THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 ("EU MAR") AND ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM (THE "UK") BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

Metlen Energy & Metals PLC
(the "Company")

METLEN UPDATES ITS 2025 GUIDANCE AND REAFFIRMS ITS MEDIUM-TERM OUTLOOK

The Company today announces that, whilst its underlying core business has performed robustly and in line with expectations, due to unanticipated cost overruns in its M Power Projects (MPP) business and the timing of the closing of certain transactions in its asset rotation plan of M Renewables, the Company will not achieve its EBITDA target, and now expects 2025 EBITDA to come c. 25% lower.

Additional background is set out below:

1.   M Power Projects Challenges

At its half year 2025 results, the Company announced that the performance of M Power Projects (now part of the Renewables, Storage & Energy Transition [MRES‑ET]) had been impacted by unforeseen challenges primarily at the Protos project in the UK, leading to higher costs and timeline extensions.

As part of the enhanced policies and procedures put in place following the Company's listing on the London Stock Exchange, new quarterly reviews of all projects are undertaken to ensure that the costs, timelines and budgets are in line with expectations. As part of the Company's ongoing Q4 and FY2025 closing process, the Company has also identified additional cost overruns and schedule delays solely impacting the performance of MPP without affecting its core activities. Impacted projects are now expected to be completed on time and within the revised budget.

Management has already put in place additional operational controls and measures to enhance oversight of these projects going forward. In parallel, as part of the recent corporate transformation "Big 3", the former M Power Projects division has now been fully re-organized and integrated into the new MRES‑ET segment, which builds on the internationally successful MRES business.

2.   Timing of Closing of M Renewables Asset Rotation Plan Transactions

Three M Renewables asset rotation transactions (UK, Spain and Australia) were originally expected to close by the end of calendar year 2025. The closing of the UK transaction was announced on 4 February 2026.

The annual audit of the Company's consolidated full year 2025 results is ongoing and results are scheduled to be published on 31^st March 2026. METLEN retains a strong balance sheet, with liquidity above €4bn at end-2025 and adjusted net debt broadly in line with H1 2025 at c.€2bn, demonstrating resilience and steady execution across its core business. Underlying profitability adjusted for MPP losses would have been in line with prior guidance of €1bn EBITDA.

2026's performance has started well, reflecting strong market trends, positive performance of the Company's core business and good progress of ongoing initiatives across its growth pillars.

The Company's medium-term guidance, as announced during its 2025 Capital Markets Day in April 2025, remains unchanged at €1,900-2,080 million of EBITDA in the medium term through organic growth, while potential M&A transactions in Western Europe expected to reach final decision stage in the short term.

Important Notices:

The person responsible for arranging the release of this announcement on behalf of Metlen PLC is Leda Condoyanni, Company Secretary

LEI number: 213800ZSR3HVKMMPVG86

Enquiries:

For further information please contact

Investor Relations

Tel. +30 210-6877300 | Fax +30 210-6877400 | E-mail: [email protected]

Press Office

Tel. +30 210-6877346 | Fax +30 210-6877400 | E-mail: [email protected]

Disclaimer

This announcement contains statements which are or may be deemed to be 'forward-looking statements'. Forward-looking statements involve risks and uncertainties because they relate to events and depend on events or circumstances that may or may not occur in the future. All forward-looking statements in this announcement reflect the Company's present view with respect to future events as at the date of this announcement. Forward-looking statements are not guarantees of future performance and actual results in future periods may and often do differ materially from those expressed in forward-looking statements. Except where required by law or regulation, the Company undertakes no obligation to release publicly the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect any events or circumstances arising after the date of this announcement.