Slides
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Metlen Energy & Metals H1 2026 Financial Results 6 August 2026
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Key Highlights 01
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Record first-half financial performance reflecting strong execution Revenue EBITDA Earnings Per Share Liquidity* Net Leverage Ratio* 2025 Dividend* €2.18 20% (H1’25 : €1.81) €3,987m +11% (H1’25: €3,608m) €550m +23% (H1’25 : €445m) €5.0bn +35% (FY’25 : €3.7bn) 1.7x (FY’25: 3.1x) €143m - €1/Sh. *Net Debt / EBITDA (adjusted to exclude non-recourse financing, related cash and associated EBITDA) *cash & cash equivalents and undrawn committed lines 3 * FY’25 dividend approved at the AGM on 21 May 2026 and paid in July 2026
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Η1 2026 Key Highlights 4 Capital Allocation • Reduced adjusted net debt by c.€728m, driving Net Leverage down to c.1.7x (Investment grade level), from 3.1x at FY2025 • FY2025 dividend of €1/sh approved at the AGM on 21 May 2026 (paid in July 2026) and commenced a 5-year share buyback programme Energy • Electricity supply market share in Greece of 21.5% (5.1TWh) along with 4.4TWh of generation reinforce METLEN's naturally hedged model • Entering the first strategic LNG supply partnership with Shell, enhancing portfolio diversification while improving procurement economics • 400MW of BESS projects commissioned in Q2 2026 which are expected to contribute to profitability from H2 2026 onwards • Continued execution of the Group's asset rotation strategy, with the sale of a 283MW UK solar portfolio to Schroders Greencoat • Entered in strategic partnership for the development construction and operation & maintenance in Battery Storage Systems, targeting a total capacity of up to 1.5GW/3.0Gwh Metals • First gallium offtake agreement signed with a leading U.S. technology company, demonstrating commercial validation of the alumina expansion and first gallium production initiative (announced July 29,2026) • Circular Metals first Plant showed positive initial results, marking another milestone in the Group's Critical and Rare Materials strategy • M Technologies: Volos Defence Hub continued to expand into a six-factory ecosystem, with the fourth production unit inaugurated and additional capacity under development Infrastructure & Concessions • Secured participation in the BOAK Concession Project, one of the largest infrastructure developments currently underway in Greece. • Nearly tripled EBITDA vs. H1 2025, while further enhancing backlog quality 4
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Our Journey Continues towards the €2bn Medium-Term EBITDA 5 Strengthen our Core Enhance our operating model in Energy and Metals by expanding capacity and capability across all core businesses Exploit our know-how to expand in Critical Raw Materials, Circular Metals, and Metallurgical defence equipment towards a fit-for-purpose structure that accelerates value creation Leverage our capabilities in Infrastructure & Concessions to support our ambitious growth plans with technical know-how Business People €1,920 – 2,080m Medium Term T arget(1) Notes: 1. Based on organic growth prospects only, excluding any M&A €753m 2025 Big THREE 2026 €1.00-1.15 bn EBITDA Target
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We remain confident in achieving our medium-term targets 6Notes: 1. Last Twelve Months (LTM) EBITDA as of H12026 2. Sector EBITDA figures exclude intergroup adjustments. 3. Based on organic growth prospects only, excluding any M&A. 4. Unallocated support functions included EBITDA Medium Term (€M)(2) LTM EBITDA (€M)(1,2) 1,920-2,080 (3)857(4) ~520112Renewables, Storage & Energy Transition Platform Fully Integrated Energy Utility ~590373 Capital discipline and risk-adjusted returns underpin every investment decision at METLEN, with capital allocated to fully funded projects (many supported by grants and subsidies) that offer high revenue visibility and payback periods typically within two to three years. ~260Under developmentM Critical & Rare Metals M Technologies ~150European defense spending Increase Integrated Aluminium Value Chain ~410 16 229 Infrastructure & Concessions ~150151 Infrastructure investment in Greece Demand for advanced applications (Gallium) Resource scarcity driving demand for metal recovery (Circular Metals) Green energy, grid expansion, data centers Resilience to energy price volatility Global alumina shortage Market needs 2026 EBITDA Target is set to €1.00 – 1.15 bn
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Significant progress against strategic priorities since the April 2025 CMD Key Milestones Infrastructure & Concessions ✓ 2025 EBITDA more than doubled vs 2024, heading for a new record level performance in 2026 ✓ Secured participation in the BOAK Concession Project, one of the largest underway in Greece ✓ Expanded BESS footprint in Southeastern Europe, developing >2GW of storage projects ✓ 400MW of the 2GW already delivered and operational Critical Raw Materials & Circular Metals ✓ Signed first gallium offtake agreement for the sale of 25% of total gallium production ✓ First gallium production is expected in H2 2027 ✓ Circular Metals Pilot Plant successfully commissioned showing positive initial results ✓ Alumina expansion underway, to almost double third-party alumina sales capacity ✓ Aluminium and majority of calcined alumina sales hedged through 2028, capitalizing on higher aluminium prices Renewables, Storage & Energy Transition Platform Fully Integrated Energy Utility ✓ Reached 21.5% of market electricity supply, while progressing towards 30% retail market share ✓ Improved churn, acquisition and customer metrics Integrated Aluminium Value Chain ✓ Six production facilities under development, up from five announced at the April 2025 CMD ✓ Four of the six units already inaugurated ✓ Executive leadership team strengthened to support growth journey M Technologies 7 Successful listing on the London Stock Exchange and inclusion in the FTSE 100 marked a transformational milestone in METLEN. Furthermore, despite the unexpected setbacks in the MPP division during 2025, the recovery has been rapid, with earnings and overall performance quickly returning to the trajectory towards the medium-term EBITDA target of €2bn (2028-2030).
