Unternehmen kündigte eine Investition von 295,5 Millionen Euro für die integrierte Produktion von Bauxit, Alumina und Gallium in Griechenland an. Der Bereich Infrastruktur & Konzessionen verzeichnete ein Umsatzwachstum von über 100 % bei einem Projektauftragsbestand von 1,5 Milliarden Euro.
- Total sales revenue increased 31% YoY to €1.5 billion in Q1 2025
- Energy sector revenue grew 31% to €1,180 million
- Renewable energy production increased 78% YoY
- Retail energy market share expanded to 19.4% from 17.4% YoY
- Secured €110 million exchangeable bond agreement with Fairfax Financial
- Infrastructure & Concessions turnover grew over 100% YoY
- Strategic agreements with Rio Tinto for long-term bauxite supply and alumina offtake
- Alumina production decreased 3.3% YoY to 210,000 tonnes
- Primary aluminum production declined 0.5% YoY
- Secondary aluminum production dropped 7.1% YoY
In the first quarter of 2025, METLEN demonstrated robust financial growth, driven by strategic investments and operational efficiencies, resulting in a performance that underscores its commitment to delivering sustainable value to its shareholders.
Estimated Sales Revenues Q1 2025
Sales in €m. | Q1 2025 | Q1 2024 | Δ % |
Metals | 228 | 205 | 11 % |
Energy | 1,180 | 904 | 31 % |
Infra & Conc. | 92 | 34 | 171 % |
Total | 1,500 | 1,143 | 31 % |
Corporate Developments
Entering 2025 with strong momentum, METLEN is strategically positioning itself for further growth, as its performance and strategic direction continue to attract strong investor interest. Key corporate developments for Q1 are described below:
- Fairfax increases its stake again: METLEN and Fairfax Financial Holdings Limited have agreed to enter into a
€110 million exchangeable bond, through which Fairfax will have an option to acquire 2,750,000 METLEN treasury shares within two years at a price of€40 per share, representing1.92% of the Company's share capital. Following this acquisition, Fairfax's total shareholding in the Company will increase to8.35% , reflecting strong investor confidence in the Company's strategic direction and growth prospects. - Sustainability Recognition: METLEN has been included for the third consecutive year in the Dow Jones Best-in-Class Emerging Markets Sustainability Index and the S&P Global Sustainability Yearbook 2025. In the 2024 assessment, METLEN improved its overall performance for the fifth consecutive year, maintaining its position in the top
6% of companies globally with the highest ESG performance in its sector. This achievement acknowledges METLEN's commitment to social responsibility, and robust governance practices.
Evangelos Mytilineos - Chairman & CEO
"We remain committed on delivering growth and long-term value to our shareholders. With a clear focus on operational efficiency and strategic expansion, we continue to build on our strengths to unlock new opportunities in key markets. The year ahead marks a significant milestone for METLEN in
Business operational updates and key highlights
Energy Sector
METLEN continues to strengthen its position in the global energy market, expanding its presence in key regions and advancing strategic projects. Demand for projects in Solar & BESS is expected to further enhance in quarters and years to come, while positive trends are also emerging in the Company's ongoing Asset Rotation Plan. Meanwhile, renewable energy production continues to increase. Furthermore, for the first time,
Energy Operational KPIs
Production (TWhrs) | Q1 2025 | Q1 2024 | Δ % |
Thermal plants | 2.5 | 2 | 25 % |
Renewables (global) | 0.6 | 0.3 | 78 % |
Total Global Production | 3.1 | 2.3 | 35 % |
RES stages | (GW) |
RES in Operation | 1.4 |
RES Under Construction | 1.8 |
RES RTB & Late stage of Development* | 2.9 |
RES Early Stage of Development | 6.4 |
Total | 12.5 |
*RTB: Ready to Build | |
• Battery storage projects with a combined capacity of 1.2 GWh
Through strategic investments in battery storage, retail market growth, and large-scale infrastructure developments, METLEN remains committed to enhancing energy security and sustainability. Key milestones include:
- M Power Projects continue to demonstrate a strong pipeline of ongoing projects and in bidding phases, proving the sector's acknowledged expertise in large energy infrastructure (power plants, grids etc.).
- Eastern Green Link 1 (EGL1): METLEN, through M Power Projects and in partnership with GE Vernova's Grid Solutions, commenced construction on the EGL1 project, a significant initiative aimed at bolstering the
UK's renewable energy infrastructure. This£2.5 billion project, a 2GW subsea interconnector betweenScotland andEngland , developed by the joint venture of SP Energy Networks and National Grid Electricity Transmission, will provide clean energy to more than two million British households. - Through Integrated Supply & Trading, METLEN continues to strengthen its presence in the energy trading sector across
Southeastern Europe . - M Generation & Management continues to grow in the thermal power plants and power trading sector in recent months, with strong performance continuing into Q1 2025.
- Retail Market Growth: Through M Customer Solutions / Protergia, METLEN managed to reach an
19.4% market share in Q1 2025 (vs Q1 2024:17.4% ) in the retail energy market, thus remaining on track to achieve its30% market share goal. This growth reflects the Company's strategic focus on expanding its retail footprint and enhancing customer engagement.
Metals Sector
In Q1 2025, METLEN's Metals Sector emerged as a key growth driver, marked by major investments and strategic agreements.
