METLEN ENERGY & METALS PLC

("METLEN", OR "THE COMPANY")

Financial Results

for the year ended 31 December 2025

METLEN Energy & Metals PLC (LSE Listing: MTLN, RIC: MTLN.L, Bloomberg: MTLN.LN | Athens Listing: MTLN, RIC: MTLNr.AT, Bloomberg: MTLN.GA, ADR: MYTHY US) today announces the FY 2025 results.

ü  Revenue rose to €7,107 million, up 25% from €5,683 million in 2024, reflecting METLEN's strong growth momentum.

ü  Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to €753 million, compared to €1,080 million in 2024, primarily reflecting the impact of losses in the M Power Projects (MPP) sub-sector (now part of Renewables, Storage & Energy Transition - MRES ET)

ü  Net profit after minorities stood at €314 million, compared to €615 million in 2024, with Earnings per Share (EPS) at €2.20 versus €4.46 in the prior year.

ü   Proposed dividend of €1.00 per share

ü In August 2025, METLEN was admitted to trading on the London Stock Exchange and subsequently included in the FTSE 100 and MSCI UK Indexes, marking a significant milestone that underscores its sustained growth, strong investor confidence, and enhanced international capital markets presence.

Commenting on the Financial Results Evangelos Mytilineos, Executive Chairman, stated:

"2025 was marked by geopolitical uncertainty, trade tensions and volatility in global energy and metals markets.

For METLEN, 2025, was a historic year, as the Company was listed on the London Stock Exchange and subsequently included in the FTSE 100 and MSCI UK Indexes, marking the beginning of a new chapter focused on growth, international expansion and enhanced access to global capital markets. This was followed by a new corporate transformation - the third in less than a decade - reflecting the continued evolution of our business.

Despite this challenging and fluid operating environment, as well as the pressures faced within the MPP sub-sector, METLEN delivered a strong performance across its core Sectors.

The strategic investments presented at our April 2025 Capital Markets Day (CMD) are progressing as planned. Alongside our established activities, we are further strengthening our growth profile through new strategic pillars, including Critical Metals- such as gallium - Circular Metallurgy, and the scaling up of our defence business, all of which are expected to strengthen the synergies across our businesses and support the delivery of our medium-term strategic and financial objectives.

METLEN operates in a dynamic global environment where geopolitical developments and market volatility could influence a company's performance. Periods of heightened uncertainty, including potential conflicts in key energy-producing regions such as the Persian Gulf, typically increase volatility in energy and commodity markets, creating both risks and upside potential for well-managed companies. METLEN's diversified portfolio, disciplined risk management framework, and active hedging strategies are designed to mitigate downside risks while enabling METLEN to capitalize on favorable market conditions. During such periods, stronger commodity prices and enhanced trading conditions can support revenue growth across both the energy and metals sectors."

1.   KEY FINANCIAL FIGURES

 1. non-GAAP/Alternative Performance Measures (APM)

2. Earnings after Tax after minorities

Revenue reached €7,107 million in 2025, up 25% from €5,683 million in 2024, primarily fuelled by a record performance of M Renewables sector and more than a twofold increase in the top line of the Infrastructure and Concessions sector.

EBITDA declined by 30% to €753 million, compared to €1,080 million in 2024, despite the strong performance of the core business which continues to demonstrate robust growth momentum. The decrease in EBITDA reflects previously stated project execution-related losses, mainly associated with the Protos project in the UK, which resulted in cost overruns and schedule delays.

METLEN performed a comprehensive review of all MPP projects and has booked losses for cost overruns to date as well as projected cost overruns and potential claims that may arise in the future through METLEN's contractual obligations.

In line with its track-record of safeguarding shareholder interests, METLEN successfully completed the irrevocable partial monetisation of a legal claim in 2025 for €130 million. METLEN holds a number of similar legal claims arising from its ordinary operations and may monetise part of these claims while retaining the upside upon final resolution. Gains from the sale of such claims are recognised in Other Operating Income.

Adjusting for significant unexpected project losses and partial monetization of claims, the EBITDA of METLEN would have exceeded €1 billion.

