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 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.