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 (+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.