M Renewables, Storage and Energy Transition Platform (M RES ET) recorded a c.78% year-on-year decline in profitability due to the aforementioned MPP - related losses. Renewables (Greece and internationally) continued its strong growth trajectory, with profitability increasing by approximately 45% year-on-year (following a similar increase in 2024 versus 2023). This sustained growth is expected to continue, supported by a capital-efficient, self-funded business model and a geographically diversified portfolio, which together provide a competitive advantage over more traditional renewable energy operators.

Fully Integrated Energy Utility (comprising of energy generation, electricity & natural gas supply) delivered another solid performance, broadly in line with 2024, further reinforcing its position as a leading integrated energy provider in Greece. METLEN continued to strengthen its presence across both generation and supply. By year-end, METLEN's electricity supply market share exceeded 21% in Greece, while its generation accounted for approximately 19% of total Greek production, benefiting from the strategic advantages of vertical integration within the Energy Sector. Growth in supply market share was supported by competitive pricing, underpinned by the operation of Greece's most efficient thermal fleet, with business margins consistently maintained above 20%.

Metals Sector profitability was constrained by higher electricity costs, which weighed on margins. METLEN is transitioning to a greener, progressively lower-cost electricity mix, supported by both its own and third-party renewable energy production, further enhancing its cost structure. Increasing renewable energy penetration in METLEN's electricity mix is expected to deliver structurally lower and more stable costs, materially reducing exposure to energy price volatility. This performance will be further enhanced by the strategic synergies between METLEN's Energy and Metals Sectors. Particularly, the aluminium plant operates as a "virtual battery," taking advantage of periods of low electricity prices driven by market oversupply. These operational and strategic advantages position METLEN among the most competitive aluminium producers globally, despite the persistently high energy costs in Europe and the associated production challenges.

Infrastructure and Concessions Sector, EBITDA doubled to €100 million, up from €50 million in 2024, reflecting strong execution and increased activity. The backlog of contracted and near-award projects is approaching €2 billion, providing clear visibility on future revenues. The outlook for the Greek construction sector remains highly favourable, underpinned by robust momentum across public and private infrastructure projects, as well as concession schemes.

2.   SECTORAL OPERATIONAL UPDATES

2.1. Energy Sector

Energy Sector reported revenue of €5,633 million, representing 79% of METLEN's total revenue and increasing by 23% compared to the previous year. EBITDA stood at €443 million, 41% lower vs. 2024.

METLEN, through its new dynamic and flexible structure, is well positioned to face current as well as upcoming challenges. Moreover, METLEN is strategically positioned at the forefront of Energy Transition as a leading and integrated energy company, with an international presence in the entire spectrum of the energy sector (Renewables, Energy Generation as well as electricity and natural gas supply).

METLEN stands as the largest independent fully integrated utility in Greece, leveraging its robust presence to expand across Southeast Europe. METLEN is benefiting from a diversified energy platform combining efficient thermal generation, renewable assets, energy trading, and downstream supply activities. This integrated model allows METLEN to capture value across the electricity value chain while maintaining flexibility in a volatile power market.

2.1.1.  Renewables, Storage & Energy Transition Platform

Renewables Storage & Energy Transition Platform generated Revenue of €2,274 million, representing 32% of METLEN's total revenue. EBITDA came in at €86 million. The notable decline year-on-year, despite robust performance from M Renewables (now part of Renewables, Storage & Energy Transition Platform), reflects the impact of losses incurred in the Engineering, Procurement, and Construction -EPC (former MPP sub-sector) of the Renewables Storage & Energy Transition Platform.

1.     Includes projects of all technologies (photovoltaic, energy storage, wind), excluding the projects in Canada and projects that are included in the PV deal with PPC

2.     Project Ready to Built (RTB) or that will reach RTB stage within the next ~ 6 months

METLEN's operational portfolio reached 1.3GW by year-end 2025. Overall, the global portfolio reached 11.9GW, up ~7% versus the start of the year.

In 2025, global electricity generation from RES totaled 1.4TWh, comprising 0.7TWh from domestic (Greek) assets and 0.7TWh from international operations. International RES output declined as a result of the sale of Chilean assets during the year. The results highlight METLEN's continued acceleration in renewable energy growth and its expanding global presence.

