METLEN Nine-Month Revenue Rises 21% as EBITDA Guidance Holds

METLEN Energy & Metals reported revenue of €6.21 billion for the nine months ended September 30, 2026, up 21% from €5.12 billion in the same period of 2025, in its trading update published November 5, 2026. The company reaffirmed full-year 2026 EBITDA guidance of €1.00 billion to €1.15 billion despite disruption to its largest thermal power generator.

Energy revenue rose 22% to €4.95 billion from €4.07 billion. Infrastructure & Concessions revenue increased 50% to €534 million from €356 million, while Metals revenue rose 6% to €728 million from €690 million. METLEN described the total as its highest-ever nine-month revenue and maintained a medium-term EBITDA target of €1.92 billion to €2.08 billion.

Power Generation Fell During the H-Class Outage

The H-Class combined-cycle gas turbine plant was offline for 44 days after a hydrogen leak in its generator stator cooling system. Repairs were completed and the plant returned to full operation on October 12, 2026, after the reporting period ended.

METLEN’s Greek electricity generation fell 6% to 6.5 terawatt-hours (TWh) from 6.9 TWh. Thermal generation declined to 5.9 TWh from 6.4 TWh, while Greek renewable generation increased 23% to 0.6 TWh from 0.5 TWh. The revenue increase therefore came alongside lower, rather than higher, output from the company’s Greek generation fleet.

Retail supply provided a different picture. Protergia supplied 7.9 TWh of electricity, up 5% from 7.5 TWh, although its electricity customer base fell to 628,000 meters from 650,000. Natural-gas supply rose 28% to 2.3 TWh from 1.8 TWh, and gas meters increased to 72,000 from 64,000. Fully Integrated Energy Utility revenue increased 24% to €3.73 billion, showing growth across a business that includes generation, supply and trading rather than generation alone.

Project Execution and New LNG Agreements

In September 2026, METLEN agreed to sell the Tamarico II hybrid project in Chile to Copec Flux SpA, backed by Copec S.A. The project comprises 165 MW of solar capacity and 725 MWh of battery storage. The announcement records the signing of a sale and purchase agreement rather than a completed disposal.

Third-party engineering, procurement and construction activity had 3.4 GW/3.6 GWh under construction across solar, battery and hybrid projects. Of that portfolio, 1.3 GW/2.8 GWh was energized during the nine-month period.

METLEN also added longer-term gas supply agreements. A five-year PETRONAS agreement through PETCO Trading Limited covers six LNG cargoes annually, approximately 0.6 billion cubic metres a year, beginning in 2027. On November 2, 2026, METLEN signed a separate binding five-year agreement with Shell Global LNG Limited for six cargoes annually from 2027, sourced primarily from Shell’s US LNG portfolio.

METKA Listing Remains Under Review

METKA Group is consolidating construction, concessions, public-private partnership investments and facility-management activities into an integrated infrastructure platform. METLEN is reviewing strategic options, including a potential Euronext Athens listing, to support the group’s growth, capital requirements and financial autonomy. Any transaction remains subject to market, corporate and regulatory considerations.

The review accompanies efforts to add contracted work and execution capacity. METKA, in a joint venture with DOMIKI KRITIS, signed a €60.5 million road contract with Greece’s Ministry of Infrastructure and Transport covering three interchanges and completion of part of the Western Aigaleo Ring Road, with a 36-month construction period. METKA also agreed to acquire a 49% stake in Greek earthworks specialist KOSMO KATASKEVASTIKI S.A. The update cautions that the existing Infrastructure & Concessions segment and new METKA Group are not directly comparable because their scope and perimeter differ.

The immediate financial question is whether restored H-Class output and continued project execution can help METLEN turn nine-month revenue growth into earnings within its reaffirmed full-year range. METKA’s possible listing remains a separate, unresolved decision about how the infrastructure platform will fund and organize its next stage of growth.