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Outlook 8 • METLEN continues to expect record revenue in 2026 and EBITDA of €1.0-1.15bn, supported by improving operational execution • 2026 marks a return to strong operational execution, with the Company well positioned to achieve its medium-term EBITDA target of €2.0bn • METLEN enters H2 2026 with strong momentum across Energy, Metals and Infrastructure and Concessions sectors, supported by a robust balance sheet and significant growth opportunities
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Financial Overview 02
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Record first-half performance across all key financial metrics 10 (Amounts in €m) H1’26 H1’25 ∆ Revenue 3,987 3,608 11% EBITDA 550 445 23% Profit before income tax (EBT) 363 291 25% Income tax expense (46) (30) 55% Profit for the period (EAT) 317 261 21% Profit attributable to equity holders of the parent 313 254 23% Earnings per share 2.18 1.81 20% • Revenue increased by 11% to €3,987m, driven by continued strong momentum across the Energy & Infrastructure and Concessions sectors • EBITDA stood at €550m, up around 23% compared with H1’2025, reflecting strong performance across all business sectors. • Earnings per Share increased to €2.18, compared with €1.81 in H1 2025. • All of the above metrics represent record first-half results Notes: Figures on a consolidated basis Key Highlights
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Energy – Renewables, Storage & Energy Transition Platform (M-RESET) 11 • EBITDA came in at €116m representing a 29% increase compared to €89 million in the same period of 2025 • In line with its Asset Rotation model, METLEN completed the sale of a 283 MW solar portfolio in the UK. Based on the maturity profile of the global portfolio and the proven track record of delivering 1.0– 1.5GW of asset rotations annually, the timing of Asset Rotation transactions supports expectations for a stronger contribution in H2 2026 • Global RES operational portfolio stood at 1.2GW , generating c.0.9TWh in H1 2026 • The group’s mature and operational portfolio expanded to 5.1GW, while the total global portfolio exceeded the 12GW level, comprising c.35% storage and c.57% PV projects • METLEN made significant progress on the legacy MPP contracts that impacted 2025 performance, with deliveries expected within the next few months Source: Company Revenue EBITDA Margin H1’26 H1’25 ∆ H1’26 H1’25 ∆ H1’26 H1’25 M-RESET 1,172 1,191 (2%) 116 89 29% 9.9% 7.5% Total 1,172 1,191 (2%) 116 89 29% 9.9% 7.5% Key Highlights Global RES Pipeline per region RES Pipeline of 12.3GW RES Pipeline of 12.3GW Global RES Pipeline per technology Europe 50% Oceania 18% Asia 7% South America 20% North America 5% PV 57% Storage 35% Wind 8% 11
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Energy – Fully Integrated Energy Utility 12 • EBITDA stood at €215m, up 8% YoY . Despite broadly stable generation volumes YoY , the Company continued to expand profitability by leveraging its integrated business model, capturing operational synergies and benefiting from the efficiency of its best-in-class generation fleet • H1 2026 was marked by Greece’s electricity exports of 5.2TWh vs. 0.8TWh in H1 2025, further consolidating the country’s position as a net electricity exporter. • METLEN’s power generation in Greece reached 4.4 TWh, while Greek retail market share increased to 21.5% (c.5TWh) vs 19.6% in 2025, demonstrating the strengthen of METLEN’s naturally hedged model • Total Natural gas procurement exceeded the 30TWh level for the first time while the supply to 3rd parties reached c.23 TWh. The value of this supply is fully integrated across METLEN’s synergistic business model. Revenue EBITDA Margin H1’26 H1’25 ∆ H1’26 H1’25 ∆ H1’26 H1’25 Fully Integrated Energy Utility 2,257 1,994 13% 215 199 8% 9.5% 10.0% Total 2,257 1,994 13% 215 199 8% 9.5% 10.0% Key Highlights 0.5 0.6 0.6 0.9 1.1 0.7 0.7 0.9 0.6 0.3 0.3 0.4 1.7 1.6 2.0 Η1 2024 Η1 2025 Η1 2026 CHP - AoG AG. NIKOLAOS CCGT - PROTERGIA KORINTHOS POWER RES New CCGT (H-Class) Power Productionin GreeceMETLEN’sGreek Energy Market Share 4.5TWh 4.4TWh4.2TWh 19.6% 25.9% 21.5% 29.3% Electricity Supply Natural Gas supply H1 25 H1 26 Source: Company
