Metlen Energy & Metals Plc · LSE:MTLN
Metlen Energy & Metals — H1 2026 Earnings Presentation
27 slides from Metlen Energy & Metals's earnings presentation, Aug 6, 2026
Slide 1: H1 2026 Financial Results
H1 2026 Financial Results 6 August 2026
Slide 2: Key Highlights
Hy O1 Key Highlights
Slide 3: Record first-half financial performance reflecting strong execution
Record first-half financial performance reflecting strong execution Revenue EBITDA Earnings Per Share €3,987m €550m €2.18 +11% +23% 20% (H1’25: €3,608m) (H1’25 : €445m) (H1’25 : €1.81) Liquidity* Net Leverage Ratio* 2025 Dividend* €5.0bn 1.7x +35% €143m - €1/Sh. (FY’25 : €3.7bn) (FY’25: 3.1x) *cash
Slide 4: H1 2026 Key Highlights
Η1 2026 Key Highlights Capital Allocation • Reduced adjusted net debt by c.€728m, driving Net Leverage down to c.1.7x (Investment grade level), from 3.1x at FY2025 • FY2025 dividend of €1/sh approved at the AGM on 21 May 2026 (paid in July 2026) and commenced a 5-year share buyback programme Energy
Slide 5: Our Journey Continues towards the €2bn Medium-Term EBITDA
Our Journey Continues towards the €2bn Medium-Term EBITDA Big THREE Business People Strengthen Exploit our Leverage Enhance our our Core know-how our capabilities operating model in Energy and Metals by to expand in Critical Raw in Infrastructure & towards a fit-for-purpose expanding capacity and Ma
Slide 6: We remain confident in achieving our medium-term targets
We remain confident in achieving our medium-term targets LTM EBITDA EBITDA Medium Term (€M)(1,2) Market needs (€M)(2) Renewables, Storage & Energy 112 Green energy, grid ~520 Transition Platform expansion, data centers Fully Integrated Resilience to energy 373 ~590 Energy Utility price volatility In
Slide 7: Significant progress against strategic priorities since the April 2025 CMD
Significant progress against strategic priorities since the April 2025 CMD Key Milestones Renewables, Storage & ✓ Expanded BESS footprint in Southeastern Europe, developing >2GW of storage projects Energy Transition Platform ✓ 400MW of the 2GW already delivered and operational Fully Integrated ✓ Rea
Slide 8: Outlook
Outlook • METLEN continues to expect record revenue in 2026 and EBITDA of €1.0-1.15bn, supported by improving operational execution • 2026 marks a return to strong operational execution, with the Company well positioned to achieve its medium-term EBITDA target of €2.0bn • METLEN enters H2 2026 with
Slide 9: Financial Overview
02 Financial Overview
Slide 10: Record first-half performance across all key financial metrics
Record first-half performance across all key financial metrics Key Highlights (Amounts in €m) H1’26 H1’25 ∆ • Revenue increased by 11% to €3,987m, driven by continued strong momentum Revenue 3,987 3,608 11% across the Energy & Infrastructure and Concessions sectors EBITDA 550 445 23% • EBITDA stood
Slide 11: Energy – Renewables, Storage & Energy Transition Platform (M-RESET)
Energy – Renewables, Storage & Energy Transition Platform (M-RESET) Key Highlights Revenue EBITDA Margin H1’26 H1’25 ∆ H1’26 H1’25 ∆ H1’26 H1’25 M-RESET 1,172 1,191 (2%) 116 89 29% 9.9% 7.5% • EBITDA came in at €116m representing a 29% increase compared to €89 million in the same period of 2025 Tota
Slide 12: Energy – Fully Integrated Energy Utility
Energy – Fully Integrated Energy Utility Key Highlights Revenue EBITDA Margin H1’26 H1’25 ∆ H1’26 H1’25 ∆ H1’26 H1’25 Fully Integrated Energy Utility 2,257 1,994 13% 215 199 8% 9.5% 10.0% • EBITDA stood at €215m, up 8% YoY. Despite broadly Total 2,257 1,994 13% 215 199 8% 9.5% 10.0% stable generatio
Slide 13: Energy Sector at a glance
Energy Sector at a glance Global RES Portfolio MW METLEN’s RES platform and naturally hedged Greek utility drive profitability growth In Operation 1,235 Australia 527 Greece 532 As of the end of the first half of 2026, METLEN’s mature and operational portfolio reached 5.1 GW. The company’s total glo