METLEN leveraged its diversified global footprint and Asset Rotation Plan to further enhance the profitability of its Renewables, Storage & Energy Transition Platform, drawing on expertise and strategic partnerships in over 20 countries while optimizing financing. In 2025, METLEN executed SPAs totaling 1.5GW, including 0.6GW of PV projects combined with 1.6GWh Battery Energy Storage System (BESS) in Chile, 42MW in South Korea, and 0.9GW across Europe. A 283MW UK solar portfolio was negotiated in 2025 and closed in Q1 2026.

METLEN also secured long-term PPAs in Europe and Latin America: over 250GWh annually in Italy and the UK, and a 15-year BESS PPA in Chile delivering 450GWh p.a. from Q2 2026, backed by 322MW of BESS - demonstrating METLEN's integrated renewable generation and energy storage capabilities.

METLEN accelerated the development, construction, and management of BESS and hybrid projects in 2025, serving both third-party clients and its own portfolio. Pipeline continues to grow across Bulgaria, Greece, Chile, Italy, Spain, and Romania, with additional third-party BESS projects totaling 0.7GWh in the final contracting stage.

A major milestone was the Q1 2026 Joint Venture Agreement with PPC Group to develop, construct, and operate BESS projects totaling up to 1,500 MW / 3,000 MWh in Romania, Bulgaria, and Italy, strengthening METLEN's European storage footprint.

With regards to the 3rd-party EPC activities during 2025, new agreements cover solar projects of c.1.2GW, Hybrid projects of c.0.5GW/1.5GWh and BESS projects of c.1.0GWh across Greece, Chile, Bulgaria, Ireland, New Zealand, and the UK. Within 2025 METLEN, had under construction solar projects of c.2.2 GW, Hybrid projects of c.0.5 GW / c.1.5 GWh & BESS projects of c.2.4 GWh.

The former MPP sub-sector was integrated into the Renewables, Storage & Energy Transition platform in Q4 2025. Project execution challenges principally affecting three projects in the UK and Poland -most notably the Protos projects in the UK- led to significant cost overruns. The group implemented enhanced controls in this area following the listing on LSE.

All affected projects remain on track for commissioning in 2026 under revised timelines. METLEN has conducted a comprehensive review of all MPP and has identified no other significant cost overruns to date.

METLEN has since taken a series of targeted actions to materially strengthen execution oversight and financial control. These include enhanced accounting procedures to enable earlier identification of cost deviations, revised project budgeting disciplines, and a significantly higher cadence of project reforecasting and management review.

2.1.2.  Fully Integrated Utility

Fully Integrated Utility revenue rose 18% year-on-year to €3,911 million (55% of total), driven by higher electricity supply market share. EBITDA fell slightly to €357 million, down 2% versus €365 million in 2024, due to METLEN's electricity pricing strategy to expand market share, partially offset by strong performance from power generation and natural gas supply.

Greek Market Data

              ¹Renewable Energy Sources

2025 was marked by a 4% increase in domestic electricity production, supported- for the first time since the early 2000s-by meaningful electricity exports, which reached 3 TWh (c.6% of total Greek demand), compared to just 0.3 TWh in 2024. This further strengthens the consolidation of Greece's position as a net electricity exporter, reflecting improved system adequacy, enhanced export capacity, and increased interconnection utilization. The trend builds on the structural shift that began in the second half of 2024, supported by favorable regional market dynamics, signifying the strong foundations of the Greek electricity system.

The increase in generation was primarily met by natural gas-fired plants, with output rising 9% year-on-year, followed by renewables, which grew by 4%, offsetting reduced contributions from hydro and lignite, the latter continuing its structural decline. In terms of the generation mix, renewables accounted for 49% of total demand (up from 47% in 2024), while natural gas increased to 45% (from 41%), further underscoring the system's transition toward cleaner and more flexible generation sources.

Against this backdrop, METLEN's total power generation in Greece reached 9.7 TWh in 2025, up 3% year-on-year, representing 18.8% of total demand (from 18.2% in 2024), supported by both thermal and renewable assets. In 2025, METLEN delivered 7.8 TWh of output from its three CCGTs, continuing to achieve robust generation margins in excess of 20%, marking another year of strong operational performance.