Metals Operating KPIs
Total production volumes (th tn.) | Q1 2025 | Q1 2024 | Δ% |
Alumina | 210 | 217 | -3.3 % |
Primary Aluminium | 45 | 45 | -0.5 % |
Secondary Aluminium | 13 | 14 | -7.1 % |
Total Aluminium Production | 58 | 59 | -2.1 % |
- The Company announced a landmark
€295.5 million investment to establish an integrated production line for bauxite, alumina, and gallium inGreece , reinforcingEurope's self-sufficiency in these critical raw materials. - A milestone in METLEN's expansion was the formal recognition of its flagship gallium production investment at the historic Aluminium of
Greece industrial unit as a Strategic Project by the European Commission under the Critical Raw Materials Act (CRMA). - Additionally, METLEN concluded long-term strategic agreements with Rio Tinto securing supply chain improvements in both Bauxite and Alumina, solidifying the Company's position as a key player in the global metals market. Through the Bauxite Supply Agreement, Rio Tinto will supply approximately 14.9 million metric tonnes of bauxite over an 11-year period (2027-2037). These quantities will supplement METLEN's own production in the local mines. Through the Alumina Offtake Agreement, METLEN will supply Rio Tinto with 3.9 million metric tonnes of Alumina, sourced from its expanded Agios Nikolaos refinery over an 8-year period (2027-2034) with an optional 3-year extension (2035-2037). The existence of a long-term agreement with a strategic partner is critical, as it mitigates risk and improves the investment's repayment timeline.
- European Bauxites Merger: The merger process is proceeding as planned, with the absorption of Delfi Distomon by European Bauxites expected to be completed.
METLEN continues to strengthen its strategic presence, leveraging its long-standing expertise and investing in cutting-edge defence solutions. Through the expansion of its industrial facilities in Volos and new collaborations with leading companies in the field, METLEN is solidifying its role as a key pillar of the European defence industry. With these initiatives, METLEN reaffirms its commitment to developing advanced defence infrastructure and technologies, strengthening both national and European defence industries, within the framework of ReARM Europe. Below are some key developments:
- Expansion of the Volos Industrial Complex: METLEN has signed a preliminary agreement for the acquisition of a 19-acre property within the Volos A' Industrial Zone, with industrial facilities covering 5.000 m2 and is already planning to acquire an adjacent 8-acre property. This area adjoins and forms a single area with the 32-acre plot acquired by the company in 2023, where METLEN is currently constructing a state-of-the-art industrial unit for the production of high-specialization metal structures for defence purposes. This total 60-acre industrial site will specialize in the construction of armoured vehicles, as well as components, equipment, and specialized structures for heavy military vehicles, utilizing advanced welding and assembly technology developed by METLEN over the past three decades. Upon construction of the new side and rehabilitation of the existing industrial facilities, the complex will consist of five plants, able to operate on up to five different projects.
- Partnership with Iveco Defence Vehicles: METLEN and IDV have signed a Memorandum of Understanding (MoU), establishing an exclusive collaboration for their joint participation and cooperation in the upcoming program announced by the Greek Ministry of Defence for the renewal of the existing fleet of protected and unprotected military trucks of the three branches of the Hellenic Armed Forces. The strategic collaboration between the two parties aligns with broader European efforts to strengthen defence autonomy and industrial self-sufficiency.
- Collaboration with KNDS France: METLEN has entered into an exclusive partnership with KNDS France for the production of the French latest generation of 8x8 Infantry Fighting armoured Vehicle, VBCI PHILOCTETES® marking a significant milestone in European defence industrial cooperation.
Infrastructure & Concessions
The Infrastructure & Concessions sectors continue to perform in line with management's projections for profitability and growth, achieving a turnover increase of over
- In January 2025, ΜΕΤΚΑ ATE was declared the contractor for the project: "Restoration of the double railway line Athens–Thessaloniki, from the exit of Domokos Station (km 288+600) to the entrance of Krannonas Station (km 328+840), following the natural disasters 'Daniel' and 'Elias'." Project budget:
€134,400,000.00 . The scope of this contract includes the execution of urgent restoration works on the railway line from the exit of Domokos Station to the entrance of Krannonas Station, following the natural disasters "DANIEL" and "ELIAS," from km 288+610 to km 328+600. Specifically, the project involves the complete restoration of the double-track railway infrastructure from the damage caused by the extreme weather events of September 2023, as well as the fortification of both the railway infrastructure and superstructure of the double track. - In March 2025, ΜΕΤΚΑ ATE was awarded the final contract for the project: "Static and Functional Restoration of the Roof Structures of the Main Stadium and Velodrome of O.A.K.A." Project budget:
€61,355,005.20 . The project concerns the upgrade of the roof of the Olympic Stadium as well as the (adjacent) roof of the Velodrome. More specifically, the project includes the drafting of studies and execution of works to repair problematic areas and to implement the necessary procedures to restore the required level of structural integrity of the metal constructions of these two emblematic structures.
Outlook
METLEN remains focused on executing its strategic initiatives across the Energy and Metals Sectors. The Company's ongoing investments and partnerships are expected to drive continued growth and enhance its competitive position in the global market.
An extensive presentation of the Company's prospects and the large-scale investment program will be presented at the Capital Markets Day (CMD) at the London Stock Exchange on 28th April 2025, as previously announced.
METLEN:
METLEN Energy & Metals is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy. The Company is listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of
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Forward Looking Statements:
Certain statements in this announcement are forward-looking. By their nature, forward looking statements involve risks, uncertainties, assumptions and other factors that are outside the control of METLEN and could cause actual results or events to differ materially from those expressed or implied by the forward-looking statement.
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