The Greek multinational is moving against foreign institutional investors who have questioned Metlen's balance sheet. The factor that will decide this "battle" is none other than the Q1 2026 financial results. Should these show significant progress—driven by the rise in aluminum and natural gas prices—it is theoretically possible they will trigger a short squeeze, resulting in massive share buybacks by hedge funds. On April 27, Metlen Chairman E. Mytilineos pointed out that the second wave of the revolution in renewable energy will focus on security of supply rather than just decarbonization. Metlen continues to invest in green energy with 2026 plans for the installation of 3.3 GW of solar capacity and 1.8 GW in energy storage and battery systems across multiple countries globally. Furthermore, he added that the total global portfolio will reach 11.9 GW, a 7% year-on-year increase, while there has been a massive flow of requests since the start of the war. "We are already drafting our plans for a significant strengthening of the M-Renewables and Energy Transition platform, which also includes networks and data centers," he concluded.
London short positions reach €268 million – €190 million declared in Athens
The latest data seems to be of little concern to the five hedge funds holding a combined open short position of 3.81994% in Metlen stock, according to the Capital Market Commission. These foreign hedge funds, many of which opened positions anticipating the annual results, continue to hold bets totaling approximately €190 million in absolute terms. Specifically, the largest position is held by Ako Capital at 1.26799%, initiated on April 22, followed by JP Morgan Asset Management at 0.8001% and Qube Research at 0.51615%. Regarding the shorting of shares, Marshall Wace returned on April 10 with 0.72087% after closing a previous position, along with Voleon Capital Management at 0.51481%. However, British websites indicate that total open short positions actually amount to 5.36% across seven hedge funds, representing €268 million.
Positions not yet announced in Athens
Specifically, beyond those mentioned above, there are Eleva Capital with 0.62% (April 13), Kintubury Capital with 0.94% (April 22), and White Creek Capital with 0.51% (April 14). These firms are obligated to announce their positions in Athens as well, but this has not yet occurred. As regulations in Athens stipulate that disclosure is not required for short positions below 0.50%, there may be even more open selling positions currently active. According to market analysts, it is possible that several funds hold a long position in the Greek Index while remaining short on Metlen, while other funds may have borrowed shares without having proceeded to sell them yet. The actual percentage of negative sell positions is, in any case, something the company itself is able to monitor. Consequently, a closing of positions may occur either before or after the expected results period (April 7), provided there are indications of higher profits for the first quarter of 2026. Conversely, should the results continue to lean toward a negative tone, an increase in positions cannot be ruled out.
Dimitris Pafilas
dpafilas@yahoo.com
www.bankingnews.gr
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