METLEN's flexible and technologically diversified portfolio, anchored by the most efficient thermal fleet in Greece and a continuously expanding renewables base, enables METLEN to optimize dynamically between generation and trading opportunities. Looking ahead, METLEN is well positioned to benefit from Greece's strengthening export profile and rising electricity demand, driven by electrification and data center growth. Its ability to secure competitive natural gas sourcing through established partnerships further reinforces its competitive positioning.

Regarding electricity supply activities, Protergia continued to strengthen its position in the Greek retail market in 2025, with its market share rising to 21.4% (Independent Power Transmission Operator -ADMIE- market shares), compared to 18.2% at the end of 2024, reflecting a 18% year-on-year increase. This performance confirms METLEN's consistent momentum in the retail sector and places METLEN firmly above the 20% threshold of total Greek electricity consumption.

Looking ahead, METLEN remains committed to its strategic objective of evolving into an integrated, internationally active utility, with the medium-term goal of achieving a 30% market share in retail electricity supply in Greece, through mainly organic growth. Leveraging the vertical integration of its Energy Sector activities, METLEN has successfully established itself as the integrated energy provider of the new era ("Utility of the Future"), enhancing resilience against market volatility while delivering tangible benefits to end consumers.

METLEN's integrated model supports disciplined, competitive pricing, cushioning wholesale volatility while preserving attractive electricity supply pricing for customers. This has supported continued retail market share gains, reinforcing its competitive position and value proposition.

METLEN sold c.34 TWh of natural gas to third parties in 2025, with full-year margins ending slightly above H1 levels.

METLEN also entered its first LNG supply and trading cooperation agreement with Shell plc, establishing a framework for LNG transfers via Greek import terminals. The agreement enhances supply diversification and flexibility, reinforcing METLEN's position as a key regional gas player.

The value of natural gas supply and trading sector, is embedded across METLEN's fully synergistic business model, driving efficiency and competitiveness. Leveraging its scale and regional footprint, METLEN continues to strengthen its leading position in both electricity and gas markets, supporting long-term growth.

Anchored by innovation, operational excellence, and strategic market access, METLEN's energy sector remains a cornerstone of the company's growth strategy and medium-term profitability ambitions.

Looking ahead, profitability growth will be driven by the organic expansion of renewable energy and storage capacity, increasing electricity demand linked to electrification and data center infrastructure, as well as the scaling of energy management activities across Southeast Europe. Combined with METLEN's highly efficient thermal fleet and diversified natural gas procurement strategy, METLEN's energy sector is well positioned to deliver resilient earnings and act as a key driver of the Group's targeted profitability expansion.

2.2. Metals Sector

Metals Sector reported revenue of €907 million, representing 13% of the METLEN's total revenue. EBITDA declined to €225 million, down 24% versus 2024, driven primarily by higher energy costs.

The average aluminium price (3M LME) in 2025 stood at $2,638/t, up from $2,456/t in 2024, representing an increase of 7.4%. During the year, aluminium prices exhibited significant volatility while maintaining an upward trajectory, reaching $3,000/t levels in late December for the first time since 2022. In Q1 2026, prices continued their upward trend with increased volatility, peaking above $3,500/t before moderating.

Over the course of 2025, the global aluminium market ended broadly balanced to modestly in deficit. Prices were heavily influenced by trade tensions, particularly the introduction of U.S. import tariffs, which altered sourcing strategies and created regional cost premiums. These policy shifts triggered uncertainty among market participants, contributing to increased market volatility. A weakening U.S. dollar throughout much of the year made dollar-denominated commodities more attractive globally.

In the first months of 2026, the global aluminium market has been influenced by the ongoing Middle Eastern crisis, as aluminium production has been disrupted due to supply chain constraints tied to the Iranian conflict. At the same time, supply growth remains limited as Chinese smelters reach their self-imposed capacity cap. Together, these factors are expected to maintain market tightness and support continued price volatility.

Aluminium billet premia continued to play a pivotal role in shaping regional profitability throughout 2025, as premia in Europe remained elevated. Throughout the year, premia held firm within a historically elevated range of $500-$530/t, reflecting a structurally tight European market. This sustained strength was primarily driven by limited domestic supply as well as persistently high energy costs. As in the previous year, Europe continued to rely heavily on imports from third countries to meet its billet needs, reinforcing the region's premium resilience. During 2026, aluminium billet premia increased significantly, driven primarily by heightened geopolitical tensions in the Middle East.

