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Equity Bottom-Up

Mytilineos Holdings Sa / Equity Bottom-Up

Metlen Energy & Metals’ 9M25 trading update reported turnover of €5,115m (+22% y-o-y), with all major divisions reporting gains: Energy €4,070m (+18%), Metals €690m (+9%) and Infrastructure & Concessions €356m (+171%). The update does not include EBITDA, however management stated the group is on track to meet its full-year EBITDA target (>€1bn). Today’s update also confirms progress on the April 2025 capital markets day (CMD) initiatives: Circular Metals has entered commissioning; Volos Plant 3 is slated for Q226; the 330MW/790MWh stand-alone storage unit targets Q226; and the bauxite, alumina and gallium investment continues to advance. We retain our forecasts and valuation.

Metlen Energy & Metals’ 9M25 trading update reported turnover of €5,115m (+22% y-o-y), with all major divisions reporting gains: Energy €4,070m (+18%), Metals €690m (+9%) and Infrastructure & Concessions €356m (+171%). The update does not include EBITDA, however management stated the group is on track to meet its full-year EBITDA target (>€1bn). Today’s update also confirms progress on the April 2025 capital markets day (CMD) initiatives: Circular Metals has entered commissioning; Volos Plant 3 is slated for Q226; the 330MW/790MWh stand-alone storage unit targets Q226; and the bauxite, alumina and gallium investment continues to advance. We retain our forecasts and valuation.

Metlen Energy & Metals — 9M25 trading update: Guidance intact

Metlen Energy & Metals delivered record revenue of €3.6bn in H125, up 45% y-o-y, while group EBITDA fell by 6% to €445m after losses on a UK power project. Excluding this, underlying earnings were closer to €577m, a record semi-annual profit performance consistent with unchanged guidance of more than €1bn in 2025. Net profit was €254m and net debt around 2.0x EBITDA. Renewables and utilities made record contributions, while alumina was resilient and infrastructure earnings almost tripled. The project loss was exceptional and fully recognised. Medium-term growth pillars in gallium, defence and circular metals remain on track and the recent London listing, with UK 100 entry, has broadened the group’s market profile.

Metlen Energy & Metals delivered record revenue of €3.6bn in H125, up 45% y-o-y, while group EBITDA fell by 6% to €445m after losses on a UK power project. Excluding this, underlying earnings were closer to €577m, a record semi-annual profit performance consistent with unchanged guidance of more than €1bn in 2025. Net profit was €254m and net debt around 2.0x EBITDA. Renewables and utilities made record contributions, while alumina was resilient and infrastructure earnings almost tripled. The project loss was exceptional and fully recognised. Medium-term growth pillars in gallium, defence and circular metals remain on track and the recent London listing, with UK 100 entry, has broadened the group’s market profile.

Metlen Energy & Metals — Resilient core, one-off project impact in H1

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mytilineos-holdings-sa" target="_blank" data-smartkarma-citation="entities:25114:1" rel="noopener">Mytilineos Holdings Sa (MYTIL GA)</a> is projected to be added to F100 following its change of incorporation and primary listing from Greece to UK.</li>
<li>A methodology change in currency trading requirements is expected to result in <a href="https://www.smartkarma.com/entities/princess-private-equity-holdin" target="_blank" data-smartkarma-citation="entities:22083:1" rel="noopener">Partners Group Private Equity (PEY LN)</a> and <a href="https://www.smartkarma.com/entities/biopharma-credit-plc-fund" target="_blank" data-smartkarma-citation="entities:28317:1" rel="noopener">BioPharma Credit PLC (BPCR LN)</a> entering F250.</li>
<li>
<a href="https://www.smartkarma.com/entities/oakley-capital-investments-limited" target="_blank" data-smartkarma-citation="entities:23334:1" rel="noopener">Oakley Capital Investments (OCI LN)</a> is expected to be included in F250 following its listing transfer from AIM to the Main market of the LSE.</li>
</ul>



Mytilineos Holdings Sa (MYTIL GA) is projected to be added to F100 following its change of incorporation and primary listing from Greece to UK.
A methodology change in currency trading requirements is expected to result in Partners Group Private Equity (PEY LN) and BioPharma Credit PLC (BPCR LN) entering F250.