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10% 6% 5% 6% 5% 35% 40% 42% 42% 35% 9% 7% 6% 6% 12% 46% 47% 47% 47% 48% 2023 2024 2025 Η1 2025 Η1 2026 Lignite Natural Gas Hydros RES Energy Sector at a glance METLEN’s RES platform and naturally hedged Greek utility drive profitability growth *Late stage of development, refers to projects that will reach the RTB status within the next c.6months As of the end of the first half of 2026, METLEN’s mature and operational portfolio reached 5.1 GW. The company’s total global portfolio, surpassed the 12 GW level. Global electricity generation from RES amounted to 0.9 TWh in H1 2026 Protergia further strengthened its position in the Greek electricity market, increasing its market share to 21.5% by the end of June 2026 (IPTO data), up from 19.6% a year earlier, maintaining its position as the largest independent Greek electricity supplier. This translated into electricity supply volumes of c.5.1 TWh during H1 2026, compared with c.4.7 TWh in H1 2025. METLEN’s total power generation in Greece reached 4.4TWh in H1 2026, supported by both thermal and renewable assets. The significant increase in net electricity exports during the period highlights the country's evolving role as a net exporter in the region, creating opportunities for integrated energy platforms with technologically diversified portfolio, supply and trading capabilities. Private Electricity Supply market share ADMIE (IPTO) market shares – interconnected system, from 2023 METLEN’s total market share includes Protergia’s, WATT & VOLT’s and VOLTERRA’s market shares Greek Market Power Production Mix 52.1TWh 54.3TWh 25.5TWh 30.1TWh Source: Company 13 44.3TWh 13.4% 18.2% 21.4% 19.6% 21.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2023 2024 2025 H1 2025 H1 2026 Metlen Competitor 1 Competitor 2 Global RES Portfolio MW In Operation 1,235 Australia 527 Greece 532 Ireland 14 Italy 98 Romania 63 Under Construction 1,016 Greece 709 Italy 15 Romania 170 Spain 99 UK 22 RTB 1,275 Australia 183 Canada 612 Ireland 19 Italy 155 Romania 185 UK 118 Japan 3 Late Stage of Development* 1,598 Australia 85 Chile 634 Greece 50 Italy 770 Spain 59 Middle Stage of Development 1,665 Early Stage of Development 5,506 Grand Total 12,293
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Metals 14 • Metals EBITDA stood at €149m, up 15% versus 2025, driven primarily by higher aluminium prices and better cost control • METLEN is shifting to a greener electricity mix, leveraging own and third-party renewables to lower costs and reduce exposure to energy price volatility • Aluminium premia have increased significantly, providing an additional uplift to profitability, from H2 2026 onwards • Hedged 2026–28 aluminium and calcined alumina at progressively higher LME prices along with most energy needs, securing strong margin visibility. • A substantial part of alumina contracts are LME- linked, providing a natural hedge against API fluctuations while capturing aluminium price upside, supporting future growth Key Highlights Revenue EBITDA Margin H1’26 H1’25 ∆ H1’26 H1’25 ∆ H1’26 H1’25 Integrated Aluminium Value Chain 450 453 (1%) 140 121 16% 31.2% 26.7% - of which Alumina 96 104 (7%) 40 47 (15%) 41.1% 45.2% - of which Aluminium 353 349 1% 101 74 36% 28.5% 21.2% Other 35 27 31% 9 8 2% 24.6% 31.5% Total 485 480 1% 149 129 15% 30.7% 27.0% Alumina 27% Aluminium 68% Other 6% EBITDA Breakdown Total Metals EBITDA of €149m 91 90 88 29 28 31 H1 2024 H1 2025 H1 2026 Primary Aluminum Recycled Aluminum Production Volumes (kt) 118118120 Source: Company
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Infrastructure & Concessions 15 • Infrastructure & Concessions recorded EBITDA of €82 million, more than doubling the €31 million recorded in H1 2025. • Secured participation in the BOAK Concession Project, one of the largest infrastructure developments currently underway in Greece • Consistently strong levels of quality construction backlog maintained at above €2.0bn, including projects pending signature. • Concessions are expected to capture approximately 20–25% of the project wallet in Greece Revenue EBITDA H1’26 H1’25 ∆ H1’26 H1’25 ∆ Infrastructure & Concessions 368 212 74% 82 31 162% Total 368 212 74% 82 31 162% Key Highlights Construction Backlog by Project Type Source: Company Public Works 26% Private Works 33% PPPs / Concessions 41% €2bn Estimated PPP & Concessions Project Wallet in Greece €3.4bn ~20-25% Target Share
