Metlen delivers formidable performance: Full target reset with 37% revenue surge in Q1 2026

The start of 2026 was dynamic for Metlen, exceeding expectations and reflecting steady momentum across the Energy, Metals, and Infrastructure sectors, combined with the consistent implementation of its strategic investment program.

The company remains on course to hit the milestones established during its London investor presentation. Specifically, performance for the first quarter of 2026 included:

• Revenue up 37% year-on-year to €2.05 billion.

• Simplification of the Energy Sector into two business lines.

• Restructuring of former MPP activities and integration into the M RES-ET platform.

• Reorganization of the Metals Sector targeted across three growth pillars.

• Significant energy storage portfolio of ~2GW through strategic partnerships.

• Investment in a 283MW solar portfolio in the UK under the Asset Rotation Model.

• Participation in the VOAK highway concession project.

• New offices in London.

Executive Chairman Evangelos Mytilineos stated:

"METLEN started 2026 with strong momentum across all sectors of activity. Our steady investments in the energy transition, critical raw materials, and defense, combined with the disciplined implementation of our strategy, place the Company in a strong position to respond effectively to a complex geopolitical environment while ensuring sustainable growth."

Strategic transformation in full swing during the first quarter

Simplification of the Energy Sector

METLEN reorganized its five individual energy activities into two integrated platforms in 2025:

1. Fully Integrated Utility: Power generation and retail supply, natural gas supply, and trading.

2. Renewables, Storage & Energy Transition Platform (M RESET): RES portfolio, asset rotation, storage development, networks, and data centers.

   This new structure is expected to enhance implementation speed, commercial coordination, and capital efficiency.

Completion of MPP Restructuring

The MPP division has been fully restructured, with its activities integrated into the M RESET platform, creating a new structure focused on selective international opportunities and disciplined execution.

Repositioning Metallurgy for Growth

METLEN has also reorganized its Metals Sector into three strategic pillars, repositioning it within a broader European platform for strategic materials and industrial technologies:

1. Vertical Aluminium Value Chain

2. Critical Raw Materials & Circular Metals

3. M Technologies (defense and industrial applications)

2. Update on business sector operations

2.1. Energy Sector

The Energy Sector's turnover showed significant growth, reaching a total of €1.641 billion in Q1 2026, a 39% increase compared to €1.180 billion in the same period last year. Breaking down the revenue split, the Fully Integrated Energy Utility business line contributed €997 million, reflecting a 6% rise. Meanwhile, the Renewables, Storage & Energy Transition Platform (M RESET) experienced an explosive 168% surge, with revenues climbing to €644 million from €240 million in Q1 2025.

Strategic agreements with the PPC Group and the Tsakos Group bolstered the storage portfolio, which now stands at approximately 2GW in Greece and international markets.

• METLEN signed a Memorandum of Understanding (MoU) with Shell for the supply of up to 1 bcm annually for the 2027–2031 period.

• A 283MW solar portfolio in the United Kingdom was sold to Schroders Greencoat, confirming the successful execution of the Asset Rotation strategy.

2.2. Metals Sector

In terms of financial performance, the sector’s turnover reached €234 million in Q1 2026, compared to €228 million in Q1 2025, marking a 3% increase. Regarding total production volumes, alumina production rose by 2.1% to 215 thousand tonnes. While primary aluminum saw a decrease of 4.9% to 42 thousand tonnes, this was offset by a 19.3% surge in recycled aluminum, which reached 16 thousand tonnes. Consequently, the total aluminum production for the quarter remained stable at 58 thousand tonnes, a slight overall increase of 0.7%.

The Metals Sector benefited from favorable aluminum prices, resilient premiums, and the advantages of METLEN’s fully vertically integrated production model.

• During the quarter, the investment program in bauxite, alumina, and aluminum progressed with funding from the European Investment Bank, including Europe's first industrial gallium production unit. Strong interest is noted from the US, Japan, and Europe, with offtake agreements expected soon. Initial production is slated for 2027, scaling to 50 tonnes annually by 2028.

• The Circular Metals sub-sector is progressing positively, with encouraging results from the pilot plant and optimization of the expansion plan in the final stretch, expected within the year.

• M Technologies continued to grow through the acquisition of an additional unit (formerly NK Trailers), bringing operational units to six. Key targets are moving faster than planned, supporting the rising demand for defense systems. Furthermore, cooperation with Naval Group was strengthened with equipment deliveries for the FDI frigate program and a new cooperation agreement for submarine and surface vessel projects.

2.3. Infrastructure & Concessions Sector

The Infrastructure and Concessions Sector continues to perform according to management's forecasts for profitability and growth, nearly doubling its turnover in Q1 2026 compared to the same period in 2025. All projects are proceeding smoothly and on schedule. METKA ATE maintains a leading position in the industry, enjoying market recognition and securing a robust project portfolio. The total backlog of infrastructure projects, including those in advanced stages of imminent contracting, approaches €2.2 billion. Leveraging its expertise and strategic positioning, METKA ATE and M Concessions are strengthening their foothold in public and private works, as well as PPP projects, contributing significantly to long-term value creation.

In February 2026, METLEN agreed to participate with a 24% stake in the DIKTAION CONCESSIONS Single Member S.A. for the "Northern Road Axis of Crete (VOAK) – Chania – Heraklion Section," while METKA ATE will participate with a 30% stake in the construction consortium. Within the first quarter, METKA signed for the construction of the Casino and Hotel complex in Maroussi and the Holocaust Museum in Thessaloniki. It was also declared the provisional contractor for the Skaramangas Triple Interchange project.

Outlook

The first quarter of 2026 confirms METLEN’s strong position within its diversified business model, with all sectors contributing to growth. The Company operates in an environment of heightened geopolitical tensions and ongoing conflicts, which affect energy markets, supply chains, and defense demand.

At the same time, these conditions highlight the strategic importance of METLEN’s synergistic business model, further strengthened by its activities in energy security, critical raw materials, and defense solutions.

For 2026, Management remains cautiously optimistic, with prospects supported by a strong project backlog, rising demand, and prices in key sectors, as well as the ongoing implementation of the investment program. Further details will be presented at the Annual General Meeting on May 21, 2026, in accordance with the Company’s long-standing practice.

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