Alumina Price Index (API) averaged $386/t in 2025, down 23% compared to the previous year. Persistently high energy costs continued to weigh on refining margins, keeping input costs elevated for non-integrated aluminium producers. In 2026, alumina prices declined further amid a growing market surplus driven by supply additions and easing bauxite prices.

Today, METLEN's main alumina contracts are LME-linked, mitigating the impact of Alumina Price Index (API) fluctuations while capturing upside from aluminium price movements. This alignment acts as a natural hedge, improving cost predictability and risk management across the aluminium value chain.

Management is taking proactive measures to lock in favorable LME prices for the coming years. METLEN has effectively hedged its aluminium and calcined alumina production for 2026 and 2027 at progressively higher price levels, ensuring strong margin visibility. Given METLEN's 1-2 year forward hedging strategy, the upside from currently elevated aluminium prices is expected to materialize from late-2027 onwards. METLEN has also hedged most of its major cost components; for instance, natural gas is hedged for 2026 and 2027 ensuring high margin visibility.

At the same time, METLEN is transitioning to a greener, progressively lower-cost electricity mix, supported by both its own and third-party renewable energy production, further enhancing its cost structure. Increasing renewable energy penetration in METLEN's electricity mix is expected to deliver structurally lower and more stable costs, materially reducing exposure to energy price volatility. In parallel, the aluminium plant operates as a "virtual battery," taking advantage of periods of low electricity prices driven by market oversupply.

These operational and strategic advantages position METLEN among the most competitive aluminium producers globally, despite the persistently high energy costs in Europe and the associated production challenges. The greater verticalization in the aluminum market is now considered as imperative, not only for an even more effective cost management, but also for the seamless continuation of the production process, by securing bauxite supply, the raw material for alumina, which in turn becomes aluminum's key input cost.

2.3. Infrastructure and Concessions Sector

The Infrastructure and Concessions EBITDA, as communicated in our April 2025 CMD, doubled, reaching €100 million compared to €50 million in 2024. The backlog of ongoing infrastructure projects, including projects at an advanced stage prior to contract award, approaches €2 billion.

For 2026, the Sector is expected to maintain its growth momentum, targeting EBITDA of €140-150 million, supported by continued expansion in construction activity and additional infrastructure projects across both public and private sectors, despite inflationary pressures on building materials driven by the ongoing wars in Ukraine and the Middle East. Market trends are underpinned by continued large‑scale investments in transport infrastructure and urban regeneration, a substantial pipeline of Public-Private Partnership (PPP) and concession projects, rising demand for hotel and commercial developments-particularly in high‑tourism areas-the adoption of modern construction technologies and sustainability practices to improve cost efficiency and project management, and the effective use of European and national funding instruments.

Over the medium term, the outlook for the Greek construction sector remains particularly positive across public and private works, as well as concessions PPPs, where the Infrastructure and Concessions sector (METKA ATE and M Concessions) plays an increasingly important role. In February 2026, METKA ATE approved its participation with a 30% stake in a new construction consortium, alongside TERNA and AKTOR ATE, which will act as the main Design-Build subcontractor for the "Northern Road Axis of Crete - Chania-Heraklion Section" project.

Prospects

METLEN is expected to achieve its medium-term objectives, outlined in the CMD in April 2025. Further analysis regarding METLEN's financial results, prospects, business developments and strategy will be provided by METLEN's Management in the scheduled conference call on Thursday 9/4/2026, 9:00 am BST.

2025 Summary financial statements

Alternative Performance Measures

METLEN makes use of the alternative performance measures ("APMs") Group EBITDA, Net Debt, Return on Capital Employed and Return on Equity. These APMs are used by the Executive Leadership Team to monitor and manage the performance of the Group, to ensure that decisions taken align with its long-term interests. The Directors believe that these alternative performance measures are useful measures as they focus on core functional activities before the effects of capital structure, enabling periodical review of essential items for comparability and purposes of transparency. It is pointed out that the following indicators are APMs, which are not defined in IFRS. The Group considers these figures to be relevant and reliable for the evaluation of the Group's financial performance and position; however, they do not replace other figures calculated in accordance with IFRS.

Group EBITDA

Net Debt

Return on Capital Employed

Return on Equity

Consolidated Statement of Profit and Loss

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position