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16 Strong Cash Generation Underpins Robust Cash Flows Key Highlights Source: Company • Strong Operating Cash Flow reflects the strength of METLEN's Asset Rotation model, disciplined capital allocation, and strong cash generation. • Net debt declined by €495 million, while Adjusted Net Debt declined by €728 million driving Net Leverage down to 1.7x from 3.1x at FY 2025, • METLEN is deleveraging while delivering as it remains fully on track with all strategic initiatives progressing on schedule and within budget. Net (Debt)/Cash opening balance -3,107 820 -15 -70 14 -219 -8 -27 -2,612 Operating Cash Flow Tax Interest Paid Subsidies CAPEX Cash Flow from other Investing activity Other Cash Flow from Financial activity Net (Debt)/Cash closing balance
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Strategy & Operational Review 03
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18 The Metals Pillar – Vertical Integration & Cost Leadership The Energy Pillar – Efficiency and Flexible Assets A synergetic powerhouse: Multiplying value through integration Europe's sole vertically integrated producer Integrated 'ground-to-grid" metallurgical process Energy to Metals: Price Insulation The utility provides competitive power and natural gas, protecting the metallurgy sector from market price spikes. Metals to Energy: Stable Offtaking The aluminum business serves as a long-term, predictable, and massive energy consumer, stabilizing utility revenues. #1 most efficient thermal fleet in Greece Highest-efficiency generation asset base in the country ~2.0 GW flexible generation capacity Diverse energy mix providing power and storage to manage volatility of modern energy market 21.5% Greek retail market share Growing supply presence covering c.15% of Greek consumption through domestic generation. Synergetic Loop “Smelter as a battery” Stable Smelters act as demand-side management tools, shifting consumption to periods of low electricity prices to balance the grid. alu A leading low-cost producer globally Bauxite mining & alumina refining Primary aluminium smelting Advanced recycling #1 Greek producer of secondary billets Lower energy production supporting growth c.12GW portfolio of renewables projects Global asset rotation model delivering turnkey energy transition projects in 40 countries Anticipating the needs of tomorrow Gallium production, circular metals technology and advanced metals for Defence applications Ga Partner of choice for large scale construction in Greece Self-funded model with strong profitability leveraging synergies between construction and concessions 1 of 4 companies in Greece certified at highest technical grade Well positioned to benefit from infrastructure investment in Greece – public, private and concessions
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20 30 40 50 60 1 1.05 1.1 1.15 1.2 450 600 750 900 1,050 1,200 2,000 3,000 4,000 5,000 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 All in Price (left axis) 3M LME (left axis) Italy Billet Premiums (right axis) -60% -40% -20% 0% 20% 40% 60% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 June-26 Alumina Price Index 3M LME +34% (57)% Market overview – Middle East tensions driving market volatility Gas prices elevated in reaction to conflict Rising aluminium premia supported by Iran conflict Aluminium price has risen as supply risks increase USD has strengthened vs EUR (USD/t) Price change since December 2024 EUR:USDTTF €/MWh • METLEN has fully hedged its aluminium and alumina production for 2026, 2027 and 2028, at progressively higher prices, and is currently extending hedging into 2029 • Aluminium premia have increased significantly, providing an additional uplift to profitability, from H2 2026 onwards • Alumina revenues are now largely linked to LME aluminium prices (rather than API), allowing the company to benefit from the strong aluminium pricing environment while reducing exposure to depressed API prices • At the same time, Metal’s natural gas input costs for the next few years are largely hedged at substantially lower levels, securing robust margins for the Metals sector • Elevated natural gas prices are also supportive for the Energy sector, particularly in generation and gas supply activities • METLEN has secured long-term natural gas supply agreements, strengthening its integrated business model through improved procurement economics Key Highlights 19 Source: Company