Oakley Capital Investments (OCI LN) is expected to be included in F250 following its listing transfer from AIM to the Main market of the LSE.


UK Index September 2025 Forecast: Greece in F100 & Other New Candidates in F250

At its recent capital markets day (CMD), Metlen confirmed its preparations for a London Stock Exchange listing and unveiled a new medium-term target to reach EBITDA of €2bn per year through a range of new organic business initiatives. In this note we update our numbers, incorporating some of these growth plans, which, along with some other updates, results in an uplift in our valuation from €49/share to €60/share, driven primarily by a rise in our DCF valuation to €66/share to reflect long-run growth options. Metlen is an energy (renewables, natural gas utility and regional electricity) and metals (bauxite, alumina, aluminium and planned gallium) business, with strong synergies across these activities. It is positioning itself in growth markets and, in our view, will be a unique and attractive new stock when it lists on the London Main Market.

At its recent capital markets day (CMD), Metlen confirmed its preparations for a London Stock Exchange listing and unveiled a new medium-term target to reach EBITDA of €2bn per year through a range of new organic business initiatives. In this note we update our numbers, incorporating some of these growth plans, which, along with some other updates, results in an uplift in our valuation from €49/share to €60/share, driven primarily by a rise in our DCF valuation to €66/share to reflect long-run growth options. Metlen is an energy (renewables, natural gas utility and regional electricity) and metals (bauxite, alumina, aluminium and planned gallium) business, with strong synergies across these activities. It is positioning itself in growth markets and, in our view, will be a unique and attractive new stock when it lists on the London Main Market.

Metlen Energy & Metals — Sights set for London and €2bn/year EBITDA

Metlen’s FY24 results are scheduled for release on 20 February. We are expecting the conference call discussion to focus on the medium-term growth outlook, given the company’s recent announcement of an additional €300m investment in bauxite, alumina and gallium production, as well as its progress towards a listing on the London Stock Exchange (expected in H225).

Metlen’s FY24 results are scheduled for release on 20 February. We are expecting the conference call discussion to focus on the medium-term growth outlook, given the company’s recent announcement of an additional €300m investment in bauxite, alumina and gallium production, as well as its progress towards a listing on the London Stock Exchange (expected in H225).

Metlen Energy & Metals — FY24 results to maintain €1bn+/year EBITDA

Greece

Mytilineos Holdings S.A. is an industrial group and an independent energy producer. The Company's activities include aluminum and base metals production, energy and infrastructure projects construction, production of thermal power and supply and trade of natural gas.

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Mytilineos Holdings Sa (MYTIL GA)

Metlen Energy & Metals — 9M25 trading update: Guidance intact

Metlen Energy & Metals’ 9M25 trading update reported turnover of €5,115m (+22% y-o-y), with all major divisions reporting gains: Energy €4,070m...

Edison Investment Research

Metlen Energy & Metals — Resilient core, one-off project impact in H1

Metlen Energy & Metals delivered record revenue of €3.6bn in H125, up 45% y-o-y, while group EBITDA fell by 6% to €445m after losses on a UK...

Edison Investment Research

UK Index September 2025 Forecast: Greece in F100 & Other New Candidates in F250

MYTIL is projected to join UK's F100 after changing incorporation and primary listing from Greece to UK; PEY and BPCR are expected to enter F250...

Dimitris Ioannidis

Metlen Energy & Metals — Sights set for London and €2bn/year EBITDA

At its recent capital markets day (CMD), Metlen confirmed its preparations for a London Stock Exchange listing and unveiled a new medium-term...

Edison Investment Research

Metlen Energy & Metals — FY24 results to maintain €1bn+/year EBITDA

Metlen’s FY24 results are scheduled for release on 20 February. We are expecting the conference call discussion to focus on the medium-term growth...

Edison Investment Research

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