Slide 14: Metals
Metals Key Highlights Revenue EBITDA Margin H1’26 H1’25 ∆ H1’26 H1’25 ∆ H1’26 H1’25 Integrated Aluminium Value Chain 450 453 (1%) 140 121 16% 31.2% 26.7% • Metals EBITDA stood at €149m, up 15% versus 2025, driven primarily by higher aluminium prices and better - of which Alumina 96 104 (7%) 40 47 (1
Slide 15: Infrastructure & Concessions
Infrastructure & Concessions Key Highlights Revenue EBITDA H1’26 H1’25 ∆ H1’26 H1’25 ∆ • Infrastructure & Concessions recorded EBITDA of €82 Infrastructure & Concessions 368 212 74% 82 31 162% million, more than doubling the €31 million recorded in H1 2025. Total 368 212 74% 82 31 162% • Secured par
Slide 16: Strong Cash Generation Underpins Robust Cash Flows
Strong Cash Generation Underpins Robust Cash Flows Key Highlights -3,107 • Strong Operating Cash Flow reflects the strength of METLEN's Asset Rotation model, disciplined capital allocation, and strong cash generation. • Net debt declined by €495 million, while Adjusted Net Debt declined by €728 mill
Slide 17: Strategy & Operational Review
03 Strategy & Operational Review
Slide 18: A synergetic powerhouse: Multiplying value through integration
A synergetic powerhouse: Multiplying value through integration The Metals Pillar – Vertical Integration & Cost Leadership Synergetic Loop The Energy Pillar – Efficiency and Flexible Assets Energy to Metals: “Smelter as a battery” Metals to Energy: Price Insulation Stable Smelters act as demand-side
Slide 19: Market overview – Middle East tensions driving market volatility
Market overview – Middle East tensions driving market volatility Key Highlights Rising aluminium premia supported by Iran conflict Aluminium price has risen as supply risks increase (USD/t) Price change since December 2024 5,000 • METLEN has fully hedged its aluminium and alumina 60% 1,200 productio
Slide 20: Capital Allocation
Hy O4 Capital Allocation
Slide 21: The Pillars of Our Financial Strategy: Sustainable Growth and Shareholder Value
The Pillars of Our Financial Strategy: Sustainable Growth and Shareholder Value Earnings Growth with Financial Resilience Achieving robust EBITDA growth while maintaining a strong balance sheet to support future opportunities Disciplined Capital Allocation Prioritizing high-return investments in ren
Slide 22: Prudent Capital Allocation Supporting Sustainable Growth and the Path to IG
Prudent Capital Allocation Supporting Sustainable Growth and the Path to IG Leverage Ratio Executing on a clearly defined trajectory toward investment- grade credit ratings with Net 5.0 bn Leverage Leverage Debt / EBITDA target below 2.0x Liquidity Ratio Ratio Financial Risk Consistent and Disciplin
Slide 23: Financial discipline ensures growth & resilience through the cycle
Financial discipline ensures growth & resilience through the cycle Revenue grew across all divisions, particularly strongly at Energy Net debt (€mm): 390 421 535 803 716 1,453* 1,766* 2,102* 1,374* 1,200 1,051 1,080 3.1* 3.5 1,014 Maintenance 1,000 capex: 3 c.€137m p.a. level. 822 801 2.2 715 753 2.
Slide 24: ESG
05 ESG
Slide 25: Performance overview
Performance overview ESG Performance ESG Distinctions Key Scale HY 2025 HY 2026 Y-Y ESG Raters (high – low) ✓ METLEN remains the only Greek-based company in the Dow Jones Best-in-Class Emerging Markets Index for the 4th consecutive year. 100 - 0 70 76 AAA -CC AA AA New assessment is currently ✓ METL
Slide 26: METLEN ESG Performance vs. FTSE 100 Sector Peers
METLEN ESG Performance vs. FTSE 100 Sector Peers* Highest Metlens’ Metlens’ Position vs Raters Performance Performance FTSE 100 Sector Peers AAA AA 3rd (Leaders Group) <10 New assessment is currently underway (Negligible Risk) 100 76 1st METLEN plc: • Ranks among the ESG leaders within its FTSE 100
Slide 27: Thank you
Thank you
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