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Capital Allocation 04
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The Pillars of Our Financial Strategy: Sustainable Growth and Shareholder Value Disciplined Capital Allocation Prioritizing high-return investments in renewable energy and metals to drive sustainable growth while leveraging inter-segment and intra-segment synergies to boost returns Commitment to Shareholder Returns Delivering consistent and growing dividends, reflecting confidence in our cash flow generation and long-term profitability Earnings Growth with Financial Resilience Achieving robust EBITDA growth while maintaining a strong balance sheet to support future opportunities Source: Company information 21
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Capital Allocation Leverage Ratio Financial Risk Financial Risk FX / rates Commodities Energy Credit Leverage Ratio Executing on a clearly defined trajectory toward investment- grade credit ratings with Net Debt / EBITDA target below 2.0x Consistent and Disciplined Approach to Capital Allocation Operating Cashflow CAPEX (discretionary) Dividend (>30% of Net Income) Buyback Free Cash Flow Leverage Ratio 5.0 bn Liquidity Leverage Ratio Financial Risk Capital Allocation Prudent Capital Allocation Supporting Sustainable Growth and the Path to IG Source: Company information 22
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284 313 315 359 822 1,014 1,080 753 550 65 125 150 379 715 1,051 801 688 219 1.4 1.3 1.7 2.2 0.9 1.5* 1.7* 3.1* 1.7* 0 0.5 1 1.5 2 2.5 3 3.5 0 200 400 600 800 1,000 1,200 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 EBITDA Capex Leverage 500 750 500 600 48 107 370 417 129 175 236 50 82 166 98 41 35 271 34 33 131 11 2026 2027 2028 2029 2030 2031 2032 DCM Term Loan Facilities RCF/Rest Short Term Project Financing w/o recourse PF Bridge**PF Bridge: To be converted to long term PF. Note: An additional €234 million of debt matures between 2033 and 2036. Financial discipline ensures growth & resilience through the cycle 23 2,102*390 421Net debt (€mm): 535 803 716 1,453* *Net Debt and Leverage Ratio: reported on an adjusted basis, excluding non-recourse debt, related cash and associated EBITDA 1,766* Maintenance capex: c.€137m p.a. level. Revenue grew across all divisions, particularly strongly at Energy METLEN’s Debt Maturity Profile(1) (€mn) as of June 30th 2026 Source: Company 1,374*
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ESG 05
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ESG Distinctions Scale (high – low) HY 2025 HY 2026 Y-YKey ESG Raters ✓ METLEN remains the only Greek-based company in the Dow Jones Best-in-Class Emerging Markets Index for the 4th consecutive year. ✓ METLEN recognised among the 848 companies included in the S&P Global Sustainability Yearbook 2026 for outstanding sustainability performance, out of 9,200 companies assessed worldwide. ✓ METLEN has been awarded a Platinum Medal for outstanding sustainability practices. AAAA 70 76 14.2 New assessment is currently underway B B 2.7 2.3 79 87 100 - 0 >=10 - 100 1 - 10 AAA -CC A - D- 100 - 0 4.5 4.55 - 0 ESG Performance Performance overview 25 METLEN has been a constituent of the FTSE 100 since September 2025
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Raters Highest Performance Metlens’ Performance Metlens’ Position vs FTSE 100 Sector Peers AAA AA (Leaders Group) 3rd <10 (Negligible Risk) New assessment is currently underway 100 76 1st A+ B- 1st A+ New assessment is currently underway 100 77 1st A Climate: B Water: B 4rth Source: ESG rating agencies-June 2026: ESG ratings are provided by independent third-party agencies based on publicly available information and their own proprietary data and methodologies and may not be directly comparable. *Peer universe: 11 FTSE 100 companies from the Metals & Mining, Electric Utilities, Multi-Utilities and Oil, Gas & Consumable Fuels sectors Copyright Metlen 2025 METLEN ESG Performance vs. FTSE 100 Sector Peers* METLEN plc: • Ranks among the ESG leaders within its FTSE 100 sector peer group. • Achieves leading positions in ESG risk and governance assessments. • Demonstrates consistent ESG performance across multiple leading rating frameworks and methodologies. 26
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Thank you