Half Year 2026 Metlen Energy & Metals PLC Earnings Call Transcript

Aug 6, 2026 / 10:00 AM GMT

Release Date Price: €49.2 (+6.77%)

Transcript

Key Points

Positve

Metlen Energy & Metals PLC (FRA:X4Z) delivered a strong H1 2026 with group EBITDA up 23% to $550 million and net profit up 23% to $313 million, driven by growth across all segments.
The company achieved a significant deleveraging, reducing net debt to EBITDA to 1.7x from 3.1x at the end of 2025, well ahead of its year-end target of below 2x.
Metlen Energy & Metals PLC (FRA:X4Z) secured its first commercial gallium contract, covering a significant portion of future production, and is exploring expansion to 60 tons, with current market prices at $3,250/kg versus $800/kg at its Capital Markets Day.
The metals segment benefited from a successful hedging strategy, locking in progressively higher prices for aluminum and alumina for 2026-2028, providing strong earnings visibility.
The infrastructure and concessions segment saw EBITDA nearly triple to $82 million, with a backlog exceeding $2 billion, while the defense business is accelerating with EBITDA expected to grow from $30 million in 2026 to $85 million in 2027.
Operating cash flow exceeded EUR800 million, driven by strong cash conversion and disciplined working capital management, including customer prepayments and collection of overdue receivables.

Negative

Metlen Energy & Metals PLC (FRA:X4Z) continues to incur additional completion costs on legacy EPC projects (the 'problematic' ones), which negatively impacted H1 results, though management states the worst is behind them.
The company's renewables under-construction pipeline is currently below operational capacity, a temporary dip attributed to a shift in mix towards more battery storage and hybrid projects, which may delay some revenue recognition.
Management declined to raise full-year 2026 guidance despite strong H1 performance, preferring to stay conservative, which may disappoint investors expecting an upgrade.
The company's large cash balance generates relatively low interest income due to funds being held in SPVs across a broad geographical footprint, making cash pooling challenging and limiting returns.
There is a risk that European consumers may be left out of gallium sales due to lower interest from European buyers compared to American, Japanese, and South Korean consumers, potentially limiting local strategic benefits.
The company faces potential political and geopolitical risks, including upcoming Greek elections, which could destabilize the market and affect the medium-term roadmap.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MTLN.L - Metlen Energy & Metals PLC
Half Year 2026 Metlen Energy & Metals PLC Earnings Call
Aug 06, 2026 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by. I am Yeli, your chorus call operator. Welcome and thank you for joining the Mettlin Energy and Metals PLC conference call to present and discuss the Mettlin first half 2026 financial results. At this time, I would like to turn the conference over to Mr. Hevagueros Mitrilineos, Executive Chairman, Mr. Christos Gavalas, Group CEO, Ms. Fotinillo Anu, Group CFO, and other senior executives. Mr. Mitrilineos, you may now proceed.

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Unidentified_2 [2]
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Good afternoon to Greek friends. Good

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